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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Natasa Min | LSE:NSN | London | Ordinary Share | KYG6395A1004 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 31.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMNSN TIDMUEP
RNS Number : 5523F
Natasa Mining Limited
24 May 2013
NATASA MINING LTD
("Natasa" or the "Company")
Final Results for the year ended 31 December 2012
The Directors present the results of Natasa Mining Ltd ("Company") and of the consolidated entity, being the Company and its subsidiaries ("Group") and the Group's interest in associates, for the year ended 31 December 2012.
The financial report has been presented in United States dollars which is the Group's functional currency.
REVIEW OF OPERATIONS AND STATE OF AFFAIRS
Fox Creek Coal Project, Canada (direct interest 100%) In September 2011, the Group completed the acquisition of the Fox Creek coal project at which time the project constituted six coal leases, covering an area of 22,688 ha at Fox Creek, Alberta, Canada which have had substantial exploration, drilling and processing studies conducted on them in past years ("Fox Creek East"). A Competent Person's Report (prepared in January 2013 by an internationally recognised expert and reported in compliance with Canadian NI 43-101 requirements) showed that the Fox Creek East leases contain a measured, indicated and inferred thermal coal resource of 870 million tonnes, of which 777 million tonnes are measured and indicated, as follows:
Hot Features
Premium
Fox Creek East Sub-bituminous C
Resources as of 23 January 2012 '000
Tonnes
Measured 431,073
Indicated 345,898
---------
Total Measured and Indicated 776,971
---------
Inferred 92,617
On 3 October 2012 the Government of Alberta, Canada granted to the Company additional coal bearing leases over 19,008 Ha at Fox Creek, Alberta ("Fox Creek West"). Fox Creek West was originally extensively drilled by Shell Canada Limited which, in 1991, identified 543 million tonnes of in place coal resources. These resources are not currently compliant with the Canadian NI 43-101 guidelines.
The coal resources in the Company's Fox Creek Coal Project (Fox Creek West + East) total approximately 1.4 billion tonnes.
During the year, licence fees amounting to $0.2 million and third-party costs amounting to $0.3 million have been capitalised to the intangible asset.
PNG Petroleum Project, Papua New Guinea (indirect interest 12.8%) In September 2011, the Company's associate, UMC Energy plc, acquired one on-shore (PPL 378) and two off-shore (PPLs 374 and 375) Petroleum Prospecting Licences ("PPLs") in Papua New Guinea through the acquisition of PNG Energy Limited ("PNG Energy") and that company's wholly owned subsidiary Gini Energy Limited ("Gini Energy"). Subsequently, in May 2012, Gini Energy was granted a further on-shore licence, PPL 405, by the government of Papua New Guinea.
On 26 March 2012, UMC Energy entered transformational agreements with CNOOC Australia Limited ("CNOOC"), a subsidiary of CNOOC Limited, the Chinese multi-national oil and gas company listed on the New York and Hong Kong Stock Exchanges, whereby CNOOC subscribed for a 70% equity interest in PNG Energy and UMC Energy retained a 30% equity interest.
Pursuant to the agreements, and in consideration for the share subscription, CNOOC will be responsible for funding all exploration and appraisal expenditure in respect of the PPLs up to commercial development. Such expenditure will be repaid to CNOOC out of production revenues and off take of oil and gas once the assets of Gini Energy enter production, should such production occur. If exploration and appraisal work indicates the probable existence of commercial reservoirs of oil or gas in any part of the PPLs at the end of the exploration phase, the parties must each finance their pro-rata share of all expenditure required in respect of the development plan, either themselves or by procuring sufficient finance from a third party.
2D seismic acquisition and four initial wells are planned during the first four year term of the permits, two wells on-shore and two off-shore at an estimated cost for the work programmes of circa $450 million. It is also likely that 3D seismic will be acquired over the most prospective leads in the offshore permits prior to drilling. (Note that this anticipated expenditure is a UMC Energy management estimate which has not yet been budgeted or approved by the PNG Energy Ltd Group; the expenditure actually incurred in due course would form part of CNOOC's non-recourse loan).
The onshore PPLs are adjacent to existing oil and new gas pipeline infrastructure recently built for the PNG LNG Project - a $19 billion investment to supply major LNG customers in Asia and anticipated to commence production in 2014.
Since March 2012, CNOOC has been conducting various technical studies and has been mobilising to conduct on-site exploration activities, including procurement of existing data and new seismic acquisition.
