Completion of Mooiplaats sale delayed to 1Q15

The deadline for Blackspear Capital to meet the conditions of the sales and purchase agreement with Coal of Africa (CoAL) for the Mooiplaat’s mine has been extended to 31 January as reports from its independent consultants have yet to be submitted. The transaction is now expected to be completed in 1Q15.

“Despite the delay in the completion of the sale of Mooiplaats, both Blackspear and CoAL are confident that the transaction will complete on the terms originally reported, thereby closing another chapter in a turnaround strategy implemented by management and the board in 2013,” said David Brown, CEO of CoAL.

Written by Jonathan Rowland.

Read the article online at: https://www.worldcoal.com/mining/17122014/world-coal-completion-of-mooiplaats-mine-sale-extended-to-1q15-coal/