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KEM Kemin Resources

2.30
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Kemin Resources LSE:KEM London Ordinary Share GB00B8T2QJ39 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 2.30 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Kemin Resources Final Results

07/06/2016 4:37pm

UK Regulatory


Kemin Resources (LSE:KEM)
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From Mar 2019 to Mar 2024

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TIDMKEM 
 
 

Kemin Resources Plc

 

('Kemin" or the "Company')

 

Preliminary Results for the Year Ended 31 December 2015

 

Kemin (AIM: KEM), a molybdenum and tungsten exploration and development company with substantial interests in Kazakhstan, today announces its preliminary results for the Year Ended 31 December 2015.

 

Highlights

 
 
    -- Continuation of exploration programme to include further drilling and 

infrastructure enhancement in order to efficiently mine the resource

in the future

 
    -- The value of the Drozhilovskoye and Smirnovskoye molybdenum and 

tungsten deposits to be preserved pending a recovery in metal prices

in the future

 
    -- Completion of Competent Person's Reports to be postponed until the 

completion of the additional exploration programme, which the Company

aims to have finished in H1 2017

 
    -- Continued support for the Company from Amrita Investments Limited, an 

entity owned by the Company's majority shareholders

 
    -- Attributable loss of GBP1,101,000 (2014: GBP818,000) in the year 
 

The accounts for the year ended 31 December 2015 will shortly be available at the Company's website, www.keminresources.com, in accordance with AIM Rule 26.

 

The Annual General Meeting of the Company will be held at the offices of BDO LLP, 55 Baker Street, London,W1U 7EU on 29 June 2016 at 11:00am

 

Commenting on the results, Sanzhar Assaubayev, the CEO of Kemin, said:

 

"The recent stabilisation of molybdenum and tungsten prices is encouraging and we continue to evaluate future demand for both minerals in neighbouring China.Through the work programme currently underway we are enhancing our understanding of the geological resources so that we will be able to move quickly to project development and production once the economic climate is more favourable."

 

For further information, please visit http://www.keminresources.com or contact:

 

Kemin Resources Plc

 

Louise Wrathall (Investor relations)

 

+44(0)207 932 2456

 

Strand Hanson Limited (Nomad, Financial Adviser and Broker)

 

Andrew Emmott / Ritchie Balmer

 

+44(0)207 409 3494

 

Information on the Company

 

Kemin Resources plc (AIM: KEM) was formed into its present structure in April 2013 by the reverse take-over of GMA Resources plc by the 'Joint Venture Kazakh-Russian Mining Company LLP' (KRMC). The Company is focused on developing its two molybdenum and tungsten deposits Drozhilovskoye and Smirnovskoye. Each of the deposits is assessed to have significant value. Kemin's 90% owned Kazakh entity, KRMC, is the developer and future operator of the two subsoil licences that allow mining to take place at each deposit. Both deposits are located in northern Kazakhstan.

 

Chairman's Statement

 

Since I last reported to you there has not been any significant change in the prices of our principal commodities. However it appears that the prices have stabilised, with Molybdenum trading around US$16,000 a metric tonne. It appears clear to both myself and the Board that our current strategy is the correct one to maximise the return to shareholders. In simple our strategy is to put major development of the assets on hold whilst at the same time putting the Company in a position to develop the resource once economic conditions improve.

 

In the current year we have taken steps to improve our understanding of our deposits performing infill drilling and targeting potentially high grade zones for testing, this has been complemented by laboratory testing of samples. Some improvements have been made to the infrastructure but at this stage we are conscious of cost control at all levels. In this regard cost savings were made at head office in order to preserve the cash balances at this time.

 

The work undertaken was used to underpin our licence renewals for both deposits, and a detailed programme of exploration works has formed part of our application to extend the licences which are currently with the relevant ministry. We will continue with further exploration and evaluation work during the licence renewal process and do not anticipate any issues in the grant of the licences contract extensions.

 

As stated previously, the Board is of the opinion that both Drozhilovskoye and Smirnovskoye remain very attractive projects for Kemin and, because of their relatively high grades, low strip ratios and their proximity to the largest steel producer in the world, China, they remain outstanding investment opportunities. However, given the current pricing environment the Board will continue to refine its understanding of the resources and to optimise the strategy for bringing the commodities into commercial production in the medium to long term. It is difficult at this stage to give a definitive roll out plan, to move the Company to the production phase, however the Board is reassessing the situation on a regular basis.

