Strategic Natural Resources leases containers to ship South African coal

Strategic Natural Resources' (SNR) subsidiary, Elitheni Coal, has agreed a container finance leasing agreement with Thelo Rolling Stock Leasing to help ship coal from its mine in the Eastern Cape of South Africa.

Strategic Natural Resources' (SNR) subsidiary, Elitheni Coal, has agreed a container finance leasing agreement with Thelo Rolling Stock Leasing to help ship coal from its mine in the Eastern Cape of South Africa.

Under the terms of the lease agreement, which is for an initial term of six years, Thelo will make available to Elitheni (which is 74% owned by SNR) up to 1,500 steel rolling stock containers to ship coal from the Elitheni Mine in the Eastern Cape of South Africa.

Rental of the containers is calculated on a per container per month basis and full production of them is underway. Elitheni anticipates receiving the first batch of containers during the first half of November 2012, which will enable the company to deliver its first shipments under the Trasteel off take agreement.

David Nel, Chief Executive Officer of SNR, said: "We are delighted to have secured this agreement with Thelo, which will result in a significant reduction in our short term capital requirements associated with bringing the Elitheni Mine in to full operation, and fulfilling our shipping commitments under the off take agreement with Trasteel."

CM

Recommended

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
6 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
2 Feb 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023

Most Popular

NS&I brings back one-year fixed bonds with highest rates since 2010
Personal finance

NS&I brings back one-year fixed bonds with highest rates since 2010

NS&I’s one-year fixed bonds are back on sale after being pulled off the market in 2019 - but is the rate any good?
1 Feb 2023
How to invest like an ISA millionaire
Investments

How to invest like an ISA millionaire

We reveal the top funds and trusts ISA millionaires pumped their money into
6 Feb 2023
The best one-year fixed savings accounts - February 2023
Savings

The best one-year fixed savings accounts - February 2023

Earn almost 5% on one-year fixed savings accounts.
6 Feb 2023