LONDON (Alliance News) - Coal of Africa Ltd on Monday said it has made progress with the Makhado project in the past quarter and said it recorded no lost-time injuries in the three months to the end of June.
Coal of Africa said it was granted a new order mining right by the South African government for the Makhado hard coking and thermal coal project in Limpopo Province. It is working with the Department of Water Affairs to progress its application for the Makhado project and expects this to be granted in the current quarter.
"The granting of a mining right for CoAL's flagship Makhado Project is an important milestone, given that the project has the potential to stimulate domestic industrialisation once it reaches full capacity. The company can now move towards developing the colliery which has the capability to produce hard coking and thermal coal, thereby capitalising on its proximity to underutilised rail infrastructure," said David Brown, Coal of Africa's chief executive.
Shares in the company were down 17% to 3.51 pence on Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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