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BUFFALO COAL CORPORATION - Management's Discussion and Analysis - Quarterly Highlights

Release Date: 21/11/2018 17:18
Code(s): BUC     PDF:  
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Management's Discussion and Analysis -
Quarterly Highlights

BUFFALO COAL CORP.   
REGISTRATION NUMBER: 001891261 
EXTERNAL COMPANY REGISTRATION NUMBER: 2011/011661/10 
SHARE CODE ON THE TSX VENTURE EXCHANGE: BUF 
SHARE CODE ON THE JSE LIMITED: BUC 
ISIN: CA1194421014 

INTERIM MANAGEMENT'S DISCUSSION AND ANALYSIS – QUARTERLY HIGHLIGHTS 
                                        
For the three and nine months ended September 30, 2018 
(Presented in South African Rands) 

Management's Discussion and Analysis 
For the three and nine months ended September 30, 2018 

BASIS OF PREPARATION 
 
The following Management's Discussion and Analysis ("MD&A") relates to the financial condition and results of 
operations of Buffalo Coal Corp. and its subsidiaries ("we", "our", "us", "BC Corp", the "Company" or the "Group") for 
the three and nine months ended September 30, 2018 and should be read in conjunction with the audited annual 
consolidated financial statements for the years ended December 31, 2017 and December 31, 2016, the Management's 
Discussion and Analysis for the year ended December 31, 2017 and the unaudited condensed interim consolidated 
financial statements for the three and nine months ended September 30, 2018. The condensed interim consolidated 
financial statements ("Interim Results") and related notes have been prepared in accordance with International 
Financial Reporting Standards ("IFRS") and are in compliance with IAS 34, Interim Financial Reporting. Certain non-IFRS 
measures are discussed in this Interim MD&A which are clearly disclosed as such. Additional information and press 
releases have been filed electronically through the System for Electronic Document Analysis and Retrieval ("SEDAR") 
and are available online under the Buffalo Coal Corp. profile at www.sedar.com. 
 
This Interim MD&A reports our activities through November 21, 2018 unless otherwise indicated. References to Q3 
2018 mean the three months ended September 30, 2018, Q2 2018 mean the three months ended June 30, 2018 and 
Q4 2017, Q3 2017, Q2 2017 and Q1 2017 refer to the three months ended December 31, 2017, September 30, 2017, 
June 30, 2017 and March 31, 2017, respectively. References to 2018 YTD mean the nine months ended September 30, 
2018 and 2017 YTD mean the nine months ended September 30, 2017. 
 
Unless otherwise noted all amounts are recorded in South African Rands ("R" or "Rands" or "ZAR"). References to "C$" 
mean Canadian Dollars and to "US$" mean United States Dollars. Amounts stated in Canadian Dollars or US Dollars are 
translated at the date of transaction, unless otherwise stated. These other amounts stated in Canadian Dollars were 
translated at C$1:R10.9623 and amounts in US Dollars were translated at US$1:R14.1437. 
 
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION 

This Interim MD&A contains forward-looking information under Canadian securities legislation. Forward-looking 
information includes, but is not limited to, information with respect to the Company's expected production from, and 
further potential of, the Company's properties; financial and operational planning and strategic goals; the Company's 
ability to raise additional funds; the timing and amount of advances under existing loan facilities; the future price of 
minerals, particularly coal and overall market conditions for resource issuers; the estimation of mineral reserves and 
mineral resources; conclusions of economic evaluations; the realization of mineral reserve estimates; the timing and 
amount of estimated future production; costs of production; capital expenditures; success of exploration activities; 
mining or processing issues; currency exchange rates; government regulation of mining operations; labour relations 
and future collective agreements; and environmental risks. In general, forward-looking information can be identified 
by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "budget", "scheduled", 
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words 
and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", 
"occur" or "be achieved". Forward-looking information is based on the opinions, estimates and assumptions of 
management as of the date such statements are made, and the Company can give no assurance that such opinions, 
estimates and assumptions are correct. Estimates regarding the anticipated timing, amount and cost of exploration, 
development and production activities are based on assumptions underlying mineral reserve and mineral resource 
estimates and the realization of such estimates. Capital and operating cost estimates are based on extensive research 
of the Company, purchase orders placed by the Company to date, recent mining costs and other factors. 

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the 
actual results, performance or achievements of the Company to be materially different from any future results, 
performance or achievements expressed or implied by the forward-looking information. Such factors include: risks 
relating to the requirement for additional capital; production estimate risks; the price of coal; labour and employment 
risks; cost estimate risks; mineral legislation risks; title to mineral holdings risks; power supply risks; risks relating to the 
depletion of mineral reserves; litigation risks; South Africa country risks; infrastructure risks; environmental risks and 
other hazards; risks relating to dependence on key personnel; dependence on outside parties; exploration and 
development risks; risks relating to foreign mining tax regimes; insurance and uninsured risks; competition risks; the 
Company's securities may experience price volatility; risks relating to owning foreign assets; currency fluctuation risks; 
and the Company's directors and officers may have conflicts of interests. Although management of the Company has 
attempted to identify important factors that could cause actual results to differ materially from those contained in 
forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or 
intended. There can be no assurance that such information will prove to be accurate, as actual results and future events 
could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance 
on forward-looking information. The Company does not undertake to update any forward-looking information, except 
in accordance with applicable securities laws. 

OVERVIEW OF THE COMPANY 

BC Corp is a coal mining and supply company operating in South Africa. The Company is primarily listed on the TSX Venture 
Exchange ("TSXV") and has a secondary listing on the Alternative Exchange ("AltX") operated by the JSE. BC Corp trades 
under the symbol "BUF" on the TSXV and "BUC" on the AltX. 

The Company owns 100% of the shares in Buffalo Coal Dundee Proprietary Limited ("BC Dundee"), a South African 
company, with an interest in two operating coal mines in South Africa ("BC Dundee Properties"). BC Dundee indirectly 
holds a 70% interest in the BC Dundee Properties through its 70% interest in Zinoju Coal Proprietary Limited ("Zinoju"), 
which holds all of the mineral rights with respect to the BC Dundee Properties. The remaining 30% interest in Zinoju is 
held by South African Black Economic Empowerment ("BEE") partners. 

