Resource Generation Limited

ASX removed Resource Generation from the official list on 27 October 2022 after its shares had been suspended for two continuous years. The planned backdoor listing did not complete before removal (per available announcements).

registration revoked

June 2022 quarter: the company has exited the DOCA and is a shell with no operations and cash of $8,419. It is in talks to acquire a business through a backdoor listing, needing shareholder approval and re-compliance with ASX Chapters 1 and 2 before trading resumes.

quarterly activities report

Company plans a 72-for-1 share consolidation, cutting shares from 581,380,338 to about 8,074,727, subject to a shareholder vote on 27 May 2022. Fractions are rounded down.

security holder rights change

Creditors approved a varied DOCA on 10 February 2022, executed with Alt Finance Pty Ltd as proponent, replacing the Holding DOCA. Four directors resigned, including CEO Molotsane, and Deloitte resigned as JSE sponsor. The board is largely cleared for the new owner.

material agreement

The exclusive negotiations have ended without the interested party providing a formal proposal; administrators are still assessing options. The company will rely on ASIC relief to defer the AGM until no later than 2 March 2022.

agm notice

Following the expressions-of-interest campaign, the deed administrators entered exclusive negotiations with one interested party. They aim to obtain a formal restructure proposal and possibly vary the Holding DOCA, which creditors would vote on.

material agreement

Creditors voted on 6 August 2021 for a 'Holding' Deed of Company Arrangement, signed 11 August. The administration ends and the three McGrathNicol administrators become deed administrators. This is a holding step, not a final restructure; the outcome for shareholders is still open.

material agreement

Directors appointed McGrathNicol's Jamie Harris, Jason Preston and Anthony Connelly as voluntary administrators on 2 July 2021. This follows Noble's April refusal of further funding. The first creditors' meeting is expected 14 July. Shareholders face an uncertain outcome.

bankruptcy or receivership

Interim CEO Papi Molotsane is made permanent Managing Director and CEO from 1 June 2021, on unchanged terms, ending the interim role held since March 2018. The company also asked Noble to push the first repayment from 31 May to 31 August 2021; talks continue and R18.7m of creditor payments were extended.

director officer appointment

Noble's board will not approve the remaining April and May advances under the Tenth Deed, cutting off the last working capital. The board is in urgent talks and is considering all options including appointing Administrators. CFO Brian Harvey and COO Zirk van der Bank resign from 30 April 2021.

debt default or forbearance

Noble agrees in principle to up to US$0.92m more (facility total US$50.07m) to fund an austerity budget to 28 February 2021, with first repayment moved to that date. Non-executive directors waive fees. The company will finalise audited accounts before seeking relisting.

debt financing

IDC, a lender in the Mine Funding Package, refuses to extend the Common Terms Agreement and cancels all its approved facilities, saying market conditions for the project have deteriorated materially. This undermines the package shareholders approved in April 2020. Company is seeking an urgent meeting with Noble.

material agreement termination

RES asks for a voluntary trading suspension after a 22 October halt, to arrange extra working capital. It estimates up to US$1m is needed to reach financial close by end November, and up to US$2m more if close slips to February 2021. Management and board took 30% pay cuts.

other

Lenders will not go to credit committees until three conditions are met: ramp-up working capital facility, funded mining services contract, and Noble back-to-back domestic offtake. Management targets end October, pushing committees to November. Company needs extra working capital and a Noble repayment deferral to 30 November 2020.

joint venture update

Harith confirms all approvals for the rail link funding term sheets of 5 May 2020, which are now binding. They stay subject to conditions, including final agreements, targeted for August 2020, and the mine funding package being fully funded.

material agreement

Lenders agree in principle to move the funding sunset date to 30 September 2020, and the financial close target is now end August 2020. Remaining tasks include rail link, ramp-up working capital and about US$120m of equipment financing. Noble's facility availability is extended to 31 July.

joint venture update

Company says it cannot meet the 30 June 2020 financial close target, as a small number of conditions remain and it has asked lenders to waive or defer some. Eighth Deed with Noble (US$2.25m) is signed. Harith approval for the rail link is expected shortly.

joint venture update

Ledjadja signs non-binding term sheets with Harith's PAIDF 2 to fund the rail link, now about R700m (down from R750m). Senior loan is up to R397m at 12%. Not binding until Harith approvals; binding documents hoped for by end May 2020.