 

In the meantime, the Board remains focussed on preserving cash and maintaining our low cost base where possible.

 

The Company will continue to benefit from the backing of its major shareholder, which has indicated its support for the current strategy and will provide finance as and when required.

 
Kanat Assaubayev 
Chairman 
6 June 2016 
 
 

Chief Executive Officer's statement

 

Since our H1 2015 results, when we reported that it would not make economic sense to accelerate into production our Drozhilovskoye and Smirnovskoye deposits given current market conditions, we have been undertaking certain further work to optimise returns to shareholders in the future. During this period we are aware that we also need to maintain our focus on keeping our operating costs to a minimum, with the aim to be able to move quickly once the conditions are conducive to the development of the asset.

 

We are currently in the process of renewing the licences for both sites, and have provided all the necessary documentation to the relevant authorities in Kazakhstan. The normal process time tends to span between 9-12 months. We are confident we will obtain the necessary licence extensions and expect the confirmation of licence extension for contract 1605 (Smirnovskoye). This licence will run until 2018 with contract 1606 (Drozhilovskoye) running to 2021. Licence 1605 recently expired in May 2016 but we expect to obtain confirmation in relation to this in H2 2016 or H1 2017 at the latest.

 

The recent price performance of molybdenum and tungsten has stabilised with the current prices for molybdenum and tungsten in the region of US$16,000 and US$10,500 per metric tonne respectively. We do not believe that moving the resource to the production phase at these prices will deliver the maximum return to our shareholders.

 

As noted in the 2015 interim results, Kemin's management team has been continuing its work following up on the recommendations provided by consultants for both Drozhilovskoye and Smirnovskoye. A number of key actions were identified at that stage, and these are forming the basis of the current work programme, and are expanded on below:

 
 
    -- further infill drilling of the ore body has been undertaken and 

specific areas have been targeted in order to increase the resource

confidence. During 2015 nineteen exploratory holes were drilled on the

Smirnovskoye prospect, and 34 in the Drozhilovskoye deposit with a

number of core samples being processed. In particular further

laboratory testing has been undertaken into the metallurgy properties

of tungsten and to identify other resources such as lithium, rubidium

and caesium and their potential value;

 
    -- upgrades have been made at both sites to the infrastructure to include 

hydro geological works, and upgrades to the pumping stations and

offices. Further work has been undertaken in relation to geophysical

surveys, topographical studies and assessments in relation to

environmental impact of development; and

 
    -- an updated geological model is being completed encompassing the 

results obtained from the additional drilling complimented with

modelling techniques as recommended by the external advisors to better

understand the available resources.

 

It is expected that once the geological model has been re-assessed and remodeled using implicit modelling techniques and further metallurgical studies are carried out on tungsten, a more detailed pit optimization and pushback study will be carried out which we anticipate will be completed in H1 2017. This will be key in order to better determine the mining options and to complete a life of mine plan. It is envisaged that the greater depth of information available will be used to complete more detailed CPR's in relation to both deposits. The current intention is to finalise the report once the work programme is completed, and move onto a feasibility study after this stage.

 

The key factors now required to move the Company forward are out of the Company's control, being the improvement in the price of both Molybdenum and Tungsten. Albeit it is not envisaged that the price will return to the levels of a few years ago, the Board does believe there will be a cyclical upturn in the price sufficient to justify the move to development. At this point the Company will be well positioned to move quickly ahead with the roll out plan to move into production.

 

As reported in the interims a number of preliminary discussions were undertaken with Chinese groups however there are currently no plans to follow up on any of the discussions that were held. We still believe that there are good opportunities to work with a number of interested parties, however the Board is of the opinion this better undertaken once a more defined rollout plan backed up with more detailed information is developed.

