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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Kibo Energy Plc | LSE:KIBO | London | Ordinary Share | IE00B97C0C31 | ORD EUR0.0001 (CDI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.012 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 1.04M | -9.78M | -0.0022 | -0.05 | 523.31k |
From Jul 2019 to Jul 2024
TIDMKIBO
RNS Number : 3526J
Kibo Mining Plc
29 June 2011
Kibo Mining Plc
Half year results for the period ended 31 March 2011
Dated: 29 June 2011
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX: KBO) the mineral exploration and development company focused on gold and nickel projects in Tanzania, is pleased to announce its unaudited half year results for the period ended 31 March 2011.
Noel O'Keeffe, CEO of the Company, commented today:
"These interim accounts show an increase in our issued share capital following acquisition by the Company of Morogoro Gold Limited and an accompanying equity investment by Mzuri Gold Limited during the period. Subsequent to 31 March 2011 the Company has completed a listing on AltX of the JSE Limited ("JSE") and completed an additional placing of ZAR12,002,200 (GBP1.1 million) with South African investors. I now look forward to a successful exploration programme over the remainder of 2011 which I am confident will continue to increase value in our Tanzanian assets."
Highlights from the Chairman, Christian Schaffalitzky's statement:
-- Recently completed Kibo-Mzuri transaction represents a " significant development for the Company";
-- Successful placing in South Africa raised GBP1.1 million in new funding;
-- Continuing good results from the Haneti nickel project during period and metallurgical testing of ore at the Itetemia project is now in progress;
-- Field exploration programmes for 2011 have commenced; and
-- New Tanzanian Mining Act passed during period.
Chairman's Statement
Dear Shareholder,
I am pleased to present our accounts for the six month period ending 31 March 2011. During this period the Company signed an agreement with Cyprus based, Mzuri Gold Limited, which represented a significant development for your Company and provided for new investment, new projects, a dual listing on AltX of the JSE and the appointment of new directors to the Board. I am pleased to report that all the terms of the Kibo-Mzuri Agreement have been completed following the Company's listing on AltX on 30 May 2011 and a placing with South African investors on the 1 June 2011 which raised ZAR12 million ( GBP1.1 million) in new funding. I would like to use this opportunity to welcome Tinus Maree and Wenzel Kerremans to the Board. I know that their experience in the mineral resource sector particularly in finance and operations in Africa will be of great benefit to the Company as we progress. During the reporting period, we reduced our field exploration activity to accommodate the negotiation and completion of the Kibo-Mzuri agreement. However, we completed some field work at our Haneti and Itetemia projects during the period with encouraging results as discussed under "Exploration" below. Following completion of our corporate transaction we have commenced our 2011 field programmes and we look forward to reporting on activities and results over the coming months.
Corporate
I believe that completion of the Kibo-Mzuri agreement marks a significant event in the development of your Company. It has brought on board a strategic partner with previous investment success in Tanzania and who has proven capabilities in the areas of operations and mineral resource financing in Africa. Our expanded ground position gives us access to one of the largest mineral licence portfolios in Tanzania strategically located close to producing mines in the Lake Victoria region of northern Tanzania and within the newly emerging gold areas of central and eastern Tanzania. Our listing on AltX raises our visibility in Africa, provides an additional market through which our projects can be funded and facilitates acquisitions of additional assets in Africa.
Exploration
A field programme was conducted at our Haneti project during the reporting period with results released to the market in early April 2011. The programme comprised follow-up trenching and soil sampling on previously generated high nickel and gold soil anomalies on prospects east of Haneti village. The trenching confirmed anomalous nickel up to 0.4% with associated cobalt over significant widths at the Mwaka and Mihanza hill targets. At Kwahemu Hill infill soil sampling produced a coherent nickel and gold anomaly over 1.5 km and open ended to the west. During 2011, an aerial geophysical survey will be undertaken over the entire prospective nickel belt with drilling to follow on priority targets. At Itetemia, we have continued to investigate mine development options and conducted an on-site assessment during the period with an African mine engineer experienced in small scale mine commissioning and operations. Metallurgical test sampling of Itetemia ore is currently being conducted at Mintek in South Africa and results are expected shortly. Following our successful drilling at Luhala during 2010, we are now planning for follow up drilling at the project during 2011.
