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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Gladstone Pac | LSE:GPN | London | Ordinary Share | AU0000XINAC5 | ORD SHS NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 14.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
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TIDMGPN
RNS Number : 3465J
Gladstone Pacific Nickel Limited
29 March 2010
29 March 2010
Gladstone Pacific Nickel Limited
ACN 104 261 887
INTERIM RESULTS FOR THE SIX MONTHS ENDED
31 DECEMBER 2009
Gladstone Pacific Nickel Limited ("GPN" or the "Company") today announces its
unaudited interim results for the six months ended 31 December 2009.
Financial Results
The Company reported interim revenue from ordinary activities of A$448,494
(GBP248,869*) and expenses of A$4,167,963 (GBP2,312,803*), approximately half of
which was made up of tenement costs of A$917,174 (GBP508,939) and a foreign
exchange loss of A$1,122,319 (GBP622,775*). The loss for the period (after income
tax benefits) was A$3,385,700 (GBP1,878,725*) representing a loss of A$.0477 per
share (GBP.0265 per share*).
Exploration and Evaluation Expenditure for the period of A$507,868 (GBP281,817*)
was capitalised as Deferred Exploration and Evaluation costs. The expenditure
was predominantly costs associated with initial expenditure on the Marlborough
Heap Leach Project ("MHLP").
In line with its accounting policies and the impairment of assets at 30 June
2009, the Company has reviewed the carrying value of its Deferred Exploration
and Evaluation costs. Based on the current stage of the Gladstone Nickel Project
and the MHLP, and the expected recoverability of historical costs, the Company
estimates the fair value of its Deferred Exploration and Evaluation costs as at
31 December 2009 to be unchanged from the June 2009 value of A$18,222,910
(GBP10,111,893*).
The carrying value, prior to impairment, of the Deferred Exploration and
Evaluation costs was A$18,730,778 (GBP10,393,708*) and thus the asset has been
impaired to the extent of the Exploration and Evaluation Expenditure for the
period of A$507,868 (GBP281,817*), and an impairment loss equal to that amount has
been recognised in the Statement of Comprehensive Income.
The Company remains in a strong cash position with A$12,218,252 (GBP6,779,908*) in
cash made up of cash on hand of $10,558,354 (GBP5,858,831*) and $1,659,898
(GBP921,077*) as a refundable deposit on the purchase of land at Gladstone which
is recorded in the accounts as a Non Current Receivable. Total shareholder
equity as at 31 December 2009 was $30,222,895 (GBP16,770,684*).
GPN continues to review all activities and associated operating costs, and has
reduced staff costs and other expenditures over the period to reflect current
global economic conditions.
Operational Highlights
The Company executed a Memorandum of Understanding ("MOU") for the development
of a heap leach project at Marlborough with China Tianchen Engineering Corp
("TCC") (as announced on AIM on 16 October 2009). 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, and the identification of an equity partner and an offtake partner for the
Project. The Company is continuing its discussions with TCC and will provide an
update to investors in due course.
Nickel Markets
Average nickel prices have stabilised over the half year averaging US$8.06/lb to
US$7.89 /lb in the third and fourth quarter of 2009 respectively. Current
prices have been trending upwards and are above US$10.00/lb. The buoyancy of
the nickel price is particularly encouraging given that nickel LME stock levels
are coming off their historically high levels and are currently around 156,000
tonnes of nickel metal. The long term drivers of nickel consumption continue to
be the fast growing economies of China and India and these remain relatively
strong.
Post Balance Sheet Events
The Company's major shareholder has called a general meeting of members to be
held on 9 April 2010 to consider the removal of two Directors, including myself,
and the appointment of two new Directors (as announced on AIM on 9 February
2010). A Notice of Meeting was mailed to shareholders and announced on AIM on 2
March 2010.
Company Value
The Global Financial Crisis has resulted in postponement of our Gladstone Nickel
Project, a considerably lower market capitalisation of the Company and
significant write off's of our Deferred Exploration and Evaluation Costs.
However, your Company has a significant asset base for which it should be proud:
· Cash of over A$12 million
· Our 100% owned Marlborough tenements have been valued at between A$18 to
A$61 million by an independent expert. This is conservatively valued in our
accounts at A$18.2 million.
· Potential for a Heap Leach Project at Marlborough with test work that
indicates favourable extraction rates and recoveries of nickel and cobalt. This
project can be an add-on to our larger Gladstone Nickel Project.
