RIV - Riversdale Mining

[bigdog]

RIV currently up 8 cents at $4.53 11:23 AM with high ot $4.58

Reason for yesterdays increase was:

http://www.bloomberg.com/apps/news?pid=20601081&sid=a8WS.9HgsQ4A&refer=australia

Riversdale Mining Shares Surge After Sale of 4.6% Company Stake

By Jesse Riseborough

April 16 (Bloomberg) -- Riversdale Mining Ltd., the Australian coal explorer backed by Tata Steel Ltd., rose the most in almost five months in Sydney trading following the sale of a 4.6 percent stake in the company.

A total of 8.6 million shares were sold at A$4.50 a share, 12 percent more than yesterday’s closing price, according to Bloomberg data. The sale was worth A$39 million. The stock jumped 10 percent to A$4.45 at the 4:10 p.m. Sydney time close on the Australian stock exchange, the biggest gain since Nov. 28.

Tata Steel, India’s oldest steelmaker, has a 10 percent stake in the Sydney-based company and they have a venture to develop two coal projects in Mozambique. Riversdale cited the stake sale as a possible reason for the price rise in response to a query today from the exchange.

“We are unaware of what’s transpired other than that it’s a big parcel” of shares sold, Steve Mallyon, managing director of Riversdale, said today by phone. “I haven’t spoken to Tata, while we do speak regularly I haven’t heard from them today. I can’t speculate on whether it is them or an institutional buyer but we’ll knw soon enough.”

 

[Sean K]

Another coal player recovering and another resource company more than doubld since the bottom.

This sounds like a decent upgrade:


Coal Resources upgrade and initial Coal Reserve for Benga Project in Mozambique

Resources increase 90% to 4.0 billion tonnes

Coal Initial Coal Reserve estimate of 273 million tonnes

Riversdale Mining Limited (ASX: RIV) and its partner Tata Steel Limited are pleased to advise that the Company has today announced an updated Resource and Reserve statement for the Benga Coal Project (EL 881L) in the District of Moatize, Province of Tete, Mozambique. The Benga Project is held in a joint venture between Riversdale Mining Limited (65%) and Tata Steel Limited (35%).

Of this amount, 1,033.9 million tonnes (Mt) is the combined total for Measured and Indicated Resources and 893.4 Mt of these are at a depth of less than 500m. This Coal Resource represents an increase of 90% over the previous Resource announced in September 2008.

Been a great run recently. No real resistance till $6.50 ish.

 

[bigdog]

ASX ANN
29-04-2009 10:24 AM RIV RIV Mining Contract 29 April 2009
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00947803

There has been no real reaction from the market to ANN!!!
RIV $4.27 -0.020 -0.47% high of $4.34 286,340 shares $1,229,785 @ 29-Apr 02:24:15 PM

This news article covered the ASX ANN
http://www.abnnewswire.net/press/en...act_for_Benga_Coal_Project_in_Mozambique.html

Riversdale Mining Limited (ASX:RIV) Secures Contract for Benga Coal Project in Mozambique

Riversdale Mining Limited (ASX:RIV)

Sydney, Apr 29, 2009 (ABN Newswire) - Riversdale Mining Limited (ASX:RIV) is pleased to advise that the Company has today received approval from the Government of the Republic of Mozambique for the Mining Contract for the Benga Coal Project in Mozambique.

The granting of the Mining Contract represents a significant event as the Company moves towards commencement of the Benga Coal Project. The project will involve Riversdale Mining progressively developing a 20 Million tonnes (Run of Mine) per annum hard coking and thermal coal mine at Benga in the Moatize area, with an estimated capital investment of more than US$ 800 million.

The Executive Chairman of Riversdale Mining, Mr Michael O'Keeffe, said: "This is an outstanding achievement and is the outcome of years of hard work by our management and staff on the ground in Mozambique. We have invested significantly in this project, and we are delighted to have received endorsement through this approval".

 

[bigdog]

The RIV SP has really been moving upwards - check the chart below!
closed $6.03 on May 15

http://www.reuters.com/article/rbssEnergyNews/idUSLF94507420090515
Riversdale signs contract for $800 mln coal project
Fri May 15, 2009 7:23am EDT

MAPUTO, May 15 (Reuters) - Australia's Riversdale Mining (RIV.AX) signed a contract with Mozambique's government for its $800 million Benga coal project in the southern African country, a government official said on Friday.
"Today Mozambique is officially signing a concession license for Riversdale ... Mineral Resources Minister Esperanca Bias is in Tete to sign the mining contract," the ministry's secretary Oracio Belengueze told Reuters.

The Benga project will include a hard coking and thermal coal mine, with an anticipated run of mine of 20 million tonnes per year.

Riversdale plans to start producing coal at Benga in 2010, and aims to export 2 million tonnes of the mineral each year, starting in the last quarter of 2010.

Riversdale holds a 65 percent stake in the project, and India's Tata Steel (TISC.BO) owns the rest.

Riversdale is also investing $3.1 billion in a thermal power project in Mozambique. (Reporting by Charles Mangwiro; editing by Sue Thomas

 

[enigmatic]

Been looking this one over.. It seemed to run up early May, and has recently dropped back down to a new support level... The reason i can see for the recent drop is the cancellation of the options and the feasibilty study not being completed in time. Is this enough to limit RIV to were it is now.. or RIV only dropping in line with the general market.. Does anyone have opinion about there outlook..

 

[bigdog]

RIV 6.69 -0.060 -0.89% high of $6.80 low of $6.63 159,189 shares $1,070,616 @ 29-Jul 11:27:51 AM

SP has been on the rise since 06-Jul-2009
-- 06-Jul-2009 low of $4.9500

ASX ANN
29-07-2009 09:47 AM RIV Quarterly Activities Report
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00972291

KEY QUARTER HIGHLIGHTS

Mining Contract Signed
• Riversdale Mining and the Minister of Mineral Resources have signed the Mining Contract for the Benga Coal Project in Mozambique.
• The terms of the Mining Contract govern the regulatory regime under which the Benga Coal Project will be operated.
• The approval and execution of the Mining Contract has resulted in the issuance by the Government of the Mining Concession for 25 years initially.

Benga Feasibility Study
• The Feasibility Study for the Benga Coal Project has been completed by Riversdale and submitted for review and comment to Tata Steel, Riverdale’s 35% JV partner in the Benga Coal Project. Following this Review, it is envisaged that the Project will be considered by the joint venture company for development approval. It contemplates three stages of development to align with the availability of transport infrastructure and market development.
• The Study has confirmed that the project exceeds Riversdale’s required rate of return with capital costs of US$260 million for Stage 1 and an additional US$150 million for Stage 2.
• The EIA study has been subject to a public consultation process and is awaiting approval by Government in the second half of 2009.
• Progress is being made on rail access and the viability of barging coal down the Zambezi river.
• Evaluation of the Benga Power Project is continuing and is encouraging.
• The Company has also announced a Feasibility Study to evaluate large scale barging capacity on the Zambezi River capable of supporting an expanded Benga Coal Project.

Exploration in Mozambique
• The Benga tenement Coal Resource estimate of 4.0 billion tonnes comprises 1,034 Mt of Measured and Indicated Resources of which 893 Mt are under 500m depth. An initial Coal Reserve of 273 Mt has been estimated.
• Coal quality results indicate that Benga coking coals will be of premium hard coking quality.
• Drilling at Benga continues to delineate the resource to facilitate detailed mine planning and development.
• Initial findings in EL 946L are very encouraging, confirming the continuation of the same sequence of coal seams encountered in Benga, but over a much larger area.

Zululand Anthracite Colliery (ZAC)
• ROM production for the June quarter was 199,300 tonnes and 808,259 tonnes for the 2009 year.
• Saleable production totalled 182,310 tonnes for the June quarter and 706,348 for the 2009 year and is the best quarterly performance this year.
• Product sales for the 2009 year of 562,796 tonnes (2008: 670,336) reflect reduced market demand following the market downturn.
• The Ngwabe Project development is on schedule and production has commenced from the new Western Extension.

Corporate
• Cash on hand was A$290 million at 30 June 2009.
• Tony Redman was appointed as a Non-Executive Director during the quarter.

 

[bigdog]

SP $6.20 down 13 cents @ 10:31 AM

ASX ANN today
18/08/2009 Financial Result Media Release
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00978276

Riversdale Mining is well placed for growth
• Net profit after tax of $300,000
• Major project milestones achieved in Mozambique
• Strong operational performance at ZAC
• Operating cashflow $19 million
• Net assets of $507 million
• Cash on hand of $290 million
• Significant investment in plant and exploration continues

Riversdale Mining Limited (ASX: RIV or “the Company”) today announced a net profit after tax and minorities for FY2009 of $300,000 (2008: $92.4 million) equating to basic earnings per share of 0.16 cents (2008: 54.5 cents).
The profit was down on the previous year which included $83.3 million profit relating to the sale of part of 2 licences in Mozambique to Tata Steel Limited. The FY2009 net profit was also affected by increased share option costs of $7.8 million and higher tax charges.

During the reporting period, Riversdale Mining has achieved significant milestones at the world-class Benga Coal Project, including the awarding of the Mining Contract, completion of a Feasibility Study and the receipt of the Mining Concession for an initial term of 25 years, renewable.

In South Africa, the Zululand Anthracite Colliery (ZAC) increased its operating profit before interest, income tax and minority interests in FY2009 to $17.7 million (2008: $9.1 million). The prior year results included once off consulting services related to the ZAC business improvement process of $4.8 million. In a challenging coal market, reduced sales volumes during the current year were offset by higher sales prices and operating efficiencies.

Group operating cash flow for the year of $19.3 million was higher than the previous year’s $16.5 million, and the company continued to invest in developing the business with $48.8 million spent on plant and equipment and $30.6 million on exploration activities.

The financial position at year end was strong, with net assets totalling $506.7 million (2008: $484.2 million) and $290.3 million in cash available.

The directors have decided not to declare a dividend for the year.

Commenting on the results, Executive Chairman Mr Michael O’Keeffe said: “Riversdale Mining is positioned for significant growth. The company has $290.3 million cash and we are progressing the Benga Coal Project in Mozambique and Ngwabe developments at ZAC. There have been a number of important milestones achieved during the year as the Benga Coal Project moves towards production, in anticipation of a recovery in global coal markets.”

478

 

[swm79]

this is one of the "big ones that got away" from me - had a mate who was talking this one up back in 07 when it was $2... i had $10k spare but decided to go on a holiday to the UK instead on buying these. you should have heard the basting i got when they hit $10!

Then the same thing happened AGAIN in Dec 08... but this time i went to Samoa! Frigen holidays!

I'll post next time i've booked one so you guys can jump on!

 

[Miner]

this is one of the "big ones that got away" from me - had a mate who was talking this one up back in 07 when it was $2... i had $10k spare but decided to go on a holiday to the UK instead on buying these. you should have heard the basting i got when they hit $10!

Then the same thing happened AGAIN in Dec 08... but this time i went to Samoa! Frigen holidays!

I'll post next time i've booked one so you guys can jump on!

Mate

Fully sympathise with your feeling to have lost.

Just post in the ASF when next time you plan to go for holiday. I will buy RIV.
Sorry just kidding. This is an excellent scrip and considering the big gas buy by India from Gorgon, higher stake by Tata Steel in RIV , it shows the hunger for good quality of energy by Indians and hence for RIV - anthracite coal for steel making

Disclaimer I do not hold RIV any more

 

[swm79]

totally agree on this one miner. everyone's playing up china, but what about india. granted they have a large exposure to their own resources but if you have a look at the demographics of india i.e. number of people coming into working life vs china it tells you that there might be a little bit more of an inidan fpcus in the future.

 

[bigdog]

http://www.bloomberg.com/apps/news?pid=20601116&sid=aYpyUEFhVkeA

Riversdale, Mozambique Agree on Power Plant
By Fred Katerere

Sept. 10 (Bloomberg) -- Mozambique gave Riversdale Mining Ltd. the go-ahead to seek partners to build a thermal power station to be fired by coal mined from its Benga concession in northwestern Tete province, Noticias reported.

Mozambican Energy Minister Salvador Namburete and Casimiro Francisco, chairman of Riversdale’s consultative council in the country, signed an accord permitting the company to conduct feasibility tests, the Maputo-based newspaper reported.

In its first phase, the Benga thermal-power station will generate 500 megawatts of electricity, rising to 2,000 megawatts in 2014, according to the newspaper.

