Beacon Hill Resources is very popular at the moment on other BBs yet here there seems to be nothing - so I thought I'd put together the stuff I've gather from the Internets and see if anyone here is investing in BHR - I'm not but I might at some time in the future when the fuss has died down

Beacon Hill Resources

agreed - rns out

Interim Results


RNS Number : 3518S

Beacon Hill Resources plc

23 September 2014






Beacon Hill Resources Plc / AIM: BHR / Sector: Mining



Beacon Hill Resources Plc ("Beacon Hill" or "the Company")

Interim Results for the period ended 30 June 2014



Beacon Hill Resources Plc, the AIM listed coking coal company, announces its financial results for the six month period ended 30 June 2014.



HIGHLIGHTS:

• Unadjusted loss in the period of US$ 9.96 million compared to the corresponding 2013 period loss of US$7.64 million - reduction in the first half loss compared to the corresponding 2013 period, when adjusted for rail operating leases and fair value of warrants issued.

· Reduction in cash utilised in operations by US$ 1.2 million to US$ 5.9 million when compared to the corresponding 2013 period of US$ 7.1 million, notwithstanding rail operating lease costs incurred during this period whilst none were incurred in the in the corresponding 2013 period.

• Further amendment agreement with Vitol SA related to the US$ 10 million senior debt facility to defer the principal amortization originally due in April 2014 of US$ 1.7 million to 30 September 2014 as well as accruing interest until 30 September 2014.

• Amendments to the Coal Offtake Agreement with respect to price discounts and to subordinate the repayment of the Global Minerals US$ 5 million coal prepayment to any new senior debt.

• Rolling Stock shipped and commissioned in Mozambique comprising five locomotives and 89 wagons, to be operated under a 10 year operating lease.

· Moatize coal loading site commissioned with JV Partner.

• Rolling stock Sub-lease agreed in principle and pending final approvals from the Government of Mozambique.

• Received US$ 20 million offer of project financing for the Minas Moatize Mine's washplant expansion project, subject to financial and legal due diligence, of which the financial due diligence has been completed and the preliminary legal due diligence report has been received.

• Sufficient working capital funding arranged to the end of 2014 with up to US$ 17 million working capital to be raised in support of senior debt and expansion project.

• Post period end, fundraising announced to raise up to £1.25m to provide sufficient working capital to the end of 2014.

• Target to complete expansion project funding (debt and equity) and restructuring of balance sheet by end of Q4 2014.









CHAIRMAN'S STATEMENT



During the first half of 2014 Beacon Hill made significant progress with the Minas Moatize coking coal project despite the very challenging pricing environment for coal. Notably, the Company shipped and commissioned five new locomotives and 89 purpose built wagons with a value of US$ 21 million which are to be leased on a 10 year basis as well commissioning the Moatize Mine's coal loading facility with its JV partner following 12 months of infrastructure development. The embedded value of the Company's bulk logistics chain has grown over the period and is the cornerstone of creating a competitive cost advantage to re-commence coking coal exports from Minas Moatize.



The Company also received a proposal for a US$ 20 million new senior debt funding facility for the washplant expansion project during March 2014, after submitting final due diligence reports together with concluding the EPC tender and form of contract for its construction early in the year.



Looking forward to H2 2014, the depressed market for coal prices globally has meant that the project will likely remain in care and maintenance until the construction of the expanded washplant has been completed with a key focus to re-enter production as a Tier One cost producer in late 2015/early 2016.



Therefore, with no anticipated production during H2 2014, focus of the Board and management will be solely on debt and equity expansion project funding, logistics and restructuring the existing debt on the balance sheet.



These H2 2014 objectives can be summarised as:

(i) conclude the rail sub lease to offset rail costs;

(ii) the completion of the new US$ 20 million senior debt facility to fund capex;

(iii) the restructuring of the US$ 25 million existing senior and sub-ordinated debt;

(iv) raising sufficient additional equity / working capital, expected to be upto US$ 17 million or as specified by the new senior debt lender; and

(v) to execute the EPC contract for the expansion project after completion of the above.



There are a significant number of hurdles to overcome, but we remain confident we have the correct team to do so and I look forward to updating shareholders in due course as our management team progress the H2 2014 objectives.





Justin Farr-Jones

Chairman

Bought in again last week after being out for a while.

anyone still in ? any thoughts ?

Unfortunately I'm still in and nursing a loss. My thoughts are, why did I bother with this company.
2517

bought some this morning -the rns has positive wording and add last recent rns to it finally looking better here - 12mth low good time to avg down perhaps?

i like the FURTHER AGREEMENT wording todays rns:


' The Company will update the market once a further agreement has been reached. '

&







Agreement to Sub-Lease Rolling Stock
RNS
RNS Number : 8852T
Beacon Hill Resources plc
09 October 2014




9th October 2014

Beacon Hill Resources Plc / AIM: BHR / Sector: Mining



Beacon Hill Resources Plc ('Beacon Hill' or 'the Company')

Agreement to Sub-Lease Rolling Stock



Beacon Hill Resources PLC, the AIM listed Mozambique coking coal miner, is pleased to announce that it has entered into a sub-lease of its rolling stock to an undisclosed party ('the Sub-lessee').



This sub-lease agreement will support the Company's expansion strategy to advance Beacon Hill's Minas Moatize Coking Coal Project to Tier One cash cost status which will deliver an economically robust mining project even during periods of depressed coking coal prices.



