JOHANNESBURG (miningweekly.com) – The sale and purchase agreement (SPA) for triple-listed Coal of Africa Limited’s (CoAL’s) sale of the Mooiplaats colliery to Blackspear Capital has lapsed.
CoAL announced in September 2014 that it would sell the colliery, which had been placed on care and maintenance in October 2013, to Blackspear for R250-million.
In May, the parties extended the finalisation date for the SPA to June 30 to allow Blackspear to provide proof of funding for the acquisition.
The finalisation date was not met and CoAL would not further extend the SPA.
Nevertheless, it continued discussions with various parties, including Blackspear, regarding the sale of Mooiplaats.