COALCORP MINING - fantastisches Schnäppchen?
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Greetings investors!
The past 18 months have been a heck of a ride for Coalcorp Mining Inc. (TSX:CCJ), and especially for its shareholders. Last summer the stock more than doubled, gave up virtually all of those gains by November, and doubled again in identical fashion by December before falling back, yet again.
It’s currently flatlining at $0.17 Cdn per share after posting a multi year high of $5 and change.
So what went wrong?
Coalcorp owns the La Francia open pit coal mine in northeastern Colombia. Or did, rather. They want to sell the whole shebang to a subsidiary of Goldman Sachs for US$151 million, which would effectively put them out of the coal mining business.To do that, the company is busy fighting an injunction by a group of former directors who are alleging slander and other nasty things.
This story is kind of like the soap operas you see on Colombian television - ‘Pasion de las Gavilanes’, or ‘Cafe’, or ‘El Cartel de los Sapos’, to name a few. They’re all about blood and malfeasance and vengeance and betrayal and pay back, which pretty well sums up any kind of business venture that I’ve seen unfold in Colombia over the past 10 years when it involved a foreign company trying to take a profit out of the country.
Coalcorp’s original plan was to built a transportation network linking the coalfields in the northeast with ports on the Caribbean coast, and that initially attracted me to the company. Colombia is notorious for its port capacity problems, and being able to get more coal reliably to the port was the keystone of the company’s growth plan and future profitability.
In hindsight, it may have been unwise for a bunch of vanilla Canadian guys to go there with the publicly stated objective of pumping millions into the local infrastructure, and blithely hope that investors and regulatory agencies would take notice, while the FARC and trade unions and other local swains wouldn’t.
Because I think they did notice. The vested interests in Colombia, the real stakeholders, are all but invisible to the North American eye. You don’t see them, but your domestic suppliers do, and probably quite frequently. It wasn’t that long ago - three years in fact - that I read in the local media about some wise guys who crept into a reload center in the southeast and blew up 30 oil trucks, ostensibly to discourage domestic companies from serving offshore oil companies. But I suspect the company’s real sin was the failure to keep up protection payments. Events like that never make the North American newspapers. They aren’t intended to. The FARC may be a little outdated politically, but they’re quite astute when it comes to business.
So it’s not actually surprising to me that Coalcorp had some US$49 million at the beginning of the year and was pinching pennies to square the interest on its 12% convertible notes by the end. I’m guessing the company has been looted by local interests over the past few years, which would include all the usual suspects - local government, unions, port authorities - and probably a few we can only guess at.
It was apparent that things were seriously awry by the third quarter of last year, when low priced coal contracts, a rail strike, and problems with the mining contractor resulted in negative cash flow from operations, and a net loss of $0.11 per share for the quarter. The earlier quarter - the 2nd of ‘09 - had been no picnic either! Labour costs rose 85% (wow!) resulting in a net 36% increase in mine overhead. Also, mine royalties to the government increased by $2 per tonne.
Last summer the company tried to raise some money by selling 40% of the Caypa mine, another coal property it owns, for US$25 million to a company called Xira. The money was supposed to arrive in tranches, followed by a US$1 per tonne sales commission on subsequent production. Coalcorp dutifully transferred its 40% ownership on an initial payment of $1 million, but then the deal fell apart when it noted an ‘extraordinary third party transaction’ with an offshore anonymous Panamanian entity (ding, ding!). Coalcorp complained and Xira responded by withholding the subsequent payments and refusing to pay the commission.
Boy, how to lose a deal in 90 seconds! By February, the sale was reportedly on again, when the company announced an initial US$7 million payment had been made as part of a settlement agreement, whatever that involves, it’s not described in detail, plus ‘certain other payments and deliveries required to be made on future dates’. Huh..?
Meanwhile, or just prior to all this, the company was announcing its goal for 2010 was a return to positive operating cash flow. But that’s hard to do without a mine. In January, the company was proposing the sale of La Francia as an alternative to bankrupcy.
I’m not sure what the status of their former capex plans are, the rail/port expansion etc. They’ve already sold their assets at the port of Cartegena after running into permitting issues, and have only temporarily resolved their port access problem through a rail discharge agreement with a third party.
As for the rest? The money that went into purchasing an 8.43% interest in the Fenoco railroad? Or the even larger percentage of the new port development at Santa Marta? I don’t think we’ll ever know that story without a lot of forensic accounting. However, I’ll be interested to note who - or what - eventually ends up with those assets.
Coalcorp shares now trade at roughly half their book value, or $0.17 per share on 173 million shares issued and outstanding.
