LONDON (Alliance News) - Coal of Africa Ltd shares were given a boost on Tuesday morning after the company said South African authorities have granted an amendment to the environmental authorisation for the Vele Colliery, bringing the project closer to fruition.
The company said the South African Department of Environmental Affairs has recently granted an Amendment of the Environmental Authorisation in terms of the National Environmental Management Act and the Environmental Impact Assessment Regulations for the Vele project.
The amendment is the first of several needed in relation to the planned modifications to the Vele plant and marks a further step towards the site achieving the full regulatory compliance needed for construction to begin.
"The decision by the DEA is welcomed. We will await the receipt of all regulatory approvals before the commencement of the plant modification," said Coal of Africa Chief Executive Officer David Brown.
Coal of Africa is also seeking to renew its integrated water use licence and amendment and expects this to be approved in the second quarter.
Shares in the company were up 4.8% to 1.808 pence on Tuesday morning, one of the best performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
