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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Mc Mining Limited | MCM | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.25 | 3.17% | 8.125 | 09:09:03 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 7.875 | 7.875 | 8.125 | 8.125 | 7.875 |
| Industry Sector |
|---|
| MINING |
| Top Posts |
|---|
Posted at 06/11/2023 13:41 by bengal1 What worries me most is the "off market" nature (albeit subject to regulatory approval). The consortium say they already have 64%, and this is excess of the 50.1% required for that. Off market is simply that, everything is settled off market and if they want your shares you (as an individual) become a target security. What also worries me is what happened during the Rights issue whereby the UK common investor seemingly had no Rights to participate. So I wonder, as a minority investor, in the UK, whether the consortium will bother reaching out to me and whether my rather insignificant holding perishes under this type of takeover. If you hold shares on the ASX you are presumably protected. If they reach 90% they can request a compulsory purchase through the Court, but again, might not bother with my shares. If they do want my shares (from the UK), and if off-market, I would presumably need to convert to certificate form (CREST), so delisting becomes a moot point. If they then offer me (the offer price), I can take it or leave it (unless they have a Compulsory Court order at the 90% level - if jurisdiction applies). If they decided to purchase my shares they could do so in cash (or scrip?) and then have 21 days to pay me (what if they didn't?). The "off market" method is quite common, but in my opinion this falls into the hostile category, and they already have 64% (oh dear). This should never have been allowed to happen (what did our Board do to protect against this during the Rights issue?) and I sincerely hope the ASX Regulators refuse the request of the Consortium. As a UK holder I personally do not understand what Rights I actually have, and my risk perception has gone up. Hopefully the Committee will provide the answers in due course, but very unhappy. |
Posted at 05/11/2023 12:10 by docc796794 The truth is: if Dendocept/Senoshi wanted more shares then they could buy it or be awarded it by MCM. By going the takeover route...they promise a binary choice (1) sell your shares or (2) do nothing. If investors choose two...then they run the risk of being left in no man's land. Therefore the takeover has to NOT happen for their to be light at the end of the tunnel for any of us.The ultimate result post the final takeover decision is likely to be a full delisting because they cannot go back to the market. That will be there cue to run the business on their own in private the way they want to. The government layers may also relegate downwards to non-IDC but rather BEE tender operators on contractual terms. I have seen this before...in another industry (non mining) and it can result in a big fail - latter stages. The ultimate message is "thanks for coming." Cheerio and toodles. Furthermore, because of the scope of the development and its commodity-type nature...they may also have a bit of angst about servicing the whole world with a full fledged entity...they may see it better off as an offline entity that is off the grid. In other words, servicing without a "name in the game." It's a stretch but does mitigate risk. |
Posted at 15/6/2023 06:42 by 2bozmo Yes Softmallow, but as I said, the interesting part was neither the supposed learned investor, nor the presenter knew the difference between coking coal and thermal coal. The company expects coking coal to find a steady state above $300, significance higher than thermal coal.The market assumes we're a thermal coal producer only. When we have financing in place the company will step up marketing etc and pushing the company at Indaba's etc. This is the first coking coal company in SA and the market doesn't know how to price.The video does however potentially get investors to look at the company, but I take your point there. |
Posted at 15/6/2023 00:01 by softmallow Really only a tip he got from an investor friend |