 

[bigdog]

http://www.businessspectator.com.au...ors-share-purchase-VW8WV?opendocument&src=rss

Riversdale Mining revises director's share purchase date

Source: News Bites

Riversdale Mining Ltd advised the 5,000 on-market share purchase of director Steve Mallyon took place on September 8, 2009, not on August 8, as previously advised on September 8.

He holds 5,000 shares and 1,300,000 options.

STOCK DASHBOARD: September 15, 2009

Riversdale Mining

Price at 2:00 pm: $5.87

Price change from previous trading day: 0.9%

Market capitalisation: $1.1 billion

Price/Earnings: 3,913.3 times

Turnover volume: 281,897.0

Volume Index (1 is average): 0.5

Turnover value: $1.7 million

Turnover period: 11 months

Value of $1,000 invested 1 year ago: $712

 

[bigdog]

SP RIV 5.91 high of $6.05 571,853 shares $3,378,534 @ 12-Oct 04:10 PM

ASX ANN today
12/10/2009 Zambeze Project - Coal Resource
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00997497

ASX Code: RIV 12 October 2009
RIVERSDALE MINING ANNOUNCES SECOND MAJOR PROJECT IN MOATIZE WITH INITIAL COAL RESOURCE FOR EPL946L “ZAMBEZE PROJECT”

• Drilling on EPL946L (Zambeze Project – 100% RIV) delivers Indicated Coal Resource of 1.70 billion tonnes which has been estimated in accordance with the JORC Code (2004)

• Second project for Riversdale Mining which adds to the existing 4 billion tonne Coal Resource (1.0 billion tonnes Measured and Indicated) on the 65% owned Benga Project

• Products comprise hard coking coal and thermal coal

• Zambezi River barging study progresses – regulatory approval process underway

Riversdale Mining Limited (ASX: RIV) is pleased to announce the first Coal Resource estimate for its 100% owned EPL946L, the “Zambeze Project”, near Tete in Mozambique. The Zambeze Project is the company’s second major coal project in the Moatize Basin and is adjacent to the Benga Coal Project.
The estimate is based on 120 boreholes comprising 40,000 metres of drilling conducted over the past 12 months. EPL946L has a total area of 24,740 hectares and exploration to date has been concentrated on the northern portion of the Licence.

The Zambeze Project is similar in structure to Benga with 22 coal seams outcropping over a strike length of 14 kilometres across the northern portion of the tenement. Based on the drilling undertaken by Riversdale Mining, the total Coal Resource is estimated to be 1.70 billion tonnes (bt), categorised as Indicated Resources in accordance with the JORC Code (2004).

Riversdale Mining Executive Chairman Mr Michael O’Keeffe said “The considerable effort of our team in Mozambique has now delivered another potential Tier One project with similar coal to Benga, yet likely to be a significantly larger scale operation. A second coking coal project of this size positions Riversdale Mining as a preferred supplier to the steel industry in the rapidly developing markets of Brazil and India.”

The tenement EPL946L is characterised by relatively flat topography and is adjacent to excellent infrastructure including the city of Tete, power, water, sealed roads, rail, an international airport and direct access to the Zambezi River.
167

 

[bigdog]

Looks like the market did not like today's ANN!!!
RIV 5.52 -0.200 -3.50% 206,318 shares $1,144,209 @ 28-Oct 11:06:40 AM

ASX ANN
28/10/2009 Benga Project Development Approval
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01003888

Riversdale and Tata Steel approve initial development of Benga Coal Project in Mozambique Riversdale Mining Limited (ASX: RIV or “the Company”) and Tata Steel Limited (“Tata”) are pleased to announce the approval of Stage 1 of the Benga Coal Project in the Tete Province of Mozambique.

Following the review of the Feasibility Study by project partners Riversdale Mining (65%) and Tata Steel (35%), the project was approved by the joint venture company responsible for the Benga Coal Project.

The project approval involves the commitment of US$270 million (excluding working capital) to undertake the initial Stage 1 development of the Benga Coal Project. Stage 1 entails initial production of 5.3 million ROM tonnes per year to produce approximately 1.7Mtpa of high quality hard coking coal and 0.3Mtpa of export thermal coal.

