| Fri 11 May 2012, 16:49 | | CZA - Coal of Africa Limited - Chapudi acquisition transaction closed |
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CZA
CZA
CZA - Coal of Africa Limited - Chapudi acquisition transaction closed
Coal of Africa Limited
(Incorporated and registered in Australia)
(Registration number ABN 008 905 388)
ISIN AU000000CZA6
JSE/ASX/AIM share code: CZA
("CoAL or the "Company" or the "Group")
Chapudi acquisition transaction closed
Further to the announcement of 10 May 2012 regarding the completion of the
acquisition of the Chapudi Coal Assets, Coal of Africa Limited ("CoAL" or "the
Company"), is pleased to confirm that the initial tranche of the purchase
consideration of US$29,357,545 in respect of the equity, was paid to Rio Tinto
Minerals Development Limited and Kwezi Mining (Proprietary) Limited.
Accordingly, the transaction has closed and Keynote Trading & Investment 108
(Proprietary) Limited, a subsidiary of the Company, has taken ownership of the
equity.
11 May 2012
Johannesburg
JSE Sponsor
J.P. Morgan Equities Limited
For more information contact:
John Wallington
Chief Executive Officer
Coal of Africa
+27 11 575 4363
Wayne Koonin
Financial Director
Coal of Africa
+27 11 575 4363
Shannon Coates
Company Secretary
Coal of Africa
+61 893 226 776
Sakhile Ndlovu
Investor Relations
Coal of Africa
+27 11 575 6858
Chris Sim/ Jeremy Ellis/Neil Elliot
Nominated Adviser
Evolution Securities
+44 20 7071 4300
Jos Simson/Emily Fenton
Financial PR (United Kingdom)
Tavistock
+44 207 920 3150
Ruben Govender
JSE Sponsor
J.P. Morgan Equities Limited
+27 11 507 0430
Charmane Russell/Jane Kamau
Financial PR (South Africa)
Russell & Associates
+27 11 880 3924
+27 82 372 5816
www.coalofafrica.com
About CoAL:
CoAL is an AIM/ASX/JSE listed coal exploration, development and mining company
operating in South Africa. CoAL`s key projects include the Vele Colliery (coking
and thermal coal), the Makhado Project (coking coal) and the Mooiplaats and
Woestalleen Collieries (both thermal coal).
The Mooiplaats Colliery commenced production in 2008 and is currently ramping up
to produce 2 Mtpa. The Woestalleen Colliery, acquired through the acquisition of
NuCoal Mining (Pty) Limited in January 2010, currently processes approximately
2.5Mtpa of saleable coal for domestic and export markets. The Woestalleen
Complex also incorporates three beneficiation plants with a total processing
capacity of 350,000 run-of-mine (ROM) feed tonnes per month.
CoAL`s Vele Colliery started commercial production in Q1 2012. During the
initial phase, the operation is targeting 2.7 Mtpa ROM production to produce
1.0Mtpa of saleable coking coal. The Makhado Project, CoAL`s flagship project in
the Soutpansberg coalfield, is well into the feasibility stage, with a
Definitive Feasibility Study having been reviewed by the CoAL Board in March
2012. An application for a New Order Mining Right for the Makhado Project was
submitted in January 2011.
In November 2010, CoAL agreed to acquire the Chapudi coal project and several
other coal exploration properties in the Soutpansberg coal basin in South Africa
from the previous owners, including Rio Tinto. The acquisition of the Chapudi
Coal Assets strengthens Coal of Africa`s position as one of the most substantial
holders of prospecting and mining rights for coking coal in South Africa`s
Soutpansberg coalfield.
Date: 11/05/2012 16:49:36 Produced by the JSE SENS Department.
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