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Watermark Global rallies on project update

Last updated: 02:54 11 Nov 2011 EST, First published: 03:54 11 Nov 2011 EST

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Watermark Global (LON:WET) told investors it is currently conducting due diligence on an anthracite coal briquetting project in KwaZulu Natal, leading to a 6.5 percent jump in its share price.

Watermark, which specialises in the treatment of Acid Mine Drainage (AMD) in South Africa, reported that it has been investigating “alternative applications” of its water treatment technology and is currently appraising the anthracite project.

Investors welcomed the update, sending shares in Watermark up 0.02 pence to trade at 0.33 pence, giving the company a market cap of £4.85 million.

The company added that it is looking at various funding options for these projects, including a joint venture or partnership, which would eliminate the needs to undertake a dilutive equity fundraising.

“The board remains confident in the commercial value of its water treatment technology and its efficacy in a range of applications,” Watermark said in today’s statement.

Watermark has previously told investors that it has been looking at two “prospective” opportunities including the anthracite project. The other project involves the separation of water and oil from an oil producing field to create industrial grade usable water.

In its interim report that was released in September Watermark told investors that it continues to lobby the South African Government and its agencies to support its solution for the imminent acid mine drainage issues.

Back in June, the company raised £1.5 million to continue operations without interruption and keep “actively promoting its solution”.

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