Coal Of Africa Ltd Statement Re: Australian Resources Tax
07 Mai 2010 - 9:44AM
Dow Jones News
TIDMCZA
RNS Number : 5179L
Coal of Africa Limited
07 May 2010
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ANNOUNCEMENT
7 MAY 2010
POTENTIAL EFFECTS OF AUSTRALIAN RESOURCE SUPER PROFIT TAX
("CoAL" or "the Company")
Further to the announcement by the Australian Government on 3 May 2010, Coal of
Africa Limited, the AIM/ASX/JSE listed coal development and mining company
operating in South Africa (ticker: CZA), has received queries from shareholders
as to the potential effects of the proposed Resource Super Profit Tax ("RSPT").
The underlying intention of the RSPT is the levying of tax on profits arising
from the exploitation of non-renewable resources located in Australia.
CoAL has consulted its advisors and, as the Company has no operational projects
in Australia, it expects no increased taxation charges resulting from the
implementation of the RSPT.
Yours sincerely,
SIMON J FARRELL
Managing Director
+-----------------------------------------------------------------+----------+
| Contacts | |
| CoAL | |
| Simon Farrell Tel: +61 (0) 417 985 383 | |
| Blair Sergeant Tel: +27 (0) 11 785 4518 | |
| | |
| Azure Capital Tel: +61 (0) 8 6263 0888 | |
| Geoff Ward | |
| Ryan Rockwood | |
| | |
| Evolution Securities Tel: +44 (0) 20 7071 4300 | |
| Simon Edwards | |
| Chris Sim | |
| | |
| Conduit PR Tel: +44 (0) 20 7429 6603 | |
| Jos Simson | |
| Leesa Peters | |
| | |
+-----------------------------------------------------------------+----------+
About CoAL:
Coal of Africa Limited ("CoAL") is an AIM/ASX/JSE listed coal mining and
development company operating in South Africa. CoAL's key projects include the
Woestalleen Colliery, the 113 million tonne ('mt') Mooiplaats thermal coal mine,
the 656 mt Vele coking coal project and the 1 billion tonne Makhado coking coal
project (including resources to be acquired pursuant to the Rio Tinto farm swap
arrangements).
The Mooiplaats coal mine commenced production in 2008 and is currently ramping
up to produce 2 Mtpa. CoAL's Vele and Makhado coking coal projects are expected
to start production in Q3 2010 and Q1 2012 respectively, collectively producing
an initial 2 Mtpa rising to a combined annual output of 10 Mtpa of coking coal.
In 2010, CoAL completed the ZAR650m acquisition of NuCoal Mining (Pty) Limited
("NuCoal"), a thermal coal producer with assets in South Africa in close
proximity to CoAL's Mooiplaats mine. NuCoal owns the Woestalleen Colliery, which
has a number of off-take contracts in place and processes 2.5Mtpa of saleable
coal for domestic and export markets. NuCoal also owns two beneficiation plants,
one fully operational mine producing 350kt per month of ROM coal and has
recently commenced production at a second mine.
CoAL currently has 1 Mtpa export capacity at the Matola Terminal, increasing to
3 Mtpa on completion on completion of the next phase of expansion at the
terminal. CoAL also has the option to participate in further expansion at the
Matola Terminal, which is expected to increase the capacity at the terminal by
10 Mtpa.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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