Last checked at 18 Nov 2013 10:48
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector: Investment Company
18 November 2013
Armadale Capital Plc (‘Armadale’ or the ‘Company’)
MRI Commencement of Coal Briquetting Operations in South Africa
& MRI Interim Results
Armadale, the AIM quoted investment company focused on natural resource projects in Africa, notes the release of Mining Restoration Investments Limited (‘MRI’) interim results for the period ended 31 August 2013. Armadale holds approximately 40% of the equity in MRI, which has coal briquetting operations and has developed technology to treat Acid Mine Drainage in South Africa. These interim results confirm the successful commencement of commercial coal briquetting operations post period end, with the financial results for the period reflecting the necessary investment into the commissioning of the coal briquetting plant.
Justin Lewis, Director of Armadale and a member of the MRI Board said, “We are pleased to report that MRI’s coal briquetting plant successfully commenced operations in October 2013. The Board of MRI believe that this commercial development will contribute to the overall profitability of the MRI group as they continue to ramp up production. I look forward to providing further updates on the anticipated expansion in production in due course.
“In addition, we remain focused on increasing our investment in Netcom Global Inc, which holds a right to an interest in the highly prospective Mpokoto Gold Project in the Democratic Republic of Congo.”
Further Information
During the commissioning phase, MRI produced sufficient screened coal fines to provide bulk samples to possible interested customers for specification testing. MRI continues to look at further opportunities for its Coal Briquetting technology, in addition to commercialising its Acid Mine Drainage technology.
MRI has also announced that following the completion of the construction of the coal briquetting plant Jaco Schoeman has stepped down as CEO to focus on his other commitments as an executive of DRD Gold. Richard Tait, a non-executive director, has been appointed interim CEO and Syd Caddy, an experienced South African mining executive, has joined the board as a non-executive director.
The interim results can be viewed on MRI’s website, www.minerestoration.co.za.
**ENDS**
Enquiries:
Company
Justin Lewis, Director +61 439 162369
Charles Zorab, Investor Relations +44 207 233 1462
Nomad and broker: finnCap Limited
Stuart Andrews/Christopher Raggett +44 207 220 0500
Press relations: St Brides Media & Finance Ltd
Susie Geliher/Charlotte Heap +44 207 236 1177
More information can be found on the website www.armadalecapitalplc.com.
Notes
Armadale
Armadale Capital Plc is focused on investing in and developing a portfolio of investments, targeting the natural resources and/or infrastructure sectors. The Company, led by a team with operational experience and a strong track record in Africa, has a strategy of identifying high growth potential businesses where it can take an active role in their advancement.
Following the completion of the acquisitions, Armadale will own 100% of Netcom, which owns the right to an 80% interest in the Mpokoto Gold project in the Democratic Republic of the Congo, with an estimated 380,000oz of JORC defined gold resource.
Armadale also holds approximately a 40% interest in Mine Restoration Investments Ltd, a South African listed company, which aims to develop profitable coal briquetting operations in KwaZulu Natal and ownership of Intellectual Property for acid mine drainage technology applicable to a number of projects.
In addition, Armadale has a small portfolio of listed investments which are focused on gold production and exploration. The Directors continue to review investment opportunities that they believe have the potential to be accretive in terms of shareholder value.
Copyright Business Wire 2013