Emerging thermal and coking coal producer, Coal of Africa, leapt 17% in early trading today, in kind with a bounce in most commodity focused businesses across the stock market, but was further buoyed by news that Simon Farrell, Managing Director of the Company, had purchased 250,000 shares for a total consideration of approximately A$200,000. Mr. Farrell now holds around 3.47 million shares, or 0.87% of Coal of Africa.
Richard Linnell, Chairman, also acquired shares, snapping up 25,000 shares for a total sum of A$26,360, taking his stake to approximately 0.776 million shares, or 0.19% of the Company.
Coal of Africa’s most advanced asset is the Mooiplaats Mine, which is anticipated to produce 5-6 million tonnes per annum with 70% targeted for the export market and the balance for Camden Power Station, which is situated nearby. Mooiplaats is an underground mine.
The Company also has two coking coal projects moving towards development, as is in the enviable position of having a strong balance sheet and a strong institutional shareholder register.
Coal of Africa is listed on the Australian Stock Exchange, AIM and the Johannesburg Stock Exchange.