JSE-listed coal miner, Coal of Africa (CoAL), has posted losses in the six months to December 2013, but says its turnaround strategy is steaming ahead.

The firm said losses for the period under review reached $46.3 million, which was lesser than the $111.7 million worth of losses the company posted in the previous comparable period.

David Brown, the CEO of CoAL, said the firm’s 10-point turnaround strategy had begun producing great results.

He said the company had done well given the current state of affairs in the commodity market, Brown said, in a bid to prove that his turnaround strategy is working wonders.

The company said the placement of the loss-making Mooiplaats Colliery in the intensive care unit (ICU) was at a certain stage of completion and the unit will be out of the ICU this year.

Additionally, the firm said the selling of the Woestalleen Complex and Holfontein project was also at a certain stage of completion but was expected to be finished this year.