31 January 2013
REPORT FOR THE QUARTER ENDING 31 DECEMBER 2012
Continental Coal Limited ("Continental" or "the Company") is pleased to provide
its operations report for the quarter ended 31 December 2012.
* The Company now operates 3 thermal coal mining operations in South Africa
with a combined targeted ROM production rate of 2.8Mtpaof thermal coal
* First coal production and first export thermal coal sales completed from
the Company's newly commissioned 3rd mine, the Penumbra Coal Mine
* Run-of-mine thermal coal production for the Quarter of 468,469 tonnes from
the Ferreira, Penumbra and Vlakvarkfontein Coal Mines
* Thermal coal sales for the Quarter increased 10% quarter on quarter to
* Run of mine coal production at the Ferreira Coal Mine increased by 44%
quarter on quarter to 152,280 tonnes
* First drawdown of the ABSA Capital ZAR253m (approx. US$30m) seven year term
loan facility completed with funds to be applied towards the outstanding
capital, mine equipment and working capital costs of the Penumbra Coal
* Financial settlement of the first Penumbra Coal Mine hedge contracts
completed with proceeds of ZAR3.0m received demonstrating the benefit of
the Company's hedging program (664,550 tonnes of coal at an average price
of ZAR1,057/t (approx. US$117/t))
* Optimisation work on the De Wittekrans Project, the proposed 4th mine
development, demonstrated the opportunity to enhance the technical and
financial fundamentals with proposed exports of 2.4Mtpa of thermal coal
over an initial 30 year mine life
* Renewal of the Company's three coal Prospecting Licenses in Botswana by the
Botswana Department of Mines for a further 2 years
* Settlement of the sale of the Company's interest in VanMag proceeds with
initial payment of approx. US$1m received and the US$9m balance due this
* Company continued with its negotiations with various parties in respect to
an acquisition and/or strategic joint venture of specific operating and
development projects, with the process to be concluded this quarter
During the second quarter of the 2012/13 financial year, the Company commenced
production from its Penumbra Coal Mine in South Africa. The commencement of
underground coal mining activities at the Penumbra Coal Mine, the Company's
third operating thermal coal mine, is a major milestone for the Company and all
In addition, the Company aachieved several major operational milestones at its
3 coal mining operations in South Africa, at its proposed 4th mine development
and at its exploration projects in Botswana.
Health and Safety
During the Quarter, no Lost Time Injuries were reported at any of the Company's
mining and processing operations. Management, employees and the Company's
contractors remain committed in ensuring continual improvement and focus on
health and safety initiatives and policies across all its operations.
Coal Mine and Processing Operations
OPERATIONS PERFORMANCE FOR 3 MONTHS TO DECEMBER 2012
SEP 12 DEC 12 Change FY 2013
(Actual) (Actual) QTR on QTR (%) YTD
Vlakvarkfontein 422,253 313,495 -26% 735,748
Ferreira 105,757 152,280 +44% 258,037
Penumbra 0 2,694 n.a. 2,694
Total ROM Production 528,010 468,469 -11% 996,479
Feed to Plant
Ferreira 161,648 161,605 0% 323,253
Penumbra 0 3,260 n.a. 3,260
Total Plant Feed 161,648 164,865 +2% 326,513
Ferreira 69.8% 66.2% -5% 68.0%
Penumbra 0.0% 26.2% n.a. 26.2%
Domestic Sales 296,395 351,264 +19% 647,659
Export Sales 111,811 97,939 -12% 209,750
Total Coal Sales 408,206 449,203 +10% 857,409
During the Quarter, the Company's operations continued largely unaffected by
the industrial action that was experienced in South Africa with strikes at a
number of platinum, gold, iron ore, coal and diamond mines.
The Company experienced no striking action at any of its operations and during
the Quarter successfully concluded its wage negotiations at its Ferreira Coal
Mine and Delta Processing Operations without any days lost to strikes.
Run-of-mine ("ROM") thermal coal production of 468,469t was achieved from the
Vlakvarkfontein, Ferreira and Penumbra Coal Mines over the Quarter. Total
thermal coal sales of 449,203t were 10% above the previous quarters sales of
Vlakvarkfontein Coal Mine
The Vlakvarkfontein Coal Mine produced 313,495t for the Quarter, a 26%
reduction on the record 422,253t ROM achieved in the previous quarter.
