Coal of Africa shares drop 10pc

Coal of Africa shares sank yesterday as it said that an environmental coalition had withdrawn from a Memorandum of Understanding with the company, signed last year to protect the Mapungubwe Cultural Landscape in South Africa. The news sent its shares down 10 per cent yesterday to close at 11.25p. Last week, the green coalition said that there was more information that showed non-compliance with water legislation at its Vele mine. Coal of Africa said that the basis on which it was withdrawing was “inaccurate”.