· Africary purchased UCG coal in 2012: 1 billion ton Resource from BHP.
· Explored the resource and obtain surface rights (600 ha) in 2013.
· Designed and finalized engineering for the mine & 50MW power station.
· Africary completed the Bankable Feasibility Study (BFS) for the UCG project in Q1 2014.
· Financial assessment by Cresco and preliminary audit by PWC completed Q4 2015.
· Received Environmental Approval & Emission permits in September and December 2015.
· Received Mining Right Application Approval in 2016.
· Nedbank project support approval.
· Signed Group5 as EPC and O&M service level agreements.
· The DoE program (RFP) for base load domestic gas power production is estimated to go out on tender from the IPP Office by Q3/2017.
· PPA off-take Agreement and Financial Close by Q3/2018
· Operations planned from Q2/2020 [24 month construction period].