News
Wescoal buys another coal reserve to boost run of mine
Wescoal, the listed coal mining company involved in the mining and trading of coal, has purchased from South African Mining Management (Pty) Limited, the shares and loan accounts of its wholly owned subsidiary Nungu Trading 341 (Pty) Limited (“Nungu”) for a purchase consideration of R45 million. The company funded the acquisition through [...]
Year end results
Overall the group suffered a decline in revenue of R184 million (32,3%) due to significantly reduced pricing structures and volume reduction to the manufacturing sector.
These factors resulted in a reduction in gross profit of R19,7 million (35,0%) and together with impairments, a reduction inoperating profit of R16,4 million (65,0%). On the positive side, overheads reduced [...]
Trading update
Shareholders are advised that Wescoal is currently finalising its results for
the year ended 31 March 2010 and are advised that its earnings per share for the
year is expected to be between 4.6 and 5.4 cents per share and headline earnings
per share for the year is expected to be between 4.0 and 4.6 cents per share.
Wescoal walks away from SACMH takeover
Wescoal’s firm intention offer to acquire South African Coal Mining Holdings has lapsed and it no longer intends to proceed with the offer.
Wescoal had proposed acquiring all the issued shares of SACMH in exchange for the issue of 11.11 Wescoal shares for every 100 SACMH ordinary shares held.
The scheme consideration would have entailed that more [...]
Wescoal lists on main board
WESCOAL ’s move tomorrow to the JSE’s main board will not affect its cautious attitude to growth, CEO Andre Bojé said yesterday, as the AltX-listed coal trader refocuses to make production its primary revenue generator.
“We will now be compared to our peers (in the coal mining sector); we’ll have better access to capital and a [...]
Announcement of firm intention by Wescoal to acquire the entire issued share capital of South African Coal Mining Holdings Limited
Shareholders of Wescoal and shareholders of SACMH are advised that Wescoal has submitted to the board of directors of SACMH written notice of its firm intention to make an offer to acquire all the ordinary shares making up the entire issued ordinary share capital of SACMH.
This offer, which if concluded, [...]
Transfer from the Altx to the Main Board of the JSE
Following the Group`s successful expansion into mining the board of directors has decided to apply to the JSE for the transfer of Wescoal`s listing to the main board of the JSE.
The move to the main board will position Wescoal alongside comparable coal mining companies.
Details of the transfer will be [...]
Reviewed Interim Results For The Six Months Ended 30 September 2009
- Revenue down 27%
- Operating profit down 69%
- Headline earnings down 62%
Gross margin reduced to 8.7% from 11.3% in the comparative period mainly due to the competitiveness experienced in the pricing explained above. The group has adopted a retention of volumes policy and margins will therefore remain under pressure for the next twelve months. This [...]
Wescoal Holdings Limited - Trading Statement
In terms of the Listings Requirements of the JSE Limited, companies are required to publish a trading statement as soon as they are satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported on will differ by at least 20% or more from the [...]
Wescoal wraps up Khanyisa acquisition
JSE-listed Wescoal has completed the acquisition of the Khanyisa mine in South Africa’s Mpumalanga province, the company reported on Wednesday.
Wescoal announced in June that it had bought the mine from Nucoal Mining to build its asset base.
Khanyisa mine stretched over three portions of the farm Heuwelfontein 215 IR and had a remaining measured coal reserve [...]
Restructuring of bee shareholding in Wescoal
Waterberg Portion Property (Pty) Limited ("WPP"), a BEE company which holds a 31.36% shareholding in Wescoal has restructured its shareholding in Wescoal through the transfer of 1 000 000 Wescoal shares at 78 cents per share to Mr R Ramaite, a shareholder of WPP and director of Wescoal and 2 000 000 Wescoal shares at [...]
Wescoal appoints former Subaru Southern Africa MD to board
Teresita van Gaalen has been appointed as an independent non-exeuctive director of mining company Wescoal.
