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| Name | Symbol | Market | Type |
|---|---|---|---|
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 57.14 | 56.93 | 57.00 | 0 | 16:14:54 |
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RNS Number:2575Q
Cluff Mining PLC
29 September 2003
CLUFF MINING PLC
Interim results for the six months ended 30 June 2003
Cluff Mining PLC ("the Company") is a UK-based mining and exploration group
which was admitted to AIM in May 2000. The Company's activities are concentrated
in South Africa where, following recent exploration success on its two main
platinum Group Metals ("PGM") projects, the Company is focused on becoming a PGM
producer.
* Completion of feasibility study on Blue Ridge project within two
months.
* The feasibility study envisages a project with annual production
of 140,000 oz PGM and a life of 15-20 years.
* Drilling results from the Sheba's Ridge project confirm the
discovery of a deposit of substantial potential.
* Focus at Sheba's Ridge is on open pittable Platreef mineralisation
- a PGM-driven project with significant copper and nickel credits.
Mr J. G. Cluff, Chairman and Chief Executive, commented:
"We have increased the confidence in our resources at Blue Ridge and now have
the prospect of a deposit at Sheba's Ridge to compare with other Platreef
projects being developed on the Northern limb of the Bushveld.
While we endorse many aspects of the new SA mining legislation, we are
encouraged that the Government may be reconsidering its position on the proposed
revenue-based royalty".
29 September 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
CLUFF MINING PLC
Interim results for the six months ended 30 June 2003
CHAIRMAN'S STATEMENT
Your Company is engaged in the evaluation of two platinum group metal projects
Blue Ridge and Sheba's Ridge, both in South Africa. These are located on the
eastern limb of the Bushveld Complex and are approximately twenty kilometres
apart. Your Company owns 100% of Blue Ridge and 65% of Sheba's Ridge with the
right to increase that percentage to 87.5% following completion of a bankable
feasibility study.
The present status of these two properties is as follows.
Blue Ridge
We received the Prospecting Permit for the Blue Ridge West project in October
2001 and have undertaken considerable amounts of drilling, resource definition,
metallurgical and engineering studies, and we expect to complete the feasibility
study within the next two months. The economics of the project will be heavily
influenced by two factors beyond the Company's control, the vagaries of the Rand
exchange rate and the royalty applicable to the project.
The discussion draft of the so-called Money Bill, which was released earlier
this year contained a proposal that platinum group metal operations bear a 4%
royalty based on turnover. This draft has met with unified hostility from
established mining companies and new black empowerment groups, as well as the
unions worried about its effects on jobs. As it is a revenue based royalty, it
is particularly punitive towards new operations and those seeking to make
significant new investment and it is understood that the Government of South
Africa is reconsidering its position and that we may reasonably hope for a more
benign arrangement. For how long the present strength of the South African
currency against the US dollar will remain is impossible to predict but the
economics of Blue Ridge, and of all mining projects in South Africa, are highly
sensitive to the currency and any weakening trend will have positive
implications for Blue Ridge.
The project, which will take 18-24 months to bring on line following the receipt
of financing, is expected to yield an annual production of approximately 85,000
ounces platinum, 40,000 ounces of palladium, 13,000 ounces of Rhodium and 2,000
ounces of gold with a mine life of fifteen to twenty years.
Sheba's Ridge
As you will have seen in the Annual Report and in the announcement issued at our
Annual General Meeting, Sheba's Ridge could prove to be a prospect with great
significance to the future of the Company. Although Sheba's Ridge contains
various reefs which host PGM's, the Phase II drilling programme has concentrated
on the Platreef mineralisation with its open cast potential.
CLUFF MINING PLC
Interim results for the six months ended 30 June 2003
CHAIRMAN'S STATEMENT (cont'd)
Having identified a potential mineralised strike length of up to eleven
kilometres, we will by November have completed a drilling programme designed to
evaluate the resource potential of the 4 kilometres representing the core area,
as well as an indication of the prospectivity of the remainder. It is clear from
our drilling results that we are exploring a deposit of substantial potential.
