On 13 September, Buffalo Coal Corp. announced that, in light of recent developments including the uncertainty surrounding the continuation of the mining services contract provided by STA Coal Mining Company Proprietary Limited at the company’s Magdalena underground mine in South Africa, the company has suspended the strategic review process previously announced on 4 May 2018.
The company has accordingly also suspended its arrangements with Northcott Capital Limited, its financial advisor for the process.
Buffalo is a coal producer in southern Africa. It holds a majority interest in two operating mines through its 100% interest in Buffalo Coal Dundee, a South African company which has a 70% interest in Zinoju. Zinoju holds a 100% interest in the Magdalena bituminous mine and the Aviemore anthracite mine in South Africa. Buffalo has an experienced coal-focused management team.
Read the article online at: https://www.worldcoal.com/coal/14092018/buffalo-coal-corporate-update/