COAL of Africa Ltd (CoAL) raked in some much-needed cash during March thanks to obtaining the regulatory approvals required for completion of disposals of several noncore assets.The company banked R80m from the sale of the Woestalleen colliery in Mpumalanga after receiving the section 11 approval required from the Department of Mineral Resources.The department also approved the sale of the undeveloped Opgoedenhoop mining right, which resulted in CoAL receiving a deposit of R5m with the balance of R15.8m payable within 12 months.CoAL has yet to find a buyer for the Mooiplaats thermal coal mine, which was placed on care and maintenance in September last year, though CEO David Brown said in Wednesday’s statement that "negotiations with prospective purchasers are at an advanced stage. The company expects to complete a transaction during the second half of calendar year 2014."As a result of the cash inflows CoAL’s cash position improved to $8.88m at end-March from $4.16m at end-December,...
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