A great chance to buy this little gem, IMO.
* Experienced directors, they are founders of Nucoal South Africa which was sold to CZA in Oct 2009 with R650 mil.
* The company has already started to develop the site, to begain operation in July once water license approved.
* Start with open pit 2 Mtpa ROM (1.25 Mtpa saleable) from July 2012 plus underground with the planned ramp up of the operation to 4 Mtpa ROM (2.5 Mtpa saleable) in Q4 2013.
* wash plant on the site and due to commission, processing capacity of 2 Mtpa ROM or approx. 1.25 Mtpa saleable product. Can be expanded to processing capacity of 4 Mtpa ROM in late 2013.
* Majority of production will be export grade thermal coal product although anthracite will also be produced for sale in local market.
* Completion of the siding is expected in 2nd half of 2012 with rail shipment made from other rail sidings available in the area in the interim.
* Transport agreement signed with TFR to provide 1.5 mtpa rail capacity to either Durban or Richards bay, account opened.
* High CV 28.2MJ/kg (around 6735 Kcal) though high sulph (1.43%), yield around 71%.
* Directors hold more than 50%, Top 20 hold 78%.
* No debt.
* Other attractive projects, including Newcastle phase 2 and Waterberg project (2-4 billion tonnes target), all close to rail.
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