Coal of Africa Limited generated no revenue was generated during the year to the end of June as all operations are on care and maintenance (FY 2015: $nil).
Non-cash charges totalled US$12.8 million (FY2015: US$7.5 million) including:
* depreciation and amortisation of US$1.2 million (FY2015: US$1.4 million);
* unrealised foreign exchange loss of US$9.5 million (FY2015: US$18.9 million gain) as a result of the South African rand weakening against the United States dollar
* share based payment expense of US$0.2 million (FY2015: US$3.1 million).
The group reports total unrestricted cash balances at year-end, including cash held by operations available for sale of US$19.5 million (FY2015: US$17.8 million).
Chief executive David Brown said: "The financial results for the year ended 30 June 2016 continue to reflect the progress on transitioning into a project development company. Most legacy issues have now been resolved and progress has been made on a number of regulatory matters at both Makhado and Vele. 4
"We have started the process to acquire a cash generating asset in order to provide the company with a sustainable future. Despite not consummating the Universal Coal transaction we are actively pursuing other acquisition opportunities."
At 8:09am: (LON:CZA) Coal of Africa Ltd share price was +0.35p at 3.35p