TIDMCZA
RNS Number : 9357Z
Coal of Africa Limited
30 September 2009
Coal of Africa Limited
(previously "GVM Metals Limited")
(Incorporated and registered in Australia)
(Registration number ABN 008 905 388)
ISIN AU000000CZA6
JSE/ASX share code: CZA
(`CoAL` or `the Company`)
Audited Final Results for the Year Ended 30 June 2009
Coal of Africa Limited the AIM/ASX/JSE listed coal development company operating
in South Africa, is pleased to announce its audited final results for the year
ended 30 June 2009.
Despite the global financial crisis, the year ended 30 June 2009 followed on
from the successes of the previous year as the Company progressed from an
explorer and developer, to a mining company. The considerable cash resources
raised in the previous year allowed the Company to focus on the development of
the Mooiplaats thermal coal project in the Mpumalanga Province, South Africa
("Mooiplaats Project") and bring a greenfield project into production under
budget and in less than a year.
Highlights included:
* Upgrade of resources at the Makhado coking coal project in the Limpopo Province,
South Africa ("Makhado Project") to 1.33 billion tonnes (400 million "measured")
and at the Vele coking coal project, also in the Limpopo Province ("Vele
Project") to 721 million tonnes (158 million "measured" and 324 million
"indicated");
* Production of first coal at the Mooiplaats Project in November 2008;
* Rail allocation secured from Transnet Freight Rail;
* Agreement reached with Grindrod Limited ("Grindrod") to secure port capacity at
the Matola terminal in Maputo, Mozambique ("Matola Terminal"), initially 3
million tonnes per annum ("mtpa") and ultimately 13 mtpa;
* Selection of MCC Contracts, a division of Equestra Holdings, as preferred
partner for the Vele Project's opencast mining operations;
* Mooiplaats Project coal handling and preparation plant ("CHPP") commissioned in
May 2009; and
* ELB Engineering Services contracted to build the first CHPP at Vele.
The full Annual Report will be posted to shareholders and is available on the
Company`s website www.coalofafrica.com
For more information contact:
Simon Farrell, Managing Director GVM
+61 417 985 383 or +61 8 9322 6776
Operational review
During the year, the operations of the Company included:
* Mooiplaats Project, based in the Mpumalanga Province;
* Vele Project, based in the Limpopo Province;
* Makhado Project, based in the Limpopo Province;
* Polokwane CoaL Laboratory, based in the Limpopo Province; and
* Holfontein thermal coal project, based in the Mpumalanga Province ("Holfontein
Project").
The mining technical team was restructured at the start of the financial year to
improve role clarity and accountability. Key skills were also added, ensuring
in-house capacity in all key areas of operation.
Mooiplaats Thermal Coal Project (100%)
The Mooiplaats Project was developed from a site consisting of only farmland and
an abandoned box-cut at the start of the year under review, to an operational
mine by the end of the year. Surface facilities commissioned included a fully
functional coal handling and preparation plant.
Safety management of the site was exemplary, with in excess of 400 000 lost time
incident free man-hours achieved during the high-risk construction phase up to
the end of March 2009, with more than 500 contractors' staff present on site
during this period. Sadly, in July 2009, two contractor employees were fatally
injured in an accident resulting from the unlawful access to and use of a
vehicle by an unlicensed contractor. Immediately following the accident,
operations were halted for three days whilst investigations were conducted by
inspectors and mine officials of the South African Department of Mineral
Resources ("DMR"). Reassuringly, the results of the official inquiry indicated
no substantial breaches by the Company, but suggested legal prosecution of the
driver and several contractors' officials.
Following the successful dewatering, de-silting and deepening of the box-cut to
the floor of coal, the first continuous miner began cutting coal in November
2008. The inclined conveyor infrastructure was completed whilst mining portals
were being established, thereby enabling mining development to continue whilst
the CHPP was being constructed.
Although the region experienced above average rainfall during the summer,
causing delays to civil construction, the project management team and
contracting firms were able to minimise delays to the overall schedule, and the
plant was successfully commissioned in May 2009. The second module of the plant
is currently under construction, with commissioning expected by November 2009.
This will increase capacity from 110,000 to 220,000 run of mine ("ROM") tonnes
per month.
While good progress was made in the mining of initial underground coal access,
progressively more adverse geological conditions were experienced, leading to an
extensive reassessment of the geological structure and its potential effect on
the mining layout. Additional surface drilling and wireline logging, supported
by underground horizontal drilling, led to a better understanding of detailed
geological structure and subsequent adjustment of the mining layout. Mining
development continues through lean coal areas in two mining areas, one utilising
a Sandvik road header to progress through a faulted and steeply dipping area and
associated stone layers, and the other utilising a JOY continuous miner. By the
end of June 2009, approximately 3,400 metres had been cut, yielding close to
50,000 tonnes of coal. The current lean coal mining rate averages 30,000 tonnes
per month, which can be increased to 80,000 tonnes per month if required by the
market. The intensified geological drilling program has also proven closer
proximity to the bituminous coal zone in one area, which is anticipated to be
reached by end of the calendar year. The Company has meanwhile taken delivery of
three full sets of mining equipment, which will allow rapid build up of
production as soon as the bituminous coal zone is reached.
The mid-volatile coal product currently produced by the CHPP is transported to
the nearby Umlabo siding, which CoAL has negotiated access to from SA Coal
Mining Holdings Limited, and several train loads have been railed to the Matola
Terminal, in preparation for shipment to a customer by Q4 2009. Development of
the Overvaal siding, which is situated some 8km from the Mooiplaats Project
along the CoalLink railway line to Richard's Bay and will form the long term
rail loading point, is expected to commence in 2010.
An application to amend the current New Order Mining Right ("NOMR") as well as
the supporting environmental management plan ("EMP") to include the farms
Klipbank and Adrianople, has been lodged with the DMR in Mpumalanga. This will
allow the development of the south decline in order to increase the life of the
mine. Meanwhile, the Company has also entered into negotiations with parties
holding rights to areas contiguous to the Mooiplaats North area, which will lead
to the extension of mining life in that area.
