Record cash flows from Keaton’s Vanggatfontein in December quarter
Keaton Energy, a takeover target, says it has generated record cash flows in the December quarter from its Vanggatfontein colliery, which supplies Eskom and at which it has started processing third-party coal. Keaton, which said in November last year it had received nonbinding expressions of interest from various parties to buy the company, has put its Vaalkrantz colliery in KwaZulu-Natal into care and maintenance as it awaits ministerial approval for its sale, a process Keaton CEO Mandi Glad said was taking too long. An application for ministerial approval for the transfer of mineral rights to the new owner was made in May 2016, she said. "It is disappointing to note that this has still not been granted notwithstanding the new owner’s commitment and ability to re-open the colliery and generate much-needed employment opportunities in an already deprived area." The Vanggatfontein mine in Mpumalanga sold 531,386 tonnes of coal to Eskom in the three months to end-December, compared to ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.