25 May 2012

Relief for Coal of Africa

11/11/2010 Robert Tyerman

South African coal play Coal of Africa (CoAL) says local authorities have withdrawn threatened measures over environmental issues at its Mooiplaats Colliery. The AIM-quoted company reports the province of Mpumalanga's Department of Economic Development, Environment and Tourism (MDEDET) has withdrawn a 'pre-compliance' notice and will not now be serving a 'compliance notice' over Mooiplaats, following a meeting with the company.

CoAL's chief executive officer John Wallington says the Western Australia-based company is holding 'constructive discussions' with MDEDET over some of the environmental issues which originally provoked the authorities' concern. For CoAL, whose Vele project has also had environmental problems, this time over water licences, agreement at Mooiplaats is particularly welcome.

Shares in the company, which Growth Company Investor recommended at 14p in 2006, reached 217p two years later, where GCI suggested partial profit taking, before going into retreat, through 110p, at which CoAL raised £110 million in June, to 65p. The Mooiplaats developments have prompted a bounce to 80p, where the company is valued at £424.4 million.

Tags: AIM market, Commodities, Emerging markets

Sector: Mining

Companies: Coal of Africa

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