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African Energy Resources Limited

Publié le 27 juillet 2016

June Quarterly Activities and Cashflow Report

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Mots clés associés :   Botswana | Cash | Mines |

June Quarterly Activities and Cashflow Report

28 July 2016

QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 30 JUNE 2016 HIGHLIGHTS

  • First Quantum Minerals Ltd. (FQM) committed AUD $3 million over the next twelve months on work programs to advance the Sese Integrated Power Project.

  • Sese JV focused on advancing the permitting of Sese Coal Mine and Power Project

    • The Department of Mines in Botswana accepted an application for a coal mining license.

    • Negotiations continued with the Botswana Ministry of Finance for a Manufacturing Development Approval Order for the Sese Project.

  • The South African Minister of Energy gazetted a determination setting out terms for the coal baseload cross‐border Independent Power Producer (IPP) procurement programme:

    • 3,750 MW shall be procured through one or more coal‐fired, cross‐border IPP's

    • The Department of Energy can commence direct negotiation with one or more project developers rather than being restricted to a tendering process;

    • Procurement shall target connection to the grid as soon as reasonably possible.

  • African Energy's 100% owned Mmamabula West and Mmamantswe Projects are being developed for submission into this cross border IPP programme.

  • Project development programmes continued at the Mmamabula West project:

    • Test work programme to develop a preliminary fuel specification continued

    • Amendments to the Environmental and Social Impacts Assessment (ESIA) and Environmental Management Plan to include 600MW of power generation and grid connection continued;

    • Hydrogeological modelling for ESIA baseline studies continued;

    • Preparation of submissions for surface rights and water allocation continued

  • AFR assisted TM Consulting prepare the Mmamantswe Project work programme to deliver a formal submission in response to South Africa's coal‐fired, cross‐border IPP procurement programme.

  • On‐market share buyback remained suspended in the quarter.

  • At 30 June 2016, the Company had cash reserves of AU$5.27M.

OUTLOOK FOR NEXT QUARTER

Sese Integrated Power Project (47% AFR, 53% FQM)

  • Commence a work programme to advance the Sese Project including;

    • Additional large diameter drilling to collect ~1,000kg of coal for combustion testing.

    • Preliminary geotechnical evaluations of the proposed power station site

    • Update the Environmental Approvals to allow up to 450MW of power generation. o Update the mining study to meet the requirements of a 450MW power project. o Preliminary power station design and layout.

    • Execution of the Water Supply Agreement for the project.

    • Hydrogeological studies at the mine site to characterize the aquifers.

  • Continue to assess power market opportunities in the southern African region suitable for expansions of the Sese Integrated Power Project.

  • Submit an application to Botswana Ministry of Finance for a Manufacturing Development Approval Order for the Sese Project.

  • FQM are required to commit a further A$10.0M by 12 July 2017 to acquire an additional 22% interest in the project.

    Mmamabula West Project (100% AFR)

  • Complete binding documentation for a Joint Development Agreement with a development partner and such other ancillary documents as may be required.

  • Completion of large diameter core analyses to provide the basis for determination of a power station fuel specification for each coal seam.

  • Ongoing hydrogeological modelling for the ESIA baseline study.

  • Ongoing amendment of the ESIA and EMP to include 600MW of power generation plus grid connection.

  • Commence grid integration and transmission study.

    Mmamantswe Power Project (100% AFR, operated by TM Consulting)

  • Continue to assist TM Consulting execute the Mmamantswe Project work programme to deliver a formal submission in response to South Africa's coal‐fired, cross‐border IPP procurement programme.

PROJECTS

  1. Sese JV, Botswana (AFR 47%, FQM 53%)

  2. Sese JV

    • FQM acquired a 51% interest in the Sese Project in January 2015 and shall increase their interest in to 75% by investing a further A$10.0M by 12 July 2017. This investment will be used to fund the evaluation and development of the proposed Sese Integrated Power Project.

    • Once FQM has reached a 75% project interest, AFR's ongoing 25% interest in all projects undertaken in the Sese JV will be loan carried through to commercial operation, with the loan to be priced on the same terms as FQM's weighted average cost of long‐term debt, and repaid from AFR's share of operating surplus cash flow.

