- Reserve Confirms 20+ Years of Mine Life
Universal Coal Plc has released an update showing a doubling of Ore Reserve at its New Clydesdale Colliery (NCC) in Mpumalanga Province, South Africa which has now reached 58.24 million tonnes.
This represents an increase of 28.94 million tonnes over the estimate announced previously.
The Ore Reserve estimate was prepared by Mr. Mike Vertue, a competent and independent mining engineer with appropriate coal experience and is based on the current, June 2016 NCC Mineral Resource estimate, announced to the ASX on 26 September 2016. Measured and Indicated Mineral Resources were converted to Proved and Probable Ore Reserves respectively, subject to mine designs, modifying factors and economic evaluation.
Commenting on the announcement Universal’s CEO, Tony Weber, said: “This substantial increase in Ore Reserves further reinforces the reason for our NCC acquisition and achieves of our goal to establish a 20+-year life-of-mine plan for NCC.”
“The mine development and the ramp up of production are progressing on schedule and on budget and we are on track to deliver coal into the market at full capacity by 2H2017.”
NCC is located centrally on the southern margin of the Witbank coalfield, 30km south of Middelburg and 70km east of Universal Coal’s Kangala Mine.
NCC hosts a JORC 2012 compliant Mineral Resource of 144.7MT of which 96.8MT is classified as Measured, 41.8MT as Indicated and 6.0MT as Inferred. NCC currently has an Ore Reserve of 58.24MT.