[miningmx.com] – CONTINENTAL Coal’s newly appointed empowerment
partner, the Sishen Iron Ore Company Community Development Trust (SIOC-cdt), has
begun payment of R140m which will secure a 26% stake in the Mpumalanga coal
mining company.
‘The partnership with SIOC-cdt is considered to be a landmark agreement and we
believe it will have a major impact on our business activities and opportunities in
South Africa,’ said Don Turvey, CEO of Continental Coal.
“In addition to the agreement and partnership itself, it will now provide CCL with
further capital of ZAR140m from the repayment, that will now be applied to advance
our South African coal projects,’ Turvey said.
“We are pleased that our investment in Continental Coal has proceeded, and as a
partner with Continental, we can now look forward to working together to further build
on our thermal coal mining business in South Africa,’ said Connie Molusi, chairperson
of the SIOC-cdt Board.