material agreement

Shareholders approve the Mine Funding Package at the EGM with 99.6% of votes cast in favour. This clears the shareholder approval condition for financial close, though other conditions remain outstanding.

other

Financial close target slips again, to 30 June 2020, partly blamed on COVID-19 lockdown. Noble agrees in principle to a further US$2.25m at 16%, first repayment moved to 31 July 2020. Lenders confirm continued support, but no binding rail or other arrangements yet.

debt financing

EGM called for 7 April 2020 to approve the Mine Funding Package under Listing Rule 10.1. The independent expert finds it fair and reasonable to shareholders not associated with PIC, IDC and Noble, in the absence of an alternate offer.

agm notice

Financial close target slips again, to on or before 30 April 2020, as the shareholder meeting moves to late March or early April. Rail link funding of R750m is still non-binding, with Ledjadja to hold 49.9% of a rail SPV. Talks with Noble on more working capital have started.

joint venture update

Brian Harvey, a chartered accountant with resources and capital-project experience, is appointed CFO from 1 June 2020. This fills the CFO role vacant since the December 2018 resignation.

director officer appointment

The binding Project Funding Agreements with the PIC, IDC and Noble syndicate are signed, mirroring the 3 December term sheets. Drawdown still depends on conditions precedent. A shareholder EGM is now planned for Q1 2020, with financial close still targeted for end March 2020.

material agreement

ASX grants the Listing Rule 10.1 waiver, so the Noble share pledge can secure the extra US$2.5m without a shareholder vote. Secured total rises to US$46.9m plus interest. The extra funding is now available to 31 March 2020, not 28 February.

debt financing

Ledjadja signs non-binding equity and debt term sheets with PIC, IDC and Noble for the Boikarabelo funding, ending the long wait over common terms. Senior debt is about ZAR2.34b and mezzanine about ZAR1.63b. Binding commitment still needs documents, conditions and approvals.

material agreement

Lender negotiations were not concluded before the AGM. The financial close target moves again, to end of March 2020, from end of February. The R4.2b (about A$418m) package remains on offer; a further update is hoped within a week.

joint venture update

Ledjadja signs a binding 10-year take-or-pay agreement with Transnet to rail 3.6Mtpa of export coal to Richards Bay from 1 June 2022. It follows Transnet's earlier comfort letter. Conditions include rail link funding and a port capacity agreement.

material agreement

Noble's board conditionally approves up to a further US$2.5m of working capital, covering needs to 28 February 2020, with first repayment moved from 30 September 2019 to 28 February 2020. Repayable from project financing at Financial Close; AGM planned for 27 November.

debt financing

The third and final lender confirms credit approval, so the syndicate's mine funding package is confirmed at R4.2b (about A$420m). A common term sheet is still to be agreed. The R750m rail funding is advanced; US$1.0m of Noble's US$2.5m is drawn.

joint venture update

A second lender, unnamed, formally confirms credit approval, a step forward after months of delay. Still needed: the third lender's approval, a common term sheet, rail funding, board approval and a shareholder meeting with an independent expert's report.

joint venture update

The Sixth Deed of Amendment is signed, adding US$2.5m at 10.75% and lifting the Noble facility to US$44.4m. First repayment moves to 30 September 2019. A shareholder meeting to approve the increased pledge is required by 31 December 2019.

debt financing

Noble conditionally agrees up to a further US$2.5m of working capital to 30 June 2019, with first repayment moved to 30 September 2019. Conditions include all lender credit approvals by 29 March 2019 and a plan for small-scale mining at Boikarabelo.

debt financing

The delayed lender will not finish approvals before Christmas, so the funding timeline slips again and the board will focus on conserving cash or finding extra financial support. CFO Brendan O'Regan resigns effective 31 January 2019.

joint venture update

Noble's further US$4.7m is finalised, lifting the facility to US$41.9m at 10.75%. Security will be a pledge over RES's 74% of Ledjadja. ASX granted a waiver, first repayment moves to 30 June 2019, and the first drawdown is expected November 2018.

debt financing

The delayed lender commits to table the proposal for credit approval by end October 2018. Financial close now looks likely towards end Q1 2019. Noble conditionally agrees a further US$4.7m, pushes first repayment to 1 April 2019, and takes new security.

debt financing

With no control over the delayed lender's timing, the board will also explore a third party as a substitute or additional funder in the syndicate. The company says further delays are now likely.