Posted at 31/1/2023 06:51 by jailbird AimCoal tumbled below $300Newcastle coal futures, the benchmark for the top consuming region of Asia, tumbled below the $300 per tonne mark, the lowest since April 2022, as prospects of increased supplies and reduced demand prompted investors to unwind some long positions. Top consumer China recently permitted three central government-backed utilities and its largest steelmaker to resume coal imports from Australia, the first such action since Beijing imposed an unofficial ban on Australian coal imports in late 2020. At the same time, warm weather, particularly in the US and Europe, has delayed the winter heating season while easing some concerns about fuel shortages. European coal imports in January are likely to decline nearly 30% from a year earlier and 23% from December, Kpler data showed. |
Posted at 14/4/2022 09:33 by mjcferguson $15m already formally lined up with IDC,balance should now be expedited with benefit of bankable feasibility study,new heavy weight directors and new experienced south african coal mining investor. |
Posted at 03/11/2020 09:36 by casual47 Still tiny volumes though. More opportunistic bottom feeders than sophisticated investors?The news is certainly not encouraging. |
Posted at 04/2/2019 15:42 by mawc A writeup in the Evening Standard today. Long time since there has been any positive press on this company! Maybe things starting to happen finally. MC Mining's turnaround story looks to be justified. Investors should be sceptical of chief executives selling a company turnaround story - more often than not they are a lame excuse for sustained underperformance. But in Mc Mining Limited (MCM) case the T-word might be justified. The miner was going through a torrid time just a few years ago, short on cash and owing money to the banks and Rio Tinto. The company now has breathing space to focus on its major project, a large coking and thermal coal development called Makhado Lite in Soutpansberg in northern South Africa, which has secured all necessary permits to begin digging. If financing discussions are completed, then it is expected the company could break ground in the final quarter this year, with full capacity being hit by the end of next year. It has a coal purchase agreement with China's Huadong Coal Trading Center for the hard coking coal it plans to produce at Makhado. Under the deal Huadong Coal Trading Center will buy 400,000 tonnes of coking coal per year. It still needs to find a buyer for the other 400,000 tonnes as the project is expected to produce 800,000 tonnes in total. Chief executive David Brown believes he can sell the rest domestically. "South Africa currently has no significant hard coking coal which results in producers having to import the commodity. Makhado's coking coal can replace some of these imports," he said. Peel Hunt has a Buy rating and a target price of 75p on the stock. |
Posted at 12/12/2018 21:16 by bengal1 Old RNS.. But v important13/06/2012 7:00am UK Regulatory (RNS & others) TIDMCZA RNS Number : 2386F Coal of Africa Limited 13 June 2012 13 June 2012 SIGNIFICANT INCREASE IN COAL RESOURCES LED BY ACQUISITION OF SOUTPANSBERG ASSETS Estimated gross tonnes in situ increase by 429% to 8.0 billion tonnes from 1.5 billion tonnes in the Greater Soutpansberg area Coal of Africa Limited ("CoAL" or "the Company"), the coal exploration, development and mining company operating in South Africa, is pleased to announce another strategic milestone in its strategy to grow into a significant coking coal producer in the region. The Company today provided an update to its resource and reserve estimates for the prospecting areas (tenements) in its Greater Soutpansberg project area (the "Greater Soutpansberg"), located in the Limpopo Province of South Africa. The Greater Soutpansberg is a consolidation of nine potential coking and thermal coal assets in the Soutpansberg coalfield, several of which were held under prospecting rights held by the companies whose shares were acquired from Rio Tinto Minerals Development Ltd ("Rio Tinto") and Kwezi Mining (Pty) Ltd ("Kwezi"), in the transaction that closed on 11 May 2012 (the "Acquisition"). These have been grouped into three proximate regions, namely Mopane, Makhado and Chapudi. The updated resource and reserve estimates follow the conclusion of the Acquisition in terms of which the shares in companies previously held by Rio Tinto