[miningmx.com] – SHARES in Continental Coal, the Australian-listed
miner with two operating coal mines in South Africa, sharply rebounded after
dipping a quarter earlier this week; a price movement that flummoxed management.
The share regained 9.38% on the Australian Stock Exchange to close at 10.5
Australian cents after falling to 9.5 cents/share the day earlier from 12.5c/share.
The decline moved Continental Coal to issue a statement.
It said it noted the recent trading in its securities and that “… it would like to update
shareholders that it is not aware of any reason for the recent fall in its share price
given the current status of its coal mining operations and key development
projects’.
The company CEO is Don Turvey, who spent many years working at BHP Billiton
Energy South Africa.
“Continental continues to operate its two thermal coal mines in South Africa and
both are forecast to achieve record production, sales and turnover for the company
for the 2011/12 financial year,’ it said.
Continental Coal, which is not listed in Johannesburg, has recorded rapid operational
growth in the last two years. In addition to producing coal from its two operating
mines, the company has a further two in near-stage development.
It also completed an empowerment transaction, has a well-funded balance sheet,
and is now looking for new opportunities in Colombia in an effort to diversify itself
geographically.