    • FQM spent A$164,820 in the quarter and has spent A$1,935,800 to date since their initial investment on January 2015 and currently own 53% interest in the Sese Project.

    • First Quantum Minerals Ltd. (FQM) has committed AUD $3 million over the next twelve months on work programs to advance the Sese Integrated Power Project:

      • Additional large diameter drilling to collect approximately 1,000kg of coal for combustion testing and physical handling test work. This will lead to the development of the fuel specification for the proposed power station, and finalization of the coal handling and processing flowsheet.

      • Preliminary geotechnical evaluations of the proposed power station site to assess sub‐ surface conditions with respect to footings for the power station (boilers, turbines, generators) and ancillary infrastructure.

      • Update the mining study to meet the requirements of fuel delivery for a 450MW integrated power project.

      • Preliminary power station design and layout.

      • Negotiations for power off take agreements with interested parties.

      • Execution of the Water Supply Agreement for the project.

      • Hydrogeological studies at the mine site to characterize aquifers to allow mine design and aquifer management plans to be advanced.

      • Commencement of early site works to include an upgraded access road and preliminary siting of camp facilities.

      • Diamond drilling to test the continuity and quality of the Seswe limestone deposit for use as a sorbent to reduce airborne sulphur emissions from the proposed power station.

  3. Permitting

    • A mining license application covering enough coal for the initial Sese Power Project and potential future expansions is currently being assessed by Botswana Department of Mines.

    • A Land Lease agreement providing guaranteed surface rights over the Sese project area for 50 years was signed during the quarter and remains in the process of being registered as a Deed in Botswana.

    • A formal Water Supply Agreement is being finalized for execution.

    • The Environmental and Social Impact Assessment for the Sese Integrated Power Project has been approved by the Department of Environmental Affairs (DEA).

      • This covers an initial 300MW power station, associated coal mine and related infrastructure, including an access corridor to the main A1 highway and regional transmission grid.

      • An update to the ESIA is being prepared to seek environmental approvals sufficient for up to 450MW of power generation (staged development of 2 x 225MW units) and the associated coal mining and processing.

    • Foley North industrial minerals prospecting license (PL004/2013) was extended to 31 December 2017. Sese (PL96/2005) and Sese West (PL197/2007) prospecting licenses are valid until 31 December 2016.

    • Commenced negotiations with Botswana Ministry of Finance for a Manufacturing Development Approval Order for the Sese Project. AFR is providing assistance to FQM for these negotiations, including financial modelling of project cash flows to various stakeholders and compiling advice on options for efficient and fair tax structuring.

  4. Mmamabula West Project, Botswana (AFR 100%)

  5. Integrated Power Project

    South Africa recently gazetted an updated notice amending it coal‐fired, baseload, cross‐border IPP procurement programme to 3,750MW. Procurement is to be managed via the IPP Office on behalf of the Department of Energy, and can be via direct negotiation for grid connection as soon as possible.

    The Mmamabula West project contains two ~5m thick coal seams and is being developed as an integrated underground coal mine and 600MW power station for submission into the South African cross‐border IPP procurement programme.

  6. Joint Development Agreement

    The Company is continuing to negotiate a Joint Development Agreement for the Mmamabula West project with a South African developer.

  7. Project Development Plan

  8. The following project development plan has been implemented:

    • A large diameter drilling programme to derive a power station fuel specification:

      • Proximate analyses of coal core samples from four slim‐line cores (48 samples of HQ3 core) indicate that the coal quality is in‐line with expectations from previous drilling.

      • Petrographic analysis of representative coal samples from each seam has been undertaken and indicates that the coal from both seams is a Medium Rank D bituminous coal.

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African Energy Resources Limited

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African Energy est une société d’exploration minière d'uranium basée en Australie.

African Energy détient divers projets d'exploration au Malawi, en Zambie et en Zimbabwe.

