30th Apr 2014 16:07
LONDON (Alliance News) - Coal of Africa PLC Wednesday said that the sale of its Woestalleen Complex and Opgoedenhoop assets during the quarter to end-March had been significant in its strategic turnaround strategy.
Coal of Africa was granted approvals from the Department of Mineral Resources in South Africa to sell the assets during the quarter as part of its "five-point turnaround strategy" that it implemented a year ago.
This strategy involves selling its non-core assets, resolving its ongoing arbitration, finalising outstanding liabilities, and getting funding for its Vele Colliery plant in South Africa.
The company has appointed Snowden Group to commence a technical review of the modification of its Vele Colliery plant, which it expects to be completed by the end of the second half of 2014. It said that this is a critical step in ensuring the plant can process 2.7 million tonnes of run-of-mine coal a year.
Coal of Africa has continued to engage with funders and potential customers for the plant.
Shares in Coal of Africa closed down 3.1% at 3.76 pence Wednesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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