Wrap Text
Report for the quarter ended 31 December 2014
Coal of Africa Limited
(Incorporated and registered in Australia)
Registration number ABN 008 905 388
ISIN AU000000CZA6
JSE/ASX/AIM share code: CZA
("CoAL or the "Company" or the "Group")
ANNOUNCEMENT
30 January 2015
REPORT FOR THE QUARTER ENDED 31 DECEMBER 2014
Significant Progress for Coal of Africa
Coal of Africa Limited (“CoAL” or “the Company”) which operates in South Africa, together with its
subsidiaries, hereby provides its operational update for the quarter ended 31 December 2014. All figures are
denominated in United States dollars unless otherwise stated. A copy of this report is available on the
Company's website, www.coalofafrica.com.
Salient Operational Features
- No lost-time injuries recorded during the quarter (FY2015 Q1: nil).
- Signature of Biodiversity Offset Agreement (“BOA”) for the Vele Colliery with the Department of
Environmental Affairs and South African National Parks.
- Work continued on the applications to amend the Environmental Authorisation (“EA”) for the Vele Colliery
to include the anticipated plant modifications, approval for which was received post 31 December 2014.
- Sedgman completed the Front End Engineering and Design (“FEED”) process for the Vele Colliery plant
modification during the quarter.
Corporate and Financial Features
- Completion of the first two stages of the three stage equity placement process raising $46 million net of
costs, with the final stage raising gross proceeds of approximately $14 million, due to be completed on or
around 29 April 2015.
- Payment of $10 million to Grindrod Corridor Management Proprietary Limited and Terminal de Carvão da
Matola Limitada, settling all outstanding liabilities and take or pay obligations until 31 December 2016.
Any further obligations would be dependent on any future capacity requirements still to be contracted.
- The liability owing to Rio Tinto was reduced during the quarter on the payment of $6.2 million while
discussions continued on the settlement of the remaining balance of $23.5 million.
- Settlement of the Investec working capital facility, in accordance with its terms, during the quarter with the
payment of $5.8 million.
- Settlement of the last outstanding significant legal matter following an arbitration award of $1.4 million and
$1 million interest to Envicoal.
- Continued discussions with stakeholders including the communities and the Department of Mineral
Resources in advancing the award of the Makhado New Order Mining Right (“NOMR”).
- The Company continued to engage with the Department of Water Affairs to progress the application for
the Makhado Project Integrated Water Use Licence (“IWUL”), which CoAL anticipates will be issued after
the receipt of the NOMR.
- Extension of the option period until end CY2015 following receipt of a further payment of ZAR2.5 million
($0.2 million) for the sale of Holfontein.
- Extension for the proof of funding period in terms of the Sale and Purchase Agreement (“SPA”) with
Blackspear for the disposal of the non-core Mooiplaats Colliery until April 2015.
- Restructuring of rehabilitation guarantees resulted in the release of R16 million ($1.3 million) of restricted
cash.
- Resignation of David Murray as Senior Non-Executive Director and appointment of Andrew Mifflin and
Thabo Mosololi as Non-Executive Directors.
- Available cash at period end was $20.6 million after settlement of liabilities, payment of operating costs of
$3.4 million and restricted cash of $1.9 million.
Post period highlights
- The Company received the amended and updated EA for the Vele Colliery. The application for the
amendment and extension of the IWUL for the colliery is still pending, following which the Company will
make a decision as the timing of the start of the plant modification at the colliery.
Commenting today, Mr David Brown, Chief Executive Officer said: “The successful completion of two stages
of the equity placement process at a premium to the current CoAL share price is a vote of confidence in the
Company’s strategy and the intrinsic value of its assets, as well as the progress made during the last 18
months. The third stage of the placement process is expected to be completed during April 2015, resulting in
a successful capital raise in what are considered to be very tough market conditions for mining companies,
especially junior mining companies. The funds raised will be utilised to settle historic obligations and progress
the Company’s projects which are at various stages of exploration and development.”