and Kwezi were acquired and the estimates include the coal resources associated with the New Order Prospecting Rights ("NOPRs") held by those companies as well as other NOPRs over properties in the Greater Soutpansberg already held by CoAL or its subsidiaries. Highlights The Technical Statement indicates an increase in estimated coal resources for the Greater Soutpansberg of more than 1.3 billion mineable tonnes in situ ("MTIS") across the measured, indicated and inferred resource categories, principally due to the additional assets acquired. Additional exploration drilling and delineation of the resources is underway with further increases in the estimated coal resources anticipated upon completion. Additional highlights of the updated resource estimates for the Greater Soutpansberg include the following: -- Gross tonnes in situ ("GTIS") increased by 429% to 7.957 billion tonnes from 1.505 billion tonnes; -- Total tonnes in situ ("TTIS") increased by 404% to 6.443 billion tonnes from 1.279 billion tonnes; -- Mineable tonnes in situ ("MTIS") increased by 209% to 2.004 billion tonnes from 0.648 billion tonnes; -- Total licenced area of 99,719 hectares. -- Acquisition cost of US$0.055 per MTIS tonne Following the Acquisition, the total strike drilled to the extent sufficient to enable declaration of resources under the JORC Code, increased by 106% from 33km to 68km. A further 66km of strike remains to be drilled, representing a substantial opportunity for further increases in the overall resource measured in terms of GTIS, TTIS and MTIS. Coal of Africa chief executive, John Wallington said today, "The additional prospecting rights represent an important development in the evolution of Coal of Africa and its partner Rothe Investments, by consolidating the potential coking and thermal coal assets in the Soutpansberg coalfield. Following the conclusion of the Acquisition from Rio Tinto and Kwezi Mining in early May 2012, we are pleased to report a significant increase in the consolidated coking and thermal resources in our Greater Soutpansberg assets taking Coal of Africa's estimated gross tonnes in situ in this coalfield from 1.5 billion tonnes to approximately 8 billion tonnes. Having completed the Acquisition, we have started the exploration programmes and related technical work required to evaluate the potential of these assets in the Greater Soutpansberg area. We will continue to provide progress updates to the markets as we reach our milestones. With this platform in place, the Company is well positioned to achieve its goal of creating a world class coking coal business producing in excess of 10 million tonnes per annum of saleable coking coal over the next ten years. The further upside potential of export grade thermal coal and middlings from our various assets remains attractive. On a broader basis, we continue to focus on our near term objectives of ramping up Vele to full production, and finalising the various work streams and Definitive Feasibility Study on the Makhado Project." Technical Statement The updated resource estimates are presented in detail in the "Independent Technical Statement for Greater Soutpansberg Projects for Coal of Africa Limited, 31st May 2012" ("Technical Statement") prepared by Venmyn Rand (Pty) Ltd ("Venmyn"), which is available on the Coal of Africa website, www.coalofafrica.com The Greater Soutpansberg Following the Acquisition, CoAL's Greater Soutpansberg comprising nine areas has been re-organized into three regions, namely: -- the Chapudi Region, comprising the Chapudi, Chapudi West and Wildebeesthoek areas; -- the Makhado Region, comprising the Makhado Project and the Telema & Gray combined area (formerly referred to the Makhado Extension), Mount Stuart and Generaal areas; and -- the Mopane Region, comprising the Voorburg and Jutland areas. These assets are held under various NOPRs by CoAL or its subsidiaries and the shares or rights, as applicable, were obtained pursuant to Ministerial consent in terms of Section 11 of the Mineral and Petroleum Resources Development Act. Table 1: Summary of CoAL's resources and reserves Project Coalfield JORC compliant Strike Strike JORC Area Resources (Measured, length length compliant indicated and inferred)(1) drilled to Reserves to be (Proven date drilled and (km)(2) (km)(3) probable)(4) -------------------- Gross Total Mineable Mineable tonnes tonnes tonnes tonnes in situ in situ in situ in situ (GTIS) (TTIS) (MTIS) (MTIS) Mt Mt Mt Mt -------------------- GREATER SOUTPANSBERG(4) -------------------- CHAPUDI REGION -------------------- - Chapudi Soutpansberg 6,399.02 5,119.22 1,318.42 33.08 - -------------------- - Chapudi Soutpansberg - - - - - West(7) -------------------- - Wildebeesthoek(7) Soutpansberg - - - - 17.50 -------------------- MAKHADO REGION -------------------- - Generaal(7) Soutpansberg - - - - 15.00 -------------------- - Makhado Soutpansberg 795.61 691.69 344.37 16.51 - -------------------- - Mount Stuart Soutpansberg 407.16 325.73 55.46 6.31 4.25 ---------- - Telema & Gray(5) Soutpansberg 84.13 73.00 66.79 2.71 - -------------------- MOPANE REGION -------------------- - Jutland(7) Soutpansberg - - - - 20.90 -------------------- - Voorburg Soutpansberg 270.71 233.76 219.36 9.32 8.48 -------------------- Total 7,956.63 6,443.40 2,004.40 67.93 66.13 -------------------- OTHER ASSETS(6) -------------------- Vele Limpopo 803.82 680.20 369.63 NA NA 332.71 -------------------- Mooiplaats Ermelo 92.32 85.62 50.76 NA NA 31.59 -------------------- Vuna Witbank 6.82 6.48 6.16 NA NA 6.16 -------------------- Total 902.96 772.30 426.55 370.46 -------------------- (1) Refer to the 'Independent Competent Person's Report on the Principal Coal Assets of Coal of Africa Limited' dated 24 October 2011 and the 'Independent Technical Statement for Greater Soutpansberg Projects for Coal of Africa Limited, 31(st) May 2012' for a breakdown of these coal resources into measured, indicated and inferred (2) Strike length drilled to the extent sufficient to enable declaration of resources under the JORC Code (3) Strike length to be drilled to the extent sufficient to enable declaration of resources under the JORC Code (4) Resources and reserves information extracted from the 'Independent Competent Person's Report on the Principal Coal Assets of Coal of Africa Limited' dated 24 October 2011 by Venmyn (5) Previously referred to as Makhado Extension (6) Refer to the 'Independent Competent Person's Report on the Principal Coal Assets of Coal of Africa Limited' dated 24 October 2011 for a breakdown of these coal resources into measured, indicated and inferred and reserves into proven and probable (7) Project areas where drilling is either in progress or has not yet been completed and resources to be defined thereafter Due to the current state of exploration and the limited information available, no resources as per the JORC code have yet been declared for the Chapudi West, Wildebeesthoek, Generaal and Jutland areas. However the presence of potentially significant coal resources are known. Table 2: Summary of current coal resources of the Greater Soutpansberg Area as at 31 May 2012(1) Region Project/Area Resource Gross Total Mineable Coal Category Tonnes Tonnes Tonnes Attribu-table in Situ in Situ in Situ 100% (GTIS) (TTIS) (MTIS) (t) (t) (t) --------- -------------- ----------- -------------- -------------- -------------- --------------- Mopane Voorburg Measured 109,435,158 98,491,642 94,915,200 100% --------- -------------- ----------- -------------- -------------- -------------- --------------- Makhado Makhado 402,780,570 362,502,682 264,982,700 100% --------- -------------------- Telema & Gray 42,244,854 38,020,369 36,240,800 100% -------------------- TOTAL/WT. AVE MEASURED 554,460,582 499,014,693 396,138,700 100% -------------------- Mopane Voorburg Indicated 125,033,852 106,278,774 100,500,000 100% --------- -------------- ----------- -------------- -------------- -------------- --------------- Makhado Makhado 298,594,886 253,805,653 76,390,000 100% --------- -------------------- Telema & Gray 29,581,152 25,143,979 23,225,000 100% -------------------- TOTAL/WT. AVE INDICATED 453,209,890 385,228,406 200,115,000 100% -------------------- Mopane Voorburg Inferred 36,238,997 28,991,198 23,940,000 100% --------- -------------- ----------- -------------- -------------- -------------- --------------- Makhado Makhado 94,232,132 75,385,706 2,998,000 100% --------- -------------------- Telema & Gray 12,301,228 9,840,982 7,320,000 100% -------------------- Mount Stuart 407,162,828 325,730,262 55,460,000 100% -------------------- Chapudi Chapudi 