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Wescoal to dispose of Leeuw Braakfontein colliery for 103M rand

Wescoal Holdings Ltd. intends to dispose of its nonoperational Leeuw Braakfontein colliery in KwaZulu-Natal, South Africa, deeming it a noncore asset.

The company said Aug. 7 that it entered into an agreement to sell wholly owned subsidiary Leeuw Braakfontein Colliery Pty. Ltd. to Sitatunga Resources Pty. Ltd. for 103 million South African rand in cash.

Wescoal has declared no coal reserves for the colliery. The company said it will use the sales proceeds to reduce its short-term borrowings and fund strategic growth options.

In late June, Wescoal agreed to sell its Intibane collieries in South Africa to Tokata Resources Pty. Ltd. and Banjosign Pty. Ltd. for an aggregate 57 million rand.