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| Share Name | Share Symbol | Market | Stock Type |
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| Gladstone Pac | GPN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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| 0.00 | 0.00% | 14.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
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| 14.50 | 14.50 |
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Posted at 15/10/2009 12:51 by safman TIDMGPN RNS Number : 8448A Gladstone Pacific Nickel Limited 15 October 2009 ? 15th October 2009 GLADSTONE PACIFIC NICKEL LTD ACN: 104 261 887 ("GPNL" or "the Company") GPNL Signs MOU for a Feasibility Study on the Development of a Heap Leach Project at Marlborough Gladstone Pacific Nickel Ltd announces the Company has today executed a Memorandum of Understanding ("MOU") for the development of a heap leach project at Marlborough ("MHLP" or the "Project") with China Tianchen Engineering Corp ("TCC"). The MOU is subject to a number of conditions including the satisfactory conclusion of a feasibility study, entering into an engineering procurement and construction contract with TCC, the identification of an equity partner and an offtake partner for the Project. The Marlborough ore resource, which is 100% owned by GPNL, has a JORC compliant resource of 71 million tonnes of laterite nickel ore at 0.91% nickel and 0.06% cobalt. The resource is based on only five of the thirteen deposits on the Marlborough tenements. The Company believes that there is sufficient ore resource at Marlborough for it to supply 100% of the feed for a standalone heap leach operation in addition to providing partial feed to the Company's proposed high pressure acid leach plant at Gladstone. The development of the MHLP would establish the Company as a nickel producer. The Directors believe that the Project has the potential to provide up to 24,600 tonnes/annum of contained nickel and 1,700 tonnes/annum of contained cobalt in intermediate product. Initially the product is expected to be sold to nickel refiners for further processing. The Company has undertaken four column tests (150mm wide and 4 m high) on the Marlborough ore. These tests indicate high extraction of between 75-88% Ni over a relatively short period of 165 days with sulphuric acid consumption of 300-550 kg/tonne of ore, which compares favorably to other proposed heap leach projects. Testing has shown extractions of up to 80% within 126 days with sulphuric acid consumption of 261 kg/tonne from areas which are likely to be mined early in the Project. TCC, formerly known as China Tianchen Chemical Engineering Corporation, was established in 1953 and is an engineering services company based in Tianjin, China. TCC is well placed to provide support for the project due to their involvement as the engineering, procurement and construction contractor for European Nickel PLC's project in Çaldag, Turkey which is expected to be the world's first commercial scale nickel laterite heap leach operation. Mr Henderson, the Company's Chairman, said "We are very pleased to be working with a company like TCC which is at the forefront of nickel heap leach engineering. TCC has a worldwide reputation for supply of chemical plants with particular expertise in building large scale acid plants as required for heap leach operations." Mr Henderson further added "The Company remains committed to the Gladstone Nickel Project, but delays to the project due to the global financial crisis have required the Company to pursue other value adding options. The heap leach project at Marlborough has valuable synergies with the Gladstone Nickel Project in that much of the infrastructure for the heap leach project could be utilised by the Gladstone Nickel Project at very little additional capital cost". Highlights of the MOU * TCC has confirmed it is prepared to provide a commercial offer for the turn key construction of the MHLP and will send its technical team to Australia to undertake an infrastructure and site review with the view to agreeing the scope of the Feasibility Study. * TCC will be commissioned by GPNL to undertake the Engineering Study ("ES") to a standard acceptable to Chinese banks and investors. * TCC and GPNL will set up a special team to finalise the commercial terms of the turn-key Engineering Procurement and Construction ("EPC") Agreement. The EPC offered by TCC shall be commercially competitive and provide guarantees for the construction price and process for the MHLP. * TCC will assist with a targeted debt financing of 70% of the Project which is expected to be provided through Chinese banks. * TCC will work with GPNL to secure funding or to identify potential strategic Chinese partners for the remaining equity funding required for the MHLP, and to arrange an off take agreement for the sale of MHLP nickel intermediate to China. ENDS Enquiries: James Henderson, Chairman - Gladstone Pacific Nickel Ltd Tel: +61 (0) 2 9252 8455 Gerry Beaney/Robert Beenstock - Grant Thornton Corporate FinanceTel: +44 207 383 5100 John Prior - Arbuthnot SecuritiesTel: +44 207 012 2000 Web: www.gladstonepacific Email: info@gladstonepacifi Background Gladstone Pacific Nickel Ltd Gladstone Pacific Nickel Limited is a publicly-listed, Australian mining development company, whose main aim is to establish a