[miningmx.com] — THE first coal project of state-owned miner African
Exploration and Minerals Finance Company (AEMFC), the Vlakfontein colliery outside
Ogies in Mpumalanga, has delivered 844,000 tonnes of coal since it started
production in the middle of 2011.
Speaking on Tuesday at a seminar hosted by the Gordon Institute of Business
Science (Gibs) on resource governance, Minister of Mineral Resources Susan
Shabangu said AEMFC was now in the post-feasibility phase of its next project, the
T-Project outside Bethal, which is envisaged to produce 4.6 million tonnes of coal per
year for 33 years.
Shabangu said that while this was a “modest’ start, the future of mining in South
Africa would see a “thriving state-owned mining company that contributes to
strategic national objectives and supports long-term economic growth’.
At the launch of Vlakfontein in February last year, AEMFC CEO Sizwe Madondo
tipped the T-Project as a coal-to-oil operation. Madondo said at the time AEMFC was
looking for a joint venture partner to assist with the expected R2bn capex outlay,
with production possible by the third quarter of 2013.
Shabangu didn’t provide further details.
AEMFC is in the process of being unbundled from the Central Energy Fund to become
a stand-alone operation.
Miningmx asked Shabangu at what stage AEMFC would provide full
disclosure of its operations, funding and profitability. She responded the company
was not yet profitable, but that it would give a complete declaration of its activities
“at the beginning of 2014′.