Total thermal coal sales during the Quarter from the Vlakvarkfontein Coal Mine
were 351,264t, a 19% increase on the 296,395t in the previous quarter and 7%
above budget. Record monthly sales of 153,072t were achieved in November 2012,
improving the previous monthly record of 112,088t delivered in May 2012.
The above budget coal sales made during in the Quarter were achieved despite
the national road transport strike in South Africa early in the Quarter, which
meant that coal could not be transported from the mine site by Eskom's road
haulage contractors for a 3 week period.
Sales during the quarter comprised 244,033t for Eskom and 107,431t of
non-select coal sales.
The Vlakvarkfontein Coal Mine is forecast to exceed budgeted ROM production and
thermal coal sales for FY2013.
Year to date mining costs at the Vlakvarkfontein Coal have averaged ZAR76/t ROM
(approx. 24% below budget). Total FOT costs year to date have averaged ZAR125/
sales tonne (approx. 11% below budget). Average sales price received year to
date was ZAR181/t.
Ferreira Coal Mine
ROM coal production at the Ferreira Coal Mine for the December 2012 quarter
totaled 152,280t. Quarter on quarter an increase of approx. 44% was achieved,
from the 105,757t of ROM coal produced in the previous quarter.
The increase in ROM production followed the establishment of the new opencast
mining operations in the adjacent and adjoining Prospecting Rights that were
acquired in April and May 2012 and for which the Company received approval from
the Department of Mineral Resources to develop in September 2012.
During the December 2012 quarter, ROM coal production increased from 38,433t in
October 2012 to 57,551t in December 2012. ROM coal production in December 2012
was the highest monthly production to date in FY2013 and was achieved despite
the seasonal holidays. Monthly ROM production at the Ferreira Coal Mine has now
increased for the past 5 consecutive months.
ROM coal production for the Quarter, exceeded budget and exceeded the ramp up
production profile advised in the September 2012 Quarterly Report, where
125,000 tonnes and 150,000 tonnes of ROM coal production were forecast for the
December 2012 and March 2013 quarters.
Year to date mining costs at the Ferreira Coal Mine have averaged ZAR264/t ROM
(approx. 12% below budget). Total FOR costs year to date have averaged ZAR563/
sales tonne (approx. A$63/t and 12% below budget) with total FOB costs to
Richards Bay Coal Terminal of ZAR689/sales tonne (approx. A$77/t).
Penumbra Coal Mine
During the Quarter first ROM production and first thermal coal sales were
achieved at the Penumbra Coal Mine.
The decline development contractor, Murray & Roberts completed the decline
development, with the twin declines to a full face of the C-Upper and C-Lower
Coal Seams in mid December 2012.
ROM production of 2,694t was achieved during the Quarter from the Penumbra Coal
All underground production mining equipment was delivered to site during the
Quarter, with the first of the two 14HM15 Joy Continuous Miners successfully
commissioned and in operation by the end of the Quarter. First production coal
of the C Lower Coal Seam was cut with the Continuous Miner on 17 December 2012.
ROM production is forecast to increase in the current quarter with the
commissioning of the second Continuous Miner.
In FY 2013, sales of approx. 200,000t of a high-quality export thermal coal are
forecast from the Penumbra Coal Mine at total free-on-board (FOB) costs of
ZAR471/t (approximately US$55/t) and forecast to generate approx. US$17m in
revenue this financial year.
Revenue from the Penumbra Coal Mine is forecast to rise to approx. US$45m in
FY2014 on full year export thermal coal sales of 500,000 tonnes, and generating
between US$15m and US$20m of forecast cashflow based on current export coal
The Penumbra Coal Mine is approx. 90% complete with a total forecast cost to
complete of ZAR325m (approx. A$39m). Remaining underground capital development
and surface infrastructure is forecast to be completed by April 2013. The mine
capital development is forecast to be completed within the approved budget with
no identified cost overruns.
Delta Processing Operations
During the Quarter a total of 164,865t was processed through the Delta
Processing Operations, 2% above the previous quarters 161,648t of ROM
processed. Feed to the plant was primarily from the Ferreira Coal Mine, with
161,605t and 3,260t from the Penumbra Coal Mine.
Export yields of 66.2% for the Ferreira Coal Mine and 26.2% for the Penumbra
Coal Mine were achieved. Export yield for coal from the Penumbra Coal Mine is
forecast to increase in the current quarter towards the budgeted 67.0%.
