Wescoal secures funding for R79m MacPhail acquisition
JOHANNESBURG (miningweekly.com) – JSE-listed junior miner Wescoal and its subsidiary Blanford on Wednesday announced that it had secured R79-million in funding from Investec Bank, enabling it to acquire MacPhail Distributors’ coal trading business.
Wescoal stated that the acquisition would enable it to attain the critical mass required to negotiate and overcome challenges in the coal-trading environment.
MacPhail has extensive operations across South Africa with seven depots across three provinces and Wescoal expected the acquisition to impact positively on its profit margins.
“This transaction will also afford Wescoal significant synergies, such as cost savings and increased visibility and presence in the marketplace,” Wescoal CEO Andre Boje said.
The coal trading business would fall under Wescoal’s wholly owned subsidiary Chandler Coal, which had, along with Wescoal Mining secured an amount of R100-million from business finance provider Reichmans to fund the working capital requirements of the acquisition.
Wescoal shareholders had until November 18 to approve the R79-million deal, while the Competition Commission was expected to decide on the transaction by November 13.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation














