REG - Ncondezi Coal Co. - Ncondezi Project Coal Resource Upgrade

Tue Mar 20, 2012 3:53am EDT

* Reuters is not responsible for the content in this press release.

RNS Number : 6715Z
Ncondezi Coal Company Limited
20 March 2012
 



 

March 20, 2012

 

NCONDEZI COAL COMPANY LTD

 ("Ncondezi" or the "Company")

Coal Resource on Ncondezi Project Upgraded to 4.7 Billion Tonnes and Update on Other Licences

 

Ncondezi Coal Company Limited (AIM: NCCL), a coal exploration and development company with coal assets in the Tete Province in Mozambique, announces a coal resource update on the complete Ncondezi Project including coal resources from previously excluded East, West and River blocks as part of the Company's on-going work programme to complete a definitive feasibility study ("DFS") by Q3 2012 (the "DFS Work Programme").

 

Highlights:

·      Total JORC coal resource on the Ncondezi Project upgraded to 4,655 million tonnes1 as a result of additional coal resources being classified on the East, West and River blocks

Maiden coal resource of 716 million tonnes1 classified on the East Block, of which 65% is classified in the indicated category

Inferred resources of 1,203 million tonnes1 and 898 million tonnes1 classified on the West and River blocks respectively

·      Represents an increase of 157% compared to maiden 1,809 million tonnes1 JORC coal resource classified in February 2010

·      Includes 1,338 million tonnes of coal classified in the indicated category, a 108% increase over the measured and indicated resources classified in the 2010 maiden resource

·      4,071 million tonnes of the updated coal resource occur at depths of less than 250m below surface and are considered potentially mineable by open pit

·      Only the South, North, Central and East blocks will be included in the DFS, representing 2,555 million tonnes1 of coal, of which 52% is classified in the indicated category

·      East Block coal zones are identified at surface and extend below 340m

·      Wash yields indicate that the East Block has higher quality coals with higher yields compared to other blocks in the project

 



Graham Mascall, CEO of Ncondezi Coal Company, commented:

"The increased resource estimates represent a significant development for the Ncondezi Project and are a clear indication of its full potential. All resource blocks on the Ncondezi Project have now been modelled, and we are pleased to note that of the 4.7 billion tonnes classified, 1.3 billion tonnes has been classified in the indicated category which is eligible for transition into mineable coal reserves. The East Block's size, classification and higher average product yields suggest that it will form a significant part of the final mine plan. The next phase of the DFS work programme will focus on mine optimisation and scheduling. Further updates and guidance on the Ncondezi Project will be made as information becomes available during the year, with an update on coking coal potential expected in the next 4 to 6 weeks."

 

Ncondezi Project Resource Update

The DFS drill programme, completed in September 2011, identified six discrete coal blocks within the Ncondezi Project area that contained coal at depths amenable to open pit mining.  These blocks are identified as the North, South, Central, East, West and River blocks. This announcement includes the updated and maiden resources for the East, West and River blocks. 

Following the provisional resource estimate announced on 21 December 2011 from the Company's independent geological consultants, Mineral Corporation Consultancy (Pty) Ltd ("TMC"), TMC have now completed geological modelling on the final three coal blocks, East, West and River blocks, and have provided an updated JORC resource classification for the whole Ncondezi Project.

For the East Block, a coal resource of 716 million tonnes2 has been classified, of which 465 million tonnes2 (65% of total resource) is classified in the indicated category. For the West and River blocks, where drilling has  been completed to a lesser drill hole spacing, inferred resources have been classified of 1,203 million tonnes2 and 898 million tonnes2 respectively.

The total JORC coal resource on the Ncondezi Project is now estimated at 4,655 million tonnes3 categorised as 1,338 million tonnes3 indicated and 3,317 million tonnes3 inferred resources. Of this, 4,071 million tonnes of resource occur at depths of less than 250m below surface and are considered potentially mineable by open pit. The resource upgrade represents an increase of 157% compared to the maiden 1,809 million tonnes3 JORC coal resource classified in February 2010.

