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Pegasus
Seriti has commenced mine development work at the Pegasus Project, located around 10km north of eMalahleni.
Seriti has commenced mine development work at the Pegasus Project, located around 10km north of eMalahleni.
The Pegasus mining right was acquired by Seriti as part of the South32-SAEC transaction earlier in 2021 and is 100% owned by Seriti.
Fully permitted since May 2019, Pegasus is expected to produce around 12.8 million tonnes of run-of-mine coal over a life of mine of six years. The majority of the product will be thermal coal for the export market.
Seriti will be working with Africoal to develop the resource and has entered into an agreement which will allow the use of the plant facilities at Africoal’s neighbouring Inyanda operation.
When fully operational, Pegasus will employ approximately 200 people, mainly contractors.
Employee and Community Trusts
The Group’s mining rights are held in Seriti Power and unencumbered shareholding of 5% in the SP Employee Trust established for the benefit of employees and 5% in the Seriti Power Community Trust, established for the benefit of the members of communities adjacent to Seriti’s mining operations.