8th May 2014 07:00
ANNOUNCEMENT 8 MAY 2014
Coal of Africa receives business interruption insurance claim
On 28 February 2013, Coal of Africa Limited (the "Company" or "CoAL") announced that it had been advised by Transnet Freight Rail ("TFR") of a derailment of 10 wagons on the Maputo ("Matola") rail corridor between Tenga and Matola Gare that led to all rail traffic between Komatipoort and Maputo being suspended for a period of 7 weeks. Accordingly, the Company communicated that its subsidiaries at the time, Limpopo Coal Company (Pty) Ltd ("Vele Colliery" or "Vele"), Langcarel (Pty) Ltd ("Mooiplaats") and NuCoal Mining (Pty) Ltd ("Woestalleen") issued force majeure notices to their customers, contractors and other affected stakeholders. Due to the force majeure the Company was able to negotiate a business interruption claim for the affected time period.
The Company is pleased to announce the successful conclusion of a business interruption insurance claim relating to the TFR derailment and has negotiated a settlement of R15,960,000 (US$ 1,518,553). The entire amount has been received by CoAL.
Authorised by
David Brown
Chief Executive Officer
8 May 2014
For more information contact:
David Brown | Chief Executive Officer | Coal of Africa | +27 10 003 8000 |
Michael Meeser | Chief Financial Officer | Coal of Africa | +27 10 003 8000 |
Celeste Harris | Investor Relations | Coal of Africa | +27 10 003 8000 |
Tony Bevan | Company Secretary | Endeavour Corporate Services | +61 08 9316 9100 |
Company advisors:
Jos Simson/Emily Fenton | Financial PR (United Kingdom) | Tavistock | +44 20 7920 3150 |
Chris Sim/George Price/Jeremy Ellis | Nominated Adviser | Investec Bank plc | +44 20 7597 5970 |
Charmane Russell/Jane Kamau | Financial PR (South Africa) | Russell & Associates | +27 11 880 3924 or +27 82 372 5816 |
Investec Bank Limited is the nominated JSE Sponsor
About CoAL:
CoAL is an AIM/ASX/JSE listed coal exploration, development and mining company operating in South Africa. CoAL's key projects include the Vele Colliery (coking and thermal coal), the Greater Soutpansberg Project /MbeuYashu, including CoAL's Makhado Project (coking and thermal coal).
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