Wescoal secures water-use licence for Elandspruit mine
JOHANNESBURG (miningweekly.com) – Coal junior Wescoal has secured a water-use licence for its Elandspruit mine, near Middelburg, in Mpumalanga.
The approval of the licence enabled the company to start work on the 40.17-million-ton project.
Wescoal last year said it would need to invest R170-million in the project, R60-million of which would be funded through internal cash flows and the balance through an Investec facility. In the interim, the company had secured R200-million in funding from Investec Bank.
The financing facility included a R180-million five-year term loan and a R20-million five-year working capital facility.
The company also operated the Khanyisa and Intibane collieries, near Ogies, in Mpumalanga.
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