Coal of Africa Limited Settlement Of Rio Tinto Repayment (1060K)

TIDMCZA

RNS Number : 1060K

Coal of Africa Limited

05 July 2017

ANNOUNCEMENT 5 JULY 2017

Settlement Of Rio Tinto Repayment

Coal of Africa Limited ("CoAL") and its subsidiary company, MbeuYashu Proprietary Limited ("MbeuYashu") are pleased to announce that CoAL has fulfilled all its obligations to Rio Tinto Minerals Development Limited (Rio Tinto) in June 2017 in relation to the agreements under which MbeuYashu acquired interest in Chapudi Coal Proprietary Limited and Kwezi Mining Exploration Proprietary Limited.

David Brown, Chief Executive Officer of CoAL commented, "The final repayment and completion of the Rio Tinto Chapudi transaction is a milestone for the company, as it resolves the outstanding legacy issues which have plagued the company for the past 5 years. We continue to focus on progressing our flagship Makhado Project which will deliver significant value for all our stakeholders."

For more information contact:

 
                   Chief Executive                             +27 10 003 
 David Brown        Officer             Coal of Africa          8000 
                   Chief Financial                             +27 10 003 
 De Wet Schutte     Officer             Coal of Africa          8000 
                                        Endeavour Corporate    [phone] 
 Tony Bevan        Company Secretary     Services               9100 
 

Company advisors:

 
 Jos Simson/Emily          Financial PR                        +44 20 
  Fenton                    (United Kingdom)    Tavistock       7920 3150 
 Matthew Armitt/Ross       Nominated Adviser    Peel Hunt      +44 20 
  Allister                  and Broker           LLP            7418 8900 
 Charmane Russell/Olwen    Financial PR         Russell &      +27 11 
  Auret                     (South Africa)       Associates     880 3924 
                                                                or 
                                                                +27 82 
                                                                372 5816 
 

Investec Bank Limited is the nominated JSE Sponsor

About CoAL:

CoAL is an AIM/ASX/JSE listed coal exploration, development and mining company operating in South Africa. CoAL's key projects include the Vele Colliery (coking and thermal coal), the Greater Soutpansberg Project /MbeuYashu, including CoAL's Makhado Project (coking and thermal coal).

This information is provided by RNS

The company news service from the London Stock Exchange

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July 05, 2017 02:00 ET (06:00 GMT)