US$3.65 billion long-life, nickel and cobalt refinery at the Gladstone State Development Area in Central Queensland, Australia. GPNL is planning to build the refinery at the deepwater Port of Gladstone, treating high-grade nickel laterite ores from New Caledonia and other south-west Pacific Islands, underpinned by beneficiated ores from its own Marlborough deposits. The Project has the potential to be one of the largest of its type in the world. In addition, the Company is seeking to develop a heap leach project at its 100% owned Marlborough deposits in Queensland, Australia. Gladstone Pacific Nickel Ltd is listed on AIM in London, code: GPN. China Tianchen Engineering Corp China Tianchen Engineering Corp ("TCC") is a leading Chinese multidisciplinary company, engaged in Engineering, Procurement and Construction activities. TCC undertakes project planning, feasibility study, engineering design, equipment & materials procurement, construction management and project supervision in the fields of petrochemical, fine chemical, organic & inorganic chemical, coal chemical, pharmaceutical and light & textile industries. TCC has been continuously listed as one of the top 225 Global International Contractors in American "Engineering News Records" (ENR). TCC is currently undertaking 22 projects outside of China and clients include Exxon Mobil, Sinopec, Shell, Dow, DuPont, GE, Procter & Gamble, Mitsubishi Heavy Industries and many others. This news release includes certain statements that may be deemed "forward-looking statements". All statements in this news release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include metal prices, exploration success, continued availability of capital and financing, and general economic, market or business conditions. This information is provided by RNS The company news service from the London Stock Exchange END MSCUVOARKBRRAAA |
Posted at 30/7/2008 13:46 by kent_paul its easy to be dismissive but £2.20 is a lot higher than it was and Palmer is making things happen and there is presumably upside from £2.20. Just my opinion, obviously its not generous but if RAB thinks its fair it will likely go ahead. HPAL is not exactly a popular technology with investors and the prior mgmt obviously couldnt get the project financed, hence this guy coming in. |
Posted at 19/1/2008 10:18 by kimboy2 At the present day price for nickel. What would be the profit at a long term price of say $6/lb.That would be the important question for any would be investors and whether the risks are worth the reward. |
Posted at 24/2/2007 22:46 by cagr David, the 'Rab blessing' could be a good or bad thing in all honesty. They seem to have a toe hold in literally every commodity related AIM listed stock on the market. Ive seen their positions rise 10-fold and then back down to earth again and i think their aggressive ability to attain discounted positions in cash strapped micro caps could act as a major obstacle for a company to attract other institutional investors. I dont believe the Rab name on ones shareholder list holds up too well amongst the rest of the City institutions. Time will tell though! |
Posted at 19/1/2007 21:44 by cagr ZERO discussion on a bulletin board = minimal private investor following, zero volume and the stock still goes up! Trying to time an entry into this is a fools game ;-( |
Posted at 18/9/2006 21:22 by mister x Shiny--> GPN have various diffences imo to TMC, hence why its a much larger portion of my own portfolio.- GPN is in a regionally safe haven, free from corruption, mining lobbyists and major red tape, unlike TMC. - The free stock float is much less liquid and more tightly held, any buying in quantity would move the price with ease. - It remains under the radar of the market, both the private investor and the institutions, so far. - The reserve is of a higher quality and extractable ratio than Berong - GPN has a greater cash cushion at present than TMC - The project has the 100% backing of the Australian govnt, something TMC evidently doesnt have given its failure to date to secure major permits, despite continuous promises. Its been given the highest priority status by the Australian govnt agency and even has the capital backing of Govnt department agency - "Invest Australia". Nothing it seems, at present stands in its way. I've believe given the above, GPN imo is a much more attractive and safer option than TMC with greater upside also. The only negative in comparison is, should TMC attain their MPSA then they will be on stream and producing sooner than GPN. However, I'm patient and hope to benefit from both, in the longer term i believe GPN will offer me more though. |
