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
-
Egypt Secures New Citrus Outlet in Dominican Republic
04:55
-
Aya Gold’s Zgounder Mine Nearly Triples Silver Output in 2025
04:53
-
Egypt Opens 5-GW Solar Manufacturing Complex as It Targets 42% Renewables by 2030
20:00
-
Somalia Builds Renewable Energy Push to Tackle High Electricity Costs
19:51
-
Togo Creates National Forest Seed Centre to Strengthen Reforestation Policy
15:29
-
Nathalie Kouassi Akon on How IFC Plans to Scale Up Investment in Togo | Interview
15:22
-
AgriTech4Tunisia 2026 Opens Applications Until Feb. 12
14:44
-
Founders Smith Program 2026 Opens Applications to African Startups
14:31
-
Carbon AI To Convene AI Experts In Lagos For Conference On Practical AI Use
14:29
-
University of Kara, Business Chamber Seek Closer Links to Improve Employability
14:05
Africa’s AI adoption is accelerating, but its ability to scale depends primarily on foundational i...
Development Partners International sold its 20.17% stake in Atlantic Business International for mo...
African billionaires increased their combined net worth by $21.9 billion in 2025. Nigerian b...
Africa’s energy & mining exports benefit from US tariff exemptions, cushioning trade as most other...
Flutterwave acquired Nigerian open banking startup Mono in an all-share deal valued between $...
Egypt secured approval to export citrus to the Dominican Republic from January 1, 2026 Dominican citrus imports more than tripled to 17,215 tonnes...
IFC considers up to $50 million investment in Adenia Entrepreneurial Fund I Fund targets African SMEs across manufacturing, energy, healthcare,...
Algeria rolls out AMLAK nationwide, replacing paper land titles with digital records System centralizes land issuance, improves traceability,...
The Regional Securities Exchange BRVM entered 2026 after an exceptional year in 2025, during which market capitalization posted record gains. The year has...
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...