ICHOR Coal N.V.: Vunene - a subsidiary of IchorCoal - signs long term Coal Supply Agreement (CSA) with South African Electricity Utility Eskom
DGAP-News: ICHOR Coal N.V. / Schlagwort(e): Vertrag
ICHOR Coal N.V.: Vunene - a subsidiary of IchorCoal - signs long term
Coal Supply Agreement (CSA) with South African Electricity Utility
Eskom
08.03.2013 / 16:49
---------------------------------------------------------------------
Vunene - a subsidiary of IchorCoal - signs long term Coal Supply Agreement
(CSA) with South African Electricity Utility Eskom
- Shipment of 2,4 Million tons of steam coal per year confirmed
- 'Next step in strategic partnership'
Berlin, March 8th 2013: Vunene Mining Pty Ltd., with its Colliery Usutu
mine, a subsidiary of IchorCoal, signed a contract with Eskom, the South
African Electricity Utility for the shipment of about 2.4 Million tons of
steam coal per year to Eskom's Camden power station which is located just
two miles away from Vunene's Usutu Colliery. The contract is based on the
already long-lasting supplier relationship between Eskom and Vunene. 'This
contract is the next step in our strategic partnership with Eskom and its
Camden power station', says Xolile Mdolo, the Board Member of Vunene.' As
part of the ongoing relationship Vunene will proceed with its activities to
re-open the underground section of the Usutu Colliery and this will ensure
a partnership between Eskom and Vunene for the lifespan of the Power
Station.' During the closing time of the mine, the underground mine was
maintained by Vunene under contract with Eskom.
Eskom is the largest electricity provider in Africa. Its Camden power
station has a capacity of 1,600 MW per year. Its demand of steam coal sums
up to more than 6 million tons per year. Up to 40 per cent of it will be
delivered from the end of this year from Vunene Mining. With the contract
the Camden power station will take roughly two thirds of the Vunene's
annual production. The steam coal will be delivered from Vunene's open cast
mines. In addition, an agreement in principle has been reached that with
the reopening of Vunene's underground mines, the majority of this coal is
also earmarked for Eskom.
The underground section was until 1991 one of the largest single producer
of coal in South Africa and was owned by Eskom. It closed down in 1991 when
the Camden Power Station was mothballed. In 2008 Vunene Mining acquired the
mining rights and is now in final negotiations to take over the
responsibility including the old infrastructure in the mine from Eskom.
Then the preparations for the refurbishment and reopening will begin.
'This contract demonstrates the good and trustful cooperation between Eskom
and Vunene Mining', says IchorCoal's CEO Heinz Schernikau. 'It backs up our
plan to become one of the important coal producers in South Africa.'
The Management Board
About ICHOR COAL N.V.
ICHOR COAL 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 ICHOR 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 ICHOR fails to raise sufficient capital to adequately fund its
activities.
Contact:
ICHOR COAL NV Thomas Luber
NewMark Finanzkommunikation
An der Wuhlheide 232 Zum Laurenburger Hof 76
12459 Berlin 60594 Frankfurt
Germany
phone: +49 30 65 66 81 60 +49 69 94418069
FAX: +49 30 65 66 81 15 mobil: +49 171 8311216
info@ichorcaol.com Thomas.luber@newmark.de
www.ichorcoal.com
Ende der Corporate News
---------------------------------------------------------------------
08.03.2013 Veröffentlichung einer Corporate News/Finanznachricht,
übermittelt durch die DGAP - ein Unternehmen der EquityStory AG.
Für den Inhalt der Mitteilung ist der Emittent / Herausgeber
verantwortlich.
Die DGAP Distributionsservices umfassen gesetzliche Meldepflichten,
Corporate News/Finanznachrichten und Pressemitteilungen.
Medienarchiv unter http://www.dgap-medientreff.de und
http://www.dgap.de
---------------------------------------------------------------------
203442 08.03.2013
DGAP-News: ICHOR Coal N.V. / Schlagwort(e): Vertrag
ICHOR Coal N.V.: Vunene - a subsidiary of IchorCoal - signs long term
Coal Supply Agreement (CSA) with South African Electricity Utility
Eskom
08.03.2013 / 16:49
---------------------------------------------------------------------
Vunene - a subsidiary of IchorCoal - signs long term Coal Supply Agreement
(CSA) with South African Electricity Utility Eskom
- Shipment of 2,4 Million tons of steam coal per year confirmed
- 'Next step in strategic partnership'
Berlin, March 8th 2013: Vunene Mining Pty Ltd., with its Colliery Usutu
mine, a subsidiary of IchorCoal, signed a contract with Eskom, the South
African Electricity Utility for the shipment of about 2.4 Million tons of
steam coal per year to Eskom's Camden power station which is located just
two miles away from Vunene's Usutu Colliery. The contract is based on the
already long-lasting supplier relationship between Eskom and Vunene. 'This
contract is the next step in our strategic partnership with Eskom and its
Camden power station', says Xolile Mdolo, the Board Member of Vunene.' As
part of the ongoing relationship Vunene will proceed with its activities to
re-open the underground section of the Usutu Colliery and this will ensure
a partnership between Eskom and Vunene for the lifespan of the Power
Station.' During the closing time of the mine, the underground mine was
maintained by Vunene under contract with Eskom.
Eskom is the largest electricity provider in Africa. Its Camden power
station has a capacity of 1,600 MW per year. Its demand of steam coal sums
up to more than 6 million tons per year. Up to 40 per cent of it will be
delivered from the end of this year from Vunene Mining. With the contract
the Camden power station will take roughly two thirds of the Vunene's
annual production. The steam coal will be delivered from Vunene's open cast
mines. In addition, an agreement in principle has been reached that with
the reopening of Vunene's underground mines, the majority of this coal is
also earmarked for Eskom.
The underground section was until 1991 one of the largest single producer
of coal in South Africa and was owned by Eskom. It closed down in 1991 when
the Camden Power Station was mothballed. In 2008 Vunene Mining acquired the
mining rights and is now in final negotiations to take over the
responsibility including the old infrastructure in the mine from Eskom.
Then the preparations for the refurbishment and reopening will begin.
'This contract demonstrates the good and trustful cooperation between Eskom
and Vunene Mining', says IchorCoal's CEO Heinz Schernikau. 'It backs up our
plan to become one of the important coal producers in South Africa.'
The Management Board
About ICHOR COAL N.V.
ICHOR COAL 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 ICHOR 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 ICHOR fails to raise sufficient capital to adequately fund its
activities.
Contact:
ICHOR COAL NV Thomas Luber
NewMark Finanzkommunikation
An der Wuhlheide 232 Zum Laurenburger Hof 76
12459 Berlin 60594 Frankfurt
Germany
phone: +49 30 65 66 81 60 +49 69 94418069
FAX: +49 30 65 66 81 15 mobil: +49 171 8311216
info@ichorcaol.com Thomas.luber@newmark.de
www.ichorcoal.com
Ende der Corporate News
---------------------------------------------------------------------
08.03.2013 Veröffentlichung einer Corporate News/Finanznachricht,
übermittelt durch die DGAP - ein Unternehmen der EquityStory AG.
Für den Inhalt der Mitteilung ist der Emittent / Herausgeber
verantwortlich.
Die DGAP Distributionsservices umfassen gesetzliche Meldepflichten,
Corporate News/Finanznachrichten und Pressemitteilungen.
Medienarchiv unter http://www.dgap-medientreff.de und
http://www.dgap.de
---------------------------------------------------------------------
203442 08.03.2013