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CoAL appoints Vitol Group for marketing

Jan 07 2013 08:18 I-Net Bridge
signing contract


Company Data

COAL OF AFRICA LIMITED [JSE:CZA]

Last traded 0.64
Change -0.08
% Change -0.11
Cumulative volume 1782838
Market cap 670.96m

Last Updated: 22/07/2014 at 04:25. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg – Coal of Africa [JSE:CZA] announced on Monday that it had appointed the Vitol Group‚ through the signing of a memorandum of understanding (MOU)‚ to handle the miner’s marketing for all its export thermal and coking coal for the next eight years. 

“This MOU not only formalises our strategic relationship with Vitol but also provides CoAL with access to a global marketing network that will greatly assist the development of export markets for our coking and thermal coal products as we bring our Vele and Makhado projects online. In addition‚ our growing relationship with Vitol will assist CoAL with mitigating any take or pay obligations at TCM as we develop both Vele and Makhado and begin exporting‚” said John Wallington‚ CEO of CoAL. 

The MOU does not‚ however‚ include the marketing for the Makhado product where the marketing period is five years from the start of production. 

“We are delighted to have entered into this partnership with CoAL. It expands our coal trading portfolio and reaffirms our commitment to the South African coal industry‚ as well as helping to develop the activities of TCM and underpinning the Phase IV expansion plans‚" said Bob Finch‚ head of Vitol Coal. 

An addition‚ an agreement has also been reached between CoAL and Grindrod whereby Grindrod has agreed that‚ whilst CoAL’s option to take up capacity for any Phase 4 Expansion at the TCM export terminal in Maputo remains intact‚ CoAL is no longer obliged to fund its own share of the capital for the Phase 4 expansion.

 

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