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.