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.
Live News
-
Gabon Tries to Stabilize Libreville’s Power Grid After Repeated Outages
15:08
-
Senegalese Executive Pape Wade Builds AI-Driven HR Platform in Montreal
14:57
-
Namibia’s State Oil Company Names Interim CEO Amid Leadership Turnover
14:56
-
Uganda Introduces Islamic Insurance as Financial Sector Opens to Sharia Products
14:09
-
Nigeria’s Wheat Imports Head for Record 7.2 Million Tons on Rising Demand
13:19
-
Cameroon to Pitch Investment Opportunities at Commonwealth Trade Summit in April
12:15
-
Cameroon to Send Over 500 Firms to China’s Canton Fair to Source Industrial Machinery
12:04
-
Cameroonian startup Sparte Robotics unveils autonomous marine drone for port surveillance
11:45
-
Eric Bemba Expands E-Commerce and Delivery Services in DR Congo
10:48
-
UNICEF launches funding of up to $100,000 for blockchain startups
10:00
Senegal launches 200 billion CFA bond in UEMOA Proceeds to fund 2026 budget, transformation agend...
Amazon begins talks with Kenya on low-Earth orbit satellite broadband Kenya’s digital market ...
Algeria’s NESDA and the Algerian‑Saudi Investment Company sign cooperation deal focused on researc...
DRC seeks ITC support for local battery value chains Musompo SEZ targets $2 billion private ...
BOAD says sovereign bond purchases are liquidity management Member states accelerate borrow...
Gabon’s utility SEEG has launched technical upgrades to reduce power outages in Greater Libreville. The plan includes repairing a key underground...
NAMCOR has appointed Mtundeni Ndafyaalako as acting managing director starting March 1. He becomes the sixth leader to head the national oil...
Nigeria is expected to import about 7.2 million tons of wheat in the 2026/2027 marketing year. The increase reflects rising urban demand for...
Next Gen Infraco has launched commercial operations of Ghana’s shared 5G network. The government has ended the company’s exclusivity and will...
Rwanda’s capital immediately impresses visitors with its striking cleanliness and orderly layout, qualities that frequently set it apart from other cities...
More than 500 media leaders gathered in Nairobi on Feb. 25–26 for the fourth African Media Festival under the theme “Resilient Stories: Reinventing...