|SCR thread. Feeling a bit nostalgic now.|
|Accounts available on the UCL thread|
Should be in prison.|
|lol-shame about us unfortunate previous holders-shocking it was and shocking the memory still is|
|sounds like he's got his feet firmly on the ground, either that or he's a womble!
(to the tune of Wombles song)
Underground, Overground, out in Shaanxi
Directors of South China Resources are we
Making up things about mo that we find,
Molybdenum that the Chinese left behind.
Uncle Leithead, he can remember the days when he wasn't behind The Times,
With his map of the Shaanxi. Pick up the papers and take them to to the corporate broker!
The Directors are organized, work as a team.
Nathan is tidy and Alastair's clean.
Underground, Overground, wombling free,
Miner of moly (or perhaps coal) are we!
People don't notice us, they never see,
What we got away with out in Shaanxi
It all look so good until the assay,
So we moved from China and out to SA!
We're so incredibly, utterly devious
Making the most of everything.
Even bottles and tins.
Pick up the pieces and make them into something new,
Is what we do!
(I thought the last verse simply could not be bettered in fact its rather prescient so left it in its original form - any ideas?)|
|Apparently nathan brings to the company specific "above underground mining expertise"-that should be useful :-)|
|there's a lot of it about sometimes "30 years experience in the mining industry" means they went through 10 juniors blowing all the cash in each one.|
|I see on their website, under Board of Directors, Alaistair Clayton-
there is no mention of the ill-fated south china resources or having worked in China, mmm a bit embarrasing is it. We'll forget that then, those 2years!|
|Some news from their website
|hello wolstencroft. Yes, some lessons to be learn't for all of us I guess on this one. Anything with 'resources' in its name now makes me naturally sceptical.|
|Is UCL the proverbial dead parrot or will it rise again like a phoenix?|
|BTW they did have too much moly to measure (greater than 10%), just not enough if it|
|hi choppa - i remember them also! i never researched a company more than scr and haven't since. lessons for me: Delays are bad, dont trust directors, what isnt in an RNS is as important as what is, RNSes are almost never badly worded so if something was missed out it was for a reason.|
|And so it was proven!|
|"Too much molybdenum to measure" - that was their motto.|
|I remember the days way back in '06 of land mark aggreements and Wolstencroft posts. Shame.|
|It would seem that united clearing (UCL) was taken over by billing services group (BILL) in Dec 2005 and that the EPIC- UCL has thus become available to SCR. Have a look at the iii board under UCL. Regards|
|is this still suspended, I updated my watch list but no price details.|
|think you meant UCL.|
|It would now appear to be listed as URL Universal Coal, and SCR has been dropped from ADVFN. No more info on the Quote page. The web address on the Financials link page ( http://www.unitedclearing.com/ ) appears to be unobtainable.
I have owned this share for about 5 years. Just noticed there has been some corporate action. I rang the Company on Friday but the girl answering the phone didn't know anything and the guy in charge didn't return my call.
My question was, does anybody know when this share is likely to get its quote back. Your thoughts would be appreciated.|
|Well SCR are certainly going into the correct market for growth and profits;-
Coal Stocks Set to Soar, Part 1
By Chris Nelder | Wednesday, August 20th, 2008
Old King Coal is about to be a much merrier old soul.
After a stunning 60 percent gain for the sector in the first half of the year, and then a correction almost all the way back down, my research suggests that we're about to see another breathtaking run for the group.
Curiously, it seems to have much to do with the Olympics.
As was widely discussed in the press, China severely cut its use of fossil fuels, particularly coal, right around June in an all-out effort to clean up the air for the Olympics.
What has not been discussed much at all are the global implications of that cutback on the energy markets, and how the resurgence of Chinese energy consumption after the games spells higher prices for grid power and many other commodities...and profits for coal investors.
This week, I take a methodical look at China and coal, and what it means for the US.
