20th Jan 2014 12:08
LONDON (Alliance News) - Armadale Capital PLC Monday said Mine Restoration Investments Ltd's coal briquetting plant at the Vaalkrantz Mine in South Africa can now commence full commercial production.
The AIM-quoted investment company, focused on natural resource projects in Africa, said the mine has now installed and fully commissioned a re-suspension unit allowing it to operate from the fines stockpiles of the plant.
Armadale said that with the ramp up complete, it can now commence full commercial production and MRI is already in advanced discussions with potential customers and offtake partners, including Keaton Energy, which owns the Vaalkrantz Mine, with a view to securing long term offtake agreements.
MRI is currently market testing the final coal briquette product and expects to finalise arrangements shortly.
Coal briquetting is a process in which coal mines dispose of coal fines by transforming them into briquettes for use primarily in the domestic steel and ferro alloy industries.
The company has a 40% interest in MRI,which is listed on the Alt-X Exchange of the Johannesburg Stock Exchange.
Armadale Capital shares were down 5.0% to 0.173 pence
By Tom McIvor; [email protected]; @TomMcIvor1
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