CityView Buys Stakes in Two S. Africa Coal Projects

12 July 2009 (Last Updated July 12th, 2009 18:30)

Australian diversified miner CityView Corporation is to acquire an 18% interest in an unnamed specialist coal fines company in South Africa for $30m. CityView has commissioned an independent report on the unnamed miner, which owns stocks of coal fines and is constructing two coal briqu

Australian diversified miner CityView Corporation is to acquire an 18% interest in an unnamed specialist coal fines company in South Africa for $30m.

CityView has commissioned an independent report on the unnamed miner, which owns stocks of coal fines and is constructing two coal briquette plants.

The deal is based on a projected EBITDA of about $55m from the first year of production.

CityView said it also has plans to acquire an almost 50% interest in an unnamed private company which owns 74% of a South African coal company.