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Firestone says Waterberg BFS progressing

31st January 2013

By: Creamer Media Reporter

  

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JOHANNESBURG (miningweekly.com) – ASX- and JSE-listed Firestone Energy on Thursday reported that the technical team working on its Waterberg joint venture (JV) coal project had continued to progress the bankable feasibility study (BFS) for the proposed mine.

The Waterberg project, which would supply ten-million tons a year of thermal coal to South African power utility Eskom, was a JV between Firestone and Sekoko Resources.

The various specialist studies required for the completion of the BFS, namely environmental, rail, infrastructure, geotechnical and hydrology studies, started during the quarter ended December 31, 2012, and were well under way.

The environmental consultants have also initiated the public involvement process required to amend the existing environmental-right management programme at the project.

Meanwhile, the company on Thursday received A$600 000 of working capital funding from Ariona, a special purpose vehicle representing international institutional and private investors, as part of a A$39.6-million investment agreement.

The funding would allow Firestone to focus on completing the BFS for the Waterberg coal project.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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