Edison Investment Research has published a note on Coal of Africa Ltd, saying it is poised to become a significant South African producer of coking coal as well as some thermal coal.

The company – listed on the ASX, JSE and AIM – has already put its first mine, Mooiplaats, into production and aims to be mining its Vele project by year end.

Coal of Africa is essentially debt free with net cash of A$204.4 million and should not need to raise additional funds for development of Mooiplaats’s first phase as well as Vele, Edison said.

Coal of Africa is a research client of Edison Investment Research.

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