re: Ann: Quarterly Activities Report and Cash... Found this some...

re: Ann: Quarterly Activities Report and Cash... Found this some good reading in it I hope that you can all wait for 2012 good luck with FSE

JSE- and ASX-listed Firestone Energy was in advanced negotiations with potential buyers of coal from its joint-venture (JV) Waterberg coal project, in South Africa?s Limpopo province.

The company was planning to sell the coal to power producers and other large consumers which previously expressed an interest in securing coal from the opencast mine.

In addition to seeking buyers for the coal, Firestone was also still in negotiations with surface rights owners on the Waterberg project to allow it to develop the required infrastructure.

The tender processes for a mining contractor and for suppliers to design and build a processing plant were also still ongoing.

Chairperson John Dreyer reported on Friday that the project?s development remained on schedule for production to start in the second half of 2012.

South Africa?s Department of Mineral Resources was expected to grant new-order mining rights for the project by the second quarter of next year.

A bankable feasibility study was currently under way, with studies related to the environmental-impact assessment and the environmental management plan to be completed before the end of this year.

The mine, which was being developed at a cost of about R2,7-billion, is a JV between Firestone and Sekoko Coal, a black economic-empowerment company in South Africa.

Production would start on a small-scale basis, before eventually being increased to produce a minimum of 18-million tons a year of coal.
Edited by: Terence Creamer