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New Clydesdale Colliery ore reserves double to 58.24 million t

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World Coal,

Universal Coal Plc has reported an updated ore reserve of 58.24 million t for its New Clydesdale Colliery (NNC) in Mpumalanga Province, South Africa.

This represents an increase of 28.94 million t over the estimate announced previously.

The ore reserve estimate was prepared by Mike Vertue, an independent mining engineer with appropriate coal experience, and is based on the current, June 2016 NCC mineral resource estimate, announced to the ASX on 26 September 2016.

The increased reserves confirm over 20 years of mine life.

Measured and Indicated mineral resources were converted to Proved and Probable Ore Reserves respectively, subject to mine designs, modifying factors and economic evaluation. The Ore Reserve estimate for NCC is outlined in the table below and detailed in Annexure 1 and 2.

Commenting on the announcement, Universal’s CEO, Tony Weber, said: “This substantial increase in Ore Reserves further reinforces the reason for our NCC acquisition and achieves of our goal to establish a 20+-year life-of-mine plan for NCC.”

“The mine development and the ramp up of production are progressing on schedule and on budget and we are on track to deliver coal into the market at full capacity by 2H2017,” he added.

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South Africa coal news