Continental secures loan for Penumbra, inks deal with new black partner

June 29, 2011

JOHANNESBURG ( − ASX-listed Continental Coal on Wednesday announced that it had secured a seven-year, $35-million loan from Absa Capital bank to fund the development of its Penumbra mine in South Africa.

The coal miner also managed to secure a $15-million loan to refinance its existing debt and a yearly working capital facility of $15-million from the bank.

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