SOUTH AFRICAN COAL MINING HOLDINGS LIMITED
Previous company name
YOMHLABA RESOURCES LIMITED
Name change date
Yomhlaba Resources Limited, formerly known as Zenith Concessions Limited, operates as a mining holding company with its subsidiary, Yomhlaba Coal (Pty) Ltd, providing economically viable solutions for the recovery of commodities from discard dumps utilising its double pulse action jig technology. Yomhlaba Resources was incorporated in 1994 and has its registered business address located in Sandton, South Africa.
Yomhlaba Resources is a young, innovative and fast-growing mining and processing business where maximum value enhancement can be achieved through the introduction of the right BEE partners. The company is of great assistance to coal companies wishing to reduce their environmental liabilities.
Yomhlaba Resources competitive advantage lies in the operational and financial advantages of its DPA jig technology. DPA jigs provide a unique opportunity for the beneficiation of discarded dump material to power station quality saleable coal. Future prospects will be driven by the acquisition of the group of its own mining properties, as well as by expanding into other commodities and geographical areas. DPA jigs have already been successfully tested on selected higher-value commodities such as diamonds and ferrochrome and opportunities in these areas will be pursued at the appropriate time. Assisting mining companies in disposing of their environmental rehabilitation obligations is another niche application with exciting potential.
The Company is a South African-based coal producing and holding company and its subsidiaries are engaged in the business of coal exploration and production. The Company is a coal producer delivering coal to Eskom and the export market through Richards Bay Coal Terminal.
Description and history
The Company is a South African-based coal producing and holding company, and its subsidiaries are engaged in the business of coal exploration and production. The Company is a coal producer delivering coal to Eskom and the export market through Richards Bay Coal Terminal.
The Company is the holding company for it’s wholly subsidiaries, such as SACM (Breylen) (Pty) Limited, which holds Ilanga Mine and Umlabu Coliery, South African Coal Mining Operations (Pty) Limited, South African Coal Mining Equipment Company (Pty) Limited, Yomlaba Coal (Pty) Limited, which holds Jig Mining Operations 1 and Jig Mining Operations 3 and Voorslag Coal Handling (Pty) Limited.
The Company Changed its name from Zenith Concessions Limited to Yomhlaba Ltd on November 29, 2004. Then, changed its name from Yomhlaba Ltd to South African Coal Mining Holdings limited on August 20, 2007.
Yomhlaba Resources Ltd, a new mining company formed by the reverse-listing of Yomhlaba Coal (Pty) Ltd into the JSE-listed Zenith Concessions Ltd, listed on AltX in 2004. The share was suspended in March 2005, soon after Yomhlaba listed through the old Zenith Concessions shell, after it lost its major contract to supply coal to BHP-Billiton
The company secretary resigned and the JSE referred the documentation of the reconstruction and acquisitions to a monitoring panel, which advised that the documents conflicted with both Gaap (generally accepted accounting practice) and the dreaded IFRS, mainly because it treated the two deals as one, rather than as separate transactions. This may sound rather technical, but it has a significant impact on the balance sheet. The problem is that while the Ilanga purchase included an element of goodwill, Umlaba was acquired for less than stated asset value.
These items should not have been netted off but shown separately and the goodwill on Ilanga impaired if and as necessary.
Yomhlaba, formerly Zenith Concessions Limited, was incorporated in November 1994 as a mining holding company and was listed on the JSE in the Venture Capital Market in May 1995. After a tumultuous history, the Company acquired new assets, was recapitalised and reconstituted and was re-instated on the JSE lists with effect from 14 October 2002.
The Company suspended operations in the first quarter of 2003 due to adverse market and exchange rate conditions and issued a profit warning on 31 March 2003. The Company published audited annual financial statements for both the June 2003 and June 2004 financial years which indicated that the Company was unable to continue operating as a going concern.
After restructuring, the Company changed its name to Yomhlaba and the listing moved to the AltX on 29 November 2004. The new main business of its subsidiaries was the beneficiation of coal. The subsidiaries of Yomhlaba had a contract with Ingwe to beneficiate coal on its behalf. The contract was abruptly cancelled on 28 February 2006. As a result, the Yomhlaba directors requested the suspension of the Company`s share until the business of the Yomhlaba Group was restored.
Against the background of Yomhlaba’s troubled history and having evaluated the future prospects of the Yomhlaba Group, the board decided it would be in the best interests of Yomhlaba shareholders to acquire new assets. The board consequently initiated negotiations and entered into agreements in order to restore the fortunes of the Company through the implementation of the transactions agreed to by the shareholders on 30 June 2007.
Formerly kown as Zenith Concessions Limited
Mining holding company
ILANGA COAL MINES (PTY) LTD
DELITTE & TOUCHE
US SIC Code
Pretoria , Private Bag X10
City province or state postal code
Phone: +27 11-7482800
Fax: +27 11-7482828
Country address: SOUTH AFRICA
Website url: www.sacmh.co.za