Mooiplaats is well on its way to building up production to 1.7 million ROM
tonnes in 2010 and approximately 3 mtpa in 2011.
Vele Coking Coal Project (74%, Signed Purchase Agreements for 26%)
Significant progress was made on the Vele Project during the year, and the
Company is expecting the NOMR to be granted by the DMR by the end of September
2009. The Company plans to implement the Project in two phases. Phase 1 will
comprise the establishment of a modular coal treatment plant with capacity to
deliver approximately 1 million saleable tonnes of blend coking coal per annum,
with ROM coal planned to be sourced from opencast mining. Because of the modular
nature of this plant, capacity may be doubled, dependant on market conditions.
Phase 2 will require the construction of the full-scale coal treatment plant
(the design of which has been completed by Dowding Reynard & Associates) to
deliver 5 million tonnes of blend coking coal per annum, at which point the
underground operation will be established.
The NOMR application, consisting of a mine works program ("MWP") and social and
labour plan ("SLP"), was submitted to the DMR in Limpopo in November 2008,
followed by the environmental impact assessment ("EIA") scoping report in
December 2008. Following this period, extensive consultation was conducted with
interested and affected parties ("IAP's") whilst the EIA was being carried out
by a group of specialist consultants, each covering their respective areas of
expertise as required by the scoping report. The process culminated in a widely
publicised open day, held at a site near the Project area in April 2009, which
was attended by more than 170 persons representing various interest groups. The
comments received during this session, as well as from the IAP consultation
process, were taken into account in preparation of the EMP, which was then
submitted to the DMR in mid-May with the EIA documents, together comprising more
than 2,200 pages.
Some environmental groups have stated their opposition to the Vele Project due
to the sensitive nature of the area and the proximity of the Project to the
Mapungubwe World Heritage Site and National Park. The Company is confident,
however, that it has addressed concerns and designed sufficient mitigation into
the mining layout and processes to ensure co-existence with eco-tourism and
agriculture in the area. The Project will introduce much needed investment,
employment and economic growth into one of the poorest regions of South Africa.
The dual benefits of reduced imports by ArcelorMittal, as well as potential
exports from the Project to the national balance of payments, also cannot be
underestimated.
Capital expenditure to date consists mainly of land purchases to access surface
mining areas and accommodate critical infrastructure, as well as investment in
the development of a modular coal wash plant. The latter has been designed by
ELB Engineering in conjunction with PBA Projects, based on designs used in the
marine diamond mining industry, and will have the capacity to generate 1 million
blend coking coal saleable tonnes per annum. As discussed earlier, plant
capacity can be rapidly doubled, dependent on market demand. Built and
pre-commissioned off-site before being transported for assembly at the mine
site, the plant can be deployed and commissioned within three months after
access to site is made possible, in this case by the granting of a mining
licence. Phase 1 capital requirement is estimated at ZAR350 million, whilst the
establishment of the full-scale mine is expected to cost in the region of ZAR3
billion.
Geological drilling continued to improve confidence in the structure and quality
of the mineable resources at Vele, supported by the completion of 3 large
diameter drilling sites, aeromagnetic interpretation and geotechnical
assessment. Coal resources are currently indicated at some 721 million tonnes,
of which approximately 158 million tonnes has been proven to measured status.
A project feasibility report has recently been completed by GRD Minproc. An
exercise was concluded early in 2009 to select a preferred opencast mining
contractor, leading to the appointment of MCC Contracts ("MCC") in this
capacity. MCC is one of the largest mining contractors in South Africa, with a
significant mining equipment fleet available for rapid deployment and expansion
as required, releasing the Company from the burden of acquiring mining equipment
and reducing the capital requirements of the Project.
The Company has recently concluded agreements to acquire the remaining 26% of
the Vele Project to bring its ownership to 100%.
Makhado Coking Coal Project (100%)
During the year, the Company continued with its planning of the Makhado Project,
underpinned by extensive geological exploration and modelling. Coal samples are
currently being assessed at the Company's newly commissioned laboratory in
Polokwane.
This Project will comprise an opencast mine, planned to deliver 5 million tonnes
of hard coking coal product per annum at full output. A similar phased approach
to that of Vele, utilising a modular coal processing plant, may also be applied
at Makhado. Current indications are that a modular plant first phase with a
capacity of 1 million tonnes of hard coking coal product per annum, will require
investment in the order of ZAR500 million, compared to some ZAR2.7 billion
required for the full-scale project.
Geological exploration drilling increased the measured resource base to some 400
million tonnes of the total resource, indicated at 1.3 billion tonnes. Surface
rights were obtained for the farm Tanga, and the mining exploration camp
relocated to Tanga from Fripp. Drilling of the first large diameter bulk
sampling site was completed on the farm Tanga, which is also the site for which
application for the mining of a coal bulk sample has been made to the Limpopo
office of the DMR. This is expected to yield 1,000 tonnes of coking coal for
analysis by ArcelorMittal in their coking ovens. Exploration drilling also
confirmed the presence of other coal horizons in the overburden of the deeper
coal to the North of the proposed open cut and a substantial resource upgrade is
anticipated in 2010.
NOMR application documents are currently being finalised and prepared for
submission to the DMR, which will be done as soon as section 11 approvals have
been received for the transfer of prospecting rights between CoAL and Rio Tinto
in terms of the agreed prospecting rights swap.
Polokwane CoAL Laboratory (100%)
Following the Company securing access to an unused abattoir site, the
construction of a world class analytical coal laboratory in Polokwane commenced
in April 2009. The facility is being managed by the international laboratory
group, Inspectorate, ensuring cost effective operation and required
accreditation. Most of the planned facilities have been commissioned, and
exploration drilling core samples for Vele and Makhado started being processed
in August 2009. ArcelorMittal has also recently indicated its desire to be a 50%
partner in the laboratory.
Holfontein Thermal Coal Project (100%)
During the year, the Company received section 11 approval for Motjoli Resources
(Pty) Ltd to transfer 51% of the Holfontein Project to CoAL, whilst discussions
regarding the granting of the NOMR continued with the DMR. The Company remains
confident that the NOMR will be granted in the near future.
