Debiensko Project Reserves & Resources Update

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Debiensko Project Reserves & Resources Update Jackson Coalman

Debiensko Project Reserves & Resources Update

 
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New World Resources Plc ('NWR' or the 'Company') today announces the completion of a positive pre-feasibility study for the Debiensko project undertaken by DMT Consulting GmbH  ('DMT'). DMT has identified a total of 263 million tonnes of proven and probable coal reserves under the JORC 2012 code. All of these reserves are hard coking coal that after processing will yield 186 million tonnes of marketable reserves.

Following this study - as part of the strategic review of the Debiensko project announced in November 2014 - NWR is now exploring opportunities to attract funding for the estimated two-year feasibility stage of the project. Moelis & Company UK LLP has been engaged to assist the Company in this process.

Background

The project is the development of an underground mine to exploit coking coal reserves in the Debiensko area located in the Upper Silesia Coal Basin in Southern Poland. The project is one of the largest undeveloped hard coking coal deposits in Europe.

NWR initially started planning the project in 2006 and was granted a 50-year mining license in 2008. In 2012, however, the project was suspended. In 2013 DMT was contracted to undertake a pre-feasibility study to evaluate alternative development options and re-estimate the project's reserves.

On 30 July 2014, IMC GCL Limited, completed a Competent Person's Report on the Debiensko project in the context of the Company's debt restructuring. This was published as part of the prospectus issued in relation to the rights issue and the placing of new ordinary shares of the Company. At that time IMC GCL Limited concluded that the project was marginally sub-economic which prevented a statement of reserves in accordance with the JORC 2012 code being made.

Since then NWR has made further improvements to the project's business, development and mining plan, and has undertaken a value engineering exercise. This resulted in a reduction in capital and operational expenditure. The long-term price for Debiensko's hard coking coal that is used in the pre-feasibility study is EUR 130 per tonne.

On the basis of this additional work the DMT pre-feasibility study reported a total of 263 million tonnes of proven and probable coal reserves under the JORC 2012 code, that at a projected processing yield of 70.7 per cent yields 186 million tonnes of marketable reserves.


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    Debiensko Project Reserves & Resources Update Jackson Coalman   22.01.15 20:56

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