QUARTERLY COMMENTARY
Mooiplaats Colliery – Ermelo Coalfield (74% owned)
The Mooiplaats thermal coal colliery (“Mooiplaats Colliery”) was placed on care and maintenance during the
September 2013 quarter and recorded no lost time injuries (“LTIs”) during the period (FY2015 Q1: no LTIs).
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
R250 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 (“Vele Colliery”) recorded no LTIs during the quarter (FY2015 Q1:
no LTIs).
During the quarter a historic BOA was signed by the Department of Environmental Affairs (“DEA”), South
African National Parks Board (“SANparks”) and CoAL to the value of R55 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 CY2015. The Company has also submitted
applications to amend and renew Vele’s IWUL and CoAL is confident these will be received during H1
CY2015. The current Vele Colliery IWUL is valid until March 2016 and the Company has delayed the
commencement of the plant modification construction to Q3 CY2015 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 (FY2015 Q1: 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 (“BBBEE”) 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 CY2015.
Greater Soutpansberg Project (MbeuYashu) (74% owned)
The MbeuYashu Project recorded no LTIs (FY2015 Q1: 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.
Corporate Update
During the previous quarter CoAL shareholders approved a two stage equity placement for the issue of up to
695 million shares for GBP0.055 raising approximately $64.9 million. This balance was calculated in August
2014 using an indicative exchange rate of GBP1:$1.70 which had weakened 8.6% to GBP1:$1.55 at the end
of the quarter, resulting in the revised expected proceeds of $60 million. The 8.4% weakening of the ZAR:$
exchange rate between August and December 2014 partially mitigated the decline in the US$ receipts as the
Company’s future expenses are predominantly Rand denominated. The required regulatory approvals for
stage 1 were received during November 2014 resulting in the issue of 295 million CoAL shares.
During December 2014 the Company announced that it had agreed with all participants in the equity
placement to split the second stage of the placement into two parts. This stage was previously conditional on
receipt from TMM Holdings (Pty) Ltd, of confirmation that it had received sufficient funding to fulfil its second
stage funding commitment. The second stage of the equity placement was completed during December 2014
with the issue of 300 million ordinary shares and the third stage will result in the issue of 144 million shares,
anticipated to be completed by April 2015.
Authorised by
David Brown
Chief Executive Officer
30 January 2015
For more information contact:
David Brown Chief Executive Officer Coal of Africa +27 10 003 8000
Michael Meeser Chief Financial Officer Coal of Africa +27 10 003 8000
Celeste Harris Investor Relations Coal of Africa +27 10 003 8000
Tony Bevan Company Secretary Endeavour Corporate Services +61 08 9316 9100
Company advisors:
Jos Simson/Emily Fenton Financial PR (United Kingdom) Tavistock +44 20 7920 3150
Chris Sim/George Price/Jeremy Ellis Nominated Adviser Investec Bank plc +44 20 7597 5970
Charmane Russell/Jane Kamau Financial PR (South Africa) Russell & Associates +27 11 880 3924 or
+27 82 372 5816
Investec Bank Limited is the nominated JSE Sponsor
About CoAL:
CoAL is an AIM/ASX/JSE listed coal exploration and development company operating in South Africa. CoAL’s key projects include the Vele Colliery
(coking and thermal coal), Makhado Project (coking and thermal coal) and the Greater Soutpansberg Project /MbeuYashu.