The Holfontein Project continues to be classified as an asset available for
sale.
IPP Submissions Pre-Qualified by Eskom
CoAL's independent base load generation tenders for the Vele and Makhado
Projects, submitted jointly with Independent Power Producers ("IPP"), whereby
the IPP will supply Eskom with base load power, have been unconditionally
pre-qualified by Eskom.
The submission to supply coal to the proposed IPP located close to the Vele
Project was made jointly with Mulilo Energy (Pty) Ltd and China Railway
Construction Corporation, and with AES Energy Developments for an IPP in
proximity of the Makhado Project. In both cases, the coal supplied would be a
"middlings" product, a lower quality coal produced additional to the coking
coal. The economics of the Vele and Makhado Projects are not reliant on the sale
of the middlings fraction but, if successful, such sales would provide
substantial upside to these Projects.
Port Allocation
The Company secured long term port allocation for the export of coal mined at
the Mooiplaats Project through the Richard's Bay dry bulk terminal ("Richard's
Bay Terminal"), operated by Grindrod. The throughput agreement provides CoAL
with an allocation of 900,000 tonnes of coal per annum, commencing in 2009, and
includes the potential to increase its export capacity to 3 mtpa once the
terminal expansion is complete. In return, CoAL will participate in the funding
of the expansion.
Furthermore, CoAL has secured long term port allocation through the Matola
Terminal in Maputo, Mozambique and expects that the export of metallurgical coal
mined at its Makhado and Vele Projects will take place via this terminal. The
agreement with Terminal De Carvao Da Matola Limitada and Grindrod provides for
an allocation of 1 mtpa through the Matola Terminal, commencing in 2009, and
CoAL has secured the rights to up to 100% of any increased capacity at the
Matola Terminal in return for the Company participating in the funding of the
expansion. The first phase of Grindrod's intended two phase expansion of the
terminal will increase CoAL's export capacity to 3 mtpa and on completion of the
second phase of expansion, CoAL will have a total capacity of 13 mtpa of the
terminal's annual 16 mtpa capacity.
During February 2009, the Company agreed to loan the required US$20 million for
the proposed 2 mtpa expansion at the Matola Terminal, which will increase CoAL's
export allocation at the port to 3 mtpa. The increased port capacity is expected
to be effective from 1 August 2010 and discussions with TFR to secure an
additional 2 mtpa rail capacity are ongoing.
Rail Allocation Secured for Coking Coal Projects
Agreement was reached with Transnet Freight Rail ("TFR"), a division of
Transnet, the South African Government owned rail and freight organisation, for
the rail allocation of 1 mtpa to the Matola Terminal. This rail allocation
matches the Company's current port allocation of 1 mtpa through the Matola
Terminal.
Negotiations with TFR for rail services for the transport of coal to the
Richard's Bay Terminal were completed and the Company secured a five year rail
agreement for the movement of coal from its Mooiplaats Project to the Terminal.
TFR has allocated CoAL the current empty wagons returning from ArcelorMittal's
Vanderbijl Park steel works, ensuring the Company will be able to satisfy its
initial 900,000 tonne dry bulk terminal port allocation at the Richard's Bay
Terminal.
The Company successfully railed over 38,000 tonnes of third party coal to the
Matola Terminal during the year. Of the coal railed, over 22,000 tonnes were
shipped from the Terminal during the period, ensuring the viability of this
export route as an alternative to the Richard's Bay Terminal.
Imaloto Coal Project in Madagascar (50%)
During the year, the Company acquired 50% of the interest in the Imaloto Project
located in the Massabi Basin in Madagascar. The interest comprises 25 blocks of
6.5km2 each. Exploration on the Project commenced during the period and by year
end, Phase 1 of the exploration programme on the North portion of the Project,
comprising over 2,522m, had been drilled and yielded bright to intermediate coal
seams. Coal samples have been sent for analysis and results are expected
shortly.
NiMag Group ("NiMag") (100%)
NiMag is engaged principally in the manufacture and distribution of nickel
magnesium alloys, ferro silicon magnesium alloys and metal fibres, having begun
producing alloys in 1962, and currently manufactures specialised master alloys
of nickel and magnesium for the specialised foundry industry including
aerospace, aeronautical, motor, steel mill roll and associated industries.
Ductile iron (also called spheroidal graphite iron or nodular cast iron) was
discovered in the 1940's. The introduction of magnesium into the melt results in
nodular rather than flaky graphite in the resultant cast iron, giving the cast
iron properties approaching those of steel, while maintaining the advantages of
the casting process. The magnesium is usually added as a nickel alloy, making it
easier to add and contribute to product quality. NiMag supplies the ductile iron
market as a specialist supplier with a world market share of about 35% in its
core product line. 95% of sales are exported through 35 distributors world wide.
Demand for NiMag's alloys is proportional with world demand for ductile iron,
principally for automotive parts and industrial machinery. Demand for NiMag
products has grown gradually to meet current capacity of 287 tonnes per month
(all products). Potential for expansion of the core nickel-magnesium alloy
product is presently limited by the size of end markets. NiMag is increasing the
penetration of a variety of other products developed for alternative markets.
NiMag produces cast and slit fibres which are used in reinforced concrete by
domestic mining and tunnelling operations.
NiMag's competitive advantages include low electricity and labour costs. The
main input cost is locally sourced nickel raw material, which is matched with
sales to minimise nickel price exposure.
Significant depreciation of global nickel prices in the 2009 financial year
reduced NiMag's margins as well as volumes, resulting in the Company generating
lower operational cash flows than those recorded in the previous year. NiMag
recorded a loss of $2.6 million for the year, primarily due to a $1.7 million
loss as a result of the revaluation of nickel inventory.
