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Coal of Africa (CoAL) said on Monday it had secured a buyer for its Mooiplaats Colliery that was first put up for sale in 2013.
The colliery will be sold to a consortium of investors known as Mooiplaats Coal Holdings for R179.9m.
The proceeds of the proposed transaction would be used to support the company’s flagship Makhado project.
"The sale of the Mooiplaats colliery is the final step in the company’s balance sheet restructuring strategy, setting the course for CoAL to become a self-sufficient mid-tier coal mining company," CEO David Brown said in a statement.
Mooiplaats colliery is a thermal coal colliery situated in the Ermelo coal fields in Mpumalanga, adjacent to the re-commissioned Camden power station operated by power utility, Eskom.
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