The sale is a part of the company’s five-point turnaround strategy. The transaction, which is subject to regulatory approvals, will be concluded in two tranches.
The first tranche of $14.08m is expected to be paid during the first quarter of 2015, while the second tranche of $9.39m will be paid in 12 months from the payment of the first tranche or by 30 November 2015 whichever is earlier.
Mooiplaats is a thermal underground colliery located in the Ermelo Coalfield in the Mpumalanga province, South Africa.
The mine was placed on care and maintenance from 1 October 2013.
CoAL CEO David Brown said: "Following the signing of the SPA for Mooiplaats, CoAL has agreements in place to sell all of its non-core assets identified during the turnaround strategy.
"On completion of these sales and the proposed equity financing, we will be in a position to unlock the intrinsic value of our coking coal assets in South Africa and creat
