Past year: ▲ 511900%(0.09c – 4.61 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Apr 2012quarterly activities report● Neutral
March quarter report restating NEMA approval and the Exxaro land and option deals. Funding awaits a Transnet tariff; Transnet won't commit firm tonnage before end-2012. Water licence decision expected May; mining right appeal likely to be dismissed. Funding then expected to take four to five months.
27 Mar 2012asset acquisition disposition▲ GoodMajor
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.
23 Mar 2012regulatory community update▲ GoodMajor
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.
27 Jan 2012quarterly activities report● Neutral
December quarter report restating the Transnet MOU, water agreement and mining right appeal. Draft long-term haulage agreement submitted to Transnet on 18 November 2011. NEMA approval still expected early 2012; water licence at a mature stage. Debt funders still interested.
9 Dec 2011material agreement▲ GoodMajor
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.
4 Nov 2011director officer appointment● Neutral
Non-executive director Scott Douglas resigns to pursue other business ventures, after four years on the board. No replacement is named.
28 Oct 2011quarterly activities report▼ Bad
September quarter report restating the Transnet MOU, the $750m capex and the mining right appeal. NEMA approval is now delayed to early 2012 because a second environmental assessment is required. Water licence expected before end-2011; financiers' due diligence still hinges on Transnet and Eskom contracts.
26 Oct 2011material agreement▲ GoodMajor
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.
24 Oct 2011investor presentation● Neutral
AGM presentation repeating known facts. Shows 262.9m shares on issue, $120m market capitalisation and $23m cash. Funding plan is 60% debt and 40% equity, with the Transnet MOU still to be signed.
24 Oct 2011other● Neutral
Notice of a webcast of the Managing Director's AGM presentation on 24 October. No new company information.
19 Oct 2011material agreement▲ Good
Responds to a press report that Transnet is finalising a memorandum of understanding on coal haulage. Confirms subsidiary Ledjadja has signed it and awaits Transnet's signature. Terms to be released once Transnet signs.
22 Sept 2011annual report● Neutral
2011 Annual Report reviewing the year: $51m of equity raised, the expanded Integrated Coal Mining offtake, Bhushan contract, and CESC power station study. States NEMA approval is now expected towards end of 2011. AGM set for 24 October 2011.
21 Sept 2011investor presentation● Neutral
September investor presentation repeating known Boikarabelo facts: 745Mt probable reserve, 6.4bn tonne resource, and the rail contract and domestic sales contract as conditions for project finance. No new information beyond the 20 September update.
20 Sept 2011material agreement▼ BadMajor
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.
31 Aug 2011asset acquisition disposition● NeutralMajor
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.
24 Aug 2011annual report▼ Bad
Preliminary results for FY11: loss of $5.1m versus $3.3m in FY10, including $3.1m of non-cash share-based compensation. Net tangible assets 51 cents per share (54 cents a year earlier). No dividend.
12 Aug 2011regulatory community update▼ BadMajor
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.
28 July 2011director officer appointment● Neutral
New open-ended employment contracts for Managing Director Paul Jury ($540,000 a year) and Executive Director Steve Matthews ($408,750), replacing 3-year contracts that expired in July. Three months' notice and six months' salary on termination. Administrative.
25 July 2011quarterly activities report▼ Bad
June quarter report restating the mining right, the 139Mt Integrated Coal Mining offtake and Waterberg One's rise from 20% to 70%. New: NEMA rail and infrastructure approval is delayed several months beyond July, and the on-site power station contractor has failed financially, so construction approach is under review.
7 June 2011material agreement▲ GoodMajor
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%.
18 May 2011debt financing▲ GoodMajor
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.
21 Apr 2011regulatory community update▲ Good
Formal documents received confirming the 30-year Mining Right for Boikarabelo, held through the 74%-owned Ledjadja joint venture. Also confirms Fairy Wing Trading as the BEE partner. Completes the grant notified on 31 March; production is expected late 2013.
14 Apr 2011quarterly activities report● Neutral
March quarter report covering the mining right, new BEE partner loan, rail route and water plant already announced. Rail approval now expected July 2011. Eskom and Transnet talks continue; engineering design is nearly complete.
5 Apr 2011investor presentation● Neutral
April presentation updated to show the mining right as approved. Remaining hurdles listed are a rail haulage contract and a domestic sales contract, plus water licence and rail approvals, and construction funding. Otherwise repeats known facts.
31 Mar 2011regulatory community update▲ Good
Company is preferred party to build and run a wastewater plant at Marapong, giving up to 16 megalitres a day piped to Boikarabelo. Cost is within the A$552m capex budget. Government approval and contracts are still needed; stage 1 water licence is pending.
31 Mar 2011asset acquisition disposition● NeutralMajor
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.
31 Mar 2011regulatory community update▲ GoodMajor
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.
18 Mar 2011other● Neutral
Level 1 American Depositary Receipt programme set up with Citi as depositary, trading over the counter in the US under RSGNY. One ADR equals four shares. Aims to broaden the shareholder base; raises no capital.
4 Mar 2011other▲ Good
S&P index rebalance notice listing many companies. Resource Generation is among the additions to the All Ordinaries index, effective after close on 18 March 2011. Not a company announcement and no business change.
2 Mar 2011other● Neutral
Notice of an audio broadcast of a Royal Bank of Canada analyst discussing the company. No new company information.
