Johannesburg, South Africa — 03 April 2012 – Coal of Africa (CoAL) “’ an emerging developer and producer of high-quality thermal and coking coal “’ has confirmed that the conditions for the management buyout of subsidiaries Nimag and Metalloy Resources for R54 million have been met.

Miningmx reports that an amount of R32.4 million is payable to CoAL on or before the closing date of 10 April. The balance will be financed by way of a vendor loan provided by CoAL, with a cession of 40% of the shares in the NiMag Group held as security against the loan.

“Provision is made for the outstanding balance to be increased if payment dates are not met,” read a company statement.

Source: Miningmx. For more information click here.