Coal of Africa narrows its losses

Coal of Africa yesterday said losses had narrowed to $46m (£27.6m) in the first half of the year, as the triple-listed company cut costs as part of its turnaround strategy. “[The firm] has made good progress with its turnaround strategy in the last twelve months, having concentrated on selling non-core assets and closing down loss making operations,” said broker Investec. “The company has significant latent value in its Vele and Makhado coal projects, with financing being the key hurdle for the company to overcome in the near term.”