Strategic Natural Resources Plc said that South African miner Coal of Africa Ltd raised its stake in the company to 15.03% sending Strategic Natural shares up as much as 15.4%.

Strategic Natural, which is mainly engaged in acquiring and developing natural resources in South Africa said that Coal of Africa had bought 7.76 million more shares in the company on November 8 lifting its total holding to 11.26 million shares.

The two companies will also be coordinating engineering efforts on the development of generic smaller mine mouth independent power projects, Strategic Natural said. The company said it was looking forward to future collaborations with Coal of Africa to initiate coal export from Strategic Natural's Elitheni Mine at Indwe in the Eastern Cape of South Africa.

(Sourced from Thomson Reuters)