Posted at 12/7/2006 08:30 by mister x 12 July 2006: Gladstone Nickel Project Stage 1a Receives Major Project Facilitation Status From Federal GovernmentGladstone Pacific Nickel Limited (ACN 076 270 006) ("GPNL" or the "Company") is pleased to announce that the first Stage of the Gladstone Nickel Project (GNP) has been granted Major Project Facilitation (MPF) status by the Federal Government of Australia. In a formal letter to the Company, the Australian Minister for Industry, Tourism and Resources, the Honourable Ian Macfarlane, has advised that the GNP has been granted this priority status in recognition of the Project's national significance and potential long-term benefits to Australia. In his announcement dated 12 July 2006, Minister Macfarlane said: "The Gladstone Nickel Project will make a significant contribution to economic growth, employment, infrastructure and development in regional Queensland." "As a result of the Project being awarded MPF status, the Australian government's inward investment agency, Invest Australia, will assist Gladstone Pacific Nickel to gain all necessary government, environmental and community approvals. Invest Australia will also identify relevant government programs that may assist the Project." In thanking the Minister and the Government for the decision, Gladstone Pacific's Executive Chairman Robert Pearce said: "The MPF status provides a strong indication of the nature and scope of support that Australia's Federal Government is extending to GPNL to expedite the development of its GNP. The Federal Government has captured the vision and magnitude of the Project, recognising that it will be of significant standing for the economy of Australia in the future." The GNP will include the construction of a nickel ore mine and a beneficiation plant to concentrate ores at Marlborough, and a large nickel/cobalt refinery at Gladstone. The refinery will be a modern, 'fourth generation' high pressure acid leaching (HPAL) facility. Provision for importation and refining of additional high grade laterite ores from the South West Pacific through the existing and planned future facilities, available at the deepwater port of Gladstone, are included in the Company's plans. The commencement date of ore importation is yet to be finalised. Mr Pearce said: "Federal Government support via MPF status, together with the Significant Project Status granted by the Queensland State Government in 2005, demonstrates that this important Project has achieved appropriate positive support at the highest levels of Government." ENDS To view the Minister's release click here About Gladstone Pacific Nickel: Gladstone Pacific Nickel Limited (GPNL) is an Australian mining development company presently undertaking a Definitive Feasibility Study (DFS) for the Gladstone Nickel Project (GNP). The company's vision is to build a major long-life nickel cobalt refinery at the deepwater port at Gladstone, in Central Queensland, Australia, treating abundant high grade nickel laterite ores from around the south west Pacific region, underpinned by beneficiated ores from its own Marlborough deposits. The refinery will have the capacity to ultimately produce some 8 -10% of global nickel demand. Marlborough Nickel Pty Ltd (MNPL), a wholly owned subsidiary of GPNL, owns 12 mining leases and a number of exploration permits over lateritic nickel/cobalt deposits about 175km north of Gladstone. The GNP will be developed through various stages, initially comprising a modern nickel/cobalt mine at Marlborough with beneficiated slurried ore being pumped through a pipeline to a fourth generation, two autoclave, high-pressure acid leach (HPAL) plant sited at Gladstone. Concurrently with the first stage DFS, GPNL is considering undertaking the completion of a DFS for an early expansion on the next stage of the Project, that will double the size of the Gladstone plant to four autoclaves with the commencement of significant ore importation from the south west Pacific region, and then a further doubling to eight autoclaves in the next stage, increasing substantially the ore importation programme. GPNL was listed on the Alternative Investment Market (AIM) (Trading Code: GPN) of the London Stock Exchange on 17 March 2005 after raising £11million. These funds are being used primarily to carry out the DFS for the Project. Website: www.gladstonepacific About Invest Australia and Major Project Facilitation: Invest Australia facilitates new investment by providing prospective investors with a single contact point within the Commonwealth Government. Through the Major Project Facilitation service, Invest Australia provides the proponent with information, advice and support to assist with necessary government approvals. Invest Australia also identifies the sequence and timings for key approvals and the relevant government programs that may assist the project. The objectives of the MPF service are to: assist proponents of large projects to obtain decisions on necessary Commonwealth Government approvals wherever possible within that project's commercial timeframe; add value to those projects, particularly where the required approvals are complex and extensive, i.e. where MPF can assist with the prompt implementation of the investment; demonstrate the Government's commitment to support major new investments; and identify any impediments to the investment proceeding and where appropriate advise government of the need for policy or procedural change. Each application for MPF status is individually assessed against the selection criteria. Investors can apply to the Minister for Industry, Tourism and Resources for MPF status if their project: is of strategic significance to Australia; needs Commonwealth Government approval(s); and is commercially ready to proceed through government approvals processes. |
