Continental moves to buy rest of Ferreira mine owner Mashala

July 1, 2011

PERTH ( − Coal junior Continental Coal would accelerate the payment of its option to buy the outstanding 35.9% of Mashala Resources, after securing $65-million in debt funding, as well as a broad-based black economic-empowerment (BBBEE) partner, the Australia-listed company said on Friday.

Continental elected to buy the outstanding minority interested in Mashala to ensure that it held a minimum 75% interest in the company, as well as its key operating mine and development projects, prior to the establishment and draw down of the proposed debt financing, and the conclusion of the BBBEE transaction, scheduled for August.

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