[miningmx.com] – COAL of Africa (CoAL) has completed a share placement and loan agreement with China’s Yishun Brightrise Investment raising a combined $24m for the coal firm’s Makhado coking coal project.
The Makhado project, situated in South Africa’s Limpopo province, 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.
“The company and Yishun are progressing negotiations to further their potential investment in the project and shareholders will be updated as negotiations between the parties advance,” said David Brown, CEO of CoAL.
