Ncondezi Coal

• 22/05/12

  Management Restructure

• 18/05/12

  Framework Agreement Signed

• 14/05/12

  Change of Adviser

• 26/04/12

  Ncondezi Initiates Strategic Partner Search

• 23/04/12

  Final results for the year ended 31 December 2011

• 

  22/05/12

  Ncondezi Coal appoints new chairman and CEO ahead of development of Mozambique project

  Ncondezi Coal this morning unveiled a major overhaul of its board, including the appointment of a new chairman and chief executive, ahead of the development of its coal project in Mozambique’s Tete Province

• 

  27/02/12

  Ncondezi Coal on the right track to success

  With the help of chief executive Graham Mascall we take a closer look at this up-and-coming coal exploration company.

• 18/05/12

  Ncondezi signs framework agreement with Mozambique for mine development

• 26/04/12

  Ncondezi Coal launches search for strategic partner, shares rise

• 23/04/12

  Ncondezi to publish definitive feasibility study in the autumn

• 20/03/12

  Ncondezi Coal unveils 157 pct increase in total coal resource

• 03/03/11

  Ncondezi Coal: DFS coal quality tests show potential for higher yields and coking coal qualities

•  

  27/01/2012

  Stocktube video - Ncondezi Coal CEO discusses reserves, PFS, cash and infrastructure

  Graham Mascall, CEO of Ncondezi Coal (LON:NCCL), tells Proactive Investors that having proved up 1.8bln tons of coal at its project in Mozambique, it is now working towards its pre-feasibility study. Graham also discusses local infrastructure and says that the $30mln cash the company has will last until at least until the end of this year, most likely to the early part of 2013.

Ncondezi Coal Company’s strategy is to become a significant, new, mid-tier coal producer in Mozambique, with initial production currently targeted for the second half of 2014. The Company’s work program focuses on the completion of a fast- track bankable feasibility study at the Ncondezi Project, which is scheduled to begin in the second half of 2010 and be completed in the second half of 2012.

By completing the work program, the Directors believe that the opportunity to confirm the economic and technical viability of the Ncondezi Project, assess the coking coal potential, undertake resource expansion and upgrade as well as explore its other coal licences, will result in value creation for shareholders.

The scoping study completed by SRK in April 2010 indicates that the Ncondezi Project has the potential for a significant thermal coal project able to produce up to 10Mtpa of thermal coal for export. Whilst further work is required to better quantify potential for coking coal on its licences, it is possible that the Ncondezi Coal Company could also become a coking coal producer.

In addition to focusing on development of its Ncondezi Project, the Company may utilise its presence in and knowledge of Mozambique as a platform to seek further growth opportunities via joint ventures and/or acquisition of other coal projects which could add value to the Company.

Ncondezi Coal Company is an exploration and develoment company with four coal exploration and prospecting licences in the Tete Province of Mozambique.

The Company holds prospecting and exploration licences over more than 73,160 ha in the Zambezi Basin; a geological environment considered to be one of the last undeveloped coal basins in the world.

Mozambique

Key facts

• One of Africa’s fastest growing economies
• Politically stable since the end of civil war in 1992
• Considered successful example of post-conflict reconciliation
• President re-elected in democratic elections in October 2009
• Key mining sector ministers reappointed for further five years
• High inflows of Foreign Direct Investment
• Strong commercial links with South Africa as its main trading partner
• Strong resource development and investment track record

Tete Province

Licence Locations

The Ncondezi Group’s licences are located in the Zambesi Basin in the Tete Province, which is situated in the north-west of Mozambique.

The provincial capital of Tete lies on the west bank of the Zambezi River and in 2010 is estimated to have a population of approximately 170,000. The local airport in Tete provides access to daily commercial flights to and from Maputo and Johannesburg, South Africa. The Cahora Bassa hydroelectric scheme, the biggest of such schemes in Southern Africa, is also situated in the region. The coal mining town of Moatize on the east bank of the Zambezi River, lies 17 km east of Tete on National Road 103 (EN103) that leads east towards licences 804L and 805L; collectively the Ncondezi Project.

