April 28, 2017

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After insider trading charge, Coal of Africa COO resigns

Michiel Bronn, the Chief Operating Officer of South African based coal miner, Coal of Africa, has resigned after being found guilty of insider trading and fined by South Africa’s Financial Services Board (FSB),  African Mining Brief Online gathers from a report filed by newswire, BDpro.

The FSB found Brönn found guilty for buying 117,000 shares on the JSE in May 2015, only three days before the company publicised news that it had been granted a mining right. The FSB said Brönn did that fully aware that the Department of Mineral resources’ a greenlight for the company’s Makhado project.

In a statement released on Thursday, Coal of Africa said: “Mr Brönn will forfeit all share-based incentive awards and shall not be entitled to receive any bonus payments for the year ending June 2017.”

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