www.conticoal.com
Continental Coal Ltd (ASX:CCC) is a South African coal exploration and development company with current JORC resources of over 300Mt. Continental holds interests in a number of early stage and advanced stage exploration assets in various established South African Coal mining regions.
CCC was formed to take advantage of the robust domestic and global demand for coal, with particular focus on South Africa, Botswana, Mozambique and Zimbabwe.
Continental Coal price spike prompts ASX query
Continental Coal (ASX:CCC, LON:COOL) received a price and volume 'please explain' from the ASX following a 28% jump to $0.25 in intra-day trading yesterday, up from $0.195 on 2 November 2011.
Continental said it is not aware of any information that has not been announced which could explain the sudden interest, but did however state:
"The company has previously announced in its quarterly report for the three months ending 30 September 2011, a number of key operational and corporate transactions that the company anticipated concluding.
Executives of the company have also undertaken an extensive promotional schedule since the release of its quarterly report.
In addition the company is also aware of a number of macro events that have occurred in recent days that may have a positive on the coal sector generally."
Continental is making solid progress with development activities and site construction works being undertaken at the Penumbra coal mine in South Africa.
First production from the underground mining operation is forecast to commence in the second quarter of 2012 with full production targeted to be achieved in the third quarter of 2012.
The Penumbra coal mine is on track to produce 500,000 tonnes per annum of a high quality export thermal coal product.
