Johannesburg, South Africa — MININGREVIEW.COM — 07 April 2009 – Miranda Mineral Holdings Limited (Miranda) – a South African-based mineral exploration, investment and holding company – has announced that the mining licence on the group’s Sesikhona Kliprand Colliery (Pty) Ltd (Sesikhona) project has been executed with the Department of Minerals and Energy (DME).
Miranda CEO Ron Nel commented, “As the group’s first coal mining licence, the execution of the Sesikhona mining licence means that this project is the first in our coal pipeline in KZN to move into the production phase”.
Miranda is already well-advanced in its site establishment, which includes the workshops, offices, ablutions and settling ponds. It has also embarked on a number of social and community projects, such as the establishment of a soccer field and the relocation of certain communal facilities.
The Miranda board has also announced that it has, by mutual agreement, negotiated a cancellation of its joint venture mining contract with Ihlosi Project Mining CC (Ihlosi). Ihlosi has paid a non-refundable R1 million deposit in terms of this agreement.
Ihlosi initially also warranted a minimum production rate of 30 000 tonnes for which it would have paid Miranda R50 per tonne of coal mined. Miranda will now be in a position to become more directly involved in, and to derive greater potential benefit from, the mining of the Sesikhona deposit.
The cancellation of the Ihlosi agreement leaves Miranda Coal free to retain active involvement in all of its projects through to the full-scale mining phase. This may be done either by acquiring in-house the necessary technical expertise or by contracting it in from specialist mining and marketing service providers.
Given that Miranda Coal has taken on full operational control over Sesikhona, it has appointed a project manager and is moving forward with the project plan on a number of fronts. Miranda will complete full site establishment and infrastructure requirements, implement all initial aspects of the social and labour plan, as well as assess the heritage impact. It will also finalise arrangements with the earth-moving and mining subcontractors.
The revised project plan allows for open cast mining to commence within 60 days. Sesikhona will then stockpile until the washing plant is commissioned.