South
Africa-based coal
mining and
production company Continental Coal Limited has completed the acquisition of the Wolvenfontein Coal Project for a total consideration of ZAR 10.4 million ($1.25 million) payable in equity.
The Wolvenfontein Coal Project is located approximately 80 km east of Johannesburg and south of the town of Delmas, well situated in respect of roads and rail infrastructure. It is also in close proximity to the Vlakplaats Coal Project, Continental Coal's joint venture with Korea Resources Corporation (KORES).
With the acquisition, the company will strengthen its position in the Delmas area where it plans to develop a low cost and initially open-cast
mining operation.
Continental Coal also announced that in October this year it produced 172,024 mt of thermal coal at the Ferreira and Vlakvarkfontein Coal Mines.