Trades and observations from a British contrarian stock investor

This blog is not intended to give financial advice. Before investing, do your own research and consult your financial adviser if appropriate. The accuracy of any information included is not guaranteed and may be subject to conjecture or interpretation by Contrarian Investor. Therefore visitors should validate all facts using alternative sources where possible.

Tuesday, February 2, 2010

Coal of Africa comes good with 23% one day gain due to Vele mine approval

Coal of africa (CZA) rose 23% today, with a 28p rise to 147p as confirmation came through that the key Vele mining project has been granted an unconditional mining order (NOMR).CZA currently holds an 80% interest and has an agreement in place to acquire the remaining 20%.


The company has also been granted a conditional NOMR for the Holfontein coal project near the middle of Sasol's Secunda coal production area.The Holfontein NOMR is conditional on delivery of certain documents to the DMR.


This  news fully endorses the decision to invest back in November and Contrarian Investor still sees upside in the price to around £1.80-2.00 in the short term. Holding postions for now. Great news and a significant upside to the portfolio.
Posted by Contrarian Investor UK at 10:14 PM
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