Musical chairs in the Waterberg

[miningmx.com] — IT’S a case of trading places among the aspirant coal miners of the Waterberg, with Sekoko Resources announcing it has poached two top executives from fellow junior Namane Energy.

Sekoko’s executive chair, Tim Tebeila said on Thursday the group has appointed Jan Britz and Amanda Matthee as CEO and CFO respectively. Both held similar positions at Namane. Matthee left Sekoko for Namane a year ago.

Sekoko’s Waterberg Coal Project joint venture with Australia’s Firestone Energy is at the most advanced stage among the region’s projects conducted by juniors.

However, chief operating officer Moss Randigoana told Miningmx on Friday the project has hit some delays at the project financing stage, and its initial plans to start production in April 2012 seems unlikely now. Firestone announced on September 15 the JV has initiated talks with a “multi-national listed power company’ as a potential cornerstone investor, following the breakdown of earlier talks with India’s Jindal Steel.

Still, Tebeila said he remained optimistic to start producing thermal coal within the next 12 months, after concluding a memorandum of understanding with Eskom earlier this year on an offtake agreement.

Britz and Matthee would respectively replace Rob Scott and Sizwe Nkosi. Scott is now a director at food manufacturer Dynamic Intertrade, while Nkosi accepted a position at JSE-listed commodities trader Metmar.

Miningmx interviewed Britz in his capacity as CEO of Namane Resources in June. At the time Namane was looking to raise R150m for the completion of a bank feasibility and related studies through a JSE-listing by August.

He said Namane’s biggest priorities at the time would’ve been to complete the listing on time, announcing a strategic partner at securing RBCT entitlement.

When asked on Friday about Namane’s progress and future, he said that the group’s holding company, Anna Mokgokong’s Namane Resources, would continue with the project.

“I chose Sekoko because they’ll be next to start mining in the Waterberg,’ said Britz, who is also a former Exxaro manager.

INFRASTRUCTURE

Another Waterberg junior, Resource Generation, said in September construction at its planned Boikarabelo mine was on hold until it has secured a railage contract with Transnet Freight Rail (TFR), due to the fact that its funding arrangements were conditional on such an agreement.

TFR CEO Siyabonga Gama told Reuters last week its feasibility study on the expansion of the current 4 million tonnes per year line would be completed by April. “For all intents and purposes, that project is going ahead,’ he said, adding the line could eventually handle up to 80-million tonnes of coal per year.’