SPOTLIGHT: CoAL seeks $540m to fund growth
Apr 19, 2012 | 08:00 PM
Coal of Africa (CoAL) needs more than $540m in finance to back its continuing transformation from junior to producing miner, ceo John Wallington told Metal Bulletin.
The capital will be used to bring its Makhado coal mine in Limpopo province, South Africa, into commission in about two years’ time, and step up other projects in order to double its output.
Its other big challenge is securing affordable rail transport for its consignments between Limpopo and South African ports, Wallington said.
CoAL took on the status of mining company, as opposed to junior, when it commissioned its Vele mine, in Limpopo, at the start of this year. The company plans to boost output there to 1 million tpy by the end of 2012, Wallington said.
The Makhado mine should come online....
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