About the Kwena Group The Kwena Group holds three "Operation and Maintenance of Coal Processing Plant Contracts" in respect of three mutually exclusive coal operating and production collieries located within the Ogies and Highveld coalfields, Mpumalanga Province and a "Service and Supply Agreement" in respect of a colliery located in the Kliprivier coalfield, KwaZulu-Natal Province, South Africa. (collective the four agreements are the "Operations Service Contracts").
Kwena Group revenue for the twelve-month period ending the 31 August 2015 was $13,827,983 and revenue for the six-month period ending 28 February 2016 was $6,715,386.
The Kwena Group companies includes Kwena Mining Projects (Pty) Limited ("KMP"), which holds a 100% interest in three contracts for services among KMP and Exxarro, owner of the (i) Dorstfontein East colliery, (ii) Dorstfontein West colliery and (iii) Forzando colliery. The three contracts have all been renewed until the 31 December 2016.
The second Kwena Group company, Kwena Springlake Projects Proprietary Limited ("KSPPL") holds a 100% interest in a contract with a subsidiary of Glencore which owns the Springlake coal colliery. As announced in a News Release dated 6 June 2016 the Service Supply Agreement in respect of the Glencore managed Springlake Colliery Plant Operation was renewed to the 18 May 2017.
Tango and the Kwena Group have a continued development plan in place to grow the business using the successful past 19-year business model, an established market presence and its proven successful operational reputation in the coal, base and precious metal and precious stone Southern African mining sector.