Posted at 14/3/2006 08:09 by dunnie Gladstone Pac.Nickel Interim ResultsRNS Number:7329Z Gladstone Pacific Nickel Limited 14 March 2006 news release For immediate release: 14 March 2006 GLADSTONE PACIFIC NICKEL LIMITED (THE "COMPANY") INTERIM RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2005 HIGHLIGHTS *Initial drill program completed: resource base at Marlborough increased by 22% to 125 Million dry tonnes of a similar grade *Beneficiation testwork on HPAL feed material indicates an average upgrade of 28% at a 64% mass recovery (ie. 81% of the Ni is recovered into 64% of the mass), thus enhancing autoclave feed grades significantly *Marlborough beneficiation and HPAL testwork increases potential production to over 40,000 tonnes per annum ("tpa") from 2 autoclaves: directors considering upgrading the Pre-feasibility Study to expand the refinery to 4 autoclaves with increased production coming from off-shore ore to a Definitive Feasibility Study. *Preferred pipeline route refined: progress on environmental impact statement *Letter of Intent signed to acquire substantial ore supply from a new mine in New Caledonia, moving to a formal Heads of Agreement in the near future. Company is also in discussions with a major Indonesian mining company to access ore in Indonesia *Definitive Feasibility Study for the >40,000 tpa case is on course for completion in the 3rd quarter 2006 *Heads of Agreement reached on right to mine adjacent mining area for nickel and cobalt and new areas at Marlborough identified Robert Pearce, Executive Chairman of Gladstone, commented: "Very significant progress has been made over the past six months on all fronts: the results from our drilling program have substantially increased the resource base, with further exploration drilling likely to confirm yet more resources in due course. The ore importation program has been initiated and has already met with positive results, whilst the HPAL pilot plant and beneficiation testwork, environmental and engineering studies are very much on course. I believe that this progress has taken much of the risk out of the project." Enquiries to: Robert Pearce Executive Chairman Tel: 00 (44) 7854 141 366 Louis Castro Tel: 00 (44) 20 7190 7000 Insinger de Beaufort Simon Rothschild Bankside Consultants Ltd. Tel: 00 (44) 20 7367 8871 DIRECTORS' REPORT Marlborough Drill Results In 2005, an initial drilling program of 26,726 metres was completed and preliminary geological modelling and re-evaluation of the resource has been conducted. Based on the work carried out by our resource and mining consultants (IMC Consultants) the Project resource base has increased from 96 million dry tonnes (Mdt) grading 0.79% Nickel (Ni) and 0.05% Cobalt (Co), as indicated in the Prospectus, to 125 Mdt grading 0.80% Ni and 0.05% Co on a similar cut-off basis. This represents a 22% increase in the total resource from that indicated at the time of listing in March 2005. This increase has been achieved on only the four principal deposits identified in the Prospectus. In addition, other new areas containing lateritic ores have been identified and the directors are confident that these will add to the resource base. Furthermore, a Heads of Agreement has been reached on the right to mine an adjacent area for nickel and cobalt which the directors believe contains an exploration target of approximately 10Mdt of ore at similar grades. Negotiations are progressing on a number of other adjacent mining leases. Metallurgical Testwork Results Beneficiation and High Pressure Acid Leach ("HPAL") piloting testwork has been conducted at the HPAL pilot facility of SGS Lakefield Oretest in Perth, Australia. The beneficiation results are very positive and indicate a mass recovery for HPAL feed of 63.7% with an upgrade of 128% for nickel and 130% for cobalt. In conjunction with the increase in the Marlborough resource base, these results indicate substantial increased metal supply potential from the Marlborough deposits for processing at the Gladstone refinery. The HPAL test work provides the basis for engineering designs. Results are encouraging as follows: * The use of saline process water (rather than fresh water) demonstrates significantly increased reaction kinetics and ultimate metal extractions of 97% nickel and 95% cobalt. * 50 minutes residence time in the HPAL circuit as opposed to 75 minutes which was assumed in the Prospectus. The impact of this reduction allows an increase in design autoclave throughput from 2 to 3 Mdt/y, resulting in a significant positive impact on metal production and Project cash flows. * A significant proportion of Marlborough feed is ideal for the neutralisation of acid and reduces the Project's reliance on limestone for neutralisation purposes, with 55% recovery of nickel and cobalt being achieved in this process. Further investigations are currently underway to improve the economics of the Project by increasing the recoveries in this part of the circuit. Environment and Community Environmental approvals are progressing well with the Initial Advice Statement issued by the Queensland State Government seeking licensing for a four autoclave plant, importation of ore and the use of saline water. The Draft Terms of Reference were issued by the State Government and subsequent public agency and community meetings to review the Draft Terms of Reference have been held. Final Terms of Reference are due to be released before the end of March 2006. Environmental base-line studies have commenced and active engagement of the community is progressing with release of a community newsletter. Public release of the Draft