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"Good progress" in Miranda's shift to coal exploration, mining
South African-based mineral exploration investment and holding company Miranda Mineral Holdings Limited released its results for the six months ending 29 February 2012. In a statement published on MineWeb, the company noted "good progress" in formulating and implementing a shareholder-mandated strategy to move the company into the junior coal exploration and mining sector.
During 2012, the company aims to generate cash flow through its four key coal projects in Kwa-Zulu Natal, namely the Sesikhona anthracite, Uithoek, Burnside and Boschhoek projects.
Miranda says in its statement that it expects mining at Sesikhona to begin during the year, while an agreement in principle has been reached to restore the company's relationship with the current Uithoek mining right holder. Approval by the Department of Mineral Resources (DMR) of a mining licence for the Burnside project is imminent, and the South African Defence Force has agreed to enter into discussions regarding its concerns relating to unexploded ordinance on one of the Boschhoek project's constituent farms, the company says. Another priority, the company says, is to resolve with the DMR all overdue and disputed prospecting rights in respect of its non-coal assets.
Various factors impacting on the company's ability to continue as a going concern are losses incurred, current liabilities of R53 million exceeding current assets of R4.6 million by R48.4 million; cash flow; and litigation - these are receiving attention, Miranda said in its statement on MineWeb.
Read the full article on www.mineweb.com.
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