Tanzania
The new Tanzanian Mining Act was passed in November 2011 with an increase in mineral royalties (increase from 3% to 4% for gold) and provision for a negotiated free carried interest on projects with capital development costs exceeding USD100 million being the headline changes. There is on-going discussion between the mineral exploration companies and the Government on clarifying some of the issues arising from the transition from the old to the new Mining Act but I believe these are being successfully addressed. There is discussion in Tanzanian Government circles of imposing a super-profit tax on mining companies similar to what is being implemented in Australia. This reflects recent moves by many countries both developed and developing to higher state participation and levying of higher taxes on mining companies encouraged by rising commodity prices. Kibo together with its peers in Tanzania continue to advocate to the Tanzanian Government the implications of endangering foreign investment in the country's mineral resource sector by progressive increases in mining taxes. I am optimistic that the Tanzanian authorities will be sensitive to not compromising the country's status as one of the most attractive mineral exploration destinations in Africa and consider all the issues carefully before implementing further tax increases.
In conclusion, I wish to thank shareholders for their support while we re-structured the Company over the last six months as we now look forward to getting our feet on the ground and implementing our exploration plans in order to unlock the value in our Tanzanian assets.
Christian Schaffalitzky
Chairman
Kibo Mining plc
Unaudited condensed consolidated half yearly statement of comprehensive income
For the six months ended 31 March 2011
Hot Features
Premium
6 months 12 months
to 6 months to to
31 March 31 March 30 September
2011 2010 2010
================================== === ========= =========== =============
Continuing Operations GBP GBP GBP
================================== === ========= =========== =============
Administrative expenses (421,132) (347,797) (478,047)
======================================= ========= =========== =============
Operating Loss (421,132) (347,797) (478,047)
======================================= ========= =========== =============
Finance income - 2,947 2,957
======================================= ========= =========== =============
Loss on ordinary activities
before tax for the period (421,132) (344,850) (475,090)
======================================= --------- ----------- -------------
Tax - - -
================================== === ========= =========== =============
Loss for the period (421,132) (344,850) (475,090)
======================================= --------- ----------- -------------
Other comprehensive income:
================================== === ========= =========== =============
Exchange differences on translating
foreign operations (3,657) (28) (3,296)
======================================= ========= =========== =============
Other comprehensive income for
the period, net of tax (3,657) (28) (3,296)
======================================= --------- ----------- -------------
Total comprehensive income for
the period (424,789) (344,878) (478,386)
======================================= ========= =========== =============
Loss for the period attributable
to
Owners of the parent (421,132) (344,850) (475,090)
======================================= ========= =========== =============
Total comprehensive income attributable
to:
Owners of the parent (424,789) (344,878) (478,386)
======================================= ========= =========== =============
================================== === ========= =========== =============
Loss per share (pence) 0.15 0.21 0.23
======================================= --------- ----------- -------------
Unaudited condensed consolidated half yearly statement of financial position
As at 31 March 2011
6 months to 6 months to 12 months to
31 March 31 March 30 September
2011 2010 2010
============================= =========== =========== =============
GBP GBP GBP
============================= =========== =========== =============
Assets
============================= =========== =========== =============
Non-current assets
============================= =========== =========== =============
Land, property, plant and
equipment 743 352 1,306
============================= =========== =========== =============
Intangible assets 6,223,672 4,043,578 4,266,063
============================= =========== =========== =============
Total non-current assets 6,224,415 4,043,930 4,267,369
============================= ----------- ----------- -------------
Current assets
============================= =========== =========== =============
Trade and other receivables 30,996 87,847 22,981
============================= =========== =========== =============
Cash and cash equivalents 568,243 877,076 421,359
============================= ----------- ----------- -------------
Total current assets 599,239 964,923 444,340
============================= ----------- ----------- -------------
Total assets 6,823,654 5,008,853 4,711,709
============================= ----------- ----------- -------------
Equity
============================= =========== =========== =============
