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Continental Coal beats South African coal production forecasts Wednesday, January 23, 2013 by Angela Kean Continental Coal (ASX: CCC) has achieved a 40% quarter on quarter increase in run of mine coal production from the Ferreira Coal Mine in South Africa for the December quarter of 2012. The December quarter marked the first full quarter of operations in the recently acquired Prospecting Rights adjacent to the Ferreira Mine. Run of mine coal production from the mine for the quarter totalled 152,280 tonnes compared to the 109,935 tonnes produced in the September 2012 quarter. This exceeds the ramp up production profile advised in the September 2012 quarterly report, where 125,000 tonnes and 150,000 tonnes of run of mine coal production were forecast for the December 2012 and March 2013 quarters respectively. Monthly run of mine production has now increased for the past five consecutive months in the 2013 financial year. Opencast mining operations advanced throughout the quarter, with run of mine coal production increasing from around 38,700 tonnes in October 2012 to around 57,550 tonnes in December 2012. The run of mine coal production in December 2012, the highest monthly production to date in the 2013 financial year, was achieved despite the seasonal holidays. Don Turvey, chief executive officer of Coninental Coal, commented: “Since the company’s Ferreira Coal Mine started export sales in November 2010, we have exported over 1.1 million tonnes of a high quality thermal coal through the Richards Bay Coal Terminal. “Our increasing production levels at the Ferreira Coal Mine and commencement of production at our newly developed Penumbra Coal Mine has been timely with record coal railings and investment by South Africa’s rail operator Transnet into the dedicated Richards Bay Coal Line and coal exports at the Richards Bay Coal Terminal at its highest levels since 2006.” The Ferreira Coal Mine remains on track to achieve run of mine coal production of about 600,000 tonnes and sales of about 420,000 tonnes of a high quality thermal coal forecast for the 2013 financial year. In fiscal 2013, Continental is forecasting total export thermal coal sales of 600,000 tonnes from the Ferreira and Penumbra Coal Mines and domestic thermal coal sales of 1.3 million tonnes from the Vlakvarkfontein Coal Mine. Mine extension In late September 2012, Continental received approval from the Department of Mineral Resources to extend the Ferreira Coal Mine opencast mining operations into adjacent and adjoining Prospecting Rights previously acquired. Mining operations in the September 2012 quarter had previously been challenged with operations having reached the mining boundary and a resultant reduction in production. During the December 2012 quarter, Continental and its mining contractors successfully completed the initial pre-stripping for the new opencast mining operations and moved arou

Yes I know, Me included. THought post these for a lot of newbies who are to descend soon

Penumbra progress Continental is well advanced in underground mine development activities at the Penumbra Coal Mine, its third mine in South Africa. First coal production is forecast for the end of October 2012 with a ramp up to the full 750,000 tonnes per annum run of mine production expected by the end of June 2013. The forecast total capital cost for this project is ZAR328 million (A$38.6m), with ZAR90 million spent by Continental to date from cashflow and cash reserves in South Africa. The company will further fund ZAR8 million of capital costs from its existing cash balances and has set aside a contingency amount of ZAR17.5 million) from existing cash reserves to fund potential cost overruns. The remaining balance of mine development costs are fully funded from a secured project finance debt facility from ABSA Capital of ZAR253 million, including a further cost over-run facility of ZAR17.5 million. Continental is on target to meet its funding requirements for the Penumbra Mine development and with first coal production due to begin at the end of October 2012, the company is seeking to complete its first drawdown under the ABSA Capital secured project finance debt facility by 1 October 2012. The move towards funding the Penumbra Mine development from the ABSA Capital debt facility allows the company to utilise its cash for other mining and exploration activities, and working capital requirements in South Africa. Analysis That Continental Coal is undervalued has been axiomatic, today's announcement moves closer to crystallising and harnessing this value for CCC investors. It also validates the attractiveness of its assets to industry players. We believe that the CCC valuation is still worth many more times the currently valued by the market. http://www.proactiveinvestors.com.au/companies/news/33257/continental-coal-receives-high-offers-for-south-african-thermal-coal-assets-33257.html

