WESCOAL Holdings, a thermal coal mining and trading firm, is to dispose of a non-operational asset deemed non-core which it said was in line with its “… strategy of realising value for shareholders and building a scalable, sustainable business”.
“Wescoal will announce full terms of the transaction … as soon as it is in a position to do so,” the company said in a cautionary announcement to shareholders.
Wescoal said on May 22 that full-year earnings would increase threefold and that it was weighing the development of a new mine, Moabsvelden.
Full-year share earnings would be in excess of 46.5 cents compared to 11.6c/share for the 2017 financial year, an increase of at least 301%. The improvement was “… driven by continued strong production from mining operations as well as from synergies realised from the recent acquisition of Keaton Energy Holdings,” the company said. Full-year numbers are scheduled to be published on June 26, it added.
