Published On: Fri, Sep 30th, 2016

No revenues but CoAL upbeat of turnaround

Coal mining

Coal mining

JOHANNESBURG, (CAJ News) – COAL of Africa generated no revenue for the full year ended June 30 owing to care and maintenance during the period but officials believe they are on course to transform the company into a project development company.

Chief Executive Officer, David Brown, said most legacy issues had now been resolved and progress had been made on a number of regulatory matters at both Makhado and Vele.

“We have started the process to acquire a cash generating asset in order to provide the company with a sustainable future. Despite not consummating the Universal Coal transaction we are actively pursuing other acquisition opportunities,” Brown said on Friday.

CoAL the multiple listed company, is coal exploration, development and mining company operating in South Africa.

CoAL’s key projects include the Vele Colliery (coking and thermal coal), the Greater Soutpansberg Project /MbeuYashu, including CoAL’s Makhado Project (coking and thermal coal).

CAJ News

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