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
-
Nigerian Cocoa Processor Johnvents Seeks $68.3M to Scale Operations
21:31
-
Port of Lomé Rises in Global Rankings on Strong Transshipment Growth
21:26
-
South Africa’s Transnet Commissions 4 New Cranes at Durban Container Terminal
21:16
-
Senegal Selects French Group NGE for Two Environmental and Heritage Projects
21:10
-
IMF, World Bank, Hail Cameroon’s Energy Push as Springboard for Central Africa’s Industrial Take-Off
15:21
-
Cameroon’s housing developer signs deal with Portuguese consortium to build 110 homes in Garoua
14:59
-
CNPS Special School Grants Drive Injects Billions into the Economy
12:19
-
Cameroon’s Climate Observatory Warns Rising Heat, Shifting Rains Threaten Crop, Energy Outlook
12:12
-
AI Coalition Launches to Develop Inclusive African Language Models
08:11
-
Gabon’s 2026 Digital Budget Soars by 156% to Fund Tech Overhaul
08:03
BYD to install 200-300 EV chargers in South Africa by 2026 Fast-charging stations powered by grid...
Drones to aid soil health, pest control, and input efficiency High costs, skills gap challenge ac...
Diaspora sent $990M to CEMAC via mobile money in 2023 Europe led transfers; Cameroon dominat...
TotalEnergies, Perenco, and Assala Energy account for over 80% of Gabon’s oil production, estimate...
IMF cuts WAEMU 2025 growth forecast to 5.9% Strong demand, services, and construction support...
Johnvents launches ₦100B commercial paper to boost cocoa output Funds to support working capital, exports amid harvest downturn Nigeria's cocoa yield...
Port of Lomé ranks 92nd globally with 2.06M TEUs in 2024 Deep-water access, transshipment growth drive competitive edge €127M expansion to boost...
$56M upgrade aims to ease congestion, boost port efficiency Part of R4B plan to modernize South Africa’s main terminals South Africa's state-owned...
NGE wins two contracts for sanitation, coastal protection in Senegal Projects target Dakar’s Hann Bay and Gorée Island erosion Reflects NGE’s shift...
Asmara, the capital of Eritrea, is often described as Africa’s modern city for its remarkable architectural heritage and forward-thinking urban design....
The Great Zimbabwe National Monument stands as one of southern Africa’s most iconic archaeological sites, a silent witness to a thriving African...