Coal miner Wescoal Holdings Limited said on Wednesday that it has received the ministerial consent to acquire a 50 percent interest in Arnot coal mine in Mpumalanga, and it intends to restart coal production and supply to Eskom’s Arnot Power Station during the 2020 financial year.
The transaction was subject to several key conditions precedent including the consent by the minister of mineral resources, in terms of section 11 of the Mineral and Petroleum Resources Development Act , to the cession of the mining right by Exxaro in favour of Arnot Operating Company. The shareholders of IR are previous employees of Exxaro Coal Mpumalanga who were retrenched during the shut-down in December 2015.
“Importantly, this is a significant broad-based empowerment Transaction which will secure employment and provide employees and communities around the mine with equity participation as outlined in Mining Charter III and we are excited that Wescoal Mining is the enabling partner in the relationship with IR,” it said.
Source: News Formal (newsformal.com)
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