We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Metminco | LSE:MNC | London | Ordinary Share | AU000000MNC7 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.325 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMMNC
RNS Number : 6308J
Metminco Limited
13 September 2016
AIM ANNOUNCEMENT 13 September 2016
HALF YEAR RESULTS
Metminco Limited (ASX: MNC; AIM: MNC) is pleased to announce that it has today released its Report for the half year ended 30 June 2016.
An extract from the Report is set out below. The full Report can be accessed from the Company's website www.metminco.com.au.
HIGHLIGHTS
Quinchia Gold Portfolio
-- Metminco Limited (Metminco or the Company) acquired Miraflores Compania Minera SAS (Miraflores Compania), formerly Minera Seafield SAS from RMB Australia Holdings Limited (RMB) on 20 June 2016.
Hot Features
Premium
-- Miraflores Compania owns 100% of the Quinchia Gold Portfolio which;
-- has a NI 43-101 Mineral Resource of 2.8 million ounces of gold,
-- has a JORC 2012 Measured and Indicated Mineral Resource of 832,000 ozs Au and 817,000 ozs Ag at a 1.2g/t Au
cut-off.
-- covers 6,043Ha of granted concessions and an additional 3,792Ha of pending applications,
-- hosts a number of deposits and significant exploration targets including Miraflores, Dosquebradas, Tesorito and
Chuscal, and
-- is located in Colombia's Middle Cauca Belt, which hosts several multimillion ounce gold discoveries.
-- The Quinchia Gold Portfolio provides the Company with a near term cash flow opportunity via the Miraflores Project where a mineable quantity of 4.03 million tonnes at 3.51g/t Au and 2.84g/t Ag has been scheduled containing 455,000 ozs Au and 368,000 ozs Ag.
-- Updated Miraflores Project mining study confirms an underground mining only operation to be technically and financially more robust than previous studies and will now be the focus of the planned Feasibility Study.
-- The Company will seek funding for the completion of a Feasibility Study and Environmental Impact Statement (EIS) at the Miraflores Project with a view to having the project permitted and the development funded by the end of the 2017 calendar year.
Los Calatos Copper-Molybdenum Project
-- Agreement with CD Capital Natural Resources Fund III LP (CD Capital) to fund the completion of Pre-feasibility and Feasibility Studies. CD Capital to subscribe for new shares of up to US$45 million to acquire up to 70% of Los Calatos Holding Ltd (CD Capital Transaction).
-- Initial investment of US$16 million to fund an infill drilling program to upgrade Inferred Mineral Resources to Measured and Indicated Mineral Resource categories, metallurgical testwork and permitting to meet with the requirements of a Pre-feasibility Study.
Mollacas
-- The Company and the landowner at the Mollacas Project settled and terminated all outstanding claims in relation to the access dispute.
-- The Company is assessing options available to it in relation to this project including seeking to secure land access for mining purposes.
Corporate
-- The CD Capital Transaction is anticipated to be completed by mid-October 2016. An interim funding arrangement with CD Capital to fund the Los Calatos Project until completion takes place, reducing the Company's monthly cash burn by approximately A$100,000 from September 2016.
-- The Company's cash position as at 30 June 2016 was approximately A$0.6 million. Evaluation of funding alternatives to progress the Miraflores Project through to completion of a Bankable Feasibility Study and decision to mine is underway.
Managing Director, William Howe said, "The period has seen the completion of two very significant events for the Company, the first of which resulted in Los Calatos becoming a genuine development option through securing a financial partner and, secondly, our entrance into the gold sector with the acquisition of Miraflores Compania. The focus is now firmly on advancing our near term and robust Miraflores Project in Colombia through to Feasibility and construction finance.
I am pleased we have exited a period of significant headwinds for the sector with two highly promising projects, and we look forward to updating our shareholders as we progress both projects towards development."
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the half year ended 30 June 2016
Note
30 June 2016 30 June 2015
$ $
Revenue - interest income 192 3,340
Foreign exchange gain /
(loss) 25,879 (270,194)
Administration expenses (116,248) (131,645)
Corporate expenses (615,995) (880,223)
Occupancy expense (129,856) (138,428)
Exploration expenditure
written off 4 (290,378) (114,483)
Evaluation and due diligence
expenses - (398,084)
Loss before income tax 2 (1,126,406) (1,929,717)
Income tax expense - -
------------- --------------
Loss for the period from
continuing operations (1,126,406) (1,929,717)
Other comprehensive income:
Items that may be reclassified
subsequently to profit or
loss:
Exchange differences on
translating foreign controlled
entities 8 (1,244,390) 5,088,415
------------- --------------
Total comprehensive (loss)/income
for the period (2,370,796) 3,158,698
============= ==============
Loss attributable to:
Members of the parent
entity (1,126,406) (1,929,717)
(1,126,406) (1,929,717)
============= ==============
Total comprehensive (loss)/income
attributable to:
Members of the parent
entity (2,370,796) 3,158,698
(2,370,796) 3,158,698
============= ==============
Loss per share
From continuing operations:
Basic loss per share
(cents) 9 (0.04) (0.09)
Diluted loss per share