joint venture update

Ledjadja executes the three Sedgman contracts: CHPP construction and ancillary works at US$210m, and four-year plant operation at US$100m. This resolves the long-pending execution thread, but the contracts depend on project finance being drawn down.

contract award

June quarter: the lender accepted the company's responses, but its credit submission is now held up by an internal review of its ESG investment criteria, so a contingency plan is triggered. Noble's offtake received regulatory approval. Resources are updated with no material change.

quarterly activities report

One of the two remaining lenders wants more information before proceeding, on credit risk while Noble restructures and on ramp-up working capital. Board aims to resolve this by end of May; no timetable beyond that. Noble is willing to consider covering any shortfall.

joint venture update

The IDC, the first of three lenders to approve, signs a binding R540m senior loan facility with Ledjadja for Boikarabelo, at JIBAR plus 6% during construction. It still depends on conditions, including board and shareholder approval and rail link financing.

debt financing

Noble adds up to US$2.5m, drawn May to July 2018, taking the facility to US$34.7m. Repayments on the original US$20m now start 1 August 2018. One lender's credit approval slips to end April, so the board meeting on term sheets moves to 10 May.

debt financing

CEO Rob Lowe stands down immediately to focus on financial close, staying until his contract ends 31 December 2018. Director Papi Molotsane becomes interim CEO. Funding is slower than hoped: board meets 11 April on term sheets, with an EGM now targeted for late June 2018.

director officer appointment

Subsidiary Ledjadja signs the Noble offtake for additional uncontracted coal, resolving the first-right-of-refusal thread: 800,000t a year plus up to 300,000t for years 1-3, then up to 200,000t. It needs regulatory and possibly shareholder approvals.

material agreement

Noble extends its facility by up to US$3.8m, drawn monthly to 31 March 2018, taking the total to US$32.2m at 10.75%. The new money is repayable from the first project-finance drawdown. The original US$20m repayments now start 30 April 2018.

debt financing

Peter Watson, former Sedgman managing director, joins as non-executive director after Gately's resignation, keeping the required Australian-resident directors. Lulamile Xate now signs as Chairman, completing the succession flagged in October.

director officer appointment

Chairman Denis Gately will resign at the end of the 22 November 2017 AGM, and directors propose Lulamile Xate as successor. This is a chair change, coming shortly after the lender setback.

director officer appointment

Debt Club lenders declined to proceed without more certainty on the Eskom coal supply terms, so the board considers that funding source no longer viable. Management is pursuing an alternative lender group with no committed Eskom supply, with first approvals expected around end September or early October.

debt financing

Manish Dahiya, Noble's global head of energy coal and LNG, joins as a non-executive director under the Noble loan extension. Gregory Hunter, a Noble employee, is his alternate and the third representative on the Ledjadja Coal board. Noble gains more board influence.

director officer appointment

Noble agrees to lend up to a further US$8.4m in three tranches to September 2017 at 10.75%, on top of the US$20m facility. Noble gains a board nominee, and its domestic offtake and 35-year marketing agreements are restated. Terms are subject to approvals; this continues the working capital pressure.

debt financing

Board update pushes the funding target to mid-2017, a clear slip from March 2017 financial close. Transnet says it cannot fund the roughly R550m rail link, so other funders are being sought. Lender credit approvals are now hoped for by end April.

investor presentation

Coal estimate updated to JORC 2012 for the Ledjadja #1 and #3 areas. Measured and indicated resource rises from 664.2Mt to 994.8Mt, but marketable reserves fall from 430.6Mt to 267.1Mt under the new dual export/domestic plan. This revises the earlier 744.8Mt probable reserve basis.

resource reserve update

Chairman says funding approvals are now targeted for mid-December, a slight slip from the earlier timetable, with financial close by March 2017 and first coal in Q1 2019. Contractor and Transnet rail contracts are targeted for end-October and November. Thermal coal prices are reported near $75/t.

investor presentation

Stefanutti Stocks Mining Services is selected as preferred mining contractor under a Heads of Agreement, with a formal contract conditional on board approval and funding. Lenders' due diligence and site visit were satisfactory. The AGM is set for 23 November 2016.

contract award

Commercial terms agreed with RMB, IDC, PIC and Noble for R5.52bn (A$515m) to complete the Boikarabelo mine, subject to credit approvals. Financial close is targeted for end October 2016, with first coal in late 2018. This is the first agreed terms, but it is not yet a committed facility.