Son principal projet en développement est GWABE (CHIRUNDU) en Zambie et ses principaux projets en exploration sont NORTHERN LUANGWA VALLEY, LUANO VALLEY, ALDERSHOT, KARIBA VALLEY JV, CHIRUNDU JV, NJAME, LUANO et CENTRAL LUANGWA VALLEY en Zambie, SESE au Botswana et KARIBA en Zimbabwe.

African Energy est cotée en Australie. Sa capitalisation boursière aujourd'hui est 20,1 millions AU$ (14,5 millions US$, 12,7 millions €).

La valeur de son action a atteint son plus haut niveau récent le 25 février 2011 à 1,00 AU$, et son plus bas niveau récent le 20 mars 2020 à 0,01 AU$.

African Energy possède 609 000 000 actions en circulation.

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Présentations des Compagnies de African Energy Resources Limited
10/11/2009AFR: Investor Presentation November 2009
Rapports annuels de African Energy Resources Limited
2009 Annual Report
2009 Annual report
Projets de African Energy Resources Limited
06/11/2012(Sese)Receives Commitments to Raise A$3.0m for Sese Coal & Power P...
23/10/2012Company Update - Recent Progress with Projects
07/02/2012BRR Broadcast - African Energy Moves from Exploration to Pre...
11/06/2009(Chirundu Jv)Operating Cost Reduction for Chirundu Uranium JV Project
Communiqués de Presse de African Energy Resources Limited
27/07/2016June Quarterly Activities and Cashflow Report
20/04/2016African Energy Resources Ltd Media Broadcast
01/10/20152015 Annual Financial Report
30/07/2015June Quarterly Activities and Cashflows Report
06/07/2015Binding Term Sheet Signed for The Mmamantswe Project
06/07/2015Notice under 708A
02/07/2015Change of Director's Interest Notice x7
08/04/2015Change of Director's Interest Notice x7
10/03/2015Eastern States Roadshow
29/01/2015December Quarterly Activities and Cashflow Report
15/12/2014Sese Joint Venture Shareholder Agreement Executed
05/12/2014Sese Prospecting Licences Extended for Two Years
01/12/2014Extension of Time to Complete Sese Joint Venture
28/11/2014Appendix 3B
17/11/2014Completion of Sese Joint Venture Agreement Extended
03/11/2014Quarterly Activities and Cashflow Report
27/10/2014Change of Substantial Holders Interest
23/10/2014s708 ASIC Cleansing Notice
20/10/2014Investment by First Quantum Minerals to Develop New Power Pr...
06/03/2014Company Update
25/02/2014Update on Botswana 300MW Greenfield Power Project Tender
13/02/201413 Feb 2014 JORC Clarification Statement
01/02/201424 Jan 2014 Change of Directors Interest Notice x3
29/01/201429 Jan 2014 Change of Directors Interest Notice x3
13/01/201403 Jan 2014 JORC Clarification Statement
06/01/201407 Jan 2014 Change of Directors Interest Notice x4
11/11/2013BRR Webcast: African Energy acquires Mmamabula West Coal Pro...
18/10/2012Signs MOU with Power Station EPC Contractor
24/09/2012tests coal export route with 1,000 tons
30/04/2012News Release
29/01/2012News Release
18/07/2011(Sese)Raises A$15m to Accelerate Sese Coal Project
25/03/20102010 Exploration Programme Commences
02/02/2010AFR: February 2010 Investor Update
27/01/2010AFR: December Quarterly Activities and Cashflow Report
04/12/2009AFR: Placement and Appendix 3B
27/11/2009AFR: Share Purchase Plan
25/11/2009AFR: Results of Meeting
24/11/2009AFR: AGM Shareholder Presentation
29/10/2009AFR: September 2009 Quartery Activities and Cashflow Report
22/10/2009AFR: Notice of Annual General Meeting/Proxy Form
22/09/2009AFR: Full Year Statutory Accounts
18/08/2009Results of Shareholder Meeting
31/07/2009Boardroom Radio Broadcast
31/07/2009Appendix 3B
31/07/2009Section 708 Notice - Cleansing Statement
31/07/2009Notice of Meeting
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