Careful out there.
http://commentaryandanalysis.mining.com/2010/03/...iners-in-colombia/
Mr. Steven Cresswell reports
COALCORP ANNOUNCES CLOSING OF TRANSACTION, COMPLETION OF OFFERS FOR NOTES AND APPOINTMENT OF NEW INTERIM CHIEF EXECUTIVE OFFICER
Coalcorp Mining Inc. has closed the previously reported (see news in Stockwatch) sale by Coalcorp's subsidiaries of the La Francia mine and related infrastructure assets, including concession 5160, and all of the issued and outstanding shares of Adromi Capital Corp., the holder of the La Francia II concession, to a subsidiary of the Goldman Sachs Group Inc. Concurrently with the closing of the transaction, the company completed its repurchase of the total principal amount of USD$$106,730,000 of its outstanding 12% senior secured notes (the "Senior Notes") under its previously announced offers for its Senior Notes which expired at 5:00 p.m. (EST) on March 18, 2010 (the "Offers for Notes").The Transaction was approved by over 87% of the votes cast by Coalcorp's shareholders at a special meeting to consider the Transaction held on February 11, 2010. Full details of the Transaction and Coalcorp following the Transaction are described in the Management Information Circular mailed to shareholders on January 21, 2010 as well as in the press release issued by the Company on February 3, 2010, both of which have been filed on SEDAR. The board of directors have met and are in the process of developing a new business model to benefit all of the remaining stakeholders of Coalcorp. This model revolves around using its residual cash and capitalizing on the board's and management's expertise, to invest in projects in the mining, metallurgical and mineral industries.Coalcorp also announces that the Board has accepted the resignations of Juan Carlos Gomez, Interim Chief Operating Officer, and Joseph Belan, as director of the Company, effective immediately. The Company wishes to thank Mr. Gomez and Mr. Belan for their service to the Company and wish them well in their future endeavours.
Steven Cresswell has been appointed by the Board as the new Interim Chief Executive Officer of Coalcorp. Mr. Cresswell has over 20 years of financial experience working for both private and publicly held companies; primarily in the resource sector. Previously he held the position of CFO for Tiberon Minerals PTE, a Singaporean Company, developing a polymetallic mine in Northern Vietnam where he lived and worked for the last three years. Coupled with his Asian experience, Mr. Cresswell has a broad base of international experience having worked in North, South and Central America. He received his BAccS from the University of Calgary and also holds a CGA.Coalcorp's Board currently consists of Richard Lister (Chairman), Gregory Radke, Charles Entrekin and Bruce Barraclough.Coalcorp further announces that Coalcorp has relocated its head office from Bogota, Colombia to 120 Adelaide Street West, Suite 2500, Toronto, ON M5H 1T1 effective immediately.
http://www.stockwatch.com/newsit/...aCCJ-1699914&symbol=CCJ®ion=C
2010-03-23 13:09 ET - News Release
Mr. Steven Cresswell reports
COALCORP ANNOUNCES COMMENCEMENT OF DELISTING REVIEW BY TSX
Coalcorp Mining Inc., as described in its management information circular mailed to shareholders on Jan. 21, 2010, as well as in the Stockwatch press release issued on Feb. 3, 2010, the Toronto Stock Exchange has commenced a review of the eligibility for continued listing on the TSX of the securities of the Company pursuant to the continued listing criteria of the TSX. The Company has been granted 120 days to comply with the continued listing requirements of the TSX. If the Company cannot demonstrate that it meets these listing requirements following such period, the Company's securities will be delisted from the TSX 30 days from such date.The Company currently intends to maintain the listing of its securities on the TSX or another stock exchange. The Company is currently considering pursuing other options to ensure, to the extent possible, uninterrupted trading for the Company's securities.
Optionen
| Boardmail an "stopzeit" |
Wertpapier: Melior Resources |
Goldman Sachs Group Inc. (NYSE: GS : 173.17, -0.1) will release its first quarter financial results for the fiscal year of 2010 on Tuesday, April 20th.
The Goldman Sachs Group, Inc. is a bank holding and a global investment banking, securities and investment management company. The company provides a range of financial services to customers, including corporations, financial institutions, governments and high-net-worth individuals. Its depository institution subsidiary, Goldman Sachs Bank USA (GS Bank USA), is a New York State-chartered bank. It operates in three segments: Investment Banking, Trading and Principal Investments and Asset Management and Securities Services. In March 2010, the Company's subsidiaries sold the La Francia mine and related infrastructure assets, including Concession 5160, and Adromi Capital Corp., the holder of the La Francia II concession, to a subsidiary of The Goldman Sachs Group, Inc.
