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CZA - Coal of Africa Limited - Appendix 5B Mining Exploration Entity Quarterly
Report
Coal of Africa Limited
(previously, "GVM Metals Limited")
(Incorporated and registered in Australia)
(Registration number ABN 98 008 905 388)
JSE/ASX/AIM Share code: CZA
ISIN AU000000CZA6
(`CoAL` or `the Company`)
APPENDIX 5B MINING EXPLORATION ENTITY QUARTERLY REPORT
CoAL today, Monday, 31 January 2011, submitted to the Australian Securities
Exchange ("ASX") an Appendix 5B "Mining exploration entity quarterly report":
QUOTE
NAME OF ENTITY
Coal of Africa Limited
ABN
98 008 905 388
QUARTER ENDED ("CURRENT QUARTER")
31 December 2010
CONSOLIDATED STATEMENT OF CASH FLOWS
Current Year to date
quarter (6 months)
Cash flows related to operating activities $A`000 $A`000
1.1 Receipts from product sales and related 75,286 90,837
debtors
1.2 Payments for (1,091) (1,628)
(a) exploration and evaluation - -
(b) development (72,526) (104,147)
(c) production (16,183) (25,639)
(d) administration
1.3 Dividends received - -
1.4 Interest and other items of a similar 247 1,156
nature received
1.5 Interest and other costs of finance paid (656) (699)
1.6 Income taxes paid (8,156) (8,156)
1.7 Other - -
Net operating cash flows (23,078) (48,276)
Cash flows related to investing activities
1.8 Payment for purchases of:
(a) prospects 44 (1,856)
(b) equity investments - -
(c) other fixed assets 1,125 (30,069)
1.9 Proceeds from sale of:
(a) prospects - -
(b) equity investments - -
(c) other fixed assets 2,772 2,772
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other (provide details if material - - -
Note 6)
Net investing cash flows 3,941 (29,153)
1.13 Total operating and investing cash (19,137) (77,429)
flows (carried forward)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, - -
options, etc (net). see note 7.4 below
1.15 Proceeds from sale of forfeited shares - -
1.16 Proceeds from borrowings - -
1.17 Repayment of borrowings (818) (818)
1.18 Dividends paid - -
1.19 Other (Exchange rate related movements - -
in foreign borrowings and reserves)
Net financing cash flows (818) (818)
Net increase (decrease) in cash held (19,955) (78,247)
1.20 Cash at beginning of quarter/year to 42,662 101,063
date
1.21 Exchange rate adjustments to item 1.20 1,026 917
1.22 Cash at end of quarter 23,733 23,733
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
$A`000
1.23 Aggregate amount of payments to the parties included
in item 1.2 548
1.24 Aggregate amount of loans to the parties included in
item 1.10 -
1.25 Explanation necessary for an understanding of the transactions
N/A
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
N/A
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
N/A
FINANCING FACILITIES AVAILABLE
Amount
Available Amount used
$A`000 $A`000
3.1 Loan facilities 19,680 19,680
3.2 Credit standby arrangements 10,733 -
ESTIMATED CASH OUTFLOWS FOR NEXT QUARTER
$A`000
4.1 Exploration and evaluation 650
4.2 Development 4,212
4.3 Production 57,479
4.4 Administration 4,213
Total 66,554
RECONCILIATION OF CASH
Reconciliation of cash at the end of the Current Previous
quarter (as shown in the consolidated Quarter Quarter
statement of cash flows) to the related $A`000 $A`000
items in the accounts is as follows.
5.1 Cash on hand and at bank 7,230 12,103
5.2 Deposits at call 16,503 30,559
5.3 Bank overdraft - -
5.4 Other (provide details) - -
Total: cash at end of quarter (item 1.22) 23,733 42,662
CHANGES IN INTERESTS IN MINING TENEMENTS
Nature of Interest at Interest
Tenement interest beginning at end of
reference (note (2)) of quarter 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
Total number Number quoted Issue price Amount paid
per up per
security security
(see note 3) (see note 3)
(cents) (cents)
7.1 Preference
securities Nil
7.2 Changes
during quarter
7.3 Ordinary 530,514,663 530,514,663
securities
7.4 Changes
during quarter
(a) Increases
through issues
(b) Decreases
through returns
of capital, buy-
backs
7.5 Convertible
debt securities Nil
7.6 Changes
during quarter
(a) Increases
through issues
(b) Decreases
through
securities
matured,
converted
7.7 Options
(description and
conversion Exercise
factor) price Expiry date
27,987,499 Nil See note 6 See note 6
7.8 Issued Exercise Exercise
during quarter price price
2,500,000 Nil See note 6 See note 6
7.9 Exercised
during quarter
Nil Nil
7.10 Expired
during quarter
Nil Nil
7.11 Debentures Nil
7.12 Unsecured Nil
notes
COMPLIANCE STATEMENT
1 This statement has been prepared under accounting policies which comply with
accounting standards as defined in the Corporations Act or other standards
acceptable to ASX (see note 4).
2 This statement does give a true and fair view of the matters disclosed.
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 30 September 2010:
Number Issued Number Quoted Exercise Expiry Date Lapsed Since
Price End of
quarter
9,074,998 - A$0.50 30 September 2011 -
7,000,000 - A$1.25 30 September 2012 -
250,000 - A$2.05 1 May 2012 -
1,000,000 - A$1.90 30 September 2012 -
600,000 - A$1.25 1 May 2012 -
1,650,000 - A$3.25 31 July 2010 -
912,500 - A$1.90 30 June 2014
5,000,000 - A$2.74 30 November 2014 -
2,500,000 - A$1.20 9 November 2015 -
1* - GBP0.60 1 November 2014 -
* 1 Option to subscribe for 50 million ordinary shares for 60 pence each between
1 Novermbe3 2010 and 1 November 2014 as approved by shareholders on 22 April
2010.
Signed: 31 January 2011
Company secretary: Shannon Coates
UNQUOTE
Johannesburg
31 January 2010
JSE Sponsor
Macquarie First South Advisers (Pty) Ltd
Date: 31/01/2011 08:42:01 Supplied by www.sharenet.co.za
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