CoAL moves closer to restarting Vele
Coal of Africa (CoAL) took a step closer towards restarting its Vele colliery, winning environmental approval for the diversion of a stream.
The approval from the Department of Mineral Resources under the National Environmental Management Act gave CoAL, which is traded on the Johannesburg, Sydney and London bourses, the nod to divert a stream and conduct various infrastructure activities.
However, the company has yet to win an integrated water-use licence from the Department of Water and Sanitation, which is the final regulatory approval it needs for the diversion.
"A new benchmark for co-existence between mining, agriculture and heritage land uses is being set at Vele with the on-going implementation of the biodiversity offset agreement between the Department of Environmental Affairs, the South African National Parks and CoAL," said CE David Brown.
CoAL fell nearly 2% on Monday to 54c after a gain around midday to 57c. Trading was thin, with just eight deals entailing 46,069 shares swapping hands.