debt financing

Heads of Agreement with Sedgman (CIMIC Group) for the Boikarabelo coal plant at a fixed US$141m, below the earlier estimate. It is subject to board approval and funding, so it only firms up if the debt funding closes.

contract award

Chairman reports a technical review recommending selective mining and a contract miner, with a bankable study for a 260MW power station. Rob Lowe gets a minimum two-year CEO contract, Brendan O'Regan is CFO, and the Sydney office is closed. Only the debt club remains as a credible funding option.

other

Grant Samuel is adviser and RMB was appointed lead arranger on 17 February for the debt club. The company has stopped dealing with HAB & JPR Privée after getting no satisfactory answers, so the EUR480m MoU is effectively dead. The debt club is now the only funding path.

debt financing

After the board overhaul, Denis Gately becomes Chairman, Lulamile Xate Deputy Chairman, and Robert Lowe (CEO of major shareholder Altius) interim CEO, replacing Paul Jury. Michael Meintjes replaces Steve Matthews as company secretary. Control has passed to the Altius-backed nominees.

director officer appointment

RES applied to the Takeovers Panel for a declaration of unacceptable circumstances over the link between Altius, Noble and PIC. It seeks orders barring all three from voting at the requisitioned meeting. Outcome pending; escalates the control fight.

other

RES told ASIC that Altius, Noble and PIC acted collectively, and alleged confidential funding information may have been misused. It asked Altius to withdraw the requisition to protect the EUR480m funding. Escalates the board fight into regulatory action; these are the company's claims only.

other

Received a signed MoU from Swiss private entity HAB & JPR Privée for EUR480m in two stages (EUR175m by 31 January 2016, EUR305m June 2016), 20 years at about 4.5%. The lender may cancel if directors change. Not yet binding: the stage 1 agreement is unsigned.

debt financing

Shinto Torii (Altius subsidiary, 10.7% holder) requisitioned a meeting to remove all four directors and install six nominees. The AGM will be deferred so both meetings are held together. Escalates the Noble and Altius dispute into a fight for board control.

director officer appointment

Noble Group asked for two extra RES directors and one on the Ledjadja board, citing doubts over EFIC and EKF support. The board refused, saying the club's terms, including Noble's, seek excessive returns. Opens a board-control dispute with the largest funding partner.

other

After over three years seeking US$400m, the financier club wants a contract mining model tested to cut costs and capital after a weaker API4 coal price forecast. Quotes will take months. Funding delayed; the June hope of an in-principle deal has faded. Other sources are being explored.

debt financing

Names a financier club: RMB, HSBC, IDC, PIC, Noble and EFIC. Talks are at a mature stage with a term sheet being finalised; Noble loans would fold into it. If it proceeds, no equity raising is envisaged. Not yet a binding commitment.

debt financing

Signs a loan facility of up to US$113m with Komatsu Financial for the mining fleet, over five years. It is conditional on signing the equipment sale and securing the balance of project debt. Resolves the equipment funding thread, but the main project debt remains open.

debt financing

Earthworks contractor Protech Kuthele, which was building the rail link, site infrastructure and roads, has applied for liquidation and left site. Completion slips three to six months, with first coal now in the first half of 2016 rather than December 2015. Funding talks continue.

contract award

Blumont will not pay the outstanding $20.07m for its 102.6m-share placement at 22c. No shares are issued and the company keeps the $2.5m deposit. Resolves the Blumont thread, which had been expected to bring in $20-25m.

capital raising announcement

Signs a binding term sheet for a US$65m Noble infrastructure loan, drawable 1 Jan 2014 to 31 Dec 2015 and repayable by 31 March 2016. It replaces the US$67.7m facility, which expired undrawn. Management says it removes the remaining major funding gap.

debt financing

Blumont has not paid the $22.57m due on 4 December for its 102.6m-share placement at 22c, which shareholders approved at the AGM. The company is taking action to obtain the funds. Casts doubt on the Blumont money flagged in September.

capital raising announcement

Signs a binding term sheet with FLSmidth Roymec to design and supply the coal handling plant. Expected cost is now under US$200m, over US$50m less than earlier estimates. Danish agency EKF is in talks to guarantee over half the cost.

