The South Africa focused mining company Coal of Africa has signed an agreement to control development in the Mapungubwe Cultural Landscape World Heritage Site.

Together with the South African Department of Environmental Affairs and the South African National Parks service Coal of Africa has agreed to exploit the area sustainably.

This means finding ways local communities in the north east of the country can benefit from the economic development of mining. The memorandum also includes requirements for significant environmental offset.

Speaking at the signing event in Pretoria, Coal of Africa Chief Executive John Wallington said: "...we are seeking to be pioneers in finding the right balance between conservation and economic development. We have a responsibility to protect the natural and cultural richness of the Heritage Site, whilst substantially increasing the size of the economy and thereby creating jobs that our country desperately requires".

Investors were pleased by the news, with the company's share price rising nearly 7% on the AIM market.

BS

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