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Universal Coal closes purchase of South African coal operation for 93M rand

Universal Coal PLC said Nov. 12 that it completed the acquisition of the North Block Complex, an open cast coal operation in South Africa, from Exxaro Resources Ltd. for about 93 million South African rand.

The North Block Complex achieved run-of-mine production of 3.5 million tonnes per year over a four-year period starting March 2014, with sales of 2.7 Mt/y. It represents Universal Coal's third operating colliery.

Universal Coal unit Universal Coal and Energy Holdings South Africa Pty. Ltd. will manage the asset, which is expected to immediately contribute to the company's production pipeline and EBITDA.

The parties previously agreed on a purchase price of 170 million rand for the property.