LONDON (Alliance News) - Coal of Africa Ltd Monday said the South African Department of Mineral Resources has granted a New Order Mining Right for the Makhado hard coking and thermal coal project in Limpopo Province.
Coal of Africa said that following the granting of the new mining right, it has opened talks with potential customers in securing off take agreements for the coal products produced at the site.
"The granting of the mining right is a significant milestone for Coal of Africa as it allows the company to proceed towards developing Makhado, its flagship project. It is an important vote of confidence in the economic potential of the project, not only for the region, but also for the Limpopo province," said Chief Executive David Brown.
Coal of Africa shares were up 23% to 5.75 pence on Monday morning, one of the best performers in the AIM All-Share index.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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