Funding for Stage 1 of the project will be provided by Riversdale Mining and Tata Steel in their respective proportions from existing cash resources or any alternative means as appropriate. Riversdale Mining currently has A$268million cash to fund its share (US$175million) of the project.

Riversdale Mining Executive Chairman Mr Michael O’Keeffe said that the decision represented the official go-ahead for the company’s coal mining operations in Mozambique. Construction is expected to commence before year end upon receipt of final environmental approvals.

“We are committed to bringing the Benga Coal Project into first production during 2010, and we will be supplying the world’s coking coal markets in 2011 initially through our relationship with project partner Tata Steel in India,” Mr O’Keeffe said.

The Feasibility Study outlines three stages of development to align with the completion and subsequent expansion of rail, port and river barging infrastructure in Mozambique.

 

[bigdog]

SP did very well today
RIV 6.40 +0.680 +11.89% high of 6.40 2,921,172 shares $17,859,630 @ 25-Nov 04:10:44 PM

CSN Madeira
www.csn.com.br/ir

Companhia Siderúrgica Nacional was founded on April 9, 1941, becoming operational on October 1, 1946. As the first integrated flat steel producer in Brazil, CSN played a historic role in the country’s industrialization process. Privatized in 1993 and with over six decades in the market, the company continues to make history.

A listed public company with shares traded on the São Paulo and New York (NYSE) stock exchanges, CSN is one of the largest and most competitive integrated steel companies in Latin America. With an annual production capacity of 5.6 million tonnes and more than ten thousand, six hundred employees, CSN focuses on steel production, mining, infrastructure (logistics and energy) and cement. The company has one of the most comprehensive product lines of high value added flat steel offered on the continent.

An integrated strategy in total alignment with the core business ensures CSN’s leadership of the steel sector in Brazil.

The acquisition of the assets of Heartland Steel and the subsequent incorporation of CSN LLC in the United States in 2001 were the first steps towards the internationalization of CSN. Currently, company assets consist of an integrated steel mill, five industrial units—two of them abroad in the United States and Portugal—a flat steel distributor, iron ore, limestone and dolomite mines, port terminals, shares in railroads and two hydroelectric plants. With firm and innovative management, the company believes in the entrepreneurial power of Brazilian capital and in the country’s vast competitive potential in the steel industry.

CSN Madeira buys 31m Riversdale Mining shares
http://www.businessspectator.com.au...dale-Mining-shares-Y535R?opendocument&src=rss
Source: News Bites

CSN Madeira bought 31,233,327 Riversdale Mining shares on November 24, becoming a substantial shareholder with 31,233,327 shares (15.29%).

STOCK DASHBOARD: November 25, 2009

Riversdale Mining

Closing Price November 24, 2009: $5.72

Price change from previous trading day: -1.6%

Relative Strength (6 months percentile rank): 12.3

Market capitalisation: $1.1 billion

Price/Earnings: 3,813.3 times

Turnover volume: 414,967.0

Volume Index (1 is average): 0.6

Turnover value: $2.4 million

Turnover period: 1 year 58 days

Value of $1,000 invested 1 year ago: $3,169

570

 

[Miner]

SP did very well today
RIV 6.40 +0.680 +11.89% high of 6.40 2,921,172 shares $17,859,630 @ 25-Nov 04:10:44 PM

CSN Madeira
www.csn.com.br/ir

Companhia Siderúrgica Nacional was founded on April 9, 1941, becoming operational on October 1, 1946. As the first integrated flat steel producer in Brazil, CSN played a historic role in the country’s industrialization process. Privatized in 1993 and with over six decades in the market, the company continues to make history.

A listed public company with shares traded on the São Paulo and New York (NYSE) stock exchanges, CSN is one of the largest and most competitive integrated steel companies in Latin America. With an annual production capacity of 5.6 million tonnes and more than ten thousand, six hundred employees, CSN focuses on steel production, mining, infrastructure (logistics and energy) and cement. The company has one of the most comprehensive product lines of high value added flat steel offered on the continent.

An integrated strategy in total alignment with the core business ensures CSN’s leadership of the steel sector in Brazil.

