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| 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 May 2019 to May 2024
TIDMMNC
RNS Number : 6137Q
Metminco Limited
13 September 2017
AIM ANNOUNCEMENT 13 September 2017
Half Year Report
Metminco Limited (ASX: MNC; AIM: MNC) is pleased to announce that it has today released its report for the half year ended 30 June 2017.
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
Miraflores Bankable Feasibility Study
Metminco Limited (Metminco or the Company) acquired Miraflores Compania Minera SAS (Miraflores Compania), formerly Minera Seafield SAS from RMB Australia Holdings Limited (RMB) in June 2016.
Miraflores Compania Minera owns 100% of the Quinchia Gold Portfolio which;
Ø has a NI 43-101 estimated Mineral Resource of 2.8 million ounces of gold,
Ø covers 6,043Ha of granted concessions and an additional 3,792Ha of pending applications,
Ø contains a number of deposits and significant exploration targets including Miraflores, Dosquebradas, Tesorito and Chuscal, and,
Ø is located in Colombia's Middle Cauca Belt, which hosts several multimillion ounce gold discoveries
-- The Miraflores Project has a JORC 2012 compliant Measured and Indicated Mineral Resource of 9.27 million tonnes at 2.82g/t Au and 2.77g/t Ag containing 840,000 oz Au and 826,000 oz Ag at a 1.2g/t Au cut-off,
-- The Miraflores Project has a mineable quantity of 4.32 million tonnes at 3.3g/t Au and 2.56g/t Ag at a 1.53g/t cut-off containing 458,000 oz of Au and 355,000 oz Ag.
-- The Company commenced with a Bankable Feasibility Study in November 2016 and is expected to complete the study by the end of 3Q2017.
-- Metallurgical testwork commissioned by Metminco on Miraflores ores confirmed previous testwork results with gold recovery of 91% confirmed.
-- Optimisation of the mining plan and schedule for the feasibility study has resulted in significant operating cost savings from previous studies.
-- Changes from previous studies such as backfill, tailings disposal, stoping height, and plant layout and changes to the mine plan including changing from an open pit/underground configuration to underground only operations will accelerate permitting for the operation.
Los Calatos Copper-Molybdenum Project
-- Agreement to dispose of the Company's remaining interest in the Los Calatos Project was reached with CD Capital Natural Resources Fund III LP (CD Capital) with final settlement of the transaction on 28 June 2017. The Company received US$5 million net of costs for its remaining interest in Los Calatos.
Chile
-- The Company's assets in Chile remained on care and maintenance during the half year.
Corporate
-- The Company secured funding to progress the Miraflores Project through to completion of a Bankable Feasibility Study and decision to mine from the sale of the Los Calatos Project.
-- The Company's cash position as at 30 June 2017 was approximately A$6.3 million.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the half year ended 30 June 2017
Hot Features
Premium
Note
30 June 2017 30 June 2016
$ $
Revenue - 192
Finance costs on deferred
consideration 15 (229,730) -
Foreign exchange (loss)
/ gain (60,779) 25,879
Administration expenses (288,047) (116,248)
Corporate expenses (1,206,987) (615,995)
Occupancy expense (51,860) (129,856)
Exploration expenditure
written off 4 (87,880) (290,378)
Loss on sale of asset 16 (27,165,722) -
Unrealised loss on derivative
asset 8 (1,553,481) -
Realised loss on derivative
asset 8 (106,118) -
Profit on disposal of assets 23,570 -
Loss before income tax 2 (30,727,034) (1,126,406)
Income tax expense - -
------------- -------------
Loss for the period from
continuing operations (30,727,034) (1,126,406)
Other comprehensive income:
Items that may be reclassified
subsequently to profit or
loss:
Exchange differences on
translating foreign controlled
entities 9 (1,430,655) (1,244,390)
------------- -------------
Total comprehensive (loss)
for the period (32,157,689) (2,370,796)
============= =============
Loss attributable to:
Members of the parent
entity (30,727,034) (1,126,406)
(30,727,034) (1,126,406)
============= =============
Total comprehensive (loss)
attributable to:
Members of the parent
entity (32,157,689) (2,370,796)
(32,157,689) (2,370,796)
============= =============
Loss per share
From continuing operations:
Basic loss per share
(cents) 10 (25.38) (0.04)
Diluted loss per share
(cents) 10 (25.38) (0.04)
These financial statements should be read in conjunction
with the accompanying notes.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2017
Note
30 June 2017 31 December
2016
$ $
ASSETS
CURRENT ASSETS
Cash and cash equivalents 6,349,931 71,548
Trade and other receivables 7 596,413 385,827
Derivative asset 8 215,235 -
Other assets 12,506 21,060
------------- -------------
TOTAL CURRENT ASSETS 7,174,085 478,435
------------- -------------
NON-CURRENT ASSETS
Derivative asset 8 258,440 -
Investment in associate 16 - 33,766,877
Property, plant and equipment 3 4,257,086 4,538,349
Exploration and evaluation
expenditure 4 10,421,030 9,486,691
------------- -------------
TOTAL NON-CURRENT ASSETS 14,936,556 47,791,917
------------- -------------
TOTAL ASSETS 22,110,641 48,270,352
------------- -------------
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 5 5,717,660 3,425,242
