The Board of SNR notes the recent statement made by the CEO of the Industrial Development Corporation of South Africa at the weekend confirming that the IDC would be funding the development of the Company's 74 per cent. owned subsidiary, Elitheni Coal (Pty) Limited and provides the following update.

SNR confirms that, whilst it is in discussions with the IDC, these discussions remain on-going and form part of SNR's wider discussions with other parties in relation to finalising its funding needs.