Past year: ▲ 18%(2.15 – 3.01 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Nov 2013drilling result▲ Good
Initial Belview washing tests indicate a hard coking coal primary product (62%) and a low-volatile PCI secondary product (38%), with total washed yield of 73-83%. This is the coal quality follow-up to the August resource upgrade to 322Mt.
13 Aug 2013resource reserve update▲ GoodMajor
Belview Inferred resource rises to 322Mt from 95Mt after a five-hole program, with a further exploration target of 204-306Mt. This delivers the JORC resource missing when the March concept study was withdrawn. Initial quality suggests low-ash coking coal plus a PCI product.
29 Apr 2013resource reserve update▲ GoodMajor
Range feasibility study (delivered after slipping from February) confirms a 5Mtpa, 25-year thermal coal mine: NPV $441m-$499m, IRR 18.6-19.1%, FOB cost $76.1-84.8/t, capital $455m-$599m including the $44m WEXP1 port obligation. Ready to execute once Surat Basin Rail is delivered; mining lease expected by end 2013.
29 Nov 2012resource reserve update▲ GoodMajor
First JORC Inferred resource at Tennyson, an underground thermal coal project: 161Mt in the Aries seam, plus a further 65-120Mt exploration target. A concept study is planned for the first half of 2013. This delivers the Inferred resource targeted for late 2012.
26 Oct 2012farm in farm out agreement▲ GoodMajor
Joint venture with Cape Coal on Mackenzie to improve coal yield and economics. Cape Coal can earn up to 9% by providing technical services, with 2% already earned and a Concept Study due Q1 2013. It can buy a further 10% for $10m after a bankable feasibility study.
26 Oct 2012resource reserve update▲ GoodMajor
The Range total JORC resource rose 10% to 287Mt from 260Mt, including a first 18Mt Measured resource covering most of the first three years of production. The 94Mt reserve is not yet revised; first coal now stated as 2016.
15 Mar 2012resource reserve update▲ GoodMajor
The Range total JORC resource rose 14% to 260Mt (184Mt Indicated, up 22% from 151Mt; 76Mt Inferred), after 31 more holes. Impact on the 94Mt reserve and economics will feed the BFS due September 2012; 60-70Mt western target remains.
25 Nov 2011resource reserve update▼ BadMajor
Mackenzie now has a first 25.7Mt Indicated resource, lifting the total 45% to 143.2Mt. But coking coal yield averages only 26% (range 11-71%), well below earlier hopes, and processing problems must be solved. Work now focuses on the South and North East zones.
25 Nov 2011resource reserve update▲ GoodMajor
Belview gets an initial 95Mt Inferred resource in the Gemini seam, with a further 205-345Mt exploration target. Early washed results show hard coking coal (CSN 7, ash 7%) at 45% yield. This resolves the Inferred resource target set in September; a scoping study of deep underground mining is planned.
16 Nov 2011resource reserve update▲ Good
Drilling west of The Range pit defined a new 60-70Mt exploration target in shallow coal, outside the 229Mt resource. It could add low-strip coal for early production. An Inferred resource is aimed for Q1 2012, weather permitting.
8 Nov 2011resource reserve update▲ GoodMajor
The Range pre-feasibility study confirms a 5Mtpa open pit thermal mine for 26 years from 2015, up from 18. Owner-mining NPV is $846m (contract mining $703m), with FOB operating cost $71.9/t and capital of $505m (owner) or $407m (contract). Reserve is unchanged at 94Mt.
16 Sept 2011drilling spud▲ Good
A four-hole drilling program has started at Kerlong, testing a potential underground hard coking coal target in the Rangal Coal Measures, modelled from about 500m depth. It follows the recent EPC 1769 grant; the aim is an initial Inferred resource.
12 Sept 2011resource reserve update▲ GoodMajor
Five Belview drill locations define a 385-555Mt exploration target covering the western 26% of the lease. The six metre Gemini seam, once mined as hard coking coal at Leichhardt, is confirmed across the west; raw CSN reaches 8. An Inferred resource is now targeted by end 2011.
4 Aug 2011resource reserve update▲ GoodMajor
The Range booked its first Marketable Coal Reserve of 94Mt (from 117.5Mt Probable ROM reserve), with 151Mt upgraded to Indicated and total resource up 5% to 229Mt. This exceeds the 55Mt WICET 2 requirement. It triggers a final $1.5m payment in shares to Comet Coal & Coke vendors.
