Continental Coal appoints ex-BHP Billiton executive as CEO
Continental Coal (ASX: CCC), a South African focused coal producer, has appointed Lodewyk Don Turvey as the companys inaugural chief executive officer and updated company financing along with mining activities at Vlakvarkfontein.
Turvey, 52, brings with him more than 25 years experience and knowledge in the South African mining industry.
He has held senior management and operational roles with BHP Billiton Energy Coal SA, INGWE and the Delmas and Koornfontein Mines, both of which are located near to Continentals Vaalbank, Project X and Vlakplaats export thermal coal mining projects.
Continental Coal believes the appointment of such a well credentialed and experienced chief executive officer will be central to the success of Continental Coal as it grows its South African coal portfolio and enters production, said Peter Landau, executive director of Continental Coal.
Continental Coal recently announced export thermal coal off-take agreements and up to US$40M funding agreements with EDF Trading, plus an additional US$27M (ZAR200M) funding agreement to be entered into with a South African based investment consortium.
Due diligence and loan documentation negotiations have progressed over the month and are scheduled to be completed within two weeks. First drawdown of funds under these agreements are forecast to be made on or before 30 May 2010.
The company said financing agreements will allow Continental to fund the outstanding acquisition costs and meet the development costs of its Vaalbank, project X and Vlakplaats coal mines in South Africa.
As announced to the market on 30 March 2010 the company has commenced mining activities at its Vlakvarkfontein coal mine and expects to commence coal sales in May 2010.
Mining activities have continued throughout April and May with mining contractor, TMS due to commence coal production from the No. 4 Coal Seam later this week.
First coal sales are forecast to be as early as the end of May.
