Continental Coal reaches landmark Black Economic Empowerment investment agreement

June 29, 2011

Continental Coal (ASX: CCC) has reached an agreement with a Broad Based Black Economic Empowerment Group (BBBEE) to acquire the existing 26% Black Economic Empowerment equity interest in the company's South African subsidiary, Continental Coal Limited (CCL).

As part of the agreement, BBBEE will repay ZAR140 million (around US$20 million) and the balance of ZAR75 million to be vendor financed upon deal completion scheduled for August 2011.

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