Past year: ▲ 511900%(0.09c – 4.61 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Sept 2012annual report▲ Good
2012 Annual Report says all major approvals are in hand and the Transnet haulage contract is signed, so bank due diligence is under way. Committed finance offers are due by November 2012, with production targeted for early 2015. AGM set for 17 October 2012.
11 Sept 2012price query● Neutral
Replies to an ASX query after the share price rose from 24.5c to 34.5c. Company knows of no undisclosed news; it says selling pressure eased after two holders sold about 2m and 1.4m shares. Confirms it complies with disclosure rules.
23 Aug 2012asset acquisition disposition▲ GoodMajor
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.
22 Aug 2012material agreement▲ GoodMajor
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.
22 Aug 2012investor presentation● Neutral
August investor update repeating the US$630m capex, signed Transnet contract, and Eskom power supply. Says the power station decision is deferred and an Eskom coal agreement is near complete. Credit approval process has commenced. Nothing new beyond the 22 August release.
1 Aug 2012annual report● Neutral
Preliminary results for the year to 30 June 2012: profit of $0.6m (loss of $5.1m in FY11), helped by a $1.5m gain on sale of subsidiaries (the Tasmanian assets). Revenue $2.1m; net tangible assets 52 cents per share. No dividend.
31 July 2012other● Neutral
Media release accompanying the June quarterly report. It repeats that banks are in due diligence and that stage 2 is expected to be funded from cash flow, with no further equity raising envisaged. No new facts.
27 June 2012material agreement▲ GoodMajor
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.
9 May 2012investor presentation● Neutral
Transcript of the MD's webcast. Adds that Transnet's commitment would become firm if its allocation studies aren't done by end-December 2012; funding then takes four to five months, construction 24 months. Largely repeats the presentation.
9 May 2012other● Neutral
Notice of a webcast of the Managing Director's investor update on 9 May 2012. No new company information.
9 May 2012investor presentation● Neutral
May investor update repeating known points: capex about US$750m, banks' indicative offers to cover about 50% of capex, and rail tariff possibly 47% of FOB cost. Transnet contract remains the key step. Little new information.
4 May 2012regulatory community update▲ GoodMajor
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.
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.
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.
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.
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.
