Coal of Africa shareholders approve investment by Chinese coal producer

Monday, 28 January 2013 10:23:43 (GMT+3)   |   Istanbul
       

South Africa-based coal company Coal of Africa Limited (CoAL) has announced that its shareholders have approved the $100 million investment by China-based coal producer Haohua Energy International (HEI), a wholly-owned subsidiary of Beijing Haohua Energy Resource (BHE).
 
Accordingly, the parties will proceed with the share subscription agreement according to which HEI will subscribe for $80 million of ordinary shares in CoAL at £0.25 per share. In November 2012, CoAL received an initial payment of $20 million from the Chinese coal producer.
 
According to CoAL, this investment by HEI will form the basis for a strategic partnership between CoAL and BHE that will facilitate the development of CoAL's assets.

Similar articles

CISA: Coking coal purchase cost in China down 9.86% in Jan-Feb

28 Mar | Steel News

India’s coking coal imports from Russia hit peak in April-February of FY 2024-24

26 Mar | Steel News

China’s coking coal imports up 36.52 percent in January-February

26 Mar | Steel News

Fitch Ratings raises iron ore price assumptions for 2024-2026 amid limited supply

22 Mar | Steel News

Ex-Australia coking coal prices heading below $250/mt FOB

21 Mar | Scrap & Raw Materials

Turkey’s coking coal imports up 102.2 percent in January

19 Mar | Steel News

Local Chinese coking coal prices - week 11, 2024

15 Mar | Scrap & Raw Materials

Local coke prices in China decline, further cuts expected

15 Mar | Scrap & Raw Materials

Buyers seek $250/mt FOB for ex-Australia coking coal after latest deal

15 Mar | Scrap & Raw Materials

Ex-Australia coking coal drops closer to $280/mt FOB as suppliers try to push sales

14 Mar | Scrap & Raw Materials