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Clean Invest Africa PLC on Monday said its subsidiary CoalTech Ltd has started commercial coal production at the Bulpan site in South Africa.
CoalTech expects to produce 3,500 tonnes of coal per month over the next 8 to 12 weeks, rising to 7,000 to 7,500 tonnes per month in 2023. For that year, it anticipates revenue of $450,000 to $500,000 per month and a net profit of $1.2 million in the region.
‘There is a global spike in demand for coal, and substantially increased selling prices of coal have improved the business case to self-produce at Bulpan,’ said Clean Invest Africa, a London-based investor in energy projects in Africa.
Chair Shaikh Mohamed Abdulla Khalifa AlKhalifa commented: ‘This commercial production strategy is a very significant development for CoalTech with potential for cash flow and profitability in the near term, whilst in parallel enabling CoalTech to advance its negotiations for much larger scale commercial agreements, which upon agreement will be game changing.’
Clean Invest Africa shares were 11% higher at 0.255 pence each in London on Monday morning.
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