[miningmx.com] – KEATON Energy said it had received an offer for its shares in Leeuw Mining and Exploration, the company through which it owns Vaalkrantz, an anthracite mine in South Africa’s KwaZulu-Natal province.
It was corrupt practices at the Vaalkrantz mine that put pay to the coal firm’s planned dividend and drove it to a R71.9m net loss for the year ended March 31. David Salter, Keaton’s chairman, described the event at the time as “a sordid circle”.
The potential acquisition excludes the Braakfontein property into which Keaton is currently conducting a feasibility study. If the project is approved, it will help Keaton to annual production of five million tonnes a year.
