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Riversdale bought 74% of the mine earlier this year from BHP Billiton for R91 million ($US14.7M). The remaining 26% is held by a black economic empowerment (BEE) consortium.
At the time of the acquisition, the mines reserves were estimated at 14.6Mt, but following a review by Snowden Mining Industry Consultants the measured resources were increased from 6.5Mt to 10.64Mt.
The mine, near Ulundi in Kwazulu-Natal province, supplies high grade anthracite to the heavy minerals, ferrolloy, electrode and steel industries.
The mine produced 561,000 tonnes of saleable anthracite in the 12 months to June 2004. Riversdale estimated production would remain at 550,000tpa over the mine life of 15 years.
Riversdale also owns a 74% interest in an anthracite deposit in the Vryheid area of Kwazulu-Natal province and is focused on building a portfolio of assets in South Africa.
