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Name | Symbol | Market | Type |
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iShares US Fundamental Index ETF | NEO:CLU | NEO | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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-0.11 | -0.21% | 51.20 | 51.26 | 51.32 | 51.20 | 51.20 | 51.20 | 904 | 21:00:00 |
RNS Number:5218J Cluff Mining PLC 02 April 2003 CLUFF MINING PLC Preliminary results for the year ended 31 December 2002 Cluff Mining PLC ("the Company") is a UK-based mining and exploration group. The Company has an aggressive exploration campaign underway in South Africa focused on its Platinum Group Metals ("PGM") projects. * Preliminary results of phase II exploration suggest that Sheba's Ridge resources will exceed previous estimates * Joint venture agreement with Anglo Platinum for Sheba's Ridge completed * Blue Ridge feasibility close to completion * Publication of South African Minerals Act and proposed mining royalties regime brings greater certainty to operating environment Mr. J. G. Cluff, Chairman and Chief Executive, commented: "We have made enormous strides in progressing the feasibility study at Blue Ridge since the initial delay (communicated to shareholders in November) and are on course to report the results by June 2003. Meanwhile, we have accelerated the drilling programme at Sheba's Ridge following encouraging initial results there. This will be an exciting year for the Company and I look forward to reporting further progress in due course." 2 April 2003 ENQUIRIES: Cluff Mining PLC Tel: +44 20 7495 2030 J.G.Cluff (Chairman & Chief Executive) Terence Wilkinson (Group Operations Director) Donald McAlister (Finance Director) College Hill Associates Tel: +44 20 7457 2020 Mark Garraway Michael Spriggs Chairman's Statement Since I last reported to shareholders at the interim stage in September last year, the Company has made progress on a number of fronts. Following the very successful placing and open offer in July 2002 we have applied part of the funds raised to our drilling campaigns and as a result have been able, strikingly, to upgrade our resource at Blue Ridge and have progressed the Blue Ridge feasibility study to the stage where we can be confident that we will have at least one platinum mine in our portfolio. In addition, exploration at Sheba's Ridge and the conclusion of a joint venture agreement with Anglo Platinum reinforces our belief that this project has the potential to be significantly larger than Blue Ridge. Blue Ridge It was our intention when I wrote to you at the interim stage to have completed the feasibility study by now. In the event, certain unforeseen circumstances have prevailed over this timetable. In particular there were permitting delays concerning approval to extract a bulk sample for pilot scale metallurgical test work and additional planning has arisen from the acquisition of further mineral rights in the area as announced in December 2002 and the incorporation of these additional resources into the feasibility study. All sample permitting issues have been resolved and pilot scale testwork has now been completed. The feasibility study is continuing on schedule with few surprises and some improvements, and is expected to be completed towards the end of June 2003. The acquisition of the contiguous Portion 15 has enabled drilling to commence and this will potentially add significantly to the resource base. Furthermore, the bulk samples that have been processed under pilot plant conditions have returned higher recoveries (82% to 86%) than originally assumed (76%), with clean concentrate containing levels of deleterious elements far below penalty levels Sheba's Ridge Earlier this year, we concluded the joint venture agreement with Anglo Platinum. Our exploration programme had already progressed in anticipation of this and we have been sufficiently encouraged by the preliminary results from our Phase II drilling programme that we recently took the decision to accelerate this programme by increasing the number of drill rigs on site from five to seven. Drilling on Sheba's Ridge recommenced in early January. Whereas previous work on the deposit has focused on the UG2-like Platchro layer and the UMP, the current focus of activity is the considerably shallower Platreef. The strike length, defined by mapping, geophysics, geochemistry and drilling, of the Platreef across the Cluff controlled property is around 11km, 5km of which underlies the ground under joint venture with Amplats. Amplats' previous work on the area had intersected the Platreef from surface to depths of around 200 metres in the up-dip northern domain. The Cluff drilling and trenching programme has intersected the Platreef from surface to a depth of 650 metres beneath the southern domain. The internal structure of the Sheba's Ridge Platreef contains three distinct styles of mineralisation. The Platreef as a whole is 50-130 metres thick, and has a bulk grade of about 1.5 g/t PGE. There are a number of intervals within the body of the Platreef, between 6 and 22 metres thick, that grade at 2-3 g/t PGE. Within these lie the highest grade units, of approximately 4 metres thickness, with grades of 2.8 to 6.4 g/t. Cluff and Amplats drilling has confirmed that this structure occurs more than 4 kilometres apart in the core part of the property, and it carries to