South Africa: Universal Coal secures 51% additional interest in Eloff project
Monday, 27 November 2017 18:17
Universal Coal has announced Monday that it has acquired Manyeka Coal Mines, the firm that holds a 51% stake in the Eloff coal project, in South Africa. These new interests added to the 29% obtained last July, enable the ASX-listed firm to now hold 80% of the mine which is adjacent to its Kangala project.
The new transaction is valued at about R90 million (AU$8.46 million). It will be funded through internally generated cash flows from the New Clydesdale Colliery, in which Universal Coal owns a 100% interest.
“The increase in shareholding in the Eloff project is a significant transition in production sustainability for the Kangala colliery and the Universal group. The company now has two long-life profitable operations with minimal future capital expansion requirements,” said CEO Tony Weber.
Universal Coal plans to generate for the 2017 year, AU$11.9 million of cashflow (+30%).
Louis-Nino Kansoun
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