Africa Business Communities

[South Africa] Coal of Africa Ltd updates on Mooiplaats disposal

Coal of Africa Ltd announced on Nov. 06 that Blackspear Capital (Blackspear), a subsidiary of Blackspear Holdings Proprietary Ltd, had agreed terms with a financial and operational partner to fund Blackspear’s acquisition of the Mooiplaats Colliery.

\Its reports that the due diligence being performed by Blackspear’s partner, which was expected to be completed by the end of Nov. 2014, has yet to be concluded as reports from their independent third party consultants are still outstanding.

it has agreed to extend the date for Blackspear to meet the conditions precedent in the sale and purchase agreement until Jan. 31, 2015.

The transaction is now expected to complete in Q1 2015. 

www.coalofafrica.com

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