Centaur Holdings Ltd announces expansive South African mining project
Wednesday, March 30th, 2016
Centaur Holdings Ltd (“Centaur”), the global investment holding company, has today announced the completion of its acquisition of two coal Prospecting Rights in South Africa. The mining project will collectively be known as De Roodepoort.
The Company has also completed both stage 1 and 2 of its De Roodepoort exploration plans with the drilling of a further 79 holes to depths of 130 meters. There is over 100 million tonnes of coal available within the mine itself, the bulk of which is split between higher-quality export coal and Eskom grade domestic coal.
Centaur are set to start the mining phase of the project in January 2017, with the company currently in the process of converting prospecting rights into mining rights. The mine is situated in the Magisterial District of Ermelo, Mpumalanga Province, Republic of South Africa, and measures circa 3258 hectares.
As part of the project, Centaur has committed to further boost the region’s infrastructure and facilities which is a key part of Centaur’s strategy of working closely within the local community. De Roodepoort is expected to require over 350 full time employees once in production, creating further employment opportunities for South Africa and the local community.
The mining project will become the firm’s largest single asset, with submission of the New Order Mining Right, IWULA and Environmental Authorisation applications due imminently.
Commenting on the completion of the acquisition, Centaur Group Chief Executive Officer, Daniel McGowan, said,
“This is a key project for Centaur and demonstrates ambition and increasing size and scale of assets we are managing and attracting. The submission of all relevant documentation has only been possible in such a short timescale due to the combined efforts of the Centaur team and our external service providers who have worked for the past 12 months to keep within our timescales. The addition of the project into our portfolio adds further support to our commitment to the region and underpins our growth and ambition in the mining sector. It further demonstrates our ongoing support for the local economy and overall confidence in the infrastructure and opportunity within South Africa.”