Coal of Africa gets $100m boost

Shares in Coal of Africa soared 18 per cent yesterday after it announced a Chinese group was to inject $100m (£62m) into the coal miner, after full-year losses tripled. Coal producer Haohua Energy International, a subsidiary of Beijing Haohua Energy Resource, is to buy $100m in stock at 25p a share. The mining company said adjusted operating pre-tax losses for the year to the end of June widened to $32.8m from $10.1m the previous year.