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Northfield
Overview
The Northfield Project is a small resource of coking-quality dried fine tailings resulting from the processing of coal at the now defunct Northfield Colliery. The Project lies in the north western Kwa-Zulu Natal Coalfield, and is located close to a number of defunct mining operations. The Northfield Project is located at Latitude 28°08' South, Longitude 30°08' East, to the northwest of the town of Glencoe in Kwa-Zulu Natal Province of South Africa. The elevation of the project is some 1,380 metres above mean sea level.
Mining Permit
Following the granting of the Mining Permit on November 27, 2007, the Company exercised its option to purchase Corpclo (Pty) Ltd., and in December 2007 paid ZAR 6 million to the former owners against a total purchase price of ZAR 12 million (approximately $1.5 million). The remaining ZAR 6 million has been accrued and will be paid in December 2008. Homeland has a 100% interest in the Northfield Project.
Initial Operational Activities
Once the mining permit was awarded, site establishment commenced. Initial work included cleaning dams, fixing roads and the removal of alien vegetation. A weighbridge has subsequently been purchased and installed; a site office has been erected; the mining lease area has been fenced; and the mining and security contractors have been appointed and have mobilized to site.
An amended environment management program report was submitted to the Department of Mines and Energy as requested, which has been accepted along with the financial guarantees. An updated Mining Permit was awarded in August 2008.
Homeland anticipates a bulk sale of most of the waste material to one or two local, industrial buyers.
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