The BC Dundee Properties comprise the Magdalena bituminous mine ("Magdalena") and the Aviemore anthracite mine 
("Aviemore"). The Group is currently engaged only in underground coal mining at Aviemore. Until October 31, 2018, 
the Magdalena underground mining operations were contracted to STA Coal Mining Company (Pty) Ltd ("STA"), a 
contract mining operator under a mining services contract dated October 28, 2015. The STA contract came to an end 
at the end of October 2018. 
 
On August 31, 2018 BC Dundee embarked on a Section 189 process following STA's notification to the Company of its 
intention not to renew their mining contract at the Magdalena mine at the end of October 2018. STA raised the 
following main issues/concerns that lead to the issue of their notification letter: 
 
  - challenging workforce resulting in Run of Mine (ROM) production not enough to cover STA's fixed costs 
  - difficult geological conditions and high methane gas  
 
BC Dundee also recognized that at the production rates achieved for the year-to-date and based on the anticipated 
increased Run of Mine (ROM) mining fee that STA intended on charging, Magdalena would have had a negative impact 
on the cash flow of the overall operations; hence the start of the Section 189 process.  

On October 29, 2018 the mine and STA concluded the Section 189 process with the signing of a retrenchment 
agreement by all parties/unions involved, setting out the retrenchment of 196 BC Dundee employees. 
 
As a result, the Magdalena underground mining activities ceased at the end of October 2018. As a result, 163 employees 
were retrenched on November 1, 2018. BC Dundee has retained 33 of the employees to be retrenched for a further 
four months to assist in stripping out all equipment and infrastructure from underground that the mine can use 
elsewhere or dispose of, following which the mine will be closed. These employees will be retrenched at the end of 
February 2019, following the closure of the mine. 
 
STA will remove their equipment from underground over a period of 2-3 months. Pursuant to the terms of the 
agreement with STA, BC Dundee is obliged to pay de-commissioning costs in the order of R2.72 million to STA.  

OVERVIEW OF THE PERIOD AND OUTLOOK FOR THE GROUP 

Production and cash flow 
 
As of November 2018, following the closure of the Magdalena mine, the business case and cash flow of BC Dundee rely 
primarily on the production from the Aviemore anthracite mine.  
 
In light of this, management embarked on a process to ensure the sustainable operation of the Aviemore mine by 
identifying short, medium and long-term opportunities/projects to increase the life of the mine. Through this process 
management has revised the current Aviemore mining plan to include pillar extraction extending the life of the current 
Aviemore mine with 14 months from February 2020 to June 2021. Other short-term opportunities include leasing of 
the Magdalena wash plant to third parties or toll washing of third-party product and selling the Magdalena slurry dump 
reserves (approximately 700,000 tonnes) to third parties. Successful pursuit and implementation of these opportunities 
will allow the Company to settle its outstanding liabilities over the next 14 months and will also provide the additional 
time required to raise financing for the medium (old Balgray mine) to longer term (North Adit) projects identified.  
 
The Group's ability to continue as a going concern and ultimately continue long term operations, is dependent on its 
ability to realise these short-term opportunities and to secure the funding required for the medium to longer term 
projects. Early in 2018 BC Corp appointed a Financial Advisor, Northcott Capital Limited ("Northcott") to undertake a 
strategic review process to obtain funding for the Company's capital requirements.  
 
A bidding process commenced at the start of June 2018, which allowed interested bidders to do a high-level due 
diligence via a data room setup for this purpose and site visits. The Company received indicative offers at the end of 
June following which a formal due diligence process commenced to give shortlisted candidates the opportunity to 
obtain more detailed information in order to firm up their indicative offers. The due diligence process ended at the end 
of August 2018. Uncertainty surrounding the mining services contract and future of the Magdalena mine, resulted in a 
suspension of the Northcott process in September 2018 in order to allow for the conclusion of the section 189 process 
and the closure of the Magdalena mine.  
 
In October 2018, the Board formed a Special Committee to monitor developments and undertake a further strategic 
review of the Company and its capital structure in order to review further strategic alternatives that may be in the 
interests of Buffalo Coal and its stakeholders following the conclusion of the section 189 process at Magdalena Mine.  

It is uncertain at this point in time what the outcome of this process will be. As such, management has reviewed its 
cash flow forecast based on revised production including pillar extraction over the next 14 months to determine 
whether the company (group) will be able to meet its obligations in the normal course of business. The cash flow 
forecast over the next 14 months, assuming realization on the short-term opportunities, indicates that Buffalo Coal 
should be able to service all its liabilities at the end of that period. 
 
Although the Group has implemented various restructuring initiatives, the Group continues to experience operational 
challenges. The Group remains dependent upon sustaining profitable levels of operation, as well as the continued 
support of Investec, RCF and other stakeholders and believes that subject to its ability to meet current forecasts, it 
should be able to generate positive cash flows in the foreseeable future.  
 
However, there is no assurance that the Company will be able to meet its covenants in the future, or that Investec will 
provide future waivers, if required. These matters constitute material uncertainties which cast significant doubt as to 
whether the Group can continue as a going concern. 
 
If the going concern assumption was not appropriate for the Interim Results of the Group then adjustments would be 
necessary to the carrying values of assets and liabilities, the reported revenues and expenses and the statement of 
financial position classifications. Such adjustments could be material. 
 
Investec funding 
 
The Group continues to be in breach of certain covenants with respect to its borrowings from Investec at September 
30, 2018. On November 22, 2016, Investec provided a forbearance letter stating that it does not intend to exercise its 
rights to request early payment of the outstanding debt; however, no waiver has been provided and Investec has 
reserved its right to review this decision periodically, with no obligation to keep the Company advised in this regard. 
 
Also, in terms of the Amendment signed with Investec on March 19, 2018, Investec agreed not to exercise its 
acceleration rights with respect to any existing events of default under the Investec Facility until June 30, 2018, which 
was subsequently further extended to September 28, 2018. 
 
On November 7, 2018, the Company accepted and agreed to Investec's amendment to the term loan and revolving 
credit facility agreement. Pursuant to the amended agreement, the final maturity date has been extended from June 
30, 2019 to December 31, 2019, with revised quarterly repayment instalments of R20 million at the end of December 
2018 and R26 million at the end of each quarter of calendar 2019. In addition, Investec agreed not to exercise its 
acceleration rights with respect to any existing events of default under the Investec Facility until December 31, 2018. 
 
