Past year: ▼ 21%(6.30c – 9.98c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Dec 2017security holder rights change● Neutral
Consolidation update: the actual post-consolidation share count is 301,324,833, slightly above the earlier estimate of 301,324,479. Issue date is 12 December and normal trading resumes 13 December. No other changes.
4 Dec 2017security holder rights change● Neutral
With shareholder approval received, the 10:1 consolidation takes effect 4 December 2017, cutting shares from 3,013,244,790 to an estimated 301,324,479. Warrants fall to 12.6m and options to 3m. 7.3m post-consolidation shares remain unissued to Cameron McRae.
30 Nov 2017other● Neutral
AGM speech: Blair Athol has mined 336,784t and sold 114,785t since 1 July; a rail load-out is due by end of February 2018, saving at least A$15 per tonne. BNU should hit 1.5Mtpa by year-end, and the company plans to address its balance sheet.
24 Nov 2017director officer appointment● Neutral
Non-Executive Director Cameron McRae, formerly Executive Chairman, resigns for personal reasons and will not stand for re-election. His re-election resolution at the AGM is withdrawn.
27 Oct 2017security holder rights change● NeutralMajor
TerraCom details the 10:1 share consolidation, subject to shareholder approval at the 30 November meeting. Shares fall from 3,013,244,790 to 301,324,479, with the effective date 4 December 2017. Unquoted warrants and options are also consolidated.
27 Oct 2017other● Neutral
Routine corporate governance checklist (Appendix 4G) lodged with the annual report, pointing to the website governance statement. No new substance.
27 Oct 2017annual report● Neutral
The 2017 Annual Report is published, repeating known events: BNU restart, the Blair Athol acquisition and first coal, and the board changes. It says a Blair Athol rail load-out is expected early 2018, ending interim trucking.
2 Oct 2017annual report● Neutral
Full-year financial report to 30 June 2017 lodged, covering the BNU restart and the Blair Athol acquisition. Detail is in the companion results release; the registered office is now at the Blair Athol mine in Clermont.
2 Oct 2017annual report▲ GoodMajor
TerraCom reports its first annual profit, A$5.04m (2016: A$51.8m loss), driven by a A$45.7m gain on acquiring Blair Athol and a A$19.6m tax benefit. Net assets turned positive at A$9.6m, from a A$17.7m deficiency.
5 Sept 2017resource reserve update▲ GoodMajor
Blair Athol JORC reserves rise 2.1Mt to 15.6Mt, extending mine life to 8 years at ~2Mtpa. Measured resource rises from 12.4Mt to 21.9Mt, with total resource unchanged at 44Mt. Converting measured resource could add 3-5 years.
4 Sept 2017director officer appointment● NeutralMajor
Wal King becomes Non-Executive Chairman, replacing Cameron McRae, who stays as a non-executive director; David Stone resigns and neither executive role is replaced, cutting overheads. A 10:1 share consolidation (3.01bn to 301.3m shares) is proposed. Blair Athol mined ~25kt and invoiced ~9kt in August.
15 Aug 2017production update▲ GoodMajor
Coal production has started at Blair Athol on schedule, with ramp-up to about 2Mtpa annualised in Q4 2017. First sales are due this month, trucked to a nearby loading facility; the dragline returns by month-end and the CHPP is set to restart mid-October.
8 Aug 2017production update▲ GoodMajor
Blair Athol is on track for first sales in August 2017, with a six-month purchase agreement signed, priced off the Newcastle thermal coal index. Forecast output totals 818kt over six months. Aurizon is leading design of a private rail loading facility, with an indicative 6-9 months.
18 July 2017production update▲ Good
Blair Athol recommissioning is on track for first sales in August 2017. Regulators set the mine's rehabilitation cost at A$74.6m for financial assurance, and the A$13.5m security bond held by the state is now triggered for release.
6 July 2017debt financing▲ Good
The super senior notes interest has been paid, following last week's bond coupon. The company says all its debt facilities have now been serviced.