(cents) 9 (0.04) (0.09)
These financial statements should be read in conjunction
with the accompanying notes.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2016
Note
30 June 2016 31 December
2015
$ $
ASSETS
CURRENT ASSETS
Cash and cash equivalents 589,292 949,790
Trade and other receivables 7 231,618 186,858
Other assets 23,616 21,815
------------- -------------
TOTAL CURRENT ASSETS 844,526 1,158,463
------------- -------------
NON-CURRENT ASSETS
Trade and other receivables 7 2,234,196 2,180,893
Property, plant and equipment 3 4,912,504 4,586,160
Exploration and evaluation
expenditure 4 168,772,346 160,886,215
------------- -------------
TOTAL NON-CURRENT ASSETS 175,919,046 167,653,268
------------- -------------
TOTAL ASSETS 176,763,572 168,811,731
------------- -------------
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 5 2,118,248 317,058
Short-term employee benefits 6 260,066 258,225
------------- -------------
TOTAL CURRENT LIABILITIES 2,378,314 575,283
------------- -------------
NON-CURRENT LIABILITIES
Long-term employee benefits 6 85,769 83,155
Long-term payable 5 4,708,895 -
------------- -------------
TOTAL NON-CURRENT LIABILITIES 4,794,664 83,155
------------- -------------
TOTAL LIABILITIES 7,172,978 658,438
------------- -------------
NET ASSETS 169,590,594 168,153,293
------------- -------------
EQUITY
Issued capital 11 327,845,561 324,037,464
Other reserves (19,465,728) (18,208,268)
Accumulated losses (138,789,239) (137,675,903)
------------- -------------
TOTAL EQUITY 169,590,594 168,153,293
============= =============
These financial statements should be read in conjunction
with the accompanying notes.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the half year ended 30 June 2016
Issued Accumulated Option Foreign Acquisition Total
Capital Losses Reserve Currency Reserve
Translation
Reserve
$ $ $ $ $ $
Balance at 1 January 2015 318,677,036 (88,790,974) 253,594 14,612,641 (41,506,662) 203,245,635
Loss attributable to members of
the parent entity _ (1,929,717) _ _ _ (1,929,717)
Other comprehensive income _ _ _ 5,088,415 _ 5,088,415
----------- ------------- --------- ------------ ------------ -----------
Total comprehensive income for the
period _ (1,929,717) _ 5,088,415 _ 3,158,698
Shares issued during the period 4,193,584 _ _ _ _ 4,193,584
Transaction costs (161,264) _ _ _ _ (161,264)
Options lapsed during the period _ 185,849 (185,849) _ _ _
Balance at 30 June 2015 322,709,356 (90,534,842) 67,745 19,701,056 (41,506,662) 210,436,653
=========== ============= ========= ============ ============ ===========
Balance at 1 January 2016 324,037,464 (137,675,903) 67,756 23,230,638 (41,506,662) 168,153,293
Loss attributable to members of
the parent entity _ (1,126,406) _ _ _ (1,126,406)
Other comprehensive loss _ _ _ (1,244,390) _ (1,244,390)
----------- ------------- --------- ------------ ------------ -----------
Total comprehensive loss for the
period _ (1,126,406) _ (1,244,390) _ (2,370,796)
Shares issued during the period 3,960,910 _ _ _ _ 3,960,910
Transaction costs (152,813) _ _ _ _ (152,813)
Options lapsed during the year _ 13,070 (13,070) _ _ _
Balance at 30 June 2016 327,845,561 (138,789,239) 54,686 21,986,248 (41,506,662) 169,590,594
=========== ============= ========= ============ ============ ===========
These financial statements should be read in conjunction
with the accompanying notes.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the half year ended 30 June 2016
Note
30 June 2016 30 June 2015
$ $
CASH FLOWS FROM OPERATING
ACTIVITIES
Payments to suppliers and
employees (779,763) (941,062)
Evaluation and due diligence
expenses - (398,084)
Interest received 192 3,340
Net cash used in operating
activities (779,571) (1,335,806)
------------- -------------
CASH FLOWS FROM INVESTING
ACTIVITIES
Sale/(Purchase) of property,
plant and equipment 12,100 (6,539)
Payments for exploration
expenditure (1,283,365) (1,621,981)
Purchase of Miraflores Compania 14 (219,105) -
Net cash used in investing
activities (1,490,370) (1,628,520)
------------- -------------
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from issue of shares 1,960,910 4,193,584
Payments in respect to capital
raisings (152,814) (161,264)
Cash received on acquisition
of Miraflores Compania 14 75,467 -
------------- -------------
Net cash provided by financing
activities 1,883,563 4,032,320
------------- -------------
Net(decrease)/increase in
cash held (386,378) 1,067,994
Cash and cash equivalents
at beginning of financial
period 949,790 1,192,693
Effect of exchange rates
on cash holdings in foreign
currencies 25,880 (270,194)
------------- -------------
Cash and cash equivalents
at end of financial period 589,292 1,990,493
============= =============
These financial statements should be read in
conjunction with the accompanying notes.
For further information,
please contact:
METMINCO LIMITED
Stephen Tainton / Phil Killen Office: +61 (0) 2
9460 1856
NOMINATED ADVISOR AND BROKER
RFC Ambrian
Australia
Will Souter / Nathan Forsyth Office: +61 (0) 2
9250 0000
United Kingdom
Charlie Cryer Office: +44 (0) 20
3440 6800
JOINT BROKER
SP Angel Corporate Finance
LLP UK)
Ewan Leggat Office: +44 (0) 20
3470 0470
UK FINANCIAL PR
Camarco
Gordon Poole / Tom Huddart Office: + 44 (0) 20
3757 4997
------------------------------ --------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SFASDDFMSEEU
(END) Dow Jones Newswires
September 13, 2016 02:00 ET (06:00 GMT)
1 Year Metminco Chart |
1 Month Metminco Chart |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
