Past year: ▼ 38%(0.40c – 1.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Apr 2006asset acquisition disposition▲ GoodMajor
Eastern agreed to buy Straith Industries' coal mining operations in the Ohai/Nightcaps area of New Zealand for NZ$2m, giving it a second NZ mine after Cascade. Completion is due by 31 July 2006, subject to due diligence and consents.
20 Mar 2006drilling spud▲ Good
Exploration drilling has started at Whareatea West, New Zealand, 5km north of the Cascade mine. Eastern holds the permit 100%, and initial indications are that it holds export quality hard coking coal.
15 Mar 2006half year report▲ Good
Eastern reported a consolidated net profit before tax of $3.8 million for the half year to 31 December 2005. Report restates Broughton, Cascade and Whareatea West activities.
24 Feb 2006capital raising announcement▲ GoodMajor
Eastern raised $4.2 million from AMP Capital Investors through a placement of 70 million new shares at 6 cents each. Funds are for proposed coal acquisitions in Australia and New Zealand and working capital.
What it means for a shareholder
70.0m new shares at A$0.060 to raise about A$4.2m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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1 Feb 2006resource reserve update▲ Good
Coal quality analysis confirms the Broughton deposit (Eastern 90%, Mitsui 10%) includes hard and semi-hard coking coal, with a possible thermal by-product. It supports the earlier 30 million tonne resource; Stage 1 feasibility is still being prepared.
31 Jan 2006quarterly activities report● Neutral
Eastern's December 2005 quarterly report covers the group. Broughton coal resource is 30 million tonnes, Cascade mine is in its first six months under Eastern, and the Galilee coal seam methane two-well programme is finalised. Routine update.
24 Jan 2006drilling scheduled▲ GoodMajor
Galilee Energy (60% owned by Eastern Corporation) plans two coal seam methane exploration wells at Rodney Creek and Crossmore from late March 2006, on permits ATP 529P and ATP 799P. Budget is about $1.2m, funded by existing Galilee shareholders including Eastern.