As of November 20, 2018, R125.3 million (December 31, 2017: R200.3 million) of the drawn Investec loan facilities was 
still outstanding (See Note 13 to the Financial Statements). 

Markets 

The Group supplies high energy bituminous coal and anthracite to both the export and domestic markets. 

The Group continues to utilise an export allocation of 51,125 tonnes per quarter through the Quattro scheme at 
Richards Bay Coal Terminal (RBCT). The Department of Mineral Resources restricted applications to those companies 
producing standard RB1 and RB3 qualities, since only 2 grades/stockpiles are allocated to Quattro in RBCT.  It is 
anticipated that Buffalo's use of Quattro allocation will cease when the new allocations become applicable in April 
2019. As previously reported, no overall impact is expected on export tonnages regardless of whether the Company 
has an allocation under the Quattro program or not. 
 
Bituminous 

The API4 coal index averaged $101.60 per ton in Q3 2018 compared to $100.29 in Q2 2018, a very strong performance. 
This price level largely reflects an on-going tightness in the supply of RB1 quality coal for export, despite the fact that 
the (by far) dominant export grade from RBCT is now RB3. 

The ZAR exchange rate to the US$ weakened during Q3 2018, having averaged R14.07, against a Q2 2018 average of 
R12.63 and a Q1 2018 average of R11.96. However, the Company's ZAR receipts for the quarter did not benefit 
significantly as most of the export tonnage moved in Q3 2018 was already locked in at a ZAR price. 

The API4 index still remains solidly in backwardation, which has precluded settling any significantly long-term sales 
agreements. 

Domestically, the bituminous industrial market remains stable in volume terms, with little variation in the demand 
predicted for the remainder of 2018 or early 2019. Additional demand from Eskom has, however, continued to tighten 
the overall domestic market. Availability remains particularly tight for sized coal fractions, causing on-going upward 
pressure on pricing. 
 
Anthracite 

Anthracite's use as a source of carbon reductant in metallurgical processes means that the market, both domestically 
and for export, does not correlate well with movements in the steam coal markets. Settlements for anthracite supplies 
are therefore on an individually negotiated basis, with no real reference pricing available. 

Demand for the Group's products, particularly from the domestic consumers, continues to be positively impacted by 
the fact that no new production has been forthcoming to close the availability gap after some mine closures in recent 
years and as a result the limited supply places upward pressure on domestic pricing. 

A short-term spike in domestic demand for sized products for home heating was experienced during the (winter) 
quarter, with demand far exceeding the available supply from any source. Many end-users were unable to acquire any 
supply at all. 

Demand for the remainder of calendar 2018 and calendar 2019 remains buoyant, and the Group has already begun 
placing planned production into both the domestic and export markets for 2019. The outlook is therefore very positive 
for the anthracite sector of the business, with both demand and pricing remaining strong. 
 
CONSOLIDATED OPERATIONAL RESULTS FOR Q3 2018, Q3 2017 AND Q2 2018 
                                                                                %                                %                     % 
Operational results                              2018 YTD    2017 YTD   VARIATION    Q3 2018   Q3 2017   VARIATION    Q2 2018  VARIATION
ROM (t)                                           865 664   1 051 537       (18%)    310 811   327 821         (5%)   288 055         8%
- Aviemore (t)                                    365 202     367 943        (1%)    121 229   141 029        (14%)   119 721         1%
- Aviemore (t) (bought-in)                         54 131      14 058        285%     21 397     7 225         196%    23 427       (9%)
- Magdalena (t)                                   422 496     626 252       (33%)    145 405   178 204        (18%)   144 907         0%
- Bituminous (t) (bought-in)                       23 835      43 284       (45%)     22 780     1 363        1571%         -       100%
Saleable production (excluding calcine) (t)       563 338     593 219        (5%)    193 588   208 978         (7%)   189 175         2%
- Anthracite (t)                                  246 998     233 354          6%     77 931    97 704        (20%)    85 015       (8%)
- Anthracite (t) (bought-in)                       35 226       8 897        296%     13 719     4 220         225%    16 329      (16%)
- Bituminous (t)                                  267 628     320 280       (16%)     89 087   106 096        (16%)    87 831         1%
- Bituminous (t) (bought-in)                       13 486      30 688       (56%)     12 851       958        1241%         -       100%
Yield on plant feed (excluding calcine) (%)         64.8%       56.9%         14%      61.7%     62.8%         (2%)     65.6%       (6%)
- Anthracite (%)                                    68.0%       64.8%          5%      65.0%     68.5%         (5%)     70.4%       (8%)
- Anthracite (%) (bought-in)                        65.1%       63.3%          3%      64.1%     58.4%          10%     69.7%       (8%)
- Bituminous (%)                                    63.5%       51.3%         24%      61.9%     58.5%           6%     60.9%         2%
- Bituminous (%) (bought-in)                        56.6%       70.9%       (20%)      56.4%     70.3%        (20%)       N/A        N/A
Sales (t)                                         627 856     657 205        (4%)    209 687   231 797        (10%)   210 821       (1%)
- Anthracite (t)                                  229 088     178 632         28%     74 046    73 797           0%    84 180      (12%)
- Bituminous (t)                                  293 485     346 675       (15%)    107 972   111 716         (3%)    91 198        18%
- Calcine (t)                                      41 397      30 538         36%     11 641     9 437          23%    12 493       (7%)
- Anthracite high-ash sales (t)                    63 886     101 360       (37%)     16 028    36 847        (57%)    22 950      (30%)
Sales (t) (excluding high-ash sales)              563 970     555 845          1%    193 659   194 950         (1%)   187 871         3%
Saleable inventory tonnes                          45 060      88 800       (49%)     45 060    88 800        (49%)    46 428       (3%)
- Anthracite (t)                                   31 847      79 416       (60%)     31 847    79 416        (60%)    31 580         1%
- Bituminous (t)                                    6 732       8 092       (17%)      6 732     8 092        (17%)    13 195      (49%)
- Calcine (t)                                       6 481       1 292        402%      6 481     1 292         402%     1 653       100%

An analysis of the operational results for Q3 2018 and 2018 YTD compared to Q3 2017 and 2017 YTD, respectively, as 
well as Q3 2018 compared to Q2 2018 are discussed below: 

ROM Production 

Total ROM production for Q3 2018 and 2018 YTD decreased with 5% and 18%, respectively, compared to Q3 2017 and 
2017 YTD. The decreases over comparative periods were primarily due to a combination of decreased production at 
Magdalena offset marginally by increases in the combined bought-in tonnes. The 8% improvement in total ROM tonnes 
from Q2 2018 to Q3 2018 was the result of additional buy-ins at Magdalena offset by lower buy-ins at Aviemore.  
 
