broker comments on cza

JPMorgan Cazenove included Coal of Africa in their Top Picks list for 2010

Brief reasons :

Coal of Africa Attractive valuation with catalysts approaching
􀂄 Strong earnings momentum from rising coal prices (NPV gearing coking 3:1 and thermal 0.4:1).
􀂄 New mining rights for Vele and first production of high-quality thermal coal at Mooiplaats imminent.
􀂄 NuCoal acquisition should provide strong CF for growth. Trading at a discount to conservative NPV.

Morgan Stanley also recently Initiated Coverage with a Bull Case scenario target of 380p ($7+ ?)

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