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New Largo

New Largo colliery is currently being developed in stages to provide additional coal supplies to Seriti’s various coal markets.

New Largo, which has a resource of 585Mt, has the potential to become a large-scale, long-life coal mine, able to supply Eskom’s adjacent Kusile power station and Seriti’s various coal markets with around 12 Mtpa of thermal coal over 50 years.

Seriti has a 67.5% stake in New Largo Coal together with the Industrial Development Corporation (22.5% shareholding) and the New Largo Employee and Community Trusts, which each hold 5%.

Albeit delayed, Seriti is in the process of concluding various 10 year coal supply agreements with Eskom which will provide Kusile Power Station with a cost competitive, secure coal supply from the adjacent colliery at the necessary specifications. The 10 year coal supply agreements will further underpin the construction by Seriti of a conveyor facility from the colliery directly into the Kusile stock yard in order to reduce coal trucking volumes and associated logistics costs.

Employee/community trust

Employee and Community Trusts

Seriti Resources has allocated an unencumbered shareholding of 5% to trusts established for the benefit of employees and 5% to trusts established for the benefit of the members of communities adjacent its mines.

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