Prairie Mining Limited Update on Co-Operation between Prairie and JSW (1140R)
26 February 2019 - 6:02PM
UK Regulatory
TIDMPDZ
RNS Number : 1140R
Prairie Mining Limited
26 February 2019
PRAIRIE MINING LIMITED
NEWS RELEASE | 26 February 2019
Update Statement Regarding Possible Co-Operation between
Prairie Mining and JSW
Prairie Mining Limited ("Prairie") and Jastrz bska Spó ka W
glowa SA ("JSW") have signed an extension to the Non-Disclosure
Agreement ("NDA") originally announced on 28 March 2018, extending
the term of the NDA for an additional 6 months with the term of the
NDA ending on 28 September 2019, for the purposes of continuing
discussions.
JSW has confirmed that its has now completed its initial Due
Diligence process on Prairie and Prairie's assets. As previously
confirmed, JSW's Due Diligence at the Jan Karski project has
confirmed that part of the "Lublin" deposit contains semi-soft
coking coal (type 34), which can be potentially utilised by JSW.
JSW's Due Diligence has also indicated the technical feasibility
and potential synergies of accessing initial seams at the D bieńsko
deposit utilising the existing infrastructure at JSW's adjacent
Knurów-Szczyg owice mine. Exploiting those synergies would require
modifications to project configuration and obtaining relevant
approvals, including concession modifications. JSW estimates that
access via the Szczyg owice mine potentially enables the production
of hard coking coal (type 35) from D bieńsko in up to 18 months
from the time that relevant administrative permits and concession
amendments are granted.
Whilst both parties need more time to discuss a deal structure
and commercial terms, it is the intention of both parties to
continue negotiations over the coming months, with areas to be
covered including:
1) Potential deal structure and commercial terms for any co-operation or transaction;
2) Adaption of mine plans for both Debiensko and Jan Karski to
align with JSW's development concepts and maximise potential
synergies.
There can be no certainty as to whether any transaction(s) or
co-operation will be agreed, or the potential form of such
transaction(s) or co-operation.
It is emphasised that any potential transaction(s), should they
occur, may be subject to a number of conditions including, but not
limited to, obtaining necessary corporate approvals, consents and
approvals related to funding, consents from Poland's Office of
Competition and Consumer Protection (UOKiK) if required, and any
other requirements that may relate to the strategy, objectives and
regulatory regimes applicable to the respective issuers.
For the avoidance of doubt, this announcement is without
prejudice to Prairie's service of a notice of an investment dispute
to the Republic of Poland. Prairie will continue to enforce its
rights under all applicable domestic and international laws.
Prairie will continue to comply with its disclosure obligations
with the relevant markets, as required.
For further information, please contact:
Prairie Mining Limited Tel: +44 207 478 3900
Ben Stoikovich, Chief Executive Email: info@pdz.com.au
Officer
Sapan Ghai, Head of Corporate
Development
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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