Events Subsequent to Balance Sheet Date
Mooiplaats Project Update
CoAL confirmed in early July that a revised mining layout had been finalised
following an extensive reassessment of the mine plan and geological conditions
at Mooiplaats. Depending on the rate of development, export quality thermal coal
is now expected to be reached in November 2009 at the earliest. There has been
no material amendments to the anticipated tonnage schedules of the Project's
Life of Mine. Forecast ROM production for the next five years is as follows:
+--------------+--------------+--------------+--------------+--------------+--------------+
| Calendar | 2010 | 2011 | 2012 | 2013 | 2014 |
| year | | | | | |
+--------------+--------------+--------------+--------------+--------------+--------------+
| ROM | 1.7m | 2.7m | 3.1m | 3.4m | 3.2m |
| Production | | | | | |
+--------------+--------------+--------------+--------------+--------------+--------------+
Operations at the Mooiplaats Project are currently producing 30,000 ROM tonnes
per month of a mid volatile "lean" coal. In the event of an off-take agreement
for this coal being finalised, production can be ramped up to over 80,000 tonnes
per month. The Company has already reached agreement on terms and conditions for
the off-take of the export quality thermal coal to be produced at the Mooiplaats
Project.
Vele Project Update
In early July 2009, CoAL confirmed that it will develop its Vele Project in two
phases:
* Phase 1 - the establishment of a modular coal treatment plant with the ability
to deliver approximately 1 million saleable tonnes (yield dependant) of coking
coal per annum. The capacity of the modular plant can be doubled should
ArcelorMittal wish to increase its off-take from the Vele Project, as indicated
in the letter of intent signed in April 2008.
* Phase 2 - this phase will deliver the planned full capacity of 5 million tonnes
of saleable coking coal per annum from the Vele Project and the implementation
thereof will be dictated by market conditions.
Phase 1 will be launched on approval of the NOMR Application submitted to the
DMR in November 2008.
First Train Loaded at Mooiplaats
In mid-September, the Company successfully completed its first sale and loaded
its first train of mid volatile "lean" coal mined at the Mooiplaats Project. The
coal was trucked from the mine to the Umlabo siding, from where it was railed to
the Matola Terminal in Maputo, Mozambique. Further trains will continue to be
loaded to utilize the maximum stockpile of approximately 80,000 tonnes at the
Matola Terminal. Shipping is expected to commence in Q4 2009.
Makhado Project Update
In July 2009, CoAL announced that it is progressing with the planning of its
Makhado Project. The full scale production plan is based on the production of 5
mtpa of coking coal and a phased modular approach, similar to that used at the
Vele Project, may be applied at the Makhado Project. A phased approach will
lower initial capital requirements, enabling CoAL to self-fund the build up into
a full capacity mine. The phased approach or full scale development of the mine
will be determined by market conditions and the Company has prepared the
documentation required for the NOMR Application to be submitted to the DMR. This
application will be submitted once the Section 11 approval for the swap of NOPR
with Rio Tinto has been granted by the DMR.
Acquisition of 26% Interest in Limpopo Coal
During July 2009, CoAL executed two binding agreements to collectively secure
the remaining 26% interest in Limpopo Coal Company (Pty) Ltd, the subsidiary
company that owns the Vele Project. Satisfaction of the suspensive conditions
pertaining to the agreements will take CoAL's interest in the Vele Project to
100%. The consideration payable for acquisition of the 20% interest is 5,625,750
fully paid ordinary shares while 1,990,000 fully paid ordinary will secure the
remaining 6% interest.
Black Empowerment Transaction
On 13 June 2008, CoAL entered into an agreement with Coal Investments Limited
("CIL"), pursuant to which CIL subscribed for shares and was granted an option
which, if exercised, would result in African Global Capital I, L.P. ("AGC") and
their affiliates holding in excess of 26% of the Company, ensuring full
compliance with South African legislative requirements for broad based black
empowered ("BBBEE") groups to have at least a 26% interest in mining companies
by 2014.
On 30 September 2009, the Company announced that it had entered into a further
agreement that replaced the abovementioned agreement with CIL. Pursuant to the
new agreement, CoAL has agreed to issue a total of 50 million options
exercisable at 60 pence each, expiring five years from the date of issue to
Firefly Investments 163 (Pty) Ltd ("Firefly") which is wholly owned and
controlled by historically disadvantaged South Africans. The options will be
issued to Firefly, subject to Firefly not being able to exercise the options for
a period of 12 months from the issue thereof. In addition, the issue of the
options will be subject to certain regulatory approvals, including consent of
the Australian Foreign Investment Review Board. The "in the money" options will
represent approximately 10.85% of CoAL's issued capital upon being converted
into ordinary shares. Firefly will also have the right to nominate two persons
to the CoAL Board.
Appointment of a Non-Executive Director
At the end of August 2009, the Company announced the appointment of Mr Hendrik
("Kobus") Verster as ArcelorMittal's nominee non-executive Director to the CoAL
Board. Mr Verster replaced Mr Pierre Leonard, who stepped down from the Board as
non-executive Director.
