Modern Mining November 2016

MINING News

Acacia Coal to acquire interest in Riversdale

ASX-listed Acacia Coal has entered a bind- ing agreement with vendors of Coalvent Limited to acquire a 74 % interest in the Riversdale Anthracite Colliery (RAC), an anthracite project in South Africa, together with a capital raising to raise approximately $2 million. According to Acacia Coal, drilling and feasibility studies completed previously have demonstrated the RAC as a high grade, low impurity anthracite asset that is ideally positioned to service a South African anthracite market facing significant shortages in low impurity product, as well as product into the seaborne market for export. Acacia will prioritise efforts to refresh and update the bankable feasibility study completed in 2010 and work to update the RAC’s 2004 JORC resource so that develop- ment may proceed. The RAC is currently held by Riversdale Holdings Proprietary Limited (a mem- ber of the Rio Tinto group of companies). Coalvent has agreed to acquire the proj- ect from Rio Tinto and then vend it into Acacia. Coalvent has also been successful in bringing together significant intellectual property associated with the RAC, which will greatly assist Acacia’s efforts to prog- ress development. Under the agreement, Coalvent’s expe- riencedmanagement team, which includes mining executives Hugh Callaghan, Robert Scott, Peet Snyders and Filippo Faralla – all of whom have extensive experience in South Africa and the RAC project, together with a track record in the development and sale of mineral resources – will join Acacia, with Callaghan and Scott to join Acacia’s board as Managing Director and Finance Director respectively. 

continues to improve production fol- lowing the resumption of operations in November 2015. Increased production to over 22 000 tonnes per month is now scheduled for Q1 2017. Future expansion plans, which will increase production to 50 000 tonnes per month, will commence in the second half of 2017. Ken Mekani, Chief Executive Officer, Metallon Corporation, commented: “Metallon delivered an impressive perfor- mance in Q3 2016 with gold production increasing 18 % and C1 costs reducing 4 % compared to the previous quarter. These exceptional results are due to improved production across our mines and the result of increased investment in our operations over the last year. This achievement dem- onstrates the future potential of our assets in Zimbabwe.” 

in Q2 2016, major repair and renewal work on surface plant and equipment is tak- ing place. This work will improve surface equipment availability and utilisation in order to maximise gold recoveries fol- lowing increased ore production from underground. This work was due to be completed by the end of October 2016. Future plans are underway to refurbish the processing plant at Shamva to 70 000 tonnes per month capacity. Construction of the new plant and TSF at Mazowe, 50 km north of Harare, is almost complete and commissioning is scheduled for Q4 2016. The new process- ing facility at Mazowe will significantly increase capacity at the mine to 70 000 tonnes per month. Redwing, located about 20 km north- east of Mutare in the east of Zimbabwe,

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November 2016  MODERN MINING  7