Wescoal share price climbs
16 July 2012 | CHRISTY FILEN
‘‘We are at an advanced stage of mine planning for Intibane Colliery, with mining expected to commence in the latter half of 2012, with the first coal expected to be available in early 2013,’’ said Wescoal CEO, Andre Boje.
The mining right includes portions 12 and 16 of the farm Vlakvarkfontein 213 IR and is situated in the Witbank district the miner said.
Portion 16 has an indicated resource of 1.84 million tons and an inferred resource of 240 000 tons. Portion 12 has an inferred resource of 1.9 million tons.
The new colliery is to be another milestone towards the miner reaching its goal of producing 4 million tons of coal per annum by 2016 said the company.
Wescoal’s share price reached 90 cents during trade from its opening price of 75 cents.
This equals the share’s 52 week high attained on June 26, 2012.
The company has been trading under a cautionary for more than a year.
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