Aviemore's ROM production for Q3 2018 was 14% lower compared to Q3 2017, mainly due to more dykes being 
encountered than in comparative period. Notwithstanding the lower production in Q3 2018, Aviemore's ROM 
production for 2018 YTD remained the same compared to 2017 YTD, reflecting the overall good performance at 
Aviemore during the current year to date. 
 
Magdalena's ROM production for Q3 2018 and 2018 YTD was 18% and 33% lower compared to Q3 2017 and 2017 YTD, 
respectively, primarily as a result of difficult geological mining conditions and pit-room constraints that resulted in only 
three sections being mined to date during calendar 2018 versus four sections that were mined during the comparative 
periods in calendar 2017. 

 
In order to mitigate the loss of production at Magdalena and to improve the overall cash flow of the Group, the 
Company has entered into an arrangement with a neighbouring coal miner, to buy in approximately 6 kt of anthracite 
coal per month. The buy-in tonnes may increase, subject to availability. 

Saleable Production 
 
The overall saleable coal production for Q3 2018 and 2018 YTD were only slightly lower than its comparative periods, 
mainly as a result of improvement in overall yields from plant feed over the comparative periods which negated the 
decrease in ROM production to a large extent. 
 
Anthracite yields for Q3 2018 was 5% lower compared to Q3 2017, however, the yields for 2018 YTD compared to 2017 
YTD improved with 5%. Anthracite yields for Q3 2018 was 8% lower compared to Q2 2018. 
 
Bituminous yields for Q3 2018 and 2018 YTD improved with 6% and 24% compared to Q3 2017 and 2017 YTD, 
respectively, and improved with 2% compared to Q2 2018. 
 
The main reason for the overall improved yields compared to Q3 2017 and 2017 YTD, were the mining of combined 
seem and Gus seem areas which had less contamination. 

Sales 
 
Overall sales of anthracite products and bituminous coal for Q3 2018 and 2018 YTD was 10% and 4% lower, respectively, 
compared to Q3 2017 and 2017 YTD and decreased by 1% compared to Q2 2018. 
 
Anthracite sales for 2018 YTD improved with 28% compared to 2017 YTD, mainly as a result of an increase in saleable 
anthracite production along with sales from inventories carried over at the beginning of the year. Anthracite sales 
decreased with 12% compared to Q2 2018 mainly due to a decrease of 8% in saleable production. 
 
Bituminous sales for Q3 2018 and 2018 YTD were 3% and 15% lower, compared to Q3 2017 and 2017 YTD, respectively, 
mainly due to lower production in current periods. Bituminous sales for Q3 2018 was 18% higher compared to Q2 2018 
due to additional buy-in tonnes achieved at Magdalena during Q3 2018. 
 
Calcine sales and anthracite high-ash sales fluctuates from quarter to quarter, based on demand for these products. 
 
Health and Safety 
 
The Company's operations maintain an integrated Health, Safety and Environment ("HSE") management system, 
established using the OHSAS18001 and ISO14001 frameworks as well as minimum standards, and fully supports the co-
existence of occupational health, safety and the environment within which the Company operates, in order to ensure 
compliance and achieve zero harm. Operating safely and responsibility is an integral part of our business strategy. We 
strive to obtain an injury free workplace and to create a company culture that protects employees and visitors from 
harm. The Company undertakes training and development initiatives and related ventures on a regular basis in order 
to improve individual outlook on health, safety and the environment. As at November 20, 2018, the Group had achieved 
more than seven thousand fatality free production shifts at Coalfields. Aviemore Colliery achieved 2,065 and 
Magdalena Colliery 690 fatality free production shifts. The Company achieved a Lost time injury free rate of 0.22 (per 
200,000 hours) for the year to date against the 0.4 targeted rate. 

CONSOLIDATED FINANCIAL RESULTS FOR Q3 2018, Q3 2017 AND Q2 2018  
                                                                          %                                  %                     %
Financial results                           2018 YTD   2017 YTD   VARIATION    Q3 2018    Q3 2017    VARIATION   Q2 2018   VARIATION
Revenue (R'millions)                           601.2      509.4         18%      206.4      183.5          12%     204.3          1%
Net Revenue (R'millions) (*)                   587.7      489.7         20%      202.9      176.5          15%     199.5          2%
Cost of sales                                (452.9)    (473.4)        (4%)    (156.7)    (155.5)           1%   (151.6)          3%
Impairment (loss) on property, plant 
and equipment                                 (66.3)          -        100%     (66.3)          -         100%         -        100%
Other income/(expenses) - net                 (56.3)       19.7      (386%)      (3.1)     (25.1)          88%     (9.6)         68%
General and administration expenses           (77.8)     (50.5)         54%     (37.2)     (17.8)       (109%)    (20.6)       (80%)
Operating (loss)/profit (R'millions)          (52.2)        5.2     (1103%)     (56.8)     (14.9)       (281%)      24.9      (328%)
Finance (costs)/income - net                  (42.7)     (37.0)         16%     (14.6)     (15.2)           4%    (14.5)          1%
Income tax                                    (0.05)      (1.1)       (96%)        1.0          -         100%         -        100%
Adjusted EBITDA (R'millions) (*)                91.3       32.5        181%       18.3       24.9        (26%)      41.6       (56%)
Average selling price per ton sold (R) 
(excluding high-ash sales)                     1 024        856         20%      1 030        877          17%     1 042        (1%)
Cash cost of sales per ton (R) 
(excluding high-ash export costs)                748        740          1%        758        686          10%       750          1%
Cash generated from/(utilized in) 
operating activities (R'millions)               80.4       11.2      (618%)       21.9       13.5        (62%)      29.5       (26%)
Cash (utilized in) investing activities 
(R'millions)                                  (24.4)     (34.4)       (29%)      (6.8)     (11.3)        (40%)    (11.1)         39%
Cash (used in)/generated from 
financing activities (R'millions)             (70.0)       21.5      (426%)     (25.0)          -         100%    (15.0)         67%
CAD:ZAR (average)                              10.01      10.11        (1%)      10.77      10.51           2%      9.78         10%
USD:ZAR (average)                              12.89      13.20        (2%)      14.08      13.17           7%     12.64         11%
                                                                                                             
 (*) See Non-IFRS Performance Measures section of this MD&A. 
 
