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Mooiplaats Update

3 Jun 2013 11:00

RNS Number : 1126G
Coal of Africa Limited
03 June 2013
 



ANNOUNCEMENT 3 JUNE 2013

 

 Coal of Africa proposes to place Mooiplaats Colliery on care and maintenance

Coal of Africa Limited ("the Company" or "CoAL") advises that it proposes placing the Mooiplaats Colliery ("Mooiplaats" or "the Colliery") on care and maintenance and will embark on a regulatory Section 189A ("S189A") process with effect from 3 June 2013 with stakeholders. This decision follows sustained and concerted attempts over the past two financial years to make the operation profitable and enable it to produce positive cash flows.

 

The Company's efforts to improve productivity and establish profitable operations at Mooiplaats, including capital investment, have been hampered by the global downturn in thermal coal prices over the last year. The situation has been exacerbated by the inability of the Colliery to ramp up production to achieve required targets due to poor operational performance and challenging geological conditions. Consequently the Company has continued incurring an unacceptable level of operational losses.

 

Mooiplaats recorded a loss of approximately R167million for the financial year ended 30 June 2012 and has generated an average monthly loss of R20million since the beginning of the current financial year. The Company has an allocation of three million tonnes in Maputo at the Matola Terminal and is working to mitigate the take or pay exposure. The Company's cash position as at 31 March 2013 was US$67.4million.

 

The regulatory S189A process will begin on 3 June 2013 and will involve a two month consultation period whereby CoAL must engage with all relevant stakeholders. This process will evaluate alternatives to placing the Colliery on care and maintenance.

David Brown, Chairman of CoAL said: "This decision has not been taken lightly as CoAL recognises the importance of conserving jobs, but at the same time the need to preserve the Company's financial structure and ensure its future sustainability is paramount."

Mooiplaats currently employs 290 employees and 258 contractors. Coal of Africa will continue to provide updates on material developments as they occur.

AUTHORISED BY:

David Brown

Chairman

 

 

 

 

 

For more information contact:

David Brown

Chairman

Coal of Africa

+27 11 575 4363

Sakhile Ndlovu

Investor Relations

Coal of Africa

+27 11 575 6858

Tony Bevan

Company Secretary

Endeavour Corporate Services

+61 08 9316 9100

Company advisors:

Jos Simson/Emily Fenton

Financial PR (United Kingdom)

Tavistock

+44 20 7920 3150

Chris Sim/Neil Elliot

Nominated Adviser

Investec Bank plc

+44 20 7597 5970

Charmane Russell/James Duncan

Financial PR (South Africa)

Russell & Associates

+27 11 880 3924 or

+27 82 372 5816

Investec Bank Limited is the nominated JSE Sponsor

 

About CoAL:

CoAL is an AIM/ASX/JSE listed coal exploration, development and mining company operating in South Africa. CoAL's key projects include the Vele Colliery (coking and thermal coal), the Greater Soutpansberg Project, including CoAL's Makhado Project (coking coal) and the Mooiplaats and Woestalleen Collieries (both thermal coal).

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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Date   Source Headline
9th Nov 20188:30 amRNSDespatch of Supplementary Notice for AGM
7th Nov 20187:00 amRNSUitkomst Secures Primary Lending Facility
31st Oct 20187:01 amRNSAppendix 5B
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30th Aug 20187:00 amRNSCompletion of Mooiplaats Colliery Sale Transaction
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2nd Aug 20187:00 amRNSTransition to owner-operated colliery at Uitkomst
26th Jul 20187:00 amRNSReport for the Quarter Ended 30 June 2018
26th Jul 20187:00 amRNSAppendix 5B
26th Jun 20188:00 amRNSGeneral Banking Facility
18th Jun 20188:00 amRNSInterim Interdict Lifted
23rd May 20188:00 amRNSGrant of Performance Rights to Executive Director
26th Apr 20187:00 amRNSDirector Resignation
26th Apr 20187:00 amRNSReport for the Quarter Ended 31 March 2018
26th Apr 20187:00 amRNSAppendix 5B
24th Apr 20187:00 amRNSBoard Appointments
15th Mar 20187:00 amRNSInterim Financial Report
15th Mar 20187:00 amRNSResults for the 6 Months Ending December 2017
13th Feb 20187:00 amRNSIntegrated Water Use Licence Granted for Vele
31st Jan 20187:01 amRNSAppendix 5B
31st Jan 20187:00 amRNSReport For The Quarter Ended 31 December 2017
8th Dec 20176:17 pmRNSLifting of AIM suspension
8th Dec 20173:32 pmRNSAppendix 3B
8th Dec 20177:30 amRNSSuspension - Coal of Africa Limited
7th Dec 20174:00 pmRNSChange of name to MC Mining Limited
7th Dec 20177:30 amRNSRestoration - Coal Of Africa Limited
6th Dec 201712:59 pmRNSCompletion of share consolidation and name update
30th Nov 201712:45 pmRNSDirectorate Change
28th Nov 20172:51 pmRNSJSE Treatment of Post-Consolidation Shares
28th Nov 201711:16 amRNSDelay in Fractional Entitlement Announcement
28th Nov 20177:30 amRNSSuspension - Coal of Africa Limited
27th Nov 20172:24 pmRNSRecommencement Of Trading
27th Nov 20178:20 amRNSSuspension of Coal of Africa shares on the JSE
24th Nov 201712:15 pmRNSResults of Annual General Meeting
22nd Nov 20171:30 pmRNSUpdate:Proposed Share Consolidation & Name Change
2nd Nov 20178:31 amRNSCompletion of the Mooiplaats colliery sale process
30th Oct 201711:03 amRNSAppendix 3B
30th Oct 20179:28 amRNSIssue of Warrants to IDC of South Africa
27th Oct 20177:01 amRNSAppendix 5b
27th Oct 20177:00 amRNSReport for the Quarter Ended 30 September 2017
23rd Oct 20172:01 pmRNSDespatch of Annual Report and Notice of AGM
2nd Oct 20179:00 amRNSSale of the Mooiplaats Colliery

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