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CoAL gets DMR nod for NuCoal disposal

5th February 2014

By: Natalie Greve

Creamer Media Contributing Editor Online

  

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JOHANNESBURG (miningweekly.com) – Triple-listed Coal of Africa Limited (CoAL) has been granted Section 11 approval by the Department of Mineral Resources for the disposal of all shares and intercompany loan accounts in NuCoal Mining.

The approval was granted effective January 31 and the sale consideration of R80-million was now payable to CoAL.

“The successful completion of this disposal is another significant step forward in our execution of the five-point turnaround strategy as earlier communicated by the company,” commented CEO David Brown, who did not disclose the buyer.

The company continued to advance its turnaround strategy, which involved the disposal of noncore thermal assets the Woestalleen colliery, the Mpumalanga-based Opgoedenhoop mining right, coal explorer Lemur Resources, the Holfontein project, in the Witbank coalfield, and the Mooiplaats colliery, in Mpumalanga, to focus on its newer, more profitable operations.

NuCoal’s primary asset was the Woestalleen colliery, in Mpumalanga.

Edited by Tracy Klückow
Creamer Media Contributing Editor

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