Called up share capital 2,903,439 2,132,295 2,132,295
============================= =========== =========== =============
Share premium 5,211,929 3,533,316 3,533,115
============================= =========== =========== =============
Translation reserve (14,165) (7,240) (10,508)
============================= =========== =========== =============
Share options 32,250 - 32,250
============================= =========== =========== =============
Retained earnings (1,484,250) (932,878) (1,063,118)
============================= ----------- ----------- -------------
Total equity 6,649,203 4,725,493 4,624,034
============================= =========== =========== =============
Liabilities
============================= =========== =========== =============
Current liabilities
============================= =========== =========== =============
Trade and other payables 174,451 283,360 87,675
============================= =========== =========== =============
Total current liabilities 174,451 283,360 87,675
============================= ----------- ----------- -------------
Total equity and liabilities 6,823,654 5,008,853 4,711,709
============================= ----------- ----------- -------------
Unaudited condensed consolidated half yearly statement of changes in equity
For the six months ended 31 March 2011
Share
based
Share Share payment Translation Retained
capital premium reserve reserve earnings Total
GBP GBP GBP GBP GBP GBP
Balance at
1 October 2009 1,282,767 2,983,803 - (7,212) (588,028) 3,671,330
---------- ---------- -------- ------------ ---------- ----------
Other
comprehensive
income - exchange
differences on
translating
foreign
operations - - - (28) - (28)
Loss for the
period - - - - (344,850) (344,850)
---------- ---------- -------- ------------ ---------- ----------
Total
comprehensive
income - - - (28) (344,850) (344,878)
Issue of share
capital
(net of expenses) 849,528 549,513 - - - 1,399,041
Balance at
31 March 2010 2,132,295 3,533,316 - (7,240) (932,878) 4,725,493
---------- ---------- -------- ------------ ---------- ----------
Balance at 1
April 2010 2,132,295 3,533,316 - (7,240) (932,878) 4,725,493
---------- ---------- ------- --------- ------------ ----------
Other
comprehensive
income -
exchange
differences
on
translating
foreign
operations - - - (3,268) - (3,268)
Loss for the
period - - - - (130,240) (130,240)
---------- ---------- ------- --------- ------------ ----------
Total
comprehensive
income - - - (3,268) (130,240) (133,508)
Share based
payments - - 32,250 - - 32,250
Issue of share
capital (net
of expenses) - (201) - - - (201)
Balance at 30
September
2010 2,132,295 3,533,115 32,250 (10,508) (1,063,118) 4,624,034
---------- ---------- ------- --------- ------------ ----------
Other
comprehensive
income -
exchange
differences
on
translating
foreign
operations - - - (3,657) - (3,657)
Loss for the
period - - - - (421,132) (421,132)
---------- ---------- ------- --------- ------------ ----------
Total
comprehensive
income - - - (3,657) (421,132) (424,789)
Issue of share
capital (net
of expenses) 771,144 1,678,814 - - - 2,449,958
Balance at
31 March 2011 2,903,439 5,211,929 32,250 (14,165) (1,484,250) 6,649,203
---------- ---------- ------- --------- ------------ ----------
Unaudited consolidated half yearly statement of cash flow
For the six months ended 31 March 2011
6 months 12 months
6 months to to to
31 March 31 March 30 September
2011 2010 2010
GBP GBP GBP
Operating loss for the period (421,132) (344,850) (475,090)
Adjusted for:
Depreciation 563 1,067 426
Investment revenue - (2,947) (2,957)
Foreign exchange (loss)/gain (3,657) - (3,296)
Share based payments - - 32,250
Operating income before working
capital changes
Change in trade and other
receivables (8,015) (85,788) (20,922)
Change in trade and other
payables 86,777 56,703 (138,982)
Foreign exchange differences - (28) -
_______ _______ ________
Cash generated from Group
operations (345,464) (375,843) (608,571)
_______ (__________) (___________)
Cash flows from investing
activities
Purchase of intangible assets (1,957,609) (215,569) (438,367)
Interest received - 2,947 2,957
------------ ------------- --------------
Net cash used in investing
activities (1,957,609) (212,622) (435,410)
------------ ------------- --------------
Cash flows from financing
activities
Proceeds from issue of share
capital 2,449,957 1,399,041 1,398,840
Net cash proceeds from financing
activities 2,449,957 1,399,041 1,398,840
------------ ------------- --------------
Net increase in cash and cash
equivalents 146,884 810,576 354,859
Cash and cash equivalents at
beginning of period 421,359 66,500 66,500
Cash and cash equivalents at
end of period 568,243 877,076 421,359
============ ============= ==============
Notes to the unaudited consolidated half yearly financial statements
For the six months ended 31 March 2011
1. General information
Kibo Mining Plc ("the Company") is a public limited company incorporated in Ireland. The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the "Group"). The Company's shares are listed on the Alternative Investment Market ("AIM") of the London Stock Exchange and from the 30 May 2011 on the AltX of the JSE. The principal activities of the Company and its subsidiaries are related to the exploration for and development of gold and other minerals in Tanzania.
