Past year: ▼ 30%(44.5c – 1.70 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2013quarterly activities report● Neutral
December quarter: cash is A$4.454M (from A$6.892M). Ntendeka production is targeted for Q2 2013, needing the water licence and the roughly ZAR200M bank facility, which management expects to finalise shortly after the Vitol deal. The Ngagane siding land transferred 13 December 2012.
23 Jan 2013material agreement▲ GoodMajor
Ikwezi signs a three-year off-take deal with Vitol to sell 3.96Mt of coal, the full scheduled first-stage Ntendeka output, at fixed and API4-linked prices. It is conditional on Ikwezi arranging a funding facility within three months.
22 Jan 2013regulatory community update▲ Good
The Department of Mineral Resources has executed the Assegai prospecting right (3,998 ha, Ermelo), following the October 2012 grant announcement. The conceptual 150Mt target and Q3 2013 exploration plan are unchanged.
22 Jan 2013asset acquisition disposition▼ BadMajor
The Waterberg acquisition agreement (70% of 5,714 ha, agreed September 2011) has lapsed because the Section 11 approval was never received. The company may revive it or look elsewhere, and says its focus is KwaZulu-Natal, Gauteng and Mpumalanga projects.
15 Jan 2013security holder rights change● Neutral
The 5,000,000 unlisted options at A$0.30 expired unexercised on 31 December 2012. Administrative notice with no new funds raised.
30 Nov 2012investor presentation● Neutral
November 2012 AGM presentation. Visible text is only disclaimers describing the projects as pre-feasibility stage; the rest is truncated, so no new information can be reported.
31 Oct 2012quarterly activities report▼ Bad
September quarter: cash is A$6.892M, down from A$12.131M. A revised Ntendeka mine plan is done and non-essential spend is cut. Production is targeted for early to mid-2013, still awaiting the water licence and a bank loan, whose talks were delayed.
25 Oct 2012asset acquisition disposition▲ GoodMajor
Ikwezi's 60%-owned subsidiary Bokamoso is granted a 3,998 ha prospecting right for the Assegai project in the Ermelo coalfield, with a conceptual 150Mt exploration target. Exploration is planned for Q3 2013; Ntendeka production is now aimed at early to mid-2013.
15 Oct 2012annual report● Neutral
2012 annual report largely repeats known facts: A$30M IPO, Newcastle (Ntendeka) mining right granted February 2012, 221Mt resource. It describes about 1.25 Mtpa saleable coal, a 30-plus year mine life and the Phase 2 project now being called Dundee.
27 Sept 2012annual report● Neutral
Statutory accounts for the year to 30 June 2012. Visible text covers only the contents, directors' biographies and the principal activity of coal exploration and development; no financial figures are readable in the truncated text.
31 July 2012quarterly activities report▼ BadMajor
June quarter: cash is A$12.131M (from A$24.5M at September 2011). Citing low thermal coal prices, production start is likely deferred from October 2012 to early 2013. A bank loan facility and the water licence remain unfinished.
19 June 2012production update▼ BadMajor
Newcastle project renamed Ntendeka Colliery. Wash plant commissioning slips to mid-July 2012, and the company says licence approvals are taking longer than expected, with the water licence still pending. The 170,000t/month plant is now being bought directly rather than outsourced.
30 Apr 2012quarterly activities report● Neutral
March quarter: Newcastle mining right (about 12,000 ha) granted, wash plant fabricated and being shipped to site, commissioning on track for Q2 2012. Mining still waits on the water use licence, which the company hopes to receive within Q2 2012.
4 Apr 2012contract award▲ GoodMajor
Stefanutti Stocks Mining Services is appointed opencast mining contractor for Newcastle, resolving the contract negotiations noted earlier. Mining is now expected to start mid-2012, with the wash plant still due for commissioning in Q2 2012.
14 Mar 2012half year report● Neutral
Half-year to December 2011: net loss $580,977, operating outflow $1.93 million, plus $4.7 million on plant and equipment and $1.5 million on exploration. Q2 2012 production still targeted, but the company warns any delay in water licence approvals would delay production.
