| CATEGORY: AIM BULLETIN SECTOR: MINING |
Petmin rockets on mine revaluation |
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Fri 03 Aug 2007
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| PTMN - Petmin |
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| Latest Prices |
| Name |
Price |
% |
| Petmin |
16.50p |
0.00% |
| |
| Mining |
19,927 |
+1.90% |
|
LONDON (SHARECAST) - Shares in South African mining company Petmin soared this morning as it was granted a new order mining right that will triple the value of its new Somkhele anthracite mine.
Petmin said that as a result of the granting of the mining right over Area 1 at its Somkhele mine in South Africa's Kwa-Zulu Natal province, the expected life span of the mine has been revised to 15 years from 11, while the value of the mine has been boosted by 310%, according to an independent valuation, to R1.47bn.
In April, the company advised shareholders that it was in negotiations which, if successfully concluded, could have a material effect on the price of Petmin shares.
These discussions are still taking place, the company said, and shareholders are accordingly advised to continue exercising caution when dealing in the company’s shares until such time as a full announcement is made.
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