Past year: ▼ 21%(6.30c – 9.98c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 May 2021regulatory community update● Neutral
TerraCom answers a second AFR article on ASIC's inquiries, saying it only owned Blair Athol from 31 May 2017 and shipped export coal from April 2018. It stands by earlier statements and will keep co-operating. The ASIC matter remains open.
14 May 2021production update▲ Good
South African April EBITDA was A$3.5m (A$5.2/t) against Blair Athol's A$7.0m. Combined A$10.5m is over half the whole March quarter's A$14.7m. Re-attaches the 11 May sales update.
11 May 2021production update▲ Good
April sales were 914kt managed. Blair Athol EBITDA was A$7.0m, about A$28/t, on a cost base near A$60/t. South African export tonnes rose to 181kt a month after the March export strategy. FY21 sales forecast trimmed to about 9.3Mt.
3 May 2021quarterly activities report▲ Good
March quarter: Blair Athol EBITDA margin was A$15.5/t at an achieved price of about A$77/t, with A$25-30/t forecast for June. South Africa margin was A$3.8/t. FY21 sales forecast is about 9.4Mt, below the earlier 10.2Mt+ guidance.
23 Apr 2021investor presentation● Neutral
Notice of a Share Cafe webinar where McCarthy covers South African improvements and Ransley the refinance, with the presentation attached. The visible text is a disclaimer; no new figures are visible.
20 Apr 2021director officer appointment● Neutral
South African CEO Shammy Luvhengo and COO Tony Weber have resigned. Zirk Van Der Bank, ex-Resource Generation, joins as South African COO in May. This follows the 12 April management reset; Luvhengo stays on at partner Ndalamo Resources.
12 Apr 2021regulatory community update▲ GoodMajor
TerraCom has re-established operational management control over its South African operations, which were deconsolidated from 31 October 2020. Managing Director McCarthy has been there since late March to apply Blair Athol methods. Board expects a return to profit; no figures given.
6 Apr 2021debt financing▲ Good
Refinance is well advanced with two new parties, with a pre-payment and term loan of 5-7 years at under 10% interest being considered. Binding documents and drawdown are targeted before the Euroclear bond expires on 30 June 2021. Terms are not final.
30 Mar 2021regulatory community update▼ BadMajor
ASIC investigators attended Blair Athol on 29 March over coal-sample testing claims in a press article. TerraCom says it is not at the centre of the issue, as Blair Athol cargoes are about 1% of those tested by ALS, and will co-operate.
30 Mar 2021other● Neutral
ASX paused trading in TerraCom shares pending a further announcement. No reason is given in the notice itself.
15 Mar 2021director officer appointment● NeutralMajor
Chairman Wal King will retire at the end of March 2021 for health reasons, staying on as an adviser. Craig Ransley becomes Executive Chairman and Danny McCarthy moves from CEO to Managing Director on A$900,000 a year fixed pay from 1 April.
15 Mar 2021production update▲ Good
The first full thermal coal shipment from the South African operations has sailed, loaded from the North Block Complex via Maputo, Mozambique. It delivers the export strategy first flagged in December, and it arrived about six weeks later than the January date given then.
12 Mar 2021other● Neutral
S&P Dow Jones index rebalance notice for March 2021. In the visible text TerraCom is not mentioned. It is a generic third-party index announcement with no company-specific news.
1 Mar 2021investor presentation● Neutral
CEO calls the half-year result 'somewhat disappointing', citing weak Eskom demand and heavy rain in South Africa. January 2021 EBITDA was A$6.15m. Blair Athol's achieved price rose to about A$77/t. Refinance term sheets have been received, with details promised by end of March quarter 2021, after delays.
1 Mar 2021half year report▼ BadMajor
Half-year loss attributable to owners was A$52.3m on revenue up 51% to A$190.4m. TerraCom lost control of its South African operations after management and board changes, deconsolidating them from 31 October 2020. They are now treated as an associate, with a 49% interest in the main operations. No dividend declared.