contract award

The shortfall from the entitlement offer is fully placed: 237.2m shares at 22c, raising $52.2m and completing the $62.6m offer. Buyers include PIC (19.90%), Barsington/Noble (17.97%) and Shinto Torii/Altius (10.91%). Resolves the weak retail take-up; funds go to major construction.

capital raising announcement

Blumont Group subscribes for 15% of the enlarged capital at 22c, an investment of $20-25m. Shortfall shares are taken first, with the balance issued after the AGM subject to shareholder approval. Management says this minimises further equity needs.

capital raising announcement

Lifts its stake in Waterberg One Coal from 70% to 74%, buying out Lukale for ZAR25m in shares at 40c (subject to shareholder approval) plus ZAR20m cash. Fairy Wing takes 26% using a ZAR39m RES loan. Prospecting area has a 314.2Mt probable reserve.

asset acquisition disposition

Entitlement offer closes with acceptances for only 47.5m shares, about 16.7% of the offer. The remaining 236.3m shares plus 0.84m ineligible shares go to a shortfall placement. Barsington, Valu and Altius have committed to up to 207.9m shortfall shares, Altius not before 13 September.

capital raising announcement

Valu signs a 20-year export offtake for 1Mtpa, rising to 2Mtpa in Stage 2, and gets rights to build and run 200MW and 1200MW power stations. The Bhushan Steel contract and CESC feasibility arrangements are terminated, with no penalty.

material agreement

Signs a binding term sheet for a US$55.3m, 8-year Noble loan to build the 38km rail link. The existing Noble facility is cut from US$123m to US$67.7m, so total Noble debt is unchanged. Talks continue with ten banks.

debt financing

Launches a non-underwritten 1-for-1 entitlement offer of 284.7m shares at 22c to raise A$62.6m, well below Noble's 40c in April. Noble, Valu and Altius have committed to take up to about 80% of the issue or shortfall. Funds start major construction.

capital raising announcement

Signs an 8-year domestic offtake for 3.0Mtpa with Noble, starting once Boikarabelo produces. The company says this nearly fully underwrites Stage 1 revenue and should help complete debt funding. This is separate from the Eskom contract still being finalised.

material agreement

Noble Group buys 21.35m shares at 40c ($8.5m, 7.5%) and provides a secured US$123m loan facility, drawable to 31 Dec 2013, in addition to the $20m debenture. Noble's offtake rises to up to 2.5Mtpa over 35 years, and it becomes exclusive marketing agent. Replaces the bank-led plan.

capital raising announcement

Bank credit-approved offers include commercial conditions the company finds unacceptable, so it is considering alternative funding, including equity from customers. Capex without debt-related contingencies and costs is put at $530m. Reverses the earlier expectation of syndicate funding.

debt financing

Construction begins at Boikarabelo, with the site now classed as an operating mine site: infrastructure, roads, water and power connections. Says bank due diligence found no material issues and it expects no significant delay in credit approval.

drilling progress report

Issues a $20m secured debenture to Noble Group, repayable December 2013, to fund early construction because project debt finance is delayed. Also signs a 2.5Mt offtake contract with Noble, with good-faith talks on a marketing alliance.

debt financing

Signs a take-or-pay port access contract with Bulk Connections at Durban, giving weekly stockpile capacity for stage 1 exports. But bank credit approvals are taking longer than expected due to a backlog and possible festive-season delays.

material agreement

Ledjadja Coal mandates six banks and financiers to provide about US$400m of senior debt, around 60% of construction funds, over 9 years. Credit approvals are targeted for early November; an equity raise for the balance is hoped to finish by mid-December 2012.

debt financing

Exxaro has exercised its put option, so Ledjadja is to acquire the extra coal tenements, lifting Boikarabelo's total resource 31%. The price is stated as not material to cash and is payable only after DMR approval, which is unlikely before mid-2013.

asset acquisition disposition

Boikarabelo stage 1 capex cut by US$120m to US$630m, because Eskom committed to supply power from 2014 and the planned 45MW site power station is removed from the estimate. Reverses the earlier rise to US$750m and reduces equity needed, subject to debt funding.

material agreement

Signs a ten-year take-or-pay rail haulage contract with Transnet for up to 6Mtpa (4Mt, 5Mt, then 6Mt). Resolves the long-running Transnet thread. Conditional on a capacity allocation process, automatically waived if not done by 31 December 2012. Construction could start in the last quarter of 2012.

