Receipts, said Perth-based company representatives, will sustain liabilities and working capital needs through Q2 2016. In the fiscal year ending Q3 2013, Mooiplaats suffered $17 million in losses; during that period impairments of $169 million reduced its total value to $18 million. 

CEO David Brown acknowledged that securing both funding and regulatory approval to develop the Makhado coking coal project in Soutpansberg instead has been “extremely challenging.” However, he voiced optimism over the “the intrinsic value” of company-owned coking coal assets in the country.

Coal of Africa said a first $13 million payment would be issued in Q1 2015, with the remainder within a year of the first payment, or Q4 2015 next year at the latest. Blackspear Holdings owns the Puleng operation in Middleburg, the Thutsi asset and the Overvaal project, also near Ermelo; Mooiplaats is adjacent to the Overvaal deposit.