· The Gladstone Nickel Project which, as announced on 20th June 2008, can
demonstrate a net present value of US$2.3 billion at similar commodity and
exchange rates as those experienced today.
· Significant funds of A$50.3 million have been spent on advancement of the
Gladstone Nickel Project with historical expenditure indicated below:
+----------------------------------------------+-----------------+
| Description | A$ (millions) |
+----------------------------------------------+-----------------+
| Environmental studies | 3.8 |
+----------------------------------------------+-----------------+
| Metallurgical test work | 4.8 |
+----------------------------------------------+-----------------+
| Marlborough maintenance, drilling and | 12.0 |
| purchases | |
+----------------------------------------------+-----------------+
| Engineering studies | 19.5 |
+----------------------------------------------+-----------------+
| Ouinne deposit and drilling | 10.2 |
+----------------------------------------------+-----------------+
| | |
+----------------------------------------------+-----------------+
| Total | 50.3 |
+----------------------------------------------+-----------------+
· Our 49% contractual interest in the Ouinne tenements in New Caledonia has
been valued at between $20 to 46 million by an independent expert. This
agreement is subject to financing of the Gladstone Nickel Project and the
valuation range does not include an offset for the purchase of Ouinne which will
be the issue of 15 million ordinary shares in the Company to our New Caledonia
Partner, Societe Miniere Georges Montagnat.
· An agreement with the Queensland Government for the purchase of scarce
industrial land at Gladstone which includes a cash deposit of $1.6 million (the
deposit is currently is treated in the accounts as a non current receivable).
· Environmental Approvals for both stages 1 & 2 of the Gladstone Nickel
Project.
There is, in my opinion, a significant value base of the Company which is
currently not reflected in the market capitalisation of the business. I would
like to continue to serve the interests of all shareholders but if I am elected
off the Board on the 9th April 2010 I hope that the new Board can realise this
inherent value, which I am sure can be achieved.
James Henderson
Chairman
Gladstone Pacific Nickel Limited
*Exchange rate used A$1:GBP0.5549
Extracts of the interim results for the six months ended 31 December 2009 appear
below and a full version will be available on the Company's website
www.gladstonepacific.com.au
Enquiries to:
Julien McInally Gladstone Pacific Nickel
Tel: +61 (0) 7 3231 7100
Gerry Beaney/
Robert Beenstock Grant Thornton Corporate Finance Tel: +44
(0) 20 7383 5100
John Prior Arbuthnot Securities
Tel: +44 (0) 20 7012 2000
Consolidated Statement of Comprehensive Income
for the six months ended 31 December 2009
+-------------------------------------+-------+-------------+--------+--------------+----------+
| |Notes | Consolidated |
+-------------------------------------+-------+------------------------------------------------+
| | | Dec 09 | | Dec 08 | |
| | | ($A) | | ($A) | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| Interest Income | | 448,494 | | 728,488 | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| Foreign Exchange Gain | | - | | 2,347,566 | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| TOTAL REVENUE | | 448,494 | | 3,076,054 | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| Evaluation Costs | | 103,827 | | 472,230 | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| China Representative | | - | | 140,133 | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| Foreign Exchange Loss | | 1,122,319 | | 3,502 | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| Directors' Fees / Remuneration | | 466,282 | | 394,166 | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| Directors' Option Expense | | - | | 26,292 | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| Brokers' Option Expense | | 21,125 | | 21,125 | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| Professional Fees | | 52,901 | | 965,493 | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| Travel and Accommodation | | 69,446 | | 213,029 | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| Wages and On-costs | | 334,083 | | 659,310 | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| Office Rental | | 570,130 | | 234,142 | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| Public Relations and Ongoing | | 75,268 | | 144,044 | |
| Listing Fees | | | | | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| IT and Communication | | 62,495 | | 129,753 | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| Marketing | | - | | 23,675 | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| Depreciation | | 133,591 | | 93,945 | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| Other | | 92,699 | | 229,803 | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| Tenement Expenses | | 917,174 | | - | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| Impairment Loss | | 146,623 | | 78,081,765 | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| TOTAL EXPENSES | | 4,167,963 | | 81,832,407 | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| PROFIT / (LOSS) BEFORE INCOME TAX | | (3,719,469) | | (78,756,353) | |
