18/06/2008
South Africa-focused Coal of Africa has upgraded potential resources at Vele in Limpopo Province 25 per cent to 441.47 million tonnes.
The company, quoted on AIM and the Australian and Johannesburg Stock Exchanges, says a 65-borehole drilling programme has led to the upgrade of soft coking coal resources at Vele. The measured element in the new resource estimate is 133.84 million tonnes, most of it open-cast, with indicated, inferred and ‘reconnaissance’ resources taking the total to 441.47 million tonnes.
Recommended by Growth Company Investor at 14p in 2006 and again at 131p last April, Coal of Africa’s shares now trade at 198.5p, down from their latest high of 205p. Partial profit might be prudent, though later prospects look fair.
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