Past year: ▲ 19%(20.0c – 32.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Apr 2011director officer appointment● NeutralMajor
Wayne Koonin, formerly CFO of Platmin, became Finance Director on 1 April 2011, replacing Blair Sergeant, who resigned and will lead Lemur Resources. Simon Farrell moved to a non-executive role, focusing on the Tshipise gas JV (50%) and a Limpopo industrial project.
24 Mar 2011debt financing▲ GoodMajor
CoAL secured a US$50m revolving export finance facility from Deutsche Bank at LIBOR plus 3%, up to 30 months. It will repay the fully drawn US$20m JP Morgan loan. Cash was US$31m at 18 March 2011, following the A$23m December quarter balance.
18 Mar 2011security holder rights change● Neutral
124,998 shares issued on exercise of Class A options at 50 cents, taking shares on issue to 530,639,661. Routine option conversion and secondary trading notice.
16 Mar 2011half year report● Neutral
Half-year report to 31 December 2010: coal sales of $93m versus nil a year earlier, and Mooiplaats ROM up 59% to 375,000t. Vele has been closed since the 5 August 2010 compliance notice, though construction is almost complete. Text truncated; no profit figure seen.
1 Mar 2011regulatory community update● Neutral
The mining department accepted the Makhado mining right application lodged 24 January, starting the process before final grant. The feasibility study is now expected to be board-approved by end of the June quarter, later than the Q1 2011 timing given in January.
24 Jan 2011regulatory community update▲ GoodMajor
CoAL lodged the Makhado mining right application, meeting the end-2010 target, and executed the Rio Tinto farm-swap prospecting rights. A 19,100t bulk sample is due at Tshikondeni by mid-March for ArcelorMittal testing; feasibility study peer review is due Q1 2011.
7 Jan 2011other● Neutral
M&G/Prudential's holding rose from 13.81% to 14.37% (76.3m shares), continuing its build-up from 12.40% in October. Routine substantial holder notice; the reasons are in an annexure not shown.
31 Dec 2010other● Neutral
CoAL released its updated Policy for Trading in Company Securities to comply with ASX Listing Rules. It sets insider trading rules and AIM close periods for directors and staff. Administrative; no new business information.
9 Dec 2010other● Neutral
M&G/Prudential's holding rose from 12.40% to 13.81% (73.3m shares). Routine substantial holder notice; the reason is in an annexure not shown.
29 Nov 2010asset acquisition disposition▲ GoodMajor
CoAL agreed to buy Rio Tinto's Chapudi Coal Project (1,040Mt JORC resource) and related exploration properties for US$75m. Chapudi is contiguous with Makhado and more than doubles its 947Mt resource. Extends the Rio farm swap and makes CoAL the dominant Soutpansberg holder.
18 Nov 2010director officer appointment● Neutral
Three non-executive directors joined: Mosehla and Xayiya as Firefly (BEE partner) nominees, and Torlage as ArcelorMittal's nominee replacing Verster. This fills the board seats pending since August and under the Firefly agreements.
12 Nov 2010regulatory community update▲ Good
The Mpumalanga department withdrew the Mooiplaats pre-compliance notice after a meeting, and confirmed no Compliance Notice will be issued. Discussions continue on some issues. This resolves the 3 November threat to the mine.
4 Nov 2010regulatory community update● Neutral
CoAL gave a detailed rebuttal on Mooiplaats: it says it has complied with the mining department, was not told to stop, and only a formal Compliance Notice would require stopping. Section 24G applications were lodged in June 2010. Follows the 3 November notice.
4 Nov 2010regulatory community update▼ Bad
CoAL confirmed a Mpumalanga department notice of intent to issue a Compliance Notice over Mooiplaats activities. It says, contrary to press reports, it has not been asked to stop mining. It can apply for rectification by 11 November.
