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Eskom MOU Update
FIRESTONE ENERGY LIMITED
(Incorporated in Australia)
(Registration number ABN 058 436 794)
Share code on the JSE Limited: FSE
Share code on the ASX: FSE
ISIN: AU000000FSE6
(SA company registration number 2008/023973/10)
("FSE" or "the Company")
About Firestone Energy
Firestone Energy Limited is an
independent, Australian exploration and
development company listed on the
28 November 2012
Australian Stock Exchange Ltd (ASX) and
the Johannesburg Stock Exchange (JSE).
Firestone Energy has entered into a Joint
Venture with Sekoko Resources (Pty) Ltd
ESKOM MOU UPDATE through which Firestone Energy has
acquired the right to 60% participation
interests in the Waterberg Coal Project
located in Lephalale area, Limpopo Province,
Firestone Energy Limited (ASX/JSE: FSE) (the “Company” or “FSE”) is pleased South Africa.
to announce that it has been advised by Sekoko Resources, its joint-venture
partner in the Waterberg Coal Project, that Eskom and Sekoko Resources have The first stage of the project is to develop the
agreed that the final Bankable Feasibility Study “BFS” is to be completed by 31 Smitspan mine which has a substantial
March 2013. measured thermal coal resource and to
develop the Vetleegte mine which is a
This amended completion date for the final BFS makes allowance for additional substantial metallurgical coal deposit.
drilling and technical components required to support the BFS.
Firestone Energy is committed to becoming a
The BFS is a necessary condition of the amended MOU with Eskom to provide 10
profitable independent coal and energy
million tons per annum of thermal coal for 30 years.
producer at its projects in South Africa,
The technical components of the Feasibility Study will be provided to Eskom in thereby making a substantial contribution to
December. Derivative specialist studies, which are currently underway, are the social and economic development of the
expected to be completed during first quarter, 2013. Lephalale area and South Africa.
Corporate Details
The Chairman of FSE commented: “The scale of the anticipated relationship
ASX: FSE
between Firestone and Eskom has evolved over the past 12 months as more JSE: FSE
information about our thermal coal resources and Eskom’s requirements have has
come to light. We are working cooperatively to react to these changed Issued Capital:
circumstances and have agreed to revise earlier studies. This does not alter the 3,114 million ordinary shares
previously announced expectation that production will commence in 2014” Major Shareholders:
Sekoko Resources (Pty) Ltd
Linc Energy Ltd
BBY Nominees Pty Ltd
Bell Potter Nominees Ltd
Yours sincerely, Directors and Officers
Non Executive Directors:
Mr Tim Tebeila (Chairman)
David Perkins (Deputy Chairman)
Dr Pius Kasolo
David Knox Ben Mphahlele
Chief Executive Officer Kobus Terblanche
www.firestoneenergy.com.au
Tel: Australia (+61 08 9287 4600) Officers:
Mr David Knox CEO
South Africa (+27 11 706 3548)
Ms Amanda Matthee CFO
Mr Jerry Monzu Company Secretary
About Sekoko Resources
Sekoko Resources (Pty) Ltd is a South African-based black-owned energy and minerals Contact:
company developing the coal, magnetite iron ore and PGMs Projects in the Limpopo Suite B9, 431 Roberts Road
Subiaco, Western Australia 6008
Province of South Africa. This includes a significant exploration program and development Tel: +61 (08) 9287 4600
of the Waterberg Coal Joint Venture Project based on significant Coal Zone Resources. Web: www.firestoneenergy.com.au
28 November 2012
Johannesburg
Sponsor
River Group
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