Terracom24 Feb 2020 17:45
(ASX: UNV), giving it exposure to thermal coal assets in South Africa.
In an announcement today, TerraCom said it has reached a binding agreement to purchase about 19.99% of the issued share capital of Universal from Coal Development Holding BV.
Consideration for the deal is a combination of cash and TerraCom shares totalling $34.6 million.
South African thermal coal
TerraCom’s substantial investment gives it exposure to Universal’s thermal coal assets across South Africa’s major coalfields including Kangala, New Clydesdale, North Block Complex, Ubuntu and the Eloff project.