6,399,023,436 5,119,218,749 1,318,420,000 100% --------- -------------------- TOTAL/WT. AVE INFERRED 6,948,958,621 5,559,166,897 1,408,138,000 100% -------------------- GRAND TOTAL RESOURCES 7,956,629,093 6,443,409,996 2,004,391,700 100% -------------------- (1) Refer to the 'Independent Technical Statement for Greater Soutpansberg Projects for Coal of Africa Limited, 31(st) May 2012' for a detailed report on these resources Table 3 : Summary of coal reserves of other CoAL assets as at 24 October 2011(1) Mineable Primary Saleable Project/ Reserve Tonnes Saleable Secondary Region Area Category in Situ ROM Tonnage Product Product %(2) (MTIS) (t) (t) (t) (t) -------------------- Limpopo Vele Proven - - - - 100% ------------ ------------ ----------- ------------ ------------ ------------ ----------- ----- Ermelo Mooiplaats 31,590,200 18,656,800 9,433,300 779,900 100% ------------ -------------------- Mpumalanga Vuna 6,155,700 6,547,400 3,381,600 2,101,200 100% ------------ -------------------- TOTAL/WT. AVE PROVEN 37,745,900 25,204,200 12,814,900 2,881,100 100% -------------------- Limpopo Vele Probable 332,709,000 299,391,000 92,387,000 - 100% ------------ ------------ ----------- ------------ ------------ ------------ ----------- ----- Ermelo Mooiplaats - - - - 100% ------------ -------------------- Mpumalanga Vuna - - - - 100% ------------ -------------------- TOTAL/WT. AVE PROBABLE 332,709,000 299,391,000 92,387,000 - 100% -------------------- GRAND TOTAL RESERVES 370,454,900 324,595,200 105,201,900 2,881,100 100% -------------------- (1) Refer to the 'Independent Competent Person's Report on the Principal Coal Assets of Coal of Africa Limited' dated 24 October 2011 for a detailed report on these resources as contained in the Registration Document filed on the same date and which is available on the Coal of Africa website on www.coalofafrica.com (2) Percentage attributable to CoAL Table 4 : Summary of coal resources (inclusive of reserves) of other CoAL assets as at 24 October 2011(1) Region Project/ Resource Gross Total Mineable Coal Area Category Tonnes Tonnes Tonnes Attributable in Situ in Situ in Situ 100% (GTIS) (TTIS) (MTIS) (t) (t) (t) ------------ ------------ ----------- ------------ ------------ ------------ -------------- Limpopo Vele Measured 158,035,063 142,231,557 94,241,400 100% ------------ ------------ ----------- ------------ ------------ ------------ -------------- Ermelo Mooiplaats 73,995,856 70,296,063 48,330,100 100% ------------ -------------------- Mpumalanga Vuna 6,820,858 6,479,815 6,155,700 100% ------------ -------------------- TOTAL/WT. AVE MEASURED 238,851,777 219,007,435 148,727,200 100% -------------------- Limpopo Vele Indicated 426,854,188 362,826,060 200,298,000 100% ------------ ------------ ----------- ------------ ------------ ------------ -------------- Ermelo Mooiplaats 13,234,655 11,249,457 2,260,000 100% ------------ -------------------- Mpumalanga Vuna - - - 100% ------------ -------------------- TOTAL/WT. AVE INDICATED 440,088,843 374,075,517 202,558,000 100% -------------------- Limpopo Vele Inferred 218,931,575 175,145,260 75,090,000 100% ------------ ------------ ----------- ------------ ------------ ------------ -------------- Ermelo Mooiplaats 5,092,178 4,073,742 170,000 100% ------------ -------------------- Mpumalanga Vuna - - - 100% ------------ -------------------- TOTAL/WT. AVE INFERRED 224,023,753 179,219,002 75,260,000 100% -------------------- GRAND TOTAL RESOURCES 902,964,373 772,301,954 426,545,200 100% -------------------- (1) Refer to the 'Independent Competent Person's Report on the Principal Coal Assets of Coal of Africa Limited' dated 24 October 2011 for a detailed report on these resources as contained in the Registration Document filed on the same date and which is available on the Coal of Africa website on www.coalofafrica.com Resources by region Chapudi Region The Chapudi Region represents the most significant portion of the overall resource in the Greater Soutpansberg, consisting of the Chapudi, Chapudi West and Wildebeesthoek areas. The total prospecting rights area covers 40,792 hectares. A total of 33km of strike length was drilled in the Chapudi area by Rio Tinto and based on the updated resource calculation prepared for the Company, the total resource for this area has been calculated