More publicity.
JOHANNESBURG (miningweekly.com) – ASX- and JSE-listed Firestone Energy said on Thursday that it had entered into a conditional, short-term $2.2-million finance facility.
The coal development company intended for the facility to provide working capital while it was negotiating the offer received from Tata Power and pending the execution of the revised State-owned power utility Eskom memorandum of understanding, CEO David Knox said in a statement.
The company said it was in negotiations with Eskom over the delayed start of production from the Smitspan coal project, in Limpopo. All exploration and development work at the project was halted until the new parameters of the project had been finalised.
In March, Tata announced its intention of investing in the Firestone and Sekoko joint venture (JV), with the aim of acquiring a 30% interest in the JV in two stages and forming a new JV arrangement to include Tata in the development of the JV’s Waterberg coal project.
Firestone Energy pointed out that the facility would not be used to repay existing indebtedness or other payments to security holders.
More publicity.JOHANNESBURG (miningweekly.com) – ASX- and...
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