Continental cops speeding ticket

A FLURRY of trading in Continental Coal securities has drawn a “please explain” letter from the Australian Securities Exchange.

Noel Dyson

Yesterday trading in Continental stock leapt almost threefold to more than 12 million trades.

Continental put the trading leap down to an open briefing which it released to the market on August 10.

In that update it confirmed the company was continuing with the development of the Penumbra coal mine, which was fully funded to production and was set to become the company’s third thermal coal mining operation in South Africa.

That mine is planned to have annual sales of 500,000 tonnes per annum and start moving product in the final quarter of 2012.

“The update further confirmed that the company’s two other coal mining operation, the Vlakvarkfontein and Ferreira coal mines were performing and collectively ‘our mining operations have been generating positive operational profits and that is budgeted to continue in financial year 2013’,” the company said in its response to the ASX.

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