Firestone Energy & Sekoko sign shareholders JV agreement to open new coal mine in SA.
Mon, Feb28,2011 11:24:58 AM
By ROY DOWNING for Business Day
Firestone Energy, an independent Australian exploration company focused on developing coal projects in SA, says it has signed a shareholders joint venture agreement with its JV partner Sekoko Coal to open a new coal mine in South Africa.
"All eight farms in the Waterberg Coal Project are covered by the agreement which specifies the operational, financing and cashflow aspects of the JV in accordance with the ownership interests of the participants, Firestone 60% and Sekoko 40%," Firestone Energy announced on Monday.
"This agreement paves the way for Firestone secure funding for the development of the Waterberg coal mine," the company said.
The company will conduct a road show to secure future funding.
This agreement is in effect immediately, and is subject to certain conditions.
First, the parties shall receive written unconditional approval from the South African Competition Tribunal and secondly, the South African Minister for Mineral Resources gives written approval in terms of Section 11 of the Mineral and Petroleum Resources Development Act.
"This is significant step for the Sekoko/Firestone JV and it demonstrates the cooperation and good faith that exists within the JV partners. Sekoko looks forward to the development of the Waterberg Coal project and the benefits that will be derived for both companies and their Shareholders," said Sekoko Coal chairman Tim Tebeila.
By ROY DOWNING for Business Day
Firestone Energy, an independent Australian exploration company focused on developing coal projects in SA, says it has signed a shareholders joint venture agreement with its JV partner Sekoko Coal to open a new coal mine in South Africa.
"All eight farms in the Waterberg Coal Project are covered by the agreement which specifies the operational, financing and cashflow aspects of the JV in accordance with the ownership interests of the participants, Firestone 60% and Sekoko 40%," Firestone Energy announced on Monday.
"This agreement paves the way for Firestone secure funding for the development of the Waterberg coal mine," the company said.
The company will conduct a road show to secure future funding.
This agreement is in effect immediately, and is subject to certain conditions.
First, the parties shall receive written unconditional approval from the South African Competition Tribunal and secondly, the South African Minister for Mineral Resources gives written approval in terms of Section 11 of the Mineral and Petroleum Resources Development Act.
"This is significant step for the Sekoko/Firestone JV and it demonstrates the cooperation and good faith that exists within the JV partners. Sekoko looks forward to the development of the Waterberg Coal project and the benefits that will be derived for both companies and their Shareholders," said Sekoko Coal chairman Tim Tebeila.
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