Past year: ▲ 19%(20.0c – 32.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 May 2026farm in farm out completion▲ GoodMajor
The final Kinetic instalment was issued on 22 April 2026 (28,868,277 shares), taking Kinetic to 51% and control. The full US$90m has been received. This completes the subscription agreed in August 2024, and MC Mining is now a Kinetic subsidiary.
30 June 2023resource reserve update▲ GoodMajor
Makhado coal reserves rose 53% from 69Mt to 106Mt, and mine life from 22 to 28 years. Peak funding rises 11% to US$96m. Post-tax NPV ZAR6.8bn, IRR 37%. Project interest stated as 67.3%.
26 Apr 2023resource reserve update▲ GoodMajor
Makhado implementation plan completed: processing plant capacity doubled to 4.0Mtpa, and average hard coking coal output in first five years rises to 880,000tpa from 540,000tpa. The 69.3Mt reserve is expected to rise. Builds on the 2.0Mt plant approved earlier.
30 Aug 2022resource reserve update▲ GoodMajor
Makhado studies show two alternatives to the April base case (capex ZAR625m, IRR 39.6%): moving the Vele plant (ZAR1.1bn, IRR 45.2%) or building a new one (ZAR1.2bn, IRR 41.0%). Higher peak funding, but build-own-operate-transfer funding could cut it to about ZAR653-679m.
14 Apr 2022resource reserve update▲ GoodMajor
Makhado bankable feasibility study completed: 69.3Mt reserves, 296Mt measured and indicated resources, 22-year life, capital ZAR625m ($41.7m), post-tax IRR 38.2%, NPV $268m. Peak funding ZAR727m. Financing now targeted Q3 CY2022, later than the earlier H1 CY2022 hope.
27 Mar 2019resource reserve update● Neutral
Clarifies the Phase 1 plan: Phase 2 follows the 2017 Makhado Lite plan (4Mtpa) around 2022. Reserves are unchanged at 172.757Mt ROM, with the west pit's 23.1Mt supporting nine years of Phase 1. Measured resources total 344.8Mt mineable.
1 Feb 2016resource reserve update● NeutralMajor
Resources restated under JORC 2012 for the admission document. Makhado: 796Mt resource and 188Mt probable reserve, identical to 2013 figures. Vele: 794Mt resource, 24Mt proven and 301Mt probable reserves. Greater Soutpansberg: 7,161Mt resource, unchanged since 2012.
19 June 2013resource reserve update▲ GoodMajor
The Makhado feasibility study shows a 16-year mine producing 2.3Mtpa hard coking and 3.2Mtpa thermal coal, with 30.1% unleveraged IRR and NPV of R6.79bn (US$697m). Capex is R3.96bn; funding and approvals are targeted by the first half of 2014.
15 Mar 2013resource reserve update▲ Good
A Wood Mackenzie report says Makhado coal has potential to be world-class hard coking coal, citing a coke strength (CSR) of 64. Makhado could produce about 2Mtpa hard coking and 3Mtpa thermal coal. The feasibility study is expected in Q2 2013; the mining right is still awaited.
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.
6 Feb 2012farm in farm out agreement▲ Good
CoAL signed agreements for a BEE group, Rothe (40% held by local communities), to take 26% of Keynote, the vehicle to hold Chapudi. CoAL funds the US$75m purchase. This enables the pending section 11 approval, due by 30 April 2012.
29 Oct 2009farm in farm out completion● Neutral
Title says CoAL has formalised the Rio Tinto farm swap agreement, but the text is unreadable. Text not readable. (Inference from the title only: this follows the pending Rio Tinto/Chapudi swap needed for Makhado; later notices cite Makhado at 1.3bn tonnes including the swap.)
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.
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.
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.
18 Feb 2008farm in farm out completion▲ GoodMajor
Section 11 approval arrived, so CoAL completes its 70% of Mooiplaats with the final £10m and 4.44m shares. It also agreed to buy the other 30% for ZAR130m plus 4.75m shares (about A$26.2m), taking it to 100%; the share issue needs shareholder approval.
29 Nov 2007resource reserve update▲ GoodMajor
Baobab's Fripp and Tanga properties have an initial resource of 713.1Mt, including 156.4Mt potentially opencast (39.7Mt measured). Mooiplaats interim estimate is 103.3Mt in situ, 76.1Mt mineable. Rail cooperation with Transnet is being finalised. This delivers the Baobab resource expected by year-end.
29 Oct 2007farm in farm out completion▲ GoodMajor
First stage of the Coal of Africa acquisition completed: after £21.5m paid, GVM holds 46.6% of CoAL and issued 8,888,888 shares. Final stage (to 70%) needs £10m cash and 4,444,445 shares once conditions are met. Development decision expected by year-end.
10 Sept 2007resource reserve update▲ GoodMajor
Mooiplaats: 43Mt measured resource defined in the B upper seam, plus 240Mt inferred, and Coal of Africa was granted a Mining Right over 940 ha. Only ministerial and competition consents remain before GVM completes its 70%. Production targeted for third quarter 2008.
