JOHANNESBURG (miningweekly.com) – The shareholders of triple-listed Coal of Africa Limited (CoAL) on Thursday gave the green light for the coal junior’s buyout of Pan African Resources Coal Holdings, which owns the Uitkomst colliery, from JSE-listed Pan African Resources.
Following a general meeting on Thursday, all resolutions required to implement the R275-million bid for the 50 000 t/m Uitkomst colliery, in KwaZulu-Natal, had been passed unanimously.
The acquisition is considered complementary to CoAL’s developing Makhado project.
The Competition Commission earlier this month approved the proposed transaction.
The transaction remains subject to the condition precedent that Uitkomst colliery enter into a supply of coal agreement on terms acceptable to CoAL.