With coal powering 80 percent of its electricity supply, China is both the world's largest coal producer and its largest coal consumer.
China's demand for coal rose 9 percent last year. This year, the Coal Sales and Transportation Association of China anticipates that the nation's requirements will rise another 5.3 percent, to 2.76 billion tons. (By comparison, US consumption of coal last year was less than half that, at 1.1 billion tons, according to the EIA's July 25 Quarterly Coal Report.)
The reason is simple: About two-thirds of global coal consumption is used to fuel electric power plants, and most of the rest is used to make steel and cement.
China's manufacturing base is of course utterly dependent on electricity demand to run its factories and assembly plants. It is also the world's top producer of steel, with more than double the output of the entire EU, the number-two producer by tonnage.|
|LOOKING VERY GOOD AND BACK ON STREAM SOON;-
Option agreements to permit purchase of a 100% beneficial interest in Vlakplaats open pit coal project and a 35% beneficial interest in the Camden coal project
Vlakplaats Coal Project:
Shallow, largely open pit prospect, containing predominantly export A-grade thermal coal resources as well as some domestic grade thermal coal
Contains JORC inferred resources of 178Mt gross in-situ tonnes - 100% attributed to SCR
Abuts the Company's previously announced Elof Coal Project
Camden Coal Project:
Contains up to five coal seams, including the B and C Seams which are the most widely exploited coal seams in the Ermelo Coal Field and primarily used for domestic and export thermal product.
Located approximately 200km SE of Johannesburg, in close proximity to the Camden Power Station
The Board believes area to have the potential to host a significant coal resource
Following transactions, SCR raises JORC compliant attributable coal resource to circa 240Mt over contiguous licences in coal producing region
South China Resources plc announces that its 100% owned South African subsidiary has acquired an exclusive option to acquire 100% of the Vlakplaats prospecting rights from Universal Pulse Trading 132 Pty Ltd "UPT".
This transaction will form part of a previously announced reverse takeover under the AIM Rules and re-admission is subject to shareholder approval. The transaction will also require Ministerial consent to the transfer of the prospecting right from UPT to the Company's South African subsidiary.
The Company is in receipt of an Independent Competent Persons Report ("CPR") report on The Vlakplaats Coal Project in South Africa ("the Project" or "Vlakplaats"), which was completed by global mining consultancy RSG Global Coffey Mining (S.A.) Pty Ltd ("RSG Coffey").
About the Vlakplaats Coal Project
Located in the Witbank Coal Field some 65km E of Johannesburg, the Vlakplaats Coal Project, which comprises the Vlakplaats and Wolvenfontein areas, contains predominantly export quality thermal coal suitable for international markets. The project abuts the Elof Coal Project, which SCR, as announced on 1 May 2008, has conditionally agreed to acquire, to the West.
The Witbank Coal Field is economically the most important in South Africa and of the 5 defined coal seams exploited in the Witbank Coal Field, the Vlakplaats Coal Project contains an abundance of Seam 2 and Seam 4 which are the most widely exploited coal types, primarily used for domestic and export thermal product.
The Vlakplaats Coal Project consists of a contiguous area, including the farm Vlakplaats No 268 IR, Portions 4, 5 and 6 and the Remaining Extent of the farm Wolvenfontein 244 IR and other minor areas held under prospecting right MP30/5/2/1/1520PR).
Vlakplaats Coal Project Resources as calculated by RSG Coffey are as follows:
Gross In situ t
Mineable In-situ t
Gross in Situ t to Company (100%)
The Company intends to rapidly advance the JORC inferred resources at Vlakplaats to a JORC measured category with a view to establishing open pit mining operations as soon as is practicable.
The Vlakplaats Transaction
The Company has acquired the right to acquire a 100% interest ("the Vlakplaats Option") in the Vlakplaats Coal Project. As consideration the Company will, upon registration of the prospecting right in the name of UPT in the Mining Titles and Registration Office, pay to UPT a non-refundable deposit of R3.5m (circa £250,000). The Company shall then receive an exclusive option period of 90 days from the date of registration of the prospecting right.