Tenements held by CoAL and its Controlled Entities
Change
Project Name Tenement Number Location Interest in quarter
Chapudi Albert 686 MS- Limpopo~ 74%
Project*
Bergwater 712 MS-- 74%
Remaining Extent and Portion 2 of Bergwater 697 MS-- 74%
Blackstone Edge 705 MS 74%
Remaining Extent & Portion 1 of Bluebell 480 MS- 74%
74%
Remaining Extent & Portion 1 of Bushy Rise 702 MS--
Castle Koppies 652 MS-- 74%
Chapudi 752 MS -- 74%
Remaining Extent, Portions 1, 3 & 4 of Coniston 699 MS-- 74%
Driehoek 631 MS-- 74%
Remaining Extent of Dorps-rivier 696 MS-- 74%
Enfield 512 MS (consolidation of Remaining Extent of 74%
Enfield 474 MS, Brosdoorn 682 MS & Remaining Extent of
Grootvlei 684 MS)--
Remaining Extent and Portion 1 of 74%
Grootboomen 476 MS- 74%
Grootvlei 684 MS-- 74%
Kalkbult 709 MS 74%
Remaining Extent, Remaining Extent of Portion 2, 74%
Remaining Extent of Portion 3, Portions 1, 4, 5, 6, 7 & 8 of
Kliprivier 692 MS-
Remaining Extent of Koodoobult 664 MS- 74%
Koschade 657 MS (Was Mapani Kop 656 MS)- 74%
Malapchani 659 MS- 74%
Mapani Ridge 660 MS- 74%
Melrose 469 MS- 74%
Middelfontein 683 MS- 74%
Mountain View 706 MS- 74%
M'tamba Vlei 654 MS 74%
Remaining Extent & Portion 1 of Pienaar 635 MS- 74%
Remaining Extent & Portion 1 of Prince's Hill 704 MS- 74%
Qualipan 655 MS- 74%
Queensdale 707 MS- 74%
Remaining Extent & Portion 1 of Ridge End 662 MS- 74%
Remaining Extent & Portion 1 of Rochdale 700 MS- 74%
Sandilands 708 MS- 74%
Portions 1 & 2 of Sandpan 687 MS-- 74%
Sandstone Edge 658 MS- 74%
Remaining Extent of Portions 2 & 3 of Sterkstroom 689 74%
MS--
Sutherland 693 MS- 74%
Remaining Extent & Portion 1 of Varkfontein 671 MS-- 74%
Remaining Extent, Portion 2, Remaining Extent of Portion 74%
1 of Vastval 477 MS-
Vleifontein 691 MS- 74%
Ptn 3, 4, 5 & 6 of Waterpoort 695 MS-- 74%
Change
Project Name Tenement Number Location Interest in quarter
Wildebeesthoek 661 MS- 74%
Woodlands 701 MS- 74%
Kanowna West M27/41 Coolgardie^ 23.68%
and
Kalbara M27/47 23.68%
M27/59 23.68%
M27/72,27/73 23.68%
M27/114 23.68%
M27/181 21.31%
M27/196 23.68%
M27/414,27/415 23.68%
P27/1826-1829 23.68%
P27/1830-1842 23.68%
P27/1887 23.68%
Abbotshall ML63/409,410 Norseman^ Royalty
Royalty
Kookynie ML40/061 Leonora^ Royalty
Royalty
ML40/135,136 Royalty
Holfontein Remaining extent, Remaining Extent of portions 1, 5 and Mpumalanga~ 100%
11 and portions 4, 6, 9, 10, 12 and 13 of the farm
Holfontein 138 IS
Makhado Fripp 645 MS Limpopo~ 100%
Project
Lukin 643 MS 100%
Remaining Extent and Portion 1 of Overwinning 713 MS 100%
Salaita 188 MT 100%
Tanga 648 MS 100%
Remaining Extent, Portion 1 and 100%
Portion 2 of the farm Windhoek 649 MS
Generaal Limpopo~ 74%
Beck 568 MS--
Project
Bekaf 650 MS- 74%
Remaining Extent & Portion 1 of Boas 642 MS- 74%
Chase 576 MS- 74%
Coen Britz 646 MS- 74%
Fanie 578 MS- 74%
Gray 189 MT 100%
Portions 1, 2 and Remaining Extent of Generaal 587 MS- 74%
Joffre 584 MS- 74%
Juliana 647 MS 74%
Kleinenberg 636 MS- 74%
