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BREAKTHROUGH MINERALS LIMITED — Capital/Financing Update 2016
Dec 7, 2016
64579_rns_2016-12-07_17067b59-2f74-4705-b19a-63140d854d80.pdf
Capital/Financing Update
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ASX Release
8 November 2016
Company Announcement Officer Australian Securities Exchange
INTRA ENERGY NOVEMBER OPERATIONS UPDATE
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Record sales achieved again in November, 35,370 tonnes sold
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Year to Date overburden to coal strip ratio averages 5:1
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Production increased to 36,079 tonnes
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New CEO appointed
Intra Energy Corporation Limited (ASX:IEC) ("IEC") is pleased to advise that its 70% owned Tancoal Energy Ltd ("Tancoal") has again achieved record monthly coal sales in November. Tancoal is a partnership with National Development Corporation ("NDC") of Tanzania. High quality thermal coal sales amounted to 35,370 tonnes, an increase from the reported record achieved in October of 29,767 tonnes. The Government policy restricting imports is in place and sales have increased as a result. Sales were also made into Rwanda and Kenya during the month.
Overburden removed in November was a record 203,412 bulk cubic metres due to the utilisation of larger new contractor equipment which commenced work in November. Coal mined during the month was 36,079 tonnes which has only been exceeded in November 2015 prior to the increase in imported coal from South Africa. New larger haulage units were ordered to increase haulage capacity between mine and stockpile particularly with the commencement of the rains potentially slowing coal delivery.
During November the Minister of Energy and Minerals of Tanzania visited the minesite with stakeholders to observe the flow of coal to consumers and reiterated that the ban on imported coal would continue as Tancoal was managing supply requirements with a superior quality product. The film of the Minister’s visit (in Swahili) will be uploaded to the IEC website.
As announced, IEC has appointed Jim Shedd as the Chief Executive Officer commencing in early January 2017. Jim will be stationed in Tanzania.
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
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Honourable Professor Sospeter Muhongo, Minister of Energy and Minerals of Tanzania, with Paulnet Kagema, the District Commissioner of Songea District and stakeholders at Tancoal’s minesite
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.