The loss of 4.42 cents per share loss is an improvement when compared to the loss of $111.7 million, or 14.39c per share for the prior corresponding period.

“The period reflects the Company’s transition to a project development company,” Coal of Africa CEO David Brown said.

“The execution against the five point turnaround strategy yielded positive results.

“The company has fared well considering the current coal commodity market as well as the wholesale changes that have been needed to ensure your company is in a position to realise the significant upside potential embodied in its coal resources.”

During the six month period the company focused on safety and did not record any lost time incidents.

The restructuring of CoAL continued and resulted in the disposal of the Woestalleen Complex near Middelburg in Mpumalanga.

The company satisfied several conditions of the transaction and by the end of December 2013, only the conditions requiring regulatory approval were yet to be satisfied.

This was received at the end of January 2014 with the flow of funds in March 2014.

Over the six months, ended December 2013, CoAL converted its interest in ASX listed Lemur Resources into Bushveld Minerals shares.

CoAL will dispose of these shares in 2014.