Armadale reports Mine Restoration Investments progress

PUBLISHED: 16 Oct 2013 @ 13:43 | Comments (0) |

Armadale (LSE:ACP), an AIM quoted investment company focused on natural resource projects in Africa, has reported that the Mine Restoration Investments Ltd, in which Armadale holds a 40% interest, has made progess during initial production at its coal briquetting plant.

In a statement the Board of Directors said it was “pleased to announce further that the commissioning of the Group’s first commercial coal briquetting plant, located in Vryheid, is progressing well. Construction of the plant, which commenced in March 2013 is almost complete. Initial production from the plant of coal briquettes has commenced, and is currently being air dried. The final drying section of the plant is currently in the commissioning phase, following which full commercial production will commence.

“Product specification is monitored regularly and is dependent on the quality of the fines produced by the run of mine feedstock. Final product specification and the sale of the produced briquettes is subject to final customer confirmation, which will be based on bulk tests to be conducted at the customer’s facilities during the next 6 weeks”.

Jaco Schoeman, Chief Executive of Mine Restoration Limited, commented that he was “delighted to report excellent progress with the commissioning of our maiden coal briquetting plant at the Anthracite Coal Mine in Vryheid. Commissioning is entering its final stages prior to the commencement of full commercial production. The next important stage will be to make initial trial shipments to potential customers for feedback in the final specifications of the briquettes produced. I would like to acknowledge our operations team and look forward to updating shareholders as further progress is made.”

Peter Marks, Chairman of Armadale said, “With maiden revenues from the coal briquetting operations expected imminently, I believe we are well set to realise value from our 40% interest in MRI in the near term. In addition to our MRI investment, we remain focused on developing our portfolio of assets, including our strategic interest in the 380,000oz Au Mpokoto Gold Project in the Democratic Republic of Congo, which we look forward to advancing up the value development curve.”

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