 

Summary coal resources table, Ncondezi Project:

Block

Coal Type

TTIS (Mt)


MTIS (Mt)




Indicated

Inferred

Total


Total









South

High Vol


           241

           113

           355


           333


Low Vol


           363

           131

           494


           477


Total South


           605

           244

           849


           810









North

High Vol


           133

           242

           374


           324


Low Vol


              27

              59

              86


              72


Total North


           159

           301

           460


           396









East

High Vol


           183

           115

           298


           282


Low Vol


           283

           135

           418


           408


Total East


           465

           250

           716


           690









Central

High Vol


           109

           422

           530


           422









West

High Vol


               -  

        1,203

        1,203


        1,140









River

High Vol


               -  

           898

           898


           612









Total



        1,338

        3,317

        4,655


        4,071

                        Notes to resource table:

-    The above resource table is a summary. A more detailed table is provided in the resource section below

-    Indicated resources are defined within areas where the spacing of boreholes with raw coal quality data is approximately 500 metres.  Extrapolation of these areas is limited to approximately 250 metres

-    Inferred resources are defined within areas where the spacing of boreholes with raw coal quality data is approximately 2000 metres.  Extrapolation of these areas is limited to approximately 1000 metres

-    GTIS (Gross Tonnage in-situ) figures represent the entire classified resource for the block, below the observed limit-of-weathering, with application of a 0.5 metre minimum ply thickness cut-off, but no depth restriction (in parts of some Blocks, resources reach 500m depth)

-    TTIS (Total Tonnes in-situ) figures for high and low volatile coals were calculated from the GTIS tonnage by applying Geological Losses.  The losses applied were generally 10% for Indicated resources and 15% for Inferred resources.  In the Central Block, these were increased to 15% and 20% respectively to account for interpreted dykes that were not modelled

-    MTIS (Mineable Tonnes in-situ) figures represent that part of the TTIS which exists above a depth cut-off of 250m

-    "Low Volatile" coals have been devolatilised by igneous intrusions. Studies by Ncondezi indicate that these coals may be economic

-    The North, South, East and Central Block models comprise detailed ply models suitable for mine planning purposes.  The West and River Block models use a cumulative coal thickness methodology that is appropriate only to the classification of Inferred Resources

-    As hydrological studies have not yet been conducted, no allowance has been made for potential sterilisation of resources below the limits of the Ncondezi or Revuboe Rivers' flood lines.  This could affect resources in the River, North, Central and West Blocks

-    Certain amounts of dummy data are included in the quality database, particularly wash analyses of low-volatile coal samples; further analytical work is in progress

-    A QA/QC process is currently underway at one of the laboratories.  It is expected that this will result in an increase in CV, and hence product yields, for the affected samples. Based on the distribution of these samples it is anticipated that there will be no material effect on resources previously reported in the public domain. With regard to the resources being reported herein for the first time, it is likely that there will be a positive, material impact for the River Block, the West Block and Zones D, E and F of the Central Block. These potentially affected resources are predominantly in the inferred category.

 

The East Block contains four main coal-bearing zones that can attain thicknesses up to 80 metres and have undulating dips averaging about 5 degrees. The coal zones extend down-dip from surface to a depth of at least 340 metres however, 96% of the classified resources lie above a depth of 250 metres.  In comparison with the other blocks on the Ncondezi Project, the East Block coal qualities appear to be of a higher quality, with higher average yields on product coals. The East Block's resource size and higher average qualities highlight the potential to be a significant part of the DFS mine plan.

The DFS study will focus on the South, North, Central and East blocks, representing 2,555 million tonnesof coal, of which 52% is classified in the indicated category. The Company's focus is to now transition indicated resources into mineable reserves. Part of this process is to complete optimisation programmes on wash plant, mine design and costs which will then feed into a mine schedule and ultimately the complete mine plan. This is expected to be an ongoing process leading up to the DFS target completion date, but the Company plans to make further announcements in the coming months as more information becomes available. 

 

Update on the Company's other licences - 1314L & 1315L 

The reconnaissance drill programmes have been completed on licences 1314L & 1315L, which are located to the west and south of the Ncondezi Project. Analysis of the results indicates that, although coal was identified on both licences, there is little or no potential for economic coal resources at these licences. Consequently, the Company decided not to pursue further evaluation work on these licences and has relinquished them to the Ministry of Mineral Resources Mozambique.

 

The updated coal resource estimates for the Ncondezi Project are summarised below.  The coal resource estimates have required subsequent calculations to derive sub-totals, totals, and weighted averages and as such a degree of rounding has occurred.  The tables containing such data may thus appear to contain minor differences that TMC does not consider to be material. 

