Interview with Bradley Doig: COO, Petmin
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Petmin appears to be getting a remarkably favourable deal with Kermas Group to acquire a 25% stake in a new iron ore mine and pig iron business Veremo Holdings.
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Petmin, the R1.78bn junior mining firm, is to buy a one quarter stake in a South African based iron ore mine – Veremo – controlled by Anglo–Russian ferrometals group, Kermas.
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Petmin announced that the coal crushing, washing and screening plant at its Somkhele anthracite project north of Richards Bay will be fully operational by July 1.
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First sales from Somkhele, an anthracite project being developed by mining company Petmin would be in the second quarter of this year, the company said in an announcement.
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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.
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Petmin, the JSE and recently AIM-listed diversified junior miner, is trading 75% up on its initial offering price in London, while the share price in Johannesburg has remained relatively unmoved at R1.42.
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© 2009 Petmin Limited
