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.
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