Coal of Africa has paid an administrative fine of R9,25m to the Department of Environmental Affairs.
Thursday May12, 2011
Allan Seccombe
COAL of Africa (CoAL) has paid an administrative fine of R9,25m to the Department of Environmental Affairs as it works towards gaining the final approval it needs to complete building its Vele coal mine .
The payment of the fine "is a precondition to enable the (department) to consider and decide upon the rectification application relating to an environmental authorisation for Vele Colliery," CEO John Wallington said yesterday.
CoAL has spent about R600m on Vele, a coking coal mine near the Mapungubwe World Heritage Site, but the work was halted just months before commissioning. It received a compliance notice from the department in August.
CoAL, a coal producer which trades on the JSE , ASX and AIM , has run into strong headwinds from environmentalists opposed to its Vele mine. They argue it will destroy the natural beauty near Mapungubwe.
In March, CoAL secured a debt facility of up to $50m with Deutsche Bank, allowing it to repay a $20m loan due to JPMorgan and have funds to complete Vele if and when it secures the approvals it needs. (sourced Business Day)
Thursday May12, 2011
Allan Seccombe
COAL of Africa (CoAL) has paid an administrative fine of R9,25m to the Department of Environmental Affairs as it works towards gaining the final approval it needs to complete building its Vele coal mine .
The payment of the fine "is a precondition to enable the (department) to consider and decide upon the rectification application relating to an environmental authorisation for Vele Colliery," CEO John Wallington said yesterday.
CoAL has spent about R600m on Vele, a coking coal mine near the Mapungubwe World Heritage Site, but the work was halted just months before commissioning. It received a compliance notice from the department in August.
CoAL, a coal producer which trades on the JSE , ASX and AIM , has run into strong headwinds from environmentalists opposed to its Vele mine. They argue it will destroy the natural beauty near Mapungubwe.
In March, CoAL secured a debt facility of up to $50m with Deutsche Bank, allowing it to repay a $20m loan due to JPMorgan and have funds to complete Vele if and when it secures the approvals it needs. (sourced Business Day)
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