Sentula CEO Robin Berry
Photo by: Duane Daws
JOHANNESBURG (miningweekly.com) – JSE-listed Sentula Mining has withdrawn its cautionary after discussions for alternative options for the disposal of its Witbank-based Benicon Coal asset were unsuccessful.
This followed the lapse in the sale agreement to Miranda Mineral Holdings after certain conditions were not met in time.
Sentula and Miranda had embarked on discussions for alternative options to facilitate Miranda’s participation in the opencast mining-focused Benicon Coal.
Sentula on Friday announced that it remained committed to shedding the asset but had now terminated the deal after the discussions failed to lead to any binding commitments.
JSE-listed Miranda, in conjunction with black women-owned Mochiba, in February announced that it planned to acquire 100% of the issued share capital of Benicon for a nominal R1 000.
Another R150-million was to be paid to Sentula in terms of loan facility agreements between Sentula and Nkomati Anthracite, which operated a mine in eastern Mpumalanga, in which Benicon Coal held 60%.