Past year: ▲ 19%(20.0c – 32.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Jan 2009quarterly activities report● Neutral
December 2008 quarter: cash fell to A$202m, no debt. Two continuous miners delivered and first coal cut at Mooiplaats, with first sales targeted Q2 2009. Rail secured, Vele mining plan revised, Eskom offer submitted and BEE deadline extended to 30 April 2009.
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.
27 Oct 2008quarterly activities report● Neutral
September 2008 quarter: cash A$235m, no debt. Reports Makhado and Vele resource upgrades, port allocations, and first Mooiplaats coal in October. Rail allocations and the ArcelorMittal offtake are still being finalised; Mooiplaats offtake talks expected to conclude early 2009.
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.
25 Aug 2008material agreement▲ GoodMajor
CoAL secured long-term port allocations: 1mtpa via Maputo's Matola terminal and ramping to 900,000tpa at Richards Bay by 2010, with rights to expand (Maputo possibly up to 7mtpa). Both are conditional and carry take-or-pay on 75% of tonnage. Rail allocations still to be secured.
6 Aug 2008other● Neutral
M&G/Prudential's holding is unchanged at 39,906,022 shares, but its stated voting power falls from 10.00% to 9.70%. The filing says this is due to an update to total shares on issue, not a sale. Routine notice.
5 Aug 2008other● Neutral
M&G/Prudential's holding in CoAL rose to 39,906,022 shares, now 10.00% (from 9.84%). The filing says it was triggered by an update to total shares on issue, not a trade. Routine substantial-holder notice.
4 Aug 2008capital raising announcement▲ Good
The second tranche of the BEE placement completes after FIRB approval: 12m shares at £1.30 raise £15.6m. Cash was over A$280m at 31 July. Shares on issue rise to 411,375,378, and CIL holds about 17.3%.
What it means for a shareholder
12.0m new shares at £1.30 to raise about £15.6m. That's 2.8% dilution: every existing holder's slice gets 2.8% smaller. If you held £1,000 of shares (769 at the issue price), your slice goes from 0.000187% to 0.000182% of the company. To keep it you'd need 22 more shares - about £29 at the issue price.
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30 July 2008quarterly activities report▲ Good
June 2008 quarter: cash A$254m, no debt. Covers the ArcelorMittal and BEE deals, Vele upgrade, Holfontein sale, and Mooiplaats reaching 100% with A$28m of mining equipment ordered. Mooiplaats mining is expected late in the third quarter; Makhado and Vele mining right applications are planned for the September quarter.
22 July 2008resource reserve update▲ GoodMajor
Makhado (formerly Baobab) resource nearly doubled to 1.335 billion gross in situ tonnes from 713Mt, covering six farms (about 40% of the project area). 230Mt is Measured. Another upgrade is expected before year end; management calls Makhado its primary focus.
10 July 2008price query● Neutral
CoAL responded to a Financial Review report that ArcelorMittal would bid £2.35 a share, saying it has not been made aware of any proposed bid. This is a denial of knowledge, not a rejection or confirmation of an offer.
8 July 2008joint venture update▲ GoodMajor
CoAL signed a non-binding MOU with Rio Tinto/Kwezi-held Chapudi Coal to swap prospecting rights near Makhado and form a Limpopo exploration joint venture, with Chapudi as operator. It is subject to due diligence and ministerial approval. CoAL targets 5mtpa mining from June 2009.
24 June 2008director officer appointment▲ GoodMajor
Riaan van der Merwe joins as Chief Operating Officer from 1 August 2008. He spent 19 years in South African coal at Anglo American. The company says it is converting projects into operating mines.
18 June 2008resource reserve update▲ GoodMajor
Vele (formerly Thuli) resource upgraded to 441.47Mt gross in situ, up from 352Mt Inferred, with 133.84Mt Measured. Covers about 80% of the project area. A further 65-hole drilling program is planned, and a scoping study is expected within two months.
13 June 2008capital raising announcement▲ GoodMajor
CoAL agreed a BEE deal with Coal Investments Limited (Och-Ziff funds): 37.5m shares at £1.30 (up to £48.75m) plus 50m options at £1.80. With African Global Capital's holding, the group could reach about 26.4%. Options need shareholder approval and conversion of Makhado and Vele mining rights within 12 months.
5 June 2008capital raising announcement▲ GoodMajor
ArcelorMittal received FIRB approval, so the second tranche of 13,635,000 shares at £1.11 (£15.1m) will be issued. ArcelorMittal will hold about 17.8% of CoAL, completing the £66.7m placement announced in April.
What it means for a shareholder
13.6m new shares at £1.11 to raise about £15.1m. That's 3.5% dilution: every existing holder's slice gets 3.5% smaller. If you held £1,000 of shares (901 at the issue price), your slice goes from 0.000242% to 0.000233% of the company. To keep it you'd need 33 more shares - about £37 at the issue price.
Create a free account to see this worked out for your own holding.
7 May 2008asset acquisition disposition● NeutralMajor
CoAL agreed to sell 100% of Holfontein to Lachlan Star for up to A$25m: A$15m on transfer (at least A$9m cash) plus milestone payments. Conditions include South African approvals and Lachlan shareholder approval. CoAL would become Lachlan's largest shareholder and focus on Mooiplaats and Limpopo.
7 May 2008asset acquisition disposition● Neutral
Lachlan Star (another ASX company, not CoAL) announced it will buy 100% of CoAL's Holfontein project for A$15m upfront plus milestone payments. Holfontein has a 60Mt Indicated resource. This is the buyer's side of CoAL's own sale announced the same day.
