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Mining Weekly reported that South Africa-based coal developer ZYL Ltd. (ASX:ZYL) has opted for voluntary administration, as it failed to secure long-term financing in the falling commodity market.
Mining Weekly reported that South Africa-based coal developer ZYL Ltd. (ASX:ZYL) has opted for voluntary administration, as it failed to secure long-term financing in the falling commodity market.
As quoted in the market news:
ZYL was on the hunt for funding to allow the company to review its existing projects and to possibly acquire new projects. However, ZYL said this week that despite the company’s best efforts, it had been unable to raise the necessary funding in the current market conditions.