Provincial Capital Tete (looking west over the Zambezi River)

The Ncondezi Project is located at 15°52’0.00 S 33°54’36.00E, approximately 40km northeast of the provincial capital Tete, and 10km from the Sena railway, in a region known locally as the Minjova area. The Ncondezi Project covers an area of approximately 38,700ha and is accessed through several dirt roads and bulldozed tracks.

Licences 1314L and 1315L are located further from the city of Tete and the associated infrastructure. License 1314L is located 130km south of Tete on the border with Zimbabwe, and has a total area of 17,380 hectares. License 1315L is located 320km north-west of Tete on the north shore of Cahora Basa Lake, and has a total area of 17,080 hectares.

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Ncondezi Project

Key facts

• Located in the Tete Province, one of the largest undeveloped coal regions in the world
• Licence area of 38,700ha
• JORC resource of 1.8 Bt at less than 200m depth
• Scoping study confirms 10 Mtpa thermal open cast mine
• 10kms from local railway infrastructure that connects to the Port of Beira
• Potential for coking coal identified
• Banakable feasibility study completion targeted for second half of 2012

Board of Directors

Richard Stuart / Non-Executive Chairman

Richard Stuart has over 17 years' experience in corporate finance. He is currently the Chairman of both Strata and Tete Holdings. He was a partner in Martin & Co from 1978 and is a former Joint Senior Partner of Fleming-Martin which was established in 1994, and was one of South Africa’s leading brokerage firms. He played a key role in raising international equity capital for South African companies in the post-sanction era and in the relocation of Gencor (as Billiton plc) and The South African Breweries Ltd onto the London Stock Exchange.

Graham Mascall / Chief Executive Officer

Graham Mascall has over 35 years of commercial, financial, and transaction experience in mergers and acquisitions, business development and project management in mining and mining finance. Over the course of his career, he has worked as a senior executive for a number of companies in the mining and mine finance sector. He has worked in senior positions for Billiton plc, the post-merger entity BHP Billiton plc, Deutsche Morgan Grenfell, Outokumpu Metals and Resources International Ltd, Barclays Bank, and was Chief Executive Officer of International Molybdenum Ltd and Lubel Coal Company (UK) Ltd. Whilst at Billiton plc, as Chief Executive for M&A, Base Metals and New Business, in 2000 he led the US$2.1 billion acquisition of Rio Algom Ltd. Mr Mascall is a graduate in mining engineering from the Camborne School of Mines and holds a Master of Engineering in Mineral Economics from McGill University. He is currently also a director of AIM-listed Gemfields Resources plc and London Mining plc.

Estevão Pale / Non-Executive Director

Estêvão Pale has 27 years' experience in the mining industry. He is the Chief Executive Officer of Companhia Mocambicana de Hidrocarbonetos, S.A., a Mozambican natural gas company, where he negotiates sales agreements for natural gas and condensate as well as dealing with junior and senior lenders of the company. Between 1996 and 2005, he was the National Director of Mines in the Ministry of Mineral Resources and Energy, where he was responsible for the supervision and control of mineral activities in Mozambique and the formulation and implementation of the mining and geological policy approved by the government of Mozambique. Mr Pale has been a director of numerous companies in the mining sector including Promaco SARL and the Mining Development Company, as well as the General Director and Chief Executive of Minas Gerais de Moçambique. He has also conducted several consultancies for international organisations. Mr Pale has a postgraduate diploma in Mining Engineering from the Camborne School of Mines in Cornwall and a Masters degree in Financial Economics from the University of London (SOAS). He completed a course in Gas Business Management in Boston at the Institute of Human Resources Development corporation in 2006.

Nigel Sutherland / Non-Executive Director

Nigel Sutherland has spent over 34 years working in the resource sector, of which the last nine years he has worked as a consultant and in Business Development for Partners in Performance International ('PIP'). During this period, he has delivered improvement results on a large underground coal mine, an aluminium smelter, a zinc smelter and a direct reduction iron plant. Nigel also has managed 20 site diagnostics across a number of different resource industries including coal mines in Kazakhstan, Czech Republic, South Africa and Australia in order to identify improvement opportunities to increase production, reduce costs and improve operational efficiencies. Nigel is a principal of PIP and is currently responsible for growing PIP’s North American and African business. Prior to joining PIP, he gained wide experience in corporate, commercial, risk management and strategic planning through his roles at Anglo American plc, in merchant banking and in management consulting. He has worked in Namibia, South Africa and Australia as well as short assignments in Europe, Canada and the USA. Mr Sutherland has an MBA from the University of Cape Town and a Bachelor of Engineering (Metallurgy) from the University of Witwatersrand.

