Coal of Africa basic loss 22.2 US cents
October 1, 2010
JSE, AIM and Australian Stock Exchange listed Coal of Africa on Friday reported a basic loss per share of 22.2 US cents for the year ended June 2010 from a loss of 3.55 cents a year ago.
The coal mining and development company reported an operating loss of $101.4 million, of which $88.7 million is represented by depreciation, amortisation, impairment, interest and tax, compared with a loss of $10.9 million a year ago, leaving an EBITDA loss of approximately $12.7 million.
Mooiplaats Colliery generated a small EBITDA profit of $3.3 million on sales of $24.2 million, and the recently acquired Woestalleen Colliery and associated mines contributing an EBITDA profit of approximately $10.4 million for its six months of operations on total sales of approximately $66.1 million.
CoAL is primarily focused on the acquisition, exploration, development and mining of thermal and coking coal projects.
It currently has two operating thermal coal collieries as well as coking coal projects in various stages of exploration and development, as well as the NiMag Group, which manufactures nickel magnesium alloys.
During the year the company obtained a New Order Mining Right for the Vele coking coal project and acquired NuCoal Mining comprising the Woestalleen processing facility, the Zonnebloem, Klipbank and Hartogshoop coal mines and the Opgoedenhoop and Klipfontein coal projects.
It also executed an Exchange of Prospecting Rights Agreement with subsidiaries of the Rio Tinto Group to formalise the farm swap of properties proximate to the Makhado coking coal project and completed the acquisition of the remaining 26 percent interest in Limpopo Coal Company, the owner of the Vele Colliery.
It also completed construction of the company's laboratory in Polokwane, which is expected to reduce time delays for thermal and coking coal sample analysis and received a New Order Prospecting Right for coal bed methane over an area measuring 564 km2 in the Limpopo Province which includes the Makhado Project as well as neighbouring areas. It was also granted a conditional NOMR for the Holfontein coal project near Secunda in the Mpumalanga Province.
It achieved run of mine production for the year of 1.877 million tones and made first sales coal from Mooiplaats Colliery including maiden export coal and lower grade middlings coal to Eskom.
Looking ahead CoAL said the expansion of the Mooiplaats and Woestalleen Collieries, as well as the development of the Vele Colliery and the Makhado Project, is expected to ensure that the company will qualify as a significant coal producer, supplying thermal and metallurgical coal annually to South African and export customers.
The company's coking coal projects located in the Limpopo Province - the Makhado Project and the Vele Colliery - yielded significant coal resources.
Resource updates reflected coal resources on the Makhado Project of 947 million gross tonnes in situ and over 813 million gross tonnes in situ of coal at the Vele Colliery.
Construction of the company's coal analytical laboratory has resulted in accelerated analysis of coal samples, reducing one of the significant delays facing coal exploration and mining companies.
CoAL is currently utilising its 1 million tonnes per annum export capacity at the Matola Terminal in Mozambique and has exercised its option to participate in 100 percent of the Phase 3 expansion at the Matola Terminal and expects the additional 2mtpa of export capacity to be available by the end of 2010.
The results of the feasibility study to increase the annual capacity at the Matola Terminal by a further 10mtpa is also expected by the end of 2010, it said. - I-Net Bridge
CZA even though they have lost 100 mill they havent wasted their money, they have done all the right things,its just a waiting game and its great to be behind this company from scratch and watching everything come together,its just a waiting game now and once the cards fall into place it will be full steam ahead.
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