Australian-quoted GVM Metals has agreed to lift its stake in the Holfontein thermal/coking project in South Africa's Witbank coal-field, from 49 percent to 100 percent, buying out its BEE partner Motjoli Resources in an all-scrip deal. GVM says the company will issue Motjoli up to 38.3m of its shares, worth about 11.9 million Australia dollars (9.1 million dollars) at recent prices, and appoint two executives of the BEE company to its board to seal the deal. The two are Motjoli managing director, Nchaka Moloi, a former deputy director of South Africa's Department of Minerals and Energy, and Nonqubela Mazwai, formerly an executive with Richards Bay Coal Terminal.
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