As with similar Platreef projects, which are polymetallic in character, it will
be PGM driven although the copper and nickel credits will have a major impact on
the economics of the project.
We have adopted a conservative approach to public statements and we have been
anxious not to issue results on a piece meal basis which could prove to be
misleading. Additionally we have been experiencing delays in receiving the assay
results due to a backlog of our and other companies' samples being assayed at
the laboratory in Johannesburg. However, I am confident that, by the end of
March 2004 we will be in a position to estimate the mineral resources of the
four kilometer section, with a large portion of this in the Indicated category
under the JORC Code. In line with our policy, we will have the resource audited
by internationally respected independent consultants.
During the six months to 30th June 2003 the Group made an Operating Loss of
$2,264,000 compared with an Operating Loss of $2,279,000 for the first half of
2002. During the period the Group spent $10,327,000 on advancing the exploration
its mineral assets, in particular at Blue Ridge and Shebas's Ridge.
The next six months of your Company's life should be a particularly significant
period, with the completion of the Blue Ridge feasibility study and the
estimation of a resource at Sheba's Ridge which I believe will demonstrate that
we have a substantial open pit project which will compare with the other
Platreef projects being developed on the northern limb of the Bushveld. The
current time of change in legislation in South Africa has led some investors to
sit on the sidelines until the final position is clear. I should add that closer
scrutiny of the legislation introduced by the South African authorities can only
lead one strongly to endorse many aspects of it - in particular the provisions
which mark the end of the domination of tenure by the major mining houses and
the vesting of mining rights in the state.
CLUFF MINING PLC
Interim results for the six months ended 30 June 2003
Consolidated profit and loss account
for the 6 months ended 30 June 2003
Note 6 months to 6 months to 12 months to
30 June 30 June 31 December
2003 2002 2002
US$000 US$000 US$000
Turnover including 63 369 414
share of joint
venture
Less: Share of (63) (153) (198)
joint venture
turnover
--------- --------- ---------
Turnover from 2 - 216 216
group production --------- --------- ---------
Continuing - - -
operations
Discontinued - 216 216
operations --------- --------- ---------
Cost of sales - (317) (317)
--------- --------- ---------
Gross profit/ - (101) (101)
(loss)
Administrative (1,546) (1,499) (3,900)
expenses
Exploration costs (326) (255) (6,760)
written off
Exchange loss on (8) (96) (59)
monetary assets in
Zimbabwe
--------- --------- ---------
Total (1,880) (1,850) (10,719)
administrative
expenses
Other operating - - 1
income
--------- --------- ---------
Operating loss (1,880) (1,951) (10,819)
--------- --------- ---------
Continuing (1,880) (1,725) (10,592)
operations
Discontinued - (226) (227)
operations --------- --------- ---------
Share of operating 2 16 (93) (110)
(loss)/profit of
joint venture
Amounts written (400) (235) (684)
off investments in
associates
--------- --------- ---------
Operating loss (2,264) (2,279) (11,613)
including share of
joint venture
Profit on disposal - 1,733 1,733
of discontinued
operation
Net interest 3 (5) (53) 258
payable and
similar items
--------- --------- ---------
Loss on ordinary
activities before
and after taxation
retained for the
year (2,269) (599) (9,622)
========= ========= =========
CLUFF MINING PLC
Interim results for the six months ended 30 June 2003
6 months to 6 months to 12 months to
30 June 30 June 31 December
2003 2002 2002
Usc Usc Usc
Basic and diluted 4 (9) (3) (46)
(loss) per ordinary
share
================ ================ ===============
Consolidated balance sheet
at 30 June 2003
30 June 30 June 31 December
2003 2002 2002
US$000 US$000 US$000
Fixed assets
Tangible fixed assets 31,751 18,079 22,123
Investments:
Joint ventures - share of - - 149
gross assets
- share of gross - - (149)
liabilities
Associates 400 1,400 800
---------------- ---------------- ----------------
32,151 19,479 22,923
Current assets
Debtors 461 319 424
Cash at bank and in hand 11,967 3,951 26,147
---------------- ---------------- ----------------
12,428 4,270 26,571
Creditors: amounts falling
due within one year (6,543) (8,734) (9,213)
---------------- ---------------- ----------------
Net current assets/ 5,885 (4,464) 17,358
