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BREAKTHROUGH MINERALS LIMITED — Board/Management Information 2016
Aug 7, 2016
64579_rns_2016-08-07_0663cb5b-a3b9-4772-a538-1bab1b353f96.pdf
Board/Management Information
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ASX Release 8 August 2016
IEC Administrative Matters
Intra Energy Corporation (ASX: IEC) advises the following matters:
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Director Resignation - Mr Jonathan Warrand has resigned as Non-Executive Director of IEC due to increased work commitments with other companies. The Board thanks him for his contribution to the company as Non-Executive Director and as former CFO/Executive Director.
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New Directors – Mr Warrand will be replaced by independent directors, already selected, as part of the corporate restructuring as an energy resources and development group.
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Malawi - In the process of cleaning up its former Malawi operations, IEC advises that Barloworld Equipment Malawi Limited (Barloworld) has issued a writ of summons against Malcoal Mining Limited, an IEC group company, relating to overdue payments of a rental agreement for hire of mining equipment. The Board notes that Barloworld has made a claim amounting to USD 626,000 plus interest and collection costs. The numbers are being contested. The Board notes that monies owing to Malawi creditors have been taken into account in the process of the sale of its Malawian subsidiaries (also refer ASX announcements on 1 March 2016 and 11 April 2016).
The Malcoal mine in Malawi has been on a care and maintenance basis since late in 2015 due to intense competition from imported coal. Malcoal Mining Limited has undertaken protracted negotiations with Barloworld since that time without a successful resolution.
Malcoal Mining Limited will be strenuously defending the case.
ENDS
Shareholder Enquiries
Mark McAndrew Acting Chief Executive Officer Intra Energy Corporation Limited www.intraenergycorp.com.au Registered Office: Level 40, 2 Park Street, Sydney NSW 2000 Postal Address: PO Box 1930, North Sydney NSW 2059
About Intra Energy
Intra Energy is an environmentally responsible, diversified mining and energy group, focused on Eastern Africa, and is listed on the Australian Stock Exchange (ASX:IEC). IEC is a developer and producer of thermal coal in Eastern Africa operating under the motto of “African coal for African growth” and is the only operating thermal coal miner in Eastern Africa. Its flagship coal project is the Tancoal mine in the Ngaka coalfield of Tanzania, operated by Tancoal Energy Limited, a joint venture with the National Development Corporation of Tanzania.
Intra Energy has made significant progress with its Eastern African regional expansion strategy into new mining and renewable energy projects and battery storage materials, and maintains cost effective and efficient operations to remain a low cost producer in this dynamically growing region where it occupies the prime supply position.