S. Africa's Wescoal confirms bid for Australia's Universal Coal

摘要

South Africa's JSE-listed Wescoal confirmed it was part of a consortium to buy Australia's Universal Coal, as it looks to use its mounting cash reserves to expand through acquisitions. Wescoal is part of the Ata Resources-led consortium that looks set to take over ASX-listed Universal Coal for around $182m. Universal Coal owns two South African mines - the 2.4 mt/y Kangala Colliery and New Clydesdale Colliery, which is forecast to produce 2.7 mt/y.