Thermal coal focused Continental Coal (ASX: CCC) has boosted coal JORC Resources at the company's South African operations, and now holds coal JORC Reserves of 19.9 million tonnes across three projects.
Gemecs, Ukwazi Mining and CCIC Coal completed the Reserve and Resource review of the company's thermal coal projects.
The inital JORC Reserve is from the Vlakvarkfontein and Ferreira mines, and the Penumbra project.
Importantly to boost the Reserves, Continental said additional upgrades are expected at Penumbra as development and initial mining activities commence, and at De Wittekrans once the Bankable Feasibility Study is completed.
De Wittekrans currently has a JORC Measured Resource of 48.4 million tonnes.
Across all of the Continental projects, Measured Resources jumped by 80% to 88.8 million tonnes.
The Penumbra project is the company's next mine to development, which currently hosts 68.3 million tonnes of JORC Resources.
Importantly for the advancement of Penumbra, earlier in the month Continential secured bank financing for the mine development.
The credit approved and committed financing offer will provide debt and related coal and foreign exchange risk management facilities for the project, which will be Continental's third mine.
In conjunction with other existing unsecured debt facilities, proceeds from the previously announced sale of its shareholding in Vanadium and Magnetite Exploration and Development Co (SA) (Pty) Limited, and available funds, the facility is sufficient for the company to commit to the project.
In mid-last month, US Investment Bank Madison Williams placed a $0.09 twelve month price target on Continental, indicating potential significant longer-term upside.