depth. The ongoing drilling programme, now with 32 holes completed but assays returned only from 11, has already sampled a 1,500 metre strike at centres of 200 m to 400 m, to depths up to 400 metres. Intersections range from 5 to 130 metres. The thicker intersections generally carry lower grades (Pt+Pd) of around 2 g/t, while the thinner intersections carry elevated grades of up to 5 g/t in the data so far. The Pt:Pd ratio is between 0.5 and 1.3, and base metal contents are between 0.15% and 0.45% for both copper and nickel. The Platreef is sulphide rich. This phase of the drilling programme is planned to total 25,000m, and is expected to be completed in November. Our current state of knowledge on the extent of the potential resource at Sheba's Ridge precludes the publication of an audited resource update at this stage. However, we are becoming increasingly confident that the project contains resources in excess of our previously published estimates with the growing possibility of a large-scale bulk open pit operation on the Platreef mineralisation. It is because of that potential scale that more work has to be done to verify our expectations. The current phase of drilling and associated assay work is expected to be concluded in November 2003, following which shareholders will be advised of progress. Gold The definitive feasibility study for the Kalsaka Gold Deposit in Burkina Faso has now been completed. We continue to determine the appropriate way forward and are finalising plans either for a sale or for a demerger. General The loss reported for the year was US$9.6 million and this is after providing US$6.8 million against our non-core assets. I expect 2003 to be an important year in achieving our aim to become a significant platinum producer with the completion of the Blue Ridge feasibility study followed by the sourcing of project finance and commencement of construction of the mine at Blue Ridge. In addition we should achieve a clearer definition of Sheba's Ridge which has the potential to be substantially larger than Blue Ridge. Mzi Khumalo joined our Board last year following his welcome support for our placing in July and the further confidence he evinced by buying the Sperrylite Group's rights to additional Cluff shares as and when certain defined targets are reached. Mr. Khumalo's investment virtually secures for us the level of transfer of ownership to Historically Disadvantaged South Africans which the South African Mining Charter requires us to achieve within five years. The Company is, I am pleased to say, in the vanguard of companies engaging in black empowerment provisions. I am also pleased to welcome Dr. Robert Danchin to our board. Dr Danchin, previously head of new business projects at Anglo American, brings further welcome technical strength to our non-executive team. Mining in South Africa has developed a political dimension since the introduction of the Minerals' Act - and of its handmaiden the Mining Charter last year - as well as the more recent publication of the Royalty Bill. A degree of anxiety about the increased political risk of investing in South Africa arose amongst many professional investors. Whilst conceding that the means by which the government proposals became public could have been more coherently managed, I have no doubt whatever that both the Bill and the Charter should be welcomed by investors as a clear sign that Black Empowerment means genuine participation and not confiscation and that it will herald a stable outcome for the mining industry which the absence of such legislation would certainly not have achieved. I am pleased to announce that N. M. Rothschild and Sons have been appointed corporate adviser to the Company alongside Investec Bank (UK) Limited which remains the Company's Nominated Adviser. Canaccord Capital (Europe) Limited has been appointed as the Company's Nominated Broker. I would like to thank shareholders and staff for their continued commitment and look forward to what should prove a very exciting year for your Company. J.G. Cluff Chairman & Chief Executive Consolidated profit and loss account for the year ended 31 December 2002 Note 2002 2001 US$000 US$000 Turnover including share of joint venture turnover 414 3,832 Less: share of joint venture turnover - continuing operations (198) (2,169) Turnover from Group production 216 1,663 Continuing operations - - Discontinued operations 216 1,663 Cost of sales (317) (2,183) Gross loss (101) (520) Administrative expenses (3,900) (3,404) Exploration costs written off 2 (6,760) (3,082) Exchange loss on monetary assets in Zimbabwe (59) (589) Total administrative expenses (10,719) (7,075) Other operating income 1 - Group operating loss (10,819) (7,595) Continuing operations (10,592) (6,831) Discontinued operations (227) (764) Share of operating loss of joint venture - continuing (110) (252) Operations Share of operating loss of associate - continuing Operations (684) - Total operating loss (11,613) (7,847) Profit on sale of discontinued operation 1,733 - Net interest receivable/(payable) and similar 258 (329) items Loss on ordinary activities before and after taxation, and loss retained for the year (9,622) (8,176) 2002 2001 US cents US cents Basic and diluted loss per ordinary share (46) (59) Consolidated balance sheet at 31 December 2002 2002 2001 US$000 US$000 US$000 US$000 Fixed assets Tangible fixed assets 22,123 16,804 