Past year: ▲ 19%(20.0c – 32.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 July 2009asset acquisition disposition▲ GoodMajor
CoAL signed two binding agreements to buy the remaining 26% of Limpopo Coal (owner of Vele) for 5,625,750 shares (20%) and 1,990,000 shares (6%), lifting its interest from 74% to 100%. Completion needs shareholder, reserve bank and (for the 20%) mining right approvals.
13 July 2009production update● NeutralMajor
Mooiplaats revised mine plan finalised: export-quality thermal coal now expected November 2009 at earliest, Q1 2010 at latest, with no change to tonnage or mine life. Vele Phase 1 (~1Mtpa coking coal, R350m) launches on mining right, expected by end Q3. Makhado application awaits Rio Tinto farm swap approval.
30 June 2009capital raising announcement● Neutral
50,000 Class A options exercisable at $0.50 converted to shares, taking shares on issue to 411,919,636. Negligible dilution.
9 June 2009production update▼ BadMajor
Mooiplaats wash plant commissioned (110,000t/month ROM capacity), under budget, but adverse geology now delays bituminous coal to Q1 2010. Cash is US$82.7m, enough for Mooiplaats and Vele Phase 1. In-principle offtake for at least 70% of export coal; Vele mining right decision expected Q3.
9 June 2009capital raising announcement● Neutral
297,570 shares issued to Blue Oar on exercise of options at 65 pence, taking shares on issue to 411,869,636. Negligible dilution.
20 May 2009investor presentation● Neutral
Presentation for the London Minesite Conference and a May-June roadshow. It targets Mooiplaats first revenue mid-2009 and Vele coking coal production in the last quarter of 2009, subject to the mining right. It repeats previously announced milestones.
20 May 2009regulatory community update▲ Good
The Vele environmental impact assessment and management programme (2,000 pages) was lodged with the mining department on 15 May 2009 as part of the mining right application. A 60-day public comment period follows. CoAL commits R500m over thirty years to environmental and social performance.
20 May 2009admin correction● Neutral
Adds the Competent Person statement for the resource estimates that was omitted from the company presentation released earlier the same day. Administrative only; no new information.
6 May 2009capital raising announcement● Neutral
196,688 shares issued to Blue Oar on exercise of options at 34 pence each, taking shares on issue to 411,572,066. A tiny issue with negligible dilution.
30 Apr 2009security holder rights change▼ Bad
BEE transfer by CIL, AGC and affiliates was not completed by 30 April 2009 and depends on approvals partly outside their control. Deadline extended again, to 31 July 2009. The compliance issue remains unresolved.
23 Apr 2009quarterly activities report● NeutralMajor
March 2009 quarter: cash fell to A$122m, no debt. Two miners produced 16,900t of coal at Mooiplaats. Exxaro was granted an option over up to 30% of Makhado at NPV less 20%. Also reports Matola rail and port expansion, MCC chosen for Vele mining, and a stake in a Zimbabwe coal JV. Vele mining right hoped by September.
8 Apr 2009asset acquisition disposition▲ GoodMajor
ArcelorMittal South Africa bought ArcelorMittal Group's 16.3% stake in CoAL for R404.5m cash and holds an option for a 2.5mtpa coking coal offtake. It becomes CoAL's second-largest holder. This moves the ArcelorMittal relationship to its South African arm; it is a secondary trade, not new money for CoAL.
11 Mar 2009half year report● Neutral
Half-year to 31 December 2008: loss of A$1.3m after about A$4m of investment and nickel write-downs, versus a A$2.2m loss a year earlier. Cash A$204m, no debt. Export thermal coal sales are expected early in the next financial year.
12 Feb 2009contract award▲ GoodMajor
MCC Contracts (Eqstra) selected as preferred partner for opencast mining at Vele (74% owned). Mining is anticipated from Q3 2009 at 1-1.5mtpa, ramping to 5mtpa. Formal agreements are still to be negotiated, and the mining right is still pending.
6 Feb 2009director officer appointment● Neutral
Professor Ntshengedzeni Alfred Nevhutanda joins the board as an executive director with immediate effect. The announcement describes his background as former Limpopo provincial legislator and BEE commentator; no role or pay terms are given.
