Patersons Securities maintained South Africa-focused Universal Coal at a "buy" recommendation with a price target of 27¢, up from 20¢ previously, on the back of strong operational and sales performance over the first half of 2015 from the company's Kangala operation and the acquisition of the company's second operation, New Clydesdale Colliery from South African major Exxaro Resources.
The company's operations are in the same neighbourhood as South32's four coal mines near Johannesburg.
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Elise Shaw writes on Markets specialising in Equity Markets, Commodities, Mining. Based in our Sydney newsroom, Elise has over 25 years experience as a finance and markets journalist and editor. Connect with Elise on Twitter.
