• adopting a flexible funding model - where required, Miranda uses its JSE-listing status to raise capital on a “just-in-time” basis, alternatively project-specific financing is accessed (debt and/or private equity), including using project partners to fund development; and
• implementing a flexible operating model for the development of projects. This implies that Miranda will determine its involvement according to the strategic nature and risk/ return characteristics of a specific project.

Miranda could therefore either remain actively involved in a project (e.g. by acquiring in-house the necessary technical expertise, or by contracting it in from specialist mining partners), or it could accept a more passive role (e.g. by simply securing a revenue share arrangement).  A further option would be to sell a project outright in order to fund the development of other, more promising projects.

For instance, the board has taken the decision to maintain a managerial and operational involvement with the development of Miranda Coal as it believes this will offer optimal value creation for shareholders.

The model is based on owning assets and creating strategic alliances in the form of joint ventures with specialist mining and exploration contractors on certain current assets. Full participation in owner mining and thus realising upside will be considered with new prospects.