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OPT - Optimum Coal Holdings Limited - Optimum Coal FY 2011 operational update
OPTIMUM COAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2006/007799/06)
Share code: OPT
ISIN: ZAE000144663
Issuer code: OPT
("Optimum Coal" or the "Company")
OPTIMUM COAL FY 2011 OPERATIONAL UPDATE
Optimum Coal, a leading South African coal mining and exploration group, listed
on the JSE Limited, wishes to inform shareholders and update the market on
operational performance at Optimum Collieries and Koornfontein Mines. Optimum
Coal owns 100% of Optimum Collieries and Koornfontein Mines respectively.
Table 1 - Salient Production Features at Optimum Collieries and Koornfontein
Mines for the 2 month period 1 July 2010 to 31 August 2010.
Optimum Koornfontein
Units Collieries Mines
ROM production t`000 2,540 584
Eskom Saleable t`000 918 210
Export Saleable t`000 920 361
Optimum Collieries produced 2.54 million tons of run-of-mine coal and a total of
1,838 million tons of saleable coal during the 2 month period to 31 August 2010.
Our estimate of Optimum Collieries` ROM production for the financial year ending
June 2011 is 15 - 16 million tons from which an estimated 5.6 - 6.0 million
exportable tonnes and 5.5 million Eskom saleable tons will be produced.
Koornfontein Mines produced 0,584 million tons of run-of-mine coal and 0.571
million tons of saleable coal during the 2 month period to 31 August 2010. Our
estimate of run-of-mine production for the financial year ending June 2011 is
2.9 - 3.1 million tons of which an estimated 1.6 - 1.8 million tons of
exportable coal will be produced and 1.2 million saleable tons will be produced
for Eskom or lower quality inland markets. Eskom saleable production includes
secondary washing of discard material.
Chief Executive Officer Mike Teke said; "ROM production run rates at our
operations have improved substantially over the last while and we are now well
set to deliver FY 2011 growth targets. Operational issues experienced at Optimum
Collieries in FY2010 have been addressed with the implementation of water
management initiatives and a re-focus on contract mining effectiveness.
Additionally, our Boshmanspoort underground section has stabilised and is set to
deliver improved volumes notwithstanding difficult cutting conditions
experienced in the development of various underground sections during FY2010.
Koornfontein Mines is now fully integrated into the group and is delivering at
production rates ahead of FY2011 targets. Importantly, additional geological
work performed at Koornfontein Mines has enabled us to extend the high value,
export quality 2-seam life by at least another 3 production years at current
production rates. This bodes well for incremental export production growth and
capital efficiencies going forward."
The above financial information has not been reviewed or reported on by the
Company`s external auditors.
www.optimumcoal.com
15 September 2010
Johannesburg
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Financial Communications Advisers
COLLEGE HILL
Date: 15/09/2010 07:10:01 Produced by the JSE SENS Department.
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