Fourth quarter net revenues were $9.62 billion and net earnings were $4.95 billion. Diluted earnings per common share were $8.20 compared with a diluted loss per common share of $4.97 for the fourth quarter ended November 28, 2008 and diluted earnings per common share of $5.25 for the third quarter ended September 25, 2009. Annualized ROE was 31.7% for the fourth quarter of 2009. Net revenues in Investment Banking were $1.64 billion, 58% higher than the fourth quarter of 2008 and 82% higher than the third quarter of 2009. Net revenues in Financial Advisory were $673 million, 17% higher than the fourth quarter of 2008, reflecting an increase in client activity. Net revenues in the firm's Underwriting business were $962 million, more than double the amount in the fourth quarter of 2008, reflecting significantly higher net revenues in both equity and debt underwriting. The increase in equity underwriting primarily reflected higher net revenues from initial public offerings.
For the first quarter 2010, analysts' consensus EPS estimates range from a low of $3.33 to a high of $4.57 with a consensus estimate of $4.022. The consensus EPS forecast has decreased over the past week from $4.126 to $4.022 (-2.52%) and decreased over the past month from $4.226 to $4.022 (-4.83%). Of the 21 analysts making quarterly forecasts, 2 raised and 5 lowered their forecast. Downward revision in the analysts' estimates is attributable to increased staff cost, legal expenses and reserves, and the loss of momentum in revenue and margin expansion.
On Friday, the stock closed trading at $170.22 compared to the 52 week range of $103.94 and $193.6. In the last three months, the stock lost around $2.86 or 1.65%. However, the company's earnings may support a price in excess of $200 by end 2010
http://www.istockanalyst.com/article/viewarticle/articleid/4…
Gefühl, was ich schon bei der Genta und WAMU hatte, bevor die Ihre Kurssprünge gemacht haben. Coali dümpelt vor sich hin und wird mit hoher Wahrscheinlichkeit in den nächsten 4 Wochen nach positiven News die 20 Cent kratzen... Ich lege nochmal nach.
Meine Meinung, keine Empfehlung.
Optionen
| Boardmail an "aktiengirl" |
Wertpapier: Melior Resources |
http://www.boerse-online.de/tools/boerse/...=A0MU9X&b=2&l=276
Kurssprung! Das MM sollte uns endlich den neuen Businessplan vorlegen und der sollte halbswegs vernünftig sein, damit sich ccj wieder in den Norden bewegen kann....ehe die Bude aus dem TSX gestrichen wird! Dies könnte schon bald der Fall sein! Zurzeit ist das ganze zu undurchsichtig um irgendwelche Prognosen für die Zukunft zu stellen. Im Moment können wir nur noch auf Pala hoffen, dass das von ihr eingesetzte Board-MM den Turnaround hinkriegt...aber keiner weiss, was Pala wirklich im Sinn hat mit CCJ! Ich könnte mir vorstellen, dass Insider zurzeit versuchen günstig Shares einzusammeln und probieren absichtlich den Kurs niedrig zu halten, um die letzten fallenden Aepfel einzusammeln!
Was mich interessieren würde, wie es nach dem Verkauf der La Francia-Mine an Goldman Sachs weitergehen wird..und zwar in der Mine selbst! Was hat GS mit der Mine im Sinn(Verkauf oder Vermietung an CCJ)?
Wird CCJ seine Aktivitäten nun auf die La Caypa-Mine konzentrieren und weiteres Gelände in Zukunft exploren, mir den Geldern des La-Francia-Verkaufs die Infrastruktur und Logistik ausbauen?
Ich schätze, wenn da nicht etwas im Busch wäre, so hätte man CCJ schon längst liquidiert?
Da ist sicher etwas im Busch und ja,
ich stimme Dir zu, dass coali sonst schon die längste Zeit am Markt geblieben wäre-ich tippe auf keine Liquidition. Coali kommt noch, ganz unverhofft.
Daher heißt es für mich, EINSAMMELN.
Meine Meinung, keine Empfehlung.
