GOLD 1235.68 $/ozChange: 0.93
PLATINUM 1367.00 $/ozChange: 4.00
R/$ exchange 10.90Change: 0.13
R/€ exchange 14.13Change: 0.17
We have detected that the browser you are using is no longer supported. As a result, some content may not display correctly.
We suggest that you upgrade to the latest version of any of the following browsers:
close notification
powered by
Advanced Search
Most Popular Articles
CoAL, Haohua Energy ink strategic agreement
Embed Code Close
26th March 2013
Text Smaller Disabled Text Bigger

JOHANNESBURG ( – Aim-, ASX- and JSE-listed coal junior Coal of Africa Limited (CoAL) on Tuesday said the deal with Beijing Haohua Energy Resource subsidiary Haohua Energy International (HEI) had been concluded.

The parties signed a cooperation agreement for the development of a strategic relationship at a signing ceremony in Johannesburg.

“The agreement serves to facilitate the formation of a long-term and mutually beneficial strategic partnership between CoAL and HEI. The vision of the cooperation is to unlock the intrinsic value inherent in CoAL's operations and projects,” said CoAL CEO John Wallington in a statement.

The agreement followed shareholder approval of a $100-million investment by the Hong Kong-based firm into the junior coal producer earlier this year, which formed the basis for the partnership.

Further, HEI agreed to “use its best endeavours” to arrange further funding in the development of CoAL's project pipeline.

The partnership would also allow CoAL to draw on the commercial, technical, financial and operational expertise within HEI.

Edited by: Chanel de Bruyn


To subscribe to Mining Weekly's print magazine email or buy now.

FULL Access to Mining Weekly and Engineering News - Subscribe Now!
Subscribe Now Login
John Wallington
Picture by: Duane Daws
John Wallington