The University of Cape Town on Tuesday morning confirmed reports that “four cars were set alight at .
KEATON Energy Holdings is to spend some R158million on the initial phase of its first major mining project, Vanggatfontein near Delmas, the company said on Monday.
This was aimed at producing high quality metallurgical coal for the domestic market, and at surface right acquisitions, it said.
Chief executive Paul Miller said the balance of Keaton's available cash - R177million - was earmarked for phase two of Vanggatfontein, which would target domestic power station coal.
This positioned Keaton to benefit from the ongoing recovery in both domestic and international coal markets from the late-2008 market crash.
Export coal prices had recovered from their lows of 2009 and appeared to have stabilised above R617 per ton as shipped from Richards Bay coal terminal.
First coal was expected from Vanggatfontein before the end of this year.
In the financial year just closed, Keaton had recorded revenue of R21,9million from the sale of coal from its short-life Klip Colliery, now undergoing major rehabilitation.
After accounting for cost of sales, gross profit was R766,000.
Keaton had recorded a loss for the year of R3,5million compared with a profit of R4,8million the previous year, which was predictable for a "junior" exploration and mining company. - Sapa