JSE-listed junior coal miner and trading company Wescoal released a cautionary announcement on Tuesday advising its shareholders that it has accepted an offer for the disposal of one of its non-core, non-operational assets.
This is in line with the company’s strategy of realizing value for shareholders and building a scalable, sustainable business.
The company said that it will announce full terms of the transaction as soon as it is in a position to do so and accordingly, advised its shareholders to exercise caution when dealing in Wescoal’s securities until such time as a full terms announcement is made.
Wescoal owns and operates the Elandspruit, Intibane and Khanyisa collieries in Mpumalanga as well as the Wescoal processing plant. The company also acquired the Vanggatfontein colliery when it acquired Keaton Energy in an all share takeover in early 2017.