The sale has been delayed to give Blackspear more time to meet the proof of funding conditions included in the deal.
The Mooiplaats coal project is situated in the Ermelo Coalfield, 1.7km from the Camden power station. It was placed on care and maintenance from 1 October 2013.
The move affected about 290 employees and 258 contractors involved with the operations at the mine.
In September 2014, Coal of Africa agreed to divest the colliery to Blackspear for $23.47m. The proof of funding for the acquisition was initially planned by October 2014 and was later extended to 30 April this year.
Coal of Africa CEO David Brown said: "Despite this delay in the completion of the sale of Mooiplaats, much progress has been made and we remain committed to the completion of this transaction as soon as possible.
"The company has a number of interested parties at various stages of the due diligence process."
The sale is a part of Coal of Africa’s five-point turnaround strategy implemented two years ago, which also included divesting several other assets.
Coal of Africa’s key projects in South Africa include the Vele Colliery, the Greater Soutpansberg project /MbeuYashu and Makhado project.
