Last checked at 5 Feb 2014 07:00
ANNOUNCEMENT 5 February 2014
COAL OF AFRICA GRANTED NUCOAL (WOESTALLEEN) SECTION 11 APPROVAL
Coal of Africa Limited (the "Company" or "CoAL") is pleased to announce the granting of a Section 11 approval by the Department of Mineral Resources ("DMR") for the disposal by CoAL of all shares and intercompany loan accounts in NuCoal Mining Proprietary Limited (the "Woestalleen Complex"). The approval was granted effective 31 January 2014 and the sale consideration of R80 million (US$ 7.2million) is now payable to CoAL.
CoAL would like to express our gratitude to the DMR for its assistance in expediting the approval.
David Brown, Chief Executive Officer stated: "The successful completion of this disposal is another significant step forward in our execution of the five-point turnaround strategy as earlier communicated by the Company."
Authorised by
David Brown
CEO
5 February 2014
For more information contact:
David Brown | Chief Executive Officer | Coal of Africa | +27 10 003 8000 |
Michael Meeser | Chief Financial Officer | Coal of Africa | +27 10 003 8000 |
Celeste Harris | Investor Relations | Coal of Africa | +27 10 003 8038 |
Tony Bevan | Company Secretary | Endeavour Corporate Services | +61 8 9316 9100 |
Company advisors:
Jos Simson/Emily Fenton | Financial PR (United Kingdom) | Tavistock | +44 20 7920 3150 |
Chris Sim/Jeremy Ellis | Nominated Adviser | Investec Bank plc | +44 20 7597 5970 |
Charmane Russell/Jane Kamau | Financial PR (South Africa) | Russell & Associates | +27 11 880 3924 or +27 82 372 5816 |
Investec Bank Limited is the nominated JSE Sponsor
About CoAL:
CoAL is an AIM/ASX/JSE listed coal exploration, development and mining company operating in South Africa. CoAL's key projects include the Vele Colliery (coking and thermal coal), the Greater Soutpansberg Project /MbeuYashu, including CoAL's Makhado Project (coking and thermal coal).