19 Mar 2018investor presentation● Neutral
Updated version of the half-year results presentation. Content appears identical to the earlier version; only headings are readable and no new substance can be identified.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Mar 2018half year report● Neutral
Text not readable.
15 Mar 2018half year report● Neutral
Half-year financial report to 31 December 2017. Visible text covers Uitkomst: 346,336t produced, 308,275t sold, revenue $17m, gross profit $2.7m, with BEE sale of further interest under way. Remaining financial figures were truncated and not readable.
15 Mar 2018investor presentation● Neutral
Half-year results presentation led by CEO David Brown and new CFO Brenda Berlin. Only slide headings are readable; no figures or content could be extracted.
13 Feb 2018regulatory community update▲ GoodMajor
Vele Colliery has been granted its Integrated Water Use Licence for stream diversion, completing all regulatory authorisations for the colliery. The board's decision on the plant modification project remains open, pending long-term pricing and logistics assessment.
11 Dec 2017listing compliance notice● Neutral
AIM suspension lifted: shares resume trading under the new MC Mining name and ISIN at 7.30am London time on 11 December 2017. This closes out the temporary suspension tied to the rename.
8 Dec 2017security holder rights change● Neutral
Company renamed MC Mining Limited with new ISIN AU000000MCM9; ASX ticker MCM from 8 December, AIM and JSE from 11 December. AIM shares are suspended on 8 December because of the ISIN delay, expected to lift 11 December.
7 Dec 2017security holder rights change● Neutral
The 20-for-1 consolidation is complete: shares fall from 2,817,584,530 to 140,879,585. IDC warrants become 2,408,752 at ZAR12.00. Schutte's resignation cancelled some performance rights. Name change expected the week of 11 December.
1 Dec 2017director officer appointment● NeutralMajor
Brenda Berlin, former Impala Platinum group CFO, is appointed CFO from 1 March 2018, replacing De Wet Schutte, who resigned effective 30 November 2017. The chairman says the company is working to finalise Makhado development funding.
28 Nov 2017listing compliance notice● Neutral
JSE suspension resolved with a new ISIN (AU0000CZADC4); normal JSE trading to resume 28 November. UK-register shares remain suspended 28 November to 6 December, and shares cannot be transferred between registers until the rename is approved.
27 Nov 2017listing compliance notice● Neutral
JSE shares suspended on 27 November because of ISIN differences from the consolidation and rename approved at the 24 November AGM. Suspension is expected to last until 28 November. Confirms both AGM resolutions passed.
23 Nov 2017security holder rights change● Neutral
Indicative timetables for the consolidation and rename across ASX, AIM and JSE. UK-register shares will be suspended 28 November to 6 December because of ISIN administrative issues; name change expected from 8 December. Timetable detail only.
23 Nov 2017admin correction● Neutral
Amended version of the timetable update, adjusting the ASX dates (last trading day 27 November, last transfer registration 29 November). Same UK suspension 28 November to 6 December; no new substance.
23 Nov 2017security holder rights change● Neutral
Formal ASX notice of the 20-for-1 share consolidation: 2,817,584,530 shares become about 140,879,227, with fractions rounded up. Performance rights fall to 2,781,762 and options to 3,658,752. Effective 28 November 2017, normal trading from 7 December.
2 Nov 2017asset acquisition disposition▲ GoodMajor
Mooiplaats sale completed on 2 November 2017 for R179.9m. R67m paid initially (R52m to CoAL); R112.9m follows in up to ten quarterly instalments from August 2018. About R16m more comes from released guarantees. Management expects US$1.4m annual overhead savings.
31 Oct 2017security holder rights change● Neutral
CoAL issued 48,175,033 warrants to the IDC for the first R120m loan tranche, equal to 2.5% of share capital at 5 December 2016. Exercisable at R0.60 until 16 June 2022. This completes the warrant element of the April 2017 loan.