INCOME STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009
+--------------------------+--------------+--------------+--------------+--------------+
| | Consolidated Entity | |
| | | Parent Entity |
+--------------------------+-----------------------------+-----------------------------+
| | 2009 | 2008 | 2009 | 2008 |
+--------------------------+--------------+--------------+--------------+--------------+
| | $ | $ | $ | $ |
+--------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+--------------------------+--------------+--------------+--------------+--------------+
| REVENUE | 35,764,074 | 53,774,119 | 20,979,810 | 6,030,020 |
+--------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+--------------------------+--------------+--------------+--------------+--------------+
| Raw materials and | (20,767,481) | (37,846,682) | - | - |
| consumables used | | | | |
+--------------------------+--------------+--------------+--------------+--------------+
| Consulting expenses | (2,077,698) | (1,216,068) | (696,644) | (720,823) |
+--------------------------+--------------+--------------+--------------+--------------+
| Employee expenses | (8,015,315) | (7,830,254) | (1,867,059) | (4,992,443) |
+--------------------------+--------------+--------------+--------------+--------------+
| Borrowing costs | (127,427) | (146,174) | - | - |
+--------------------------+--------------+--------------+--------------+--------------+
| Depreciation & | (3,982,844) | (202,372) | (5,352) | (27,430) |
| Amortisation expenses | | | | |
+--------------------------+--------------+--------------+--------------+--------------+
| Office rental , | (1,313,820) | (477,272) | (553,734) | (112,104) |
| outgoings and parking | | | | |
+--------------------------+--------------+--------------+--------------+--------------+
| Decrease/(increase) | (2,332,074) | - | (1,502,382) | - |
| diminution in value of | | | | |
| investments | | | | |
+--------------------------+--------------+--------------+--------------+--------------+
| Loss on investments | (68,385) | - | - | (7,919) |
| disposed of | | | | |
+--------------------------+--------------+--------------+--------------+--------------+
| Bad debt expense | (11,181) | - | (11,180) | - |
+--------------------------+--------------+--------------+--------------+--------------+
| Provision for | (392,078) | - | - | - |
| non-recoverability of | | | | |
| loans/ debtors | | | | |
+--------------------------+--------------+--------------+--------------+--------------+
| Impairment in value of | (1,125,000) | - | - | - |
| control entities/ | | | | |
| goodwill | | | | |
+--------------------------+--------------+--------------+--------------+--------------+
| Foreign exchange | 1,702,260 | (10,503,875) | 3,468,801 | (10,503,875) |
| profit/(loss) | | | | |
+--------------------------+--------------+--------------+--------------+--------------+
| Other expenses from | (7,511,128) | (5,875,381) | (1,968,813) | (555,355) |
| ordinary activities | | | | |
+--------------------------+--------------+--------------+--------------+--------------+
| Take or Pay obligations | (3,945,804) | - | (3,945,804) | - |
+--------------------------+--------------+--------------+--------------+--------------+
| Profit/(Loss) before | (14,203,901) | (10,323,959) | 13,897,643 | (10,889,929) |
| income tax | | | | |
| (expense)/benefit | | | | |
+--------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+--------------------------+--------------+--------------+--------------+--------------+
| Income tax (expense) / | (316,075) | (919,604) | (318,284) | - |
| benefit | | | | |
+--------------------------+--------------+--------------+--------------+--------------+
| Profit/(Loss) after tax | (14,519,976) | (11,243,563) | 13,579,359 | (10,889,929) |
+--------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+--------------------------+--------------+--------------+--------------+--------------+
| Outside equity interest | - | - | - | - |
+--------------------------+--------------+--------------+--------------+--------------+
| Net profit/(loss) | (14,519,976) | (11,243,563) | 13,579,359 | (10,889,929) |
| attributable to members | | | | |
| of the parent entity | | | | |
+--------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+--------------------------+--------------+--------------+--------------+--------------+
| Basic earnings/(loss) | (3.55) | (4.08) | | |
| per share (in cents) | | | | |
+--------------------------+--------------+--------------+--------------+--------------+
| Headline earnings/(loss) | (2.76) | (4.12) | | |
| per share (in cents) | | | | |
+--------------------------+--------------+--------------+--------------+--------------+
BALANCE SHEETS AS AT 30 JUNE 2009
+-------------------------+--------------+--------------+---------------+--------------+
| | Consolidated Entity | Parent Entity |
+-------------------------+-----------------------------+------------------------------+
| | 2009 | 2008 | 2009 | 2008 |
+-------------------------+--------------+--------------+---------------+--------------+
| | $ | $ | $ | $ |
+-------------------------+--------------+--------------+---------------+--------------+
| CURRENT ASSETS |
+--------------------------------------------------------------------------------------+
| Cash assets | 87,032,875 | 252,004,859 | 85,471,992 | 251,347,737 |
+-------------------------+--------------+--------------+---------------+--------------+
| Receivables | 21,525,145 | 11,751,597 | 6,547,986 | 1,288,245 |
+-------------------------+--------------+--------------+---------------+--------------+
| Inventory | 8,614,773 | 4,885,106 | - | - |
+-------------------------+--------------+--------------+---------------+--------------+
| Other current assets | 4,423,964 | - | 26,259 | 20,572 |
+-------------------------+--------------+--------------+---------------+--------------+
| | | | | |
+-------------------------+--------------+--------------+---------------+--------------+
| TOTAL CURRENT ASSETS | 121,596,757 | 268,641,562 | 92,046,237 | 252,656,554 |
+-------------------------+--------------+--------------+---------------+--------------+
| | | | | |
+-------------------------+--------------+--------------+---------------+--------------+
| NON CURRENT ASSETS | | | | |
+-------------------------+--------------+--------------+---------------+--------------+
| Receivables | - | - | 156,083,855 | 53,152,477 |
+-------------------------+--------------+--------------+---------------+--------------+
| Assets held for sale | 25,540,957 | 25,207,997 | 23,529,228 | 23,649,738 |
+-------------------------+--------------+--------------+---------------+--------------+
| Intangibles | 3,706,781 | 3,169,660 | - | - |
+-------------------------+--------------+--------------+---------------+--------------+
| Other financial | 23,598,640 | 8,099,845 | 232,940,524 | 173,019,725 |
| assets | | | | |
+-------------------------+--------------+--------------+---------------+--------------+
| Property, plant and | 98,894,360 | 3,075,970 | 13,614 | 10,964 |
| equipment | | | | |
+-------------------------+--------------+--------------+---------------+--------------+