The acquisition of the assets of Heartland Steel and the subsequent incorporation of CSN LLC in the United States in 2001 were the first steps towards the internationalization of CSN. Currently, company assets consist of an integrated steel mill, five industrial units””two of them abroad in the United States and Portugal””a flat steel distributor, iron ore, limestone and dolomite mines, port terminals, shares in railroads and two hydroelectric plants. With firm and innovative management, the company believes in the entrepreneurial power of Brazilian capital and in the country’s vast competitive potential in the steel industry.

CSN Madeira buys 31m Riversdale Mining shares
http://www.businessspectator.com.au...dale-Mining-shares-Y535R?opendocument&src=rss
Source: News Bites

CSN Madeira bought 31,233,327 Riversdale Mining shares on November 24, becoming a substantial shareholder with 31,233,327 shares (15.29%).

STOCK DASHBOARD: November 25, 2009

Riversdale Mining

Closing Price November 24, 2009: $5.72

Price change from previous trading day: -1.6%

Relative Strength (6 months percentile rank): 12.3

Market capitalisation: $1.1 billion

Price/Earnings: 3,813.3 times

Turnover volume: 414,967.0

Volume Index (1 is average): 0.6

Turnover value: $2.4 million

Turnover period: 1 year 58 days

Value of $1,000 invested 1 year ago: $3,169

570

That was a very interesting news.

RIV is already having a major steel company TATA STEEL India as its significant share holder.

Now it is courting with another steel producer from Brazil.

In effect none of them will be able to acquire the RIV company.

Will it be a good future for RIV shareholders ? Who knows

 

[bigdog]

SP today
RIV 6.49 +0.090 +1.41% high of $6.70 434,177 shares $2,871,163 @ 26-Nov 10:40:12 AM

http://www.bloomberg.com/apps/news?pid=20601081&sid=amkyHQDC_Bc0

CSN to Buy Riversdale Stake to Boost Coal Supplies
By Helder Marinho and Diana Kinch

Nov. 24 (Bloomberg) -- Cia. Siderurgica Nacional SA plans to buy 16.3 percent of Australian coal-exploration company Riversdale Mining Ltd. for about A$190.5 million ($175.4 million) as it seeks greater control over raw materials.

The board of Brazil’s third-largest steelmaker approved an initial purchase of 28.8 million Riversdale shares, and CSN aims to buy an additional 2.48 million shares following Australian regulatory approval, the company said today in a statement. Rio de Janeiro-based CSN will pay A$6.10 for each share, 6.6 percent more than today’s closing price in Australian trading.

CSN said the acquisition is the “first step” toward becoming self-sufficient in coal as it seeks to control costs. CSN, which has the capacity to produce 5.6 million metric tons of crude steel a year, imports all its coal now. Metallurgical coal is used as a raw material in blast furnaces at CSN’s Volta Redonda crude-steel mill in Brazil.

“Coal is the only raw material CSN doesn’t have,” Flavia Ferreira, a company spokeswoman in Sao Paulo, said today in a telephone interview.

CSN initially wants to get metallurgical coal from Riversdale and possibly thermal coal for its power plants, Ferreira said.

CSN’s Strategy

The acquisition reinforces CSN’s strategy to supply its own raw materials and services “with stakes in iron ore, logistics, tin mining and now coal,” Ida Breyer, a Credit Suisse AG analyst in Sao Paulo, said in a note to clients.

Tata Steel Ltd., India’s biggest steelmaker, owns about 19 percent of Sydney-based Riversdale. Other shareholders include Oppenheimer Funds and Barclays Capital, according to Bloomberg data. Tata said Oct. 30 it was seeking thermal coal from Riversdale’s Mozambique mine for its power unit.

Benga, a project between Riversdale and Tata in Mozambique, will produce about 1.7 million tons of metallurgical coal and 300,000 tons of thermal coal starting in 2010, Riversdale said Oct. 28 in a statement to the Australian stock exchange. The mine may be expanded to 3.3 million tons of metallurgical coal and 2 million tons of thermal coal by 2014, Riversdale said.

CSN fell 0.8 percent to 59.37 reais in Sao Paulo trading today. The stock has more than doubled this year, more than the 79 percent gain for Brazil’s benchmark Bovespa index.

 

[bigdog]

The market did not like todays ANN!!!!

