S. Africa: TerraCom gets 19.9% stake in Universal Coal for $35mln
Thursday, 31 October 2019 11:58
ASX-listed TerraCom has acquired a 19.9% stake in the share capital of Universal Coal, a South African coal company, from Coal Development Holding. TerraCom is spending a total of A$34.6 million in cash and shares for this transaction.
The acquisition provides the company with indirect interests in major coal assets in South Africa. Assets include the Kangala, New Clydesdale, North Block Complex, Eloff and Ubuntu mines.
“Universal’s asset portfolio provides the company with greater geographic diversification and an expanded production footprint,” said TerraCom chairman Wal King.
Universal Coal plans to produce 6.6 million tons of marketable coal this year for all its operations. The company is targeting an EBITDA of A$93 million for 2019.
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