Continental Coal (ASX: CCC, AIM: COOL) has been granted a trading halt by the ASX this morning with its shares placed in pre-open, pending an announcement regarding the sale of the company's Vanmag asset and purchase of outstanding minority shares in Mashala Resources.
Vanmag is a non-core project, and both the settlement of sale of the shareholding in the project, and the acquisition of the outstanding minority interests in Mashala are part of a strategic focus for the second half of FY2013.
The main focus for Continental Coal is to; Maintain strong operational performance across the Group's three thermal coal mining operations; Development decision on the De Wittekrans Coal Project - the Group's proposed 4th mining operation; and Strengthen balance sheet, increase working capital and reduce corporate debt.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Friday 8th March 2013.
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