ASX-listed South African miner Universal Coal plans to forge ahead with a second producing project after the last-minute collapse of a $130 million takeover offer launched in December.

Despite extending its offer period seven times, bidder Coal of Africa looked to be on the home straight with its cash and scrip offer, with 96 ASX-listed South African miner Universal Coal plans to forge ahead with a second producing project after the last-minute collapse of a $130 million takeover offer launched in December….

…Serendipitously, the export coal price dramatically improved as the offer ran its seven-month course, with the company’s competitiveness also aided by the depreciating rand.

Mr Weber said while negotiations continued with Eskom, the company would restart NCC as a 500,000 tonnes-a-year export venture based on the high-quality coking coal component.

…Coal of Africa, meanwhile, said it would “continue to evaluate all opportunities’’, including a possible fresh bid for Universal.

 

http://www.theaustralian.com.au/business/mining-energy/universal-coal-to-forge-ahead-after-coal-of-africa-bid-collapses/news-story/93e96d57a67457376a8c1ca1ca62a634