IPSA has announced fast track Elitheni Clean Coal Power Plant Development
29 November 2007
Strategic Natural Resources PLC (“SNR”) announces that it has been informed by the directors of IPSA Group PLC (“IPSA”), the developer of independent power plants in southern Africa, that it is to accelerate the development of a Clean Coal-fired power plant at Indwe in the Eastern Cape of South Africa with a view to the early generation of 250 MW of the plant’s proposed 500 MW power capacity.
IPSA is to oversee the development of the Clean Coal-fired power plant which will involve combining high pressure steam turbines with fluidised bed combustion boilers. The plant is eventually proposed to have no less than 500 MW of power capacity.
SNR has completed an initial drilling programme which, together with historical data, has satisfied IPSA that SNR’s commercially exploitable coal reserves justify a mine mouth plant of no less than 500 MW.
Under its accelerated development plan for the plant and the generation of the first 250 MW, IPSA is looking to acquire existing equipment for conversion to meet the precise coal specifications of the coal to be mined at the proposed Elitheni Coal Mine. IPSA is working now in partnership with Exodus Africa LLC, a Houston based energy group led by former executives of Enron.
Jeremy Metcalfe SNR’s Chief Executive said “This accelerated development programme proposed by IPSA is welcome news as it should bring forward our projected cash flows.”
For further information, please contact:
Strategic Natural Resources plc
Gabriel Ruhan, Chief Executive Officer
+44 0207 495 8801
Don Nicolson, Deputy Chairman
+44 (0) 77 4844 2813
Nominated Adviser - Allenby Capital Limited
Nick Naylor / Alex Price / James Reeve
+44 (0) 20 3328 5656
Emin Eyi / Tercel Moore
+44 (0) 207 647 9646
Ben Brewerton / Georgia Mann
+44 (0)207 831 3113