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Coal of Africa Ltd: Report for the Quarter Ended 31 March 2010

Wednesday, April 28th, 2010

Coal of Africa Limited provides its operational report for the quarter ended 31 March 2010. A full copy of this report is available on the Company’s website, www.coalofafrica.com.
Highlights
• Granting and execution of a New Order Mining Right (“NOMR”) for the Vele coking coal project (“Vele Project”).
• Completion of the acquisition of Nucoal Mining (Pty) Ltd (“Woestalleen”) for ZAR467m comprising the Woestalleen processing facility, the Zonnebloem, Klipbank and Hartogshoop coal mines and the Opgoedenhoop and Klipfontein coal projects.
• Completion of the acquisition of the remaining 20% of the Vele Project, increasing the Company’s interest in the project to 100%.
• Commencement of mining of export quality thermal coal from the Mooiplaats thermal coal project (“Mooiplaats Colliery”).
• First exports of thermal and low volatile “lean” coal from the Matola Terminal in Maputo, Mozambique (“Matola Terminal”).
• Approval from the Department of Mineral Resources (“DMR”) for the extraction of a bulk sample from the Makhado coking coal project (“Makhado Project”) for delivery to ArcelorMittal South Africa Limited (“ArcelorMittal SA”).
• Granting of a conditional NOMR for the Holfontein coal project (which is held available for sale) near Secunda in the Mpumalanga Province.
• Securing of a US$20 million working capital facility from JP Morgan Chase.
• Cash balance at the end of the quarter of A$41.6 million.
Commenting on the results today, Simon Farrell, Managing Director of CoAL said: “The execution of the mining right was the final step required for development of the Vele Project to commence. The construction is expected to be completed early in the third quarter of 2010, followed soon thereafter by sales of coking coal. Furthermore, the completion of the acquisition of NuCoal’s Woestalleen assets and the mining of thermal coal at the Mooiplaats Colliery ensures that the Company is positioned to sell significant quantities of coal into the improving international and domestic coal markets.”

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