Separately, UMC Energy engaged 3D-GEO Pty Limited ("3D-GEO"), a Melbourne based firm of consulting petroleum engineers, considered to be highly experienced with regard to Papua New Guinea petroleum structural and geological interpretation, to review the available geological data, identify leads and prospects, quantify any contingent resources and prospective resources and provide technical advice in regard to the permits.
In relation to PPL 378 (west), the Paua-1 well drilled in 1996 by BP is a declared discovery with gas encountered in the Toro sands and oil recovered from a 33 metre gross oil column in the Iagifu sands. Independent expert assessment of the well logs, seismic data and geological structural modelling has provided the following estimated Contingent Resource and Prospective Resource values, prepared in accordance with Petroleum Resources Management System ("PRMS") sponsored by the Society of Petroleum Engineers.
The following table presents the recoverable Contingent Resource values for the Paua Discovery.
All values GROSS RISK
in MMbbls* FACTOR
or BCF*
---------------- --------------------------------------------- --------
PPL 378 Low Estimate Best
Operator: 1C Estimate High Estimate
CNOOC 2C
---------------- ------------- ---------- ------------------ --------
3C(a) 3C(b)
---------------- ------------- ---------- -------- -------- --------
Oil Contingent
Resource 0.44 11.28 67.96 6 .5
---------------- ------------- ---------- -------- -------- --------
Total for
Oil 0.44 11.28 67.96 6
---------------- ------------- ---------- -------- -------- --------
Gas Contingent
Resource 20 5.6 336.8 793.6 .5
---------------- ------------- ---------- -------- -------- --------
Total for
Gas 20 5.6 336.8 793.6
---------------- ------------- ---------- -------- -------- --------
*Note: MMbbls = million barrels of recoverable oil, BCF = billion standard cubic feet of recoverable gas
The 1C and 2C cases only consider hydrocarbon resources in the forelimb of the structure. It would be unusual for only the forelimb to be charged as depicted, but as the Paua-1 well only intersected this part of the Paua structure, accordingly the estimates are based on this actual intersection data. The 3C cases consider charge in the backlimb of the structure, either gas or oil.
The prospectivity review of PPL378 (west) also identified Poro, an untested structure. Probabilistic volumes of (Gross) potential resources calculated by Monte Carlo simulations have provided the following values within the permit:
PPL378 (west) Recoverable Oil (MMbbls) Recoverable Gas (Bcf) Poro Lead --------------- ----------------------------- -------------------------- Reservoir P90 P50 P10 P90 P50 P10 --------------- -------- -------- --------- ------- ------- -------- Toro & Iagifu 14 127 1150 31.7 238.5 1796.8 --------------- -------- -------- --------- ------- ------- --------
The prospectivity review of PPL378 (east) identified two untested structures, Lead A and Lead B. Probabilistic volumes of (Gross) potential resources calculated by Monte Carlo simulations have provided the following values within the permit:
PPL378 (east) Recoverable Oil (MMbbls) Recoverable Gas (Bcf) Lead A --------------- ----------------------------- -------------------------- Reservoir P90 P50 P10 P90 P50 P10 --------------- ------- --------- --------- ------- ------- -------- Toro & Iagifu 69.9 320.0 1465.3 131.4 484.4 1819.8 --------------- ------- --------- --------- ------- ------- -------- PPL378 (east) Recoverable Oil (MMbbls) Recoverable Gas (Bcf) Lead B --------------- ----------------------------- -------------------------- Reservoir P90 P50 P10 P90 P50 P10 --------------- ------- --------- --------- ------- ------- -------- Toro & Iagifu 29.9 139.5 655.7 60.9 218.5 797.4 --------------- ------- --------- --------- ------- ------- --------
In relation to PPL 405, the Wasuma-1 well drilled in 2010 by Oil Search Ltd encountered a 4.7 metre oil column in the Iagifu B sands within the Wasuma structure. Independent analysis of the well log and seismic data combined with geological modelling suggests the well may have been drilled in a poor location and the structure has an estimated potential for a significant recoverable oil Prospective Resource ranging from 7 MMbbls (P90) to 190 MMbbls (P10), as detailed below. The Wasuma structure is located within the PPL405 permit held by Gini.
