Sentula terminates R686m Koornfontein sales agreement

JSE-listed Sentula Mining has advised its shareholders that the contemplated R686-million sale of its 49,9% interest in the Koornfontein coal mine, in Mpumalanga, would no longer take place. In a statement released on Friday, Sentula reported that notwithstanding the successful conclusion of the due diligence investigation carried out by the potential purchases, the company has [...]

Second Take: Coal is still king

The increasing need for coal mines in South Africa. Read more….

Debt paydown still top priority for Teck

Vancouver-based Teck Cominco may find itself sitting a lot more comfortably than was the case six months or so, but CEO Don Lindsay made it clear on Thursday that he won’t be happy until the company’s term loan is paid down and it once again merits investment-grade ratings. One year ago, Teck borrowed $9,8-billion to [...]

FLSmidth wins major Indian coal handling project

Top global supplier of minerals processing and materials handling equipment, FL smidth, has won another important coal handling contract in India Read more….

CoAL of Africa to buy NuCoal

South Africa-focused coal-miner Coal of Africa Limited (CoAL) plans to raise £59,6-million to fund a proposed R650-million acquisition of NuCoal Mining, to accelerate capital expenditure (capex) at its Vele and Makhado projects, and to pursue other smaller acquisitions, it announced on Thursday. The ASX-, Aim- and JSE-listed coal-miner would place up to 59,8-million new ordinary [...]

SNR aims to start large-scale coal sales by mid-2010

Strategic Natural Resources (SNR), which owned 74% of South Africa’s Elitheni Coal, had achieved its first revenues from coal sales and had made “significant progress” towards starting large-scale coal sales by the second half of 2010. SNR CEO Richard Latham on Thursday noted in a statement to shareholders that the Aim-listed company had continued to [...]

Firestone says SA coal prefeasibility study nearing completion

JSE- and ASX-listed coal explorer Firestone Energy on Tuesday reported that the prefeasibility study of its joint venture (JV) Waterberg coal project was approaching completion, and that draft reports were currently being reviewed. Firestone said in a statement that during the quarter ended September, the company’s focus had been on completing the preparations and compilations [...]

Riversdale, Tata approve $270m Mozambique coal mine

Australian coal-miner Riversdale Mining and joint-venture partner Tata Steel have approved the development of the first phase of the Benga coal project, in the Tete province of Mozambique. The partners have committed $270-million, excluding working capital, to undertake the stage one development of the project, which would produce an initial 1,7-million tons a year of [...]

India MMTC tender set to boost SA coal

The South African coal market is set to be boosted further by India’s state-owned trading firm MMTC’s tender for 12,5-million tons, Indian traders participating in the tender said. Indian demand for South African coal has been the most important factor supporting prices at over $60/t FOB Richards Bay throughout this year. Read more….

CoAL expects Vele mining right before year-end

ASX-, Aim- and JSE-listed Coal of Africa (CoAL) on Monday reported that it was expected to be awarded mining rights for several of its South African projects by the end of this year, and that its Vele project would start production in early 2010. The Vele coking coal project, in the Limpopo province, was expected [...]

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