(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.
At the beginning of 2022 the Company completed the surface rehabilitation work programmes for the Karoo Projects and commenced the processes to apply for closure from the South African regulators which are expected to take some time to finalise.
The Company continues to progress the sale of the remaining freehold farmland previously held in the Karoo Basin, with proceeds still expected to be sufficient to cover any remaining exit costs.