Bisichi Mining takes SA opportunity
November 21, 2007
Johannesburg - Bisichi Mining on Wednesday said it had signed a memorandum of understanding with Barclays Capital to invest in South Africa's coal mining sector.
The company, which already owns coal mining operations in South Africa, said the "use it or lose it" provisions of South Africa's Mineral and Petroleum Resources Development Act was opening up opportunities for Bisichi to expand its operations - with the support of Barclays Capital and Absa - by developing further coal reserves in South Africa.
In terms of the memorandum, the parties have agreed to work together to identify coal reserves that become available as a result of the South African government's new mining regime.
These coal reserves would be acquired and developed "within the black economic empowerment (BEE) framework", said Bisichi Mining in a statement.
Andrew Heller, managing director of Bisichi Mining, said as a result of teaming up with Barclays Capital and Absa Capital in South Africa, the company and its empowerment partners were in an excellent position to acquire and develop new coal reserves which were now becoming available with the implementation of the minerals development Act.
|
|
