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COAL OF AFRICA LIMITED - Mining exploration entity quarterly report

Release Date: 29/04/2013 07:06
Code(s): CZA     PDF:  
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Mining exploration entity quarterly report

Coal of Africa Limited

Appendix 5B

Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10.

Name of entity
Coal of Africa Limited

ABN                      Quarter ended ("current quarter")
98 008 905 388           31 March 2013

      Consolidated statement of cash flows
                                                                                       Year to date
Cash flows related to operating activities                      Current quarter          (9 months)
                                                                        US$000             US$000
1.1       Receipts from product sales and related debtors
                                                                         26,392             136,537
1.2       Payments for (a) exploration & evaluation                       (470)             (7,363)
                         (b) development                                (4,989)            (22,982)
                         (c) production                                (36,146)           (121,430)
                         (d) logistics                                  (7,575)            (35,496)
                         (e) administration                               1,065            (18,370)
                         (f) changes in working capital                   9,615               (232)
1.3       Dividends received                                                  -                   -
1.4       Interest and other items of a similar nature
                                                                            262                 600
          received
1.5       Interest and other costs of finance paid                        (298)               (973)
1.6       Income taxes paid                                                   -                   -
1.7       Other (provide details if material)                                 -                   -

          Net Operating Cash Flows                                     (12,144)            (69,709)

          Cash flows related to investing activities
1.8       Payment for purchases of: (a) prospects                       (4,150)            (13,952)
                         (b) equity investments                               -                   -
                         (c) other fixed assets                         (1,698)             (8,376)
1.9       Proceeds from sale of:     (a) prospects                            -                   -
                         (b) equity investments                           (140)                   -
                         (c) other fixed assets                               -                   -
1.10      Loans to other entities                                             -                   -
1.11      Loans repaid by other entities                                  4,674               4,674
1.12      Other (provide details if material)                             5,361               3,248

          Net investing cash flows                                        4,047            (14,406)
1.13      Total operating and investing cash flows (carried
          forward)                                                       (8,097)            (84,115)
     
       Cash flows related to financing activities
1.14   Proceeds from issues of shares, options, etc.                      72,722             143,960
1.15   Proceeds from pending issues of shares*                                 -                   -
1.16   Proceeds from sale of forfeited shares                                  -                   -
1.17   Proceeds from borrowings                                                -               5,000
1.18   Repayment of borrowings                                          (13,324)            (14,425)
1.19   Dividends paid                                                          -                   -
1.20   Other (provide details if material)                                     -                   -
       Net financing cash flows                                           59,398             134,535
       Net increase (decrease) in cash held                               51,301              50,420
1.21   Cash at beginning of quarter/year to date                          18,547              19,523
1.22   Exchange rate adjustments to item 1.20                            (2,481)             (2,576)
1.23   Cash at end of quarter                                             67,367              67,367

+ See chapter 19 for defined terms.

  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
                                                                                           US$'000

1.23     Aggregate amount of payments to the parties included in item 1.2                      320

1.24     Aggregate amount of loans to the parties included in item 1.10                          -

1.25     Explanation necessary for an understanding of the transactions

         The balance in 1.23 includes all salaries and fees paid to directors.

  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

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


  Financing facilities available
  Add notes as necessary for an understanding of the position.

                                                                         Amount available            Amount used
                                                                                  US$000                US$000
3.1     Loan facilities                                                                -*                 25,000

3.2     Credit standby arrangements                                                     -                      -

  *At  30 June 2012 the Company breached certain Total Equity covenants relating to the $50.0 million
  Deutsche Bank facility. In accordance with the agreement the facility amortises by one twelfth ($4.167
  million) per month commencing October 2012. The repayment of capital at $4.167 million per month
  commenced in January 2013 and as at the date of this report a total of $12.5 million has been repaid. The
  outstanding balance of $25.0 million will be repaid in accordance with the agreement at $4.167 million
  per month ending in September 2013.

  Estimated cash outflows for next quarter 
                                                                                                       US$000
4.1     Exploration and evaluation                                                                       6,964

4.2     Development                                                                                      6,802

4.3     Production                                                                                      26,219

4.4     Logistics                                                                                       11,233

4.5     Administration                                                                                   2,575

       Total                                                                                           *53,793
  * Estimated cash outflows only and excludes all revenue cash inflows

  Reconciliation of cash
  Reconciliation of cash at the end of the quarter (as                  Current quarter       Previous quarter
  shown in the consolidated statement of cash flows) to                         US$000                US$000
  the related items in the accounts is as follows.
  5.1    Cash on hand and at bank                                                12,845                 12,628

  5.2    Deposits at call                                                        54,522                  5,919

  5.3    Bank overdraft                                                               -                      -

  5.4    Other (provide details)                                                      -                      -

         Total: cash at end of quarter (item 1.22)                               67,367                 18,547

Appendix 5B
Mining exploration entity quarterly report


Changes in interests in mining tenements

                                        Tenement    Nature of     Interest at     Interest at
                                        reference    interest    beginning of   end of quarter
                                                    (note (2))     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
Description includes rate of interest and any redemption or conversion rights together with prices and dates.

                               Total number          Number quoted          Issue price per       Amount paid up
                                                                            security (see         per security (see
                                                                            note 3) (cents)       note 3) (cents)
7.1    Preference              Nil
       +securities

       (description)
7.2    Changes during
       quarter

7.3    +Ordinary               1,048,638,613         1,048,638,613
       securities

7.4    Changes during
       quarter
       (a) Increases           247,417,579           247,417,579
       through issues
       (b) Decreases
       through returns of
       capital, buy-backs
7.5    +Convertible            Nil
       debt securities
       (description)
7.6    Changes during
       quarter
       (a) Increases
       through issues
       (b) Decreases
       through securities
       matured,
       converted
7.7    Options                 15,929,562            Nil                    Exercise price        Expiry date
       (description and                                                     See Note 6            See Note 6
       conversion factor)
7.8    Issued during           Nil                   Nil                    See Note 6            See Note 6
       quarter
7.9    Exercised during        Nil                   Nil                    See Note 6            See Note 6
       quarter
7.10   Expired during          Nil                   Nil
       quarter
7.11   Debentures             Nil
       (totals only)
7.12   Unsecured notes        Nil
       (totals only)

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.


Sign here:         ............................................................ Date: ...26 April 2013.............
                   (Company secretary)


                   TONY BEVAN
Print name:        .........................................................

Notes
1         The quarterly report provides a basis for informing the market how the entitys
          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 31 December 2012:

Number Issued      Number      Exercise               Expiry Date          Lapsed Since End
                   Quoted         Price                                          of quarter
        818,500         -        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                           -
      1,441,061         -        A$1.40         30 September 2015                         -
      2,670,000         -       ZAR7.60         14 February 2017                          -
      3,500,000         -       GBP0.25         30 November 2015                          -

         *1 Option to subscribe for 50 million ordinary shares for 60 pence each between 1
         November 2010 and 1 November 2014 as approved by shareholders on 22 April 2010
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