All values GROSS RISK FACTOR in MMbbls* ----------------- --------------------------------------------- ------------ PPL 405 Low Estimate Best Estimate High Estimate Operator: 1C 2C 3C CNOOC ----------------- ------------- -------------- -------------- ------------ Oil Prospective Resource 7.21 37.34 193.28 .25 ----------------- ------------- -------------- -------------- ------------ Total for Oil 7.21 37.34 193.28 ----------------- ------------- -------------- -------------- ------------
The prospectivity review of PPL405 has also identified three untested structures, Lead C, Warra Deep and Lead D. Probabilistic volumes of (Gross) potential resources calculated by Monte Carlo simulations have provided the following values of these three untested leads within the permit:
PPL405 Recoverable Oil (MMbbls) Recoverable Gas (Bcf) Lead C --------------- ----------------------------- -------------------------- Reservoir P90 P50 P10 P90 P50 P10 --------------- -------- --------- -------- ------- ------- -------- Toro & Iagifu 17.1 108.9 777.4 57.0 331.5 2189.3 --------------- -------- --------- -------- ------- ------- -------- PPL405 Recoverable Oil (MMbbls) Recoverable Gas (Bcf) Warra Deep Lead --------------- ----------------------------- -------------------------- Reservoir P90 P50 P10 P90 P50 P10 --------------- ------- -------- ---------- ------- -------- ------- Toro & Iagifu 9.1 54.1 331.5 27.5 140.6 747.4 --------------- ------- -------- ---------- ------- -------- ------- PPL405 Recoverable Oil (MMbbls) Recoverable Gas (Bcf) Lead D --------------- ----------------------------- -------------------------- Reservoir P90 P50 P10 P90 P50 P10 --------------- ------- -------- ---------- ------- ------- -------- Toro & Iagifu 5.5 44.8 383.1 21.7 160.3 1237.2 --------------- ------- -------- ---------- ------- ------- --------
Additional subsurface activities are presently being planned to further reduce uncertainties and develop the identified leads into drillable prospects. This includes selective reprocessing of existing 2D seismic data, new 2D seismic acquisition, detailed reviews of structural modelling and full reservoir engineering reviews for each lead.
3D-GEO was engaged to conduct a review of the offshore permits, including interpretation of the 2D data, regional reservoir and source rock studies, source generation timing and hydrocarbon migration studies utilizing proprietary Genesis and Trinity software packages to model the probability of hydrocarbon charge within trap timing, and the development of a leads inventory.
Lead mapping of the offshore permits has identified a number of potentially large structures, including Lead H in PPL375, where a phase reversal (or soft kick) was observed in the 2D seismic data in the interpreted Cretaceous reservoir horizon. This observation is often regarded as a direct hydrocarbon indicator, or DHI, which may be indicative of a gas cap. Lead H is a fault block closure with up to 135 km(2) of closure.
A number of leads have been identified across the two permits, many with closure at both Cretaceous and Miocene reservoir horizons. The seismic grid is presently too sparse across the offshore permits to have sufficient confidence in the structural mapping to elevate any of the leads to prospect status at this time. However, several large structures have been mapped with recoverable gas volumes within the permits estimated in the multi Tcf range (a mean of over 10Tcf for the five largest leads). Un-risked, probabilistic volume calculations of the potential resources have provided the following (Gross) recoverable gas values of these five highest ranked untested leads within the permit:
LEAD P90 P50 Mean P10
------------------------- ------ ------ ------- ------
(Recoverable Gas: Bcf)
------------------------- -------------------------------
Lead H Structure in PPL
375 Totals 375 1,490 1,825 3,690
------------------------- ------ ------ ------- ------
Lead A Structure Totals 570 1,920 2,215 4,235
------------------------- ------ ------ ------- ------
Lead B Structure Totals 1,050 3,750 4,425 8,640
------------------------- ------ ------ ------- ------
Lead G Structure Totals 520 1,680 1,970 3,785
------------------------- ------ ------ ------- ------
Lead C Structure Totals 105 370 440 850
------------------------- ------ ------ ------- ------
Total 10,875
------------------------- ------ ------ ------- ------
De-risking of these leads will require acquisition of new seismic data and further interpretation and mapping. The development of the leads inventory was required so that the 2D seismic survey planned for 2013 can be optimally designed.
During the year, the Company advanced $6.2 million to UMC Energy. The funds were used to meet costs associated with UMC Energy's Papua New Guinea petroleum assets, to renew its Madagascan uranium exploration permits and for general working capital. As the time-frame for recovery of the loan funds is not certain, the full amount of funds advanced to UMC Energy has been impaired. In addition, the Group recognised a loss of $2.8 million being its equity accounted share of the loss incurred by UMC Energy over the 2012 financial year.
