Gecamines offers $1 million to block Chinese deal with cobalt miner Chemaf
Chemaf agreed to sell its assets to Chinese defence and industrial giant, China North Industries Corp, or Norinco in June.
Coal of Africa Ltd. today reported its results for the quarter ended September 30, 2012.
1,268,575 metric tons (4Q FY 2012: 1,315,849 metric tons) of run of mine (ROM) coal and 548,798 metric tons (4Q FY 2012: 578,868 metric tons) of export quality coal were produced at Woestalleen and the Mooiplaats Colliery during the period.
Extraction of ROM coal for the quarter doubled to 254,760 metric tons (4Q FY 2012: 126,199 metric tons) at the Vele coking and thermal coal colliery.
Importantly, a six-week wage-related strike at the Mooiplaats Colliery by the National Union of Mineworkers (NUM) has ended, with an agreement to end the strike signed yesterday.
Export coal sales during the quarter dropped to 224,972 metric tons (4Q FY 2012: 411,005 metric tons) due to softer demand and lower throughout capacity at the Matola Terminal in Maputo, Mozambique.
In 2009, the company and Exxaro Resources signed the Option to Participate Agreement to enable Coal of Africa to acquire detailed exploration information previously compiled by Iscor.
At the end of the Option period, Exxaro informed Coal of Africa that after consideration of the various alternative projects currently in their growth pipeline, combined with the current negative sentiments regarding the global and local macroeconomic growth outlook, Exxaro will be focusing on existing projects.
Coal of Africa continues to make progress with respect to the regulatory matters associated with its application for the new order mining right (NOMR) for the Makhado Project.
Source (English): Corporate Investor Relations via BrightWire News.