| EXPENSE | | | | | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| Income Tax Benefit /(Expense) | | 333,769 | | 804,964 | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| PROFIT / (LOSS) AFTER INCOME TAX | | (3,385,700) | | (77,951,389) | |
| EXPENSE | | | | | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| | | | | | |
| OTHER COMPREHENSIVE INCOME* | | | | | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| Foreign Currency Translation | | 472,774 | | (54,036) | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| Income Tax on Items of Other | | - | | - | |
| Comprehensive Income | | | | | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| Other Comprehensive Income for the | | 472,774 | | (54,036) | |
| period ( net of tax) | | | | | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| TOTAL COMPREHENSIVE INCOME | | (2,912,926) | | (78,005,425) | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| | | | | | |
| EARNINGS PER SHARE | | | | | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| Basic Earnings (Loss) per Share | 6 | (4.77) | | (156.21) | |
| (Cents per Share) | | | | | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| Basic Earnings (Loss) per Share | 6 | (4.77) | | (156.21) | |
| (Cents per Share) | | | | | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
| *Reported directly to Other | | | | | |
| Reserves In Equity. | | | | | |
+-------------------------------------+-------+-------------+--------+--------------+----------+
Consolidated Balance Sheet
for the six months ended 31 December 2009
+----------------------------------+-------+---------------+---------------+--------------+----------+
| |Notes | Consolidated | |
+----------------------------------+-------+----------------------------------------------+----------+
| | | Dec 09 | June 09 | Dec 08 |
| | | ($A) | ($A) | ($A) |
+----------------------------------+-------+---------------+---------------+-------------------------+
| CURRENT ASSETS | | | | |
+----------------------------------+-------+---------------+---------------+-------------------------+
| Cash Assets | 7 | 10,558,354 | 13,566,123 | 16,744,306 |
+----------------------------------+-------+---------------+---------------+-------------------------+
| Trade and Other Receivables | | 153,692 | 194,815 | 172,146 |
+----------------------------------+-------+---------------+---------------+-------------------------+
| Other Current Assets | | 14,612 | 898 | 192,046 |
+----------------------------------+-------+---------------+---------------+-------------------------+
| TOTAL CURRENT ASSETS | | 10,726,658 | 13,761,836 | 17,108,498 |
+----------------------------------+-------+---------------+---------------+-------------------------+
| NON CURRENT ASSETS | | | | |
+----------------------------------+-------+---------------+---------------+-------------------------+
| Property Plant and Equipment | | 937,440 | 852,596 | 1,110,382 |
+----------------------------------+-------+---------------+---------------+-------------------------+
| Investment in Subsidiaries | | 1,712 | 1,712 | - |
+----------------------------------+-------+---------------+---------------+-------------------------+
| Deferred Evaluation and | 4 | 18,222,910 | 18,222,910 | 46,084,800 |
| Exploration Costs | | | | |
+----------------------------------+-------+---------------+---------------+-------------------------+
| Trade and Other Receivables | | 1,894,172 | 2,092,547 | 10,712,226 |
+----------------------------------+-------+---------------+---------------+-------------------------+
| TOTAL NON CURRENT ASSETS | | 21,056,234 | 21,169,765 | 57,907,408 |
+----------------------------------+-------+---------------+---------------+-------------------------+
| TOTAL ASSETS | | 31,782,892 | 34,931,601 | 75,015,906 |
+----------------------------------+-------+---------------+---------------+-------------------------+
| | | | | |
+----------------------------------+-------+---------------+---------------+-------------------------+
| CURRENT LIABILITIES | | | | |
+----------------------------------+-------+---------------+---------------+-------------------------+
| Trade and Other Payables | | 637,435 | 811,489 | 718,521 |
+----------------------------------+-------+---------------+---------------+-------------------------+
| Provisions | | 72,067 | 136,265 | 164,395 |
+----------------------------------+-------+---------------+---------------+-------------------------+
| TOTAL CURRENT LIABILITIES | | 709,502 | 947,754 | 882,916 |
+----------------------------------+-------+---------------+---------------+-------------------------+