Environmental Impact Statement is expected in late July. The Company continues to enjoy a good working relationship with the Traditional Owners. Engineering, Infrastructure and Land The Aka Kvaerner engineering team has commenced evaluation of metallurgical test results and plant design. Key equipment packages have been identified for early market pricing to avoid delays due to vendor capacity issues. Preliminary plant layout at the Yarwun site is complete for all stages of the Project. Flowsheet changes have been identified, on the basis of metallurgical test work, to improve plant output and operability. The preferred pipeline route has been refined after discussions with relevant landowners and a walk-over has been conducted by flora/fauna/soil specialists. Technical assessment of the beneficiated slurry rheology has been completed and engineering design of the pipeline is progressing. Negotiations are close to completion with the Queensland State Government on corridor access, land acquisition at Yarwun for the refinery site and Aldoga for the residue storage facility. The Central Queensland Port Authority has conducted public meetings on the Environmental Terms of Reference for the Wiggins Island Coal Terminal as part of their overall plan for this facility. As with our Project, the Coordinator-General of Queensland has conferred Significant Project Status on the Terminal as well. Nickel Market Nickel price outlook remains strong off the back of solid growth in stainless steel demand (particularly in China) and continuing low stock availability. Monthly LME forward nickel prices demonstrate this medium term strength, with "27 month forward prices per tonne" increasing from approximately US$11,500 and US$12,500 in January 2004 and January 2005 respectively to approximately US$13,500 in January 2006. Off-shore Ore Supply The Company has recently signed a Letter of Intent to acquire substantial ore supply from a new mine in New Caledonia and is moving to a formal Heads of Agreement in the near future. GPNL is also in discussions with a major Indonesian mining company to access ore in Indonesia. An international tender for sourcing ore on the Solomon Islands is expected in the next three months. Capital and Operating Cost Outlook As you will see from the significant progress outlined above, we are now expecting nickel production, from the Marlborough deposits alone, to exceed 40,000 tonnes per annum. As has happened with all other major projects worldwide labour shortages and material cost increases are impacting our Project's capital cost estimates. In addition, the increase in production capacity of the HPAL circuit is necessitating larger equipment sizing to handle the additional metal scheduled for production. Although final cost estimates are still being developed, we believe that our capital cost per annual pound of nickel production will still be more competitive than other new nickel projects. The increased production of the Project, coupled with the improved outlook on medium and longer-term nickel prices, should more than compensate for the additional capital expenditure. For similar reasons, our projected cash operating costs per pound of nickel will also rise. We believe only a marginal increase will occur due to the benefit of significant additional output. Project Schedule The Definitive Feasibility Study (DFS) is still scheduled for completion in the 3rd quarter of 2006. Due to continued strong medium to long-term demand for nickel, our increased production capability, acceleration of the Wiggins Island Coal Terminal and early success of sourcing off-shore ore, we are seriously considering starting the DFS for the next stage of Project development (4 autoclaves) in the next few months. As outlined in the Prospectus, the Company intends to invite one or more of major resource or industry related companies to acquire the Company outright or to joint venture into it as a major participant and operator. Discussions with interested parties will begin when the DFS is nearing completion, if not before. Financial Position The Consolidated Group incurred an after tax loss of A$47,162 for the half year ending 31st December 2005, after receiving interest of A$663,718. Capitalised and deferred exploration and evaluation costs for the period amounted to A$6,101,239 and as at 31st December 2005 the Group held total cash reserves of A$20,571,424 (#8,716,705 at the exchange rate of #1: A$2.36 on 31.12.05). Project Team The Project has progressed significantly in the last nine months as a consequence of the recruitment of an experienced and competent owner's team. The team has significant experience in the minerals industry with particularly strong credentials in the nickel sector, and is complemented by major consulting companies with extensive nickel and resource industry backgrounds. This combination provides a solid platform for the growth of the Company. Share Option Plan The Board has today approved the grant of 180,000 share options to certain employees and consultants in accordance with the Senior Manager Share Option Plan. These options are exercisable between 1st January 2007 and 31st December 2007 (or otherwise as required by the Plan rules) at 110% of the past thirty days' average weighted share price. Post Balance Date Event Since the end of the financial period the group has divested a