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IPC secures funding to mine Nungu underground reserves

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World Coal,

IPC Coal and IPC Mining (collectively known as IPC) has secured funding to expand its Nungu coal mine in South Africa. The funding will allow the company to expand its existing operations at Nungu underground.

The Nungo mine is 5 km west of Middelburg Town in Mpumalanga Province. Its coal reserves are located beneath the surface with access via the highwall of the mined-out Nungu West opencast pit.

The funding was secured through Centaur Holdings, which had previously provided IPC with finance to mine Nungu’s opencast reserves. These have now been exhausted and the new funding will see IPC mine the underground reserves of about 7 million t of thermal coal.

Centaur and IPC also agreed to allow Centaur to increase the funding package and buy an equity stake in IPC as a secondary stage to the transaction.

"Centaur and IPC have a strong working relationship, which has been build on IPC successfully mining the Nungu opencase reserves,” said Daniel McGowen, CEO of Centaur Group. “The [new] funding package further demonstrates Centaur’s selective expansion plans in the natural resources sector in South Africa.”

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