An analysis of the financial results for Q3 2018 and 2018 YTD compared to Q3 2017 and 2017 YTD, respectively, as well 
as Q3 2018 compared to Q2 2018 are discussed below: 

Revenue 
                                                                  %                                %                     %   
R'000                               2018 YTD   2017 YTD   VARIATION    Q3 2018   Q3 2017   VARIATION   Q2 2018   VARIATION   
Anthracite                           243 181    153 057         59%     79 298    64 449         23%    88 698       (11%)   
- Domestic                            69 411     41 123         69%     22 324    17 588         27%    24 005        (7%)   
- Export                             173 770    111 934         55%     56 974    46 861         22%    64 693       (12%)   
Bituminous                           265 642    277 861        (4%)    101 038    93 258          8%    86 266         17%   
- Domestic                           150 550    143 112          5%     54 018    52 986          2%    48 582         11%   
- Export                             115 092    134 749       (15%)     47 020    40 272         17%    37 684         25%   
Calcine                               68 526     44 530         54%     19 152    13 133         46%    20 737        (8%)   
Revenue (excluding high-ash sales)   577 349    475 448         21%    199 488   170 840         17%   195 701          2%   
Export (high-ash)                     23 402     33 304       (30%)      6 786    12 427       (45%)     8 465       (20%)   
Sundry sales (slurry/discard)            399        608       (34%)        130       226       (42%)       155       (16%)   
Total Revenue                        601 150    509 360         18%    206 404   183 494         12%   204 321          1%   

Revenues (excluding high-ash sales) for Q3 2018 and 2018 YTD improved with 17% and 21%, respectively, compared to 
Q3 2017 and 2017 YTD, primarily due to higher anthracite and calcine sales partially offset by lower bituminous sales. 
Revenues for Q3 2018 increased with 2% compared to Q2 2018 as a result of higher bituminous sales partially offset 
with lower calcine sales. 
 
The higher anthracite revenue for Q3 2018 and 2018 YTD compared to its comparative periods was a result of increased 
anthracite sales volumes along with higher anthracite sales prices over the comparative periods. The 11% decrease in 
anthracite revenue compared to Q2 2018 was mainly the result of lower anthracite sales volumes. 
 
Bituminous revenue for Q3 2018 was 8% higher compared to Q3 2017 and 4% lower for 2018 YTD compared to 2017 
YTD as a result of the lower production levels achieved at Magdalena during the current periods that resulted in lower 
bituminous sales volumes offset to a large extent with higher bituminous sales prices. Bituminous revenue improved 
with 17% compared to Q2 2018 due to a combination of improved bituminous sales volumes and higher bituminous 
sales prices.  
 
Average selling prices (excluding high-ash sales) for Q3 2018 and 2018 YTD reflected a 17% and 20% improvement 
compared to Q3 2017 and 2017 YTD. The average selling prices for Q3 2018 were 1% lower compared to Q2 2018. In 
2018, the overall selling price per ton were higher as a result of an increase in overall market prices that resulted in the 
negotiation of better selling prices in new sales contracts entered into with the Group's significant customers. 
 
Calcine revenue was also higher over comparative periods as result of higher calcine sales volumes at better sales 
prices. There was a 7% decrease in calcine sales tonnes from Q3 2018 to Q2 2018 that resulted in calcine revenue 
decreasing with 8% over comparative periods. 

Cost of Sales 
 
Cost of sales for 2018 YTD was 4% lower compared to 2018 YTD, whilst in line for Q3 2018 compared to Q3 2017. Cost 
of sales for Q3 2018 was 3% higher compared to Q2 2018. The Group continues to be cost conscious and ensuring 
expenditure is kept to a minimum in order to ensure the sustainability of the Group. Cost of sales includes mining and 
processing costs, salaries and wages, depreciation and amortization, transportation, railage, port handling and 
wharfage costs.  
 
Cash cost of sales per ton 2018 YTD (1% increase) was in line with its comparative period. Cash cost of sales per ton for 
Q3 2018 was 10% higher compared to Q3 2017 and 1% higher compared to Q2 2018. The overall lower costs compared 
to comparative periods are attributable to overall reductions in costs at the mine in order to ensure the sustainability 
of the Group. 

Impairment loss on property, plant and equipment 
 
An impairment loss of R66.3 million was recognized in Q3 2018. The decision to close the Magdalena mine obliged the 
Company to perform an impairment assessment with respect to the net book value of Magdalena's assets at the end 
of the September 30, 2018 (See Note 3 to the Financial Statements). 

 
Other income and expense comprises profit on sale of assets, foreign exchange gains/losses, discounts received, 
commissions paid and fair value adjustments on financial assets and conversion option liabilities. 
 
The R3.1 million net expense for Q3 2018 (Q3 2017: net expense of R25.1 million) was mainly attributable to a fair value 
adjustment gain of R8.7 million in relation to the valuation of the conversion option liability (RCF convertible loan) and 
the warrant liability (Investec warrants) (Q3 2017: R12.3 million loss) along with a positive fair value adjustment on 
financial assets of R0.8 million (Q3 2018: R1.2 million) offset by a net foreign currency exchange loss of R12.0 million 
(Q3 2017: loss of R14.0 million). 
 
The R56.3 million net expense for 2018 YTD (2017 YTD: net income R19.7 million) was mainly attributable to a net 
foreign currency exchange loss of R50.8 million (2017 YTD: gain of R3.4 million),a fair value adjustment loss of R8.7 
million in relation to the valuation of the conversion option liability (RCF convertible loan) and the warrant liability 
(Investec warrants) (2017 YTD: gain of R11.7 million) offset by a positive fair value adjustment on financial assets of 
R2.3 million (2017 YTD: R2.0 million) 
 
The net expense of R9.6 million for Q2 2018 was mainly attributable to a net foreign currency exchange loss of R54.3 
million partially offset by a fair value adjustment gain of R44.1 million in relation to the valuation of the conversion 
option liability (RCF convertible loan) and the warrant liability (Investec warrants) along with a positive fair value 
adjustment on financial assets of R0.9 million. 