RIV 8.110 $-0.390 (-4.588%) at 11:46 AM

ASX ANN today
19/02/2010 11:25:00 AM Media Release - Half Year Results
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01039076

19/02/2010 11:21:00 AM Half Yearly Report and Accounts
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01039074

19 February 2010
HALF YEAR RESULTS TO 31 DECEMBER 2009
• Financial result for the half year
o Net loss after tax of $4.2 million (2008: Profit $80,000)
o Cash from operations of $4.1 million (2008: $18.4 million)
o Cash on hand of $258.3 million (Jun09: $290.3 million)

Riversdale Mining Limited (ASX: RIV) reported a net loss after tax and minority interest for the half year to 31 December 2009 amounting to $4.2 million (2008: Profit $80,000). The loss was due to lower interest income, lower coal production and higher mining costs at Zululand Anthracite Colliery. Zululand Anthracite Colliery (‘ZAC’) operating profit before income tax and minority interests in the current half year was $4.0 million, compared with $9.6 million in 2008.

The Company has a strong cash position, with cash on hand of $258.3 million at the end of December 2009, compared to $290.3 million at 30 June 2009. Funds are placed on deposit in accordance with the Board-approved policy with AA-rated Australian and international banks. Operating cash flow was positive during the half year at $4.1 million (2008: $18.4 million).

At ZAC mining for the half year was conducted in the Kwa-Sheleza, Outcrop and Deep E Blocks using conventional and continuous mining methods. The Run of Mine (ROM) decreased 35,758 tonnes to 396,770 tonnes. Saleable production was also affected as the ROM coal production and average yield declined. The overall yield has been decreasing as a result of the plant feed mix.

Coal sales increased significantly by 70,436 tonnes year to 388,519 tonnes during the half reflecting a recovery in the anthracite market. Market conditions have continued to improve as customers expand their production levels from previous lows and prices realised for both domestic and export sales have increased towards the end of the first half.

Significant progress was recorded at the Company’s projects in Mozambique including:
• The joint venture participants in the Benga Coal Project (Riversdale 65%, Tata Steel 35%) approving development for Stage 1 (5.3 million ROM tonnes per annum).
• The approval for the Environmental Impact Study on the Benga Coal Project was granted by MICOA, the regulatory authority for environment within the Government of Mozambique.
• In October, the first Coal Resource estimate for the 100% owned ‘Zambeze Project’ (EPL946L), near Tete in Mozambique was announced of 1.70 billion tonnes, categorised as Indicated Resources in accordance with the JORC Code (2004).

ASX ANN yesterday 18/02/2010 9:14:00 AM Change in substantial holding
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01038529

Tata Steel increased shareholding from 19.38% to 20.42 % (+3,082,000 shares)

 

[bigdog]

Lets hope that the market likes todays ASX ANN!!

The SP have been VG since early last year - check the chart below

52 Week High 10.1000
52 Week Low 3.6100

14/04/2010 9:05:00 AM MCC Mining Contract
http://www.asx.com.au/asx/statistics...idsId=01054666

MEDIA RELEASE
14 APRIL 2010
Riversdale Mining signs contract to mine with MCC for the mining of Benga Coal Mine, Mozambique

Riversdale Mining Limited (ASX: RIV) is pleased to advise that its
subsidiary entity Riversdale Mozambique Limitada has signed a contract
to mine with MCC Contracts Pty Limited (MCC), a wholly owned
subsidiary of EQSTRA Holdings Limited, for the provision of open pit
mining at the Benga Coal Mine, Mozambique.

The contract to mine covers the open pit mining and associated services
required for the initial Stage 1 development of the project. This entails
initial production of 5.3 million ROM tonnes per year to produce
approximately 1.7Mtpa of high quality hard coking coal and 0.3Mtpa of
export thermal coal.

MCC is one of Africa’s leading mining contractors with an extensive track
record in surface contract mining and experience in a range of markets
and operating conditions for coal and hard rock mining.

The Benga Coal project is Riversdale Mining’s first project in
Mozambique, with significant coal endowment including premium hard
coking coal and also thermal coal. In 2009, the Government of
Mozambique approved the Mining Contract for the Benga Coal Project.
Riversdale Mining and JV partner Tata Steel (35%) subsequently
announced the approval of Stage 1 of the Benga Coal Project following
the review of the Feasibility Study.

Riversdale Mining believes the scale of the resources at Benga allows for
cost-effective open cut mining, with the potential to produce 20 million
Run of Mine tonnes of coal per year for a period of more than 25 years.

