CoAL to focus on financing Makhado in 2016

[miningmx.com] – COAL of Africa (CoAL), the Johannesburg-listed coal development firm, said it would focus on securing project finance for its Makhado coking coal project situated in South Africa’s Limpopo province.

Commenting in the year-end results, in which the company narrowed its loss to $6.7m from $84.1m previously, CEO David Brown said a number of legacy issues had been resolved while the firm had also strengthened its balance sheet.

“The next financial year will demonstrate the continued execution of the company‚Äôs strategy with the focus on securing project financing for Makhado,’ he said. Makhado is estimated to contain 345 million tonnes of mineable coal.

The Makhado project is slated to produce 2.3 million tonnes a year (mtpy) of coking coal, and a further 3.2mtpy of thermal coal over a 16-year life of mine.