Miranda Minerals to sell coal division
JOHANNESBURG (miningweekly.com) – JSE-listed Miranda Minerals will sell its Miranda Coal subsidiary, together with any shareholder loans advanced to Miranda Coal on loan account, to Siafa Resources for R8-million.
The transaction will include all Miranda Coal’s subsidiaries, except for Sesikhona Klipbrand Colliery, which is subject to a separate sales agreement.
Miranda will simultaneously cede, assign and transfer a further claim on loan account against Miranda Coal of R33.11-million to Ronhold Investments.
The proceeds of the sale will be used for general working capital and to finalise the financial results of the group, which will enable it to apply for the lifting of the suspension of its shares on the JSE.
The reported net value of the coal segment’s assets was R48.47-million as at February 28, 2014 - the last reporting period before the company’s listing was suspended in September 2014.
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