(Peninsula Energy 74% / BEE Groups 26%)
In April 2018, the Company announced its decision to fully withdraw from any further development activities for the Karoo Projects in which it has a 74% interest and has suspended all financial support for development activities including progression of mining and prospecting right applications. Peninsula is working together with its joint venture partners and the South African regulators to ensure an orderly exit from the project.
Activities at the Karoo Projects are presently focused on the rehabilitation of exploration and historical trial mining activities. The Company has completed rehabilitation of the exploration boreholes and is awaiting approval of the rehabilitation plan for the historical trial mining pits.
The Company continues to progress the sale of remaining freehold farmland in the Karoo Basin, the proceeds of which are projected as being sufficient to cover the rehabilitation expenditure required to exit the project.