General and administration expenses 
 
This expense includes general and administration expenses relating to BC Dundee's head office at Coalfields and the 
Company's corporate office in Centurion including Canadian expenses. 
 
The Company recorded general and administration expenses for Q3 2018 and 2018 YTD that were significantly higher 
than its comparative periods. General and administration expenses for Q3 2018 were also significantly higher compared 
to Q2 2018.  
 
The higher general and administration expenses for Q3 2018 and 2018 YTD was mainly due to: 
 
- tax related fees for of C$72 610 (approximately R0.8 million) for tax related services in Canada included in Q3 2018; 
- R1.7 million impairment of receivables related to a customer that went into business rescue during Q1 2018 which 
  resulted in R1.7 million in trade debt being written off;  
- consulting fees for Q3 2018 and 2018 YTD included R0.8 million (Q3 2017: R0.5 million) and R3.5 million (2017 YTD: 
  R0.6 million), respectively, for the strategic review process and bankable feasibility study costs related to the new 
  adit at Aviemore Mine;  
- R1.3 million in fund administration fees for Q3 2018 related to the management of the funds invested to cover the 
  Company's rehabilitation obligations and the issue of the guarantees to the DMR – in 2017, the funds were placed 
  in a bank account held by the Rehabilitation Trust Fund;  
- R2 million penalty provision in Q1 2018 due to the Calcine plant operating without an Air Emissions License ("AEL") 
  (refer Other Risks and Uncertainties); 
- R13.5 million provision for retrenchments pursuant to the section 189 process (refer Overview of the Company);  

Finance Costs/Income-net 
 
Finance costs for Q3 2018 were 4% lower compared to Q3 2017, was due to the overall lower outstanding Investec 
loan facilities compared to Q3 2017 that resulted in lower interest charges. 
 
Finance costs for 2018 YTD were 16% higher compared to 2017 YTD, primarily due to royalties payable to Investec 
during 2018 pursuant to the 6th Amendment Agreement in terms of which a Life of Mine Royalty ("LOMR") is payable 
to Investec on all bituminous coal sales with effect from July 1, 2017, calculated at a rate of 3.54% on all bituminous 
coal sold which was mined from the Magdalena reserve.   

Income tax 
 
No income tax was payable during Q3 2018. An overprovision of R1 million was reversed in Q3 2018 following the 
settlement of the related taxes during the quarter (Q3 2017: Rnil). 

FINANCIAL CONDITION REVIEW 
 
A summary of the statements of financial position is shown below: 

                                         September 30,   December 31,          %    June 30,           % 
R'000                                             2018           2017   VARIANCE        2018    VARIANCE

Property, plant and equipment                   59 392        106 886      (44%)     112 239       (47%)
Other non-current assets - restricted           65 452         64 412         2%      65 943        (1%)
Other non-current assets                         8 065          5 361        50%       5 975         35%
Trade and other receivables                     99 790        121 245      (18%)      96 893          3%
Inventories                                     34 666         38 095       (9%)      33 441          4%
Cash and cash equivalents                        7 444         21 429      (65%)      17 280       (57%)
Other current assets                             2 405          2 880      (17%)       2 405        (0%)
Total assets                                   277 214        360 308      (23%)     334 176       (17%)

RCF loan facilities                            383 548        314 791        22%     376 634          2%
Other borrowings                               123 320        187 985      (34%)     146 005       (16%)
Trade and other payables                       148 228        156 498       (5%)     131 307         13%
Asset retirement obligation                     50 274         35 898        40%      35 653         41%
Current tax liabilities                            860          2 901      (70%)       4 199       (80%)
Total liabilities                              706 230        698 074         1%     693 798          2%
Total equity                                   429 016        337 765        27%     359 622         19%
                                                                                                                     
Assets 
 
The 23% decrease in total assets was mainly due to a R47.5 million (44%) decrease in property, plant and equipment, 
a R21.5 million (18%) decrease in trade and other receivables and a R14.0 million (65%) decrease in cash and cash 
equivalents.  

The decrease in trade and other receivables comprised primarily of trade receivables recovered, but also included a 
R1.7 million impairment of trade receivables. The impairment related to a customer that went into business rescue 
during the quarter which resulted in R1.7 million in trade debt being written off. 
 
The decrease in property, plant and equipment primarily comprised of the R66.3 million impairment related to the 
closure of the Magdalena mine along with depreciation of R18.3 million for 2018 YTD partially offset by R24.9 million 
in additions for 2018 YTD and R12.2 million resulting from change in estimates of the rehabilitation obligation. 
 
Liabilities 
 
Although liabilities in total did not change much compared to December 31, 2017, there were material movements on 
the following liability items: 
 
- RCF loan facilities increased by 22% as a result of a R46.1 million foreign exchange loss on translation of the US$ 
  denominated RCF loan liability on September 30, 2018, R9.8 million in accretion expenses for 2018 YTD, R8.7 
  million increase in fair value adjustment of the conversion option liability as well as a R4.2 million foreign exchange 
  loss on translation of the conversion option liability; 
- Other borrowings decreased by 34% as a result of the Company settling R70 million of the R200.3 million 
  outstanding Investec loan facility during 2018 YTD;  
- The decrease in trade and other payables was mainly attributable to the payment of 2017 accrued Investec 
  royalties at the end of Q1 2018 and a decrease in long outstanding amounts owing to the mining contractor at 
  Magdalena; and 
- Asset retirement obligation increased by 40% mainly as a result of a R12.0 million increase due to a reduction in 
  the rehabilitation period, relating to Magdalena, from 15 years to 7 years based on the decision to close 
  Magdalena.  