Remaining Extent of Maseri Pan 520 MS- 74%
Remaining Extent and Portion 2 of Mount Stuart 153 MT-- 100%
Nakab 184 MT-- 100%
Phantom 640 MS-- 74%
Riet 182 MT-- 100%
Rissik 637 MS- 100%
Salaita 188 MS- 74%
Change
Project Name Tenement Number Location Interest in quarter
Schuitdrift 179 MT- 100%
Septimus 156 MT-- 100%
Solitude 111 MT- 74%
Stayt 183 MT-- 100%
Telema 190 MT 100%
Remaining Extent & Portion 1 of Terblanche 155 MT-- 100%
Van Deventer 641 MS- 74%
Wildgoose 577 MS- 74%
Mopane Limpopo~ 100%
Ancaster 501 MS--
Project*
Banff 502 MS- 74%
Bierman 599 MS- 74%
Cavan 508 MS 100%
Cohen 591 MS-- 100%
Remaining Extent, Portions 1 & 2 of Delft 499 MS- 74%
Dreyer 526 MS-- 74%
Remaining Extent of Du Toit 563 MS- 74%
Faure 562 MS 74%
Remaining Extent and Portion 1 of Goosen 530 MS -- 74%
Hermanus 533 MS- 74%
Jutland 536 MS-- 100%
Krige 495 MS- 74%
Mons 557 MS- 100%
Remaining Extent of Otto 560 MS (Now Honeymoon)- 74%
Remaining Extent & Portion 1 of Pretorius 531 MS- 74%
Schalk 542 MS- 74%
Stubbs 558 MS- 100%
Ursa Minor 551 MS-- 74%
Van Heerden 519 MS-- 74%
Portions 1, 3, 4, 5, 6, 7, 8, 9, Remaining Extent of Portion 74%
10, Portions 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24,
26, 27, 29, 30, 35, 36, 37, 38, 39, 40, 41, 44, 45, 46, 48,
49, 50, 51, 52 & 54 of Vera 815 MS
Remaining Extent of Verdun 535 MS- 74%
Voorburg 503 MS-- 100%
Mooiplaats Mpumalanga~ 74%
Colliery and Portions 1, 9,14,17,18,19,20 & Remaining Extent of
prospects Mooiplaats 290 IT
Portion 2, 3 and Remaining Extent of Klipbank 295 IT 74%
Portions 1, 2 and Remaining Extent of Adrianople296 IT 74%
Portions 2 & 3 of Willemsdal 330 IT 74%
Portions 2, 3, 4 & Remaining Extent) of De Emigratie 327 74%
IT
Remaining Extent and Portions 2, 5, 8,10 & 13 of 74%
Buhrmansvallei 297 IT
Klipfontein 442 IT 74%
Vele Colliery Portions of Overvlakte 125 MS (Remaining Extent, 3, 4, 5, Limpopo~ 100%
and prospect 6, 13, 14)
Bergen Op Zoom 124 MS 100%
Semple 155 MS 100%
Voorspoed 836 MS 100%
Change
Project Name Tenement Number Location Interest in quarter
Alyth 837 MS 100%
Lizzuela 62 MS 100%
Patracia 65 MS 100%
Hacyon 69 MS 100%
Tshikunda Certain portions of Unsurveyed State Land known as Limpopo~ 60%
Mutale
Coal bed Limpopo~ 50%
Adelaide 91 MT
methane
Adieu 118 MT 50%
Alicedale 138 MT 50%
Armstice 120 MT 50%
Bergwater 697 MS 50%
Bergwater 712 MS 50%
Blackstone Edge 705 MS 50%
Bushy Rise 702 MS 50%
Chapudi 752 MS 50%
Charlotte 90 MT 50%
Chase 576 MS 50%
Cross 117 MT 50%
Doppie 95 MT 50%
Ettie 33 MT 50%
Fanie 578 MS 50%
Feskraal 85 MT 50%
Folorodwe 79 MT 50%
Fripp 645 MS 50%
Gray 189 MT 50%
Hettey 93 MT 50%
Jeannette 77 MT 50%
Joffre 584 MS 50%
Kalkbult 709 MS 50%
Laura 115 MT 50%
Lukin 643 MS 50%
Magazasand 123 MT 50%
Malapchani 659 MS 50%
Mountainview 706 MS 50%
Mount Stuart 153 MT 50%
Nakab 184 MT 50%
Naus 178 MT 50%
Neltox 92 MT 50%
Phantom 640 MS 50%
Prince’s Hill 704 MS 50%
Queensdale 707 MS 50%
Riet 182 MT 50%
Rochdale 700 MS 50%
Rynie 158 MT 50%
Salaita 188 MT 50%
