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31 Jan 2012 07:01
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10.
Name of entity |
Coal of Africa Limited |
ABN | Quarter ended ("current quarter") | |
98 008 905 388 |
| 31 December 2011 |
Consolidated statement of cash flows
Cash flows related to operating activities
|
Current quarter US$'000 | Year to date (6.months) US$'000 | |
1.1 | Receipts from product sales and related debtors
| 85,487 | 144,616 |
1.2 | Payments for (a) exploration & evaluation (b) development (c) production (d) logistics (e) administration | (2,993) (3,699) (84,755) (4,578) (7,484) | (3,474) (2,920) (125,520) (20,388) (14,311) |
1.3 | Dividends received | - | - |
1.4 | Interest and other items of a similar nature received | 316 | 527 |
1.5 | Interest and other costs of finance paid | (155) | (608) |
1.6 | Income taxes paid | 210 | (3,212) |
1.7 | Other (provide details if material) | - | - |
Net Operating Cash Flows | (17,651) | (25,290) | |
Cash flows related to investing activities | |||
1.8 | Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets | - - (4,870) | - - (14,157) |
1.9 | Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets | - - - | - - - |
1.10 | Loans to other entities | - | - |
1.11 | Loans repaid by other entities | - | - |
1.12 | Other (provide details if material) | 1,555 | (458) |
Net investing cash flows | (3,315) | (14,615) | |
1.13 | Total operating and investing cash flows (carried forward) | (20,966) | (39,905) |
1.13 | Total operating and investing cash flows (brought forward) | (20,966) | (39,905) |
Cash flows related to financing activities | |||
1.14 | Proceeds from issues of shares, options, etc. | 102,769 | 103,032 |
1.15 | Proceeds from sale of forfeited shares | - | - |
1.16 | Proceeds from borrowings | 7,526 | 7,526 |
1.17 | Repayment of borrowings | (1,088) | (1,520) |
1.18 | Dividends paid | - | - |
1.19 | Other (provide details if material) | (4,798) | 1,919 |
Net financing cash flows | 104,409 | 110,957 | |
Net increase (decrease) in cash held
| 83,443 | 71,052 | |
1.20 | Cash at beginning of quarter/year to date | 8,821 | 22,761 |
1.21 | Exchange rate adjustments to item 1.20 | (3,058) | (4,607) |
1.22 | Cash at end of quarter | 89,206 | 89,206 |
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related entities
| Current quarter US$'000 | |
1.23 |
Aggregate amount of payments to the parties included in item 1.2 | 466 |
1.24 |
Aggregate amount of loans to the parties included in item 1.10 | - |
1.25 |
Explanation necessary for an understanding of the transactions | |
|
| |
Non-cash financing and investing activities
2.1 | Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows |
|
2.2 | Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest |
|
Financing facilities available
The loan facilities below relate to the Deutsche Bank facility and excludes the new US$40 million working capital facility with J.P. Morgan Chase Bank N.A..
| Amount available US$'000 | Amount used US$'000 | |
3.1 | Loan facilities
| 10,000 | 40,000 |
3.2 | Credit standby arrangements
| 2,009 | 474 |
Estimated cash outflows for next quarter
US$'000 | ||
4.1 | Exploration and evaluation
| 48,323* |
4.2 | Development
| 7,556 |
4.3 | Production
| 52,231 |
4.4 | Logistics
| 28,852 |
4.5 | Administration
| 6,289 |
Total |
143,251 |
*includes US$43 million payable on acquisition of the Chapudi Project.
Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows. | Current quarter US$'000 | Previous quarter US$'000 | |
5.1 | Cash on hand and at bank | 26,353 | 8,821 |
5.2 | Deposits at call | 62,853 | - |
5.3 | Bank overdraft | - | - |
5.4 | Other (provide details) | - | - |
Total: cash at end of quarter (item 1.22) | 89,206 | 8,821 | |
Changes in interests in mining tenements
Tenement reference | Nature of interest (note (2)) | Interest at beginning of quarter | Interest at end of quarter | ||
6.1 | Interests in mining tenements relinquished, reduced or lapsed
|
|
|
|
|
6.2 | Interests in mining tenements acquired or increased
|
|
|
|
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.
Total number | Number quoted | Issue price per security (see note 3) (cents) | Amount paid up per security (see note 3) (cents) | ||
7.1 | Preference +securities (description) | Nil | |||
7.2 | Changes during quarter
| ||||
7.3 | +Ordinary securities
| 662,284,573 | 662,284,573 | ||
7.4 | Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs |
130,144,912
|
130,144,912 | ||
7.5 | +Convertible debt securities (description) | Nil | |||
7.6 | Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted | ||||
7.7 | Options (description and conversion factor) | 20,259,562 | Nil | Exercise price See Note 6 | Expiry date See Note 6 |
7.8 | Issued during quarter | Nil | Nil | See Note 6 | See Note 6 |
7.9 | Exercised during quarter | 193,500 | Nil | See Note 6 | See Note 6 |
7.10 | Expired during quarter | Nil | Nil | ||
7.11 | Debentures (totals only) | Nil | |||
7.12 | Unsecured notes (totals only)
| Nil | |||
+ See chapter 19 for defined terms.
Compliance statement
1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Actor other standards acceptable to ASX (see note 4).
2 This statement does give a true and fair view of the matters disclosed.
31 January 2012
Sign here: ............................................................ Date: ............................
(Company secretary)
SHANNON COATES
Print name: .........................................................
Notes
1 The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.
5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.
6 Issued and Quoted Options as at 31 December 2011:
| Number Issued | Number Quoted | Exercise Price | Expiry Date | Lapsed Since End of quarter |
7,000,000 250,000 1,000,000 600,000 1,650,000 818,500 5,000,000 2,500,000 1* 1,441,061 | - - - - - - - - - -
| A$1.25 A$2.05 A$1.90 A$1.25 A$3.25 A$1.90 A$2.74 A$1.20 GBP0.60 A$1.40
| 30 September 2012 1 May 2012 30 September 2012 1 May 2012 31 July 2012 30 June 2014 30 November 2014 9 November 2015 1 November 2014 30 September 2015
| - - - - - - - - - -
|
*1 Option to subscribe for 50 million ordinary shares for 60 pence each between 1 November 2010 and 1 November 2014 as approved by shareholders on 22 April 2010
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