Export thermal coal sales of 97,939t was railed and sold FOB Richards Bay Coal
Terminal during the Quarter.
De Wittekrans Coal Project
During the Quarter the Company announced the preliminary results from
optimisation work completed on the De Wittekrans Coal Project.
The results of the initial optimisation work are summarized below.
OPTIMISATION RESULTS COMPARED TO INITIAL FEASIBILITY STUDY RESULTS
Initial Optimisation Change
Reserves and Mine Life
Mine Life 33 years 33 years -
Saleable Reserves 43.8Mt 43.8Mt -
Gross In Situ Resources 167.0Mt 167.0Mt -
Run of Mine (ROM) Production
Annual ROM Production 3.6Mt 3.6Mt -
Total Open Cast ROM Production 6.1Mt 6.1Mt -
Total Underground ROM Production 110.0Mt 110.0Mt -
Primary Wash Plant Yields (%)
Open Cast Primary Yield 29.16% 78.00% +167%
Underground Primary Yield 26.26% 75.00% +186%
Annual Domestic Coal Sales 1.7Mt (Eskom) - -
Annual Export Coal Sales 0.8Mt 2.4Mt +200%
(6 000 kcal (5 000kcal
Forecast Sales Revenue
Annual Domestic Coal Sales ZAR 306m - -
Annual Export Coal Sales ZAR 645m ZAR 1,292m +100%
Total Annual Sales Revenue ZAR 951m ZAR 1,292m +37%
Estimated Operating Expenses
Average Unit Operating Expenses ZAR 140/t ROM ZAR 251/t ROM +76%
Average Operating Expenses ZAR 614/t ZAR 367/t Export -30%
Estimated Capital Costs
Total Capital Costs to First ZAR 342m ZAR 161m -53%
Surface Infrastructure and ZAR 554m ZAR 444m -20%
Coal Wash Plant ZAR 308m - -
Underground Development ZAR 838m ZAR 838m 0%
Annual Free Cashflow After Tax ZAR 215m ZAR 276m +28%
Assumes ZAR:USD of 8.75:1, Eskom coal sales at ZAR9.00/GJ, 6 000kcal API4 coal
price of US$90/t and a 30% discount in pricing to API4 for the 5 000kcal Export
1 Feasibility Study Results have been updated based on the revised exchange
rates and export thermal coal prices above.
The optimisation work has confirmed the potential to substantially improve the
project economics and reduce the capital expenditure identified in the 2011
Feasibility Study to bring the De Wittekrans Coal Project into production.
The work has identified the opportunity to develop the De Wittekrans Coal
Project to be a major exporter of up to 2.4Mtpa of a thermal coal product,
ideally suited for the Asian Coal Market, over an initial 30 year mine life. As
a result total annual sales revenue have been forecast to increase by over 35%
to up to approx. US$145m p.a. and annual forecast free cashflow after tax
increases by approx 30% to up to approx. US$30m.
The work has demonstrated that the De Wittekrans Coal Project is a significant
asset that has the potential to become the Company's "flagship" project.
Based upon the preliminary results of the optimisation and infrastructure study
work completed, the Company plan to appoint an independent technical consultant
to update the 2011 Feasibility Study. The Company believes that the results
from the initial optimisation work done to date have indicated the potential
for further improvements to be achieved through this process.
During the Quarter, the Company announced that the Botswana Department of Mines
had approved the renewal of the Company's three coal Prospecting Licenses in
Botswana for a further 2 years.
Through its Botswana subsidiary, Weldon Investment (Pty) Ltd, the Company holds
three coal prospecting licenses that cover an area of approx. 475km². The
Prospecting Licenses, PL339/2008 and PL340/2008 are together known as the
Serowe Coal Project, whilst PL341/2008 is known as the Kweneng Coal Project.
The Company's licenses are considered very well located strategically, with the
Serowe Coal Project located immediately north of Botswana's only major
producing thermal coal mine, the Morupule Coal Mine, whilst the Kweneng Project
is 25kms west of CIC Energy's Mmamabula Coal Project that was recently acquired
by Jindal Steel and Power Ltd of India for US$116m.