 

Mineral resource statement

 

The tables below demonstrate the most recent reserves / resources for the two deposits at a cut-off grade of 0.05% based on GKZ classifications as follows:

 

Drozhilovskoye

 
Reserve/         Ore Reserve/  Molybdenum  Molybdenum  Tungsten  Tungsten 
Resource         Resource      Metal       Grade       Metal     Grade 
Classification   (Mt)          (kt)        (%)         (kt)      (%) 
C1               139.8         262.9       0.19        64.3      0.05 
C2               130.5         77.5        0.06        88.3      0.03 
P                300           150         0.05        150       0.05 
 
 

Smirnovskoye

 
Reserve/         Ore Reserve/  Molybdenum  Molybdenum  Tungsten  Tungsten 
Resource         Resource      Metal       Grade       Metal     Grade 
Classification   (Mt)          (kt)        (%)         (kt)      (%) 
C1               170.5         221.7       0.13        17.1      0.01 
C2               108.1         114.2       0.11        13.2      0.12 
P                673           417         0.06        165       0.03 
 
 

Financial performance

 

The consolidated loss attributable to Kemin shareholders in the 12 months ended 31 December 2015 was GBP1,101,000 (FY 2014: GBP818,000). The overall loss including that attributable to minority shareholders was GBP1,261,000 (2014:GBP870,000), an increase of GBP391,000.

 

The increase in the loss is principally a reflection of the devaluation of the Kazakh Tenge in the year, which saw it reduce in value against the Pound and US Dollar by 75% from the start of year. The retranslation of the non-intercompany dollar denominated loans in the subsidiary has resulted in forex loss of approximately GBP575,000 due to this devaluation. The other principal expense relates to finance charges which total GBP377,000. These are accrued charges mainly in relation to the borrowings from Amrita, which are in line with the prior year. Administrative expenses reduced from GBP340,000 last year to GBP309,000 in the current year, due to cuts at Head Office in the support functions of investor relations and consultancy, they are set to reduce again in the forthcoming year.

 

As in the prior year the cash spend is kept to a minimum at present with a limited capital expenditure programme.

 

The current cash balances and availability of further draw downs on the loan facility if required, provides sufficient funds for the company to continue to meet its current obligations.

 

Principal risks and uncertainties

 

The principal and other risks which the Group is exposed to are:

 
 
    -- Availability of future funding; 
 
    -- Political and economic environment; 
 
    -- Fluctuation in commodity prices; 
 
    -- Financial risk; 
 
    -- The resources differing in grade and quantity to that predicted by 

feasibility studies;

 
    -- Fluctuations in exchange rates resulting from changes in the value of 

Kazakh Tenge

 

Mitigation of risks and uncertainties

 

The Company's Management has analysed the risks and uncertainties and monitors the risks as far as it is practical do so given the early development of the Company.

 

Certain factors are beyond the control of the Company such as the fluctuations in the price of the commodities. However the Group is aware of these factors and tries to mitigate them as far as possible. In relation to the commodity prices, we plan to preserve the value of our projects until such time as commodity prices recover in the future. The current plan is to continue exploration of the sites in order to maximise the value from exploitation of the resource at a later stage.

 

The Company cannot control the political and economic environment of the country in which the resources are based. However, to minimise the risk, Kemin maintains close relationships with the Kazakhstan authorities in order to minimise bureaucratic delays and problems.

 

The Company has no current plans to raise further finance at present. However in the future it is the Company's aim is to fix interest rates, where possible, with the preferred option being to raise funds via equity. As stated the Company has sufficient working capital facilities at present to meet its current cash flow requirements.

 

The Company has used independent consultants experienced in resource reports, of the type required by the Group, to mitigate as far as possible any material changes in the resource estimates.

 

Key Performance Indicators

 

Given the stage of development of the Company, the key performance indicators used by the management for monitoring progress and strategic objectives for the business are set out below:

 
                                                           31 December 
                                                           2015    2014 
Molybdenum resources ( Metal equivalent) - inferred (Kt)   484.6   484.6 
Tungsten resources ( Metal equivalent)- inferred (Kt)      81.4    81.4 
Molybdenum resources - inferred grade (%)                  0.156   0.156 
Tungsten Resources - inferred grade (%)                    0.026   0.026 
Cash Balance ( GBP000's)                                     307     704 
Exploration expenditure (cumulative - GBP000's)              2,070*  2,801 
Net loss (GBP000's)                                          1,261   870 
 
 

*Reduction in value of the exploration expenditure is due to the effect of the exchange devaluation of the Kazakh Tenge against Sterling.

 

The key statistic is the level of resources which has been measured under the GKZ classification and will be updated under JORC (2012) by an independent consultancy once the additional exploration and evaluation work is completed. This is expected to be completed in H1 2017.

