Coal of Africa shares surge on good news for Makhado project
Coal of Africa’s share price jumped 20% to 60c on Wednesday morning after the company announced that an environmental group’s appeal against its Makhado project had been dismissed. An appeal lodged by the Vhembe Mineral Resources Stakeholders’ Forum in August was dismissed by Environmental Affairs Minister Edna Molewa. The forum appealed against Makhado’s environmental authorisation after Coal of Africa requested in July that the colliery’s ownership be changed from the JSE-listed holding company to subsidiary Baobab Mining and Exploration. The amendment also extends the mine’s environmental authorisation for an additional five years, Coal of Africa said in the statement. "We welcome this decision by the minister, [which] confirms the support of the provincial and national government for the Makhado project and its potential to drive meaningful socioeconomic transformation. "It is a further step in progressing the Makhado project towards construction," Coal of Africa CEO David Brown...
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