| NON CURRENT LIABILITIES | | | | |
+----------------------------------+-------+---------------+---------------+-------------------------+
| Trade and Other Payables | | 718,399 | 725,690 | 818,115 |
+----------------------------------+-------+---------------+---------------+-------------------------+
| Deferred Tax Liabilities | | - | - | 1,624,287 |
+----------------------------------+-------+---------------+---------------+-------------------------+
| Provisions | | 132,096 | 132,096 | 193,101 |
+----------------------------------+-------+---------------+---------------+-------------------------+
| TOTAL NON CURRENT LIABILITIES | | 850,495 | 857,786 | 2,635,503 |
+----------------------------------+-------+---------------+---------------+-------------------------+
| TOTAL LIABILITIES | | 1,559,997 | 1,805,540 | 3,518,419 |
+----------------------------------+-------+---------------+---------------+-------------------------+
| | | | | |
+----------------------------------+-------+---------------+---------------+-------------------------+
| NET ASSETS | | 30,222,895 | 33,126,061 | 71,497,487 |
+----------------------------------+-------+---------------+---------------+-------------------------+
| | | | | |
+----------------------------------+-------+---------------+---------------+-------------------------+
| EQUITY | | | | |
+----------------------------------+-------+---------------+---------------+-------------------------+
| Contributed Equity | | 127,456,754 | 127,456,754 | 108,035,294 |
+----------------------------------+-------+---------------+---------------+-------------------------+
| Reserves | | 14,005,043 | 13,522,927 | 53,146,355 |
+----------------------------------+-------+---------------+---------------+-------------------------+
| Retained Earnings / (Accumulated | | (111,259,902) | (107,874,620) | (89,705,162) |
| Losses) | | | | |
+----------------------------------+-------+---------------+---------------+-------------------------+
| Parent Interest | | 30,201,895 | 33,105,061 | 71,476,487 |
+----------------------------------+-------+---------------+---------------+-------------------------+
| Minority Interest | | 21,000 | 21,000 | 21,000 |
+----------------------------------+-------+---------------+---------------+-------------------------+
| TOTAL EQUITY | | 30,222,895 | 33,126,061 | 71,497,487 |
+----------------------------------+-------+---------------+---------------+-------------------------+
| | | | | | |
+----------------------------------+-------+---------------+---------------+--------------+----------+
Consolidated Cash Flow Statement
For the six months ended 31 December 2009
+--------------------------------------------+-------+-------------+----+-------------+
| | Notes | Consolidated |
+--------------------------------------------+-------+--------------------------------+
| | | Dec 09 | | Dec 08 |
| | | ($A) | | ($A) |
+--------------------------------------------+-------+-------------+----+-------------+
| CASH FLOWS FROM OPERATING ACTIVITIES | | | | |
+--------------------------------------------+-------+-------------+----+-------------+
| Payments to Suppliers and Employees | | (2,988,282) | | (4,909,638) |
+--------------------------------------------+-------+-------------+----+-------------+
| Payments for Exploration and Evaluation | | (507,869) | | (2,697,346) |
+--------------------------------------------+-------+-------------+----+-------------+
| Research and Development Rebate | | 333,460 | | - |
+--------------------------------------------+-------+-------------+----+-------------+
| Interest Received | | 311,771 | | 673,673 |
+--------------------------------------------+-------+-------------+----+-------------+
| NET CASH FLOWS FROM (USED) IN OPERATING | 7 | (2,850,920) | | (6,933,311) |
| ACTIVITIES | (a) | | | |
+--------------------------------------------+-------+-------------+----+-------------+
| | | | | |
+--------------------------------------------+-------+-------------+----+-------------+
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | |
+--------------------------------------------+-------+-------------+----+-------------+
| Purchase of property plant and equipment | | (205,440) | | (370,452) |
+--------------------------------------------+-------+-------------+----+-------------+
| Refund of Bank Guarantee - Bond Security | | 198,795 | | - |
+--------------------------------------------+-------+-------------+----+-------------+
| Advances to Ouinne SAS | | (150,204) | | (2,035,006) |
+--------------------------------------------+-------+-------------+----+-------------+
| NET CASH FLOWS (USED) FROM INVESTING | | (156,849) | | (2,405,458) |
| ACTIVITIES | | | | |
+--------------------------------------------+-------+-------------+----+-------------+
| | | | | |
+--------------------------------------------+-------+-------------+----+-------------+
| CASH FLOWS FROM FINANCING ACTIVITIES | | | | |
+--------------------------------------------+-------+-------------+----+-------------+