Over the year, the Group also examined a number of other mineral investment opportunities, but these did not lead to any positive outcome.
Legal fees of $0.5 million and travel expenses of $0.6 million were incurred, principally in relation to investigating and pursuing investment opportunities and investigating the flotation of the Fox Creek Coal Project onto the London Stock Exchange.
Interest income of $0.1 million and dividend income of $0.5 million was generated.
A foreign exchange gain of $0.1 million was recognised as a result of the strengthening of, particularly, the Australian dollar and British pound vis-a-vis the United States dollar.
During the 2012 financial year the Group:
-- Purchased $13.9 million of equity instruments. -- Advanced secured loans to other entities of $1.9 million.
-- Generated proceeds of $10.0 million, and recognised a profit of $1.8 million, from the sale of equity instruments.
-- Recognised an increment from the change in fair value of its holding of available for sale financial assets of $1.8 million.
-- Purchased 100,000 of its own shares into Treasury at a cost of $0.1 million. -- Recovered $3.1 million of consultancy fees incurred in the 2011 financial year. -- Recognised an impairment adjustment of $0.2 million on intangible assets. -- Recognised an impairment adjustment of $0.4 million on available-for-sale financial assets.
Other than the matters referred to above, in the opinion of the Directors, there were no significant changes in the state of affairs of the Group that occurred during the financial year under review that are not otherwise disclosed in this report or the consolidated financial statements.
TRADING RESULTS
The loss after income tax of the Group for the year ended 31 December 2012 attributable to equity holders of the Company was $7,126,426 (2011 : profit of $5,796,888).
SUBSEQUENT EVENTS
Between 1 January 2013 and the date of this report the following material transactions have occurred. The Group has:
-- Purchased $0.6 million of equity instruments.
-- Generated proceeds of $1.4 million, and recognised a profit of $0.2 million, from the sale of equity instruments.
-- Purchased 183,000 of its own shares into Treasury at a cost of $0.2 million.
Other than the matters discussed above, there has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the Directors of the Company, to affect significantly the operations of the Group, the results of those operations or the state of affairs of the Group, in subsequent financial years.
LIKELY DEVELOPMENTS
The Group expects to devote attention to continuing to enhance the value of its Fox Creek Coal project and PNG Petroleum project.
A number of mineral operations investment opportunities are being investigated.
Further information about likely developments in the operations of the Group and the expected results of those operations in future financial years has not been included in this report because disclosure of the information would be likely to result in unreasonable prejudice to the Group.
C. Kyriakou
Director
NATASA MINING LTD
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2012
Consolidated
2012 2011
$ $
------------------------------------------------ -------------- ------------
Total revenue from services - -
Gain on sale of equity and debt instruments 1,770,081 6,002,390
Gain on dilution of subsidiary - 5,856,325
Financial income 608,193 878,412
Personnel expenses (1,329,679) (1,348,870)
Audit fees (65,711) (70,493)
Audit fees to subsidiary and previous auditors - (56,197)
Consultancy fees recovered, net of expenditure 2,917,212 (3,598,653)
Depreciation and amortisation (5,605) (9,458)
Finance expenses (5,257) -
Foreign exchange gains 104,432 107,381
Impairment losses on intangibles (185,000) -
Impairment losses on investments (358,185) (200,000)
Impairment losses on receivables (6,232,728) -
Legal fees (463,126) (498,718)
Morondava licence fees - (183,237)
Travel expenses (487,332) (463,990)
Other expenses (570,384) (765,992)
-------------- ------------
Result from operating activities (4,303,089) 5,648,900
Share of net result of associates (2,823,337) -
-------------- ------------
(Loss) / profit before tax (7,126,426) 5,648,900
Income tax expense - -
(Loss) / profit for the year (7,126,426) 5,648,900
-------------- ------------
Attributable to :
Equity holders of the Company (7,126,426) 5,796,888