strategic interest in Weda Bay Minerals Inc., a company listed on the Toronto Stock Exchange, with proceeds of A$5,694,017. International Accounting Standards This is the first general purpose half year report to be prepared in accordance with Australian Equivalents to International Financial Reporting Standards (AIFRS). AASB 1 "First Time Adoption of Australian Equivalents to International Financial Reporting Standards" has been applied in preparing these financial statements. The Company's financial statements until 30th June 2005 have been prepared in accordance with Australian Generally Accepted Accounting Principals (AGAAP) which differs in certain respects from International Financial Reporting Standards (IFRS). A reconciliation and description of the effect of transition from AGAAP to AIFRS has been provided in the notes. Audit Opinion The general purpose half year report has not been audited for the period ending 31st December 2005. Statement of Financial Performance -------------------- For the six months ending the 31ST Notes Consolidated Consolidated DECEMBER 2005 Dec 2005 Dec 2004 $A $A -------- -------------- -------------- REVENUES FROM ORDINARY ACTIVITIES 663,718 41,795 -------------- -------------- Borrowing costs expense - (320,247) Foreign Exchange Loss (4,772) - Directors' fees (146,965) - Professional fees (39,752) (9,082) Travel & accommodation (100,789) (51,240) Wages & on costs (91,864) (25,475) Communication costs (26,983) (5,766) Public relations & ongoing listing fees (119,228) (23,957) Tenement administration costs - (9,579) Other (157,907) (5,166) Depreciation (22,620) - -------------- -------------- EXPENSES FROM ORDINARY ACTIVITIES (710,880) (450,512) -------------- -------------- LOSS FROM ORDINARY ACTIVITIES BEFORE INCOME TAX EXPENSE (47,162) (408,717) -------------- -------------- INCOME TAX (EXPENSE) / BENEFIT RELATING - - TO ORDINARY ACTIVITIES -------------- -------------- LOSS FROM ORDINARY ACTIVITIES AFTER INCOME TAX EXPENSE (47,162) (408,717) ============== ============== Basic earnings/ (loss) per share ($ per share) 8 (0.001570) (0.04489) Diluted earnings/ (loss) per share ($ per share) 8 (0.001570) (0.04489) Statement of Financial Position AS AT 31ST DECEMBER 2005 NOTES Consolidated Consolidated Consolidated Dec 2005 June 2005 Dec 2004 $A $A $A ------- ------------ ------------ ------------ CURRENT ASSETS Cash assets 20,571,424 27,193,193 1,199,911 Receivables 371,618 182,010 37,923 Other current assets 250,426 54,851 302,118 Other financial assets 3,203,282 1,075,268 - ------------ ------------ ------------ TOTAL CURRENT ASSETS 24,396,750 28,505,322 1,539,952 ------------ ------------ ------------ NON-CURRENT ASSETS Equipment 84,529 89,471 20,664 Deferred evaluation & exploration costs 16,081,156 9,979,917 8,748,154 Receivables - 100,063 - ------------ ------------ ------------ TOTAL NON-CURRENT ASSETS 16,165,685 10,169,451 8,768,818 ------------ ------------ ------------ TOTAL ASSETS 40,562,435 38,674,773 10,308,770 ------------ ------------ ------------ CURRENT LIABILITIES Payables 1,522,394 1,362,312 622,126 Interest bearing liabilities - - 2,484,473 Provisions 19,876 7,937 4,770 ------------ ------------ ------------ TOTAL CURRENT LIABILITIES 1,542,270 1,370,249 3,111,369 ------------ ------------ ------------ NON-CURRENT LIABILITIES Payables 897,489 912,343 979,267 Provisions 6,261 5,000 3,129 ------------ ------------ ------------ TOTAL NON-CURRENT LIABILITIES 903,750 917,343 982,396 ------------ ------------ ------------ TOTAL LIABILITIES 2,446,020 2,287,592 4,093,765 ------------ ------------ ------------ NET ASSETS / (LIABILITIES) 38,116,415 36,387,181 6,215,005 ============ ============ ============ EQUITY Contributed equity 2 39,350,738 37,574,342 7,188,268 Contributed equity Accumulated losses 3 (1,234,323) (1,187,161) (973,263) ------------ ------------ ------------ TOTAL EQUITY / (DEFICIENCY) 38,116,415 36,387,181 6,215,005 ============ ============ ============ Statement of Cash Flows -------------------- For the six months ending the 31ST Notes Consolidated Consolidated DECEMBER 2005 Dec 2005 Dec 2004 $A $A ------- ------------- ------------- CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers - - Payments to suppliers and employees (865,867) (983,024) Payments for exploration and evaluation (5,941,159) (327,282) Interest received 549,569 2,068 ------------- ------------- NET CASH FLOWS USED IN OPERATING ACTIVITIES 4 (6,257,457) (1,308,238) ------------- ------------- CASH FLOWS FROM INVESTING ACTIVITIES Purchase of equipment (17,677) (20,664) Purchase of investments (370,310) - Sale of investments 23,675 - ------------- ------------- NET CASH FLOWS USED FROM INVESTING ACTIVITIES (364,312) (20,664) ------------- ------------- CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of ordinary shares - 7,213,957 Cost of raising funds - (26,789) (Repayment) / proceeds of borrowings - (4,717,921) ------------- ------------- NET CASH FLOWS FROM FINANCING ACTIVITIES - 2,469,247 ------------- ------------- NET (DECREASE)/INCREASE IN CASH HELD (6,621,769) 1,140,345 Opening cash brought forward 27,193,193 59,566 ------------- ------------- CLOSING CASH CARRIED FORWARD 20,571,424 1,199,911 ============= ============= 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of preparation of the half year financial report It is recommended that this