material agreement

Integrated Water Use Licence received and the mining right appeal dismissed and finalised by the DMR. This resolves two open threads and leaves the Transnet rail haulage contract as the remaining major hurdle before funding.

regulatory community update

Agrees to buy the Swelpan and Kleinpan properties (2,096 ha, about A$4m) next to Boikarabelo, and grants Exxaro a put option over four prospecting-right properties holding 974.5Mt indicated resource. If completed, total resource rises 31%; Kleinpan is the proposed CESC power station site.

asset acquisition disposition

NEMA environmental approval received for the Boikarabelo mine, infrastructure and 36km rail link, ending a delay from the July 2011 target. Remaining steps before funding: the water licence and a Transnet rail contract.

regulatory community update

Signs a 30-year agreement with Lephalale municipality to build and run the Marapong wastewater plant, supplying the mine with at least 4 megalitres a day from January 2014, rising to 16 by January 2017. Conditional on approvals by February 2013. Firms up the March preferred-party status.

material agreement

Transnet signs the rail MOU: take-or-pay haulage of 4Mt from July 2014, 5Mt from July 2015 and 6Mtpa from July 2016. It is conditional on mine production and rail upgrades, and freight rates are undecided. The MD says it does not yet trigger project funding.

material agreement

Stage 1 capex rises to $750m from $552m, including a $100m power station. Transnet's negotiating team has declined to commit to a rail contract, so first production slips to the first half of 2014 (from late 2013). Over $25m cash held.

material agreement

Sells its Tasmanian coal tenements (the Woodbury area holdings) for $1.5m plus a $1.20 per tonne royalty on any coal mined. Management says a mine there would distract from Boikarabelo. Completion targeted 16 September 2011; $150,000 deposit paid.

asset acquisition disposition

An appeal has been lodged against the Boikarabelo Mining Right granted in March by three nearby landholders, the nearest 13km away. The right stays valid during the appeal. The company says the objections repeat earlier ones and expects confirmation. This is a new risk to the permit.

regulatory community update

Integrated Coal Mining's offtake is extended to 139Mt over 38 years, from 37Mt over 20. Its CESC parent is studying a 2x660MW power station next to the mine. Bantal Singapore will subscribe $10m for 12.2m shares at $0.82, lifting RPG Group to 11.6%.

material agreement

Debt funders have submitted expressions of interest and indicative term sheets that more than cover anticipated debt needs for building Boikarabelo. Offers carry conditions, including satisfactory Transnet and Eskom contracts. Not yet a committed facility.

debt financing

New BEE partner Fairy Wing Trading will buy the 26% of Ledjadja held by the original BEE partner. Resource Generation lends it R80m ($11.5m) in three tranches from existing funds, secured over those shares. Ledjadja takes on a capped R30m Apex royalty.

asset acquisition disposition

The Ledjadja joint venture, 74% owned, has been told it is granted a 30-year Mining Right for Boikarabelo. Formal documents and a $2m rehabilitation deposit follow within three weeks. This resolves the permit thread targeted for June quarter 2011, and arrives earlier.

regulatory community update

Boikarabelo probable reserve rises 108.8Mt to 744.8Mt after the expanded mine plan, covering 35% of the tenement area. This follows the 20 October measured resource and the 636Mt figure, and helps support project finance.

resource reserve update

Second 20-year offtake: Bhushan Steel will buy 500,000 tonnes a year for the first five years of production, then at least 500,000 tonnes a year for 15 years, at market prices. Adds to the Integrated Coal Mining (CESC) contract.

material agreement

Resource Generation lifted its Ledjadja Coal stake from 49% to 74% under the shareholders' agreement. Ledjadja holds the major share of Boikarabelo's resources and reserves. Completes the step approved in June, when the interest rose to 65%.

asset acquisition disposition

Placement completed at A$30m: 60m shares at 50c, oversubscribed. 27.4m shares issue on 10 November; 32.6m need shareholder approval at a meeting around 13 December. Issued shares would total 242.7m.

capital raising announcement

Placement to raise up to A$20m at 50c a share, with up to A$10m more possible, plus a share purchase plan at the same price. Proceeds go mainly to Boikarabelo rail link land and access rights. The rail link is needed for environmental approval.

