Thermal coal mining and production company Continental Coal (ASX: CCC) continues to ramp up operations in South Africa, and in another milestone has now commenced development of a third mine.
(Continental is currently trading on a deferred basis as CCCDA, as a result of the 1:10 share consolidation).
At the Penumbra Coal Project mine development activities have now commenced, with the mobilisation of key civil contractors to the site completed.
Continental added that site establishment works are underway with civil and earthworks associated with the initial box-cut excavation, terracing and pollution control works to be completed over the next three months.
Activities will then ramp-up over the remainder of 2011, with decline development forecast to commence in late December 2011.
Don Turvey, chief executive officer, said “Development at the Penumbra Coal Project has now finally commenced and all involved with the company are looking forward to working towards a successful project development with our contractors TWP Projects and Leomat.
"Although delayed by several months, we have completed a detailed review of the Bankable Feasibility Study, announced our first reserves for the Project and completed several optimisation studies that will have a significant impact on extending and enhancing coal mining operations”
Penumbra will be the company’s third thermal coal mining operation in South Africa, producing a high quality export thermal coal product.
Full production is forecast for the September quarter of 2012 at 750,000 tonnes of ROM coal production annually.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/19397/continental-coal-breaks-ground-at-penumbra-in-first-step-towards-development-19397.html
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