24 Oct 2017annual report● Neutral
2017 Integrated Report repeats the year's themes: Uitkomst as the first cash-generating asset, YBI US$10m loan converted to equity, IDC funding over US$18m, and zero injuries for a third year. The supplied text is cut off before financial detail.
24 Oct 2017annual report● Neutral
Appendix 4G confirming the corporate governance statement (annual report pages 42-51) is accurate as at 23 October 2017. Administrative compliance form with no new business information.
24 Oct 2017agm notice● NeutralMajor
Annual report and AGM notice posted for 24 November 2017. Board proposes renaming the company MC Mining Limited and a 20-for-1 share consolidation, with new shares trading from 7 December 2017. It also refers to the 'Makhado Lite' plan and the Mooiplaats disposal.
2 Oct 2017asset acquisition disposition▲ GoodMajor
CoAL agreed to sell all of Mooiplaats colliery (previously 74%-held, for sale since 2013) to consortium MCH for R179.9m: R67m cash at closing and R112.9m in up to ten quarterly instalments. Proceeds are meant to support Makhado. Closing is conditional on rehabilitation guarantees being replaced.
29 Sept 2017annual report● Neutral
FY2017 results: no revenue as all mines were on care and maintenance, loss narrowed to US$10.2m (2016: US$13.1m) after a US$10.6m intangible impairment. Cash US$9.6m. Uitkomst bought for R275m; Makhado plan cut to lower capital, shorter build, with water appeal and surface rights expected in H1 FY2018.
29 Sept 2017investor presentation● Neutral
Presentation slides accompanying the FY2017 results. The supplied text is only the disclaimer and cuts off before any content, so no new information can be reported.
29 Sept 2017annual report● Neutral
Audited accounts for the year to 30 June 2017, with the directors' report and board biographies. The text supplied is cut off before any financial results, so no figures can be reported.
31 July 2017quarterly activities report▲ GoodMajor
June quarter: Uitkomst acquired for R275m, first IDC drawdown of R120m made, and the final US$8.2m owed to Rio Tinto repaid. Cash US$9.7m. CoAL is reviewing Makhado's plan, possibly with lower capex and output; the board is due to review it in September 2017.
26 June 2017asset acquisition disposition▲ GoodMajor
All conditions for the Uitkomst acquisition are met, with effect from 30 June 2017, when CoAL takes control of the colliery. 261,287,625 shares will be issued to Pan African, taking shares on issue to 2,817,584,530.
9 June 2017regulatory community update▲ Good
The South African Competition Commission unconditionally approved CoAL's Uitkomst acquisition. Shareholder approval is still needed, sought at the general meeting on 15 June 2017, along with other conditions.
29 May 2017regulatory community update▲ GoodMajor
South Africa's Water Minister lifted the suspension of the Makhado water licence, which is now executable. This resolves the main open permitting hurdle. Appellants can still raise concerns through the Water Tribunal, and surface rights remain to be secured.
5 Apr 2017asset acquisition disposition▲ GoodMajor
CoAL agreed to buy Pan African Resources' coal unit, holding 91% of the Uitkomst Colliery in KwaZulu-Natal, for R275m (US$20.5m): R125m cash, R25m deferred, and 261.3m new shares (about 9.3%). This is the cash-generating asset it has been pursuing. Funded partly by a US$13m placement at R0.52 per share to Summer Trees and M&G.
5 Apr 2017debt financing▲ GoodMajor
CoAL's Baobab subsidiary signed a loan of up to R240m (about US$17.6m) with the IDC to fund Makhado pre-project work, in two R120m tranches. Each is repayable after three years with a 16% real after-tax return. IDC gets warrants (2.5% of CoAL per tranche, R0.60 strike) and 5% of Baobab per tranche.
24 Mar 2017director officer appointment● Neutral
COO Michiel Brönn resigned following the Financial Services Board fine, resolving his earlier suspension. He forfeits all share-based incentive awards and any bonus for the year to June 2017. No replacement is named.