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
-
Angola Passes Startup Law to Spur Digital Economy Growth
10:24
-
Africa’s Food Security Hinges on Soil Health Restoration
10:22
-
Cameroon Reviews Progress on XAF350bn Rail Programme as Projects Near Implementation Phase
09:46
-
Cameroon Moves to Cut Food Imports with Cassava and Palm Oil Investment Deals
08:43
-
CEMAC Develops Data System to Measure Informal Cross-Border Trade
08:30
-
Douala Port Signs XAF40bn Rail Concession to Upgrade Logistics, Raise Revenues
08:19
-
U.S. ties to African rare earths deepen as Altona lists to fund Mozambique project
05:19
-
African cotton producers meet in Lomé to tackle productivity challenges
18:41
-
Cameroon Suspends Fuel Shipments From Importers Over Payment Disputes
18:18
-
Côte d’Ivoire Launches EMY 101 AI Chatbot for Public Services
15:54
Telecel Ghana to boost network investment by 150% in 2026 Expansion targets capacity, reliabi...
CCR-UEMOA presents mid-term review of private sector competitiveness efforts Reforms, AfCFTA trai...
Togo parliament adopts WAEMU law against currency counterfeiting Bill defines offences including ...
BOAD plans 750 billion CFA francs financing for Burkina Faso Funds to support key sectors and Rel...
Yassir moves into media distribution in France with the acquisition of Paris-based adtech firm Kaw...
Angola’s parliament unanimously approved a startup law to address legal gaps and support innovation. Authorities set a $3.5 million annual...
Over 80% of Africa’s agricultural land is degraded, limiting productivity gains. Improved crop yields reach only 28% in Africa versus 88% in Asia due...
Altona lists on US OTCQB to access American capital Move supports Mozambique Monte Muambe rare earths project development Listing aligns with US push...
DRC, South Africa to resume Inga 3 talks in April Plans include boosting power exports up to 5,000 MW $10bn+ project still in planning with World...
Event highlights growing role of diaspora entrepreneurs across multiple sectors Networks support trade, investment and SME...
Afreximbank launches Impact Stories season two highlighting trade-driven transformations Series features projects across Africa and Caribbean, from...