capital raising announcement

Brian Warner, who recently retired as senior resources analyst at Citibank, becomes Non-Executive Director and Chairman. Scott Douglas steps down as Chairman but stays on as a Non-Executive Director.

director officer appointment

Boikarabelo probable reserve rises 32.7Mt to 636.0Mt after analysis of 28 cored holes, with a new 204.0Mt measured resource at Kalkpan. Mine planning to convert the measured resource to reserve is due by end November 2010.

resource reserve update

First coal offtake: Integrated Coal Mining (RPG Group, for CESC) will buy 1Mt a year for three years then 2Mt a year for 17 years from Boikarabelo. It subscribes $10.5m for 18.27m shares at $0.575, about 10%.

material agreement

Final JSE approval for a secondary listing, with trading starting 14 July 2010 for 164,412,477 shares. Delivers the plan announced in March to widen funding options for Boikarabelo and attract South African investors.

other

South African Section 11 approval to lift the Ledjadja interest from 49% to 74%. Interest rises to 65% now because the spend condition is met; the extra 9% depends on other arrangements. Resolves the pending consent thread.

regulatory community update

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other

Signed an agreement to buy more land covering the Draai Om and Witkopje tenements of the Ledjadja right, taking holdings to seven portions totalling 8,397 hectares for the Boikarabelo mine. Follows the 5,625 ha bought in December 2009.

asset acquisition disposition

Mining rights application lodged for the Boikarabelo mine; production is still targeted for January 2013. The department normally takes about 12 months to award rights. Funding options come after offtake and transport plans are settled.

regulatory community update

Boikarabelo (formerly Waterberg) probable saleable reserve doubled to 603Mt, with a new 1.7 billion tonne inferred resource, from drilling 16% of the Ledjadja area. Builds on the earlier 302Mt Waterberg #1 reserve; more drilling planned.

resource reserve update

Acquired five Waterberg land parcels totalling 5,625 hectares for about $13m, as sites for the washery, stockpiles and transport facilities. Four are registered and the fifth is in final registration. Uses part of the July rights issue money.

asset acquisition disposition

Pre-feasibility study confirms the Waterberg coal project (renamed Ikarabela), with A$700m estimated capital cost. Targets mining right early 2011 and production January 2013, at 3Mt export plus at least 3Mt domestic coal a year. Mining rights application and bank-backed detailed study planned for 2010.

other

South African approval received under Section 11(1) for RES to lift its Waterberg Coal JV interest from 20% to 70%, once US$5m is spent (about US$3.4m spent so far). Clears the regulatory condition on the earn-in.

regulatory community update

Waterberg #1 split into a reserve area (43%, 302.4Mt probable saleable coal) and a resource area (57%, 1.1 billion tonnes indicated, 569Mt after shale discount). This moves part of the earlier inferred resource up to indicated and books the first reserve, as flagged for August.

resource reserve update

Entitlement offer drew valid acceptances for only about 40% (30.7m shares) of the 76.9m offered. Underwriter Shaw Corporate Finance must place the remaining 45.7m shares plus 0.6m ineligible-holder shares, so the underwriting was needed.

capital raising announcement

Announced a fully underwritten 1-for-1 entitlement issue at 40c to raise $30.75m, underwritten by Shaw Corporate Finance. Funds are mainly for Waterberg land, mine infrastructure and a bankable feasibility study. Existing holders are diluted if they don't participate. Offer closes 20 July.

capital raising announcement

Waterberg #1 inferred resource lifted to 1,991.6Mt (978.1Mt after shale discount), up from 646.3Mt reported in August 2008. A coal reserve is expected within about four months. US$2.0m of the US$5m earn-in spent. Ledjadja drilling starts within weeks.

resource reserve update

Waterberg drilling done: 67 percussion and 20 cored holes. First two cores confirm the roughly 120m-thick seam, with coal suited to thermal and soft coking uses (preliminary). Full analysis takes about six months; updated JORC statement may follow. Ledjadja drilling due March.

drilling result

Shareholders approved the 1-for-10 consolidation of shares and options, effective 27 January 2009. Trading restarts on a normal basis on 4 February under code RES.

security holder rights change

Bought a 49% interest in a coal exploration permit of about 8,000 hectares next to Waterberg No.1, for US$1.5m cash plus a royalty capped at R30m. Drilling to date: 77 percussion and 5 open holes, with coal about 120m thick from 20m depth.

