- Buffalo Coal Corp. (BUF) files technical report updates for its Aviemore Mine’s and Magdalena Colliery’s reserve statement and announces the restructuring of a loan
- Buffalo is a coal producer in South Africa
- Highlights include an 85 per cent increase in proven resources at Aviemore
- Magdalena saw an 86.4 per cent increase in proven resources and sellable amounts
- Buffalo finishes negotiations with Investec Bank Limited for restructuring the R46 million owing on the loan
- Buffalo Coal Corp. (BUF) is unchanged trading at $0.02 per share as of 12:29 p.m. ET
Buffalo Coal (BUF) has filed a technical report update for its Aviemore Mine’s and Magdalena Colliery’s reserve statement and announced a loan restructure.
Buffalo is a coal producer in South Africa. It holds a majority interest in two operating mines through its 100 per cent interest in Buffalo Coal Dundee.
Highlights from the update include an 85 per cent increase in proven resources at Aviemore, a 42.7 per cent increase in probable resources, and a 1.9 per cent increase in sellable amounts.
Magdalena saw an 86.4 per cent increase in proven resources and sellable amounts.
In other news, Buffalo has finished negotiations with Investec Bank Limited regarding the restructuring of the R46,114,971 owing on the Investec loan.
The following terms were agreed to:
- Monthly capital repayments of R250,000 from March to June
- Subject to the group having secured R120 million in funding for the development of the Balgray project, an amount of R6.5 million is to be repaid at the earliest of 30 June or the date on which the funding has been secured
- Monthly capital repayments of R1.25 million for July to August
- Monthly capital repayments of R2.5 million for September to December
- The final maturity date and date by when the restructuring of the remaining capital balance owing should be agreed to be extended to December 31
Emma Oosthuizen, Buffalo’s CEO, commented,
“The resources and reserves technical report update supports positive confirmation that value can be unlocked from the group’s Balgray, Magdalena and Aviemore North’s mining projects… The agreement reached with Investec regarding the restructuring of the Investec loan allows the group to continue with limited scale development of Balgray whilst discussions with existing and potential new investors are ongoing.”
Buffalo Coal Corp. (BUF) is unchanged trading at $0.02 per share as of 12:29 p.m. ET.