Highlights

· The Sub-lessee will utilise all of Beacon Hill's five locomotives and 90 rail wagons on the Sena Line

· Minimum lease term of 12 months with extension option

· Increases Sena Line utilisation by up to 500,000 tonnes per annum

· Final regulatory and Minister of Finance approval received and this represents the completion of a key milestone towards the completion of the Senior Debt Facility



Rowan Karstel, CEO commented:



"We are delighted to have secured a high calibre counterparty to lease our rolling stock on the Sena Line further proving the viability of the logistics solution whilst Beacon Hill's Minas Moatize Coking Coal expansion project is advanced.



"This transaction is a win-win for ourselves and the Sub-lessee whilst also increasing the utilisation of the Sena Line. Our two train sets are the newest class of rolling stock and are a big boost for the entire Mozambique coal supply chain. We have taken 9 months to conclude this transaction and with considerable assistance from the Government of Mozambique represented by the Ministry of Mines and Ministry of Finance."



Background to the Transaction

During H1 2014, BHR announced the delivery of five new Grindrod locomotives and 90 Transnet Engineering rail wagons to Mozambique after 12 months of manufacture. The transaction was funded by Thelo Rolling Stock South Africa, with Beacon Hill's subsidiary BHR Investments Mauritius as lessee. The new rolling stock has a value of approximately US$21 million.

Pending the upgrade of the Minas Moatize coking coal mine to a Tier 1 cash cost producer, Beacon Hill announced its intention to sub-lease the rolling stock until it re-commenced export operations through the Port of Beira. The addition of the rolling stock translates to 500,000 tonnes per annum of new rolling stock capacity to the Sena railway rolling stock fleet with expected availability rates of 94% associated with new fleet.

good news

Beacon Hill Resource
New Debt Facility and Restructuring Update
RNS Number : 1088W
Beacon Hill Resources plc
04 November 2014


4 November 2014

Beacon Hill Resources Plc / AIM: BHR / Sector: Mining



Beacon Hill Resources Plc ('Beacon Hill' or 'the Company')

New Debt Facility and Restructuring Update



The Company is pleased to announce a further update on the new debt facility for the Minas Moatize coking coal mine expansion project in Mozambique and the restructuring of existing Group debt facilities.





Highlights



· Final revised legal due diligence report submitted to a South African Development Finance Institution ("DFI") with final approvals expected by year-end

· Amendment agreement signed with Vitol SA to defer principal and interest on the senior loan facility to 30 January 2015 pending completion of the new debt facility

· Negotiations ongoing with Convertible Loan note holders to restructure debt to facilitate new debt facility

· Commenced renewal of the MML Mining Concession for a further 20 years



Rowan Karstel, CEO commented:



"We are making steady progress in both our new project funding and restructuring and I remain optimistic we can deliver some resolution for our shareholders prior to the year-end. The Minas Moatize coking coal mine is one the very few globally that can sustain operations in this challenging price market if we complete the proposed expansion to 3.2 million tons per annum."





DFI New Senior Facility Update



The Company is pleased to announce legal counsel appointed by the DFI has now submitted its final revised legal due diligence report. Further delays were encountered by an additional request for corporate records dating back to 2005.



The Company expects the final review and approval process to now commence at the DFI with any material updates to be communicated to shareholders in due course.



Existing Vitol Senior Debt Facility



The Company is pleased to announce it has reached an agreement with Vitol SA regarding an amendment to the terms of the US$10 million senior debt facility.



As previously announced, amortization of US$1.7 million due 30 September 2014 has been deferred during this year and the Company has agreed to defer a both this amount and a further US$2.4 million due 31 December 2014, whereby US$4.1 million shall now fall due 30 January 2015 by which time the Company expects to have completed either a restructuring or refinancing of the Vitol senior debt facility. In addition the Company has elected to capitalize interest payments for the time being to conserve cash within the Group. The total capitalized balance outstanding to Vitol (including capitalized interest to 30 September 2014 and amendment fees) is US$10.56 million carried forward. The successful restructuring of the Vitol senior debt facility will likely be a key condition precedent to drawdown of any new DFI senior Facility in 2015.



Convertible Loan Note Re-Structuring



In addition to negotiations with Vitol SA and the DFI, the Company has continued negotiations with all existing convertible loan note holders regarding a potential restructuring of US$ 14.8 million in loan notes currently due for redemption between July 2015 to July 2018. The successful restructuring of the Convertible Loan Notes will be likely to be a key condition precedent to drawdown of any new DFI senior Facility in 2015. A further update will be issued in due course in the event an amendment agreement is concluded between the Company and convertible noteholders.





Renewal of MML Mining Concession



In April 2014, Minas Moatize Limitada ("MML"), the Company's wholly owned subsidiary was awarded a 25 year mining contract by the Government of Mozambique for Licence 1151L, which was subsequently ratified by the Administrative Tribunal. One of the key terms and benefits of the Mining Contract for MML confers the automatic right of renewal of the mining concession in favor of MML, subject to compliance with applicable laws. The Company's existing mining concession was granted in 2005 for 10 years.



MML has therefore commenced the renewal process for the mining concession for a further 20 years and on the basis of the signed Mining Contract would expect a timely renewal of the concession prior to expiration of the existing concession in June 2015.

onwards and upwards

really?

must be the curse of king tut again ...beacon hill etc hmm

And compliments of the season to all those stuck in BHR!