LONDON (ShareCast) - AIM-listed coal producer Strategic Natural Resources has unveiled an update on its Elitheni Mine in the Eastern Cape of South Africa.
The company announced that modifications had been made to the washing plant, a type of mining equipment, during January resulting in the washing plant being able to achieve its originally intended throughput rates.
The company further announced that it had completed the profitable delivery of traded coal for it's original December 2012/January 2013 cargo. It stated that the vessel sailed in the week commencing January 21st 2013, having achieved all contracted specifications and being fully loaded.
David Nel, Chief Executive Officer of Strategic National Resources, said: "I am pleased that the wash plant is now achieving intended throughput rates and that over Christmas we were able, through our trading relationships in South Africa, to swiftly fulfil the coal cargo for our first vessel.
"With mining and processing of coal gaining momentum at Elitheni, I am looking forward to providing further operational updates in due course and to a successful 2013".
Strategic National Resources was established in 2004 as a vehicle to develop, own and manage natural resource deposits in Southern Africa. As its first project, it acquired control of elitheni Coal in the Eastern Cape, 200 miles northeast of Piort Elizabeth.
Strategic's share price was up 4.09% to 22.25p at 09:23 on Monday.