financial report be read in conjunction with the annual report for the year ended 30th June 2005. The half year report does not include full disclosures of the type normally included in an annual financial report. (b) Basis of accounting The financial statements are general purpose financial statements, which have been prepared in accordance with Accounting Standards, AASB 134 "Interim Financial Reporting". In preparing the half year financial report, management has amended previous AGAAP financial statements to comply with AIFRS. The half year financial report has been prepared on an historical cost basis, except for "available for sale" financial assets that have been measured at fair value. For the purpose of preparing the half year financial report, the half year has been treated as a discrete reporting period. (c) Changes in accounting policies The company has moved from Australian Accounting Standards (AGAAP) to Australian Equivalents of International Reporting Standards (AIFRS) in the half year ended 31st December 2005. ------------- ------------- Consolidated Consolidated Dec 2005 Dec 2004 $A $A ------------- ------------- 2. CONTRIBUTED EQUITY (a) (i) Issued and paid up capital 37,287,644 7,188,268 30,042,293 ordinary shares fully paid as at 31st December 2005 Total issued and paid up Capital 37,287,644 7,188,268 (a) (ii) Other Reserves Income recognised direct to equity 2,063,094 Total Other Reserves 2,063,094 ------------- ------------- TOTAL CONTRIBUTED EQUITY 39,350,738 7,188,268 ============= ============= (b) Options Number of Options Issued & Exercised during the year - Issued & still outstanding at period end @ #1.20 300,423 Issued & still outstanding at period end @ A$2.32 150,000 Issued & still outstanding at period end @ A$2.45 100,000 Issued & still outstanding at period end @ A$2.86 700,000 ------------- Total issued and still outstanding at 31st December 2005 1,250,423 ============= (c) Movements in GPNL shares on issue $A Number of Shares Issued as at 30th June 2005 37,287,644 30,042,293 ------------- ------------- Issued as at 31st December 2005 37,287,644 30,042,293 ============= ============= ------------- ------------- Consolidated Consolidated Dec 2005 Dec 2004 $A $A ------------- ------------- 3. ACCUMULATED LOSSES Balance at the beginning of the year (1,187,161) (564,546) Net loss (47,162) (408,717) ------------- ------------- Balance at end of the period (1,234,323) (973,263) ============= ============= ------------- ------------- Consolidated Consolidated Dec 2005 Dec 2004 $A $A ------------- ------------- 4. CASH FLOW INFORMATION Reconciliation of the operating profit / (loss) after tax to the net cash flows from operations Operating loss after tax (47,162) (408,717) Non-cash items Provision for employee entitlements 13,198 (1,283) Depreciation 22,620 - Gain on Sale of Investment (4,980) - Foreign Exchange Gain - (39,727) Changes in assets and liabilities (Increase)/decrease in receivables (89,545) 107,428 (Increase)/decrease in prepayments (195,575) (301,083) (Increase)/decrease in deferred evaluation costs (6,101,240) (554,676) Increase/(decrease) in payables 145,227 (110,180) ------------- ------------- Net cash flow from (used in) operating activities (6,257,457) (1,308,238) ============= ============= Reconciliation of cash Cash balance comprises: - cash at bank & on short term deposit 20,571,424 1,199,911 ------------- ------------- Closing cash balance 20,571,424 1,199,911 ============= ============= 5. RELATED PARTY DISCLOSURES Director related entity transactions During the period ended, there were various transactions between GPNL and director related entities. Apart from their non-executive directors fee of $16,500 each, P.J. Watson's legal firm, Watson Law, has been paid the sum of $68,075 for legal advice, and Investor Resources Ltd (a related company of A.E. Daley) has been paid the amount of $16,920 for general advice. All amounts were based on normal commercial terms. 6. PROVISIONS Restoration and rehabilitation All of the GPNL Group's exploration and mining areas are subject to restoration and rehabilitation requirements in accordance with the conditions of the licences issued by the relevant authorities. No amount has been provided for in the accounts to meet future restoration and rehabilitation obligations as the amount is not material. The appropriate Queensland Government Departments hold bank guarantees to cover GPNL's current obligations. 7. IMPACT OF ADOPTING AASB EQUIVALENTS TO AIFRS STANDARDS The company has moved form Australian Accounting Standards (AGAAP) to Australian Equivalents of International Financial reporting (AIFRS) in the half year ended 31st December 2005. Set out below are the key areas where accounting policies have changed on adoption of AIFRS and the quantitative impact of the changes on total equity and net profit / (loss): a) Reconciliation of Equity as presented under AGAAP to that under AIFRS Consolidated Consolidated Consolidated June 05 Dec 04 1st July 04 $A $A $A Total Equity under AGAAP 37,287,644 7,188,268 1,100 Changes in Valuation of Asset * 286,698 Total Equity under AIFRS 37,574,342 7,188,268 1,100 * Financial Assets that are classified as "available for sale" under AASB 139 "Financial Instruments: Recognition and Measurement" are carried at fair value. They were carried at cost under AGAAP. b)Reconciliation of Profit