Johannesburg - Coal of Africa [JSE:CZA] shares rose as much as 10%
after the company reported a big jump in its coal reserves, following the
addition of resources it gained as part of the Soutpansberg assets it recently
acquired from Rio Tinto and Kwezi Mining.
Mineable tonnes in situ increase three-fold to 2.004 billion
tonnes, the company says.
“Coal of Africa has announced a significant increase to its
coal resources. We believe coking coal is one of the more attractive
commodities currently and Coal of Africa’s exposure to it makes it an
attractive investment case,” Westhouse Securities says in a note.