Has anything they've done been for the better?agree with some of...

Has anything they've done been for the better?

agree with some of what you've said 5H, and the consolidation has not been a success, esp. for oppie holders - but here are a few good things they have done, off the top of my head - even if they haven't necessarily translated into a higher SP:

Coal hedging program with ABSA Capital of approx. 664,550 tonnes at average of ZAR1,057/t against forecast total FOB costs of ~ZAR490/t, as per SRK Competent Persons Report

Receiving $18m from Sioc-cdt - along with the political & social licence benefits that relationship brings

MOU with Total at Vaalbank

JV with KORES, and drilling PFS work underway at Vlakplaats

EDFT offtake & funding - Significant amortisation of EDF loan - at least $5m paid from total $15m loan via Ferreira coal sales

ABSA project funding for Penumbra secured

Vlakvark offtake agreement with Eskom at higher margins - and as far as I can tell, enough free cash flow from that operation to cover management costs & overheads in SA

Botswana drilling program completed & results pending

Colombian coking coal exclusivity agreement over a producing mine with 75% margins currently & potential offtake funding ["50% joint venture in five mining concessions/contracts covering over 1,500 hectares and including the existing underground mine that has been in operation for 24 years and adjacent exploration ground." "given the high quality nature of the coal, no wash plant is currently required. Sales of hard coking coal are made at mine gate with current margins of approx. 75%. Sales directly to the export market are planned in 2013. The mine has a current mine plan in excess of 50 years, with "New limited recourse debt and commodity linked facility to fund the approx. US$15m potential acquisition" "the Company believes annual production of 500,000t can be achieved in the medium term. The coal is considered a very high quality, high volatile metallurgical coking coal "The mine has committed to a staged production expansion using minimal capital expenditure and predominantly involving mechanisation of the existing operations." - Ann. 17 May 2012]. Currently mining ~100,000ktpa.

See Penumbra development update today & pics:

During the month of May 2012, Murray & Roberts advanced the twin decline development a further 98m, an increase on the 58m achieved in April 2012 [170% improvement]. As at the end of May 2012, the twin declines had been advanced to a combined total length of 233m (135m as at 30 April 2012). The conveyor road has advanced down 126m (April 2012 - 79m) and the travelling road down 107m (April 2012 - 56m).

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Vlakvarkfontein Coal Mine reported unaudited revenue for April 2012 of ZAR17.1m, in line with the average monthly revenue of ZAR17.1m in the previous quarter. EBITDA of ZAR4.8m (after mining, processing, administration, royalty, management fees to CCL and indirect costs) for April 2012 was a +50% increase on average monthly EBITDA of ZAR3.0m achieved in the previous quarter. Year to date ROM coal production of 1,003,754 tonnes has been achieved with an unaudited net profit after tax of ZAR33.6m reported against a budget of ZAR22.4m.

Year to date ROM coal production of 574,419 tonnes and export sales of 496,065 tonnes has been achieved at the Ferreira Coal Mine and the Delta Processing Operations with an unaudited net profit after tax of ZAR37.1m reported against a budget of ZAR24.4m. - from May 16 Ann.

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Highlights from HY report Feb 29 2012:

- Revenue of A$49.9m increased by A$37.0m on the previous corresponding period
- Gross profit of A$14.1m up from A$0.4m in the previous corresponding period
- EBITDA of A$3.0m, a A$31.5m turnaround on previous EBITDA of (A$28.5m)
- Maiden net profit after tax reported, and a 100% improvement from a net loss after tax of (A$30.8m) in the previous corresponding period. [as a point of reference Coal of Africa have been operating in SA for much longer than CCC, and have never reported a net profit]

Operational highlights:

- Run-of-mine thermal coal production increased by 112% to 937,464t, with run-of-mine
production from the Ferreira Coal Mine increased by 402%
- Export thermal coal sales increased by 380% for the period to 309,445t
- Domestic thermal coal sales increased by 235% for the period to 693,665t
Bankable Feasibility Study completed on the De Wittekrans Coal Project confirmed a technically and economically viable project
- Maiden JORC compliant coal reserves of 43.8Mt defined at De Wittekrans Coal Project
- Acquisition of the Wolvenfontein Coal Project, with a JORC compliant inferred resources of 36.7Mt, completed
- Diamond drilling program commenced (now completed phase one) on the Company’s three Botswana coal prospecting licenses with coal bearing carbonaceous zones intersected

- Other costs and other expenses were reduced significantly over the period, with finance costs reduced by 82% to A$1.4m, consultants fees were reduced by 78% to A$2.2m and other expenses were reduced by 38% to A$7.0m with the majority of these costs associated with employee related costs, pre-feasibility and feasibility costs of the company’s growth projects and capital raising fees.