Continental Coal receives final settlement, concludes Mashala deal
JOHANNESBURG (miningweekly.com) – ASX- and Aim-listed Continental Coal on Friday said the $10-million sale of its shareholding in the Vanadium and Magnetite Exploration and Development Company (VanMag) to a Chinese buyer had been completed.
The South Africa-focused thermal coal production, development and exploration company used the proceeds to buy the minority interests in Mashala Resources that it did not already own, CEO Don Turvey said.
Continental Coal would, within a few days, own 100% of the Ferreira and Penumbra export thermal coal mines, as well as the De Wittekrans coal project – the group’s potential fourth coal mine.
The group was currently in advanced negotiations for a potential long-term offtake agreement, strategic partnership and standalone funding agreement for the De Wittekrans coal project’s development.
“We have, over the past three years, invested heavily in establishing a South African thermal coal production, development and export business, that includes the Vlakvarkfontein and Ferreira coal mines, and now, following the commencement of mining activities at the Penumbra coal mine, we anticipate increased returns for our shareholders in the coming years,” Turvey said.
Continental Coal was also finalising its advanced negotiations with undisclosed parties for the potential acquisition of a stake in its South African coal mining business and a possible buy-in or joint venture for the development of as-yet unnamed projects.
“While these negotiations are advanced, they remain confidential and incomplete and there is no guarantee that a transaction will be completed to the satisfaction of the company,” he pointed out.
Comments
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation