We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

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.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now

Would you like to comment on this article?
Register (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.

Commenting is subject to our house rules.