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Africa Coal Partners to Acquire 45.18% Stake Ichor Coal NV in Mbuyelo Coal

Coal News - Published on Fri, 04 Oct 2019

Image Source: worldcoal.com
Africa Coal Partners an SPV set up and managed by Duet Group announced that its acquisition of 45.18% stake in Mbuyelo Coal Proprietary Ltd from Ichor Coal NV. The agreed purchase price was set at EUR 95 million with the transaction expected to close in Q1 2020, once regulatory requirements have been completed. Mbuyelo is a South African coal producer supplying the national power utility Eskom. It operates three open pit mines with a minimum monthly production of 600 000 tpm, averaging 7.2-8.0 million tpy. Eskom generates about 90% of the electricity in South Africa of which 90% with coal fired power plants. Mbuyelo has for the past few years been investing in capacity building and technology upgrade to better serve the local demand.

Mr Henry Gabay CEO and Co-Founder of Duet-Group said that "We are very excited by the opportunities offered by the coal industry in South Africa. South Africa is not yet in a position to switch completely into green energy, hence coal will remain a key component of South Africa's energy portfolio for the foreseeable future. Reliable power production remains at the heart of Africa's industrialization and its ability to lift its citizens out of poverty. We believe that new technologies can be deployed to make the coal industry more environmentally sustainable while offering a credible solution to the challenges of generating power in South Africa. We also believe it's an opportunistic time to invest in South Africa."

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Posted By : Rabi Wangkhem on Fri, 04 Oct 2019
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