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OPT - Optimum Coal Holdings Limited - Operational update for the six months to December 2011 OPTIMUM COAL HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 2006/007799/06) Share code: OPT ISIN: ZAE000144663 Issuer code: OPT ("Optimum Coal" or the "Company") OPERATIONAL UPDATE FOR THE SIX MONTHS TO DECEMBER 2011 The Company wishes to inform shareholders and update the market on operational performance at Optimum Collieries and Koornfontein Mines. Optimum Coal owns 100% of Optimum Collieries and Koornfontein Mines respectively. Optimum Coal produced 7.441 million tons of run-of-mine ("ROM") coal during the first half of FY2012, a decrease of 15% on the 8.789 million tons produced in the 6 months to December 2010 ("the comparable period"). Of this, 2.903 million tons of export/high quality domestic coal was produced, 20% down on 3.611 million tons produced in the comparable period. Additionally, 3.018 million tons of Eskom quality coal was produced, 11% down on 3.4 million tons produced in the comparable period. Table 1 - Salient Production Features at Optimum Collieries and Koornfontein Mines for the 6 month period 1 July 2011 to 31 December 2011 . Optimum Koornfontein Total
Units Collieries Mines ROM production t`000 5.769 1.672 7.441 Export/ high t`000 1.987 0.916 2.903 quality domestic coal saleable Eskom quality t`000 2.381 0.637 3.018 saleable Chief Executive Officer Mike Teke said; "Generally, our overall production performance for H1, FY2012 was disappointing on the back of production challenges at Optimum Collieries which adversely affected attributable ROM tonnage performance and consequent export sales volumes. Optimum Collieries experienced 3 separate industrial action events during the period which adversely affected production over an aggregate 64 day period during H1, FY2012. Additionally, 2 large draglines were walked to the Kwagga North section impacting on available digging capacity in our opencast sections. Kwagga North now has 3 large draglines in operation and coal is being transported across the newly constructed overland conveyor which has been successfully commissioned. Koornfontein Mines has again performed steadily and has achieved all requisite production targets during H1, FY2012. Conditions precedent to the TNC acquisition have been met and we expect to shortly conclude this acquisition which will ensure that Koornfontein Mines returns again to being a long life, high quality export coal operation. Our safety performance continues to improve and we remain well ahead of comparable coal industry safety rates. Encouragingly, TFR`s general industry railings performance to RBCT during the period has substantially improved on prior periods on the back of rolling stock and locomotive upgrades as well as efficiency initiatives. This is extremely encouraging from a coal export and project development perspective. Additionally, Eskom coal demand requirements remain an important and compelling opportunity for local coal suppliers like ourselves." The results for the 6 months ended 31 December 2011 will be announced on SENS on or about Thursday, 9 February 2012. www.optimumcoal.com 27 January 2012 Johannesburg Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Financial Communications Advisers COLLEGE HILL Date: 27/01/2012 15:28:06 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
