The Elitheni coal mine currently hosts 266,000,000 million tons of coal, the company said
SNR said in a statement, "The board intends to seek offers that it deems in the best interest of SNR shareholders, Elitheni shareholders and creditors and its BEE Partners."
Meanwhile, the company completed the acquisition of 6% stake in US-based Millennium Energy from Ivory Mint Holdings.
SNR issued five million shares, £400,000 in cash and further £2m will be paid through 40 million ordinary shares at 5 pence per share.
SNR was established in 2004 as a vehicle to develop, own and manage natural resource deposits in Southern Africa.