2. Statement of Compliance and basis of preparation
The Financial Statements are for the six months ended 31 March 2011. They do not include all the information required for full annual financial statements and should be read in conjunction with the audited consolidated financial statements of the Group for the year ended 30 September 2010, which were prepared under International Financial Reporting Standards ("IFRS") as adopted by the European Union ("EU").
The financial information is prepared under the historical cost convention and in accordance with the recognition and measurement principles contained within IFRS as endorsed by the EU.
The comparative amounts in the Financial Statements include extracts from the Company's consolidated financial statements for the year ended 30 September 2010. These extracts do not constitute statutory accounts in accordance with the Irish Companies Acts 1963 to 2009.
3. Basic and headline loss per share
Basic earnings per share
The basic and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:
6 months 12 months
to 6 months to to
31 March 31 March 30 September
2011 2010 2010
GBP GBP GBP
Loss for the year
attributable to
equity holders
of the parent (421,132) (344,850) (475,090)
Weighted average
number of
ordinary shares
for the purposes
of basic
earnings per
share 279,596,711 167,179,947 210,675,850
Basic and
headline loss
per ordinary
share (pence) 0.15 0.21 0.23
(_______________) (_______________) (_______________)
4. Called up share capital and share premium
Authorised share capital of the company is 800,000,000 ordinary shares of 0.01 euro each.
Details of issued capital are as follows:
Number of Nominal Share
Shares Value Premium
Ordinary
shares of
EUR0.01
each GBP GBP
At 1 October 2009 159,477,696 1,282,767 2,983,803
Shares issued in the period (net
of expenses)
for cash 94,448,178 849,528 549,513
Balance at 31 March 2010 253,925,874 2,132,295 3,533,316
Shares issued in period (net of
expenses) for cash - - (201)
Balance at 30 September 2010 253,925,874 2,132,295 3,533,115
Shares issued in period (net of
expenses) for cash 30,666,667 269,491 480,466
Shares issued in period for acquisition
of
Morogoro Gold Limited 56,666,667 501,653 1,198,348
Balance at 31 March 2011 341,259,208 2,903,439 5,211,929
5. Post Balance Sheet events
During May 2011, subsequent to the period end,, Kibo Mining plc was admitted to the ALTX of the JSE ,where it also completed a placing and raised ZAR 12m.
Enquiries:
Noel O'Keeffe +353 91 384562 Kibo Mining plc Chief Executive
Officer
John Simpson 020 7776 6550 Daniel Stewart & Company Nominated Adviser
Plc
Andrew Lianos +27 83 44 083 River Group Designated Adviser
65 - JSE
Fiona Kinghorn 020 7448 9820 Alexander David Securities Joint Broker
Limited
Anthony Kluk 020 7628 1128 Loeb Aron & Company Joint Broker
Limited
Updates on the Company's activities are regularly posted on its website www.kibomining.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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