Past year: ▼ 21%(6.30c – 9.98c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Sept 2015annual report● Neutral
Statutory accounts for the year to 30 June 2015 were lodged, with the directors' report, audit report and governance statement. Only the front section is visible, covering directors and principal activities; no financial figures are shown, so results and any going-concern comment cannot be assessed.
15 Sept 2015asset acquisition disposition▲ GoodMajor
Terra Energy was granted the Khar Servegen mining licence MV-019149 (6,664 ha, 30 years to 2045), carved from the 12600X licence next to BNU. Guildford plans to start mining there in 2016 toward its 2Mt-in-2016 goal.
21 Aug 2015material agreement termination▼ BadMajor
After due diligence, Guildford decided not to proceed with the Tsaidam Energy acquisition announced 1 June. Action to recover the US$2m Mongolian Petroleum deposit is ongoing. Ends the 80% Tsaidam and power plant plan.
3 Aug 2015quarterly activities report● Neutral
June quarter: since start-up, BNU mined 187,679t ROM and trucked 188,588t, with 92% wash plant yield. Commercial production is expected in Q3. Restructuring of debt and other funding options are said to be ongoing. Appendix 5B figures are not visible in the text.
31 July 2015production update▲ GoodMajor
Guildford targets 125,000t a month at BNU in H2 2015 (a 1.5Mtpa annualised rate) using the new Pit 2. It forecasts a direct cash margin of US$9-11/t for Q4 2015. Compares with the earlier 1.0-1.15Mt target for 2015.
30 July 2015regulatory community update▲ GoodMajor
Queensland granted Mineral Development Licence 3002 over part of Springsure (EPC 1674) for three years from 1 August 2015. Reported coal quality tests are positive (low ash and sulphur). Guildford holds 35.7% of Springsure Mining with management rights. This resolves the pending MDL application.
22 July 2015admin correction● Neutral
Re-release of the 21 July micro basin announcement with the JORC Table 1 and competent person statement requested by ASX. Adds a raw coal quality table for one hole. No new findings.
21 July 2015drilling result▲ GoodMajor
A June drilling program (91 holes) found a shallow coking coal 'micro basin' 200m east of the BNU pit, with up to 35m net coal, the thickest seen on its leases. BNU East Pit mining began 29 June. Quality results are still pending.
15 July 2015production update● Neutral
Guildford revised the BNU mine plan toward a new lower strip-ratio area, aiming for 125,000t a month during H2 2015. Also won two potash exploration licences (81.71 km2) in north-west Mongolia, a new commodity for the company. Early stage.
25 June 2015admin correction● Neutral
Clarifies the 23 June upgrade by adding the required statement that the 12600X exploration target is conceptual and may never become a resource. Terra Energy plans about 12 boreholes in late 2015 and early 2016 to test it.
23 June 2015resource reserve update▲ GoodMajor
First JORC 2012 resource for the 12600X licence: 15Mt inferred, plus an exploration target of 26-45Mt. Lifts the Mongolian total to 304Mt resources, with 248Mt inferred. Supports the 2Mt (2016) to 5Mt a year (2020) growth goals.
22 June 2015asset acquisition disposition▲ GoodMajor
Guildford completed buying 100% of Enkhtunkh Orchlon LLC from Noble, owner of the 12600 licence next to the BNU mine. This completes the option exercised earlier (US$6m due end May). A resource upgrade is said to be imminent.
15 June 2015other▲ Good
COO Julien Lawrence bought 2 million Guildford shares on market over two weeks, which management presents as a sign of confidence. No price or cost is given. No change to operations or finances.
1 June 2015asset acquisition disposition● NeutralMajor
Non-binding MOU to buy 80% of Tsaidam Energy LLC (3 thermal coal licences, claimed 630Mt non-JORC; approved 600MW power plant project) in Mongolia, plus the remaining 16.13% of Guildford Coal (Mongolia). Payment: 60M new shares and waiving the US$2m Mongolian Petroleum deposit. Subject to due diligence.
