| Interim Financial Statements
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Petmin is accelerating its investment in the North Atlantic Iron Corporation (NAIC), a highly-prospective iron sands to pig iron operation in Canada’s Labrador province. Petmin’s stake in the NAIC joint venture with Grand River Ironsands Inc is currently 25% and it has options to acquire 40% of NAIC for a total US$25 million. A maiden resource statement released in March 2012 indicated a 25-30 years life of mine for Phase 1 production of 500,000 tonnes of high-purity pig iron annually. |
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| More on our iron sands to pig iron investment. |
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The Somkhele mine in KwaZulu-Natal is South Africa’s largest producer of high-quality metallurgical anthracite. Capacity was expanded in 2012 to 1.2 million tonnes per annum with the completion of a second wash plant. A third wash plant was commissioned in 2013 to produce energy coal from discard. An extensive exploration programme is expected to increase the life of Somkhele mine to 25 years. Petmin has created more than 950 jobs at Somkhele and made significant economic and social contributions to the local community. |
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| More on South Africa’s largest producer of high-quality metallurgical anthracite |
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10 June 2015
Petmin announces R350 million Broad-Based Black Economic Empowerment (BBBEE) deal with community and employees for 20% stake in Somkhele anthracite mine
10 June 2015
Broad-Based Black Economic Empowerment Transaction ("B-BBEE Transaction") and withdrawal of cautionary announcement
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