Coal of Africa Ltd.'s said June 9 that its acquisition of Pan African Resources Coal Holdings Pty. Ltd. and its 91% stake in the Uitkomst thermal coal operation was unconditionally approved by the South African Competition Commission.

The completion of the deal is still subject to Coal of Africa's shareholders' approval, which will be sought at the company's June 15 general meeting.

The acquisition is part of the company's move to restructure its balance sheet and acquire a cash-generating asset that can provide cash flow to support developing its flagship Makhado coal project in South Africa.