West Perth company Continental Capital has appointed Petrus Snyders as chief executive officer of subsidiary Continental Coal and has topped its planned $20 million financing target.
West Perth company Continental Capital has appointed Petrus Snyders as chief executive officer of subsidiary Continental Coal and has topped its planned $20 million financing target.
The South African focussed coal company acquired 74 per cent of Continental Coal in January. The company has interests in production and exploration assets in established South African coal mining regions.
The company has received conditional commitments, subject to regulatory approval, of more than its targeted $20 million over the next two-three weeks.
It has already received $10 million.
Full announcement below.
Continental has now received conditional commitments (regulatory approval process currently being completed) in excess of its targeted $20m financing ($10m already received) and is scheduled to complete the raising ($21.5m) in the next 2-3 weeks.
New CEO
A 28 year veteran of the South African mining industry, Mr Snyders was most recently managing director of Riversdale Holdings SA, the South African subsidiary of ASX listed coal major Riversdale Mining Limited, a position he has held for two years. Prior to that he was the company's chief operating officer.
His distinguished career also included senior management roles with Anglo American Corporation and Kumba Resources in coal, platinum and iron ore operational management.
Continental Capital executive chairman, Mr Peter Landau, believes the appointment of such a well credentialed chief executive officer will be central to the success of Continental Coal as it grows its South African coal portfolio through production and development.
"Mr Snyders brings to the company a wealth of coal industry experience and knowledge, particularly regarding the development of significant coal operations in South Africa," Mr Landau said.
"His appointment comes at a critical time in Continental Coal's development of its advanced Witbank, Project X and Loskop projects, all of which are scheduled to commence production this year, and the other projects in its expanding portfolio.
"Mr Snyders' period with Riversdale and with other major South African coal producers, Kumba, Amcoal, and Sasol, and with Anglo Platinum, Iscor and Gencor will be invaluable to Continental Coal as it develops its mix of high grade anthracite, metallurgical and thermal coal projects for the domestic and export markets.
"Mr Snyders business development background comes at a time where the demand for coal in South African to meet power generating requirements is increasing and this is coupled with growing coal export potential. We want to capitalise on these two areas," said Mr Landau.
Continental looks forward to updating the market shortly with an operational update (including introducing the new Board with representatives of Continental Coal and Linq Resources) and formal completion of the financing facility.