5 July 2011drilling result▲ GoodMajor
Tennyson drilling, six of eight initial holes, found Aries seam 1.8-2.8m thick (average 2.5m), raising confidence in the upper end of the 220-290Mt exploration target. A JORC Inferred Resource is targeted for September quarter; coal quality tests are under way.
28 June 2011drilling result▲ GoodMajor
Belview drilling cut a six metre Gemini seam in two of three holes, at 562-814m depth. The seam was mined as prime hard coking coal at the Leichhardt Colliery, 4km west. Coking tests are under way; a Belview Inferred resource is targeted for Q3 2011.
31 Mar 2011drilling progress report▲ Good
Emerald scout drilling has cut 2.7m of Aries and 2.6m of Corvus Lower seam in three of eight holes. The Range pre-feasibility study and environmental studies have started, with mining lease approval expected Q3 2012. Rain still limits Mackenzie River drilling; Belview and Kerlong move to April.
18 Feb 2011drilling spud▲ GoodMajor
Drilling restarted at The Range (28 holes, to convert the 219Mt Inferred Resource to Indicated for WICET) and began at Emerald (eight holes, 220-290Mt thermal target). Mackenzie River and Belview drilling is due in March, then Kerlong.
20 Dec 2010drilling result▲ GoodMajor
A coal seam gas well on the Belview northern boundary, shared under a data arrangement, cut multiple seams totalling 16.9m, including 3.83m of Pisces. This suggests the coking seams mined at the adjacent Leichhardt mine continue into Belview; 2011 drilling is planned.
2 Sept 2010resource reserve update▲ GoodMajor
Mackenzie River gets its first JORC Inferred Resource: 99Mt of coking coal, 66Mt of it shallower than 75m. This resolves the pending resource. A further 70-80Mt exploration target is flagged; washed yield averaged 51% at 14.8% ash.
26 July 2010resource reserve update▲ GoodMajor
The Range's JORC Inferred Resource rises modestly to 219Mt from 208Mt in May. The concept study is due in September. The text states an initial strip ratio under 4:1.
29 June 2010drilling spud● Neutral
Drilling began at the 100%-owned New Cambria project, with 22 scout holes planned to test for shallow PCI coal near faults. This follows the earlier plan for drilling in the first half of 2010. Nearby colliery data suggests a high-yield, low-ash product.
1 June 2010drilling result▲ GoodMajor
Early Mackenzie River drilling shows coking properties, with raw CSN up to 7.5. An initial exploration target of 110-170Mt is set for the western area. A JORC Inferred Resource is aimed for within three months; the eastern area coal so far is thick but dirty.
19 May 2010resource reserve update▲ GoodMajor
The Range's JORC Inferred Resource rises to 208Mt from 117Mt in April, with washed product averaging under 8% ash. A concept study has begun, and more drilling has started. Coal found east of the resource is not yet included.
10 May 2010resource reserve update▲ Good
A desktop study by SRK sets an Emerald exploration target of 220-290Mt of export thermal coal in the Aries Seam, from about 150m depth. This is a target, not a resource; field drilling aims for a JORC Inferred Resource in three to four months.
8 Apr 2010resource reserve update▲ GoodMajor
The Range's first JORC Inferred Resource is 117Mt of open pit thermal coal, well above the 40-50Mt IPO exploration target. This resolves the April expectation. A further 100-125Mt exploration target is flagged, and more drilling has started.
18 Mar 2010drilling progress report● NeutralMajor
Drilling began at Mackenzie River, a potential large open pit coking coal project, with a four-to-five month programme planned. Weather delays pushed the Range JORC Inferred Resource estimate from 1Q to April 2010.
18 Dec 2009drilling result▲ GoodMajor
Initial drilling at The Range (15 holes, about 2,000m) hit stacked seams generally over 5m thick at depths under 80m. The deposit is likely to substantially exceed the 40-50Mt exploration target; a JORC resource is expected in 1Q 2010.
9 Dec 2009drilling spud▲ GoodMajor
Drilling began at The Range thermal coal project in the Surat Basin, with results and coal quality data expected by late March 2010. Mackenzie River drilling is expected to start in the New Year.
