Coal of Africa kicks off production at Mooiplaats mine
Monday, October 20, 2008
Australian mining group Coal of Africa, said today that it had produced the first run of mine coal at its Mooiplaats mine and that the development to allow two continuous miners to start cutting coal would be completed in six to eight weeks.
Managing director, Simon Farrell commented: “This is a most satisfying occasion and I am extremely grateful to all those involved for their hard work in getting us this far. There is a lot more to be done and we are saving the champagne until we load our first ship.”
The Mooiplaats mine is in the Mpumalanga province of South Africa and located 1.7km from the recently commissioned Camden Power Station. CoA is planning to produce between five and six million tonnes of coal every year from the mine, with 70% targeted for the export market and the rest for Camden Power Station.
In a statement last week, Farrell said Coal of Africa's cash position was very strong, with close to $A200 million in cash and no debt. He said that on the basis of its coal price forecasts, the company expected to meet all of the capital expenditure to complete full ramp up of Mooiplaats out of operating cash flows.
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