South African-based coal producer Universal Coal has announced that it has increased its ownership in the 1.35 billion mt Berenice coking coal project in the Limpopo region of South Africa to 50 percent.
Reaching 50 percent ownership will also drive Universal Coal to start pre-feasibility studies on the project in the fourth quarter of the current year. Universal Coal can also increase its stake in the Berenice project to 74 percent via achievement of other milestones.
Additionally, the company has announced progress at its Kangala coal mine, targeting first production in April 2014 with off-take to South African national electric utility Eskom.
Source:
http://www.steelorbis.com/steel-news/latest-news/universal-coal-increases-stake-in-south-african-coking-coal-project-754480.htm
