29 Nov 2012director officer appointment▼ BadMajor
Finance Director Wayne Koonin resigned from the board with immediate effect, staying as an employee until 31 March 2013 to help the transition. A search for a successor has begun.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Nov 2012capital raising announcement▲ Good
Haohua received FIRB approval, so its US$20m escrow deposit will be released to CoAL against the initial placement. Shares issue at 25p, or 35p if Chinese approvals for the larger tranche aren't received by 31 January 2013.
8 Nov 2012other▼ BadMajor
CoAL started a formal Section 189A (retrenchment consultation) process at Mooiplaats, aimed at moving the colliery to sustainability. This follows the strike and the restructuring review. No job numbers given.
2 Nov 2012other● Neutral
The Mooiplaats strike ended; workers returned 31 October after a 26% pay increase (up from the 22% offer) backed to 1 July 2012, adding about 1% to cost per saleable tonne. CoAL will continue its review and restructuring of the colliery.
1 Nov 2012quarterly activities report● Neutral
September 2012 quarter: Vele coal extraction doubled to 254,760t, but export sales fell to 224,972t and thermal prices averaged US$87/t. Cash US$30.3m. Mooiplaats strike ended 31 October; Chapudi payment of US$13.6m rescheduled into three tranches to February 2013.
1 Nov 2012capital raising announcement▲ Good
Haohua's US$20m deposit has been received into escrow, pending FIRB approval. Haohua applied to FIRB on 23 October, with a decision expected by 22 November 2012. A step towards the initial tranche of the US$100m placement.
31 Oct 2012annual report● Neutral
Integrated Report 2012 for the year to 30 June 2012. Highlights US$159.5m equity raised (US$106m in the year, US$53.5m after year-end), Vele fully operational, and the post year-end Haohua US$100m offer. Text provided is truncated, so little else is confirmed.
1 Oct 2012joint venture update▼ BadMajor
Exxaro decided not to exercise its option to take 30% of the Makhado coking coal project, resolving the 30 September decision point. CoAL says it ran parallel talks with other partners; Makhado approvals are expected late 2013 to early 2014.
1 Oct 2012capital raising announcement▲ GoodMajor
Haohua Energy (Beijing Haohua subsidiary) made a binding offer to subscribe US$100m of CoAL shares at 25p: US$20m initial, subject to FIRB approval, and US$80m conditional on Chinese approvals and shareholder vote. Price rises to 35p on the initial tranche if approvals miss 31 January 2013. Two board nominees proposed.
1 Oct 2012annual report● Neutral
Year to 30 June 2012 accounts and commentary: Exxaro will not take up its Makhado option, a US$100m Haohua share subscription was agreed, and thermal coal prices fell about 27%. Mooiplaats restructuring is being considered after the strike; debt facilities are being restructured by calendar year-end.
1 Oct 2012admin correction● Neutral
Re-release of the Haohua US$100m placement announcement with a corrected title (the earlier version said US$1 million). The content appears unchanged: US$20m initial tranche and US$80m conditional tranche at 25p.
1 Oct 2012other● NeutralMajor
CoAL began Federal Court of Australia proceedings against former finance director Blair Sergeant, alleging breaches of duty over a 2009–2010 corporate transaction, and obtained an order freezing A$6m of his assets. Further details were withheld pending his response.
26 Sept 2012other▼ BadMajor
The National Union of Mineworkers began a legal strike at Mooiplaats Colliery on 25 September after rejecting a 22% wage offer; operations stopped. The mine employs 368 people and produces 6,000 run-of-mine tonnes a day. Adds to losses already expected at thermal mines.
13 Sept 2012capital raising announcement● Neutral
CoAL issued the 34,908,632 conditional placing shares from the 6 August raise, taking shares on issue to 800,951,034 after admission. Standard ASX secondary trading notice; completes the August placing following the September shareholder vote.
7 Aug 2012capital raising announcement● Neutral
CoAL issued the 80,570,166 firm placing shares from the 6 August raise, taking shares on issue to 766,042,402 after admission. Standard ASX secondary trading notice; the remaining 34,908,632 shares await shareholder approval.