SOUTH BLOCK

Coal type

Zone

Category

GTIS
Mt

TTIS
Mt

MTIS
Area
Mm2

MTIS
Volume
Mm3

MTIS
Mt

Average ply
thickness
m

Raw MTIS Qualities (air-dried basis)

RD

IM
%

AS
%

VM
%

FC
%

CV
MJ/kg

TS
%

















HIGH
VOLATILE

D
(11 plies)

Indicated

15

14

6

7

14

1.25

1.92

2.6

58.0

18.4

21.0

11.18

1.15

Inferred

7

6

3

3

6

1.05

1.93

2.2

57.6

18.7

21.6

11.50

1.06

C
(6 plies)

Indicated

17

15

7

8

15

1.18

1.86

2.2

55.4

17.5

24.9

12.88

1.38

Inferred

5

4

2

2

4

1.13

1.87

2.3

55.4

17.3

24.8

12.70

1.25

B
(16 plies)

Indicated

74

67

24

36

67

1.51

1.85

1.5

52.9

17.9

27.8

13.87

1.25

Inferred

36

31

10

16

31

1.59

1.86

1.5

53.2

17.5

28.0

13.59

1.29

A
(24 plies)

Indicated

162

146

61

79

141

1.29

1.79

1.2

48.7

19.0

31.2

15.59

1.14

Inferred

85

72

29

30

56

1.06

1.83

1.0

51.4

18.3

29.4

14.48

1.06


















Totals

Indicated

268

241

98

130

236

1.33

1.82

1.4

50.8

18.5

29.2

14.68

1.19


Inferred

133

113

44

52

97

1.18

1.84

1.3

52.5

18.0

28.3

13.93

1.14

















LOW
VOLATILE

C
(6 plies)

Indicated

6

5

2

3

5

1.19

2.02

1.6

63.9

7.1

27.5

8.94

1.23

Inferred

3

2

1

1

2

1.03

2.02

1.5

63.4

7.9

27.2

9.38

1.26

B
(16 plies)

Indicated

135

121

36

62

121

1.74

1.94

2.1

54.8

7.0

35.6

11.39

1.00

Inferred

20

17

6

9

17

1.43

1.90

2.0

53.3

7.5

36.2

11.96

1.19

A
(24 plies)

Indicated

263

237

86

121

233

1.42

1.92

2.1

50.5

7.6

39.8

12.97

0.92

Inferred

131

111

36

51

99

1.42

1.93

2.6

50.7

7.5

39.3

13.01

0.81


















Totals

Indicated

404

363

124

186

359

1.51

1.93

2.1

52.1

7.4

38.2

12.38

0.95


Inferred

154

131

44

61

118

1.41

1.93

2.5

51.3

7.5

38.6

12.79

0.87

















LOW & HIGH
VOLATILE

A, B, C & D
(104 plies)

Indicated

672

605

222

316

595

1.43

1.88

1.8

51.6

11.8

34.6

13.29

1.04

Inferred

287

244

88

114

215

1.30

1.89

1.9

51.9

12.2

33.9

13.30

0.99

 



 

EAST BLOCK

Coal type

Zone

Category

GTIS
Mt

TTIS
Mt

MTIS
Area
Mm2

MTIS
Volume
Mm3

MTIS
Mt

Average ply
thickness
m

Raw MTIS Qualities (air-dried basis)

RD

IM
%

AS
%

VM
%

FC
%

CV
MJ/kg

TS
%

















HIGH VOLATILE

C
(15 plies)

Indicated

43

39

18

21

39

1.20

1.83

2.1

52.1

17.6

28.2

14.01

1.01

Inferred

18

15

7

8

15

1.16

1.76

2.0

50.4

18.6

29.2

14.90

0.95

B
(10 plies)

Indicated

56

51

22

29

51

1.30

1.74

1.3

45.8

19.7

33.2

16.97

0.95

Inferred

29

25

11

14

25

1.25

1.73

1.2

46.7

20.2

31.8

16.60

0.86

A
(16 plies)

Indicated

104

93

33

52

93

1.56

1.79

0.9

48.9

17.9

32.3

15.79

0.80

Inferred

89

76

23

34

60

1.52

1.79

0.9

49.4

18.5

31.3

15.63

0.66


















Totals

Indicated

203

183

74

102

182

1.39

1.78

1.3

48.7

18.4

31.7

15.74

0.89


Inferred

136

115

41

57

100

1.38

1.77

1.1

48.9

18.9

31.1

15.76

0.75

















LOW
VOLATILE

C
(15 plies)

Indicated

56

50

18

26

50

1.50

1.92

1.9

55.7

7.4

34.9

11.33

0.82

Inferred

16

14

6

7

14

1.30

1.90

2.2

54.8

7.6

35.5

11.98

0.88

B
(10 plies)

