CoAL narrows down yearly loss
JOHANNESBURG, (CAJ News) – COAL of Africa Ltd, the South African producer of the mineral, has reported a decline in losses for the year ended June 30.
The company reported a US$6,7 million loss during the period, an improvement from the $84,1 million loss made during the previous year.
The company reported there was no Modification to Going Concern opinion for period ending June 2015, which was for the first time in four years.
During the year ended June 30, meanwhile, Coal of Africa completed the $65 million (before charges and foreign currency movements) shareholder approved three stage equity investment process.
” The financial results for the year ended June 30, 2015 reflect the success of the turn-around strategy that was necessary for Coal of Africa to be able to continue its significant progress within the current prevailing market conditions. The Company has resolved legacy issues, strengthened its balance sheet and made positive progress with respect to its flagship asset, the Makhado hard coking and thermal coal project,” said Chief Executive, David Brown.
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).
– CAJ News
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