Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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With news not to far away
Still here, lurking in the background? ;)
One more small step for Coal of Africa. One huge step for all shareholders...or is it? Hope so anyway... I recommend this share as a buy!! I know...call me a ramper...he, he. 2.5p (strong buy)
Fulfilment of all conditions precedent to the acquisition of Uitkomst Colliery Coal of Africa Limited ("CoAL" or the "Company") is pleased to announce that all conditions precedent to the acquisition of 100% of the shares in and claims against Pan African Resources Coal Holdings Proprietary Limited ("PAR Coal") (“the Transaction”) have now been fulfilled. This follows Uitkomst Colliery Proprietary Limited having entered into a supply of coal agreement on terms acceptable to CoAL. As a result, the effective date of the implementation of the Transaction will be 30 June 2017, when CoAL will take over ownership, control and management of PAR CoAL and the Uitkomst Colliery.
RNS ;)
This company must be in the top 3 for joke of the year, and their big fat salaries goes on, must say I can't fault them for that. ( how many times has all of us milked a company or situation, ( it's called using your turnip (head )
Markets bloodbath as Zwane shocks mining sector Cape Town – There was a bloodbath on the floor of South Africa’s markets on Thursday, after Mineral Resources Minister Mosebenzi Zwane announced a new stringent law that will force mining firms to restructure their ownership to ensure they have 30% black ownership within 12 months. The rand dived by almost 2% and mining firms saw about R30bn shaved off their combined market capitalisation, with the biggest losers being Sibanye (down 6.8%), Kumba Iron Ore (down 6.4%) and Assore (down 5.85%). Anglo American (down 5.81%) lost the most value as its market capitalisation is leagues above the rest, at R242.06bn.
thanks boz. top stuff
Thanks for this Boz, much appreciated. Time to get buying boots on!
....part 2 Mooiplaats: they have 4 interested parties, one being someone who's currently producing. They are hopeful of finalising commercial discussions by the end of July. They are having to be creative in its disposal and may have to be a partner in a deal, or have the monies over a period of time rather than an upfront payment. He's frustrated by fact not been sold yet. They are looking for another similar sized acquisition. He suggested cash from sale of Mooiplaats and Vele could fund a similar sized CGA as Uitkomst will only generate income to cover 40% of current operating costs. They are very pleased with the Uitkomst deal, not the same as UC but a very good fit. They would be happy to reduce ongoing care and maintenance expenditure through disposal of Mooiplaats and Vele. Other costs have been reduced with various initiatives. Makhado Lite will reduce the need for expenditure and thus may not need the monies from MOU with Hengshun. Open to debate. For the rest of the funding, on the BBBEE side, no issue with the IDC (6%) and their local investor (20%). They will make up the 30% that is required with the change to 30% being announced today in the new mining charter in South Africa today. Rio debt is paid today and only debt on balance sheet is from IDC. They were very pleased to have all the legacy issues sorted, Rio have been watching they like a hawk. They now have $10m in cash and $9m they can draw down from the IDC loan if don't sell Mooiplaats over next 6 months. So all in all, I left the meeting with a very positive vibe and enthused about the prospects for CoAL. I’ve been to a number of these meetings and DB was certainly the most enthused he’s been. The legacy issues have been sorted and we are now in a good position footing both financially and strategically. I’m in no doubt that the management is doing a good job and will get us over the finish line. There was definitely a sense of achievement of the progress we’ve made and a level of excitement over Makhado Lite. It’s been a bumpy journey but to me, this should represent the turning point. Onwards and upwards.
The following of my Notes of Meeting 15-June and in no specific order. Feel free to ask anything as happy to expand where I can. I got the opportunity to speak with David Brown 20 mins before meeting started and he gave a general update after the main business. In attendance: Bernard Pryor, David Brown plus 2 shareholders + 2 others who signed in (shareholders/ analysts?) All motions were passed, with everything being in place the deal will be completed over the next few days and we will officially be a producer going into the new fiscal year in July!! DB seemed very happy with the way everything is progressing. The government want the project to go ahead and he has particularly good relationship with the water and environmental agencies. He's particularly pleased with the agreement with the IDC, something that they have hoped to achieve for over the last 6 years. They hope to acquire the outstanding farm land over the next 4-6 months. They have made one final offer for the remaining land which the owners have 7 days to accept otherwise the expropriation process will begin. They don't anticipate any issues with that or finalising the surface rights. He described this as a momentous step. They continue to push the government to get things done, and DB certainly knows everyone that he needs to. DB has been in London since Tuesday and he had visited 6 analysts. He thinks Makhado might need to start producing before they get further coverage, but progress has been well received and people are starting to take notice. He often gives an analogy of a swan swimming gracefully on the water, but below the surface there’s a huge amount going on. Now, that action is beginning to reap some rewards, With regards to Makhado, ArchelorMittal has signed a letter of intent to take some production (60%). The coal has been tested and is of very good quality (as we already know). He spoke enthusiastically about a Makhado Lite project that will involve one-third of the CAPEX and a shorter construction period. This will be presented to the board in September. If this version goes ahead then they will start construction in 2018 H2 with first coal produced in 2019 Q3. He thought this might be the better option as some shareholders thought unrealistic given current CAPEX numbers relative to the current share valuation, and some of the 3.2m tonnes/year of product would need to be exported. Board are currently happy as the price of coal is currently above the long-term rate used in their analysis. Vele: still deciding what to do. Given its location, he suggested it might be sold to reduce overheads and put money in the bank as opposed to mining it themselves which was previously suggested. The deciding factor will be the price and coal, as to whether this is sold or mined themselves. ...more to follow
Massive buy orders on Level 2
Pre AGM RNS on the way?
Boz ask him about bbbeee? Have they lined up a partner and more important will they get funding for that partner.
I'm hoping to attend. DB normally very affable and honest, happy to put questions to him after the meeting
I'm thinking of attending - anybody else? Any "other business" questions? ......not sure what happened to the "next week"/"big week" - little trade/volume and negligible price movements = ???
Big week....
What a large spread!
Cheers Bozmo. This is looking great- and free float is low so think we'll get a decent bang for our buck when they allow this to go. I think we'll have the $114m from Hengshun in near future. Definitely coming together. DYOR. Good luck all
hxxp://www.compcom.co.za/wp-content/uploads/2017/01/Weekly-Media-Statement-7-June-2017-FINAL-doc.pdf
1.2 Coal of Africa Ltd v Pan-African Resources Coal Holdings (Pty) Ltd The Commission has approved, without conditions, the proposed intermediate merger whereby Coal of Africa Limited (CoAL) intends to acquire Pan-African Resources Coal Holdings (Pty) Ltd (PAR Coal). CoAL, an Australian company, is listed on the Australia Stock Exchange, the AIM Market of the London Stock Exchange and the JSE. CoAL is involved in coal exploration, development and mining within South Africa. Its projects include future mining and the supply of coking and thermal coal. PAR Coal is a South African company. It is controlled by Pan African Resources Plc, a company incorporated in the United Kingdom. PAR Coal is an investment vehicle to acquire coal operations. The Commission found that the proposed transaction is unlikely to substantially prevent or lessen competition. In addition, the proposed transaction does not raise any public interest concerns.
sold @ 2.80p twice yesterday afternoon - has to be the share price being "managed" (thought I would be polite) !!
Dropped at 280 Mmmmmmmmmmm
WTF the Duke was correct . This share after all the "good news" is going bust . I thought a top up at 50c will bring cost down and give room for a small profit .For now that is gone again