29 May 2015asset acquisition disposition▲ Good
Terra Energy was granted exploration licence XV-018111 (21.05 km2, 3-year term), about 60 km east of BNU and near South Gobi Resources' Zag Suuj deposit. It brings the South Gobi Project to 9 licences. Early-stage, with no Guildford resource.
22 May 2015other▲ Good
Terra Energy held a celebration at BNU for the million man-hours without a lost-time injury, attended by Mongolian ministry and MRAM representatives. Repeats the 20 April safety news; no new financial or production information.
15 May 2015director officer appointment● Neutral
David Stone, appointed to the board last week, becomes Executive Director alongside MD Michael Avery. He was COO of Wollongong Coal and previously held senior Xstrata Coal roles. He will help ramp up the South Gobi mine and assess expansion.
14 May 2015contract award▲ GoodMajor
Offtakes signed with JISCO and Haohai at about a 30% premium to the Platts hard coking coal index. JISCO takes 15,000t in May, then 35,000t (±5,000t) monthly for 12 months from June. Haohai takes 45-50kt May-July, then 25,000t (±5,000t) monthly to April 2016.
6 May 2015director officer appointment● Neutral
Mining engineer David Stone is appointed to the board, with over 20 years in operating mining businesses. It follows other board additions since Ransley's resignation (added in this batch).
4 May 2015asset acquisition disposition▲ Good
Terra Energy was granted the Baruun Termes exploration licence (111.7 km2, 3-year term) in north-west Mongolia, in a coking coal basin. A 1977 historical estimate of 9Mt at nearby Huden is not a Guildford resource. Early-stage exploration.
30 Apr 2015quarterly activities report● Neutral
March quarter: BNU mined 64,000t ROM coal and trucked 54,000t to Ceke; long-term offtakes near completion. Cash rose to A$6.1m from A$2.2m after the A$6.6m raise and US$7m Noble draw; operating and investing outflow was A$6.6m. Next-quarter outflow is estimated at A$11.6m.
30 Apr 2015quarterly activities report● Neutral
Appendix 5B for March quarter: cash at end of A$6.05m (A$2.23m at start), net operating and investing outflow A$6.6m, financing inflow A$10.5m. Facilities of A$138.9m are fully used. Estimated next-quarter outflow A$11.6m. A Sojitz pre-pay facility was executed in March.
29 Apr 2015director officer appointment▼ BadMajor
Chairman Craig Ransley resigned from the board immediately; director Craig Wallace is Acting Chairman. Ransley says he remains a shareholder. This ends his stint as acting chair since November 2014; the Noble facility condition required him to remain a director (noted earlier).
28 Apr 2015other● Neutral
Strategic review is said to be on track; UOB Kay Hian engaged to examine a Singapore listing (no certainty), and a Singapore office is set up. Long-term offtake talks continue. 4,758,444 performance rights of ex-MD Peter Kane lapsed.
20 Apr 2015other▲ Good
BNU mine reached 1 million man-hours and two years without a lost-time injury. Terra Energy also won a Mongolian safety award in February. No financial or production figures are given.
17 Apr 2015asset acquisition disposition▲ Good
Guildford lifted its stake in Guildford Coal (Mongolia) from 70% to 83.87% by converting an intercompany loan into shares; Terra Holdings keeps 16.13%. The subsidiary holds one mining and one pre-mining lease next to the BNU mine.
10 Apr 2015director officer appointment● Neutral
Singapore-based Philip Forrest (former Asia head of ANZ) and Loo Hwee Fang (lawyer) join the board as independent directors. The company says this broadens board skills and reinforces Asian investor backing, in line with the Singapore shift.
10 Apr 2015director officer appointment● Neutral
Initial director's interest notice for Philip Forrest, appointed 9 April 2015. He holds no securities and has no contract interests. Administrative filing.
10 Apr 2015director officer appointment● Neutral
Initial director's interest notice for Loo Hwee Fang, appointed 9 April 2015. She holds no securities and has no contract interests. Administrative filing.
7 Apr 2015production update▲ Good
March shipments from the BNU mine to the Ceke border totalled 38,000t: 7,000t for Baotou and 31,000t for JISCO. Wash plant yield reached 83%. A further 40,000t clean coal shipment to JISCO, part of the 60,000t contract, has begun.