In view of its size, the acquisition is a reverse takeover (as defined in the AIM Rules for Companies) for the Company and is therefore subject to the approval of its shareholders. A circular containing full details on the Vlakplaats Coal Project as well as the Elof Coal Project will be sent to shareholders in due course.
Should the Company exercise the Option, the consideration payable to UPT will be R350m (circa £25m) in cash, payable upon registration of the transfer of the prospecting right to the Company. The Company is considering a number of sources of funding for the acquisition in the event that it exercises the Vlakplaats Option, which are likely to result in the issue of new ordinary shares in the Company.
A facilitation fee of £2,000,000 shall be payable to the introducers of the Vlakplaats Project to the Company. It is proposed that the facilitators shall utilise these funds to subscribe for ordinary shares in the Company.
About the Camden Coal Project
Located in the Ermelo Coal Field some 200km SE of Johannesburg, the Camden Coal Project, is nearby the Camden Power Station, some 10km S of the town Ermelo.
The project comprises the farms Kromdraai 441 IS, Drinkwater 443 IS, De Goede Hoop 473 IS and Burhmansklipkrans 331 KT (excluding portion 1) held under new order prospecting rights and measuring approximately 15000 Ha.
The Camden Coal Project contains up to five coal seams, including the B and C Seams which are the most widely exploited coal seams in the Ermelo Coal Field and primarily used for domestic and export thermal product. To date no JORC or SAMREC compliant coal resources have been defined at the Project but due diligence of historical data is underway and the Board believes the area may have the potential to host a significant coal resource.
The Camden Transaction
The Company has procured the right to acquire, prior to 30 September 2008, a 35% interest (the Camden Option") in the Camden Coal Project from Continental Coal Limited ("Continental"). As consideration the Company will pay to Continental a non-refundable deposit of US$100,000 upon satisfactory completion of due diligence on the Camden Project.
The Company has been granted the right to inspect the prospecting rights and intends, in conjunction with Continental, to conduct a limited technical drilling program over the project in the coming weeks.
Should the Company exercise the Camden Option, the Company shall form a joint venture company with Continental in order to explore for coal resources on the Camden Project. The consideration payable to Continental will be R9.25m (circa £640,000) in cash, payable upon registration of the transfer of the prospecting rights to the Joint Venture. Furthermore the company would transfer R10m (circa £690,000) to the Joint Venture Company to fund an agreed exploration programme over the Camden Project. A facilitation fee of 5 Million ordinary South China shares shall also be payable to the introducers of the Camden Project to the Company.
The Company will also retain the right to purchase a further 15% beneficial interest in the Camden Project on terms to be agreed in the future.
South China Resources is pleased to report that it is in negotiations with holders of other South African mining assets and hopes to be able to update the market as to these transactions shortly.
The Company has begun negotiations with potential end users of sea-borne A grade export thermal coal regarding appropriate funding for these transactions.
The Board is confident that these premium projects can attract funding in a manner that will avoid excessive dilution and provide significant reward to existing shareholders.
For further information please contact:
South China Resources Plc
Tel: +44 (0) 20 7493 7671
Nabarro Wells & Co. Ltd
Tel: +44 (0) 20 7634 4700
Hugo de Salis/Victoria Thomas
St Brides Media & Finance
Tel: +44 (0) 20 7236 1177|
|Tipped, sort of, in Today's Indie.
South China's goal is coal
Much like Parisians in August, South China Resources, the AIM-listed miner, has decided that as the world descends on Beijing, now is probably a good time to get away for a bit. Lucky then that last week the group announced that its South African subsidiary has bought 100 per cent of the Vlakplaats coal mining prospecting rights from Universal Pulse Trading for $25m. It also picked up a more speculative 35 per cent stake in the Camden coal site from Continental Coal for less than $1m.