JOHANNESBURG (miningweekly.com) – Embattled South Africa-focused coal miner Buffalo Coal on Monday said it had completed a shares-for-debt arrangement with one of its creditors STA Coal Mining Company.
Buffalo issued 4.28-million common shares to STA, at a deemed issuance price of $0.05 apiece, in settlement of about $214 345 in contract mining fees payable to STA for work done in the quarter ended December 31.
Buffalo holds a majority interest in two operating mines through its 100% interest in Buffalo Coal Dundee, a South African company which has a 70% interest in Zinoju.
Zinoju holds a 100% interest in the Magdalena bituminous mine and the Aviemore anthracite mine in South Africa.