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Canaf completes full repayment of term loan

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World Coal,

Canaf Investments Inc., the Canada-registered mining related group, has made full repayment of its majority owned South African subsidiary’s term loan, and been awarded a Level 4 Broad-Based Black Economic Empowerment, (B-BBEE) rating.

On 07 January 2019, Southern Coal (Pty) Ltd., the corporation’s majority owned South African subsidiary, made its final payment for the R. 14 million loan from ABSA bank, which was drawn down in February 2015. Repayment of this loan now releases Southern Coal from monthly instalments of approximately R. 392 000 (approx. C$37 000 or US$28 000), which the corporation plans to allocate to future diversification or expansion projects.

On 21 January 2019, and further to the corporation’s announcement on 15 August 2018, Southern Coal was awarded a Level 4, B-BBEE rating. Christopher Way, CEO, of Canaf, said: “Achieving a Level 4 rating is a proud achievement for Southern Coal, and now frees up the company’s ability to engage in long-term agreements with existing and new potential customers.”

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South Africa coal news Canada coal news