28 Jan 2009material agreement▲ GoodMajor
Transnet rail allocation of 1mtpa secured to Matola terminal, Maputo, matching the port allocation for coking coal. CoAL will loan funds to expand Matola, lifting its port allocation to 3mtpa from an anticipated 1 August 2010. A further 2mtpa of rail is still being negotiated.
12 Jan 2009other● Neutral
Morgan Stanley and Evolution Securities appointed joint brokers, with Evolution also Nominated Advisor; Mirabaud stays as a joint broker. Management says CoAL is moving from developer to producer and considering admission to London's Official List, continuing the December review.
31 Dec 2008security holder rights change● Neutral
Deadline for CIL, AGC and affiliates to move their holdings into a BEE group extended from 31 December 2008 to 30 April 2009. This continues the BEE compliance arrangement from the June 2008 CIL deal; the transfer is not yet complete.
30 Dec 2008material agreement termination▼ BadMajor
Lachlan Star and CoAL agreed to terminate the Holfontein Coal Project acquisition, because Lachlan shareholders did not approve the share issue to CoAL at their 26 November AGM. Lachlan said it was evaluating other opportunities and held about $9.5m in treasury.
10 Dec 2008regulatory community update▲ GoodMajor
Transnet rail allocation secured for Mooiplaats coal to match the Richards Bay port allocation (5-year offer, 75% take-or-pay). First coal cut; cash A$225m, no debt. Vele mining plan revised to opencast plus underground, with lower costs and mine life beyond 2040 (preliminary). Reviewing a London Main Board listing.
28 Nov 2008asset acquisition disposition▼ BadMajor
Lachlan Star shareholders voted down the share issue to CoAL at their 26 November AGM, so a condition of the Holfontein purchase was not met. Lachlan will discuss it with CoAL. The A$25m sale is now in doubt.
20 Nov 2008asset acquisition disposition● Neutral
Uranio (another ASX company) agreed to buy Coal of Madagascar (Guernsey), owner of the Imaloto coal project, from CoAL and Oak Nominees for 50m shares plus 60m performance shares. This is a CoAL disposal of a Madagascar asset not mentioned before; it is subject to due diligence and shareholder approval.
17 Nov 2008production update● Neutral
Mooiplaats is largely on schedule: first continuous miner to start cutting coal portals in late November, second miner due 24 November. Rain caused some delays. Plant commissioning is targeted for March 2009 and first sales by end of H1 2009; Transnet rail talks near completion.
12 Nov 2008material agreement▲ Good
Both CoAL joint bids with power producers (AES at Makhado; Mulilo and China Railway Construction at Vele) were pre-qualified in Eskom's baseload power tender, supplying lower-grade 'middlings' coal. Final proposals due end-November 2008. Company says coking coal economics don't depend on it.
11 Nov 2008director officer appointment● Neutral
Pierre Leonard, ArcelorMittal's M&A general manager, joins CoAL's board as a non-executive director. This takes up the board nominee right that came with ArcelorMittal's April 2008 share placement.
20 Oct 2008production update▲ GoodMajor
CoAL produced its first run-of-mine coal at Mooiplaats, the company's first coal. Development for two continuous miners to start cutting is due in six to eight weeks. Wash plant and first sales are still ahead.
15 Oct 2008regulatory community update▲ GoodMajor
CoAL lodged the Vele New Order Mining Right application, a step towards a 5mtpa opencast coking coal mine. At Mooiplaats the mining contract is signed and mining is on track before end-2008. Management expects close to A$200m cash and no debt when Mooiplaats starts.
1 Oct 2008annual report● Neutral
Annual financial report for the year to 30 June 2008. The extract shows only directors, advisers and contents; no financial figures were visible in the text provided.
30 Sept 2008resource reserve update● Neutral
Consolidated resource statement totals 2.17 billion tonnes across Makhado (1.335Bt), Vele (721Mt) and Mooiplaats (113Mt). About 95% sits in the two coking coal projects. It restates the Vele upgrade announced 24 September rather than adding new figures.
24 Sept 2008resource reserve update▲ GoodMajor
Vele resource upgraded from 441Mt to 721Mt total in situ. Study scenarios give 5mtpa saleable coal at US$43/t mining cost at Makhado and US$54/t at Vele. Mooiplaats mining due Q4 2008; cash A$240m, no debt, down from over A$280m at end July.
