JSE–listed diversified junior miner Petmin said on Monday that it had commissioned its Somkhele 120 000 t/m coal–crushing, washing and screening plant on June 1, and that it would be fully operational by July.
In a note to shareholders, the firm added that the Somkhele anthracite mine, north of Richards Bay, was on track, and some 30 000 t of mined material had been stockpiled.
It planned to have a 180 000 t stockpile by the end of June.
Further, Petmin said that it had approved an extensive exploration and drilling programme to increase the proven and probable reserves, which currently would sustain the mine for 25 years.
The firm also reiterated that it was in negotiations, and that shareholders should therefore exercise caution when dealing with Petmin’s stock.
Petmin's shares leapt on the announcement, and were trading 10.48% higher by 13:38, at R2,32 a share.
© 2009 Petmin Limited