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Coal of Africa shares advance by record on Makhado mining rights

Shares jumped to their biggest gain since starting to trade in December 2006.

Coal of Africa, a South African producer of the fuel, rose by a record in Johannesburg trading after winning rights to mine at a site in Limpopo province.

Coal of Africa jumped as much as 69%, its biggest gain since starting to trade in the city in December 2006.

South Africa’s Department of Mineral Resources granted permission to mine hard coking and thermal coal at the Makhado project, the company said Monday in a statement. Coal of Africa also won consent to transfer the right to its subsidiary, Baobab Mining & Exploration.

The shares rose 30% to R1.16 at 11:32 am local time to trade at their highest level since January 2014.

Coal of Africa expects to produce 2.3 million metric tons of hard coking coal annually and 3.2 million tons of thermal coal over Makhado’s 16-year lifespan.

©2015 Bloomberg News

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