| Development Expenditure | 19,432,007 | - | - | - |
+-------------------------+--------------+--------------+---------------+--------------+
| Deferred tax assets | 53,526 | 187,475 | - | - |
+-------------------------+--------------+--------------+---------------+--------------+
| Mining assets | 186,120,103 | 174,932,316 | - | - |
+-------------------------+--------------+--------------+---------------+--------------+
| Logistics assets | 43,184,441 | - | 43,184,441 | - |
+-------------------------+--------------+--------------+---------------+--------------+
| Exploration expenditure | 15,540,310 | 18,203,831 | 3,752,291 | 8,992,517 |
+-------------------------+--------------+--------------+---------------+--------------+
| | | | | |
+-------------------------+--------------+--------------+---------------+--------------+
| TOTAL NON CURRENT | 416,071,125 | 232,877,094 | 459,503,953 | 258,825,421 |
| ASSETS | | | | |
+-------------------------+--------------+--------------+---------------+--------------+
| | | | | |
+-------------------------+--------------+--------------+---------------+--------------+
| TOTAL ASSETS | 537,667,882 | 501,518,656 | 551,550,190 | 511,481,975 |
+-------------------------+--------------+--------------+---------------+--------------+
| | | | | |
+-------------------------+--------------+--------------+---------------+--------------+
| CURRENT LIABILITIES | | | | |
+-------------------------+--------------+--------------+---------------+--------------+
| Payables | 11,031,549 | 6,179,806 | 4,257,337 | 308,946 |
+-------------------------+--------------+--------------+---------------+--------------+
| Provisions | 262,081 | 111,738 | 10,395 | 2,734 |
+-------------------------+--------------+--------------+---------------+--------------+
| Current tax liability | 350,416 | 581,338 | 318,284 | - |
+-------------------------+--------------+--------------+---------------+--------------+
| | | | | |
+-------------------------+--------------+--------------+---------------+--------------+
| TOTAL CURRENT | 11,644,046 | 6,872,882 | 4,586,016 | 311,680 |
| LIABILITIES | | | | |
+-------------------------+--------------+--------------+---------------+--------------+
| | | | | |
+-------------------------+--------------+--------------+---------------+--------------+
| NON CURRENT LIABILITIES | | | | |
+-------------------------+--------------+--------------+---------------+--------------+
| Payables | - | - | 5,670,417 | 19,022,676 |
+-------------------------+--------------+--------------+---------------+--------------+
| Interest bearing | - | 187,626 | - | - |
| liabilities | | | | |
+-------------------------+--------------+--------------+---------------+--------------+
| Provisions | 2,383,801 | - | - | - |
+-------------------------+--------------+--------------+---------------+--------------+
| | | | | |
+-------------------------+--------------+--------------+---------------+--------------+
| TOTAL NON CURRENT | 2,383,801 | 187,626 | 5,670,417 | 19,022,676 |
| LIABILITIES | | | | |
+-------------------------+--------------+--------------+---------------+--------------+
| | | | | |
+-------------------------+--------------+--------------+---------------+--------------+
| TOTAL LIABILITIES | 14,027,847 | 7,060,508 | 10,256,433 | 19,334,356 |
+-------------------------+--------------+--------------+---------------+--------------+
| | | | | |
+-------------------------+--------------+--------------+---------------+--------------+
| NET ASSETS | 523,640,035 | 494,458,148 | 541,293,757 | 492,147,619 |
+-------------------------+--------------+--------------+---------------+--------------+
| | | | | |
+-------------------------+--------------+--------------+---------------+--------------+
| EQUITY | | | | |
+-------------------------+--------------+--------------+---------------+--------------+
| Contributed equity | 569,267,119 | 533,053,005 | 569,267,119 | 533,053,006 |
+-------------------------+--------------+--------------+---------------+--------------+
| Reserves | 7,189,525 | 4,270,160 | 9,013,216 | 9,660,550 |
+-------------------------+--------------+--------------+---------------+--------------+
| Accumulated losses | (60,456,243) | (45,936,267) | (36,986,578) | (50,565,937) |
+-------------------------+--------------+--------------+---------------+--------------+
| | | | | |
+-------------------------+--------------+--------------+---------------+--------------+
| TOTAL PARENT EQUITY | 516,000,401 | 491,386,898 | 541,293,757 | 492,147,619 |
| INTEREST | | | | |
+-------------------------+--------------+--------------+---------------+--------------+
| | | | | |
+-------------------------+--------------+--------------+---------------+--------------+
| OUTSIDE EQUITY INTEREST | 7,639,634 | 3,071,250 | - | - |
+-------------------------+--------------+--------------+---------------+--------------+
| | | | | |
+-------------------------+--------------+--------------+---------------+--------------+
| TOTAL EQUITY | 523,640,035 | 494,458,148 | 541,293,757 | 492,147,619 |
+-------------------------+--------------+--------------+---------------+--------------+
CASH FLOW STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009
+-------------------------+----------------+---------------+---------------+--------------+
| | Consolidated Entity | Parent Entity |
+-------------------------+--------------------------------+------------------------------+
| | 2009 | 2008 | 2009 | 2008 |
+-------------------------+----------------+---------------+---------------+--------------+
| | $ | $ | $ | $ |
+-------------------------+----------------+---------------+---------------+--------------+
| | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Cash flows from | | | | |
| operating activities | | | | |
| | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Interest received | 13,653,573 | 4,502,639 | 12,732,776 | 3,971,998 |
+-------------------------+----------------+---------------+---------------+--------------+
| Cash receipts in the | 20,400,464 | 49,252,248 | - | - |
| course of operations | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Interest paid | (127,427) | (146,174) | - | - |
+-------------------------+----------------+---------------+---------------+--------------+
| Payments to suppliers | (44,717,527) | (56,618,474) | (4,661,447) | (2,212,535) |
| and employees | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Net cash generated by | (10,790,917) | (3,009,761) | 8,071,329 | 1,759,461 |
| /(used in) operating | | | | |
| activities | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Cash flows from | | | | |
| investing activities | | | | |
| | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Payments for property, | (83,262,594) | (1,951,879) | (8,002) | (9,260) |
| plant and equipment | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Proceeds from the sale | 434,979 | - | - | - |
| of property, plant and | | | | |
| equipment | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Payments for | (9,173,789) | - | - | - |
| Development Assets | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Payments for Surface | (16,487,811) | - | - | - |
