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Trading Halt and Group Financing Announcement
The Waterberg Coal Company Limited
(Incorporated in Australia)
(Registration number ABN 64 065 480 453)
ASX: WCC | JSE: WCC | ISIN: AU000000WCC9
Trading Halt and Group Financing Announcement
As previously announced, The Standard Bank of South Africa Limited (SBSA) Convertible Secured
Facility (Facility) entered into between The Waterberg Coal Company Limited (Company or Group)
and SBSA on 26 March 2013 had been extended from its maturity date of 9 October 2014 on an on-
demand basis by mutual agreement. The Company has now received advice from SBSA in its
capacity as facility and security agent for the Facility, seeking repayment of the outstanding principal
and accrued interest in the amount of approximately A$43 million by 9 April 2015.
The Company advises that it has been, and still is, in discussions with certain banks and funding
agencies with respect to the funding required to retire the Group’s indebtedness (which includes the
Facility) and also to provide the capital required to develop the Export Project (which forms part of
the broader Waterberg Coal Project (WCP)) and for general working capital. To this end the lead
manager of the proposed banking syndicate, has commissioned an international mineral consultancy
as its independent technical expert to produce a due diligence report for the purposes of credit
committee approval and project funding.
As part of the funding requirements for the Export Project, the WCP Partners have now reached
agreement in principle with an international power utility for that party to be the sole “off taker” of
the export quality product accruing from the development. In principle commercial terms, product
qualities and specifications have been agreed. As at today, the parties have commenced drafting a
legally binding off take agreement. An off take agreement is a condition precedent for the
drawdown of any funding to be provided by the project financiers.
Furthermore, the Waterberg Coal Project Partners have also reached an agreement in principle with
an international mining and EPC contractor to contribute funding for the Group’s working capital
requirements.
Subject to completion of satisfactory funding arrangements as contemplated above, the Export
Project is scheduled to commence production of export quality thermal coal during the 3rd quarter of
2016.
The Company has requested a trading halt for its securities from market pre-opening Tuesday 17
March 2015 until the earlier of commencement of trading on Thursday 19 March 2015 or when a
relevant announcement regarding the Group’s financing update is released to the market.
Stephen Miller
Executive Director and CEO
The Waterberg Coal Company Limited
17 March 2015
JSE Sponsor
The Standard Bank of South Africa Limited
Registered office:
Level 2, 1 Walker Avenue West Perth, Western Australia 6005
Tel:+61 8 9485 0888
Fax: +61 8 9485 0077
South African office:
Level 1, The Place,
1 Sandton Dr
Sandton, 2146
South Africa
Tel: +27 10 594 2240
Fax: +27 10 594 2253
Contact:
Mr Stephen Miller
Executive Director/CEO
Or
Investor relations
in South Africa:
Lawrie Mackintosh
E-mail:
info@waterbergcoal.com.au
Directors:
Dr Mathews Phosa (Chairman)
Stephen Miller
(Executive Director and CEO)
Lee Boyd
(Director and Company Secretary)
ASX / JSE Symbol: WCC
Date: 17/03/2015 08:55:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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