Johannesburg, South Africa — 27 March 2013 – Emerging South African coal developer and producer Coal of Africa Limited (CoAL) has announced that the co-operation agreement to formalise the strategic relationship with Haohua Energy International (Hong Kong) (HEI) “’ a wholly owned subsidiary of Beijing Haohua Energy Resource Company Limited (BHE) “’ has been signed here.
BHE is a state owned company that was founded in 2002 by Jingmei Group. It is a coal producer based in Beijing, engaged in mining, washing, export and sales of coal products, and is the largest exporter of anthracite coal from China. BHE is listed on the Shanghai Stock Exchange and is one of the constituent stocks of the SSE 180 and the SSE Composite Index.
A statement issued here says the agreement includes details on the commercial, technical, financial and operational issues pursuant to which CoAL will be able to draw on HEI’s technical expertise. Furthermore, HEI has undertaken to use its best endeavours to arrange further funding in the development of the CoAL’s substantial project pipeline.
The agreement serves to facilitate the formation of a long-term and mutually beneficial strategic partnership between CoAL and HEI. The vision of the co-operation is to unlock the intrinsic value inherent in CoAL’s operations and projects.
Caption, Pic 1: Agreement with Chinese will help unlock the intrinsic value of CoAL’s South African projects.
Source: Coal of Africa. For more information, click here.