In August 2012 following completion of its Phase 1 drilling program, the
Company announced a maiden JORC Compliant Inferred Resource of 2.2 Billion
Tonnes on the Kweneng Coal Project and a further Exploration Target in excess
of 9 Billion Tonnes across both the Kweneng and Serowe Coal Projects.
The renewal of the Prospecting Licenses for a further 2 years now allows the
Company to finalise its proposed Phase 2 exploration drilling program across
both the Kweneng and Serowe Coal Projects with the principle aims being to
increase existing resources, increase the level of confidence in the extent,
continuity and quality of the known resources as well as to convert a
significant portion of the Exploration Target into JORC compliant resources on
the Serowe and Kweneng Coal Projects.
The renewal of the Prospecting Licenses will also allow the Company to advance
its discussions with several strategic parties that have already expressed an
interest in participating in the Company's exploration activities across the
Serowe and Kweneng Coal Projects.
 It should be noted that the Exploration Target at the Serowe and
Kweneng Projects is conceptual in nature as there has been insufficient
exploration to define a Resource and that it is uncertain if further
exploration will result in the determination of a Resource. To delineate a
resource that is JORC Compliant will require significant more levels of
Settlement of VanMag and Acquisition of Minority Shareholders In Mashala
During the Quarter, the Company announced that settlement of the sale of its
shareholding in Vanadium and Magnetite Exploration and Development Co (SA)
(Pty) Limited ("VanMag") had proceeded with an initial non-refundable payment
by the purchaser of approx. US$1m. Final settlement of the US$9m balance is to
be made in the current quarter.
The proceeds received were used to meet part of the ZAR76m purchase price for
the outstanding minority interests in Mashala Resources ("Mashala") not already
held by the Company's principal subsidiary in South Africa. Final payment of
the outstanding interests is scheduled on 28 February 2013 and is to be made
from the US$9m due from the final settlement of the VanMag transaction.
ABSA Capital Debt Facilities
The Company completed the first drawdown of its secured debt project finance
facility with ABSA Capital. The ZAR253m (approx. US$30m) seven year term loan
facility and ZAR17.5m (approx. US$2.1m) standby facility are limited recourse
debt facilities that are to be used to fund the outstanding capital, mine
equipment and working capital costs associated with the development and
commissioning of the Penumbra Coal Mine.
An initial drawing of ZAR132m was made by the Company during the Quarter.
Further drawings of the term loan facility are scheduled in the current
Repayment of the term loan facility is scheduled to commence in August 2014,
with subsequent quarterly repayments averaging US$1.3m to be made from
operating project cashflow up to November 2019.
As part of the ABSA Capital Debt Facilities the Company has implemented a coal
and foreign exchange hedging program to mitigate its exposure to a sustained
fall in US$ coal prices or an appreciation of the ZAR:US$. The hedging program
comprises 664,550t of coal over the life of the term loan facility at an
average price of ZAR1,057/t. As at the end of the Quarter the hedging was
approx. ZAR8.6m (A$0.9m) in-the-money. The Company has further entered into an
interest rate swap to mitigate its exposure to a rise in interest rates.
During the Quarter, financial settlement of 12,900t of coal hedge contracts was
completed and a hedging gain of ZAR3.0m (approx. A$0.36m) was realised.
Acquisition and Direct Investment in the Company's South African Coal Assets
During the Quarter a due diligence and bidding process was completed with a
number of Indian based coal and power utility companies, major global commodity
trading and private equity groups with offers received for the Company's
interest in its South African business and for acquisition and/or joint venture
of specific operating and development projects.
Negotiations in respect to these offers continued throughout the Quarter.
In addition following the Company's announcement of the positive optimisation
study on the De Wittekrans Coal Project in November 2012, a number of further
interested parties approached the Company in regards to a potential long-term
off-take agreement, strategic partnership and funding and/or joint venture
arrangement on the project.
The Company has been encouraged by the high level of interest in the De
Wittekrans Coal Project from these parties and is currently progressing its
discussions with these parties.
An update is planned to be made in the current quarter on these discussions and
FINANCIAL AND OPERATIONAL PERFORMANCE
Summary financial and operating results for the Ferreira, Penumbra and
Vlakvarkfontein coal mining operations for the FY2013 year to date are provided
Detailed financial data for the 6 month period up to 31 December 2012 will be
included in the Half Yearly Results and audited financial review to be released
on or before 28 February 2013.
