Dow Jones Newswires reported the resource upgrade came as Coal of Africa neared completion of due diligence on a proposed partnership with Rio Tinto.
In July, Coal of Africa and Rio Tinto agreed to swap some coal farms in the Makhado coking coal project and contribute certain farms to a joint venture operation.
The Vele coking coal project is expected to produce 5Mt per annum at a mining cost of $US54 per saleable tonne.
Earlier this year the miner announced a resource upgrade for its Makhado (formerly Baobab) coking coal project in the Limpopo Province of South Africa.
The new measured, indicated and inferred resource estimate is 1.335 billion in-situ tonnes, up from 713Mt.
Coal of Africa also released a production schedule for its Makhado project.