IchorCoal N.V. (DB:IO0) agreed to acquire Penumbra Coal Mine Pty Ltd from Continental Coal Limited SA for approximately ZAR 55 million on April 14, 2015. IchorCoal was announced, preferred bidder. IchorCoal entered into, binding agreements to acquire Ntshovelo on June 8, 2015. In related transaction, IchorCoal agreed to acquire Ntshovelo Mining Resources from Continental Coal. IchorCoal intends funding the acquisitions of Penumbra and Ntshovelo through a combination of internal funds and third party funding. The transaction is subject to the fulfilment of a number of conditions precedent that are typical for a transaction of this nature, including requisite regulatory approvals from competition authorities and the department of mineral resources.

As on July 24, 2015, South Africa Competition Council approved the transaction. Macquarie First South Advisers (Proprietary) Limited acted as the financial advisor and Werksmans Attorneys Incorporating Jan S. de Villiers acted as the legal advisor to IchorCoal N.V.