7 Mar 2012resource reserve update▲ GoodMajor
Newcastle JORC resource rises to 221 million tons from 209 million, with a first reserve of 14 million tons. Opencast mining is expected from Q2 2012, with a 2 Mtpa ROM wash plant and a ramp-up to 4 Mtpa ROM in Q4 2013.
27 Feb 2012regulatory community update▲ GoodMajor
The Department of Mineral Resources grants the Newcastle mining right, resolving the long-awaited approval. Q2 2012 production is still targeted; the water use licence is still pending, expected early Q2 2012.
15 Feb 2012investor presentation● Neutral
February 2012 investor presentation covering the Newcastle, Newcastle Phase 2, Waterberg and Acorn projects. Visible text is only disclaimers, describing the projects as pre-feasibility stage; the rest is truncated.
31 Jan 2012quarterly activities report● Neutral
December quarter: Q2 2012 production still targeted, but mining right now expected in Q1 2012 (earlier January) and water licence Q2 2012. Wash plant about 80% erected at supplier. An updated resource and reserve statement is promised for February.
19 Dec 2011contract award▲ GoodMajor
Ikwezi signs a Transport Agreement with Transnet Freight Rail for 1.5 mtpa of Newcastle rail capacity, renewable annually. The mining right has slipped to expected January 2012 (it was earlier due 'shortly'), though Q2 2012 production is still targeted.
31 Oct 2011annual report● Neutral
First annual report repeats known facts: $30 million IPO, Newcastle (70%) targeted for production in 2012, Waterberg exploration from Q1 2012. Adds that Transnet and port discussions are advanced, and BEE holdings are 30% in Newcastle and 40% in Phase 2 and Acorn.
31 Oct 2011quarterly activities report● Neutral
September quarter: cash is A$24.5 million, down from the $30 million raised. Newcastle commercial production is targeted for Q2 2012, with wash plant deposits paid and a Transnet rail account opened. Mining right is still awaited, 'expected shortly'.
30 Sept 2011asset acquisition disposition▲ GoodMajor
Ikwezi agrees to acquire 70% of two Waterberg coalfield prospecting rights (5,714 ha, Limpopo). It sets a conceptual, unverified exploration target of 2–4 billion tonnes, with exploration planned for early 2012. Newcastle production is still targeted for early/mid 2012.
30 Sept 2011annual report● Neutral
Statutory accounts for the period to 30 June 2011 show a net loss of $366,826 and operating cash outflow of $527,323, before the $30 million IPO closed in July 2011. Newcastle mining right application was lodged in December 2010.
22 July 2011director officer appointment● Neutral
Initial director interest notices. Hewetson and Pile each have an indirect interest in Belvedere's 170,000,000 shares, and Pile and Anthony hold 2,000,000 options each at $0.30 expiring December 2012. Fourth notice truncated.
19 July 2011director officer appointment▲ Good
Roger Rees will join the board as an independent non-executive director from 22 July 2011. He was Finance Director of Murray & Roberts for over 10 years. This starts the board independence the listing governance statement promised.
19 July 2011investor presentation● Neutral
Post-listing investor presentation on the Newcastle, Newcastle Phase 2 and Acorn coal projects. The visible text is mostly disclaimers and describes the projects as pre-feasibility stage; the remainder is truncated.
15 July 2011other● Neutral
Administrative notice listing the documents released before quotation (shareholder distribution, top 20 holders, escrow, governance, trading policy, option plan). No new substance.
15 July 2011other● Neutral
Share registry confirms holding locks on 169,950,000 shares and 5,000,000 options, escrowed for 24 months from quotation. Administrative.
15 July 2011capital raising announcement▲ Good
Confirms the IPO closed: all shares allotted 12 July 2011, cleared funds received and applications accepted in full. The offer was 150,000,000 shares at $0.20 for $30 million, with $1.93 million of costs. Options were issued to directors and Euroz.
What it means for a shareholder
150m new shares at A$0.200 to raise about A$30.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
