The South Africa-focused metallurgical coal company’s main assets are the Kangwane anthracite projects, comprising the Kangwane Central, Kangwane North and Kangwane South areas.
The Kangwane South project has JORC-compliant reserves of 99.7Mt, with 73.9Mt indicated and 25.8Mt inferred.
The mining right for the project has been granted to Zyl subsidiary Altius Trading, of which Zyl holds 70% ownership.
“The granting of this right ensures security of tenure over the Kangwane South project,” the company said in a statement.
The right has been granted and is expected to be issued following the submission of documentation required by the South African Department of Mineral resources.
Zyl also announced that it has proceeded to the next stage of its restructure and recapitalisation with the placing of 280 million shares to raise $AU5.6 million.
Prestige Glory, one of the major shareholders of Zyl, has given a firm commitment to subscribe for the entire amount of the placement, the company said in a statement.
“The placement completes the next step in finalising the settlement agreement announced in April and re-affirms the commitment of Prestige Glory in the development of Zyl,” commercial director Phillipe Lalieu said.
