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ZYL Limited

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ZYL is on track to imminently complete Bankable Feasibility Studies on two of their key projects – Mbila and Kangwane. Initial combined production is targeting ~2.5Mtpa with first coal from Mbila expected Q3 2013. Significant resource upgrade at Kangwane reaffirms +10 year LOM and highlights potential for further reserve upgrades once in production.

ZYL continues to make consistent progress towards production on two of its key assets, the Mbila Project, located ~130km from Richards Bay and the Kangwane Central Project, located ~135km from the port of Maputo (Mozambique).

The Mbila project BFS is nearing completion (imminently) and the company is on track to commence production in Q3 2013 (0.84Mtpa ROM +35 year LOM). At Kangwane Central, significant advances have been made on the feasibility study following completion of the recent phase 3 drilling program.

  • An upgrade to the Kangwane Central anthracite resource to 200Mt with the entire resource now in the Measured category
  • Positive metallurgical results indicating low phosphorus and sulphur levels (impurities) thus increasing the marketability of the product
  • Pit optimisation studies indicating a 700m pit length extension, to 3,000m providing for a larger scale open pit and access to shallower resources
  • Reserve upgrade in progress, with a significant increase anticipated

ZYL is steadily ‘ticking the feasibility boxes’ and is on track to deliver the completed Kangwane BFS (1.8Mtpa ROM for +10 year LOM) in Q4 2012.

Breakaway is further encouraged by a ‘Binding Heads of Agreement’ signed with York Energy to acquire 100% of its shares and thus, its rights to acquire interests in the Kangwane North, Mbila and the Marble projects.

ZYL continues to make steady progress at Mbila and has reaffirmed the targeted production start-up during Q3 2013. Development costs are estimated ~A$ 85m which are expected to be covered by a combination of debt and new equity...

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