 

Given the stage of development of the Group, it has a low number of employees who are concentrated in the head office.

 

The Strategic report was approved and authorised by the Board on 6 June 2016 and signed on its behalf by:

 

Sanzhar Assaubayev

 

Chief Executive Officer

 
Consolidated statement of profit or loss 
Year ended 31 December 2015 
                                                 Year ended  Year ended 
31 December                                                  31 
2015                                                         December 
                                                             2014 
                                                 GBP000        GBP000 
Administrative Expenses                          (309)       (340) 
Operating loss                                   (309)       (340) 
Finance income                                   -           1 
Finance expense                                  (952)       (531) 
Loss before income tax                           (1,261)     (870) 
Income tax expense                               -           - 
Loss for the year                                (1,261)     (870) 
Loss for the year attributable to: 
Equity shareholders of the parent                (1,101)     (818) 
Non-controlling interest                         (160)       (52) 
                                                 (1,261)     (870) 
 
Loss per ordinary share - basic and diluted 
Attributable to the equity shareholders          (0.62p)     (0.5p) 
of the parent - basic 
 
Consolidated statement of comprehensive income 
Year ended 31 December 2015 
                                                 2015        2014 
                                                 GBP000        GBP000 
Loss for the year                                (1,261)     (870) 
Items which may be re-classified 
to statement of profit or loss 
Currency translation differences                 (8)         121 
arising on translations 
of foreign  operations that may be 
reclassified to the profit or loss 
Total comprehensive loss                         (1,269)     (749) 
Total comprehensive loss for 
the year attributable to: 
Owners of the parent                             (1,210)     (703) 
Non-controlling interest                         (59)        (46) 
                                                 (1,269)     (749) 
 
 
Consolidated statement of financial position 
Year ended 31 December 2015 
                                               Year ended   Year ended 
                                               31 December  31 December 
                                               2015         2014 
Notes                                          GBP'000        GBP'000 
Assets 
Non-current 
Intangible assets 5                            2,070        2,801 
Property, plant and equipment                  14           26 
Other non-current assets                       145          152 
Restricted cash                                3            6 
Non-current assets                             2,232        2,985 
Current 
Other receivable                               15           32 
Cash and equivalents                           307          704 
                                               322          736 
Total assets                                   2,554        3,721 
Liabilities 
Non-current 
Borrowings                                     2,873        2,773 
Other Liabilities                              -            5 
Non-current liabilities                        2,873        2,778 
Current 
Trade and other payables                       1,376        1,319 
Borrowings                                     551          592 
Current liabilities                            1,927        1,911 
Total liabilities                              4,800        4,689 
Net liabilities 
                                               (2,246)      (968) 
Equity 
Equity attributable to owners of the parent 
Ordinary share capital                         1,748        1,748 
Deferred share capital                         6,168        6,168 
Share premium account                          37,414       37,414 
Merger reserve                                 (41,682)     (41,682) 
Share based payment reserve                    1,105        1,105 
Other reserve                                  912          921 
Retained earnings                              (7,792)      (6,691) 
Currency translation reserve                   52           161 
                                               (2,075)      (856) 
Non-controlling interest                       (171)        (112) 
Total equity                                   (2,246)      (968) 
 
 
Consolidated 
statement 
of changes in equity 
Year ended 31 
December 
2015 
                         Ordinary  Deferred                     Share based 
                         Share     Share     Share    Merger    payment      Other    Accumulated  Translation  Attributed               Non - 
                                                                                                                to owners of the parent  controlling 
                         capital   capital   premium  reserve   reserve      reserve  losses       reserve                               Interest     Total 
GBP'000                              GBP'000     GBP'000    GBP'000     GBP'000        GBP'000    GBP'000        GBP'000        GBP'000                    GBP'000        GBP'000 
At 1 January 2014        1.520     6,168 35,693       (41,682)  1,105        702      (5,873)      46           (2,321)                  (66) (2,387) 
Loss for the year        -                   -                  -            -        (818)                     (818)                    (52)         (870) 
Currency translation     -                   -                  -            -        -            115          115                      6            121 
differences 
arising on translation 
of 
foreign operations 
Total comprehensive      -                   -                  -            -        (818)        115          (703)                    (46)         (749) 
loss 
Shares issued            228                 1,824                                                              2,052                                 2,052 
in the year 
Share issue expenses                         (103)                                                              (103)                                 (103) 
Modification of                                                              219                                219                                   219 
loans received 
At 31 December 2014      1,748     6,168     37,414   (41,682)  1,105        921      (6,691)      161          (856)                    (112)        (968) 
& 1 January 2015 
Loss for the year                                                                     (1,101)                   (1,101)                  (160)        (1,261) 
Currency translation                                                                               (109)        (109)                    101          (8) 
differences 
arising on translation 
of 
foreign operations 
Total comprehensive      -         -         -        -         -            -        (1,101)      (109)        (1,210)                  (59)         (1,269) 
loss 
Contribution to                                                              (9)                                (9)                                   (9) 
related party 
At 31 December 2015      1,748     6,168     37,414   (41,682)  1,105        912      (7,792)      52           (2,075)                  (171)        (2,246) 
 