29 Jan 2021quarterly activities report● Neutral
December quarter managed sales were 2.22Mt, with the first-half annualised rate at 9.23Mt. The first South African export shipment slipped to early February 2021. Blair Athol costs stay under A$60/t. Kangala is nearing the end of its resource life, with final product expected in Q3 FY21.
11 Dec 2020production update▲ Good
Blair Athol has held FOB costs near A$59/t (down about 17%) through August to November. The first full South African export shipment is planned for January 2021. Annualised group sales are about 9.9Mt, below the earlier 10.2Mt+ guidance.
30 Nov 2020agm notice● Neutral
All AGM resolutions carried. These were the remuneration report (no strike), the re-election of King, the elections of Lewis, Lyons and Kyriakou, the share issue to King under his chair agreement, and the 10% placement capacity. Support was strong.
30 Nov 2020agm notice● Neutral
Chairman Wal King's AGM address largely repeats the annual report: the Universal takeover, Mongolia sale and Blair Athol owner-operator move, with FOB costs around A$59/t. Group sales are about 10Mt a year. No new information.
20 Nov 2020other● Neutral
TerraCom rebuts a 18 November article in The Australian, saying it has no intention of diversifying into nickel. It stays focused on coal and bauxite via its Conakry, Guinea project. The refinance is said to be underway, with no new terms.
6 Nov 2020resource reserve update▲ GoodMajor
An independent South African valuation puts the Universal assets at A$750.1m, making TerraCom's 49% share A$367.5m. That compares with the A$118.0m purchase price (A$59.1m cash plus A$58.9m equity), over three times the cost. It is a third-party estimate, not a booked figure.
30 Oct 2020admin correction● Neutral
Appendix 4G and Corporate Governance Statement for FY20, dated 30 October 2020, as required alongside the annual report. Administrative filing with no substantive news.
30 Oct 2020quarterly activities report● Neutral
September quarter report: managed sales of 2.40Mt, with Blair Athol at an annualised 2.45Mtpa. Blair Athol FOB costs were about A$57/t against a A$59/t forecast. FY21 managed sales guidance of over 10.2Mt is repeated. Kangala output fell on an 11-day contractor strike and Eskom volume limits.
30 Oct 2020annual report● Neutral
Full FY20 annual report lodged, repeating the audited results already released: record sales of 9.98Mt, ROM production of 14.55Mt and underlying EBITDA of A$79.5m. The Chairman describes five operating coal mines across Australia and South Africa after the Universal takeover. No new figures visible.
23 Oct 2020investor presentation● Neutral
Craig Ransley is to present at a Share Cafe small-cap webinar on 23 October, with the same October 2020 investor presentation as the September roadshow ('Restructure complete'). The visible text contains no new figures.
20 Oct 2020debt financing● NeutralMajor
TerraCom is looking at an additional A$50m-A$70m growth bond program for retail and wholesale investors, with cashwerkz (Bond Income) running the wholesale side. Documents are still being prepared; no pricing or terms are given.
19 Oct 2020agm notice● Neutral
The FY20 annual general meeting is set for 30 November 2020. Director nominations close 26 October 2020. Director re-elections are on the agenda.
12 Oct 2020debt financing● Neutral
TerraCom opens an email register for investors wanting into a proposed ASX-listed retail bond with detachable options, after shareholder queries. No terms are set and this is not an offer.
8 Oct 2020production update▲ Good
September quarter sales were 2.401Mt managed. Blair Athol ran at an annualised 2.45Mtpa under owner-operator, with operating cost per tonne down more than 17% versus FY20. Management expects over 10.2Mt managed sales in FY21.
25 Sept 2020annual report▼ Bad
Audited results: net loss after tax A$147.1m, A$1m worse than the preliminary A$146.1m, and underlying EBITDA A$79.5m. Statutory EBITDA is A$10.7m versus A$96.9m in FY19. Sales and production figures are unchanged.
