South Africa-based coal producer Coal of Africa Limited (CoAL) has announced that
China-based coal producer Haohua Energy International (HEI), a wholly-owned subsidiary of Beijing Haohua Energy Resource (BHE), has received the required approvals from Chinese authorities ahead of schedule to proceed with the share subscription worth $100 million.
At the end of November, Coal of Africa received an initial payment of $20 million, following the granting of the approval by the Australian Foreign Investment Review Board (FIRB).
As SteelOrbis previously reported, on October 1 last year CoAL and HEI signed an agreement according to which HEI would subscribe for up to $100 million of ordinary shares in CoAL at 25 pence per share in two stages.