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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (42597)	9/6/2009 3:01:50 PM
From: LoneClone	Respond to of 193231

Firestone JV partner granted licence to mine coal in Waterberg miningweekly.com By: Chanel Pringle 3rd September 2009 JOHANNESBURG (miningweekly.com) – Minerals exploration and mining company Firestone Energy would start planning and tendering for mine activities now that South Africa’s Department of Mineral Resources had granted its joint venture (JV) partner, Sekoko Coal, approval to start a small-scale mining operation at its Waterberg coal project. The JV was planning to start mining operations at a rate of 60 000-t/m run-of-mine by the end of the year. This was expected to yield between 30 000 t/m and 40 000 t/m of saleable coal. Firestone noted that the start of operations, however, remained subject to a successful feasibility analysis, the conclusion of offtake sales agreements and approval by Firestone Energy’s board of directors. The company was continuing to work towards securing an offtake sales agreement with South African State-owned power utility Eskom. The small mining operation would provide a starter pit for a large-scale 18-million tons a year, which was expected to start ramping up in 2011. Firestone was, however, still trying to secure funding of A$25-million to fund the company’s activities, including a bankable feasibility study for the large-scale mining operation.