Wednesday, 17 Aug 2011
COAL of Africa Limited the coal development company operating in South Africa said that it expected its acquisition of the Chapudi coal project to be finalized by the end of April next year. The original fulfillment date was first set at August 1 and earlier this month extended to August 12.
CoAL is buying the Chapudi coal project and related exploration properties in South Africa's Limpopo province from joint venture companies held by Rio Tinto Minerals Development and Kwezi Mining for USD 75 million.
The company said in a statement to the JSE that irrevocable undertakings from the vendor shareholders have been obtained in terms of the sale and purchase agreement.
Entered into in November, the agreement has been extended to allow for the remaining regulatory approvals required.
Once concluded CoAL will add an estimated 1,040 million tonne JORC compliant resource of which 90 million tonnes is measured, 220 million tonnes indicated and 730 million tonnes inferred to its portfolio of assets.
Mr John Wallington CEO of CoAL said that “The acquisition of the Chapudi Coal Project and the related exploration properties bolsters our existing coking coal projects with the Chapudi Coal Project alone doubling our Makhado Project's 947 million tonnes resource, thereby cementing CoAL's position as the dominant landholder in one of South Africa's most prospective coal basins.”
(sourced Miningmx)
COAL of Africa Limited the coal development company operating in South Africa said that it expected its acquisition of the Chapudi coal project to be finalized by the end of April next year. The original fulfillment date was first set at August 1 and earlier this month extended to August 12.
CoAL is buying the Chapudi coal project and related exploration properties in South Africa's Limpopo province from joint venture companies held by Rio Tinto Minerals Development and Kwezi Mining for USD 75 million.
The company said in a statement to the JSE that irrevocable undertakings from the vendor shareholders have been obtained in terms of the sale and purchase agreement.
Entered into in November, the agreement has been extended to allow for the remaining regulatory approvals required.
Once concluded CoAL will add an estimated 1,040 million tonne JORC compliant resource of which 90 million tonnes is measured, 220 million tonnes indicated and 730 million tonnes inferred to its portfolio of assets.
Mr John Wallington CEO of CoAL said that “The acquisition of the Chapudi Coal Project and the related exploration properties bolsters our existing coking coal projects with the Chapudi Coal Project alone doubling our Makhado Project's 947 million tonnes resource, thereby cementing CoAL's position as the dominant landholder in one of South Africa's most prospective coal basins.”
(sourced Miningmx)
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