South African miner, Coal of Africa, appointed former Impala Platinum chief executive, David Brown, as chairman and raised $44.8m in a share placement in a move to advance some of its projects, the company said on Tuesday.
Reuters reported that CoAL, which is also listed in London and Australia, said proceeds of the placement would be used to finance the ramp-up of its Vele colliery.
Brown joins CoAL after nearly 14 years at Implats, the world’s second largest platinum producer, and replaces Richard Linnell, who has stepped down.
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