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
Live News
-
Nigeria Writes Off $5.27B in State Oil Company’s Debt
21:30
-
Djibouti, Egypt Sign Agreements to Secure Power Supply for Ports
20:10
-
Algeria Breaks Ground on $207M Tire Plant, Steps Up Local Production
19:11
-
Nigeria’s Tax Overhaul Set to Take Effect Amid Fury Over ‘Illegal’ Changes
19:07
-
Gédéon Dossou Tackles Prescription Management Gaps With Pharmatrack
18:32
-
Joshua Raphael Automates High-Traffic Parking Management With Parket
17:39
-
Sodecoton Awards Bercotech Contract for 110 kVa Solar Plant at Touboro
12:24
-
Aissata Diallo Bah Widens Access to Financial and Legal Data on African Companies
12:11
-
Mauritania Rolls Out AI System to Detect Traffic Violations Nationwide
12:04
-
After Lomé Launch, Togo Expands Cash Transfers Nationwide
11:53
The BCID-AES launches with 500B CFA to fund Sahel infrastructure, asserting sovereignty from the B...
Kenya’s CMA licensed Safaricom and Airtel Money as Intermediary Service Platform Providers (ISPPs)...
Nomba brings Apple Pay to 300k Nigerian shops. Following Paystack, this "second row" move enables ...
NALA has secured PSP and PSO licenses from the Bank of Uganda, adding to its 2024 Money Remittance...
The Gates Foundation and ADQ launched a four-year initiative to transform education in sub-Saharan...
Algeria launches $207 million tire factory project in Touggourt Plant targets 5 million annual units, boosting industrial self-sufficiency Move...
Nigeria confirms tax reform takes effect Jan. 1, 2026 despite opposition PDP alleges illegal insertions, urges suspension and investigation Government...
Gambia’s Gamtel signs $50 million PPP to modernise internet backbone Project boosts core network capacity from 50 Gbps to 800...
United States, Côte d’Ivoire sign $487 million five-year health partnership Deal targets HIV, malaria, maternal health and system...
Afrochella, now known as AfroFuture, is a cultural event held annually in Ghana, mainly in Accra, around the Christmas and end-of-year period. Launched in...
Algiers is a coastal capital of around four million inhabitants, located in north-central Algeria. Its urban structure, heritage, and social practices...