Past year: ▲ 19%(20.0c – 32.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 July 2011regulatory community update▼ BadMajor
Vele's water use licence, granted 4 April, was automatically suspended after an NGO coalition appealed to the Water Tribunal on 28 July. CoAL is urgently asking the Minister to keep it in force. Water-dependent activities are halted, a new setback just after the July authorisation.
29 July 2011quarterly activities report▲ Good
June 2011 quarter: ROM coal 1,256,825t and export sales rose to 492,781t from 198,347t on the larger Matola capacity. Mooiplaats moved to owner-operation. Cash and facilities A$34.88m. Makhado bulk sample washing completed; Vele restart hit by the IWUL appeal.
6 July 2011regulatory community update▲ GoodMajor
The environment department granted Vele's section 24G rectification authorisation from 5 July 2011, with specific conditions. This resolves the compliance notice rectification process. Construction is expected to take six to nine months from restart, ramping up to 1 million tonnes a year.
12 May 2011regulatory community update● Neutral
CoAL paid a ZAR9.25m (A$1.259m) administration fine, a pre-condition for the environment department to consider the Vele section 24G rectification application. This is a step in the continuing compliance process; the outcome of the application is not yet decided.
28 Apr 2011quarterly activities report▲ Good
March 2011 quarter: ROM coal rose to 1,109,447t from 954,915t, and Matola export allocation tripled from 1 to 3mtpa. Cash was A$25.1m, up from A$23m. Makhado bulk sample extracted. The Deutsche Bank facility repaid the US$20m JP Morgan loan. Vele compliance work continues.
11 Apr 2011security holder rights change● Neutral
500,000 shares issued on exercise of Class A options at 50 cents, taking shares on issue to 531,139,661. Routine option conversion and secondary trading notice.
4 Apr 2011regulatory community update▲ GoodMajor
The water department granted Vele's integrated water use licence, applied for on 1 November 2009. This resolves a long-awaited approval, but the compliance notice rectification process continues and no restart date was given.
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.
31 Jan 2011quarterly activities report▼ Bad
December 2010 quarter: group ROM 954,915t, down from 1,113,070t as rain hit Woestalleen. Cash fell to A$23m from A$42.7m. Vele is still stalled, with restart now hoped for early 2011 pending UNESCO feedback. Chapudi purchase (US$75m) restated.
24 Jan 2011regulatory community update▲ GoodMajor
CoAL announced on 24 January 2011 that it had lodged the Makhado mining right application, after the earlier end-2010 target, and that the Rio Tinto farm-swap prospecting rights were executed on 20 January. A 19,100t bulk sample is due at Tshikondeni by mid-March, and the feasibility study peer review is due in 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 2010quarterly activities report▼ Bad
September 2010 quarter: group ROM coal 1,113,070t and Mooiplaats ROM output up 93%. Cash fell to A$42.7m from A$101m. Vele operations ceased pending the water licence; CEO still expects restart before year end. The Makhado rights swap with Rio Tinto was approved.
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.
