Bloomberg News

Coal of Africa Surges Most in Eight Months on Vele Permit Grant

July 06, 2011

July 6 (Bloomberg) -- Coal of Africa Ltd., a producer of coal in South Africa, surged the most almost eight months after saying it will resume mining at its Vele project after getting environmental approval for the venture, located near a United Nations World Heritage site.

The stock advanced 1.20 rand, or 15 percent, to 9.29 rand as of 9:03 a.m. in Johannesburg, the biggest intraday increase since Nov. 12.

The company, based in Perth, Australia is required to meet specific conditions at Vele because of the “uniqueness of the area,” it said in a statement today, without giving further details. The project is about 17 miles (27 kilometers) from the Mapungubwe Hill ruins, once one of southern Africa’s biggest settlements.

To contact the editor responsible for this story: Ana Monteiro at amonteiro4@bloomberg.net


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