MINE OPERATIONAL AND FINANCIAL PERFORMANCE
2013 FINANCIAL YEAR TO DATE
Ferreira Penumbra Vlakvarkfontein
Coal Mine Coal Mine Coal Mine
ROM Production 258,037 2,694 735,748
Feed to Plant 161,648 3,260 -
Export Yields 68.0% 26.2% -
Export Sales 208,896 854 -
Eskom Sales - - 540,328
Other Sales - - 107,331
Total Sales 208,896 854 647,659
Export Sales 144,792 3,671 -
Domestic Sales - - 113,149
Other Sales - - 3,827
Total Revenue 144,792 3,671 116,976
Mining Costs 68,104 1,826 55,769
Processing Costs 22,857 177 12,102
Materials Handling 3,060 50 -
Indirect Costs 6,092 2,845 2,368
Export Costs 26,379 126 74
Bought in Coal Costs 625 - -
Administration Costs 4,895 - 5,126
Stock Movement 12,516 - (1,878)
Total Production Costs 144,528 5,024 73,562
Gross Profit 263 (1,353) 43,415
Financial performance at the Ferreira Coal Mine reflects the increased costs
associated with the new mine development into the adjacent and adjoining
Prospecting Rights as well the impact of the delay in obtaining the Section 102
application which limited production in the September 2012 quarter. Sales for
the quarter were impacted with only 12 of a budgeted 15 trains railed to RBCT.
The financial performance of the Ferreira Mine is forecast to improve as steady
state operations are achieved this quarter.
Financial performance at the Penumbra Coal Mine reflects commencement of ROM
coal production and first thermal coal sales late in the Quarter. The Penumbra
Coal Mine is forecast to be cashflow positive this current quarter with
forecast ROM coal production of 95,000t increasing to 185,000t in the June
quarter. The Vlakvarkfontein Coal Mine is forecast to continue to perform
strongly in the current quarter with thermal coal sales to Eskom of approx.
For the Quarter, based on the unaudited management accounts, the Company
reported sales revenue of A$14.4m, total production costs of A$12.7m and a
gross profit of A$1.7m. Revenue for the Quarter of A$14.4m was 7.7% lower than
the previous quarter, total production costs were in line with the previous
quarter. Group EBITDA year to date of A$0.9m was achieved. EBITDA is forecast
to improve over Q3 2013 and Q4 2013 with the Penumbra Coal Mine increasing
production and the Ferreira Coal Mine achieving steady state production in the
newly developed adjoining Prospecting Rights.
The Company continues with its various initiatives that it has implemented in
the previous quarters to counter the impact of lower export thermal coal
prices. The Company believes that these initiatives will result in improved
earnings in Q3 2013 and Q4 2013.
Total cash and cash equivalents as at the end of the Quarter was approx. A$4m.
The Company has available approx. A$13m under the ABSA Capital Debt Facilities
to fund outstanding capital expenditure and working capital costs associated
with the development and commissioning of the Penumbra Coal Mine. During the
Quarter the Company progressed discussions with financiers regarding the
establishment of a Standby Funding facility for up to A$15m, and a refinancing
of its existing convertible note facilities.
Chief Executive Officer
For further information please contact:
Jason Brewer Don Turvey
Executive Director Chief Executive Officer
T: +61 8 9488 5220 T: +27 11 881 1420
Media (Australia) Media (UK)
David Tasker Mike Bartlett/Jos Simson
Professional Public Relations Tavistock Communications
T: +61 8 9388 0944 T: +44 20 7920 3150
RFC Corporate Finance
T: +61 8 9480 2500
Joint Brokers Joint Brokers
Mark Wellesley-Wood / Chris Sim Andrew Young
Investec Bank plc GMP Securities Europe LLP
T: +44 20 7597 4000 T: +44 20 7647 2800
About Continental Coal Limited
Continental Coal Limited (ASX:CCC/AIM: COOL/US-OTCQX:CGFAY) is a South African
thermal coal producer with a portfolio of projects located in South Africa's
major coal fields including three operating mines, the Vlakvarkfontein,
Ferreira and Penumbra Coal Mines, are set to produce at an annualised rate of
2.8Mtpa of thermal coal for the export and domestic markets. The Company's
first underground mine, the Penumbra Coal Mine, commenced development in
September 2011 and produced first coal in November 2012. In 2011, a Feasibility
Study was also completed on a proposed fourth mine, the De Wittekrans Coal
Project and further optimisation studies completed in 2012. The Company has
further concluded strategic off-take and funding agreements with EDF Trading
for its export thermal coal production, signed a joint development agreement
with KORES, Korea Resources Corporation and secured debt funding from ABSA
Capital to fund its growth.
