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RSG
RSG - Resource Generation Limited - Quarterly Report for the three months
ended 30 June 2010
Resource Generation Limited
ACN 059 950 337
(previously named Comdek Limited)
(Incorporated and registered in Australia)
(Registration number ACN 059 950 337)
Share code on the JSE Limited: RSG ISIN: AU000000RES1
Share code on the Australian Stock Exchange Limited: RES ISIN: AU000000RES1
(JSE short name: "Resgen" or "the Company") (Australian short name: "RES")
Quarterly Report for the three months ended 30 June 2010
Resource Generation has coal interests in South Africa and Tasmania. Its
current priority is to develop its planned Boikarabelo coal mine in the
Waterberg region of South Africa, which has one of the country`s largest
remaining coal deposits.
Highlights
* Secondary listing on Johannesburg Stock Exchange (JSE) to provide
additional funding options for the Boikarabelo mine development.
* Progress with mining rights application.
* Received approval to increase shareholding in Boikarabelo`s Ledjadja
tenements.
* Further drilling program results consistent with previous results.
* Opened dialogue on access to rail network.
* Commenced discussions with potential customers.
* Consolidated land holdings around planned Boikarabelo mine.
South Africa
Secondary listing on JSE
Resource Generation announced in March 2010 that it intended to apply for a
secondary listing of its shares on the JSE to open up additional sources of
finance and enable South African investors to participate in the Boikarabelo
mine development.
The listing took place on 14 July 2010 following extensive due diligence to
meet JSE Listings Requirements. These included publication of a
comprehensive pre-listing statement which is available on Resource
Generation`s website along with related media coverage.
To overcome the JSE`s concern about lack of liquidity in Resource
Generation`s shares, the company issued five million fully paid shares to a
trust, of which the trustee is a wholly-owned subsidiary of the company.
This facility will remain in place until there is a sufficient spread of
shareholders on the South African register, when arrangements will be made
to deal with the shares in the interests of all shareholders.
Progress with mining rights application
Progress with Resource Generation`s mining rights application is continuing
and has reached the stage when public consultation is underway on the
environmental management plan. The application process is transparent and
the company has held constructive meetings with the Department of Mineral
Resources; as mentioned below, the department handled the company`s previous
application promptly and efficiently.
Approval to increase shareholding in Boikarabelo`s Ledjadja tenements
Regulatory approval, often considered a sovereign risk, has been received
from the Department of Mineral Resources to increase Resource Generation`s
shareholding in Boikarabelo`s Ledjadja tenements to 74%.
Further drilling program
Results continue to be analysed on the 25 holes drilled in the previous
quarter, with analysis of half the holes completed to date. Results are
consistent with earlier drilling; if this continues, Boikarabelo`s probable
saleable reserves and indicated resource are likely to increase from the
current level of 603.3 million tonnes. Investors are referred to the ASX
release today on Resgen`s website for the map.
Access to rail network
The company has initiated discussions with Transnet regarding access to its
rail network to provide transport to east coast ports. Pending possible
construction of a branch line, initial production will be transported by
truck 45 km to existing rail infrastructure.
Discussions with potential customers
The company is also in discussions with potential customers regarding
purchases of Boikarabelo coal when production begins.
Consolidation of land holdings
During the quarter a key 1,273 hectare property was acquired for A$3
million. This consolidated Resource Generation`s landholdings around the
planned Boikarabelo mine, securing freehold title to both mining and
infrastructure land to minimise start-up issues for the mine.
Tasmania
Drilling has been completed of 12 of 24 planned holes on the Woodbury
tenement, where Resource Generation is exploring for thermal coal. Coal
intersections have been made but results have yet to be correlated.
Cameroon
There was no activity during the quarter on Resource Generation`s uranium
tenements in Cameroon.
Corporate Information
Directors
Scott Douglas Non-Executive Chairman
Paul Jury Managing Director
Steve Matthews Executive Director
Geoffrey (Toby) Rose Non-Executive Director
Company Secretary
Steve Matthews
Registered Office
Level 12, Chifley Tower
2 Chifley Square
Sydney NSW 2000
Telephone: 02 9376 9000
Facsimile: 02 9376 9013
Website: www.resgen.com.au
Mailing Address
GPO Box 5490
Sydney NSW 2001
Contacts
Paul Jury
Steve Matthews
JSE Sponsor: Deloitte & Touche Sponsor Services (Pty) Limited
* Information in this report that relates to exploration results, mineral
resources or ore reserves is based on information compiled by Mr Dawie Van
Wyk who is a consultant to the Company and is a member of a Recognised
Overseas Professional Organisation. Mr Van Wyk 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 in the 2004 Edition of the `Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserves`.
Mr Van Wyk has given and has not withdrawn consents to the inclusion in the
report of the matters based on his information in the form and context in
which it appears
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.
