JSE- and TSX-V-listed South African coal producer Buffalo Coal Corporation settled its outstanding loan facility of R32.58-million with Investec Bank as of January 12, including interest along with a reduced royalty amount agreed to with Investec of R2.5-million.
As such, Investec has started the process to cancel the securities that covered this loan facility.
Buffalo Coal holds a majority interest in two operating mines through its 100% interest in Buffalo Coal Dundee, which has a 70% interest in Zinoju Coal. Zinoju holds a 100% interest in the Magdalena bituminous mine, the Aviemore East anthracite mine and the Balgray and North Adit anthracite projects in South Africa.