Continental Coal receives final settlement, concludes Mashala deal
JOHANNESBURG (miningweekly.com) – ASX- and Aim-listed Continental Coal on Friday said the $10-million sale of its shareholding in the Vanadium and Magnetite Exploration and Development Company (VanMag) to a Chinese buyer had been completed.
The South Africa-focused thermal coal production, development and exploration company used the proceeds to buy the minority interests in Mashala Resources that it did not already own, CEO Don Turvey said.
Continental Coal would, within a few days, own 100% of the Ferreira and Penumbra export thermal coal mines, as well as the De Wittekrans coal project – the group’s potential fourth coal mine.
The group was currently in advanced negotiations for a potential long-term offtake agreement, strategic partnership and standalone funding agreement for the De Wittekrans coal project’s development.
“We have, over the past three years, invested heavily in establishing a South African thermal coal production, development and export business, that includes the Vlakvarkfontein and Ferreira coal mines, and now, following the commencement of mining activities at the Penumbra coal mine, we anticipate increased returns for our shareholders in the coming years,” Turvey said.
Continental Coal was also finalising its advanced negotiations with undisclosed parties for the potential acquisition of a stake in its South African coal mining business and a possible buy-in or joint venture for the development of as-yet unnamed projects.
“While these negotiations are advanced, they remain confidential and incomplete and there is no guarantee that a transaction will be completed to the satisfaction of the company,” he pointed out.
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