[miningmx.com] – UNIVERSAL Coal said it had been granted a change in control permit from the South African government that completes the acquisition of New Clydesdale Colliery (NCC) from Exxaro Resources.
The first phase of NCC will take Universal Coal’s output to about 4.8 million tonnes a year (mtpa) run of mine coal when commissioned later this year with the coal likely to be sold to Eskom as well as metallurgical coal buyers.
“We have transitioned from an explorer to a 2.8 million tonne per annum run of mine coal producer in only four years. With the commissioning of NCC we anticipate that we will be able to double our output and our earnings by 4Q2016,” said Tony Weber, CEO of Universal Coal in an announcement.
