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WCC moves to JSE’s main board

Photo by Duane Daws

29th November 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – Two months after listing on the JSE’s alternative exchange, ASX-listed coal miner Waterberg Coal Company (WCC) was set to move to the main board next week.

WCC initially sought, and obtained on September 30, a listing on Alt-X, as WCC’s takeover of Firestone Energy was still pending. However, since its completion in October, the company met the requirements for a listing on the main board.

WCC would be transferred under the Coal Sector on December 4.

WCC planned to develop coal tenements in the Waterberg region of Limpopo, containing 40% of South Africa’s remaining coal resource, during the first quarter of 2015 through its interest in the Waterberg project.

About 60% of the Waterberg project was currently held by Firestone Energy, in which WCC owned almost 46%.

WCC recently, through its wholly owned subsidiary Ariona Company South Africa, acquired 25% of the issued share capital of black economic-empowerment company Sekoko Coal, which held a 40% stake in the Waterberg project, giving WCC a further 13.52% interest in the project.

Standard Bank South Africa was appointed as the JSE sponsor, effective December 4.

Edited by Creamer Media Reporter

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