CoAL hopes Makhado will entice Exxaro

Results from feasibility study on coking coal venture sent to Exxaro Resources that has 30% stake option, buy-in would bring welcome funding

COAL of Africamaquina de triturar cobre yesterday reported its loss per share for the six months to December widened to 13,36 US cents from 12,30c in its previous interim period. CoAL has sent results from a definitive feasibility study into its Makhado coking coal venture to Exxaro Resources, which has an option to buy a 30% stake in the project, bringing a welcome injection of funding into the next big mine CoAL is building, CEO John Wallington said yesterday. CoAL completed the study into a mine at Makhado and the company, which plans to switch its primary listing to London from Sydney this year, and ArcelorMittal SA , a 16% shareholder in CoAL, has tested the coking coal at its Vanderbijlpark and Newcastle steel mills, proving it is a hard coking coal. The study has been sent to Exxaro so the diversified mining company, which is one of SA’s largest coal producers, can make a decision whether to take up its option to buy a...