28th May 2010 07:00
Energybuild Group Plc / Index: AIM / Ticker: EBG / Sector: Mining
28 May 2010
Energybuild Group Plc ('Energybuild' or 'the Group')
Coal Supply Agreement with Hargreaves Services Plc
Energybuild Group Plc, the Welsh producer of deep mined premium anthracite coal and surface mined coal, is pleased to announce that following the voluntary liquidation of Evans & Reid Coal Company Limited ('Evans & Reid'), Energybuild has signed a three year supply contract, with the option for Energybuild to extend for a further two years, with Coal4Energy Limited ('Coal4Energy') a wholly owned subsidiary of Hargreaves Services Plc ('Hargreaves Services'), to purchase Energybuild's sized products at substantially similar prices. The Group does not anticipate any financial losses as a result of the liquidation of Evans & Reid.
Energybuild Managing Director Rhidian Davies said, "Through Coal4Energy we will have far reaching access for the supply and distribution of coal products, not only throughout the UK, but also into Europe through Hargreaves' European distribution network. Whilst we are disappointed for the employees and shareholders of Evans & Reid, we are very pleased to have reached agreement with Hargreaves Services and we look forward to working with them going forward."
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For further information please visit www.energybuild.co.uk or contact:
Rhidian Davies |
Energybuild Group Plc |
Tel: 01639 722 400 |
James Steel |
Arbuthnot Securities |
Tel: 020 7012 2000 |
Hugo de Salis |
St Brides Media & Finance Ltd |
Tel: 020 7236 1177 |
Paul Youens |
St Brides Media & Finance Ltd |
Tel: 020 7236 1177 |
Notes:
Energybuild Group Plcis an AIM listed developer and producer of Welsh anthracite and surface mined coal. The Company is presently developing the Aberpergwm Mine and adjoining underground anthracite coal reserves and resources located in the Neath and Dulais Valleys of South Wales. The mine has a proven and probable coal reserve of 6.8 million tonnes and estimated recoverable inferred coal resource of 36.9 million tonnes. Energybuild also operates the nearby Nant y Mynydd and Forest Quarry surface opencast coal and stone mining areas and has identified further possible opencast sites within the Aberpergwm Surface Lease for potential development.
Western Coal is a producer of high quality metallurgical coal from mines in northeast British Columbia (Canada) and high quality metallurgical coal and compliant thermal coal from mines located in West Virginia (USA). Western Coal also owns approximately 55% of Energybuild Group Plc (EBG: AIM) which produces high quality anthracite and metallurgical coal in South Wales (UK). The company is headquartered in Vancouver, BC, Canada, and trades on the AIM and TSX stock exchanges under the symbol "WTN". More information can be found at www.westerncoal.com.
Related Shares:
Hargreaves Serv