CASH FLOW REVIEW 
 
The condensed consolidated statements of cash flows are summarized below: 
                                                                                    %                                %                      % 
R'000                                               2018 YTD    2017 YTD    VARIATION    Q3 2018    Q3 2017  VARIATION    Q2 2018   VARIATION
Net cash generated from/(utilized in) operating 
activities                                            80 919      11 173         624%     22 404     13 468        66%     29 517       (24%)
Net cash (utilized in) investing activities         (24 904)    (34 427)        (28%)    (7 239)   (11 327)      (36%)   (11 045)       (34%)
Net cash (utilized in)/generated from financing 
activities                                          (70 000)      21 500       (426%)   (25 000)          -     (100%)   (15 000)         67%
Change in cash and cash equivalents                 (13 985)     (1 754)         697%    (9 835)      2 141       559%      3 472        383%

Operating activities 
 
The improvement in cash generated from operating activities for Q3 2018 and 2018 YTD compared to cash utilized 
during Q3 2017 and 2017 YTD were attributable to improved revenues and lower costs over the comparative periods. 
Cash generated from operating activities for Q3 2018 was lower compared to Q2 2018, mainly due to an increase in 
costs compared to Q2 2018. 
 
Investing activities  
 
Cash on investing activities for Q3 2018 and 2018 YTD included R6.8 million and R24.9 million, respectively, related to 
capital spent on property, plant and equipment (Q3 2017: R7.3 million; 2017 YTD: R27.6 million). 
 
Financing activities  
 
Financing activities utilized R25.0 million and R70 million, respectively, during Q3 2018 and 2018 YTD to partially settle 
the Investec term loan facility.  

RELATED PARTY TRANSACTIONS 
 
During Q3 2018 and 2018 YTD, the Company did not enter into any transactions with related parties in the ordinary 
course of business. During Q3 2017 and 2017 YTD, the Company entered into the following transactions in the ordinary 
course of business with related parties: 

R'000                               2018 YTD     2017 YTD    Q3 2018      Q3 2017
Payments for services rendered
RCF (1)                                    -       52 184         -        14 435

The following balances were outstanding as at September 30, 2018 and December 31, 2017: 

                                   September 30,    December 31, 
R'000                                      2018             2017
Related party payables
RCF(1)                                1 750 415        1 530 767
                                                                                      
These amounts are unsecured, non-interest bearing with no fixed terms of repayment. 
 
(1) RCF is a related party to the Company as a result of owning a controlling investment in the Company and having had 
a representative, Mr. David Thomas on the Board of Directors of the Company until May 31, 2018. As set out in the 
Third Amended RCF Agreement, RCF has invoiced the Company for costs incurred (US$123,759) relating to the loan 
facilities during 2016, which are disclosed above.  

In accordance with IAS 24 - Related-Party Disclosures, key management personnel are those persons having authority 
and responsibility for planning, directing and controlling the activities of the Company directly or indirectly, including 
any directors (executive and non-executive) of the Company. 
 
The remuneration of directors and other key members of management personnel (officers) during Q3 2018 and 2018 
YTD were as follows: 
 
R'000                      2018 YTD     2017 YTD     Q3 2018      Q3 2017
Short-term benefits           7 706        8 729       2 374        3 085
Share-based payments              2           39           1            3
Total                         7 708        8 769       2 375        3 088

Amounts owing to directors and other members of key management personnel were R0.1 million as of September 30, 
2018 (December 31, 2017: R0.9 million). 

SUBSEQUENT EVENTS 
 
Other Matters  
 
Except for the matters discussed below or disclosed in the foregoing, no other matters which management believes 
are material to the financial affairs of the Company have occurred between the statement of financial position date 
and the date of approval of the Interim Results. 
 
Amendment to Investec Term Loan and Revolving Credit Facility Agreement  
 
On November 7, 2018, the Company accepted and agreed to Investec's amendment to the Term Loan and Revolving 
Credit Facility Agreement. Pursuant to the amended agreement, the final maturity date has been extended from June 
30, 2019 to December 31, 2019, with revised quarterly repayment instalments of R20 million at the end of December 
2018 and R26 million at the end of each quarter of calendar 2019. In addition, Investec agreed not to exercise its 
acceleration rights with respect to any existing events of default under the Investec Facility until December 31, 2018. 
 
OTHER RISKS AND UNCERTAINTIES 
 
Investing in the Company involves risks that should be carefully considered. The business of the Company is speculative 
due to the high-risk nature of coal mining and exploration. Investors should be aware that there are various risks, 
including those discussed below, that could have a material adverse effect on, among other things, the operating 
results, earnings, properties, business and condition (financial or otherwise) of the Company. 
 
The current operational adit at Magdalena does not have an amended Environmental Management Program ("EMP") 
or an amended Integrated Water Use License Application ("IWULA"). As a result, the mine needs to apply for a Section 
24G retrospective Environmental Impact Analysis ("EIA"). The application was submitted on March 23, 2018 and the 
mine is awaiting outcome from the DMR. 
 
The Company's Calcine plant has been operating without an Air Emissions License ("AEL"), that has necessitated that a 
Section 24G application be submitted to the Economic Development, Tourism and Environmental Affairs ("EDTEA"). 
 
The Section 24G application relates to the commencement of certain listed activities which have commenced at the 
Calcine plant at Coalfields, prior to obtaining an Environmental Authorization ("EA"). To comply with legislation, a full 
scoping and EIA report should be undertaken. With the aim to continually strive to be compliant with the operations 
of the Calcine plant, the Company approached the EDTEA for an AEL. Once the plant has been refurbished it was agreed 
with the EDTEA that stack tests will be carried out and the results submitted. Once the results are submitted, the EDTEA 
will issue a fine, and once paid, the EA will be issued. On approval of the EA, an AEL can then be obtained in compliance 
with the Air Quality Act. Initial tests have been completed and modeling of the results is in progress. Authorization of 
the Section 24G is dependent on compliant monitoring results. 
 
R2.0 million had been provided for during March 2018 to settle estimated fines for non-compliance. The mine has not 
yet been issued with any fines in this regard. Accordingly, this amount has been included in provisions (Trade and other 
payables) as at September 30, 2018. 
 
The Company is currently undertaking specialist studies to complete these environmental applications. The Company 
has made, and expects to make in the future, expenditures to comply with environmental laws and regulations. 
 
2018 Mining Charter 
 
On 27 September 2018, the South African Minister of Mineral Resources, Gwede Mantashe (the "Minister"), published the 
Broad-Based Socio-Economic Empowerment Charter for the South African Mining and Minerals Industry, 2018 (the 
"2018 Mining Charter"). It is indicated that "implementation guidelines" are to be published in the near future. 
 
