Optimum Coal buys prospecting rights near Koornfontein

South Africa’s fourth-largest coal producer, Optimum Coal, has completed the acquisition of the TNC prospecting rights from Umcebo Mining. The R422-million acquisition, which was settled out of existing cash resources, has unlocked the...

Optimum Coal profit slumps as strikes hit output, costs

South Africa’s fourth-largest coal exporter, Optimum Coal is expecting a better second half, after it posted “somewhat disappointing” financial results for the six months to the end of December, CEO Mike Teke said on Thursday. Half-year...

Optimum Coal production performance ‘disappoints’

JSE-listed Optimum Coal’s run-of-mine (ROM) production dropped to 7.441-million tons in the first half of the 2012 financial year, from 8.789-million tons a year earlier. The company on Friday reported a production drop of more than 20% for...

Sentula wins another civil case against former MD

Sentula Mining has obtained another R171-million and interest of R124-million from former MD Casper Scharrighuisen in a second civil judgement, the JSE-listed coal company said on Tuesday. This follows its first civil action against...

Optimum settles coal contract dispute with Eskom

Black-owned JSE-listed Optimum Coal has resolved its dispute with State-owned power utility Eskom. The company has subsequently withdrawn the arbitration and the cancellation of the Hendrina power station coal supply agreement, in terms of which...

Sentula meeting approves Koornfontein deal

The shareholders of Sentula Mining have approved the disposal of the Koornfontein mine to newly listed Optimum Coal at a meeting this week, the new owner said on Wednesday. "We are delighted to have now completed all transactions resulting in...

BEE coal company makes strides in growth strategy

Black-owned and controlled South African coal-mining group Optimum Coal has entered into a ten-year marketing agreement with the independent commodity traders Mercuria Energy Group to enhance Optimum’s export marketing.

Daily podcast – March 2, 2010

Alliance Resources reports that first production from the Four Mile uranium project, in South Australia, is still possible in 2010; and Sentula receives approval for the sale of the company's stake in the Koornfontein mine to Optimum Coal.

Sentula gives update on Koornfontein sale

JSE-listed Sentula said on Monday that it had received approval for the sale of the company's stake in the Koornfontien mine to Optimum Coal from its consortium of financiers. In addition, the company's shareholders, holding more than 50% of the...

Sentula unveils plan to sell Koornfontein for R686m

JSE-listed Sentula Mining’s share price rose sharply in early morning trade on Monday, after the company announced plans to sell its 49,9% stake in the Koornfontein coal mine, in Mpumalanga province, for R686-million in cash, as part of a...

Koornfontein mine new development project, South Africa

The project involves the development of the four seam at the Koornfontein mine.

Sentula, partner to develop R820m coal project at Koornfontein

JSE-listed coal producer Sentula Mining and its joint-venture (JV) partner Siyanda Resources would spend R820-million on a new development at the Koornfontein mine, CEO Robin Berry said on Wednesday. The company would seek raise between...