[miningmx.com] – UNIVERSAL Coal said it was permitted to make cash distributions to its shareholders following the successful ram-up of its Kangala coal mine in South Africa’s Mpumalanga province.
Commenting in its December quarter review, the company said it would complete shareholder loan repayments and/or dividend distributions. Kangala sold 366,204 tons of coal in the December quarter, an increase of 7% over the previous quarter.
In other corporate news, Universal Coal said it had completed a A$25.5m capital raising exercise, through the issue of shares to an investor, and had agreed an acquisition price for the New Clydesdale colliery with completion of the deal imminent.