(liabilities)
---------------- ---------------- ----------------
Net assets 38,036 15,015 40,281
================ ================ ================
Capital and reserves
Called up share capital 1,378 937 1,378
Share premium account 56,350 27,043 56,350
Merger reserve 29,197 24,781 29,197
Profit and loss account (48,889) (37,746) (46,644)
---------------- ---------------- ----------------
38,036 15,015 40,281
================ ================ ================
CLUFF MINING PLC
Interim results for the six months ended 30 June 2003
Analysis of shareholders'
funds
Equity 37,956 14,939 40,201
Non-equity 80 76 80
---------- ---------------- ----------------
38,036 15,015 40,281
========== ================ ================
Consolidated cash flow statement
for the 6 months ended 30 June 2003
6 months to 6 months to 12 months to
30 June 30 June 31 December
Note 2003 2002 2002
US$000 US$000 US$000
Net cash outflow 5 (905) (1,122) (3,282)
from operating
activities
---------------- ---------------- ----------------
Dividend received 16 33 16
from joint
venture
Returns on
investments and
servicing of
finance
Interest 106 84 662
received
Interest paid (5) - -
---------------- ---------------- ----------------
101 84 662
Capital
expenditure and
financial
investment
Expenditure in (10,327) (3,488) (9,565)
respect of fixed
assets
Expenditure in - (151) -
respect of
associates
---------------- ---------------- ----------------
(10,327) (3,639) (9,565)
Acquisitions and
disposals
Proceeds from 100 3,013 3,013
disposal of
subsidiary
Cash disposed of - (100) (100)
with subsidiary
---------------- ---------------- ----------------
100 2,913 2,913
---------------- ---------------- ----------------
Net cash outflow (11,015) (1,731) (9,256)
before financing
Financing
Issue of ordinary - - 31,404
share capital
Issue costs - - (1,720)
Repayment of (3,157) - -
non-convertible
loans
---------------- ---------------- ----------------
(Decrease)/ (14,172) (1,731) 20,428
increase in cash
in the period
================ ================ ================
CLUFF MINING PLC
Interim results for the six months ended 30 June 2003
Reconciliation of net cashflows to movement in net debt
for the 6 months ended 30 June 2003
Note 6 months 6 months 12 months to
to 30 June to 30 June 31 December
2002
2003 2002
US$000 US$000 US$000
(Decrease)/ (14,172) (1,731) 20,428
increase in cash
---------------- ---------------- ----------------
Change in net debt (14,172) (1,731) 20,428
arising from cash
flows
Repayment of 3,157 - -
non-convertible
loans
Disposal of - 8 8
finance leases
Exchange (8) (96) (59)
movements
Interest rolled-up (106) (133) (403)
into loans
---------------- ---------------- ----------------
Movement in net (11,129) (1,952) 19,974
debt
Net debt at start 6 17,843 (2,131) (2,131)
of period
---------------- ---------------- ----------------
Net debt at end of 6,714 (4,083) 17,843
period
================ ================ ================
Consolidated statement of total recognised gains and losses
for the 6 months ended 30 June 2003
6 months to 6 months to 12 months to
30 June 30 June 31 December
2003 2002 2002
US$000 US$000 US$000
Loss for the period (2,269) (599) (9,622)
Exchange on foreign 24 - 127
currency net investments
---------------- ---------------- ----------------
Total recognised loss for (2,245) (599) (9,495)
the period
================ ================ ================
CLUFF MINING PLC
Interim results for the six months ended 30 June 2003
Reconciliation of movements in shareholders' funds
for the 6 months ended 30 June 2003
6 months to 6 months to 12 months to
30 June 30 June 31 December
2003 2002 2002
US$000 US$000 US$000
Loss for the period (2,269) (599) (9,622)
Exchange gains on foreign 24 - 127
currency net investments
New share capital - 940 35,102
subscribed
Shares to be issued - (965) (965)
---------------- ---------------- ----------------
Net (decrease)/increase of (2,245) (624) 24,642
shareholders' funds
Shareholders' funds at 40,281 15,639 15,639
beginning of period
---------------- ---------------- --------------
Shareholders' funds at end 38,036 15,015 40,281
of period
================ ================ ================
CLUFF MINING PLC
Interim results for the six months ended 30 June 2003
Notes
1. Basis of preparation of financial statements
The interim financial information set out on pages 4 to 10 have been prepared on
the same basis and using the same accounting polices as were applied in drawing
up the company's statutory financial statements for the year ended 31 December
2002.
