ICHOR Coal N.V.: Vunene - a subsidiary of IchorCoal - signs long term Coal Supply Agreement (CSA) with South African Electricity .


08.03.13 16:55
Meldung
 
The contract is based on thealready long-lasting supplier relationship between Eskom and Vunene. 'Thiscontract is the next step in our strategic partnership with Eskom and itsCamden power station', says Xolile Mdolo, the Board Member of Vunene.' Aspart of the ongoing relationship Vunene will proceed with its activities tore-open the underground section of the Usutu Colliery and this will ensurea partnership between Eskom and Vunene for the lifespan of the PowerStation.' During the closing time of the mine, the underground mine wasmaintained by Vunene under contract with Eskom.Eskom is the largest electricity provider in Africa. Its Camden powerstation has a capacity of 1,600 MW per year. Its demand of steam coal sumsup to more than 6 million tons per year. Up to 40 per cent of it will bedelivered from the end of this year from Vunene Mining. With the contractthe Camden power station will take roughly two thirds of the Vunene'sannual production. The steam coal will be delivered from Vunene's open castmines. In addition, an agreement in principle has been reached that withthe reopening of Vunene's underground mines, the majority of this coal isalso earmarked for Eskom.The underground section was until 1991 one of the largest single producerof coal in South Africa and was owned by Eskom. It closed down in 1991 whenthe Camden Power Station was mothballed. In 2008 Vunene Mining acquired themining rights and is now in final negotiations to take over theresponsibility including the old infrastructure in the mine from Eskom.Then the preparations for the refurbishment and reopening will begin.'This contract demonstrates the good and trustful cooperation between Eskomand Vunene Mining', says IchorCoal's CEO Heinz Schernikau. 'It backs up ourplan to become one of the important coal producers in South Africa.'The Management Board About ICHOR Coal N.V.ICHOR COAL N.V. is an internationally opeRating mineral-resource-companyspecializing in investments in coal resources as well as in other projectsin the field of coal logistics and coal handling along with coal tradingvia its marketing arm HMS Bergbau AG. The company is aiming to secure owncoal-resources, to gain control along the value chain and to sell theproduced coal on the international markets. In consideration of the globalrise in demand for coal, market chances are vast and entrepreneurial actionis essential and bears excellent prospects. The company is led by its CEOHeinz Schernikau and its CFO Sebastian Giese. Both bring in their long timeexperience in the commodity sector.Forward-looking statementsThis news release includes forward-looking statements. Forward-lookingstatements include, but are not limited to, statements concerning estimatesof expected mining and associated costs, statements relating to estimatesof, and increases in, production, cash flows and values and otherstatements which are not historical facts. When used in this document, thewords such as 'could,' 'plan,' 'estimate', 'expect', 'intend', 'may','potential', 'should' and similar expressions are forward-lookingstatements. Although ICHOR believes that its expectations reflected inthese forward-looking statements are reasonable, such statements involverisks and uncertainties and no assurance can be given that actual resultswill be consistent with these forward-looking statements. Important factorsthat could cause actual results to differ from these forward-lookingstatements include the potential that the Company's projects willexperience technological and mechanical problems, that geologicalconditions in the reservoir may not result in commercial levels of oil andgas production, that changes in product prices can have a material impactand that ICHOR fails to raise sufficient capital to adequately fund itsactivities.Contact:ICHOR COAL NV Thomas Luber NewMark FinanzkommunikationAn der Wuhlheide 232 Zum Laurenburger Hof 7612459 Berlin 60594 FrankfurtGermanyphone: +49 30 65 66 81 60 +49 69 94418069FAX: +49 30 65 66 81 15 mobil: +49 171 8311216info@ichorcaol.com Thomas.luber@newmark.dewww.ichorcoal.comEnde der Corporate News---------------------------------08.03.2013 Veröffentlichung einer Corporate News/Finanznachricht,übermittelt durch die DGAP - ein Unternehmen der EquityStory AG.Für den Inhalt der Mitteilung ist der Emittent / Herausgeberverantwortlich.Die DGAP Distributionsservices umfassen gesetzliche Meldepflichten,Corporate News/Finanznachrichten und Pressemitteilungen.Medienarchiv unter http://www.dgap-medientreff.de undhttp://www.dgap.de---------------------------------203442 08.03.2013


 

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