Issue of Employee Share Options (3227X)
February 14 2012 - 2:00AM
UK Regulatory
TIDMCZA
RNS Number : 3227X
Coal of Africa Limited
14 February 2012
-ANNOUNCEMENT 14 FEBRUARY 2012
ISSUE OF EMPLOYEE SHARE OPTIONS
Coal of Africa Limited ('CoAL' or the 'Company') confirms it has
today issued 2,670,000 unlisted options to 28 employees of the
Company, exercisable at ZAR7.60 on or before 14 February 2017
("Options"). The options vest equally over 3 years, with one third
vesting on 1 July 2012, one third vesting on 1 July 2013 and the
final third vesting on 1 July 2014.
The Options were recommended by the Company's Remuneration
Committee in September 2011 but were not issued at that time due to
the Company being in a close period under its published Securities
Trading Policy.
An Appendix 3B to confirm the issue of the Options will
follow.
AUTHORISED BY:
Shannon Coates
Company Secretary
For more information contact:
John Wallington Chief Executive Officer Coal of Africa +27 11
575 7423
Wayne Koonin Financial Director Coal of Africa +27 11 575
6797
Shannon Coates Company Secretary Coal of Africa +61 893 226
776
Chris Sim/ Jeremy Ellis/Neil Elliot Nominated Adviser
Evolution Securities +44 20 7071 4300
Jos Simson/Emily Fenton Financial PR Tavistock +44 207 920
3150
www.coalofafrica.com
About CoAL: CoaL is an AIM/ASX/JSE listed coal exploration,
development and mining company operating in South Africa. CoAL's
key projects include the Vele Colliery (coking and thermal coal),
the Makhado Project (coking coal) and the Mooiplaats and
Woestalleen Collieries (both thermal coal).
The Mooiplaats Colliery commenced production in 2008 and is
currently ramping up to produce 2 Mtpa. The Woestalleen Colliery,
acquired through the acquisition of NuCoal Mining (Pty) Limited in
January 2010, currently processes approximately 2.5Mtpa of saleable
coal for domestic and export markets. The Woestalleen Complex also
incorporates three beneficiation plants with a total processing
capacity of 350,000 run of mine feed tonnes per month.
CoAL's Vele Colliery is expected to start production in the
first half of 2012. During the initial phase, the operation is
targeting 2.7 Mtpa ROM production to produce 1.0Mtpa saleable
coking coal. The Makhado Project, CoAL's flagship project in the
Soutpansberg coalfield, is well into the feasibility stage, with a
Definitive Feasibility Study nearing completion. An application for
a New Order Mining Right for the Makhado Project was submitted in
January 2011.
In November 2010, CoAL agreed to acquire the Chapudi coal
project and several other coal exploration properties in the
Soutpansberg coal basin in South Africa from the previous owners,
including Rio Tinto. Upon completion, the acquisition of these
projects will significantly extend the scale and scope of certain
of CoAL's existing projects in the region and will more than double
the resource of the existing Makhado Project.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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