Indicated

102

92

36

49

92

1.34

1.88

2.0

49.9

7.4

40.6

13.36

0.80

Inferred

43

37

14

19

37

1.38

1.92

2.0

49.8

7.1

41.1

13.45

0.97

A
(16 plies)

Indicated

156

141

46

73

139

1.58

1.90

1.8

50.8

7.8

39.6

13.10

0.71

Inferred

99

84

27

40

77

1.50

1.92

1.8

51.8

8.1

38.2

12.60

0.65


















Totals

Indicated

314

283

101

148

281

1.48

1.90

1.9

51.4

7.6

39.1

12.87

0.76


Inferred

159

135

46

66

127

1.44

1.92

1.9

51.5

7.8

38.8

12.78

0.77

















LOW & HIGH
VOLATILE

A, B, C
(82 plies)

Indicated

517

465

174

250

463

1.44

1.85

1.6

50.4

11.8

36.2

14.00

0.81

Inferred

295

250

88

123

227

1.41

1.85

1.6

50.4

12.7

35.4

14.09

0.76

 



 

NORTH BLOCK

Coal type

Zone

Category

GTIS
Mt

TTIS
Mt

MTIS
Area
Mm2

MTIS
Volume
Mm3

MTIS
Mt

Average ply
thickness
m

Raw MTIS Qualities (air-dried basis)

RD

IM
%

AS
%

VM
%

FC
%

CV
MJ/kg

TS
%

















HIGH VOLATILE

B
(24 plies)

Indicated

82

73

17

33

66

1.95

2.01

1.6

64.3

16.1

18.0

9.54

0.69

Inferred

248

211

37

84

168

2.28

2.01

1.5

64.7

16.0

17.8

9.44

0.70

A
(17 plies)

Indicated

66

59

19

32

59

1.66

1.86

1.2

52.2

18.2

28.4

14.59

1.10

Inferred

37

31

11

16

31

1.47

1.86

1.2

53.3

17.6

28.0

14.11

1.33


















Totals

Indicated

147

133

36

65

125

1.79

1.93

1.4

58.6

17.1

22.9

11.93

0.89


Inferred

284

242

48

100

199

2.09

1.98

1.4

62.9

16.3

19.4

10.16

0.80

















LOW
VOLATILE

B
(17 plies)

Indicated

15

14

4

6

13

1.68

2.10

2.3

67.1

7.1

23.5

7.93

0.58

Inferred

65

55

9

20

41

2.18

2.10

2.0

69.8

7.2

21.2

7.36

0.69

A
(13 plies)

Indicated

15

13

5

7

13

1.25

1.91

2.6

53.2

8.1

36.1

12.51

1.31

Inferred

5

4

2

2

4

1.20

1.91

2.5

53.4

8.0

36.2

12.43

1.21


















Totals

Indicated

30

27

9

13

26

1.43

2.00

2.5

60.2

7.6

29.7

10.21

0.94


Inferred

70

59

11

22

46

2.02

2.08

2.0

68.3

7.2

22.5

7.82

0.73

















LOW & HIGH
VOLATILE

A & B
(71 plies)

Indicated

177

159

45

78

151

1.72

1.95

1.6

58.8

15.5

24.1

11.63

0.90

Inferred

354

301

59

122

245

2.08

2.00

1.5

63.9

14.6

20.0

9.72

0.79

 



 

CENTRAL BLOCK

Coal type

Zone

Category

GTIS
Mt

TTIS
Mt

MTIS
Area
Mm2

MTIS
Volume
Mm3

MTIS
Mt

Average ply
thickness
m

Raw MTIS Qualities (air-dried basis)

RD

IM
%

AS
%

VM
%

FC
%

CV
MJ/kg

TS
%

















HIGH VOLATILE

F
(4 plies)

Indicated

0

0

0

0

0









Inferred

28

22

9

11

22

1.29

1.99

1.8

63.5

17.8

16.9

9.10

1.16

E
(5 plies)

Indicated

0

0

0

0

0









Inferred

52

41

18

21

40

1.16

1.95

1.7

60.4

18.8

19.1

10.36

0.66

D
(5 plies)

Indicated

5

4

1

2

4

3.26

2.11

1.8

68.6

15.1

14.6

7.48

0.58

Inferred

99

79

21

35

70

1.66

2.02

1.6

65.8

16.7

15.9

8.40

0.51

C
(10 plies)

