| Tue 14 Feb 2012, 7:05 | | CZA - CoAL - Issue of Employee Share Options |
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CZA
CZA
CZA - CoAL - Issue of Employee Share Options
Coal of Africa Limited
(Incorporated and registered in Australia)
(Registration number ABN 008 905 388)
ISIN AU000000CZA6
JSE/ASX/AIM share code: CZA
("CoAL or the "Company" or the "Group")
ISSUE OF EMPLOYEE SHARE OPTIONS
Coal of Africa Limited (`CoAL` or the `Company`) confirms it has today issued
2,670,000 unlisted options to 28 employees of the Company, exercisable at
ZAR7.60 on or before 14 February 2017 ("Options"). The options vest equally over
3 years, with one third vesting on 1 July 2012, one third vesting on 1 July 2013
and the final third vesting on 1 July 2014.
The Options were recommended by the Company`s Remuneration Committee in
September 2011 but were not issued at that time due to the Company being in a
close period under its published Securities Trading Policy.
An Appendix 3B to confirm the issue of the Options will follow.
AUTHORISED BY:
Shannon Coates
Company Secretary
For more information contact:
John Wallington
Chief Executive Officer
Coal of Africa
+27 11 575 7423
Wayne Koonin
Financial Director
Coal of Africa
+27 11 575 6797
Shannon Coates
Company Secretary
Coal of Africa
+61 893 226 776
Chris Sim/ Jeremy Ellis/Neil Elliot
Nominated Adviser
Evolution Securities
+44 20 7071 4300
Jos Simson/Emily Fenton
Financial PR
Tavistock
+44 207 920 3150
www.coalofafrica.com
14 February 2012
Ruben Govender
Sponsor
J.P. Morgan Equities Limited
+27 11 507 0430
About CoAL: CoaL is an AIM/ASX/JSE listed coal exploration, development and
mining company operating in South Africa. CoAL`s key projects include the Vele
Colliery (coking and thermal coal), the Makhado Project (coking coal) and the
Mooiplaats and Woestalleen Collieries (both thermal coal).
The Mooiplaats Colliery commenced production in 2008 and is currently ramping up
to produce 2 Mtpa. The Woestalleen Colliery, acquired through the acquisition of
NuCoal Mining (Pty) Limited in January 2010, currently processes approximately
2.5Mtpa of saleable coal for domestic and export markets. The Woestalleen
Complex also incorporates three beneficiation plants with a total processing
capacity of 350,000 run of mine feed tonnes per month.
CoAL`s Vele Colliery is expected to start production in the first half of 2012.
During the initial phase, the operation is targeting 2.7 Mtpa ROM production to
produce 1.0Mtpa saleable coking coal. The Makhado Project, CoAL`s flagship
project in the Soutpansberg coalfield, is well into the feasibility stage, with
a Definitive Feasibility Study nearing completion. An application for a New
Order Mining Right for the Makhado Project was submitted in January 2011.
In November 2010, CoAL agreed to acquire the Chapudi coal project and several
other coal exploration properties in the Soutpansberg coal basin in South Africa
from the previous owners, including Rio Tinto. Upon completion, the acquisition
of these projects will significantly extend the scale and scope of certain of
CoAL`s existing projects in the region and will more than double the resource of
the existing Makhado Project.
Date: 14/02/2012 07:05:02 Produced by the JSE SENS Department.
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