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Continental Coal Ltd

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Continental Coal’s Penumbra mine was recently commissioned and production is set to ramp up as a second continuous miner is installed. The company is well on track to produce 2.2Mt ROM for ~1.8Mt of saleable thermal coal for FY13. The much larger De Wittekrans project has potential for +30 year mine life producing a further 2.4Mtpa of export coal.

Continental Coal (74%) and its Black Economic Empowerment (BEE) partner (26%) have exposure to a portfolio of coal assets totalling 600Mt of coal resources, located in the highly productive Witbank/Ermelo coal fields of South Africa. Continental, in its own right, also has exposure to highly prospective tenements in Botswana (2Bt JORC Inferred with further 4Bt exploration target) and an option to acquire a 50% interest in a producing coking coal asset in Colombia.

The company is on track to produce ~1.8Mtpa of saleable thermal coal from two open cut mines and the newly commissioned Penumbra underground mine. Penumbra is currently in the ‘ramp up’ phase with just one of the two continuous miners in operation, with the second due to be commissioned imminently. Once fully operational, Continental Coal will be targeting production of ~500,000tpa of export quality thermal coal from Penumbra (+10 year mine life), replacing and increasing on production which will be lost from the near exhausted Ferreria mine which has ~18 months remaining reserves.

Continental Coal is also making steady progress assessing the large De Wittekrans project which hosts a combined JORC Resource of 250Mt of which 43.8Mt is in reserves. Following the positive outcomes of a feasibility study, Continental recently completed an optimisation study designed to assess potential capital cost savings and production enhancing opportunities.

The potential of the De Wittekrans project should not be underestimated as it provides the scale to become the company’s flagship project. Based...

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