asset acquisition disposition

Chairman Michael Hunt resigned as director after the head office moved from Perth to Sydney. Scott Douglas becomes Non-Executive Chairman, and Toby Rose, a veteran NSW coal geologist, joins as Non-Executive Director.

director officer appointment

Settled purchase of the Tasmanian coal companies after licences were granted: 28.5m shares for Energy Investments (plus 7.5m to facilitators) and 60m for Tiger Coal, all escrowed 6 months. A further 15m shares are payable if 79Mt is proven. Resolves the licence thread.

asset acquisition disposition

Supplementary prospectus, at ASIC's request: Tasmanian tenement ownership still depends on licences being granted. Tasmanian coal figures are historical, not JORC. The board now says the earlier 340-460Mt exploration target needs more information, softening it.

regulatory community update

Preliminary results for year to 30 June 2008: loss $10.99m versus $1.125m, including a $7.57m write-down of the Uranex (Cameroon uranium) investment. Cash $1.4m. Accounts still being audited.

annual report

Raised $12 million via a placement of 66,666,667 shares at 18c. Funds exploration of coal and uranium tenements, first the Waterberg, where US$5m spend lifts the joint venture interest from 20% to 70%. 15.4m shares need AGM approval.

capital raising announcement

Inferred coal resource in the Waterberg, South Africa, lifted 78% from 415Mt to 738.8Mt, mainly from 12 more boreholes at Koert Louw Zyn Pan (now 646.3Mt). Delivers the upgrade flagged earlier; a 98-hole drilling program is being finalised.

resource reserve update

Paul Jury became Managing Director and Steve Matthews Executive Director and Joint Company Secretary, as flagged in June. Peter Pawlowitsch resigned as director. Both new directors hold no securities, per their initial interest notices.

director officer appointment

Acquisition of 100% of Isicebi settled, with the Lukale joint venture signed. On 7 July 2008 Comdek issued 85.6m shares and 28.75m options as consideration; about 545.6m quoted shares now on issue. Closes the open Isicebi thread.

asset acquisition disposition

Paul Jury (former founder and managing director of Resource Pacific Holdings, taken over by Xstrata) named Managing Director and Steve Matthews Executive Director, starting 14 July 2008. Salaries $400k and $300k, plus options at 20c-35c needing shareholder approval.

director officer appointment

South African Reserve Bank approved the Isicebi acquisition, the last remaining condition, subject to conditions built into an amended joint venture agreement. Settlement is expected within a week, resolving the long-running approval delay.

asset acquisition disposition

Option signed to buy Tiger Coal, which has applied for two Tasmanian Jericho coal projects, for 75 million shares valued at 20c each. Historical coal 60-80Mt; exploration target 240-300Mt, conceptual only. Shareholders approved the earlier EIL deal on 26 May 2008.

asset acquisition disposition

Signed to buy 100% of Energy Investments Limited, which has applied for two Tasmanian coal projects (Woodbury, Latrobe). Historical coal of 12-22 million tonnes; exploration target of 100-160Mt, which is conceptual only. Adds a second coal thread beside South Africa.

asset acquisition disposition

Michael Hunt, a mining lawyer and founding chairman of Red Back Mining, became non-executive chairman, and Rowan Armstrong became operations manager. Director Ed Mead resigned, so two AGM resolutions were withdrawn. Isicebi coal acquisition still in due diligence.

director officer appointment

Comdek signed to buy 100% of Isicebi Carbon Mining, which has the right to earn 70% of three Waterberg coal projects in South Africa (3,160 hectares). An initial inferred resource of 415 million tonnes was calculated. Adds a coal thread beside the Cameroon uranium plan.

asset acquisition disposition

Due diligence on Uranex SA was completed; it holds three uranium licences in southeast Cameroon covering about 2,935 sq km. Acquisition of 80% now needs only shareholder approval at the AGM, with exploration expected from late 2007.

asset acquisition disposition

Comdek closed a placement of 49.96 million shares at 2.5 cents to raise $1.249m, fully subscribed. Part of the allotment to related parties needs shareholder approval.

capital raising announcement

After the Deed Administrator retired, Ian Hobson (director and secretary), Peter Christie and Peter Pawlowsitsch became directors on 29 November 2006. Jeffrey Garrett, Hendy Cowan, Haydn Collins and David Falconer resigned. Board fully replaced as the company's administration ended.

director officer appointment