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CoAL Posted: Wed, 07 May 2008 [miningmx.com] -- COAL of Africa Ltd (CoAL) has agreed to sell 100% of its Holfontein coal project in South Africa to Australia's Lachlan Star for A$25m so that it can concentrate on its bigger projects in Limpopo and Mooiplaats. CoAl, a coal development company said it would received cash and shares from Lachlan. The transaction includes an option agreement covering the adjoining Wildebeestfontein Farm. The market reacted favourably to the announcement. At 11:20 shares in CoAL were trading 5.28% or 1.30 rand firmer at 25.90 rand on the JSE. CoAL is also listed on London's AIM and the Australian Securities Exchange.
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