CoAL, Rio Tinto settle lengthy tensions

David Brown, Chief Executive Officer CoAl

David Brown, Chief Executive Officer CoAl

By GIFT NDOLWANE

JOHANNESBURG, (CAJ News) – COAL of Africa, the South African-based miner, has fulfilled its financial obligations to Rio Tinto under which the latter’s subsidiary acquired interest in  MbeuYashu acquired interest in Chapudi Coal and Kwezi Mining Exploration.
This ends tensions arising from allegations CoAL owed penalties.
David Brown, Chief Executive Officer of CoAL, on Monday said the final repayment and completion of the Rio Tinto Chapudi transaction was a milestone for the company, as it resolved the outstanding legacy issues which have plagued the company for the past five years.
“We continue to focus on progressing our flagship Makhado Project which will deliver significant value for all our stakeholders,” said Brown.

CAJ News

Short URL: http://cajnewsafrica.com/?p=20975

Posted by on Jul 5 2017. Filed under Africa & World, Coal, Energy, Featured, Finance, Mining, Mining & Engineering, National, Regional. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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