Coal of Africa Ltd (CoAL) narrowed its interim loss but, without any operating assets, has struck a number of deals to secure cash as its key projects remain trapped behind regulatory and legal obstacles. CoAL reported a $12.97m loss for the six months to end-December compared with a $14.3m loss the year before, with one of the reasons behind the loss being a $10.6m impairment of its agreement to move coal through the Maputo harbour. CoAL spent more than $12m during the period, with its cash holdings falling to $7m from $19.5m at the end of June last year. CoAL showed current assets of $23.9m, including $15.6m arising from assets held for sale, with the company putting its suspended thermal coal mine near Secunda up for sale. The company’s total current liabilities stood at $26.7m Excluding the assets held for sale, CoAL had a net current liability of $15.9m at the end of December, with fthe majority of that amount, $10.3m due to be paid to Rio Tinto in monthly tranches. CoAL’s dire...
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