Buffalo Coal settles R32.58m loan

16th January 2023

By: Donna Slater

Features Deputy Editor and Chief Photographer

     

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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.

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Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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