5th Jul 2017 07:00
ANNOUNCEMENT 5 JULY 2017
Settlement Of Rio Tinto Repayment
Coal of Africa Limited ("CoAL") and its subsidiary company, MbeuYashu Proprietary Limited ("MbeuYashu") are pleased to announce that CoAL has fulfilled all its obligations to Rio Tinto Minerals Development Limited (Rio Tinto) in June 2017 in relation to the agreements under which MbeuYashu acquired interest in Chapudi Coal Proprietary Limited and Kwezi Mining Exploration Proprietary Limited.
David Brown, Chief Executive Officer of CoAL commented, "The final repayment and completion of the Rio Tinto Chapudi transaction is a milestone for the company, as it resolves the outstanding legacy issues which have plagued the company for the past 5 years. We continue to focus on progressing our flagship Makhado Project which will deliver significant value for all our stakeholders."
For more information contact:
David Brown | Chief Executive Officer | Coal of Africa | +27 10 003 8000 |
De Wet Schutte | Chief Financial Officer | 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 |
Matthew Armitt/Ross Allister | Nominated Adviser and Broker | Peel Hunt LLP
| +44 20 7418 8900 |
Charmane Russell/Olwen Auret | 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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