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Keaton concludes KZN asset sale

15th February 2016

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – JSE-listed Keaton Energy on Monday announced that it had concluded the sale of most of its KwaZulu-Natal anthracite operations assets to Bayete Energy Resources.

Keaton’s wholly owned subsidiaries Leeuw Mining and Exploration (LME) – which owned the Vaalkrantz colliery, the Koudelager project and the Balgray project – and Amalahle Exploration, which held the Mooiklip project, were sold for R24.7-million and R250 000 respectively.

However, LME subsidiary Leeuw Braakfontein colliery’s Braakfontein thermal coal project was excluded form the deal and would become a direct subsidiary of Keaton.

The transaction remained subject to a number of conditions. For instance the Amalahle sale agreement was not negotiable and the agreement unconditional.

Edited by Creamer Media Reporter

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