Name of entity
Resource Generation Limited
ABN Quarter ended
("current quarter")
91 059 950 337 30 June 2010
Consolidated statement of cash flows
Current Year to
Cash flows related to operating activities quarter date (12
$A`000 mths)
$A`000
1.1 Receipts from product sales - 44
and related debtors
1.2 Payments for (a) (329) (1,936)
exploration and evaluation (813) (2,357)
(b) development - -
(c) production (179) (1,164)
(d)
administration
1.3 Dividends received - -
1.4 Interest and other items of 157 990
a similar nature received
1.5 Interest and other costs of (1) (5)
finance paid
1.6 Income taxes paid - -
1.7 Other (provide details if - -
material)
Net Operating Cash Flows (1,165) (4,428)
Cash flows related to
investing activities
1.8 Payment for purchases of: - -
(a) prospects - -
(b) equity investments (3,044) (22,749)
(c) other fixed assets
(land)
1.9 Proceeds from sale of: (a) - -
prospects - -
(b) equity investments - -
(c) other fixed assets
1.10 Loans to other entities - -
1.11 Loans repaid by other - -
entities
1.12 Other- Government charges in 1,121 (1,435)
relation to land
acquisitions (refundable)
(1,923) (24,184)
Net investing cash flows
1.13 Total operating and (3,088) (28,612)
investing cash flows
(carried forward)
Current Year to
quarter date (12
$A`000 mths)
$A`000
1.13 Total operating and investing cash flows (3,088) (28,612)
(brought forward)
Cash flows related to financing
1.14 activities (22) 29,611
Proceeds from issues of shares, options,
etc.
1.15 Proceeds from sale of forfeited shares - -
1.16 Proceeds from borrowings - -
1.17 Repayment of borrowings - -
1.18 Dividends paid - -
1.19 Other (provide details if material) - -
Net financing cash flows (22) 29,611
Net increase (decrease) in cash held (3,110) 999
1.20 Cash at beginning of quarter/year to date 9,175 5,091
1.21 Exchange rate adjustments to item 1.20 23 (2)
1.22 Cash at end of quarter 6,088 6,088
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related
entities
Current
quarter
$A`000
1.2 Aggregate amount of payments to the parties 212
3 included in item 1.2
1.2 Aggregate amount of loans to the parties included -
4 in item 1.10
1.2 Explanation necessary for an understanding of the transactions
5
Executive salaries and directors fees
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a
material effect on consolidated assets and liabilities but did not
involve cash flows
N/A
2.2 Details of outlays made by other entities to establish or increase
their share in projects in which the reporting entity has an
interest
N/A
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount Amount
available used
$A`000 $A`000
3.1 Loan facilities - -
3.2 Credit standby arrangements - -
Estimated cash outflows for next quarter
$A`000
4. Exploration and evaluation 1,130
1
4. Development 1,380
2 Production -
4. Administration 500
3
4.
4
Total 3,010
Reconciliation of cash
Reconciliation of cash at the end of the quarter Current Previous
(as shown in the consolidated statement of cash quarter quarter
flows) to the related items in the accounts is $A`000 $A`000
as follows.
5. Cash on hand and at bank 14 15
1
5. Deposits at call 5,892 8,978
2
5. Bank overdraft - -
3
5. Other (Bank guarantees) 182 182
4
Total: cash at end of quarter (item 1.22) 6,088 9,175
Changes in interests in mining tenements
Tenement Nature of Interest Interest
reference interest at at end of
beginning quarter
of quarter
6. Interests N/A
1 in mining
tenements
relinquish
ed,
reduced or
lapsed
6. Interests N/A
2 in mining
tenements
acquired
or
increased
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion
rights together with prices and dates.
Total Number Issue Amount
number quoted price paid up
per per
security security
(cents) (cents)
7.1 +Preference N/A
securities (description)
7.2 Changes during quarter N/A
Increases through
issues
Decreases
through returns of capital,
buy-backs, redemptions
7.3 +Ordinary securities 159,412, 159,412, Various Fully
477 477 paid
7.4 Changes during quarter
Increases 5,000,00 5,000,00 50 Nil
through issues 0 0
Decreases Nil Nil
through returns of capital, Nil Nil
buy-backs
7.5 +Convertible debt securities N/A
(description)
7.6 Changes during quarter N/A
Increases through
issues
Decreases through
securities matured,
converted
7.7 Options (description and Exercise Expiry
conversion factor) 450,000 Nil price date
3,750,00 Nil 28/11/20
0 Nil $0.25 12
1,000,00 Nil 31/12/20
0 Nil $0.50 12
250,000 Nil 7/7/2011
450,000 Nil $0.50 17/3/201
250,000 Nil 3
350,000 Nil $0.50 28/11/20
350,000 Nil 12
375,000 Nil $0.60 17/3/201
375,000 3
500,000 $0.70 17/3/201
3
$1.00 17/3/201
3
$1.50 28/5/201
3
$1.55 28/5/201
3
$1.85 28/5/201
3
$2.05
7.8 Issued during quarter Nil
7.9 Exercised during quarter Nil
Nil
7.10 Expired during quarter Nil
7.11 Debentures N/A
(totals only)
7.12 Unsecured notes (totals N/A
only)
Compliance statement
1 This statement has been prepared under accounting policies which comply
with accounting standards as defined in the Corporations Act.
2 This statement does give a true and fair view of the matters disclosed.
3 The information contained in this report has not been reviewed nor
reported on by the company`s auditors.
Sign here: Date: 26 July 2010
(Company secretary)
Print name: STEPHEN JAMES MATTHEWS
Date: 26/07/2010 10:24:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
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