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03/6/14 - A$0.09
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coal of africa ltd (CZA) Details

Coal of Africa Limited, together with its subsidiaries, explores, develops, and mines thermal and coking coal projects in South Africa. The company primarily holds a 100% interest in the Vele Colliery coking and thermal coal project; and a 74% interest in the Greater Soutpansberg project/MbeuYashu, including the Makhado project located in Limpopo Province, South Africa. It also holds interests in three exploration and development stage coking and thermal coal projects, including Chapudi, Generaal, and Mopane located in the Soutpansberg Coalfield. The company, formerly known as GVM Metals Limited, is based in Mt Pleasant, Australia.

coal of africa ltd (CZA) Top Compensated Officers

Chief Executive Officer, Executive Director, ...
Total Annual Compensation: $573.0K
Chief Operating Officer
Total Annual Compensation: $289.3K
Commercial Director
Total Annual Compensation: $158.0K
Compensation as of Fiscal Year 2014.

coal of africa ltd (CZA) Key Developments

Coal of Africa Limited Announces Resignation of Michael Meeser as Executive Director and Chief Financial Officer

Coal of Africa announced that Michael Meeser, Executive Director and Chief Financial Officer has resigned to pursue other interests. Mr. Meeser will remain with the company for a period of three months until the end of April 2015 to assist in the transition of responsibilities.

Coal of Africa Limited Reports Cash Flow Results for the Second Quarter and Six Months Ended December 31, 2014

Coal of Africa Limited reported cash flow results for the second quarter and six months ended December 31, 2014. For the quarter, the company reported net operating cash out flows were USD 15,713,000. For the six-month period, the company reported net operating cash out flows were USD 18,950,000.

Coal of Africa Limited Provides Operational Update for the Quarter Ended December 31, 2014

Coal of Africa Limited has provided its operational update for the quarter ended December 31, 2014. Mooiplaats Colliery - Ermelo Coalfield (74% owned): The Mooiplaats thermal coal colliery was placed on care and maintenance during the September 2013 quarter and recorded no lost time injuries during the period. During the previous quarter the Company signed an SPA with Blackspear Capital ("Blackspear"), a wholly owned subsidiary of Blackspear Holdings Proprietary Limited, for the disposal of the Mooiplaats Colliery for ZAR 250 million ($22.2 million). As announced on 6 November 2014, Blackspear had agreed terms with a financial and operational partner to fund its acquisition of Mooiplaats. Post period end however, Blackspear have informed the Company they are no longer engaged in discussions with their proposed partner and as a result are seeking an alternative partner. However, given current market conditions, the Company and Blackspear have agreed an extension on a non-exclusive basis for Blackspear to meet the proof of funding condition precedent until 30 April 2015. Vele Colliery - Limpopo (Tuli) Coalfield (100% owned): The Vele coking and thermal coal colliery recorded no LTIs during the quarter. During the quarter a historic BOA was signed by the Department of Environmental Affairs, South African National Parks Board and CoAL to the value of ZAR 55 million ($4.7 million) over a 25 year period. The BOA is intended to promote the development of Mapungubwe so that it benefits the environment, the local economy and resident communities and provides an appropriate framework to manage the interface between mining operations and the Mapungubwe World Heritage Site. The BOA is based on the ecosystem approach to biodiversity management, promoting the integrated management of land, water and natural capital and enhance co-operation between the three parties towards the conservation and sustainable development of the Mapungubwe World Heritage Site, safeguarding its integrity and ensuring that the negative impacts of development are avoided, minimised or remedied. The company previously submitted applications to amend the colliery's EA to include the plant modifications. These applications were approved by the DEA in early 2015. The Company has also submitted applications to amend and renew Vele's IWUL and CoAL is confident these will be received during first half of 2015. The current Vele Colliery IWUL is valid until March 2016 and the Company has delayed the commencement of the plant modification construction to third quarter of 2015 pending these approvals, which also gives the Company further time to assess the outlook for coal prices. The FEED process for the Vele Colliery plant modification project undertaken by Sedgman South Africa was completed during the quarter. Changes to the plant modification design have resulted in a shortened construction period with the improvements resulting in the simultaneous production of semi-soft coking coal and thermal coal and the next stage of detailed design will commence upon project execution. Makhado Coking Coal Project - Soutpansberg Coalfield (100% owned): The Makhado coking coal project ("Makhado Project") recorded no LTIs during the quarter. As required under South African mining legislation, a minimum 26% black economic empowerment ("BEE") shareholding is required for mining and exploration projects. CoAL previously signed a Memorandum of Agreement to enable a Broad Based Black Economic Empowerment consortium comprising seven local communities to acquire a 20% interest in the Makhado Project, subject to funding, and during the quarter the Company continued the process of identifying suitable BEE shareholders to acquire a further 6% of the project. These transactions will ensure that the Makhado Project has the requisite corporate structure for the granting of the NOMR. During the quarter an interim court interdict was issued against the Makhado Project seeking to halt any mining or construction activity on the site. The Company, as one of the respondents, has commenced work with the other respondents to set aside the interim interdict. CoAL does not anticipate that this process will impede on the delivery timetable for the mine to come into commercial production during CY2019 as no construction or mining activities are anticipated during 2015. Greater Soutpansberg Project (MbeuYashu) (74% owned): The MbeuYashu Project recorded no LTIs during the period. During the quarter the Company continued to engage with stakeholders, in particular communities, in relation to the Greater Soutpansberg Project which comprises the Generaal, Chapudi and Mopane projects.


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