(MENAFN - ProactiveInvestors - Australia) Universal Coal (ASX: UNV) chief executive officer Tony Weber has increased his shareholding with the purchase of a further 269,141 shares on market.
Weber bought the shares for a total consideration of around A25,300, providing an average entry price of about 0.094.
He now has a direct holding of 4.9 million shares.
Universal Coal recently secured 65% of project financing from South Africa's FirstRand Bank for its Kangala thermal coal project.
The project finance mandate for R270 million (A30 million) with FirstRand's Rand Merchant Bank division is noteworthy as the company had previously expected Kangala to be funded on a 50% debt and 50% equity basis.
Optimisation of the Bankable Feasibility Study (BFS) by Stefanutti Stocks Mining Services has confirmed that saleable coal tonnages averaging 2.1 million tonnes per annum will be achieved from a planned 2.4 million tonnes per annum run-of-mine production rate over the life of the mine.
The initial pit will deliver an eight year mine life from a defined and proven reserve of 19.5 million tonnes.
Adjacent properties held by Universal hold another 65 million tonnes of Indicated and Inferred Resources with a pending update to JORC Measured status expected soon, increasing the projected life of mine for Kangala to well in excess of 16 years at BFS production levels.