Colin Harris / Non-Executive Director

Colin Harris has been working as an exploration geologist for over 40 years, and has a wealth of experience in the generation, exploration and evaluation of projects covering a variety of commodities and deposit styles. He has experience in over 25 countries, mainly in Africa and Europe, and has worked for major international mining companies including Anglo American plc, Cominco and Rio Tinto plc. During his time at Rio Tinto plc, which was between 1990 to 2008, Mr Harris managed multi-million dollar world-class projects including the Simandou iron ore project in Guinea, which he and his team took from grass roots to preliminary feasibility study before handing over to Rio Tinto Iron Ore Group. For the past 18 months, Mr Harris has been leading the Zanaga Iron Ore Project in Congo Brazzaville as both the Directeur Général of Mining Project Development Congo SAU (MPD), the local holding company, and Technical Director of Jumelles Technical Services (UK) Ltd, who render technical services to MPD. He has a BSc in Geology from Rhodes University (South Africa).

Mark Trevan / Non-Executive Director

Mark Trevan has over 30 years' experience in the mining and metals sector. He is currently the Managing Director of Caledon Resources Plc, and is responsible for the Caledon Group’s Australian operations. Prior to joining Caledon in September 2006, he spent 25 years with Rio Tinto Ltd where he held senior executive roles in the areas of coal marketing, general commercial, corporate strategy and project feasibility. He joined Rio Tinto’s Queensland coal subsidiary in 1997 as General Manager of Marketing, and through various corporate reorganisations also became responsible for the marketing of Rio Tinto’s Coal and Allied subsidiary and its Indonesian coal operations. During his time as General Manager of Marketing, Rio Tinto opened two coking coal mines and is now a significant participant in the internationally-traded metallurgical coal market, in addition to its substantial presence in the thermal coal market. Mr Trevan is a graduate in Applied Finance and Investment from the Securities Institute of Australia and holds a Diploma of Business (Accounting) from the Preston Institute of Technology.

Senior Management

Nigel Walls / Chief Operations Officer

Nigel Walls has over 25 years of international business experience in profit and loss management, project evaluation, risk assessment, marketing strategy and technical auditing. He has a wide ranging knowledge of various mineral commodities including coal, copper and gold. He has had extensive experience in Eastern Europe, Central Asia, Russia, Sub-Saharan Africa and the Far East during this period. Recent positions include Deputy Managing Director of Wardell Armstrong International consultants, Vice-President Business Development for Canadian copper producer Aur Resources and Chief Operations Officer for a private exploration/development company in the Democratic Republic of Congo. Mr Walls graduated with a BSc (Eng.) in Mining Engineering with Honours from the Royal School of Mines, Imperial College, in London in 1983. Nigel Walls is a Chartered Mining Engineer and a Fellow of the Institute of Materials, Minerals and Mining.

Manish Kotecha / Chief Financial Officer

Manish Kotecha has been working in the mining and metals sector for 10 years, specialising in financial management. He has been the Chief Financial Officer at Caledon Resources plc, an AIM and ASX listed coal mining junior, since 2000. At Caledon, he was involved in two reverse takeovers: the first in 2003 when it transitioned from an internet auction house to Chinese gold explorer, and the second in 2006 when it transitioned to coal mining and exploration in Australia. He was also involved in the subsequent fund-raisings which totalled £70.9 million in debt and equity. He also served as finance director for Carlton Resources plc (formerly KimCor Diamonds plc), and was the Group Financial Controller at Oriel Resources plc, where he was part of the team that listed Oriel’s shares on AIM in March 2004, raising £40 million. Mr Kotecha graduated with a BSc (Hons) in Accounting and Finance from Kingston University, Kingston-upon-Thames, in 1994.

Hanno Pengilly / Manager

Prior to this role, Hanno Pengilly was an investment banker at JP Morgan for four years. Based in the United Kingdom and South Africa, he predominantly focused on the natural resources space in sub-Saharan Africa.

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