Indicated

24

20

9

10

20

1.15

2.01

1.9

64.9

16.2

17.0

8.87

0.85

Inferred

115

92

28

32

63

1.12

2.00

1.6

65.4

16.1

16.9

8.67

0.71

B
(9 plies)

Indicated

38

32

7

16

32

2.43

2.00

1.6

62.9

16.4

19.0

10.02

1.21

Inferred

115

92

13

30

60

2.39

2.00

1.4

62.6

17.0

19.1

10.41

1.18

A
(16 plies)

Indicated

60

51

15

27

51

1.79

1.91

1.5

56.8

18.2

23.5

12.32

0.72

Inferred

118

95

19

31

59

1.60

1.91

1.3

56.5

18.4

24.0

12.67

0.94


















Totals

Indicated

128

109

31

55

108

1.78

1.96

1.6

60.6

17.2

20.6

10.79

0.88


Inferred

527

422

108

159

314

1.48

1.98

1.5

62.5

17.3

18.7

9.93

0.82

 

WEST BLOCK

Coal type

Zone

Category

GTIS
Mt

TTIS
Mt

MTIS
Area
Mm2

MTIS
Volume
Mm3

MTIS
Mt

Average ply
thickness
m

Raw MTIS Qualities (air-dried basis)

RD

IM
%

AS
%

VM
%

FC
%

CV
MJ/kg

TS
%

















HIGH VOLATILE

D

Inferred

169

143

15

77

143

5.20

1.85

2.6

52.6

22.6

22.2

13.01

0.94

C

Inferred

202

171

21

92

171

4.44

1.87

2.4

53.8

21.8

22.1

12.21

0.78

B

Inferred

261

222

20

113

222

5.61

1.96

2.1

59.1

19.3

19.6

10.88

0.90

A

Inferred

784

666

22

309

604

14.21

1.95

2.0

58.7

19.1

20.2

10.94

1.18


















Totals

Inferred

1,415

1,203

77

591

1,140

7.64

1.93

2.2

57.3

20.0

20.6

11.38

1.04

 



 

RIIVER BLOCK

Coal type

Zone

Category

GTIS
Mt

TTIS
Mt

MTIS
Area
Mm2

MTIS
Volume
Mm3

MTIS
Mt

Average ply
thickness
m

Raw MTIS Qualities (air-dried basis)

RD

IM
%

AS
%

VM
%

FC
%

CV
MJ/kg

TS
%

















HIGH VOLATILE

E

Inferred

77

66

3

31

66

11.97

2.10

1.5

67.4

15.8

15.3

8.15

1.00

D

Inferred

232

197

3

71

142

21.84

2.00

2.0

62.1

16.4

19.5

10.34

0.81

C

Inferred

185

158

3

49

96

16.74

1.96

1.6

61.3

16.1

20.9

10.83

1.29

B

Inferred

179

152

3

43

84

12.47

1.94

1.5

59.4

16.0

23.2

11.38

1.10

A

Inferred

382

325

4

119

225

32.61

1.89

1.1

57.0

16.5

25.4

12.41

1.04


















Totals

Inferred

1,056

898

16

313

612

19.71

1.95

1.5

60.3

16.3

21.9

11.08

1.03

 

SUMMARY ALL BLOCKS

Coal type

Zone

Category

GTIS
Mt

TTIS
Mt

MTIS
Area
Mm2

MTIS
Volume
Mm3

MTIS
Mt

Average ply
thickness
m

Raw MTIS Qualities (air-dried basis)

RD

IM
%

AS
%

VM
%

FC
%

CV
MJ/kg

TS
%

















HIGH VOLATILE

Totals

Indicated

746

665

239

352

651

1.48

1.85

1.4

53.3

18.0

27.3

13.80

0.99

Inferred

3,551

2,992

335

1,272

2,463

1.53

1.93

1.8

58.6

18.3

21.3

11.30

0.98

LOW VOLATILE

Totals

Indicated

748

673

233

347

667

1.49

1.92

2.0

52.1

7.5

38.3

12.50

0.87

Inferred

382

325

101

150

291

1.49

1.94

2.1

54.1

7.6

36.2

12.00

0.80

















LOW & HIGH VOLATILE

Totals

Indicated

1,494

1,338

472

699

1,317

1.49

1.89

1.7

52.7

12.7

32.8

13.14

0.93

Inferred

3,933

3,317

436

1,422

2,754

1.52

1.94

1.8

58.1

17.2

22.9

11.37

0.96

 

