Coal of Africa cancels sale of Mooiplats Colliery to Blackspear Capital

2nd Jul 2015 11:54

Coal of Africa has cancelled the sale of its South African Mooiplaats Colliery asset to Blackspear Capital and has already began the search for another buyer.The sale, which was agreed earlier this year, was postponed twice, to offer Blackspear more time to provide proof of funding for the 250m rand sale.The last extension was until 30 June, but Coal of Africa has confirmed that no further extensions would be offered.The company has started talks with several parties interested in the Mooiplaats asset and Blackspear will remain a contender if it can secure the required funding.As of 12:15 BST, Coal of Africa was trading 13.3% lower at 4.3p.