as 1.318 billion tonnes (MTIS), 5.119 billion tonnes (TTIS) and 6.399 billion tonnes (GTIS). The resource of the Chapudi area, expressed as a percentage of total resource in the Greater Soutpansberg, is 54% for MTIS, 71% for TTIS and 72% for GTIS. It should be noted that CoAL's estimate for the Chapudi area of 6.399 billion tonnes (GTIS) is significantly higher than the estimate for this area previously prepared by Rio Tinto (1.039 billion tonnes) on account of the following factors: -- CoAL's estimate includes certain farms over which NOPRs were already held by CoAL or its subsidiaries prior to completion of the Acquisition, which were not considered in the Rio Tinto estimate; -- CoAL's estimate quotes GTIS to a depth determined by the limit of the relevant NOPRs, whereas Rio Tinto's estimate assumed a maximum depth of 200 metres; and -- the Rio Tinto estimate was prepared prior to completion of the Pre-Feasibility Study drilling undertaken in 2009 and therefore does not reflect the results of that drilling program. The Rio Tinto GTIS estimate for the Chapudi Project is more directly comparable to the current CoAL MTIS estimate of 1.318 billion tonnes, which was also prepared to a maximum depth of 200 metres. The difference between the two is largely attributable to the additional farms over which NOPRs were already held by CoAL or its subsidiaries which are included in CoAL's estimate. CoAL continues with further technical work to refine the delineation of resource, including detailed analysis based on mining selective coal horizons as opposed to the bulk mining method intended by Rio Tinto. This will provide further clarity on the extent of the coking coal, high grade thermal and middling products available in the Chapudi area. The Chapudi area lies to the west and along strike of the Makhado Project in the Makhado Valley of the Soutpansberg coalfield. Based on detailed technical work undertaken on the Makhado Project to date, this provides an important reference point to understand the continuity of the coal seams across the Chapudi area when re-logging boreholes based on delineating the selective coal horizons. Makhado Region The Makhado Region consists of the Makhado Project, which represents the most advanced exploration project in the Greater Soutpansberg, along with the Telema and Gray combined area (previously referred to as Makhado Extension) and Mount Stuart area to the east, and the Generaal area to the north. The total Makhado Region covers 32,922 hectares, of which the Makhado Project is 8,190 hectares. The Definitive Feasibility Study for the Makhado Project is nearing completion, having recently received a favourable review by the CoAL Board of Directors during the quarter ended 31 March 2012. Detailed testing of product extracted from a bulk sample has been completed and confirmed that the 10% ash coking coal product performs well relative to other hard coking coals measured in terms of the Coke Strength Reaction, Coke Reactivity Index and Reflectance. Independent tests commissioned to confirm these results further suggest that the coal will be classified as a hard coking coal. Additional test work continues to determine the extent of an export grade thermal and middlings product. The Generaal area is the largest within the Makhado Region, covering 13,470 hectares and a 20km, east-west striking, up-faulted block within the northern part of the Waterpoort Basin, immediately north of the Makhado Project. This provides the greatest synergy with the Makhado Project, further analysis of this potential is under review following completion of the Acquisition. Iscor drilled 48 holes and Rio Tinto a further 5 boreholes over this area. The Iscor borehole database was acquired by CoAL and the resource has good potential for both coking coal, and a middlings thermal product. Mopane Region Following the Acquisition, the Mopane Region was further consolidated with various additional NOPRs within the Voorburg and Jutland areas that had not previously been held by CoAL, and have now been acquired, creating contiguous properties in this area over which the Company has NOPRs. The total consolidated area covers 26,005 hectares of which 11,504 hectares lie to the north on Voorburg and 14,501 hectares lie to the south on Jutland. The Voorburg area lies