Riversdale Mining Executive Chairman Michael O’Keeffe said “We are
pleased to have finalised this agreement and look forward to working with
MCC, one of the region’s leading mining contractors. Together we are
committed to bringing the Benga Coal Mine into production and shipping
first coal by late 2011”.

 

[bigdog]

A second ASX ANN today

14/04/2010 9:25:00 AM 2 Benga Official Opening
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01054686

MEDIA RELEASE
14 APRIL 2010
Benga Coal Project officially opened by the President of the Republic of Mozambique

Riversdale Mining Limited (ASX: RIV) is pleased to advise that the President of the Republic of Mozambique, His Excellency Armando Emilio Guebuza, attended a formal “Ground Breaking Ceremony” at the Benga Coal Project (Riversdale 65%, Tata Steel 35%) to signify the official opening of the mine on Tuesday 13th April.

The official ceremony follows a series of milestones already achieved by the company in Mozambique. These include the signing of the Mining Contract and approval of the Environmental Licenses for the Benga Coal Project and the Benga Power project. Other key contracts and agreements include the CHP Plant Supply Contract, a Resettlement Action Plan, and the Project Labour Agreement (PLA) which was signed with SINTICIM (the Mozambican National Construction and Mineworkers Union).

Riversdale Mining Executive Chairman Michael O’Keeffe said that the Company was honoured to have the President His Excellency Armando Emilio Guebuza officially open the mine, with senior representatives of government and industry in attendance including the Minister of Mineral Resources her Excellency Minister Esperanza Bias.

“Today’s ceremony signals the beginning of a program of works and investment that will eventually see over $1 billion expended on developing a major coal mine at Benga. This will also be one of the most significant foreign direct investment projects in Mozambique,” Mr O’Keeffe said.

Around 15 per cent of the project’s capital expenditure will be spent in the local market, creating opportunities for the local small businesses and industry in the Moatize region. These include the supply of construction materials, furniture, office equipment and vehicles as well as the provision of services such as catering, vehicle and plant hire, cleaning, electricity and plumbing, transport, building, hospitality and banking.

Mr O’Keeffe said that Riversdale Mining employs over 150 people at the Benga Coal Project, representing over 90 per cent of the company’s total employees in Mozambique, and that the mine will create jobs directly and indirectly for up to 4,500 people around Tete over the next five years.

The anticipated multiplier effect of the hard coking and thermal coal mining project underlines the significant long-term and positive impact that the Benga Coal Project will have on the local and regional economies. It will also have a role to play in stimulating economic growth around the development of the Nacala and Sena Railway Lines, and around the Zambezi River when barging is confirmed by Riversdale Mining as a viable and sustainable option to transport coal.

Riversdale Mining in Mozambique
Riversdale Mining currently holds a dominant landholding position in the emerging coal regions of Mozambique. The company has 21 exploration licenses, covering over 250,000 hectares adjacent to excellent infrastructure, including the city of Tete, power, water, sealed roads, rail, an international airport and direct access to the Zambezi River.

Currently, Riversdale Mining is building a multi-billion-tonne coal inventory on only a fraction of the tenements it holds. The Company’s first project – on the Benga license – represents less than 8% of Riversdale Mining’s total holdings, yet it has already proven significant quantities of coal. The
neighbouring Zambeze project (100%-owned) also has large quantities of coal. As in Benga, this includes premium hard coking coal and also thermal coal – resources both highly sought after globally.

The company believes the scale of the resources at Benga allows for cost-effective open cut mining, with the potential to produce 20 million Run of Mine (ROM) tonnes of coal per year for a period of more than 25 years.

In April 2009, the Government of Mozambique gave the Benga Coal Project the green light by approving the Mining Contract that was lodged by Riversdale Mining. Subsequently, in October, Riversdale Mining and JV partner Tata Steel announced the approval of Stage 1 of the Benga Coal
Project, following the review of the Feasibility Study.

The project approval involved the commitment of US$270 million (excluding working capital) to undertake the initial Stage 1 development of the project, which entails initial production of 5.3 million ROM tonnes per year to produce approximately 1.7Mtpa of high quality hard coking coal and 0.3Mtpa of export thermal coal.

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