The Company currently holds major interests in Delta Mining Consolidated Ltd (‘DMC’), a South African based coal company, and Monaf Investments (Private) Ltd (‘Monaf’), which owns the Lubu Coal concession (‘Lubu’) in the Bulawayo Mining District of Zimbabwe.

DMC controls four major coal interests in South Africa and Botswana in established coal producing regions, all with active development programmes in place to raise their current resource base.  In South Africa these include the Rietkuil coal deposit, which has short term production potential utilising the current metallurgical and thermal coal resource of 200 million tonnes; the Springbok Flats project, which has in-situ gross tonnages currently modelled at over 2 billion tonnes of metallurgical and thermal coal; and the Limpopo coal project, which has a current provisional gross in-situ tonnage estimate in excess of 135 million tonnes and a resource target of 400 million tonnes of metallurgical and thermal coal.  In Botswana DMC has 12 greenfield concession blocks covering 8,682 sq km and straddling known coal bearing sediments in eastern Botswana.

The Lubu coal concession, which covers 19,236 hectares of the highly prospective Karro Mid-Zambezi coal basin in Zimbabwe, is located in the established Hwange (Wankie) mining district, which is served with road, rail and electricity networks.  It is approximately 120km north-east of the Hwange Colliery and the Bulawayo rail line runs 100km to the south west.  On the basis of 13 drill holes totalling 1,398 metres, spaced from 1km to 1.5km, the area is estimated to have an inferred resource of 334 million tonnes of low-sulphur coal, with a calorific value of 24 MJ/kg.  This resource is principally located in the 14-18m thick main seam, which is also believed to contain coking coal in its lower section.  The portion of Lubu for which the resources have been calculated hold the potential for open cast mining.  Considering likely extensions to the coal seams below the overlying Karoo sandstone, it has been estimated by independent consultants Behre Dolbear & Company that, with further exploration and drilling, there is potential to increase the coal resource at Lubu to 515 million tonnes.

The Company is also currently evaluating additional opportunities for acquisition or investment in the coal, iron ore and uranium sectors, in addition to other metals and minerals which, in the opinion of the Board, offer value to shareholders.