[miningmx.com] – BUFFALO Coal Corporation said the recent flooding of its Magdalena mine in KwaZulu-Natal province would hurt revenues in the current quarter.
BDLive cited the company as saying it had lost a month’s worth of production from the mine and had relied on stockpiles to supply contracts. The processing plant was now operating “hand to mouth”, said BDLive citing a company announcement.
Buffalo Coal, which operates two mines near Dundee, Magdalena and Aviemore, recently restructured its debt with an injection of $15m from Resource Capital Fund which will also be used to buy capital items needed to achieve profitable volumes of production, said BDLive.
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