28 Oct 2010investor presentation● Neutral
Slides for the CEO's September 2010 quarter results presentation, repeating the quarterly report. The company description now gives Vele production as Q1 2011 (an apparent slip from Q4 2010).
28 Oct 2010investor presentation● Neutral
Notice of an audio webcast of the CEO's presentation of the September 2010 quarter results. No new information. Boilerplate now gives Vele production timing as Q1 2011, versus Q4 2010 earlier.
21 Oct 2010regulatory community update● Neutral
Responding to a Bloomberg article, CoAL said neither the environmental nor water departments has decided on restarting Vele development or granting the water licence. It remains hopeful development can restart in Q4 2010. Vele is still stalled.
12 Oct 2010other● Neutral
M&G/Prudential's holding rose from 11.21% to 12.40% (65.8m shares). The notice says it was required due to the placing of new shares. Routine substantial holder notice.
30 Sept 2010annual report▼ BadMajor
FY to 30 June 2010 statutory loss of US$101.4m (reported in the text as $), including a $52.8m Mooiplaats impairment. EBITDA loss was about $12.7m. Woestalleen contributed $10.4m EBITDA over six months; revenue and profit fell short of expectations.
13 Sept 2010regulatory community update▲ GoodMajor
The DMR approved the Rio Tinto farm swap, resolving the pending approval from October 2009. This lets CoAL lodge the Makhado mining right application, expected before end 2010. It also adds three coking coal projects (Mount Stuart, Voorburg, Jutland), based on historical drilling.
8 Sept 2010director officer appointment▲ Good
David Murray, former BHP Billiton coal president, joins as Senior Independent Non-Executive Director. His package includes 2.5m unlisted options, subject to shareholder approval. This adds senior coal experience to the board.
1 Sept 2010production update▼ BadMajor
CoAL has complied with environmental and water directives at Vele and is applying for rectification. It cut 596 Vele jobs, and production is now likely to restart in Q4 2010, slipping from the August target. Vele timing is no longer confirmed.
16 Aug 2010director officer appointment● Neutral
Kobus Verster, ArcelorMittal's nominee non-executive director, resigned from the board effective 13 August 2010, following his resignation from ArcelorMittal SA. A replacement nominee will be announced later.
12 Aug 2010regulatory community update▼ BadMajor
After meeting the Department of Environmental Affairs, CoAL said it is complying with the Compliance Notice and has ceased certain Vele activities, while maintaining it acted within its mining right. The water licence is still not received, and mining and processing cannot start without it.
9 Aug 2010regulatory community update● Neutral
CoAL met the Environmental Affairs Department on 2 August, which formally listed activities it says lack authority at Vele. A further meeting was set for 10 August. CoAL says it is confident the matters can be resolved.
5 Aug 2010regulatory community update▼ BadMajor
Environmental groups served a High Court interdict application seeking to stop Vele mining, earth moving and plant construction until appeals and the water licence are resolved. Separate appeals against the mining right are pending. CoAL says they have no merit and will oppose them.
2 Aug 2010regulatory community update▼ BadMajor
CoAL responded to a South African minister's reported 'illegal activities' claim at Vele, saying it works within its mining right. It confirmed the Environmental Affairs Department refused an access road and fuel storage in April (under appeal) and that the water licence is still awaited. This is a new threat to Vele's timeline.
9 July 2010price query● Neutral
ASX queried a rise in the share price from A$1.74 to A$1.935. CoAL said it knew of no unannounced information explaining the move and confirmed it was complying with the disclosure rules.
22 June 2010admin correction● Neutral
The 50m placing shares at 110p were issued, lifting shares on issue to 530,514,663. The notice is the standard Corporations Act on-sale clearance and adds no new information.
17 June 2010capital raising announcement▲ GoodMajor
The placing completed: 50m new shares at 110p (A$1.88), a 0.2% discount to the AIM close, raising about £55m (A$94m gross). This resolves the 16 June launch; the shares are about 10.4% of prior capital.
