South Africa: Universal Coal secures 51% additional interest in Eloff project
Monday, 27 November 2017 18:17
Universal Coal has announced Monday that it has acquired Manyeka Coal Mines, the firm that holds a 51% stake in the Eloff coal project, in South Africa. These new interests added to the 29% obtained last July, enable the ASX-listed firm to now hold 80% of the mine which is adjacent to its Kangala project.
The new transaction is valued at about R90 million (AU$8.46 million). It will be funded through internally generated cash flows from the New Clydesdale Colliery, in which Universal Coal owns a 100% interest.
“The increase in shareholding in the Eloff project is a significant transition in production sustainability for the Kangala colliery and the Universal group. The company now has two long-life profitable operations with minimal future capital expansion requirements,” said CEO Tony Weber.
Universal Coal plans to generate for the 2017 year, AU$11.9 million of cashflow (+30%).
Louis-Nino Kansoun
Live News
-
AGRA’s Esther Ibrahim: A Strong, Functional Seed Sector Is Critical for Nigeria
19:23
-
Cameroon risks CFA165bn in tax losses from illegal gold exports
16:29
-
Togo Advances Creation Of National Land Agency
16:25
-
Togo Nears Access To China’s Soybean Market
16:21
-
Cameroon nears deal for long-delayed Ngaoundéré solar power plant
16:18
-
Guinea suspends port demurrage fees for holidays, cost pressures persist
16:10
-
Cocoa price slump puts Côte d’Ivoire sector under strain
16:08
-
Blockchain developers emerge as key talent in Africa’s expanding Web3 economy
15:58
-
Lomé International Fair 2025 Sees Record Turnout, Stronger B2B Activity
13:35
-
Togo: World Bank Approve $150M to Support Private Investment, Job Creation
13:32
Omer-Decugis & Cie acquired 100% of Côte d’Ivoire–based Vergers du Bandama. Vergers du Band...
GSMA outlines reforms needed to meet targets of the New Technological Deal 2034 High mobile taxes...
M-Pesa accuses Ethio Telecom of blocking access to new Lehulum app App aims to offer unive...
This week’s health update shows Africa edging closer to the end of the mpox public health emergency,...
Investment bank BCID-AES established in Bamako Bank aims to fund infrastructure, agricultur...
In Nigeria, as in much of Africa, weaknesses in the seed sector remain a major constraint on the productivity of staple crops such as rice and maize. As...
Guinea suspended demurrage fees at the Port of Conakry from December 15 to January 31. The move aims to limit the impact of port costs on consumer...
Global cocoa prices have fallen to just over $6,000 a ton, about half last year’s level. Exporters are struggling to honor contracts, leading to...
Web3 adoption is accelerating demand for blockchain developers across Africa. The role combines programming, cryptography, and decentralized systems...
(FEZ–MEKNES REGION) - As AFCON 2025 approaches: the Fez-Meknes region is emerging as one of Morocco’s most strategic tourism hubs, offering strong...
In line with a broad movement acknowledging colonial-era spoliations and seeking to rebalance cultural relations between Africa and Europe, countries such...