 
Ordinary share capital: Amount subscribed 
for share capital  at nominal value. 
Deferred shares: The shares carry no right 
to receive income  distributions 
or entitle the shareholders to attend or vote at  company meetings. 
Share premium: Amount subscribed for share 
capital in excess  of nominal value. 
Merger reserve: Represents the amount arising 
on the  acquisition of KRMC. 
Share based payment reserve: This relates to the adjustment 
required under IFRS 2 to account for the reverse takeover. 
Other reserve: The premium between the effective 
interest  rate and coupon rate on 
the loan issued by a related party. This 
is  credited to equity and subsequently 
released to the profit or loss over the remaining 
life of the  financial liability. 
released to the profit or loss over the remaining 
life of the  financial liability. 
Accumulated losses: Cumulative losses recognized in the 
consolidated statement of comprehensive income. 
Translation reserve: Gains/losses arising on retranslating 
the net assets of overseas operations into sterling. 
 
 
Consolidated statement of cashflows 
Year ended 31 December 2015 
                                                 Year ended   Year ended 
                                                 31 December  31 
                                                              December 
                                                 2015         2014 
                                                 GBP'000        GBP'000 
Net cash outflow from operating activities       (339)        (740) 
Investing activities 
Additions to intangible assets                   -            (947) 
                                                 - 
Additions to property, plant and equipment       -            (4) 
Net cash used in investing activities            -            (951) 
Financing activities 
Proceeds from borrowings                         -            949 
                                                 (58) 
Repayment of borrowings                          (58)         (514) 
Proceeds on issue of shares                      -            2,052 
Expenses on issue of shares                      -            (103) 
Net cash inflow from financing activities        (58)         2,384 
(Decrease)/increase in cash                      (397)        693 
and cash equivalents 
Cash and cash equivalents at                     704          11 
the beginning of period 
Cash and cash equivalents at the end of period   307          704 
 
 

Notes

 
1. General Information 
The Group's principal activity is that of mining, exploration 
and  mine development. The parent company principal 
activity is  managing the trade and the investment of its 
subsidiary company.  It is incorporated in England 
and Wales and has its registered  office and business 
address at 28 Eccleston Square, London SW1V  1NZ. The 
shares of Kemin Resources Plc are quoted on the AIM  market 
which is operated by the London Stock Exchange. 
The financial information set out above for the years ended 
31  December 2015 and 31 December 2014 does not 
constitute statutory  accounts as defined in Section 
434 of the Companies Act 2006, but  is derived 
from those accounts. Whilst the financial information 
included in this announcement has been compiled in 
accordance with  International Financial Reporting 
Standards ("IFRS") (as adopted  by the European 
Union), this announcement itself does not contain  sufficient 
financial information to comply with IFRS. 
A copy of  the statutory accounts for 2014 has been 
delivered to the  Registrar of Companies and those 
for 2015 will be submitted for  approval by shareholders 
at the Annual General Meeting. The full  audited 
financial statements for the years end 31 December 
2015  and 31 December 2014 do comply with IFRS. 
2. Basis of preparation 
The Group's consolidated financial statements 
are for the year ended  31 December 2015. 
They have been prepared in accordance with 
the  accounting policies set out below. 
The Group prepares its consolidated financial statements 
in  accordance with International 
Financial Reporting Standards (IFRS)  as adopted by the European Union. 
 
