publicity

Found this on Mining Weekly. Its what we already know but at least it is being printed elsewhere also.

Tata Energy eyes 30% stake in Waterberg coal JV

By: Henry Lazenby
7th March 2012


JOHANNESBURG (miningweekly.com) – Dual-listed Firestone Energy and black-empowered joint venture (JV) partner Sekoko on Wednesday announced that Tata Power had made an offer to acquire 30% of the JV.

The proposed offer is based on the JV’s Waterberg coal project being valued at R1.05-billion.

“The highly conditional offer proposes that Tata enters into a new JV arrangement with Firestone and Sekoko to develop the Waterberg coal project and outlines Tata acquiring a 30% interest in the JV in two stages,” Firestone said in a statement.

The conditions are that an interim funding stage, during which Tata will provide debt funding to the Waterberg coal project that will be converted into equity upon completion of the final stage, and a final funding stage during which Tata will subscribe for shares in the JV company.

“The Firestone board is assessing the offer to ensure that it fully reflects the value of this significant asset. The receipt of such an offer vindicates the board’s belief in the Waterberg coal project and adds confidence for the future,” Firestone CEO David Knox said.
Edited by: Mariaan Webb