| Rights | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Mineral assets acquired | (7,743,534) | (85,341,442) | (7,743,534) | (85,341,442) |
+-------------------------+----------------+---------------+---------------+--------------+
| Proceeds from sale of | - | 501,634 | - | 501,634 |
| associate | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Sundry deposits paid | (4,423,964) | - | - | - |
+-------------------------+----------------+---------------+---------------+--------------+
| Payments for equity | (11,704,052) | (9,427,131) | (6,163,552) | (2,836,444) |
| investments | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Payments made for | (43,184,441) | - | (43,184,441) | - |
| logistics assets | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Loans (made to)/from | (6,214,809) | - | (6,214,809) | - |
| other entities | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Exploration costs | (7,594,698) | (18,491,719) | - | (3,752,291) |
+-------------------------+----------------+---------------+---------------+--------------+
| | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Net cash generated by / | (189,354,713) | (114,710,537) | (63,314,338) | (91,437,803) |
| (used in) investing | | | | |
| activities | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Cash flows from | | | | |
| financing activities | | | | |
| | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Proceeds from issue of | 37,469,162 | 331,294,448 | 37,469,162 | 331,294,448 |
| shares | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Transaction costs from | (3,466,112) | (9,134,738) | (3,466,112) | (9,134,738) |
| issue of shares | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Loans to controlled | - | - | (144,647,951) | (27,703,497) |
| entities | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Loans repaid to other | - | (318,636) | - | - |
| entities | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Other loans repaid | (187,626) | (1,375,608) | - | - |
+-------------------------+----------------+---------------+---------------+--------------+
| | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Net cash generated by | 33,815,424 | 320,465,466 | (110,644,901) | 294,456,213 |
| financing activities | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Net increase/(decrease) | (166,330,206) | 202,745,168 | (165,887,910) | 204,777,871 |
| in cash held | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Effect of exchange | 1,358,222 | (12,270,799) | 12,165 | (6,339,304) |
| rates of cash holdings | | | | |
| in foreign currencies | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Cash at beginning of | 252,004,859 | 61,530,490 | 251,347,737 | 52,909,170 |
| financial year | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
| Cash at end of | 87,032,875 | 252,004,859 | 85,471,992 | 251,347,737 |
| financial year | | | | |
+-------------------------+----------------+---------------+---------------+--------------+
STATEMENT OF CHANGES IN EQUITY AS AT 30 JUNE 2009
+--------------------+--------------+-----------+---------------+-------------+
| | Ordinary | Capital | Foreign | Share |
| | share | profits | currency | options |
| | capital | reserve | translation | reserve |
| | | | reserve | |
+--------------------+--------------+-----------+---------------+-------------+
| | $ | $ | $ | $ |
+--------------------+--------------+-----------+---------------+-------------+
| | | | | |
+--------------------+--------------+-----------+---------------+-------------+
| Consolidated | | |
| Entity | | |
+--------------------+------------------------------------------+-------------+
| | | | | |
+--------------------+--------------+-----------+---------------+-------------+
| Balance at 1 July | 533,053,006 | 136,445 | (5,390,389) | 9,524,104 |
| 2008 | | | | |
+--------------------+--------------+-----------+---------------+-------------+
| Shares issued | 37,469,164 | - | - | - |
| during the year | | | | |
+--------------------+--------------+-----------+---------------+-------------+
| Capital raising | (3,466,112) | - | - | - |
| costs incurred | | | | |
+--------------------+--------------+-----------+---------------+-------------+
| Adjustments from | - | - | 3,566,699 | - |
| translation of | | | | |
| foreign controlled | | | | |
| entities | | | | |
+--------------------+--------------+-----------+---------------+-------------+
| Transfer from | 921,061 | - | - | (921,061) |
| Option Reserve | | | | |
+--------------------+--------------+-----------+---------------+-------------+
| Options issued | - | - | - | 273,728 |
| during the year | | | | |
+--------------------+--------------+-----------+---------------+-------------+
| Share based | 1,290,000 | - | - | - |
| payments | | | | |
+--------------------+--------------+-----------+---------------+-------------+
| Minority Interests | - | - | - | - |
| in Investments | | | | |
+--------------------+--------------+-----------+---------------+-------------+
| Loss attributable | - | - | - | - |
| to members of | | | | |
| parent entity | | | | |
+--------------------+--------------+-----------+---------------+-------------+
| Balance at 30 June | 569,267,119 | 136,445 | (1,823,690) | 8,876,771 |
| 2009 | | | | |
+--------------------+--------------+-----------+---------------+-------------+
| | | | | |
+--------------------+--------------+-----------+---------------+-------------+
| Parent Entity | | | | |
+--------------------+--------------+-----------+---------------+-------------+
| | | | | |
+--------------------+--------------+-----------+---------------+-------------+
| Balance at 1 July | 533,053,006 | 136,445 | - | 9,524,104 |
| 2008 | | | | |
+--------------------+--------------+-----------+---------------+-------------+
| Shares issued | 37,469,164 | - | - | - |
| during the year | | | | |
+--------------------+--------------+-----------+---------------+-------------+
| Transaction costs | (3,466,112) | - | - | - |
+--------------------+--------------+-----------+---------------+-------------+
| Transfer from | 921,061 | - | - | (921,061) |
| Option Reserve | | | | |
+--------------------+--------------+-----------+---------------+-------------+
| Options issued | - | - | - | 273,728 |
| during the year | | | | |
+--------------------+--------------+-----------+---------------+-------------+
| Share based | 1,290,000 | - | - | |
| payments | | | | |
+--------------------+--------------+-----------+---------------+-------------+
| Profit/ (Loss) | - | - | - | - |
| attributable to | | | | |
| members of parent | | | | |
| entity | | | | |
+--------------------+--------------+-----------+---------------+-------------+
| Balance at 30 June | 569,267,119 | 136,445 | - | 8,876,771 |
| 2009 | | | | |
+--------------------+--------------+-----------+---------------+-------------+
STATEMENT OF CHANGES IN EQUITY AS AT 30 JUNE 2009 (CONT)
+--------------------------------+--------------+--------------+-------------+
| | Accumulated | Total | Outside |
| | losses | | Equity |
| | | | interests |
+--------------------------------+--------------+--------------+-------------+