The financial information for the six months ended 30 June 2003 and 30 June 2002
is unaudited. In the opinion of the directors the financial information for
these periods present fairly the financial position, results of operations and
cash flows for the periods in conformity with generally accepted accounting
principles. The financial information for the 12 months ended 31 December 2002
has been derived from the group's audited financial statements for that period
as filed with the Registrar of Companies and does not constitute the statutory
financial statements for that period. The auditors' report on the statutory
financial statements for the year ended 31 December 2002 was unqualified and did
not contain any statement under Section 237(2) or (3) of the Companies Act 1985.
2. Geographic analysis
The share of joint venture turnover and the share of operating profit of joint
venture refers to Cluff's share of the turnover and operating profit at the
Maligreen Gold Mine in Zimbabwe.
3. Net interest and similar items (payable)/receivable
6 months to 6 months to 12 months to
30 June 30 June 31 December
2003 2002 2002
US$000 US$000 US$000
Interest receivable 106 84 661
Interest payable (111) (133) (403)
Discounting on - (4) -
provisions
---------------- ---------------- ----------------
(5) (53) 258
================ ================ ================
4. Earnings per share
The calculation of loss per ordinary share, is based on losses of US$2,269,000
(12 months to 31 December 2002: US$9,622,000) and the weighted average number of
ordinary shares outstanding of 25,955,291 (31 December 2002: 20,893,675). There
is no difference between the diluted loss per share and the loss per share
presented.
CLUFF MINING PLC
Interim results for the six months ended 30 June 2003
Notes (continued)
5. Reconciliation of operating loss to operating cash flows
6 months to 6 months to 12 months to
30 June 30 June 31 December
2003 2002 2002
US$000 US$000 US$000
Operating loss (1,880) (1,951) (10,819)
Depreciation charge 175 430 568
Loss on disposal of fixed 122 - -
assets
(Increase)/decrease in (37) (97) (202)
debtors
Increase in creditors 381 145 352
Exploration expenditure 326 255 6,760
written off
Exchange loss on monetary 8 96 59
assets in Zimbabwe
---------------- ---------------- ----------------
Net cash used in operating (905) (1,122) (3,282)
activities
================ ================ ================
6. Analysis of net funds/(debt)
At 1 Repayment of Interest
January non-convertible rolled-up Exchange At 30 June
2003 Cash flow loan into loans movements 2003
US$000 US$000 US$000 US$000 US$000 US$000
Cash at 26,147 (14,172) - - (8) 11,967
bank
Debt due (8,304) - 3,157 (106) - (5,253)
within
one
year
--------------- ------------ ---------------- ------------- -------------- --------------
Total 17,843 (14,172) 3,157 (106) (8) 6,714
=============== ============ ================ ============= ============== ==============
7. Post Balance Sheet Event
On 29 August 2003 the Company repaid the convertible loan with RMB Resources
Limited of $5.3 million including accrued interest.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UNSNROBRKUAR
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