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CoAL declares force majeure

Feb 28 2013 08:40
Reuters


Company Data

COAL OF AFRICA LIMITED [JSE:CZA]

Last traded 0
Change 0
% Change 2
Cumulative volume 75850
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Junior coal minining company Coal of Africa [JSE:CZA] has declared force majeure on coal shipments from its collieries in South Africa after a derailment on the rail corridor linking with the Maputo port in Mozambique.

South African logistics group Transnet advised the company that the line would be suspended for at least seven weeks.

Coal of Africa said it had temporarily suspended production at its Vele colliery where stocks are at full capacity, while output at its Mooiplaats and Woestalleen operations will continue until stockpiles capacity is exhausted.

At 07:05 GMT, the stock was trading 6.25% lower to R2.25.

 

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