approximately 10km north of the main Soutpansberg Coalfield. A metallurgical coal with a potential domestic and export thermal product has been identified in the Mopane Region. As a result of the Acquisition, the total strike drilled on Voorburg and Jutland increased from 7km to 9km and the remaining strike to be drilled tripled from approximately 7km to 21km, with the drilling program currently underway in this area. Exploration drilling carried out by Iscor on the Voorburg area consisted of 39 diamond core boreholes, a further 4 by Rio Tinto and more recently 15 large diameter holes by CoAL. Previous drilling results on the Jutland area by Iscor in the 1970's do not conform to JORC standards and accordingly have not been included in the resource estimates. Following the Acquisition, the estimated resources for Voorburg increased marginally from previous estimates by 38Mt (MTIS), 45Mt (TTIS) and 53Mt (GTIS) to 219Mt (MTIS), 234 Mt (TTIS) and 271 Mt (MTIS) respectively. Further increases in the resources are anticipated with the additional exploration work planned for completion during the remainder of 2012. In the late 1960's and early 1970's, exploration drilling on the Jutland area was carried out by Trans Natal Coal Mining Corporation with a total of 59 boreholes completed. Iscor continued with this work in the 1970's and 1980's and more recently Rio drilled 3 vertical reverse circulation holes on these properties. The Jutland area is likely to yield a coking coal product, with further testing required to determine the extent of a thermal coal product. Overall, the area has the potential to contribute significant additional coking coal production from the region. No resource has been declared and CoAL has commenced with the exploration program in this area. Competent Person The information in this announcement that relates to mineral resources or ore reserves has been compiled by Ms C Telfer (B.Sc. Hons. (Geol.), (DMS) Dip Bus Man Pr. Sci. Nat., FGSSA, MAusIMM, M.Inst.D) and Mr G Njowa (M.Sc. (Min. Eng), MRM, B.Sc.Hons. (Min. Eng), Grad CIS, MSAIMM, Pr Eng, MIAS), both full time employees of Venmyn Rand (Pty) Ltd, who both have relevant and appropriate experience and independence to appraise the coal assets. Both Ms C Telfer and Mr G Njowa are considered "Competent Persons", and each have more than five years relevant experience in the assessment and evaluation of the types of coal exploration and mining properties presented in this announcement. Both Ms C Telfer and Mr G Njowa consent to the inclusion of the resource information in these Presentation Materials in the form and context in which it appears. Glossary -- Definitive Feasibility Study - A study of the economic viability of the mining and production of base or precious metals or other minerals in such form and containing such detail as is customarily required by a bank or other financial institution engaged in mining project finance to enable it to determine whether to finance the development of a commercial mining operation. -- Export grade thermal coal - Coal that is used primarily for its heating value, typically measured at 6,000kcal. Thermal coal tends not to have the carbonization properties possessed by metallurgical coal. -- Gross tonnes in situ (GTIS) - At minimum thickness cut-off of 0.5m. -- Hard coking coal - A type of coking coal which enables the coke to be more efficient in/for steel making when it converts iron ore to raw steel. -- JORC Code - The 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, the Australasian Institute of Geoscientists and Minerals Council of Australia. -- km - Kilometre. -- Mineral Resource - An estimated tonnage and grade of mineralisation in the ground reported in-line with the JORC Code. -- Middlings product - A by-product of export grade thermal coal of lower heating value typically used for power generation. -- Mineable tonnes in situ (MTIS) - At maximum opencast mining depth of 200m. No underground mining considered. Excludes all coal with volatiles <20% -- Resource - An estimated tonnage and grade of mineralisation in the ground. -- Reserve - The economically mineable part of a mineral resource -- Total tonnes in situ (TTIS) - At minimum thickness cut-off of 0.5m For more information contact: John Wallington Chief Executive Officer Coal of Africa +27 11 575 4363 Wayne Koonin Financial Director Coal of Africa +27 11 575 4363 Shannon Coates Company Secretary Coal of Africa +61 89 322 6776 Sakhile Ndlovu Investor Relations Coal of Africa +27 11 575 6858 Reuben Govender JSE Sponsor J.P. Morgan Equities Limited +27 11 507 0430 Charmane Russell/Jane Kamau Financial PR (South Africa) Russell & Associates +27 11 880 3924/ +27 82 372 5816 Jos Simson/Emily Fenton Financial PR (United Kingdom) Tavistock +44 20 7920 3150 Chris Sim/Jeremy Ellis/Neil Elliot Nominated Adviser Evolution Securities +44 20 7071 4300 www.coalofafrica.com About CoAL: CoAL is an AIM/ASX/JSE listed coal exploration, development and mining company operating in South Africa. CoAL's key projects include the Vele Colliery (coking and thermal coal), the Greater Soutpansberg Project, including CoAL's Makhado Project (coking coal) and the Mooiplaats and Woestalleen Collieries (both thermal coal). The Mooiplaats Colliery commenced production in 2008 and is currently ramping up to produce 2 Mtpa. The Woestalleen Colliery, acquired through the acquisition of NuCoal Mining (Pty) Limited in January 2010, currently processes approximately 2.5Mtpa of saleable coal for domestic and export markets. The Woestalleen Complex also incorporates three beneficiation plants with a total processing capacity of 350,000 run-of-mine (ROM) feed tonnes per month. CoAL's Vele Colliery commenced production in Q1 2012. During the initial phase, the operation is targeting 2.7 Mtpa ROM production to produce 1.0Mtpa of saleable coking coal. The Makhado Project, CoAL's flagship project in the Soutpansberg coalfield, is well into the feasibility stage, with a Definitive Feasibility Study having been reviewed by the CoAL Board in March 2012. An application for a New Order Mining Right for the Makhado Project was submitted in January 2011. In May 2012, CoAL acquired the Chapudi coal project and several other coal exploration properties in the Soutpansberg coal basin in South Africa, subsequently renamed the Greater Soutspansberg Project, from the previous owners, including Rio Tinto. The Greater Soutpansberg Project is a consolidation of nine potential coking and thermal coal assets grouped into three proximate regions, namely Mopane, Makhado and Chapudi. The acquisition of these assets strengthens Coal of Africa's position as one of the most substantial holders of prospecting and mining rights for coking coal in South Africa's Soutpansberg coalfield. This information is provided by RNS The company news service from the London Stock Exchange END MSCDBGDLXXBBGDD |
Posted at 23/11/2018 21:49 by 2bozmo AGM notes.Present:MC Mining: David Brown (DB) and Bernard Pryor (BP)Investors: MeOthers: Tavistock, Computerserve and Nomad (Peel Hunt)I've been last few years to AGM plus EGM so they know me reasonably well. They definitely had a spring in their step and before meeting started BP had a glint in his eye as stated 'more good news to follow'. They were both bulled up by surface rights acquisition.Main business of passing resolutions lasted 15 mins.David Brown then gave a summary, I asked a few questions and then we continued for after 30 mins after meeting finished. He highlighted during main speech:Incredible progress been made over last 18 months against strategy:1) Uitkomst:ROM going up y/y. Dealt with equipment issues by purchasing mining company, expanding additional funding, seeing benefits from increasing maintenance plan and new roster system. Favourable pricing improving quarterly results. 2 initiatives:a) plant modification leading to 3rd production stream, increase ROM volumes by 10-15%. Expected January 2019; andb) development of N Adit, testing q1 2019 and get IWUL granted q1 leading to increase in ROM by 20%. Expected 2020;Uitkomst has been incredibly profitable, in 24 months time these developments would see Uitkomst cover all company's overheads by itself;2) Mooiplaats:Sale made and all agreements in place so will receive balance of sale proceeds;Putting 1) and 2) together, i.e being in production, reduced liabilities and revenue coming in means they are very credible, viable business and banks giving the various loans financing. Definitely a sea change on that front, which leads onto:3) Makhado:Super-excite |
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