Forbes Coal makes final payment for Slater Coal

The company hindustrial milling systems kaolinas paid R140 million to Slater Coal in accordance with the provisions of the amended purchase and sale agreement entered into between Forbes Coal and Slater Coal in August 2010.

Slater Coal is situated in KwaZulu-Natal. "The Company has made significant progress in expanding the operations at the Magdalena bituminous and Aviemore Anthracite mines over the past 18 months and we are very pleased with our progress to date," said Stephan Theron, President and CEO of Forbes Coal. Forbes Coal now holds a 100% interest in Slater Coal, which has a 70% interest in interest in Zinoju Coal. Zinoju holds a 100% interest in the Magdalena bituminous mine and the Aviemore anthracite mine. The mines have a substantial resource base and each mine has...