Acquisition of New License
We are pleased to announce that the Group has acquired the license to develop “Roskoshniy” coal field, a natural extension of the Sadovaya field. Total resources of “A” grade coal (anthracite) at “Roskoshniy” field within the bounds of the coal seams l7в, l6н, l4в, k7н amounted to 17.6 million tons. Proven and probable reserves (2P), as confirmed by IMC under JORC code, are 9.1 million tons as of July 1, 2010. The license is issued for 20 years.
Resource base in ‘000 tonnes, under JORC classification(1)
|Old fields||Roskoshniy field||Total||Change|
|Total resources (measured and indicated)||23,129||17,617||40,746||76%|
|Total reserves for mine (proven and probable)||17,853||9,051||26,904||51%|
(1) Resource base as audited by IMC as of July 1, 2010
The acquisition is part of the investment program of Sadovaya Group as described in the prospectus issued in connection with the initial public offering.