News

Strategic Natural Resources ready to start mining

09 July 2008 14:48:00

In its maiden set of full-year results Strategic Natural Resources reported a heavy increase in losses as its drilling programme got into full swing.

The company, which earns no income from its resource assets at present, saw losses before tax widen to £0.67m in the year to 29 February from £42,000 a year earlier.

Administrative expenses ballooned from £44,000 to £0.7m.

With its wholly owned Elitheni Coal subsidiary having been granted an opencast mining permit back in May, mining of Elitheni's assets is scheduled to start in July. The company has a number of customers in the local brick manufacturing and domestic supply markets that it has pledged to supply over the next five months.

"We have been fortunate in that power shortages in South Africa and the increase in the coal price both underpin our business plan to supply the markets of the Eastern Cape with a long term source of locally produced coal," said chairman Richard Latham.

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