The initiatives have centred on the reduction of non-essential expenditure, potentially utilising cash balances in South Africa to fund corporate working capital, and the finalisation of its formal process regarding a significant direct investment and/or acquisition of one or more of its African thermal coal mining assets. Sale of non-core assets Continental has received further non-binding expressions of interests to acquire a number of its non-core thermal coal exploration projects in South Africa. To date this has included proposals to acquire 100% of the company’s interests in the Vaalbank, Project X, Wesselton II, Leiden and Mooifontein Coal Projects in South Africa. Proposals to acquire and/or earn a joint venture interest have since expanded to include the Serowe and Kweneng Projects in Botswana following the results of Continental’s Phase 1 drilling program and the definition of a 2.2 billion tonne Inferred JORC Resource. Continental is looking to finalise negotiations regarding the disposal of its non-core assets by the end of 2012. The company is also continuing to finalise the settlement of its proposed sale of its shareholding in Vanadium and Magnetite Exploration and Development Co (SA) to a Chinese steel manufacturer. Although Continental and Vanmag remain committed to working with the Chinese buyer to complete settlement of the acquisition, the company has received further non‐binding expressions of interest to both acquire its shareholding in Vanmag and also to develop the asset through a 150,000 tonne per month contract mining operation supported by two off-take agreements and to be fully funded by third parties. Continental anticipates being able to make an announcement on the status of this early in the December 2012 quarter. Extension of Mashala Resources acquisition Continental has agreed to extend the settlement of the acquisition of outstanding minority interests in Mashala Resources to 30 November 2012, and can be further extended to 28 February 2013. The settlement of the acquisition of the outstanding minority interests was scheduled to be completed by 30 September 2012, for a final consideration of A$8.6m. There was the option to complete the balance of the Mashala Resources transaction with either cash or shares, at the election of the minority shareholders. These shareholders have sought to receive their settlement amounts vi

Continental Coal receives high offers for South African thermal coal assets Continental Coal (ASX: CCC) looks set to complete a deal comprising either a direct investment in or an outright acquisition of one or all of its South African thermal coal mining assets by the end of the year, with several non-binding offers received. Significantly, if implemented the proceeds would be more than sufficient to meet the company's forecast working capital requirements for the next 12-24 months. The company has received several approaches from India-based coal and power utility companies, as well as major global commodity trading and private equity groups, interested in acquiring all or part of the company’s South African thermal coal mining business. These discussions are well advanced and indicate that the company’s assets are currently trading at a significant discount to market value. Continental has now formalised a due diligence and bidding process with its advisors in South Africa, and has received very encouraging indicative non-binding bids including offers several times Continental’s current market cap. of A$16 million. Don Turvey, chief executive officer, commented: “While occurring concurrently with the other initiatives being progressed by the company, the Board is well advanced in these discussions and are encouraged by the strategic importance of its South African assets to the prospective bidders. “The indicative non-binding offers received from these parties and the values that they have attributed to our South African thermal coal mining business suggests that our assets are currently trading at a significant discount to market value.” These bids have been reviewed and a final short-list of parties have been pre-qualified by Continental to complete final due diligence. Final binding and committed offers are scheduled to be received by Continental at end of the September 2012 quarter and, subject to the offers received, the company anticipates completion of the transaction by the end of the year. The investment in or acquisition of one or more of the company’s South African thermal coal mining assets is part of the company’s focus to strengthen its balance sheet and increase working capital. Importantly, proceeds from these initiatives, once successfully completed, should be more than sufficient to meet the company’s forecast working capital requirements for the next 12 to 24 months. Annual corporate costs are forecast to reduce by 60% to $3.6 million in the 2013 financial year, from about $9 million, excluding SIOC-cdt transaction costs, in the 2012 financial year. The initiatives have centred on the reduction of non-essential expenditure, potentially utilising cash balances in South Africa to fund corporate working capital, and the finalisation of its formal process regarding a significant direct investment and/or acquisition of one or more of i

any one here? Look at the sea of blue, has every one gone away??

Some one is accumulating these fast

Watch for Mittals another heavy weight to join in then there will be fun

Been in FTSE 100s before and now in AIM for the same reasons that you mentioned. Bigger risk bigger rewards. Will enjoy the ride together. ATB

Thanks for the honest advice. My point is that this is terribly undervalued and looking at the environment and COOL it has potential. As long as one's expectations are rational and are not greedy they will be met

Have U looked at APF, another share to explode soon

Info is power. Thought post the article for all to see without paying for it. Hate this subscription business... It's just regurgitated info and am not prepared to pay for it.. You made a great choice, U might be modest, but your choice is great, all the best

Not interested in 10, 15 , 20 , 30 %. Just a new investor / trader looking for revaluation of undervalued shares, to get to their true minimum potential at least. So might quote stuff you & the others might have seen, please bear with me & others. who might join us. Any assistance & guidance is truly appreciated.

