Xceed Resources (ASX: XCD) is an Australia-based company engaged in the exploration and development of coal projects in Southern Africa.
The company is developing the Moabsvelden thermal coal project in the Witbank coal field. Moabsvelden is expected to have a mine life in excess of 15 years and will produce export quality as well as domestic quality thermal coal.
Xceed Resources (ASX: XCD) directors Ian Culbert and Stephen Belben have both increased their stakes in the company.
Managing director Culbert has taken up 12.5 million shares in the company through Daleglen Holdings.
Culbert now holds 25 million shares in Xceed, along with 12.5 million Class B performance shares.
Meanwhile, finance director Stephen Belben has picked up 3.75 million Xceed shares.
This increases Belben’s overall indirect holding in the company to 7.6 million shares along with 3.75 million Class B performance shares.
Xceed recently delivered a maiden thermal coal Reserve for the company’s 74%-owned Moabsvelden project in South Africa’s key coal region of Witbank.
Following the establishment of Measured Resources, as well as the recent completion of a mining work program by mining consultants Belton Mining Group, Xceed has released Proved and Probable reserves of 30.7 million tonnes and 13.1 million tonnes respectively.
This follows a 20% increase in the Resource at Moabsvelden in October last year, to 66.3 million tonnes of thermal coal, of which 96% is in the high confidence Measured category.