At a ceremony in Johannesburg, the two companies signed an agreement confirming a strategic relationship that allows Coal of Africa to draw on the commercial, technical, financial and operational expertise within Haohua.
“The agreement serves to facilitate the formation of a long-term and mutually beneficial strategic partnership between CoAL and HEI. The vision of the cooperation is to unlock the intrinsic value inherent in CoAL's operations and projects,” Coal of Africa CEO John Wallington said in a statement.
Earlier this year, Hong-Kong based Haohua invested $100-million in the junior coal producer and now said it has “undertaken to use its best endeavours to arrange further funding in the development of Coal of Africa’s substantial project pipeline.”
Beijing Haohua Energy is a coal producer based in Beijing, and engaged in mining, washing, export and sales of coal products and is the largest exporter of anthracite coal from China.
Coal of Africa is a tri-listed coal company with four key projects in South Africa including the Vele open pit and underground complex, the Makhado coking coal project and the thermal coal Mooiplaats and Woestalleen collieries.