Apologies Didn't have the time to clean up. Hope U understand. Free stuff is not so direct sometimes... LOL

Sorry the link didn't work : So the text below

City caretakers must make amends for Bumi By Jonathan Guthrie ost ambitious people crave only one thing more than money: reputation. A divided boardroom is thus an arena where combatants seek the acclaim of shareholders and the humbling of their enemies. At Bumi, a dysfunctional Asian coal miner, there are two further status anxieties. Firstly, the involvement of founder Nat Rothschild in this nastily personal fight is understood to have worried one or two other bearers of his famous family name. Secondly, the misconceived float has seriously damaged the credibility of the London market. Bumi has shed about 70 per cent of its value in two years amid feuding between directors and allegations of financial irregularities and computer hacking. The merits of rival schemes to cut the group’s ties with the Bakries, the controversial Indonesian co-founders, are the subject of tedious argument. Mercifully, February 21 should represent a hard stop, as signalled by a company circular. Investors will vote then on whether to replace the board with Mr Rothschild and his associates. The credibility of the financier – or any lack of it – has the power to determine the outcome. On one view, he is the man that got investors into a mess by fronting the shell company that morphed into Bumi. Can he make amends by reviving the business? Mr Rothschild has been tireless in his efforts to convince wavering investors and journalists that the answer is Yes. The outcome matters deeply to him, with family honour part of the prize he is fighting for. But the Rothschilds traditionally do not engage in public fisticuffs. Nathan Mayer Rothschild, who established the British branch of the banking dynasty, was formidably trustworthy and once bailed out the Bank of England. But his style was low-key, setting the tone for descendants such as Lord Jacob Rothschild, Nat’s father and a prominent City investor. The long-running and acrimonious set-to at Bumi is hardly likely to enhance the broader Rothschild brand. Rothschild Group, the bank now owned by the French branch of the family, is advising the board of Bumi. It is a telling piece of dissociation, although Lord Jacob sold his stake

decades ago after a family spat. His son still wants a chance to atone for reversing tangled Indonesian coal assets into Vallar, a London shell. Veteran fund manager Cato Stonex has meanwhile aptly likened the repercussions of the Bumi float to the Guinness share support scandal in the eighties. Afterwards, City practices that had seemed prosaic became unacceptable. The UK Listings Authority is moving to tighten controls on shell company floats. Due diligence conducted by JPMorgan and Credit Suisse will be closely scrutinised, following the Takeover Panel’s diagnosis that Indonesian investors were an unacknowledged concert party. Bumi, complete with its muck-slinging governance breakdowns, makes London look like the kind of second-rate bourse that specialises in speculative mining plays because those are all it can attract. If Nat Rothschild needs to make amends, so do market gatekeepers. Anglo’s easier teaser A $3bn writedown on an African coal project prompted Rio Tinto to announce the departure of chief executive Tom Albanese recently. Cynthia Carroll of Anglo American was spared the same punishment when she unveiled a $4bn impairment on a big iron ore project. A boss who has already agreed to go enjoys anticlimactic immunity. Delays to the scheme may have contributed to her ousting last year, alongside a mishandled dispute over a Chilean mine. However, Ms Carroll’s mistake over Minas Rio in Brazil was more forgivable than Mr Albanese’s. She underestimated the inertia of Brazilian bureaucracy. But the mine remains a valuable asset, expected to produce ore at a cash cost of $30 a tonne compared with a forecast 2013 average sale price of $120. Mr Albanese overestimated the quality of Rio’s coal reserve in Mozambique. That undercut his credibility as a miner. Shares in Anglo rallied, reflecting relief that the book value of Minas Rio was only falling to $5.6bn. Cheered, doubtless, Ms Carroll ballyhooed an online video about the 5.8bn tonne resource. Viewers unclear on the finer points of secondary crushers would primarily have noticed that this was a non-South African mine staffed mainly by non-South Africans. This, perhaps, was the point. Resource nationalism is only in temporary abeyance in South Africa, to which Anglo remains heavily exposed. It is the one issue Ms Carroll cannot tidy up before Mark Cutifani succeeds her. A premium forward price earnings multiple of 13.3 times for the shares, as calculated by S&P Capital IQ, looks optimistic.

Have a look now here: http://www.ft.com/cms/s/0/163b51fe-6a06-11e2-a7d2-00144feab49a.html#axzz2JPGVLyuq

FT's learning, but there are ways around it...LOL... NOT poor LANGYY.. lost too much in 2012

...........so what do you care............