Ich persönlich würde zurzeit das Einsammeln noch abwarten...denn wenn insider sich im Moment eindecken, dann kann es Ihnen unter Umständen auch egal sein, wenn CCJ von der Börse dekotiert wird...denn Sie werden Ihre Anteile an der Company so oder so besitzen, egal ob es noch an einer Börse gelistet ist. Für uns als Aktionäre wäre das ein Sch***, weil unsere Papierchen dann nicht mehr handelbar wären. Was dann? Reisen wir mal nach Kolumbien rüber und krallen uns einen Bagger? Ich behaupte der Business-plan liegt längst schon in einer Schublade bereit...die von Pala wissen ganz genau wie es weitergeht....die aktuelle dünne Nachrichtenlage ist Taktik um abzuwarten wie das Laub von den Bäumen fällt und es einzusammeln. Der Eine oder Andere wird es noch mit der Angst zu kriegen bekommen und seine Papierchen um alles oder nichts loszuwerden...Ich bleibe dabei, bin stur wie ein Bock und verkaufe nichts mehr...bis zum bitteren Ende(wenn es allenfalls so kommen wird). Ich werde aber auch zu keinem Preis mehr nachkaufen insofern nicht ein vertrauenswürdiger Business-plan endlich,endlich erscheint....Ich habe fertig;-)
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TORONTO, May 7 /CNW/ - Coalcorp Mining Inc. ("Coalcorp") (TSX-CCJ) is pleased to announce the purchase, as part of its new corporate strategy, of a CAD$8,000,000 unsecured convertible debenture (the "Debenture") from Formation Metals Inc. ("Formation") (TSX-FCO).
Coalcorp has agreed to purchase the Debenture, on a non-brokered private placement basis, pursuant to a subscription agreement dated May 6, 2010. The Debenture will have an initial term of 18 months with an interest rate of 12%, payable in shares, and may be extended by either party for an additional 18 months. The Debenture is convertible into Formation's common shares at $1.50 per share during the initial term and at the market price of the common shares at the end of the period if the term is extended for a subsequent 18 months. Upon conversion of the Debenture, Coalcorp would have ownership of and control over approximately 15% of Formation's common shares as of today's capitalization.
Charles Entrekin, a Coalcorp director, will join the board of Formation upon the close of this transaction. Dr. Entrekin has over 35 years of experience in the specialty and exotic non-ferrous metal industries, including cobalt.
"We are pleased to be entering into a relationship with Formation Metals," said Richard Lister, Chairman of Coalcorp. "This marks the beginning of a new chapter for Coalcorp and we look forward to supporting Formation as they progress in the development of their high purity cobalt mine in Idaho."
As part of its new strategy for maximizing shareholder value, Coalcorp will capitalize on the mining sector expertise of its board members and management and use its cash resources to pursue early-stage opportunities in the mining, metallurgical and mineral industries.
Coalcorp purchased the Debenture in reliance on the exemptions available under National Instrument 45-106 - Prospectus and Registration Exemptions and does not currently have any future intention to acquire ownership of or control over additional common shares of Formation.
Coalcorp is also pleased to announce that it intends to change its name to Metallum Resources Inc. subject to shareholder approval at its next annual meeting, to more appropriately reflect its new mandate.
Statements made in this news release may be forward-looking and therefore subject to various risks and uncertainties. Such statements can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "possible", "continue", "objective" or other similar expressions concerning matters that are not historical facts and include statements related to the investment and proposed strategy of the company. Certain material factors or assumptions are applied in making forward-looking statements such as the availability of resources and opportunities, management expertise and the viability of the company's strategy. Actual results may differ materially from those expressed or implied in such statements. Coalcorp does not undertake to update any forward-looking statements; such statements speak only as of the date made.
Further information can be obtained under Coalcorp's profile at www.sedar.com. Coalcorp's head office is located at 120 Adelaide Street West, Toronto, Ontario M5H 1T1, Canada.
For further information: Steven Cresswell, Interim Chief Executive Officer, (416) 644-1217; Richard Lister, Chair, (416) 920-4840
http://micro.newswire.ca/release.cgi?rkey=1805079588&view=97…
Coali zieht allmählich seine Asse. Mal schaun, was in CD los sein wird, wenn die ganze Griechenkrise kalter Kaffee sein wird.
Meine Meinung, keine Empfehlung.
May 31/10 May 27/10 Lister, Richard L. Direct Ownership Common Shares 10 - Acquisition in the public market 1,000 $0.115
May 31/10 May 26/10 Lister, Richard L. Direct Ownership Common Shares 10 - Acquisition in the public market 100,000 $0.115
May 31/10 May 25/10 Lister, Richard L. Direct Ownership Common Shares 10 - Acquisition in the public market 112,000 $0.115
May 31/10 May 21/10 Lister, Richard L. Direct Ownership Common Shares 10 - Acquisition in the public market 212,000 $0.115
May 31/10 May 20/10 Lister, Richard L. Direct Ownership Common Shares 10 - Acquisition in the public market 43,500 $0.115