7 Aug 2012capital raising announcement● NeutralMajor
CoAL placed 115,478,798 shares at 25p to raise about US$44.8m, with 34,908,632 of them subject to a September shareholder vote. Former Impala Platinum CEO David Brown becomes Chairman; Richard Linnell, Simon Farrell, Steve Bywater and Mikki Xayiya leave the board.
1 Aug 2012quarterly activities report▼ Bad
June 2012 quarter: index coal price fell from US$103 to US$87/tonne and the thermal mines made losses, which management expects to persist into the next quarter. Vele extracted 126,199t ROM; export sales 411,005t; cash US$19.3m. Chapudi payment deadline extended to 1 October 2012.
19 July 2012capital raising announcement● Neutral
CoAL issued the 19,148,408 shares to Investec under the 18 July subscription agreement, bringing shares on issue to 685,472,236 after admission. Standard ASX secondary trading notice; completes the first equity step of that package.
18 July 2012capital raising announcement● NeutralMajor
CoAL arranged an Investec package of about US$58.7m. Investec subscribed 19,148,408 shares at a 5% discount (29.21p), with a right for CoAL to require up to 81,061,507 shares over 12 months. A US$50m two-year loan term sheet would replace the US$40m JP Morgan facility, subject to conditions.
2 July 2012other● Neutral
M&G/Prudential substantial holder notice: holding unchanged at 119,670,000 shares, but voting power fell to 17.95% from 18.06% because the number of shares on issue increased. No trading by the holder.
27 June 2012admin correction● Neutral
Replacement of the 26 June share issue notice, correcting only Peter Cordin's resulting shareholding to 871,059 (0.13%) from 1,512,968. All other details, including the 3,839,255 shares issued, are unchanged.
26 June 2012security holder rights change● Neutral
CoAL issued 3,839,255 shares for no consideration (0.58% of capital) to directors and managers after the 22 June general meeting, taking shares on issue to 666,323,828. Includes 1,833,150 to Simon Farrell and 916,575 to Richard Linnell. Includes a standard ASX secondary trading notice.
25 June 2012other● Neutral
CoAL appointed Investec Bank plc as Nominated Adviser and Joint Broker with immediate effect, following Investec's acquisition of Evolution Group. This is a name change of the existing adviser relationship; no change in substance.
18 June 2012joint venture update● NeutralMajor
CoAL and Exxaro agreed to push Exxaro's decision on its option for up to 30% of Makhado out to 30 September 2012, while further studies and valuation work are done. Makhado's DFS completion is now expected in the third quarter 2012.
13 June 2012resource reserve update▲ GoodMajor
Greater Soutpansberg gross tonnes in situ rose 429% to 7.957 billion from 1.505 billion, mainly from the Chapudi assets bought from Rio Tinto and Kwezi in May. Mineable tonnes in situ rose 209% to 2.004 billion. Acquisition cost was US$0.055 per mineable tonne.
7 June 2012joint venture update● Neutral
CoAL and the Save Mapungubwe Coalition agreed to extend the completion date for the Vele environmental Memorandum of Agreement, now aimed at 'the next few months'. This pushes back the 31 May 2012 target, which had already slipped from 31 January.
6 June 2012director officer appointment● Neutral
Non-executive director Peter Cordin stepped down as an executive director of Dragon Mining Limited but remains its non-executive chairman. Routine AIM disclosure with no change to CoAL's board.
14 May 2012asset acquisition disposition▲ GoodMajor
The Chapudi acquisition closed: CoAL paid the first US$29,357,545 tranche and subsidiary Keynote took ownership of the equity. The remaining first-tranche amount and later payments remain subject to approvals and conditions in the amended agreement.
10 May 2012asset acquisition disposition▲ GoodMajor
South African ministerial section 11 consents were granted, completing the regulatory steps for buying Rio Tinto and Kwezi's Chapudi assets for US$75m. First tranche of US$29.4m is due at closing; US$30m is payable on a mining right or within two years. Resolves the open approval condition.
30 Apr 2012quarterly activities report● Neutral
March 2012 quarter: Vele extracted over 39,000t ROM and plant commissioning completed; first sales expected in the June quarter. Export sales fell to 452,888t (520,812t prior). Coalition MOA now expected by 31 May 2012 (past the 31 January target). NiMag sale conditions met; JP Morgan US$40m facility finalised. Cash and facilities US$114.8m pro forma.