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Coal Of Africa Shares Fall As Makhado Water Use Licence Is Suspended

Fri, 08th Apr 2016 07:17

LONDON (Alliance News) - Coal of Africa Ltd on Friday said the Integrated Water Use Licence covering the Makhado project in South Africa has been suspended by authorities after an appeal was made against the decision to grant the London-listed company the licence.

Coal of Africa shares were down 10% to 1.75 pence per share on Friday morning.

Coal of Africa said it was anticipating the appeal, which has been made by the Vhembe Mineral Resources Forum and "other parties" to the country's Department of Water and Sanitation.

The appeal automatically triggered the suspension of the licence, and Coal of Africa is now preparing an "urgent presentation" to try to sway the Minster of Water and Sanitation to reinstate the licence whilst the Water Tribunal mulls its final conclusion over the appeal.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

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