Short-term provisions 6 208,976 236,775
------------- -------------
TOTAL CURRENT LIABILITIES 5,926,636 3,662,017
------------- -------------
NON-CURRENT LIABILITIES
Long-term provisions 6 49,272 79,903
Long-term payable 5 4,159,681 4,893,628
------------- -------------
TOTAL NON-CURRENT LIABILITIES 4,208,953 4,973,531
------------- -------------
TOTAL LIABILITIES 10,135,589 8,635,548
------------- -------------
NET ASSETS 11,975,052 39,634,804
------------- -------------
EQUITY
Issued capital 12 333,092,371 329,032,074
Other reserves (31,135,702) (30,142,687)
Accumulated losses (289,981,617) (259,254,583)
------------- -------------
TOTAL EQUITY 11,975,052 39,634,804
============= =============
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 2017
Issued Accumulated Option Convertible Foreign Acquisition Total
Capital Losses Reserve Note equity Currency Reserve
reserve Translation
Reserve
$ $ $ $ $ $ $
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
income _ _ _ _ (1,244,390) _ (1,244,390)
----------- ------------- -------- ------------ ------------ ------------ ------------
Total comprehensive
income 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
period _ 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
=========== ============= ======== ============ ============ ============ ============
Balance at
1 January
2017 329,032,074 (259,254,583) 54,686 _ 11,309,289 (41,506,662) 39,634,804
Loss attributable
to members
of the parent
entity _ (30,727,034) _ _ _ _ (30,727,034)
Other comprehensive
loss _ _ _ _ (1,430,655) _ (1,430,655)
----------- ------------- -------- ------------ ------------ ------------ ------------
Total comprehensive
loss for
the period _ (30,727,034) _ _ (1,430,655) _ (32,157,689)
Shares issued
during the
period 4,375,000 _ _ _ _ _ 4,375,000
Transaction
costs (314,703) _ _ _ _ _ (314,703)
Equity component
of convertible
note _ _ _ 11,468 _ _ 11,468
Options issued
during the
period _ _ 426,172 _ _ _ 426,172
Balance at
30 June 2017 333,092,371 (289,981,617) 480,858 11,468 9,878,634 (41,506,662) 11,975,052
=========== ============= ======== ============ ============ ============ ============
These financial statements should be read in
conjunction with the accompanying notes.
`
CONSOLIDATED STATEMENT OF CASH FLOWS
For the half year ended 30 June 2017
Note
30 June 2017 30 June 2016
$ $
CASH FLOWS FROM OPERATING
ACTIVITIES
Payments to suppliers and
employees (1,573,133) (779,763)
Interest received - 192
Net cash used in operating
activities (1,573,133) (779,571)
------------- -------------
CASH FLOWS FROM INVESTING
ACTIVITIES
Sale of property, plant and
equipment 23,570 12,100
Payments for exploration
expenditure (1,203,307) (1,283,365)
Purchase of Miraflores Compania - (219,105)
Proceeds from sale of Los
Calatos 6,601,155 -
Net cash used in investing
activities 5,421,418 (1,490,370)
------------- -------------
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from issue of shares 2,020,035 1,960,910
Payments in respect to capital
raisings (314,704) (152,814)
Cash received on acquisition
of Miraflores Compania - 75,467
Cash received from convertible
notes 17 750,000 -
Cash received from derivative
asset 8 35,549 -
------------- -------------
Net cash provided by financing
activities 2,490,880 1,883,563
------------- -------------
Net increase / (decrease)
in cash held 6,339,165 (386,378)
Cash and cash equivalents
at beginning of financial
period 71,548 949,790
Effect of exchange rates
on cash holdings in foreign
currencies (60,782) 25,880
------------- -------------
Cash and cash equivalents
at end of financial period 6,349,931 589,292
============= =============
These financial statements should be read in
conjunction with the accompanying notes.
This announcement contains inside information as stipulated under Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
For further information,
please contact:
METMINCO LIMITED
Brian Jones 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
PUBLIC RELATIONS
Camarco
United Kingdom
Gordon Poole / Tom Huddart Office: + 44 (0) 20
3757 4997
Media & Capital Partners
Australia
Luke Forrestal Office: + 61 (0) 411
479 144
Forward Looking Statement
All statements other than statements of historical fact included in this announcement including, without limitation, statements regarding future plans and objectives of Metminco are forward-looking statements. When used in this announcement, forward-looking statements can be identified by words such as "anticipate", "believe", "could", "estimate", "expect", "future", "intend", "may", "opportunity", "plan", "potential", "project", "seek", "will" and other similar words that involve risks and uncertainties.
These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, its directors and management of Metminco that could cause Metminco's actual results to differ materially from the results expressed or anticipated in these statements.
The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. Metminco does not undertake to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law and stock exchange listing
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SFSSADFWSESU
(END) Dow Jones Newswires
September 13, 2017 04:02 ET (08:02 GMT)
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