AMED Funds provided the capital to enable Universal Coal to develop the Kangala Mine. Universal subsequently also developed the new Clydesdale Mine in South Africa and became a 5 million tonne per year producer. Universal generated EBITDA of A$72.3 million on revenue of A$316.3 million in the financial year before AMED sold it.

AMED held 30% of the shares in the company, which was listed on the ASX.

The company was sold to Terracom, which was also listed on the ASX.