(MENAFN - ProactiveInvestors - Australia) Universal Coal (ASX: UNV) chief executive officer Tony Weber has topped up his shareholding, buying more shares on-market.
Weber purchased an additional 80,859 shares at 0.095 each for a total consideration of A7,681.
He now has a direct holding of almost 5 million shares and 3.8 million unlisted options.
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.