Mining investment company Menar Holding plans to acquire a 70% stake in Kangra Coal, which owns assets in Mpumalanga and KwaZulu-Natal, from Madrid-listed Gas Natural Fenosa for $28-million.
If approved, the acquisition will add to Menar’s growing portfolio and diversified geographical location of assets.
Menar owns Zululand Anthracite Coal.
“We have the right set of skills and a proven record to operate coal mines in challenging environments. We have cultivated these over many years and we are confident that this acquisition is in the best interest of all stakeholders,” commented Menar MD Vuslat Bayoglu.
He added that the acquisition would provide Menar access to a strategic stake in the Richards Bay Coal Terminal (RBCT).
Kangra owns a 2.3% stake in RBCT and has a right to export a total of 1.6-million tonnes a year of coal.
Izimbiwa Coal Investments owns the remaining 30% in Kangra.