[miningmx.com] – UNIVERSAL Coal, the Australian coal producer and development firm, said shareholder Ichor Coal had exercised its right over preference shares converting them to a total stake in the company of 29.99% from 18.51%.
IchorCoal, a company listed in Germany, announced in September last year that it would take an initial 18% stake in Universal Coal with the option of lifting its interest in the firm at a total cost of A$24.5m.
Universal operates the Kangala colliery in South Africa’s Mpumalanga province and will bring output from its recently acquired New Clydesdale Colliery on line before the end of the calendar year taking total run of mine output to about five million tonnes a year.