Minority interest - (147,988)
-------------- ------------
(Loss) / profit for the year (7,126,426) 5,648,900
-------------- ------------
Basic (loss) / earnings per share (cents) (24.4) 19.8
Diluted (loss) / earnings per share (cents) (24.4) 19.8
NATASA MINING LTD
STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2012
Consolidated
2012 2011
$ $
----------------------------------------------- ---- -------------- ----------------
(Loss) / profit for the year (7,126,426) 5,648,900
Other comprehensive income:
Net change in fair value of available for
sale financial assets 1,713,587 (2,904,035)
Net change in fair value of available for
sale financial assets reclassified to profit
or loss 51,096 (2,547,582)
Change in fair value arising on dilution
of subsidiary - (94,694)
Foreign currency movement - equity accounted 930,721 -
investees
Foreign exchange movement 118,443 73,543
Other comprehensive income for the year 2,813,847 (5,472,768)
Total comprehensive (loss) / income for the
year (4,312,579) 176,132
-------------- ----------------
Attributable to :
Equity holders of the Company (4,312,579) 418,814
Minority interest - (242,682)
Total comprehensive (loss) / income for the
year (4,312,579) 176,132
-------------- ----------------
NATASA MINING LTD
STATEMENTS OF FINANCIAL POSITION
AS AT 31 DECEMBER 2012
Consolidated
2012 2011
$ $
--------------------------------------------- ------------- -------------
ASSETS
Current Assets
Cash and cash equivalents - 11,195,215
Trade and other receivables 2,031,637 5,741
Total Current Assets 2,031,637 11,200,956
------------- -------------
Non-Current Assets
Investments in equity accounted investees 7,210,284 8,912,512
Exploration and evaluation expenditure
- intangible 5,822,066 5,036,961
Other financial assets 28,729,602 21,757,306
Plant and equipment 7,122 5,361
Total Non-Current Assets 41,769,074 35,712,140
------------- -------------
Total Assets 43,800,711 46,913,096
------------- -------------
LIABILITIES
Current Liabilities
Trade and other payables 1,674,200 334,418
Total Current Liabilities 1,674,200 334,418
------------- -------------
Total Liabilities 1,674,200 334,418
------------- -------------
NET ASSETS 42,126,511 46,578,678
------------- -------------
EQUITY
Share capital 31,215,939 31,355,527
Reserves 3,757,907 944,060
Retained earnings 7,152,665 14,279,091
------------- -------------
Total equity attributable to equity holders
of the Company 42,126,511 46,578,678
Minority interest - -
------------- -------------
TOTAL EQUITY 42,126,511 46,578,678
------------- -------------
NATASA MINING LTD
STATEMENTS OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2012
Consolidated Attributable to equity holders of the Company
2012 Share Foreign
Fair based Currency
Share value payments Translation Retained Minority Total
capital reserve reserve reserve earnings Total Interest equity
$ $ $ $ $ $ $ $
---------------------- --- --------------- ------------ ----------- ------------ -------------- -------------- ---------- ---------------
Balance at 1 January
2012 31,355,527 850,986 57,000 36,074 14,279,091 46,578,678 - 46,578,678
Total comprehensive
income for the period
Loss - - - - (7,126,426) (7,126,426) - (7,126,426)
Total other comprehensive
income - 1,764,683 - 1,049,164 - 2,813,847 - 2,813,847
--------------- ------------ ----------- ------------ -------------- -------------- ---------- ---------------
Total comprehensive
loss for the period - 1,764,683 - 1,049,164 (7,126,426) (4,312,579) - (4,312,579)
--------------- ------------ ----------- ------------ -------------- -------------- ---------- ---------------
Transactions with
owners,
recorded directly in
equity
Contributions by
owners
Shares purchased into
Treasury (139,588) - - - - (139,588) - (139,588)
--------------- ------------ ----------- ------------ -------------- -------------- ---------- ---------------
Total contributions
by owners (139,588) - - - - (139,588) - (139,588)
--------------- ------------ ----------- ------------ -------------- -------------- ---------- ---------------
Total transactions with
owners (139,588) - - - - (139,588) - (139,588)
--------------- ------------ ----------- ------------ -------------- -------------- ---------- ---------------
Balance at 31 December
2012 31,215,939 2,615,669 57,000 1,085,238 7,152,665 42,126,511 - 42,126,511
