COAL of Africa (CoAL) has entered into an agreement in which some community empowerment representatives will buy a 26% stake of its Makhado hard coking and thermal coal project.If concluded successfully, the transaction will help the project, near Musina in Limpopo, comply with empowerment legislation, said CoAL on Friday.It would satisfy "one of the last remaining requirements for the granting of a new order mining right".The participants in the black economic empowerment (BEE) deal include seven local communities represented through the Makhado Colliery Community Development Trust. They will buy 20% of the project.Yoright Investments, led by Mike Nkuna, has acquired 6% of the proposed open-cast mine. The purchase price will be decided after a due diligence study is completed.CoAL CE David Brown said the transaction was a "critical step" to obtaining the mining right. The company hoped the deal would smooth relations with local communities and farmers, who last year obtained a cour...
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