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26 January 2012
BISICHI MINING PLC ("Bisichi" or the "Company")
New agreement on disposal of 49% Shareholding in Ezimbokodweni Mining (Pty) Ltd
("Ezimbokodweni")
On the 18 January 2012, Bisichi Mining PLC ('Bisichi'), the mining company
with direct coal mining operations in South Africa, announced that the
agreement entered into for the sale of its 49% shareholding in Ezimbokodweni to
Hasty Shelf Trade and Invest 17 (Proprietary) Limited ("HSTI") had lapsed.
The Company is pleased to announce that the parties have entered into a new
agreement on the same terms and conditions as previously announced on 29
November 2011 (copy below), save for the following amendments:
- The deadline for meeting the conditions precedent of the agreement has been
extended to 15 May 2012; and
- The disposal is to be approved by the shareholders of Bisichi in a General
Meeting to be held no later than 7 April 2012.
The Company will update shareholders in due course with further details
relating to the transaction together with the date for the General Meeting
referred to above.
For further information please contact:
Andrew Heller, Bisichi Mining PLC 020 7415 5030
29 November 2011
BISICHI MINING PLC ("Bisichi" or the "Company")
Disposal of 49% Shareholding in Ezimbokodweni Mining (Pty) Ltd ("Ezimbokodweni")
Bisichi Mining PLC ('Bisichi'),the mining company with direct coal
mining operations in South Africa announces that on 24 June 2011 it disposed of
its 49% shareholding in Ezimbokodweni Mining (Pty) Ltd("Ezimbokodweni")to Hasty
Shelf Trade and Invest 17 (Proprietary) Limited ("HSTI"). Ezimbokodweni has
contracted to purchase the prospecting right in relation to Mineral Area 2 (a
portion of Mineral Area 1) of the farm Geluk 276, Registration Division JS,
Mpumalanga Province, measuring 919.0666 hectares, and the surface rights in
relation to portion 2 of the farm Geluk 276, Registration Division
JS,Mpumalanga Province, measuring 250 hectares, registered under Deed of
transfer number T80810/89 (the "Pegasus" project). The Pegasus project is
currently owned by BHP Billiton Energy Coal South Africa and is an undeveloped
export quality thermal coal deposit, situated 10km from Witbank contiguous to
the Exxaro Inyanda colliery.
The consideration for the sale of the 49% is R54.2million cash payable to
Bisichi Mining PLC, R12.4m of which (plus accrued interest) relates to
repayment of intercompany loans. The sale of the shares is subject to several
conditions precedent including but not limited to:
1. South African Reserve Bank and Exchange Control Approval
2. Ministerial consent from the South African Department of Mineral Resources
in relation to the transfer of the above mentioned prospecting right to
Ezimbokodweni.
Accordingly, shareholders should note that there is no guarantee that the
transaction will complete. Further information will be provided in due course.
The Company previously recognised the shareholding at a value of £682,000 at 30
June 2011 and recognised a profit/loss of £nil in respect of the six months to
30 June 2011.
Should the transaction complete the proceeds will be used for the further
development of the company.
The Company also notes that Wescoal Holdings Limited has reported that it has
conditionally acquired the 51% shareholding in Ezimbokodweni not previously
owned by Bisichi. Further details on this transaction can be found at
[http://www.investoreports.com/wescoal/news/sens/]
END
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