(MENAFN- ProactiveInvestors - Australia) Universal Coal (ASX: UNV) chief executive officer Tony Weber has increased his shareholding with the purchase of a further 269,141 shares on market.
Weber bought the shares for a total consideration of around A$25,300, providing an average entry price of about $0.094.
He now has a direct holding of 4.9 million shares.
Universal Coal recently secured 65% of project financing from South Africa's FirstRand Bank for its Kangala thermal coal project.
The project finance mandate for R270 million (A$30 million) with FirstRand's Rand Merchant Bank division is noteworthy as the company had previously expected Kangala to be funded on a 50% debt and 50% equity basis.
Optimisation of the Bankable Feasibility Study (BFS) by Stefanutti Stocks Mining Services has confirmed that saleable coal tonnages averaging 2.1 million tonnes per annum will be achieved from a planned 2.4 million tonnes per annum run-of-mine production rate over the life of the mine.
The initial pit will deliver an eight year mine life from a defined and proven reserve of 19.5 million tonnes.
Adjacent properties held by Universal hold another 65 million tonnes of Indicated and Inferred Resources with a pending update to JORC Measured status expected soon, increasing the projected life of mine for Kangala to well in excess of 16 years at BFS production levels.
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