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.