Schuitdrift 179 MT 50%
Septimus 156 MT 50%
Stayt 183 MT 50%
Suzette 32 MT 50%
Tanga 648 MS 50%
Change
Project Name Tenement Number Location Interest in quarter
Telema 190 MT 50%
Terblanche 155 MT 50%
Trevenna 119 MT 50%
The Duel 186 MT 50%
Truida 76 MT 50%
Van Deventer 641 MS 50%
Wendy 86 MT 50%
Wildgoose 577 MS 50%
Windhoek 649 MS 50%
Zisaan 31 MT 50%
Ziska 122 MT 50%
Portion of Unsurveyed state land 50%
* Form part of the Greater Soutpansberg Project
- Lapsed – Mining Right Application Lodged
-- Valid – Mining Right Application Lodged
~ Tenement located in the Republic of South Africa
^ Tenement located in Western Australia
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 December 2014
Consolidated statement of cash flows
Year to date
Cash flows related to operating activities Current quarter (6 months)
US$’000 US$’000
1.1 Receipts from product sales and related debtors
522 1,320
1.2 Payments for (a) exploration & evaluation (72) (156)
(b) development (688) (1,493)
(c) operations on care and maintenance (500) (988)
(d) logistics - -
(e) administration (2,593) (5,230)
1.3 Dividends received - -
1.4 Interest and other items of a similar nature received 64 215
1.5 Interest and other costs of finance paid (1,043) (1,215)
1.6 Income taxes paid - -
1.7 Other (provide details if material) (11,403) (11,403)
Net Operating Cash Flows (15,713) (18,950)
Cash flows related to investing activities
1.8 Payment for purchases of: (a) prospects (6,236) (6,236)
(b) equity investments - -
(c) other fixed assets - -
1.9 Proceeds from sale of: (a) prospects - -
(b) equity investments - 171
(c) other fixed assets - -
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other (provide details if material) 1,014 3,320
Net investing cash flows (5,222) (2,745)
1.13 Total operating and investing cash flows (carried forward) (20,935) (21,695)
Appendix 5B
Mining exploration entity quarterly report
1.13 Total operating and investing cash flows (brought
(20,935) (21,695)
forward)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. 45,987 45,987
1.15 Proceeds from pending issues of shares* - -
1.16 Proceeds from sale of forfeited shares - -
1.17 Proceeds from borrowings - -
1.18 Repayment of borrowings (5,815) (5,815)
1.19 Dividends paid - -
1.20 Other (provide details if material) - -
Net financing cash flows 40,172 40,172
Net increase (decrease) in cash held 19,237 18,477
1.21 Cash at beginning of quarter/year to date 1,354 2,099
1.22 Exchange rate adjustments (19) (4)
1.23 Cash at end of quarter 20,572 20,572
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 1.2 201
1.24 Aggregate amount of loans to the parties included in item 1.10 -
1.25 Explanation necessary for an understanding of the transactions
Item 1.7 comprises the agreed settlement payment of $10 million to Grindrod Corridor Management
Proprietary Limited and Terminal de Carvão da Matola Limitada and, $1.4 million to Envicoal for the
payment of the arbitration award.