| | $ | $ | $ |
+--------------------------------+--------------+--------------+-------------+
| | | | |
+--------------------------------+--------------+--------------+-------------+
| Consolidated Entity | | | |
+--------------------------------+--------------+--------------+-------------+
| | | | |
+--------------------------------+--------------+--------------+-------------+
| Balance at 1 July 2008 | (45,936,267) | 491,386,898 | 3,071,251 |
+--------------------------------+--------------+--------------+-------------+
| Shares issued during the year | - | 37,469,164 | - |
+--------------------------------+--------------+--------------+-------------+
| Capital raising costs incurred | - | (3,466,112) | - |
+--------------------------------+--------------+--------------+-------------+
| Adjustments from translation | - | 3,566,699 | - |
| of foreign controlled entities | | | |
+--------------------------------+--------------+--------------+-------------+
| Transfer from Option Reserve | - | - | - |
+--------------------------------+--------------+--------------+-------------+
| Options issued during the year | - | 273,728 | - |
+--------------------------------+--------------+--------------+-------------+
| Share based payments | - | 1,290,000 | - |
+--------------------------------+--------------+--------------+-------------+
| Minority Interests in | - | - | 4,568,383 |
| Investments | | | |
+--------------------------------+--------------+--------------+-------------+
| Loss attributable to members | (14,519,976) | (14,519,976) | - |
| of parent entity | | | |
+--------------------------------+--------------+--------------+-------------+
| Balance at 30 June 2009 | (60,456,243) | 516,000,401 | 7,639,634 |
+--------------------------------+--------------+--------------+-------------+
| | | | |
+--------------------------------+--------------+--------------+-------------+
| Parent Entity | | | |
+--------------------------------+--------------+--------------+-------------+
| | | | |
+--------------------------------+--------------+--------------+-------------+
| Balance at 1 July 2008 | (50,565,937) | 492,147,618 | - |
+--------------------------------+--------------+--------------+-------------+
| Shares issued during the year | - | 37,469,164 | - |
+--------------------------------+--------------+--------------+-------------+
| Transaction costs | - | (3,466,112) | - |
+--------------------------------+--------------+--------------+-------------+
| Transfer from Option Reserve | - | - | - |
+--------------------------------+--------------+--------------+-------------+
| Options issued during the year | - | 273,728 | - |
+--------------------------------+--------------+--------------+-------------+
| Share based payments | - | 1,290,000 | - |
+--------------------------------+--------------+--------------+-------------+
| Profit/ (Loss) attributable to | 13,579,359 | 13,579,359 | - |
| members of parent entity | | | |
+--------------------------------+--------------+--------------+-------------+
| Balance at 30 June 2009 | (36,986,578) | 541,293,757 | - |
+--------------------------------+--------------+--------------+-------------+
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
The financial report is a general purpose financial report that has been
prepared in accordance with Australian Accounting Standards, including
Australian Accounting Interpretations, other authoritative pronouncements of the
Australian Accounting Standards Board and the Corporations Act 2001.
The financial report covers the economic entity of Coal of Africa Limited and
controlled entities, and Coal of Africa Limited as an individual parent entity.
Coal of Africa Limited is a listed public company, incorporated and domiciled in
Australia.
The financial report of Coal of Africa Limited and controlled entities, and Coal
of Africa Limited as an individual parent entity comply with all Australian
equivalents to International Financial Reporting Standards (AIFRS) in their
entirety.
The following is a summary of the material accounting policies adopted by the
economic entity in the preparation of the financial report. The accounting
policies have been consistently applied, unless otherwise stated.
+----------------------------------------+---------------+---------------+
| | Consolidated |
| | Entity |
+----------------------------------------+-------------------------------+
| | 2009 | 2008 |
+----------------------------------------+---------------+---------------+
| | $ | $ |
+----------------------------------------+---------------+---------------+
| 2. (LOSS) / EARNINGS PER SHARE | | |
+----------------------------------------+---------------+---------------+
| Basic (loss) / | | |
| profit per share | | |
+----------------------------------------+---------------+---------------+
| (cents per share) | (3.55) | (4.08) |
+----------------------------------------+---------------+---------------+
| Headline | (2.76) | (4.12) |
| (loss)/earnings | | |
| per share (cents | | |
| per share) | | |
+----------------------------------------+---------------+---------------+
| | | |
+----------------------------------------+---------------+---------------+
| Weighted average | 409,137,218 | 275,781,951 |
| number of | | |
| ordinary shares | | |
| used as the | | |
| denominator | | |
+----------------------------------------+---------------+---------------+
As at 30 June 2009, there were 20,336,544 (2008: 19,921,688) options outstanding
over unissued capital exercisable at amounts ranging between $0.50 and $3.25
(2008: $0.50 and $2.05). Diluted EPS was not calculated for 2009 as the
Consolidated Entity incurred a loss per share.
Audit Report
The annual financial statements for the year ended 30 June 2009 have
been audited by MooresStephens. Their unqualified audit report is available
for inspection at the Company`s registered office.
+--------------------------------------------------------------------------------+
| Directors |
| Richard Linnell - Chairman |
| Simon Farrell - Managing Director |
| Blair Sergeant - Finance Director |
| Alfred Nevhutanda -Executive Director |
| Steve Bywater - Non-Executive Director |
| Peter Cordin - Non-Executive Director |
| Pierre Leonard - Non-Executive Director (resigned 27 August 2009) |
| Hendrik Verster (appointed 27 August 2009) |
| |
+ +
| | |
+--------------------------------------------------------------------------------+--------------------------------------------------------------------------------+
| Company Secretary |
| Shannon Coates |
| |
+--------------------------------------------------------------------------------+
Principal & Registered Office
Level 1, 173 Mounts Bay Road
PerthWestern Australia 6000
Telephone: +61 8 9322 6776
Facsimile: +61 8 9322 6778
Email: perth@coalofafrica.com
South African Office
CoAL House
Pinewood Office Park
33 Riley Road
Woodmead 2191
Telephone: +27 11 785 4518
Facsimile: +27 11 803 6654
Email: adminza@coalofafrica.co.za
Auditors
MooreStephens
30 September 2009
Sponsor
Macquarie First South Advisers (Pty) Ltd
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR URUWRKWRKORR
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