While the definition of "Mining Charter, 2018" refers to the 2018 Mining Charter as being "developed in terms of 
section 100 of the MPRDA", section 100 of the MPRDA does not provide for the development of a further charter by 
the Minister. For this reason, the 2018 Mining Charter is susceptible to judicial review if challenged on the basis that 
the Minister lacks authority in terms of the MPRDA for the Minister to develop such a Charter. 

NON-IFRS PERFORMANCE MEASURES 
 
The Company has included in this document certain non-IFRS performance measures that are detailed below. These 
non-IFRS performance measures do not have any standardized meaning prescribed by IFRS and, therefore, may not be 
comparable to similar measures presented by other companies. The Company believes that, in addition to conventional 
measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's 
performance. Accordingly, they are intended to provide additional information and should not be considered in 
isolation or as a substitute for measures of performance prepared in accordance with IFRS. The definition for these 
performance measures and reconciliation of the non-IFRS measures to reported IFRS measures are as follows: 
 
Net Revenue 
 
The Group's offtake contracts are a mixture of free-on-board shipping ("FOB") and free carrier ("FCA") contracts, 
resulting in revenue not being directly comparable quarter on quarter. Below is a reconciliation of revenue as disclosed 
in the Interim Results for Q3 2018, Q3 2017 and Q2 2018 to net revenue which excludes all railage, port handling and 
wharfage related costs: 

R'000                                               2018 YTD   2017 YTD   Q3 2018    Q3 2017   Q2 2018
Revenue                                              601 150    509 360   206 404    183 494   204 321
Less: Railage, port handling and wharfage cost      (13 490)   (19 700)   (3 550)    (6 979)   (4 835) 
Net revenue                                          587 660    489 660   202 854    176 515   199 486
                                                                                                      
Adjusted EBITDA 
 
Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization and adding back the 
following: Impairment or reversal of an impairment of an asset, fair value adjustments to financial instruments, stock-
based compensation, foreign exchange gains and losses, and non-recurring transaction expenses or income.   
 
The reconciliation of operating profit to adjusted EBITDA is as follows: 
 
R'000                                                         2018 YTD   2017 YTD    Q3 2018    Q3 2017   Q2 2018
Operating (loss)/profit for the period                        (52 181)      5 198   (56 820)   (14 927)    24 873
Depreciation and amortization                                   18 320     44 823      6 290     15 129     6 482
Impairment of receivables                                        1 668      (392)          -      (389)         -
Impairment of property, plant and equipment                     66 291          -     66 291          -         -
Fair value adjustments of financial assets and conversion 
option liability                                                 6 394   (13 748)    (9 462)     11 128  (44 113)
Stock-based compensation                                             2         39          1          3         1
Foreign exchange losses/(gains)                                 50 815    (3 436)     12 008     13 985    54 338
Adjusted EBITDA                                                 91 309     32 484     18 308     24 929    41 581

Working Capital 
 
Working capital includes current assets and current liabilities, excluding provisions and non-financial instruments.  
 
                                                          September 30,      June 30,    December 31,
R'000                                           Notes              2018          2018            2017
Current assets
Cash and cash equivalents                                         7 444        17 280          21 429
Trade and other receivables                                      99 790        96 893         121 245
Inventories                                                      34 666        33 441          38 095
Non-interest bearing receivables                                  1 540         1 540           2 880
Taxation receivable                                                 865           865               -
                                                                144 305       150 019         183 650
Current liabilities
Trade and other payables (excluding provisions)                 148 228       131 307         156 498
Current portion of borrowings                       1           130 261       154 623         200 240
RCF Loan Facility                                   2           370 687       356 163               -
Current tax liability                                               860         4 199           2 901
                                                                650 036       646 292         359 639
Net working capital                                           (505 731)     (496 273)       (175 989)

Notes: 
1) Current portion of borrowings comprised of the outstanding loan balance payable to Investec at the end of the respective period. (See Note 
   6 to the Financial Statements) 
2) RCF loan facility comprised US$27 million outstanding and payable as at June 30, 2019 converted to ZAR at the end of the respective 
   periods. (See Note 5 to the Financial Statements) 
 
Headline profit & (loss) per share 
 
Headline profit & (loss) is a profit measure required for JSE-listed companies as defined by the South African Institute 
of Chartered Accountants. Headline loss per share is a basis for measuring earnings per share which accounts for all 
the profits and losses from operational, trading, and interest activities, that have been discontinued or acquired at any 
point during the year. Excluded from this figure are profits or losses associated with the sale or termination of 
discontinued operations, fixed assets or related businesses, or from any permanent devaluation or write-off of their 
values.  
 
Reconciliation of profit/(loss) for the periods to headline profit/(loss) is disclosed below: 
 
R'000                                                            2018 YTD    2017 YTD    Q3 2018    Q3 2017   Q2 2018
(Loss)/profit for the period                                     (94 916)
                                                                             (32 898)   (70 474)   (30 164)    10 399
Net (profit)/loss on disposal of property, plant and equipment          -       (481)          -        800         -
Headline (loss)/profit for the period                            (94 916)    (33 379)   (70 474)   (29 364)    10 399
Headline (loss)/profit per share - basic and diluted               (0.23)      (0.08)     (0.18)     (0.07)      0.03
                                                                                                                     
SUMMARY OF SECURITIES AS AT November 21, 2018 
 
As at November 21, 2018 the following Common Shares, Common Share purchase options and share purchase warrants 
were issued and outstanding: 
 
- 416 582 594 Common Shares; 
- 3 343 303 Common Share purchase options with exercise prices ranging from C$0.0387-C$0.29 with a weighted 
  average remaining contractual life of 2.91 years; 
- 34 817 237 warrants with a strike a price of C$0.1446 maturing on July 3, 2019. 

LIST OF DIRECTORS AND OFFICERS 
 
Craig Wiggill                 Director, Chairman of the Board of Directors 
Robert Francis                Director 
Edward Scholtz                Director 
Rowan Karstel                 Chief Executive Officer 
Emma Oosthuizen               Chief Financial Officer and Corporate Secretary 
Graham du Preez               Senior Executive  
 
November 21, 2018  
 
Designated Advisor: Questco Corporate Advisory Proprietary Limited 

Date: 21/11/2018 05:18:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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