Chapudi Acquisition Transaction Closed (2004D)
May 11 2012 - 9:55AM
UK Regulatory
TIDMCZA
RNS Number : 2004D
Coal of Africa Limited
11 May 2012
ANNOUNCEMENT 11 May 2012
Chapudi acquisition transaction closed
Further to the announcement of 10 May 2012 regarding the
completion of the acquisition of the Chapudi Coal Assets, Coal of
Africa Limited ("CoAL" or "the Company"), is pleased to confirm
that the initial tranche of the purchase consideration of
US$29,357,545 in respect of the equity, was paid to Rio Tinto
Minerals Development Limited and Kwezi Mining (Proprietary)
Limited. Accordingly, the transaction has closed and Keynote
Trading & Investment 108 (Proprietary) Limited, a subsidiary of
the Company, has taken ownership of the equity.
For more information contact:
John Wallington Chief Executive Officer Coal of Africa +27 11
575 4363
Wayne Koonin Financial Director Coal of Africa +27 11 575
4363
Shannon Coates Company Secretary Coal of Africa +61 893 226
776
Sakhile Ndlovu Investor Relations Coal of Africa +27 11 575
6858
Chris Sim/Jeremy Ellis/Neil Elliot Nominated Adviser
Evolution Securities +44 20 7071 4300
Jos Simson/Emily Fenton Financial PR (United Kingdom) Tavistock
+44 207 920 3150
Reuben Govender JSE Sponsor J.P. Morgan Equities Limited +27 11
507 0430
Charmane Russell/Jane Kamau Financial PR (South Africa)
Russell & Associates +27 11 880 3924
+27 82 372 5816
www.coalofafrica.com
About CoAL:
CoAL is an AIM/ASX/JSE listed coal exploration, development and
mining company operating in South Africa. CoAL's key projects
include the Vele Colliery (coking and thermal coal), the Makhado
Project (coking coal) and the Mooiplaats and Woestalleen Collieries
(both thermal coal).
The Mooiplaats Colliery commenced production in 2008 and is
currently ramping up to produce 2 Mtpa. The Woestalleen Colliery,
acquired through the acquisition of NuCoal Mining (Pty) Limited in
January 2010, currently processes approximately 2.5Mtpa of saleable
coal for domestic and export markets. The Woestalleen Complex also
incorporates three beneficiation plants with a total processing
capacity of 350,000 run-of-mine (ROM) feed tonnes per month.
CoAL's Vele Colliery started commercial production in Q1 2012.
During the initial phase, the operation is targeting 2.7 Mtpa ROM
production to produce 1.0Mtpa of saleable coking coal. The Makhado
Project, CoAL's flagship project in the Soutpansberg coalfield, is
well into the feasibility stage, with a Definitive Feasibility
Study having been reviewed by the CoAL Board in March 2012. An
application for a New Order Mining Right for the Makhado Project
was submitted in January 2011.
In November 2010, CoAL agreed to acquire the Chapudi coal
project and several other coal exploration properties in the
Soutpansberg coal basin in South Africa from the previous owners,
including Rio Tinto. The acquisition of the Chapudi Coal Assets
strengthens Coal of Africa's position as one of the most
substantial holders of prospecting and mining rights for coking
coal in South Africa's Soutpansberg coalfield.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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