Investments: Joint ventures - share of gross assets 149 186 - share of gross (149) (60) liabilities - 126 Associates 800 1,484 Total investments 800 1,610 22,923 18,414 Current assets Stocks - 3 Debtors 424 313 Cash at bank and in hand 26,147 5,778 26,571 6,094 Creditors: amounts falling due within one year (including convertible debt) (9,213) (5,643) Net current assets 17,358 451 Total assets less current liabilities 40,281 18,865 Creditors: amounts falling due after more than one year (including convertible debt in 2001) - (3,044) Provisions for liabilities and charges - (182) Net assets 40,281 15,639 Capital and reserves Called up share capital 1,378 922 Shares to be issued - 965 Share premium account 56,350 27,045 Merger reserve 29,197 23,856 Profit and loss account (46,644) (37,149) 40,281 15,639 Analysis of shareholders' funds Equity 40,201 15,566 Non-equity 80 73 40,281 15,639 Consolidated cash flow statement for the year ended 31 December 2002 2002 2001 US$000 US$000 US$000 US$000 Net cash outflow from operating activities (3,282) (3,849) Dividends from joint ventures 16 1,032 Returns on investments and servicing of finance Interest received 662 190 Interest paid - (15) 662 175 Capital expenditure and financial investment Expenditure in respect of fixed assets (9,565) (2,958) Contribution to associates - (1,877) (9,565) (4,835) Acquisitions and disposals Acquisition of subsidiary - (1,209) Cash acquired with subsidiary - 124 Disposal of subsidiary 3,013 - Cash disposed of with subsidiary (100) - 2,913 (1,085) Net cash outflow before financing (9,256) (8,562) Financing Issue of ordinary share capital 31,404 14,488 Issue costs (1,720) (1,024) Repayment of leases - (13) 29,684 13,451 Increase in cash in the year 20,428 4,889 Reconciliation of net cashflows to movement in net debt for the year ended 31 December 2002 Note 2002 2001 US$000 US$000 Increase in cash 20,428 4,889 Repayment of leases - 13 Change in net debt arising from cash flows 20,428 4,902 Disposal of finance lease 8 - Inception of finance leases - (8) Interest rolled-up into loans (403) (485) Exchange (59) (589) Movement in net funds/(debt) 19,974 3,820 Net debt at start of year (2,131) (5,951) Net funds/(debt) at end of year 3 17,843 (2,131) Consolidated statement of total recognised gains and losses for the year ended 31 December 2002 2002 2001 US$000 US$000 Loss for year (9,622) (8,176) Exchange gains/(losses) on foreign currency net investments 127 (432) Total recognised loss for the year (9,495) (8,608) Reconciliation of movements in shareholders' funds for the year ended 31 December 2002 2002 2001 US$000 US$000 Loss for the year (9,622) (8,176) Exchange gains/(losses) on foreign currency net investments 127 (432) New share capital subscribed 35,102 15,977 Shares to be issued (965) (1,642) Net increase in shareholders' funds 24,642 5,727 Shareholders' funds at beginning of year 15,639 9,912 Shareholders' funds at end of year 40,281 15,639 1. Basis of financial information The financial information in this announcement has been extracted from the audited financial statements for the two years ended 31 December 2002. This information does not represent the statutory accounts of the Company for either of the two years ended 31 December 2002. The statutory accounts for the year ended 31 December 2001 have been filed with the registrar of companies. The auditors' reports on the statutory accounts for the two years ended 31 December 2002 were unqualified and did not contain statements under Section 237 (2) (regarding adequacy of accounting records and returns) or under Section 237 (3) (provision of necessary information and explanations) of the United Kingdom Companies Act 1985. 2. Exploration Costs Written Off During the year the Group has increased the provision for impairment against its deferred exploration asset relating to the Kalsaka project in Burkina Faso by US$6,378,000, resulting in a total provision of US$7,185,000 against Kalsaka assets. The remaining US$382,000 of the provision for impairment is against the Group's deferred exploration asset relating to the Seripe project in Ghana 3. Analysis of net funds/(debt) At Interest beginning Disposal rolled-up Exchange At end of year of subsidiary Cash flow into loans Movements of year US$000 US$000 US$000 US$000 US$000 US$000 Cash at bank 5,778 - 20,428 - (59) 26,147 Finance leases (8) 8 - - - - Other debt (7,901) - - (403) - (8,304) Total (2,131) 8 20,428 (403) (59) 17,843 The exchange movement relates to the Zimbabwean dollar devaluation relative to the US$ specifically relating to cash dividends received in Zimbabwe. 4. Dividends No dividend is proposed. 5. Post balance sheet events On 14 February 2003 Cluff Mining PLC entered into a joint venture agreement with Anglo Platinum to prospect and develop the Sheba's Ridge Platinum Project in the Mpumulanga province, South Africa. Cluff Mining PLC paid consideration of US$5,000,000 in cash and a further US$3,000,000 in shares or cash is payable to Anglo Platinum prior to 6 September 2003 to increase the Group's interest in the joint venture to 65%. On 14 January 2003 the Group repaid its loan from Anmercosa African Ventures Limited. The balance of this loan at the year end was US$3,157,000. This information is provided by RNS The company news service from the London Stock Exchange END FR EAELFELEDEAE
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