3 July 2017production update▲ Good
TerraCom says Blair Athol is recommissioned, with first sales due August 2017 and 2Mtpa in early Q4. It has received US$6.0m of the US$9m facility and A$9.2m of A$11.6m, and bought the on-site coal plant from Sedgman. BNU is targeting 1.5Mtpa and has signed CHPP construction contracts.
27 June 2017debt financing● NeutralMajor
TerraCom says its balance sheet restructuring is complete. Noble converts US$7.16m of its fuel facility into 298.3M shares (~$0.032); the US$12m super senior principal is deferred to Oct 2017 and Jan 2018; 50% of the US$7.75m bond coupon is paid in kind.
31 May 2017asset acquisition disposition▲ GoodMajor
TerraCom completes the Blair Athol acquisition for A$1, with A$79.6m of rehabilitation paid by the joint venture. Mining is to begin in June 2017; forecast is 1.9Mt of product in the first full year. This closes the long-running acquisition thread.
29 May 2017asset acquisition disposition▲ Good
TerraCom says all conditions are met and the Blair Athol sale agreement will complete on 31 May 2017. Orion then takes over the site and re-mobilises plant, with mining planned for June.
19 May 2017regulatory community update▲ GoodMajor
BNU reached 2 million man-hours without a lost-time injury and began the Pit 3 boxcut, with first coking coal expected early June. Mongolia approved conversion of two exploration licences (3,802 ha and 1,977 ha) to 30-year mining licences.
17 May 2017director officer appointment▲ Good
Wal King, former long-time Leighton Holdings CEO (1987-2010), joins the TerraCom board. The board says he will support its growth into a large coal miner in Australia and Asia.
16 May 2017asset acquisition disposition▲ GoodMajor
Queensland completes the Blair Athol lease transfer, making Orion the title holder. This activates the US$9m and A$11.6m funding facilities. Mining is planned from June 2017 at about 2Mtpa; BNU has shipped ~200kt this year to Kingho.
2 May 2017regulatory community update▲ Good
Orion Mining has paid the A$13.5m to Queensland's resource department, fully satisfying the Blair Athol approval conditions. The chairman says all government requirements for the lease transfer are now complete.
1 May 2017regulatory community update▲ GoodMajor
Queensland confirms Orion Mining has satisfied the conditions for the Blair Athol lease transfer, and TerraCom will complete the title transfer urgently. This resolves the conditions thread; mining is planned from June 2017, with up to $85m of taxes and royalties assuming current prices.
6 Apr 2017investor presentation● Neutral
April presentation says just under 100kt has shipped from BNU and Blair Athol mobilisation starts end April, with mining from June. Indonesia (Indomet) completion is pushed to Q3 2017, and the 5Mtpa target across three mines is kept by end 2017.
31 Mar 2017capital raising announcement▲ GoodMajor
Orion has secured A$13.5m to meet the Blair Athol indicative approval conditions, which the company says has no dilutive impact on shareholders. Blair Athol operations are now targeted for the second quarter of 2017, slipping from the first.
16 Mar 2017half year report▼ Bad
Half-year to 31 December 2016 shows a consolidated loss of A$28.5m (prior period A$71.4m). Restates Kingho, Blair Athol and funding milestones; restart at Blair Athol is now guided to the second quarter of 2017.
9 Mar 2017director officer appointment● Neutral
Former Brisbane Lord Mayor Jim Soorley joins as non-executive director. Hwee Fang Loo resigns, coinciding with the company shifting focus away from a possible Asian listing, which closes that open thread.
20 Feb 2017regulatory community update▲ GoodMajor
Queensland grants formal indicative approval for the Blair Athol lease transfer, subject to conditions. This resolves the long wait; TerraCom aims to complete transfer and start mining within the first quarter. Price remains A$1, with A$79.6m paid by the JV for rehabilitation.
9 Feb 2017production update▲ Good
BNU coal is being stockpiled, with deliveries to Kingho starting 10 February once the border reopens, releasing letter-of-credit funds. Mongolian approval of the on-site washing plant (CHPP) study was finalised; the vendor-financed plant is due to start mid-2017.