Results for the year-ended 31 March 2009
HIGHLIGHTS
Revenue up 51.7%
Operating profits up 40.1%
Headline earnings up 47.1%
Operating cash flow up 273.0%
Net Asset Value up 164.7%
Wescoal acquires Khanyisa mine
Khanyisa Mine is an operating opencast mine situated near Kendal in Mpumalanga with remaining measured in situ coal reserves totalling 4, 5 million tons and further indicated resources of 0, 5 million tons. The mine has 2 operational opencast pits currently extracting 100,000 tons per month with the necessary infrastructure such as offices and access [...]
Trading update
Shareholders are advised that Wescoal is currently finalising its results for the year ended 31 March 2009 and are advised that its earnings per share and headline earnings per share for the year is expected to be between 15% to 30% over that of the corresponding period.
Renewal of cautionary announcement
Wescoal issue a further cautionary announcement.
Cautionary announcement
Wescoal issue a cautionary announcement to shareholders.
Repurchase of securities reaches 6% mark
On Monday, Wescoal announced that the repurchase of its own shares on the open market has reached the 6% mark.
Repurchase of securities
On Monday Wescoal announced that it has repurchased 3% of its own shares on the open market.
Reviewed interim results for the year ended 30 September 2008
Wescoal Holdings has issued the reviewed interim results for the six months ended 30 September 2008.
Mining operations at Schoongezicht reserve resume
Wescoal Holdings has entered into a joint venture agreement with Kubra Mining to mine the Schoongezicht reserve.
Restated results for the year ended 31 March
RESTATED RESULTS FOR THE YEAR ENDED 31 MARCH 2008 AND NOTICE OF ANNUAL GENERAL MEETING
Shareholders are referred to the annual results for the year ended 31 March 2008 announced on SENS on 11 June 2008.
Wescoal’s Blesboklaagte returns to full output after strike ends
The strike affecting Wescoal’s Blesboklaagte plant, near Witbank, has been resolved and the coal-mining plant has returned to full production.
Wescoal to seek out production assets
Wescoal will spend the R80m it raised in a rights issue on growing briquette output, exploring and developing assets and potentially buying producing mines in the next three months.
The firm currently buys run-of-mine coal from companies that don’t have washing plants and has a washing plant, with a capacity of some 40 000 tonnes, to [...]
Results for the year ended 31 March 2008
The group posted excellent results for the financial year ended 31 March 2008, proving that strategies implemented have continued to pay dividends throughout the year under review.
Trading statement - June 2008
Shareholders are advised that Wescoal is currently finalising its results for the year ended 31 March 2008 and are advised that its earnings per share for the year is expected to be between 10.9 and 11.4 cents per share compared to earnings per share of 2.3 cents for the twelve months ended 31 March 2007.
Wescoal’s mining unit acquires 60% of newly formed company to transfer new order prospecting rights.
Wescoal Mining paid an initial share capital of R60 for the stake in the new company, meant to transfer the prospecting rights granted by the Department of Minerals and Energy from Proudafrique and other individual owners.
Wescoal hopes for own output in 2 years
Wescoal intends to start to mine coal within a couple of years and has a number of possible prospects in Mpumalanga, KwaZulu-Natal and the Waterberg. "We are applying for prospecting rights. We should come up with good news in the next year, at least getting some prospecting rights," said chief financial officer Petrus Janse van [...]
Cautionary announcement
Shareholders are advised that Wescoal has entered into negotiations, which if successfully concluded, may have a material effect on the price of the company’s securities. Accordingly, shareholders are advised to exercise caution when dealing in the company’s securities until a full announcement is made.
Wescoal sells stake to black investors
The sale of shares and issue of new shares in Wescoal to its new BEE investors will result in a BEE shareholding of 32.5 percent. Wescoal said in a statement that its main shareholders, including its directors, had agreed to sell 33- million shares to Waterberg Portion Property Investments (WPP) for R35.5-million.
Wescoal buys into logistics
WESCOAL has bought ATLANTIS COAL ESTATE and EXPRESS TECHNOLOGY, as well as the properties that the two firms operate from. The deal cost R27m and the firms were bought from private shareholders.
Interim results for the six months ended 30 September 2007
The results for the reporting period show that strategies implemented during the latter part of the previous financial year have paid dividends.
Wescoal seeks new BEE partners
Wescoal has announced that chairwoman Thuthukile Skweyiya, and non-executive directors Thembeka Tulwana and his alternate Johannes Nieman have left the board with immediate effect.