Competent Persons Statement
The information in this report that relates to the Coal Resources and Reserves
has been prepared in accordance with the Australian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves as published by the
Joint Ore Reserves Committee (JORC Code). The Australasian Joint Ore Reserves
Committee (JORC) and the JORC Code requires that Competent Persons must belong
to the Australasian Institute of Mining and Metallurgy (AusIMM), or the
Australian Institute of Geoscientists (AIG), or a Recognized Overseas
Professional Organisation (ROPO). ROPOs are professional organisations that the
ASX, acting on advice from JORC and its parent organisations, accepts as bodies
to which Competent Persons may belong to for the purpose of preparing
documentation on Exploration Results and Mineral Resources, on which reports to
the ASX are based. The South African Council for Natural Scientific Professions
(SACNASP) as well as the Geological Society of South Africa are considered as
ROPOs by JORC.
The information in this report that relates to Exploration Results and Coal
Resources is based on data and coal resource estimates completed by Mr. Nico
Denner, a full time employee of Gemecs (Pty) Ltd. Mr. Denner is a member in
good standing of the South African Council for Natural Scientific Professions
(SACNASP No. 400060/98) as well as a Member and Fellow of the Geological
Society of South Africa. He has more than 15 years' experience in the South
African Coal and Minerals industries. Mr. Denner has sufficient experience
which is relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as a
Competent Person as defined by the 2004 Edition of the `Australasian Code of
Reporting of Exploration Results, Mineral Resources and the Ore reserves.
Within the constraints mentioned above, all work undertaken by Mr. Denner and
related to the resource estimate was carried out following industry best
practice standards using the South African Code for Reporting of Mineral
Resources and Mineral Reserves (the SAMREC Code, 2007) in conjunction with the
South African guide to the systematic evaluation of coal resources and coal
reserves (SANS 10320:2004) as a basis. As such the resource statements
contained in this report may be considered compliant with the JORC Code. Mr.
Denner consents to the inclusion in the ASX release of the matters based on his
information in the form and context in which it appears.
Forward Looking Statement
Certain statements made during or in connection with this communication,
including, without limitation, those concerning the economic outlook for the
coal mining industry, expectations regarding coal prices, production, cash
costs and other operating results, growth prospects and the outlook of
Continental's operations including the likely commencement of commercial
operations of the Penumbra and De Wittekrans, its liquidity and the capital
resources and expenditure, contain or comprise certain forward-looking
statements regarding Company's development and exploration operations, economic
performance and financial condition. Although Company believes that the
expectations reflected in such forward-looking statements are reasonable, no
assurance can be given that such expectations will prove to have been correct.
Accordingly, results could differ materially from those set out in the
forward-looking statements as a result of, among other factors, changes in
economic and market conditions, success of business and operating initiatives,
changes in the regulatory environment and other government actions,
fluctuations in coal prices and exchange rates and business and operational
risk management. For a discussion of such factors, refer to the Company's most
recent annual report and half year report. The Company undertakes no obligation
to update publicly or release any revisions to these forward-looking statements
to reflect events or circumstances after today's date or to reflect the
occurrence of unanticipated events.
It should be noted that the Exploration Target at the Serowe and Kweneng
Projects is conceptual in nature as there has been insufficient exploration to
define a Resource and that it is uncertain if further exploration will result
in the determination of a Resource. To delineate a resource that is JORC
Compliant will require significant more levels of drilling.
South Africa Australia
T +27 11 881 1420 F +27 11 881 1423 W T +61 8 9488 5220 F +61 8 9324 2400
9th Floor Fredman Towers, 13 Fredman Ground Floor, 1 Havelock Street, West
Drive, Sandton 2196 Perth, WA 6005
PO Box 787646, Sandton 2146 PO Box 684, West Perth WA 6872
Independent Non-Executive Chairman Mike Kilbride Chief Executive Officer Don
Turvey Executive Director Jason Brewer
Non-Executive Directors: Johan Bloemsma Peter Landau James Leahy Connie Molusi