Coal of Africa: Sales plunge as collieries scale down

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Sales of export quality coal at Coal of Africa Limited (CoAL) plunged 86 percent in the quarter to December as a result of the scaling down of operations, the company said on Friday. Sales dropped to 7 677 tons from 56 799 tons as the company idled its Mooiplaats thermal colliery in September. The company said that the disposal process of Mooiplaats continued and formal offers from prospective buyers were expected by the end of the March quarter, with disposal agreements thereafter. CoAL expected to complete this transaction during the second half of the year.The company said it was making good progress on the sale of its 100 percent-owned Woestalleen colliery in Mpumalanga, and it was awaiting ministerial consent for the process. The shares fell 2.65 percent to close at R1.10 on Friday. – Dineo Faku

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