--------------- ------------ ----------- ------------ -------------- -------------- ---------- ---------------
NATASA MINING LTD
STATEMENTS OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2012
Consolidated Attributable to equity holders of the Company
2011 Share Foreign
Fair based Currency
Share value payments Translation Retained Minority Total
capital reserve reserve reserve earnings Total Interest equity
$ $ $ $ $ $ $ $
--------------------- --- --------------- ---------------- ----------- ------------ ------------- -------------- ------------ ---------------
Balance at 1 January
2011 41,723,622 6,302,603 57,000 (37,469) 8,482,203 56,527,959 242,682 56,770,641
Total comprehensive
income for the
period
Profit - - - - 5,796,888 5,796,888 (147,988) 5,648,900
Total other comprehensive
income - (5,451,617) - 73,543 - (5,378,074) (94,694) (5,472,768)
--------------- ---------------- ----------- ------------ ------------- -------------- ------------ ---------------
Total comprehensive
income for the period - (5,451,617) - 73,543 5,796,888 418,814 (242,682) 176,132
--------------- ---------------- ----------- ------------ ------------- -------------- ------------ ---------------
Transactions with
owners,
recorded directly in
equity
Contributions by
owners
Capital return - in
cash (10,234,683) - - - - (10,234,683) - (10,234,683)
Shares purchased into
Treasury (133,412) - - - - (133,412) - (133,412)
--------------- ---------------- ----------- ------------ ------------- -------------- ------------ ---------------
Total contributions
by owners (10,368,095) - - - - (10,368,095) - (10,368,095)
--------------- ---------------- ----------- ------------ ------------- -------------- ------------ ---------------
Total transactions with
owners (10,368,095) - - - - (10,368,095) - (10,368,095)
--------------- ---------------- ----------- ------------ ------------- -------------- ------------ ---------------
Balance at 31 December
2011 31,355,527 850,986 57,000 36,074 14,279,091 46,578,678 - 46,578,678
--------------- ---------------- ----------- ------------ ------------- -------------- ------------ ---------------
NATASA MINING LTD
STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2012
Consolidated
2012 2011
$ $
--------------------------------------------------- ----- --------------- -----------------
Cash flows from operating activities
Cash payments in the course of operations,
net of recoveries (186,241) (6,865,905)
--------------- -----------------
Cash used in operations (186,241) (6,865,905)
Interest and dividends received 608,193 878,412
Interest paid (5,257) -
--------------- -----------------
Net cash from / (used in) operating activities 416,695 (5,987,493)
--------------- -----------------
Cash flows from investing activities
Purchase of:
- equity interest in associate (190,387) -
- equity investments (13,888,428) (10,206,118)
Proceeds from sale of:
- equity investments 9,999,619 13,005,755
- debt instruments - 307,358
Payments for purchases of plant and equipment (7,366) -
Payments for purchases of intangibles (853,034) (5,000,000)
Loans and advances:
- to associates (6,232,728) -
- to other entities (1,857,730) (6,827,839)
- repaid by other entities - 6,827,839
Net cash used in investing activities (13,030,054) (1,893,005)
--------------- -----------------
Cash flows from financing activities
Capital return - (10,234,683)
Shares purchased into Treasury (139,588) (133,411)
Net cash from financing activities (139,588) (10,368,094)
--------------- -----------------
Net decrease in cash and cash equivalents (12,752,947) (18,248,592)
Cash and cash equivalents at 1 January 11,195,215 29,315,691
Effect of exchange rate fluctuations on cash
held - 128,116
--------------- -----------------
(1,557,732) 11,195,215
Bank overdrafts used for cash management purposes 1,557,732 -
--------------- -----------------
Cash and cash equivalents at 31 December - 11,195,215
--------------- -----------------
NATASA MINING LTD
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2012
1. SIGNIFICANT ACCOUNTING POLICIES
Natasa Mining Ltd (the "Company") is a company incorporated in the Cayman Islands. The consolidated financial report of the Company as at and for the year ended 31 December 2012 comprises the Company and its subsidiaries (together referred to as the "Group") and the Group's interest in associates.
