CoAL continues with capital raise and divestment
PERTH (miningweekly.com) – South Africa-focused Coal of Africa Limited (CoAL) on Thursday told shareholders that the first part of its $64.9-million capital raising had been approved.
Hong Kong-based Haohua Energy International Resources has received all regulatory approvals required for its $23.4-million investment into CoAL, with the company saying it would now apply for the admission of the 251-million ordinary shares under the first stage of the private placement.
The second stage of the equity raise, worth a further $41.5-million, was conditional on investor TMM Holdings obtaining sufficient funds to purchase the second stage of placement shares.
Meanwhile, CoAL also announced that it was advancing with the $23.5-million sale of its idled Mooiplaats colliery to Blackspear Holdings Proprietary.
The company noted that Blackspear had agreed to terms with a financial and operational partner to fund the acquisition of the project, with approval of the finance subject to the completion of a technical due diligence and final board approval.
The company was expected to have the financing secured by the end of November, while the Mooiplaats divestment would be completed by the end of February next year.
The sale of the Mooiplaats asset forms part of CoAL’s five-point turnaround strategy implemented a year ago, which included offloading the Woestalleen colliery, near Ermelo, the Mpumalanga-based Opgoedenhoop mining right, coal explorer Lemur Resources and the Holfontein project, in the Witbank coalfield.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...
VISIT SHOWROOMDeveloped to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