after tax as presented under AGAAP to that under AIFRS. Consolidated Consolidated June 05 Dec 04 $A $A Total profit / (loss) after tax under AGAAP (622,614) (408,717) Total profit / (loss) after tax under AIFRS (622,614) (408,717) -------------- ------------- Consolidated Consolidated Dec 2005 Dec 2004 ($A) $A -------------- ------------- 8. EARNINGS PER SHARE The following reflects the income and share data used in the calculation of basic and diluted earnings per share Net gain / (loss) (47,162) (408,717) -------------- ------------- Earnings used in calculation of diluted earnings per share (47,162) (408,717) ============== ============= Weighted average number of ordinary shares on issue used in the calculation of basic and diluted EPS 30,042,293 9,104,110 -------------- ------------- Basic and diluted earnings / (loss) $ per share (0.00157) (0.04489) ============== ============= 9. EVENTS AFTER BALANCE DATE During January 2006 and February 2006, the company sold 2,500,000 shares in Weda Bay Minerals Inc., a company listed on the Toronto Stock Exchange. The profit on the sale of this investment will be $4,553,049. The financial effect of this event has not been recognised as at 31st December 2005. This information is provided by RNS The company news service from the London Stock Exchange END IR VXLFFQXBBBBZ By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions :: Contact Us :: Affiliate Scheme Copyright©1999-2006 ADVFN PLC. Copyright and limited reproduction :: Privacy Policy :: Investment Warning :: Advertise with us :: Data accreditations :: Investor Relations 38 site:2 gb 11059e7630032a advfnpgsiwiga stocks :: 14/03/2006 08:07:55 :: 22.8886 (22.8225 ~99.7) :: 0.0599 ~0.3 - 1 - 0 - 1 - 0 :: 0.0000 ~0.0 - 0 - 0 Stock Message Boards : 2001 | 2002 | 2003 | 2004 |
Posted at 01/3/2006 21:06 by 2kpromoe Its truelly amazing the lack of interest this has in the private investor arena, not a bad thing i guess and still an opportunity to get in at a price below what was once seen as fair value on IPO. |
Posted at 17/3/2005 14:45 by dunnie Edmond Jackson: why don't Australian miners mine Oz for cash? Published: 12:40 Thursday 17 March 2005 < PREV | 1 | 2 | NEXT > TOTAL PAGES: 2 By: Edmond Jackson, Columnist Back To Latest News Printable Version Related Articles Edmond Jackson: reservations about Hambro's reserve tactic: 09:02 Tue 14 December 2004 read I have previously made a tongue in cheek remark, referring to resources companies re-basing reserves, that the sign when this shares party is coming to an end will be when the Australians finally decide their sector needs a fundamental re-appraisal! We are not at that stage yet, but one feature that raises my eyebrows is Australian companies opting to list on AIM. Indeed, London is a global centre for capital raising and AIM has achieved respect as a dynamic smaller companies market relative to the Unlisted Securities Market, its predecessor. But I can't help wondering why, if Australian (listed) resources companies with exciting prospects are looking to raise money, the locals don't snap up the opportunity. Today, dealings commence in Gladstone Pacific Nickel, which has raised £11 million at 120p a share in order to progress a feasibility study for a nickel and cobalt mine on the Marlborough Deposits in Queensland. Shares are currently at 145.5p. Management says: 'The project has the potential to become one of the largest of its type in the world producing 124,000 tons of nickel a year and 10,000 tons of cobalt metal.' This belief is substantiated from Gladstone raising nearly twice its objective of £6 million just a few weeks ago, in a placing round, although enthusiasm for resources stocks is generally keen. The project does have a history before being started afresh, and a fair question to bear in mind is why domestic investors have not pounced on it. Australian resources professionals should know their backyard. Another current example is AIM Resources, an Australian listed minerals company joining AIM on Monday 21st March raising some £1.5 million from UK investors to fund minerals exploration projects in Africa. It could be said that an AIM listing is a logical extension for a company that is developing its profile internationally; I also note that existing Australian shareholders are letting this happen. If the projects were truly outstanding you might expect them to kick up a fuss about their pre-emption rights (of first refusal in a capital raising) not being respected. One should not read a fundamental negative into these AIM listings, simply because they are not raising money in Australia. Finance is increasingly international and the concept of a 'global village' is not unreal. Both of these shares could do well amid investors' enthusiasm for resources shares, also subsequent evaluation and exploration of the prospects. My point is to raise a question generally for this sector, whether one of the classic signs of a bull market starting to mature is when overseas companies approach London instead of their locals snapping up any share offer. One could appreciate this in the case of developing countries without a financial community, but Australians have capital, experience and insight. But this may also signal the resources bull market gaining international momentum, so don't sell yet! |
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