Other cash flows related to investing activities (Item 1.12) represent the decrease in restricted cash due
to the restructuring of rehabilitation guarantees.
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material effect on consolidated assets
and liabilities but did not involve cash flows
2.2 Details of outlays made by other entities to establish or increase their share in projects in which the
reporting entity has an interest
Appendix 5B
Mining exploration entity quarterly report
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount available Amount used
US$’000 US$’000
3.1 Loan facilities - -
3.2 Credit standby arrangements - -
Estimated cash outflows for next quarter
US$’000
4.1 Exploration and evaluation 424
4.2 Development 1,289
4.3 Production 557
4.4 Logistics -
4.5 Administration 2,230
Total 4,500
Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in Current quarter Previous quarter
the consolidated statement of cash flows) to the related items US$’000 US$’000
in the accounts is as follows.
5.1 Cash on hand and at bank 6,310 1,076
5.2 Deposits at call 14,262 278
5.3 Bank overdraft - -
5.4 Other (provide details) - -
Total: cash at end of quarter (item 1.22) 20,572 1,354
Appendix 5B
Mining exploration entity quarterly report
Changes in interests in mining tenements
Tenement reference Nature of interest Interest at Interest at
(note (2)) beginning of end 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
Description includes rate of interest and any redemption or conversion rights together with prices and dates.
Total number Number Issue price Amount
quoted per security paid up per
(see note 3) security
(cents) (see note 3)
(cents)
7.1 Preference +securities (description) Nil
7.2 Changes during quarter
7.3 +Ordinary securities 1,599,368,613 1,599,368,613
7.4 Changes during quarter
(a) Increases through issues 550,730,000 550,730,000
(b) Decreases through returns of Nil Nil
capital, buy-backs
7.5 +Convertible debt securities Nil
(description)
7.6 Changes during quarter
(a) Increases through issues
(b) Decreases through securities
matured, converted
7.7 Options (description and conversion 18,168,989 Nil Exercise Expiry date
factor) price See Note 6
See Note 6
7.8 Issued during quarter Nil Nil See Note 6 See Note 6
7.9 Exercised during quarter Nil Nil See Note 6 See Note 6
7.10 Cancelled during quarter 3,000,001* Nil
7.11 Debentures Nil
(totals only)
7.12 Unsecured notes (totals only) Nil
*1 Option to subscribe for 50 million ordinary shares for 60 pence each expired on 1 November 2014
and a further 3,000,000 options with an exercise price of A$2.74 expired on 30 November 2014.
Appendix 5B
Mining exploration entity quarterly report
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: ...30 January 2015......................
(Company secretary)
TONY BEVAN
Print name: .........................................................
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.
Appendix 5B
Mining exploration entity quarterly report
6 Issued and Quoted Options as at 31 December 2014:
Number Issued Number Exercise Expiry Date Lapsed Since End
Quoted Price of quarter
2,500,000 - A$1.20 9 November 2015 -
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 -
3,932,928 - ZAR1.75 30 June 2017 -
4,125,000 - ZAR2.00 30 June 2018 -
== == == == ==
AU: Coal of Africa Limited, Suite 8, 7 The Esplanade, Mount Pleasant, Perth WA 6153, Australia, Tel: +61 8 9316 9100, Fax: +61 8 9316 5475
ZA: South Block, Summercon Office Park, Cnr Rockery Lane and Sunset Avenue, Lonehill, 2191, Tel: +27 10 003 8000 Fax: +27 11 388 8333 Email: adminza@coalofafrica.com
Bernard R. Pryor – Chairman, David H. Brown – Chief Executive Officer , Michael G. Meeser – Chief Financial Officer Non-executive directors: Peter G. Cordin, Andrew D. Mifflin, Khomotso B. Mosehla,
Thabo F. Mosololi, Rudolph H. Torlage
Date: 30/01/2015 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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