Hot Features
Premium
Register for streaming realtime charts, analysis tools, and prices.
African Consolidated Resources (LSE:AFCR), an AIM listed resource and development company focused in Zimbabwe, has released results for the six months to 30 September 2013.
Operational Highlights:
Reporting Period:
· Completion of Definitive Feasibility Study on Pickstone Peerless oxide cap
· Confirmation of 3.2Moz JORC Resource estimate at Pickstone Peerless by SRK Consulting (South Africa)
· Appointment of Neville Nicolau, former CEO of Anglo American Platinum Limited, as a non-executive director
Post Period:
· Completion of Prefeasibility Study on open pit yielding a mining inventory of 766,000 oz gold at 5.1 g/t with cut off at 1.75 g/t predicting Life of Mine all in sustaining cost below $700/oz
· Provisional declaration of 1Moz Mineral Reserve.
· Agreement of Indicative Terms Sheet with major African bank
· Indigenization planning well advanced
Financial Highlights:
· Loss of $2.3m to 30 September 2013 as exploration programmes continue
(FY to 31 March 2013: $11.0m loss; H1 to 30 September2012: $2.3m loss)
· Cash balance of $5.1m at 30 September 2013
(31 March 2013 – $11m; 30 September2012 – $2.6m)
· Cash balance 30 November 2013 $3.6M
· Further funding required in Q2 2014. The Company continues to be engaged with various parties in respect of additional sources of finance, including equity, for the development of the initial 20 ktpm operation
More to follow.
