Operations update (8770X)
February 22 2012 - 1:00AM
UK Regulatory
TIDMPTMN
RNS Number : 8770X
Petmin Limited
22 February 2012
PETMIN LIMITED
Incorporated in the Republic of South Africa
Registration Number 1972/001062/06
Share Code JSE: PET & ISIN: ZAE000076014
Share Code AIM: PTMN
("Petmin" or "the Company")
Operations update: Petmin signs renewable 600,000 tonne
anthracite export capacity agreement with Grindrod
Petmin has signed a renewable five year agreement which will
enable it to export up to 600,000 tonnes of metallurgical
anthracite a year from Grindrod Terminals Kusasa dry bulk facility
in Richards Bay, located in the KwaZulu Natal province of South
Africa.
The agreement, effective from 1 February 2012, gives Petmin the
capacity to ship its expanded anthracite production from the
Somkhele mine 85km north of Richards Bay.
Under the terms of the agreement, Petmin has been allocated
45,000 tonnes of exclusive stockpile and an indicated vessel
loading rate of 12,000 tonnes per day.
The Grindrod facility replaces Petmin's previous throughput
arrangements at Richards Bay.
Somkhele is increasing production from its current 535,000 sales
tonnes per annum to in excess of 1.2m tonnes annually. Long term
sales contracts are
already in place with domestic and international customers.
The mine produces anthracite with low phosphorous and sulphur,
and high vitrinite content, for export via Richards Bay (55% of
production in 2010/11) to iron ore pelletizing and sintering
markets mostly in Brazil, and for the South African ferro alloy
industry (45% of production in 2010/11).
Anthracite produced by Somkhele is transported by road from
Somkhele to Richards Bay, and to domestic customers.
This operational update is not related to the Cautionary
announcement issued by Petmin on 9 January 2012 and renewed on 20
February 2012.
Notes
- Petmin is a cash producing dividend paying high growth junior
miner listed on AIM (PTMN) and JSE (PET)
- The Grindrod Terminals Kusasa facility at Richards Bay has a
60,000m(3) warehouse, silo capacity and an open area of
approximately 15,000 tonnes. It is connected by conveyor to the
port and is mostly used for coal and heavy minerals.
Media enquiries
Jonathon Rees
+27 76 185 1827
Jonathon@proofcommunication.com
Petmin
Bradley Doig (Director of Business Development)
+27 11 706 1644
Nominated Adviser and Broker (AIM)
Macquarie Capital (Europe) Limited
Steve Baldwin
+44 20 3037 2362
Nicholas Harland
+44 20 3037 2369
Sponsor and Corporate Adviser (JSE)
River Group
Andrew Lianos
+27 834 408 365
Johannesburg
22 February 2012
This information is provided by RNS
The company news service from the London Stock Exchange
END
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