Place of Meeting: Allens
Initial Director's Interest Notice
3 October 2019, Jimmy Sen Ming Lim
Stanmore Coal is pleased to announce the appointment of Mr Jimmy Lim as a non-executive director effective immediately.
Mr Lim is a nominee Director of Stanmore’s largest shareholder Golden Investments (Australia) Pte. Ltd, which has a 28.42% interest in the company.
Managing Director resignation, Interim CEO appointed
The Board has been notified by Managing Director, Dan Clifford of his resignation from Stanmore. Dan has served as Managing Director of Stanmore for approximately three years and joined shortly after Isaac Plains was brought back into production.
A recruitment process will commence immediately and during this period Jon Romcke has been appointed as Interim CEO to ensure an orderly transition of leadership.
September 2019 Quarterly Production Report
Full year on track with solid start
Strong start to the year with operations producing 704kt ROM (annualised rate of 2.8Mt) and 619kt saleable coal (2.5Mt annualised) in the September quarter
Record coking coal sales of 722kt in the September quarter
Net Cash held at $90.7m ($90.5m at 30 Jun 2019) with the purchase of a new excavator in the quarter
September 2019 quarter IPE coking coal benchmark (index-linked, backward looking) set at US$115/tonne, with the December 2019 quarter (forward looking) benchmark set at US$107/tonne
Isaac Downs consenting on track with the EIS Terms of Reference published on 1 October 2019
Full year guidance reconfirmed at 2.35Mt product and FOB costs (underlying, ex royalty) of $100/t
December 2019 Half year Underlying EBITDA guidance of $53.0 million to $56.0 million
Stanmore’s safety performance continues to improve. The 12-month TRIFR at the end of the quarter was 13.6 a 17% reduction from 12-month TRIFR at 30 June 2019.
A safety ‘reset’ was rolled out across the industry including all Stanmore sites to address the recent increase in industry fatalities.
Process Deed with Winfield Energy terminated
Winfield Energy advised it has not been able to engage with key shareholders of Stanmore in order to satisfy itself there would be a reasonable prospect that a bid would be successful if made.
Process Deed Extended
Stanmore Coal continues to remain engaged with Winfield Energy to determine if a formal and binding offer will be made to shareholders of Stanmore. Both parties have agreed to extend the validity of the Process Deed by a further three weeks from 7 October to 28 October 2019. All other terms of the Process Deed remain the same.
All company announcements can be found on the ASX website at www.asx.com.au.