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
-
Startup 360 Connect Launched to Strengthen Kenya’s Early-Stage Funding Pipeline
08:34
-
Egyptian Startup Oasys Health Raises $4.6 Million for AI Mental Health Platform
08:29
-
Twelve African Startups Selected for Africa Tech Summit Nairobi Investment Showcase
08:28
-
Egypt turns to UK to scale digital investment and regional hub ambitions
08:27
-
PIDG invests $3.3mln to expand waste-to-energy plant in Kenya
08:26
-
Gabon looks to potash, after iron, to diversify mining revenues
08:12
-
DRC outlines $28.9bn MIFOR iron ore plan, with major unanswered questions
08:06
-
European consortium leads bid to build Kribi bitumen plant
05:16
-
Sambiani Yobe Takes Over As Head Of Togo Bar Association
05:14
-
Nathanael Yao Builds E-Commerce Platform for Abidjan’s Local Merchants
19:11
Development Partners International sold its 20.17% stake in Atlantic Business International for mo...
Africa’s AI adoption is accelerating, but its ability to scale depends primarily on foundational i...
Africa’s energy & mining exports benefit from US tariff exemptions, cushioning trade as most other...
Ivory Coast expects a new government after the prime minister and cabinet resigned following Decem...
African startups raised about $3.1 billion in 2025, up from $2.2 billion in 2024, accord...
Talks focus on ICT investment, offshoring, and advanced technologies. Cooperation could expand into cloud computing, data centers, and fintech. Egypt...
Final feasibility study targets 800,000 tons a year of muriate of potash. Banio hosts more than 6 billion tons of potash resources, according to...
The DRC presented the MIFOR project with an initial investment of $28.9 billion. Officials cite 15 to 20 billion tons of resources and output...
Africa imported 965,699 tons of Brazilian chicken in 2024, up 18.25% year on year. Volumes rose 74% between 2020 and 2024, led by South Africa, Ghana,...
Located at the mouth of the Senegal River, about twenty kilometers from the Atlantic Ocean, Saint-Louis Island holds a distinctive place in the country’s...
Benin considers hosting a pan-African cultural event inspired by FESMAN but plans to use a different name. Culture Minister Jean-Michel Abimbola...