DGAP-News: ICHOR Coal N.V. / Key word(s): Investment ICHOR Coal N.V.: IchorCoal accelerates the extension of its subsidiary Vunene Mining 28.06.2013 / 09:41
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IchorCoal accelerates the extension of its subsidiary Vunene Mining - Block D and Portion 9 of opencast mining in Vunene's Usutu Colliery start production - Development of Portions OC2 and OC3 has commenced - All necessary environmental authorisations are granted Berlin, 28 June 2013: IchorCoal N.V., an internationally operating mineral resource company, is advancing in big steps the production capacities of its South-African subsidiary Vunene Mining (Pty) Ltd. In the next weeks production will start in Block D and Portion 9 of Vunene's Usutu Colliery with a monthly production of up to 180,000 respectively 50,000 tons. The development of Portions OC2 and OC3 has started and will be finished by the end of the year. Vunene Mining is one of the few South African mining companies, which have in addition to the Mining Licence an Integrated Water Use Licence as well as a Licence in accordance with the South African National Environmental Management Act. Vunene Mining, where IchorCoal since 2012 owns 74 percent, acquired in 2006 the Usutu Colliery, located approximately 200 km southeast of Johannesburg in the Ermelo region. In the '70s and '80s Usutu Colliery was the largest single producer of coal in South Africa with a monthly production of around 450,000 tons. In 1991 the underground mine was stopped when the nearby Camden Power Station, the single client of Usutu was mothballed. Camden was re-opened under the Return to Service program during the years 2006 to 2008. 'Our strategy of a well measured and careful expansion is paying off now', says Heinz Schernikau, the CEO of IchorCoal. 'We have received all necessary permits especially regarding the environmental authorisations. This gives the degree of security which we see as pivotal to our investors.' The total resources in all opencast pits (6B, D, 9, OC2, OC3) add up to 5,5 million tons and will last until the year 2015. Then the underground mine will be revamped completely and the production will replace the deliveries from the opencast mines. The Management Board About IchorCoal N.V. IchorCoal N.V. is an internationally operating mineral-resource-company specializing in investments in coal resources as well as in other projects in the field of coal logistics and coal handling along with coal trading via its marketing arm HMS Bergbau AG. The company is aiming to secure own coal-resources, to gain control along the value chain and to sell the produced coal on the international markets. In consideration of the global rise in demand for coal, market chances are vast and entrepreneurial action is essential and bears excellent prospects. The company is led by its CEO Heinz Schernikau and its CFO Sebastian Giese. Both bring in their long time experience in the commodity sector. Forward-looking statements This news release includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning estimates of expected mining and associated costs, statements relating to estimates of, and increases in, production, cash flows and values and other statements which are not historical facts. When used in this document, the words such as 'could,' 'plan,' 'estimate', 'expect', 'intend', 'may', 'potential', 'should' and similar expressions are forward-looking statements. Although IchorCoal believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the potential that the Company's projects will experience technological and mechanical problems, that geological conditions in the reservoir may not result in commercial levels of oil and gas production, that changes in product prices can have a material impact and that IchorCoal fails to raise sufficient capital to adequately fund its activities. Contact: IchorCoal N.V. An der Wuhlheide 232, 12459 Berlin Phon: +49 30 65 66 81 60 FAX: +49 30 65 66 81 15 info@ichorcoal.com www.ichorcoal.com Thomas Luber NewMark Finanzkommunikation Zum Laurenburger Hof 76, 60594 Frankfurt Phon: +49 69 94418069 mobil: +49 171 8311216 Thomas.luber@newmark.de End of Corporate News
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28.06.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
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218646 28.06.2013
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IchorCoal accelerates the extension of its subsidiary Vunene Mining - Block D and Portion 9 of opencast mining in Vunene's Usutu Colliery start production - Development of Portions OC2 and OC3 has commenced - All necessary environmental authorisations are granted Berlin, 28 June 2013: IchorCoal N.V., an internationally operating mineral resource company, is advancing in big steps the production capacities of its South-African subsidiary Vunene Mining (Pty) Ltd. In the next weeks production will start in Block D and Portion 9 of Vunene's Usutu Colliery with a monthly production of up to 180,000 respectively 50,000 tons. The development of Portions OC2 and OC3 has started and will be finished by the end of the year. Vunene Mining is one of the few South African mining companies, which have in addition to the Mining Licence an Integrated Water Use Licence as well as a Licence in accordance with the South African National Environmental Management Act. Vunene Mining, where IchorCoal since 2012 owns 74 percent, acquired in 2006 the Usutu Colliery, located approximately 200 km southeast of Johannesburg in the Ermelo region. In the '70s and '80s Usutu Colliery was the largest single producer of coal in South Africa with a monthly production of around 450,000 tons. In 1991 the underground mine was stopped when the nearby Camden Power Station, the single client of Usutu was mothballed. Camden was re-opened under the Return to Service program during the years 2006 to 2008. 'Our strategy of a well measured and careful expansion is paying off now', says Heinz Schernikau, the CEO of IchorCoal. 'We have received all necessary permits especially regarding the environmental authorisations. This gives the degree of security which we see as pivotal to our investors.' The total resources in all opencast pits (6B, D, 9, OC2, OC3) add up to 5,5 million tons and will last until the year 2015. Then the underground mine will be revamped completely and the production will replace the deliveries from the opencast mines. The Management Board About IchorCoal N.V. IchorCoal N.V. is an internationally operating mineral-resource-company specializing in investments in coal resources as well as in other projects in the field of coal logistics and coal handling along with coal trading via its marketing arm HMS Bergbau AG. The company is aiming to secure own coal-resources, to gain control along the value chain and to sell the produced coal on the international markets. In consideration of the global rise in demand for coal, market chances are vast and entrepreneurial action is essential and bears excellent prospects. The company is led by its CEO Heinz Schernikau and its CFO Sebastian Giese. Both bring in their long time experience in the commodity sector. Forward-looking statements This news release includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning estimates of expected mining and associated costs, statements relating to estimates of, and increases in, production, cash flows and values and other statements which are not historical facts. When used in this document, the words such as 'could,' 'plan,' 'estimate', 'expect', 'intend', 'may', 'potential', 'should' and similar expressions are forward-looking statements. Although IchorCoal believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the potential that the Company's projects will experience technological and mechanical problems, that geological conditions in the reservoir may not result in commercial levels of oil and gas production, that changes in product prices can have a material impact and that IchorCoal fails to raise sufficient capital to adequately fund its activities. Contact: IchorCoal N.V. An der Wuhlheide 232, 12459 Berlin Phon: +49 30 65 66 81 60 FAX: +49 30 65 66 81 15 info@ichorcoal.com www.ichorcoal.com Thomas Luber NewMark Finanzkommunikation Zum Laurenburger Hof 76, 60594 Frankfurt Phon: +49 69 94418069 mobil: +49 171 8311216 Thomas.luber@newmark.de End of Corporate News
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28.06.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
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218646 28.06.2013
