https://www.engineeringnews.co.za

CoAL secures R210m loan

30th October 2013

By: Creamer Media Reporter

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Coal junior Coal of Africa Limited (CoAL) has finalised an 18-month, R210-million working capital facility from Investec Bank to fund the ongoing operating costs of the company while it awaits the sale of certain noncore assets.

These include the Woestalleen, Mooiplaats, Opgoedenhoop and Holfontein operations.

The loan will be made available in two equal tranches linked to the progress made in the disposal of the Woestalleen and Mooiplaats collieries. The first tranche of R105-million is immediately available.

CoAL expected that the proceeds from the sale of the noncore assets would be sufficient to settle the loan.

Meanwhile, the coal junior will also issue 20-million options, exercisable at R1.32 apiece before October 2018, to Investec.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Rio-Carb
Rio-Carb

Rio Carb is an OEM (Original Equipment Manufacturer) of R-C700 Chromium Carbide (CrC) alloy clad wear plates and pipes used for heavy materials...

VISIT SHOWROOM 
Industrial Nozzles & Systems (Pty) Ltd
Industrial Nozzles & Systems (Pty) Ltd

Industrial Nozzles & Systems (Pty) Ltd (Est. 2000) exclusive representative in Southern Africa for LECHLER GmbH (Est. 1879) - Europe's leading...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.048 0.808s - 140pq - 2rq
Subscribe Now