CoAL updates Uitkomst reserves
PERTH (miningweekly.com) – South Africa-focused Coal of Africa Limited (CoAL) has reported resources and reserves of 26.9-million-tons at its recently acquired Uitkomst Colliery.
The company also said on Tuesday that it would apply to have the project’s new order mining right extended from October 2023 to align with the colliery’s remaining 17-year mine life.
CoAL acquired a 91% stake in the Uitkomst Colliery in a R275-million deal with South Africa’s Pan African Resources earlier this year, with the mine producing an average 45 000 t/m of run-of-mine coal from two underground sections.
CoAL CEO David Brown said that the addition of Uitkomst to the company’s portfolio was a critical requirement for CoAL at the current stage of its life cycle, as it provided the company with a cash generating asset that would assist in the funding of the business while the Makhado project was being developed.
“The high-grade metallurgical coal products sold by the Uitkomst Colliery facilitate access to these markets, providing further insight while the hard coking coal marketing strategy for the Makhado project is being finalised,” Brown added.
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