5th Feb 2014 09:03
LONDON (Alliance News) - Coal of Africa Ltd Wednesday said it has been granted a Section 11 approval by South Africa's Department of Mineral resources for the disposal of all its shares and intercompany loan accounts in NuCoal Mining Proprietary Ltd.
NucCoal is a coal mining company which produces and sells coal in South Africa and internationally. It also supplies coal to end users for consumption with boilers in sugar, paper, and pulp.
The approval was granted effective January 13, and the sale consideration of USD7.2 million is now payable to Coal of Africa.
The stock was trading at 5.65 pence Wednesday morning, up 0.08 pence or 1.4%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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