JOHANNESBURG -COAL of Africa (CoAL) has announced all conditions precedent to the acquisition of 100 percent of the shares in and claims against Pan African Resources Coal Holdings Proprietary Limited have now been fulfilled.
This follows Uitkomst Colliery Proprietary Limited having entered into a supply of coal agreement on terms acceptable to CoAL.
As a result, the effective date of the implementation of the transaction will be on Friday, when CoAL will take over ownership, control and management of PAR CoAL and the Uitkomst Colliery.
CoAL is an emerging coal exploration, development and mining company operating in South Africa.
Its key projects include the Vele Colliery and the Greater Soutpansberg Project /MbeuYashu.
Its acquisition Pan African Resources Coal produces 50 000 tonnes of coal per month. It has 115 employees.