Nkomati anthracite

mega_antracite

In 1980, the South African Development Trust granted Kangwane Mineral Exploration (Pty) Ltd the right to exploit the Nkomati anthracite coalfield. In 1984, ownership was transferred to the Kangwane Economic Development Corporation (KEDC) and 60% of the mine was acquired by Alfred McAlpine and Son.

At the time, KEDC nominated Dr HJ Hanekom and Professor DG Krige to represent it as Directors on the Board of Kangwane Anthracite. They remain directors.

In 1985, when Trans Natal Coal Corporation acquired McAlpine SA, the former transferred its 60% shareholding to Ingwe Coal (now owned by BHP Billiton).

MEGA’s objective is to implement the restructuring plan and investment required to realise the coalfield’s full value. The Board of Nkomati Anthracite is in place; the business model has been reviewed; and MEGA stakeholders have been tasked with ensuring a review of the mining operator contract, in the hope that competitive bids will lower operational costs and release value to shareholders.