April 23, 2014 7:19 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Elitheni Coal

Company Overview

Elitheni Coal owns and operates coal mines. The company was incorporated in 2001 and is based in Port Elizabeth, South Africa. As of December 31, 2006, Elitheni Coal operates as a subsidiary of Acharnian Mining Ltd.

130 Cape Road

Millpark

Port Elizabeth,  

South Africa

Founded in 2001

Phone:

27 41 374 0842

Fax:

27 41 374 0856

Key Executives for Elitheni Coal

Elitheni Coal does not have any Key Executives recorded.

Elitheni Coal Key Developments

Strategic Natural Resources plc Announces Receipt of Court Order in South Africa

Strategic Natural Resources Plc announced that it has been informed by Elitheni that Elitheni on March 26, 2013 received notice of a court order made on 25 March 2014, by The High Court of South Africa (Eastern Cape Local Division, Port Elizabeth). Whilst the SNR directors are urgently seeking legal advice in order to clarify the position, it is their preliminary understanding that this order effectively freezes the Company's entire interest in Elitheni and confirms the jurisdiction as the Republic of South Africa to any further claims by the applicant, Thelo Rolling Stock Leasing (Pty) Ltd. ('Thelo') against SNR or Elitheni (the 'Court Order'). Under the terms of the Court Order, SNR has 30 days, from 25 March 2014, in which to enter a Notice of Intention to Oppose.

A Potential Investor To Acquire Stake Elitheni

Strategic Natural Resources Plc (AIM:SNRP) has said another black empowerment group with mining experience now performs due diligence with a view to potentially acquiring an equity stake in Elitheni Coal. Strategic Natural Resources said, "In addition, the board of SNR understands discussions are ongoing with other potential South African investors."

Elitheni Coal (Pty) Limited Offers Short Term Funding Facility

SNR announced that it has been informed by the board of its 74% owned subsidiary, Elitheni Coal (Pty) Limited (Elitheni), that Elitheni has been offered a short term funding facility. Elitheni has agreed a term sheet with its existing black economic empowerment (BEE) partner and 20% shareholder, Rapidtrade 644 (Pty) Ltd, (Rapidtrade), whereby Rapidtrade has agreed to lend Elitheni ZAR 15,000,000 (approximately £915,000) (the Loan). Details of the Loan are to be finalized but it will bear interest at 1% per month, will be repayable by December 12, 2013 and may be converted by Rapidtrade into a 10% shareholding in Elitheni, to be taken from SNR's 74% equity interest in Elitheni. The Loan will be subject to Elitheni and SNR entering into an appropriate loan agreement with Rapidtrade. Ahead of such an agreement being entered into Rapidtrade has agreed to advance the funds under the Loan to Elitheni immediately to assist Elitheni's short term funding needs (the Advance).

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