Skip to main content

Acacia Coal to buy Riversdale Anthracite Colliery

Published by
World Coal,

ASX-listed Acacia Coal is to acquire Riversdale Anthracite Colliery (RAC) from Rio Tinto. According to a recent statement, the company will take a 74% stake in RAC with the rest to be held by a black economic empowerment (BEE) partner.

The initial purchase of RAC will be undertaken by Vryheid Anthracite Collieries (VAC), a subsidiary of Coalvent. Acacia Coal will then acquire Coalvent with Coalvent’s management team joining Acacia, including Hugh Callaghan, who will become Acacia’s managing director.

Acacia will also advance ZAR 2.48 million (AUS0.34 million) to Coalvent to fund the initial deposit for the RAC acquisition.

Drilling and feasibility studies at RAC have demonstrated a high-grade low-impurity anthracite asset that is well placed to supply the local South African anthracite market, which is facing significant supply shortfall of low-impurity product. There is also the potential to supply into the seaborne export market.

Following the acquisition, work will begin on updating the bankable feasibility study, which was completed in 2010, and the 2004 JORC resource.

Read the article online at:

You might also like

OSIsoft webinar

[WEBINAR] How to succeed in Digital Transformation in Mining and Materials

During this webinar, OSIsoft will explain their successful path to Digital Transformation, including Predictive Maintenance 4.0 from an asset reliability perspective, Health, Safety & Environment improvement opportunities, and Autonomous Operations for process optimisation. Register for free today »


Coal trading market to 2023

The global coal trading market faces stiff competition due to the involvement of many players in the market, reveals a report by Transparency Market Research (TMR).


Embed article link: (copy the HTML code below):


This article has been tagged under the following:

Rio Tinto coal news