Mining Weekly reported that Coal of Africa Limited (ASX:CZA) completed fundraising to launch the Velen mine and acquire a coal property from Rio Tinto (NYSE:RIO).

As quoted in the market news:

The proceeds of the placing would be used for the $43-million payable on the completion of the Chapudi acquisition, which would consolidate the miner’s coking coal prospecting rights in the Soutpansberg coalfield in Limpopo.

Click here to read the full Mining Weekly report.