CoAL buys cash generative Uitkomst colliery while Makhado development advances

South Africa-focused Coal of Africa Limited (CoAL) has entered into a R275-million deal to acquire Pan African Resources Coal Holdings, a subsidiary of JSE-listed Pan African Resources, which holds a 91% interest in the Uitkomst colliery, in KwaZulu-Natal. The group also entered into a loan agreement with the Industrial Development Corporation (IDC) to advance funding of up to R240-million to CoAL subsidiary Baobab Mining and Exploration to progress the operations of CoAL’s flagship Makhado project.