South Africa-based thermal coal production, development and exploration company Continental Coal has announced that it has signed an agreement for potential acquisition of a 50 percent interest in a high quality hard coking coal mine located in Colombia.
The acquisition to complement the company's existing thermal coal mining, development and exploration projects in South Africa will diversify its production base geographically.
Under the terms of the agreement, Continental Coal has the option to acquire a 50 percent share in five mining concessions including the existing underground mine that has been in operation for 24 years and adjacent exploration ground.
The company also stated that it will assist the joint venture in funding and developing the existing operational mine to increase production.