Indicated resources are defined within areas where the spacing of boreholes with raw coal quality data is approximately 500 metres.  Extrapolation of these areas is limited to approximately 250 metres

Inferred resources are defined within areas where the spacing of boreholes with raw coal quality data is approximately 2000 metres.  Extrapolation of these areas is limited to approximately 1000 metres

GTIS (Gross Tonnage in-situ) figures represent the entire classified resource for the block, below the observed limit-of-weathering, with application of a 0.5 metre minimum ply thickness cut-off, but no depth restriction (in parts of some Blocks, resources reach 500m depth) 

TTIS (Total Tonnes in-situ) figures for high and low volatile coals were calculated from the GTIS tonnage by applying Geological Losses.  The losses applied were generally 10% for Indicated resources and 15% for Inferred resources.  In the Central Block, these were increased to 15% and 20% respectively to account for interpreted dykes that were not modelled                      

MTIS (Mineable Tonnes in-situ) figures represent that part of the TTIS which exists above a depth cut-off of 250m           

All qualities are quoted on an air-dried-basis                  

Yield figures are theoretical yields for +0.5mm material derived from slim core samples                   

Ply thicknesses are weighted against coal seam area to obtain average resource thicknesses for the relevant block or resource category. Thicknesses for the River and West Blocks are not incorporated in the 'Summary' table average ply thickness               

Ply RDs are weighted against coal volume to obtain average resource RDs

Ply raw qualities are weighted against tonnage to obtain average yields   

"Low Volatile" coals have been devolatilised by igneous intrusions. Studies by Ncondezi indicate that these coals may be economic                

The North, South, East and Central Block models comprise detailed ply models suitable for mine planning purposes.  The West and River Block models use a cumulative coal thickness methodology that is appropriate only to the classification of Inferred Resources                       

As hydrological studies have not yet been conducted, no allowance has been made for potential sterilisation of resources below the limits of the Ncondezi or Revuboe Rivers' flood lines.  This could affect resources in the River, North, Central and West Blocks           

Certain amounts of dummy data are included in the quality database, particularly wash analyses of low-volatile coal samples; further analytical work is in progress                      

A QA/QC process is currently underway at one of the laboratories.  It is expected that this will result in an increase in CV, and hence product yields, for the affected samples. Based on the distribution of these samples it is anticipated that there will be no material effect on resources previously reported in the public domain on 21 December 2011. With regard to the resources being reported herein for the first time, it is likely that there will be a positive, material impact for the River Block, the West Block and Zones D, E and F of the Central Block. These potentially affected resources are predominantly in the inferred category.

 

Competent Person Statement

 

Mr Mark Stewardson (Pr.Sci.Nat) of The Mineral Corporation Consultancy (Pty) Limited is registered as a professional geologist with South African Council for Natural Scientific Professions and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity undertaken, to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code).

Mr. Stewardson supervised the preparation of the technical information in this update release and consents to the inclusion of exploration results and other such information in the form and context in which it appears.

The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the 'JORC Code') sets out minimum standards, recommendations and guidelines for Public Reporting of Exploration Results, Mineral Resources and Ore Reserves. The information contained in this update has been presented in accordance with the JORC Code and references to "Measured", "Indicated" and "Inferred Resources" are relevant to those terms as defined in the JORC Code.

Enquiries:

Ncondezi Services (UK) Limited:

www.ncondezicoal.com

Graham Mascall

Hanno Pengilly

 

 

+44 (0) 20 7183 5402

Liberum Capital Limited:

Nominated Adviser and Broker                       

Michael Rawlinson

Chris Bowman

Christopher Kololian

 

 

+44 (0) 20 3100 2000

Canaccord Genuity

Joint Broker

Robert Finlay

Rob Collins

Andrew Chubb

 

 

+44 (0) 20 7050 6500

Pelham Bell Pottinger:

Lorna Spears

Philippe Polman

 

+44 (0) 20 7861 3232

 



1   Resources are in-situ ("TTIS"). Geological losses and a 0.5m minimum coal ply thickness cut-off were applied.

2 Resources are in-situ ("TTIS"). Geological losses and a 0.5m minimum coal ply thickness cut-off were applied.   

3 Resources are in-situ ("TTIS"). Geological losses and a 0.5m minimum coal ply thickness cut-off were applied.   

4 Resources are in-situ ("TTIS"). Geological losses and a 0.5m minimum coal ply thickness cut-off were applied.   


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