Coal of Africa sells mine for $23.5m

22nd Sep 2014 12:54

Miner Coal of Africa is off-loading a colliery in South Africa for $23.5m as part of a turnaround plan.Coal of Africa is selling the Mooiplaats thermal underground colliery in the Mpumalanga province of South Africa to a wholly owned subsidiary of Blackspear Holdings.The miner deemed Mooiplaats as non-core at the end of June last year and placed it on care and maintenance from 1 October 2013.The sale of Mooiplaats was one of two remaining priorities under Coal of Africa's five-point turnaround strategy.The final outstanding priority is to fund and secure regulatory approval for the wholly-owned Makhado coking coal project in the Soutpansberg coalfield, South Africa.Shares in Coal of Africa rose 0.58p or a fifth to 3.49p at 12:33 in London.