CoAL resources rise by 429%Comment on this story
JSE-listed exploration and mining company Coal of Africa (CZA) on Wednesday said it was on track to realising its goal of producing 10 million tonnes of saleable coking coal over the next ten years.
Releasing its updated resource and reserves estimates‚ the company said its acquisition of Soutpansberg coalfield in Limpopo province‚ had led to a 429% increase to eight billion tonnes in gross resources.
CoAL recently acquired the Soutpansberg coalfields‚ along with new order prospecting rights‚ from Rio Tinto Mineral Development and Kwezi Mining.
The coalfield has been grouped into three proximate regions‚ namely the Mokopane‚ Makhado and Chapudi.
“The additional prospecting rights represent an important development in the evolution of Coal of Africa and its partner Rothe Investments‚ by consolidating the potential coking and thermal coal assets in the Soutpansberg coalfield‚” said John Wallington‚ chief executive of Coal of Africa. - I-Net Bridge