| NET CASH FLOWS FROM (USED) FINANCING | | - | | - |
| ACTIVITIES | | | | |
+--------------------------------------------+-------+-------------+----+-------------+
| | | | | |
+--------------------------------------------+-------+-------------+----+-------------+
| Net Increase / (Decrease) in Cash Held | | (3,007,769) | | (9,338,769) |
+--------------------------------------------+-------+-------------+----+-------------+
| Net Foreign Exchange Differences | | - | | 2,347,567 |
+--------------------------------------------+-------+-------------+----+-------------+
| Opening Cash Brought Forward | | 13,566,123 | | 23,735,508 |
+--------------------------------------------+-------+-------------+----+-------------+
| CLOSING CASH CARRIED FORWARD | | 10,558,354 | | 16,744,306 |
+--------------------------------------------+-------+-------------+----+-------------+
Statement of Changes in Equity
for the six months ended 31 December 2009
+--------------------+-------+-------------+--------------+-------------+--------------+--------------+
| Consolidated |Notes | Issued | Retained | Other | Minority | Total |
| | | capital | Earnings | Reserves | Interest | |
+--------------------+-------+-------------+--------------+-------------+--------------+--------------+
| AS AT 1 JULY 2008 | | 84,259,743 | (11,790,641) | 36,012,711 | 31,420,614 | 139,902,427 |
+--------------------+-------+-------------+--------------+-------------+--------------+--------------+
| Profit /( Loss) | | - | (77,951,389) | - | - | (77,951,389) |
| for the Period | | | | | | |
+--------------------+-------+-------------+--------------+-------------+--------------+--------------+
| Other | | - | - | (54,036) | - | (54,036) |
| Comprehensive | | | | | | |
| Income | | | | | | |
+--------------------+-------+-------------+--------------+-------------+--------------+--------------+
| Total | | - | (77,951,389) | (54,036) | - | (78,005,425) |
| Comprehensive | | | | | | |
| Income | | | | | | |
+--------------------+-------+-------------+--------------+-------------+--------------+--------------+
| Ordinary Shares | | 23,775,551 | - | - | - | 23,775,551 |
| Issued During the | | | | | | |
| Year | | | | | | |
+--------------------+-------+-------------+--------------+-------------+--------------+--------------+
| Movement in | | - | 36,868 | (2,443,893) | 2,428,025 | 21,000 |
| Minority Interest | | | | | | |
| to date of | | | | | | |
| purchase | | | | | | |
+--------------------+-------+-------------+--------------+-------------+--------------+--------------+
| Share Based | | - | - | 178,022 | - | 178,022 |
| Payment - | | | | | | |
| Employees and | | | | | | |
| Directors' Options | | | | | | |
+--------------------+-------+-------------+--------------+-------------+--------------+--------------+
| Share Based | | - | - | 9,443,247 | - | 9,443,247 |
| Payment - Director | | | | | | |
+--------------------+-------+-------------+--------------+-------------+--------------+--------------+
| Minority Interest | | - | - | - | (33,827,639) | (33,827,639) |
| acquired in MNPL | | | | | | |
+--------------------+-------+-------------+--------------+-------------+--------------+--------------+
| Other Equity | | - | - | 10,010,314 | - | 10,010,314 |
+--------------------+-------+-------------+--------------+-------------+--------------+--------------+
| AS AT 31 DECEMBER | | 108,035,294 | (89,705,162) | 53,146,365 | 21,000 | 71,497,487 |
| 2008 | | | | | | |
+--------------------+-------+-------------+--------------+-------------+--------------+--------------+
+-------------------+----+-------------+---------------+------------+--------+-------------+
| AS AT 1 JULY 2009 | | 127,456,754 | (107,874,202) | 13,522,927 | 21,000 | 33,126,061 |
+-------------------+----+-------------+---------------+------------+--------+-------------+
| Profit /( Loss) | | - | (3,385,700) | - | - | (3,385,700) |
| for the Period | | | | | | |
+-------------------+----+-------------+---------------+------------+--------+-------------+
| Other | | - | - | 472,774 | - | 472,774 |
| Comprehensive | | | | | | |
| Income | | | | | | |
+-------------------+----+-------------+---------------+------------+--------+-------------+
| Total | | - | (3,385,700) | 472,774 | - | (2,912,926) |
| Comprehensive | | | | | | |
| Income | | | | | | |
+-------------------+----+-------------+---------------+------------+--------+-------------+
| Share Based | | - | - | 9,342 | - | 9,342 |
| Payment - | | | | | | |
| Employees and | | | | | | |
| Directors' | | | | | | |
| Options | | | | | | |
+-------------------+----+-------------+---------------+------------+--------+-------------+
| AS AT 31 DECEMBER | | 127,456,754 | (111,259,902) | 14,005,043 | 21,000 | 30,222,895 |
| 2009 | | | | | | |
+-------------------+----+-------------+---------------+------------+--------+-------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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