{"id":14913,"date":"2012-09-25T04:53:28","date_gmt":"2012-09-25T02:53:28","guid":{"rendered":"http:\/\/www.myza.co.za\/09\/forbes-coal-to-acquire-two-south-african-mines-from-rio-tinto\/"},"modified":"2012-09-25T04:53:28","modified_gmt":"2012-09-25T02:53:28","slug":"forbes-coal-to-acquire-two-south-african-mines-from-rio-tinto","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/forbes-coal-to-acquire-two-south-african-mines-from-rio-tinto\/","title":{"rendered":"Forbes Coal to acquire two South African mines from Rio Tinto"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span class=\"articleLocation\">Sept 24<\/span> (Reuters) &#8211; Forbes  Manhattan Coal Corp said on Monday it<br \/>\nplans to acquire two South African coal mines from a unit of Rio Tinto<br \/>\nin a bid to boost its output and enlarge its footprint in Africa.<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>Forbes will acquire 74 percent of the Zululand Anthracite Colliery (ZAC), a<br \/>\nproducing anthracite mine, and the Riversdale Anthracite Colliery (RAC), an<br \/>\nundeveloped anthracite resource, the company said.<\/p>\n<p><span><\/span><\/p>\n<p>The transaction involves a base payment of 440 million rand ($54.08<br \/>\nmillion). In addition, Forbes will also pay an annual revenue share of 10<br \/>\npercent on incremental revenue above 850 million rand until 2025.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;The acquisition of ZAC significantly accelerates Forbes Coal&#8217;s goal of<br \/>\nbecoming a 3-4 million tonne producer &#8230; we expect to be producing almost 2.5<br \/>\nmillion tonnes in less than a year&#8217;s time&#8221;, Chief Executive Stephan Theron said<br \/>\nin a statement.<\/p>\n<p><span><\/span><\/p>\n<p>The ZAC mine has produced an average 700,000 tonnes of coal per year over<br \/>\nthe last five years, the company said.<\/p>\n<p><span><\/span><\/p>\n<p>Forbes had a second-quarter total run of mine (ROM) production of 414,551<br \/>\ntonnes of coal.<\/p>\n<p><span><\/span><\/p>\n<p>It will finance the acquisition with a 396 million rand debt facility and<br \/>\ncash on hand.<\/p>\n<p><span><\/span><\/p>\n<p>The company&#8217;s shares closed at 65 Canadian cents on Monday on the Toronto<br \/>\nStock Exchange.<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sept 24 (Reuters) &#8211; Forbes Manhattan Coal Corp said on Monday it plans to acquire two South African coal mines from a unit of Rio Tinto in a bid to boost its output and enlarge its footprint in Africa. Forbes will acquire 74 percent of the Zululand Anthracite Colliery (ZAC), a producing anthracite mine, and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-14913","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14913","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=14913"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14913\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=14913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=14913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=14913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}