article in todays australian

South African coal glow grows


THE glow around South African coal is growing brighter for one Aussie miner.

ASX-listed Universal Coal has begun talks with Chinese and Indian groups following approaches to invest in its Berenice-Cygnus coking coal project close to South Africa?s border with Mozambique, a person familiar with the matter told Deal Journal Australia.

Universal Coal, which has a market value of $35 million, may decide to appoint a financial adviser as early as this month to manage the process of bringing in a strategic partner, the person says. Discussions with potential investors have so far taken place on an informal basis, the person added.