The parent company has taken advantage of the exemption under 
section 408 (3) of the Companies Act 2006 and has not 
presented  its Statement of profit or loss in these Financial 
Statements. The  Parent Company's loss for the 
 
 
 
year ended 31 December 
 
 
year ended 31 December 2015 is ?223,000 (2014: ?318,000). 
 
The consolidated financial statements have been prepared 
under the  historical cost basis. They are presented 
in Pounds Sterling and  are rounded to the nearest 
thousand (GBP'000) except where otherwise  noted. 
year ended 31 December 2015 is GBP233,000 (2014: GBP318,000). 
 
The consolidated financial statements have been prepared 
under the  historical cost basis. They are presented 
in Pounds sterling and  are rounded to the nearest 
thousand (GBP'000) except where otherwise  noted. 
The preparation of financial statements in compliance with adopted 
IFRS requires the use of certain critical accounting 
estimates. It  also requires Group management to exercise 
judgment in applying the  Groups accounting policies. 
3. Auditors opinion 
The auditor has issued an unqualified opinion in respect 
of the  financial statements, which does 
not contain any statements under  the Companies 
Act 2006, Section 498(2) or Section 498(3). 
4. Going concern 
 
 

As at 31 December 2015, the Group had cash on hand of GBP307,000 and at the reporting date the Company's liabilities exceeded its assets by GBP2,246,000.

 

The parent Company has an agreement with Amrita Investment Limited (the "Lender"), a company incorporated in the British Virgin Islands and ultimately controlled by the Assaubayev family, for the provision of an unsecured GBP7,000,000 loan facility to be applied towards working capital requirements. At present there is still a facility of approximately GBP4.6m available under this facility.

 

The loan bears an interest rate of LIBOR +5%. The loan is repayable on the earlier of the fifth anniversary of the agreement or in the date fundraising completed date in respect of any equity fundraising ,raising at least GBP5,000,000 (before expenses) at which point the Lender may choose to convert the loan in the ordinary shares of the Company at the conversion rates stipulated by the agreement.

 

The Directors anticipate that while they may seek to raise further finance in the future it now has access to sufficient funds for its immediate need, and have therefore prepared these financial statements on a going concern basis.

 

5. Intangible Assets

 
Exploration & evaluation assets        Contract  Contract 
                                       No 1605   No 1606   Total 
                                       GBP'000     GBP'000     GBP'000 
Cost 
At 1 January 2014                      405       1,580     1,985 
Additions                              348       599       947 
Exchange difference                    (19)      (112)     (131) 
At 31 December 2014 & 1 January 2015   734       2,067     2,801 
Additions                              291       446       737 
Exchange difference                    (481)     (987)     (1,468) 
At 31 December 2015                    544       1,526     2,070 
 
 
Exploration and evaluation assets relate to the capitalised 
licence  costs and subsequent exploration, 
expenditure incurred in respect of  the Smirnovskoe 
deposit ( licence No 1605) and the Drozhilovskoye 
deposit (licence No 1606 awarded to KRMC in December 2004 
for the  exploration and production of tungsten, 
Molybdenum and copper at the  Smirnovskoe and 
the Drozhilovskoye deposit respectively. 
 
Licence No. 1605: The exploration subsoil 
contract has expired in  September 
2015. All necessary documentation has been submitted to  the relevant 
Ministry for extension of the contract until March  2018. The extension 
for contract is expected to be signed in H2  2016 or H1 2017. 
 
Licence No. 1606: The exploration subsoil 
contract has expired in  May 2016. 
The Group has applied for the extension of the  exploration contract. 
According to the underlying contract the 
Group has a legal right to extend 
the exploration contract for a  period not exceeding 2 years. 
Both deposits are located in Kostanay region of Kazakhstan. 
 
 
6. Events after the reporting date 
In April 2015 the Company applied to the Ministry for Investment and 
Development in Kazakhstan for an extension of the exploration period 
for the contract ?1605 until the end of 2018. The decision in  relation 
to the award of the extension for contract is expected 
in  H2 2016. It also applied to the same department in relation to 
contract, No 1606 in March 2016. This contract expired during 
May  2016, and an application to extend the licence to 2021 is 
currently  pending with a decision also expected in H2 2016. 
 
 
 
 

View source version on businesswire.com: http://www.businesswire.com/news/home/20160607006369/en/

 
This information is provided by Business Wire 
 
 

(END) Dow Jones Newswires

June 07, 2016 11:37 ET (15:37 GMT)

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