[miningmx.com] – SENTULA Mining CEO, Robin Berry, said the one quarter gain in Sentula Mining shares this week was a response that the company had restructured its debt and would not require support from shareholders.
The financial restructuring also gave the company another 15-month window in order to sell assets which would lift its negotiating power, said BDLive citing Berry. Sentula is disposing of its coal assets preferring instead to stick to its core business of mining contracting.
The coal assets include its 60% stake in the Nkomati anthracite mine, which is on care and maintenance, and two coal properties, Schoongezicht and Bankfontein. It will receive R22.5m for the sale of Schoongezicht and is considering bids for Bankfontein and Nkomati from several parties, said BDLive.
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