Consolidated
2012 2011
$ $
------------------------------------------------------- -------------- -------------
2. (LOSS) / EARNINGS PER SHARE
Basic (loss) / earnings per share (24.4c) 19.8c
Diluted (loss) / earnings per share (24.4c) 19.8c
(Loss) / profit attributable to ordinary shareholders
as used in the calculation of basic earnings per
share (7,126,426) 5,796,888
(Loss) / profit attributable to ordinary shareholders
as used in the calculation of diluted earnings
per share (7,126,426) 5,796,888
Weighted average number of ordinary shares used
in the calculation of basic earnings per share 29,241,951 29,241,951
Weighted average number of ordinary shares used
in the calculation of diluted earnings per share 29,241,951 29,241,951
3. INVESTMENTS IN EQUITY ACCOUNTED INVESTEES
The Group has the following investments in equity accounted investees
Reporting Ownership
Principal Activities Country Date 2012 2011
Petroleum exploration and
evaluation in Papua New Guinea
and uranium exploration and
UMC Energy plc evaluation in Madagascar UK 31 Dec 42.6 42.4
Share of Net assets Share of
associates as reported associates
net profit by associates net assets
/ (loss) equity
recognised accounted
(100%)
Profit Total assets Total liabilities
/ (loss)
Revenues (100%) (100%) (100%)
(100%)
2012
UMC
Energy
plc - (6,627,553) (2,823,337) 27,072,079 (10,146,531) 16,925,548 7,210,284
- (6,627,553) (2,823,337) 27,072,079 (10,146,531) 16,925,548 7,210,284
-------------------------- -------------- ---------------- ---------------- ----------------------- -------------- -----------
2011
UMC
Energy
plc - - - 23,766,447 2,746,370 21,020,077 8,912,512
- - - 23,766,447 2,746,370 21,020,077 8,912,512
-------------------------- -------------- ------------ -------------------- ----------------------- -------------- -----------
Consolidated
2012 2011
$ $
--------------------------------------------------------------------------------------------------- ---- -------------- ---------------
4. EXPLORATION AND EVALUATION EXPENDITURE - INTANGIBLE
Opening balance - 1 January 5,036,961 2,978,035
Additions at fair value 853,034 5,000,000
Disposals - (2,978,035)
Impairment (185,000) -
Foreign exchange variation 117,071 36,961
Closing balance - 31 December 5,822,066 5,036,961
-------------- ---------------
Critical accounting judgements in applying the consolidated entity's accounting
policies
The Fox Creek coal project has yet to reach a stage of development where
a determination of the technical feasibility or commercial viability can
be assessed. In these circumstances, whether there is any indication that
the asset has been impaired is a matter of judgement, as is the determination
of the quantum of any required impairment adjustment. The Directors have
used their experience to conclude that no impairment adjustment is required
in the current year.
The Company has committed to invest $500,000 in a series of oil and gas
exploration projects in California. In the year $379,816 has been invested
including $185,000 in one project which was not successful. The investment
in the unsuccessful project has been fully impaired in the current year.
Consolidated
2012 2011
$ $
--------------------------------------------- --------------- ---------------
5. OTHER FINANCIAL ASSETS
Non-current
Equity securities available-for-sale:
- listed 28,729,602 21,757,306
--------------- ---------------
Total other financial assets 28,729,602 21,757,306
--------------- ---------------
The available-for-sale listed equity securities comprise securities
in companies operating in the mining and natural resources sector as
well as holdings in major companies operating in other sectors. Although
the Company's investment strategy is to focus on pre-production and/or
producing resource opportunities it also holds securities in major
companies operating in other sectors in order to maximise the overall
return to shareholders.
6. SUBSEQUENT EVENTS
Between 1 January 2013 and the date of this report the following material transactions have occurred. The Group has:
-- Purchased $0.6 million of equity instruments.
-- Generated proceeds of $1.4 million, and recognised a profit of $0.2 million, from the sale of equity instruments.
-- Purchased 183,000 of its own shares into Treasury at a cost of $0.2 million
The financial effects of the above transactions have not been brought to account in the financial statements for the year ended 31 December 2012.
7. PUBLICATION OF NON STATUTORY ACCOUNTS
The financial information set out in this announcement does not constitute statutory accounts.
The financial information for the year ended 31 December 2012 has been extracted from the Group's statutory financial statements to that date upon which the auditors' opinion is unqualified.
8. ANNUAL REPORT AND ANNUAL GENERAL MEETING
The Annual Report for the year ended 31 December 2012 will be available from the Company's website www.natasamining.com today.
The annual general meeting of the Company has been convened for 10.30 a.m. on 26 June 2013 at First Floor, 10 Dover Street London W1S 4LQ
**ENDS**
Enquiries:
Natasa Mining Ltd
Chrisilios Kyriakou, Executive Chairman
Telephone: +44 (0) 20 7290 3102
www.natasamining.com
Angela Hallett / James Spinney
Strand Hanson Limited
Telephone: +44 (0) 20 7409 3494
This information is provided by RNS
The company news service from the London Stock Exchange
END
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