Miner aims for 2011 promotion
Sunday 07 November 2010
Miner Coal of Africa is aiming for an early 2011 move to the main London Stock Exchange board despite problems at two of its projects.
John Wallington, its chief executive, has already delayed the promotion from the junior Alternative Investment Market after activists challenged the development of its Vele mine, which is just 7km from a South African heritage site. And reports suggested last week that a second project, Mooiplaats Colliery, was to be shut down over environmental concerns. But, Mr Wallington said that he believed the Mooiplaats situation would be resolved this weekend, and he hoped Vele will go-ahead before the end of the year. Unesco is to visit Vele later this month, and he believes it will get the go-ahead.
"The first quarter next year looks really good for the main board," Mr Wallington said. "We're expecting good news on both Vele and Mooiplaats, and that will just change [investors'] whole psychology of Coal of Africa."
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