27th Mar 2014 14:36
LONDON (Alliance News) - Coal of Africa Ltd Thursday said that approval has been granted by the Department of Minerals Resources, for the disposal of the Opgoedenhoop mineral right.
Coal of Africa is a South-African based emerging developer and producer of high-quality thermal and coking coal.
The company said that the consideration for the sale is ZAR20.4 million, and the deposit of ZAR5 million has already been received by the company.
It said the balance of the consideration will become payable within 12 months.
"The successful completion of the sale of Opgoedenhoop concludes another aspect of the five-point turnaround strategy," said Chief Executive Officer David Brown in a statement.
Coal of Africa shares were trading 0.36% higher at 4.41 pence per share Thursday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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