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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
African Copper | LSE:ACU | London | Ordinary Share | GB00B03TH577 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.055 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
AFRICAN COPPER PLC UNAUDITED CONSOLIDATED FINANCIAL INFORMATION Three Months ended 31 March 2007 Expressed in Pounds Sterling The accompanying Financial Information for the three months ended 31 March 2007 and 31 March 2006 have not been reviewed or audited by the Company's Auditors and has an effective date of 14 May 2007. African Copper Plc Consolidated Income Statement (Unaudited) Three Months ended 31 March 2007 2006 Note £'000 £'000 Administrative expenses (568) (242) Share based expenses (222) (4) Depreciation (16) - Exchange loss (77) - ------------------------------------------------------------------------------------------------------------ Operating loss (883) (246) Finance income Bank interest receivable 704 92 ------------------------------------------------------------------------------------------------------------ Loss before and after tax (179) (154) ------------------------------------------------------------------------------------------------------------ Basic and diluted loss per ordinary share 0.14p 0.30p ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ The accompanying notes are an integral part of these consolidated financial statements. African Copper Plc Consolidated Balance Sheets As at As at 31 March 31 December (unaudited) audited 2007 2006 Note £'000 £'000 ASSETS Property, plant and equipment 2 17,279 13,964 Deferred exploration costs 3 2,367 2,007 -------------------------------------------------------------------------------------------------------- Total non-current assets 19,646 15,971 -------------------------------------------------------------------------------------------------------- Other receivables and prepayments 485 648 Cash and cash equivalents 49,251 53,254 -------------------------------------------------------------------------------------------------------- Total current assets 49,736 53,902 -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------- Total assets 69,382 69,873 -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------- EQUITY Issued share capital 5 1,312 1,305 Share premium 70,000 69,844 Acquisition reserve 4,485 4,485 Foreign currency translation reserve (2,792) (1,979) Retained losses (5,538) (5,687) -------------------------------------------------------------------------------------------------------- Total equity 67,467 67,968 -------------------------------------------------------------------------------------------------------- LIABILITIES Trade and other payables 1,915 1,905 -------------------------------------------------------------------------------------------------------- Total current liabilities 1,915 1,905 -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------- Total equity and liabilities 69,382 69,873 -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------- The accompanying notes are an integral part of these consolidated financial statements. The comparative information has been restated in accordance with IFRS. African Copper Plc Consolidated Statement of Changes in Shareholders' Equity Foreign Currency Share Share Acquisition Translation Retained Total Note Capital Premium Reserve Reserve Loss Equity £'000 £'000 £'000 £'000 £'000 £'000 Balance at 1 January 2005 500 15,157 4,485 - (4,475) 15,667 Foreign exchange adjustments - - - (315) - (315) Loss for the year - - - - (612) (612) ------------------------------------------------------------------------------------------------------------------ Total recognised loss for the year - - - (315) (612) (927) New share capital subscribed 20 1,001 - - - 1,021 Credit arising on share options - - - - 508 508 ------------------------------------------------------------------------------------------------------------------- Balance at 31 December 2005 520 16,158 4,485 (315) (4,579) 16,269 ------------------------------------------------------------------------------------------------------------------- Foreign exchange adjustments - - - (1,664) - (1,664) Loss for the year - - - - (2,100) (2,100) ------------------------------------------------------------------------------------------------------------------ Total recognised loss for the year - - - (1,664) (2,100) (3,764) New share capital subscribed 785 58,702 - - - 59,487 Share issue costs - (5,016) - - - (5,016) Credit arising on share options - - - - 992 992 ------------------------------------------------------------------------------------------------------------------ Balance at 31 December 2006 1,305 69,844 4,485 (1,979) (5,687) 67,968 ------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------ Foreign exchange adjustments - - - (813) - (813) Loss for the period - - - - (179) (179) ------------------------------------------------------------------------------------------------------------------ Total recognised loss for the period - - - (813) (179) (992) New share capital subscribed 7 156 - - - 163 Credit arising on share options - - - - 328 328 ------------------------------------------------------------------------------------------------------------------ Balance at 31 March 2007 1,312 70,000 4,485 (2,792) (5,538) 67,467 ------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------ The accompanying notes are an integral part of these consolidated financial statements. The comparative information has been restated in accordance with IFRS. African Copper Plc Consolidated Cash Flow Statement Three months ended 31 March 2007 2006 Note £'000 £'000 Cash flows from operating activities Administration expenses (568) (242) Share based expenses (222) (4) Depreciation (16) - ------------------------------------------------------------------------------------------------------------------ Operating loss from continuing operations (806) (246) Decrease/(increase) in receivables 163 (618) Decrease/(increase) in payables 9 (442) Share based payment expense 222 4 Depreciation 16 - ------------------------------------------------------------------------------------------------------------------ Cash used in operating activities (396) (1,302) Interest received 704 92 ------------------------------------------------------------------------------------------------------------------ Net cash inflow/(outflow) from operating activities 308 (1,210) ------------------------------------------------------------------------------------------------------------------ Cash flows from investing activities Payments to acquire property, plant and equipment (3,957) (8) Payments of deferred exploration expenditures (440) (1,533) ------------------------------------------------------------------------------------------------------------------ Net cash outflow from investing activities (4,397) (1,541) ------------------------------------------------------------------------------------------------------------------ Cash flows from financing activities Issue of equity upon exercise of warrants - 52 Issue of equity upon exercise of options 163 - ------------------------------------------------------------------------------------------------------------------ Net cash inflow from financing activities 163 52 ------------------------------------------------------------------------------------------------------------------ Net decrease in cash and cash equivalents (3,926) (2, 699) Cash and cash equivalents at beginning of the period 53,254 10,676 Exchange loss (77) - ------------------------------------------------------------------------------------------------------------------ Cash and cash equivalents at end of the period 49,251 7,977 ------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------ The accompanying notes are an integral part of these consolidated financial statements. 1. Nature of operations, going concern and adequacy of project finance African Copper Plc ("African Copper" or the "Company") is a public limited company incorporated and domiciled in England and is listed on the AIM market of the London Stock Exchange, the Toronto Stock Exchange and the Botswana Stock Exchange. African Copper is a holding company of a mineral exploration and development group of companies (the "Group"). The Group is involved in the exploration and development of copper deposits in Botswana and is currently developing its first copper mine at the Dukwe Project and is conducting an exploration programme at the Matsitama Project. The Dukwe Project is located in the northeastern portion of Botswana and the Matsitama Project is contiguous to the southern boundary of the Dukwe Project. The accompanying interim consolidated financial information is prepared by management in accordance with International Financial Reporting Standards ("IFRS") and its interpretations adopted by the International Accounting Standards Board ("IASB") which are the same as those adopted by the European Union and with parts of the Companies Act 1985 applicable to companies reporting under IFRS. This interim consolidated financial information has been prepared on the basis of a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business as they come due. The Company has not reached commercial production. The Company is continuing the development of the Dukwe Project, including finalizing the mine plan by incorporating the results of the recent infill drilling programme into the pit optimization study and accelerating development work, including entering into a mining contract. At such time as the mine plan is completed the capital cost of the Dukwe Project will be finalized and the additional capital requirements will be determined. In anticipation of the Company's future working capital requirements, the Company has engaged Standard Bank Plc to arrange a proposed US$25 million working capital revolving credit facility and related hedging facility. The strategy contemplates cashflow generated from the proposed mining operations at the Dukwe Project to continue funding further exploration and development of the Matsitama Belt. The Company's ability to continue as a going concern is ultimately dependent on the final capital cost of the Dukwe Project, its ability to fund additional working capital and obtain additional financing to complete the Dukwe Project and, eventually, to generate positive cashflows from mining operations. These financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary were the going concern assumption inappropriate, and these adjustments could be material. The accounting policies and methods of computation used in the preparation of the unaudited consolidated financial information are the same as those described in the Company's audited consolidated financial statements and notes thereto for the year ended 31 December 2006. In the opinion of management, the accompanying interim financial information includes all adjustments considered necessary for fair and consistent presentation of financial statements. These interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes for the year ended 31 December 2006. The financial information for the twelve months ended 31 December 2006 has been derived from the Group's audited financial statements for the period as filed with the Registrar of Companies. It does not constitute the financial statements for that period. The auditors' report on the statutory financial statements for the year ended 31 December 2006 was unqualified and did not contain any statement under Section 237(2) or (3) of the Companies Act 1985. 2. Property, Plant and Equipment Mine Mine Plant and Development and Equipment Other Total Infrastructure Assets £'000 £'000 £'000 £'000 Cost Balance at 1 January 2005 - - 28 28 Additions - - 134 134 ---------------------------------------------------------------------------------------------------------------------- Balance at 31 December 2005 - - 162 162 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Balance at 1 January 2006 - - 162 162 Reclassification from Deferred Exploration 10,395 241 - 10,636 Additions 3,322 146 337 3,805 Exchange adjustments (458) - (32) (490) ---------------------------------------------------------------------------------------------------------------------- Balance at 31 December 2006 13,259 387 467 14,113 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Balance at 1 January 2007 13,259 387 467 14,113 Additions 3,551 - 170 3,721 Exchange adjustments (389) (13) (14) (416) ---------------------------------------------------------------------------------------------------------------------- Balance at 31 March 2007 16,421 374 623 17,418 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Depreciation and impairment losses Balance at 1 January 2005 - - - - Depreciation charge for the year - - (42) (42) ---------------------------------------------------------------------------------------------------------------------- Balance at 31 December 2005 - - (42) (42) ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Balance at 1 January 2006 - - (42) (42) Depreciation charge for the year - - (115) (115) Exchange adjustments - - 8 8 ---------------------------------------------------------------------------------------------------------------------- Balance at 31 December 2006 - - (149) (149) ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Balance at 1 January 2007 - - (149) (149) Depreciation charge for the year - - (19) (19) Exchange adjustments 29 29 ---------------------------------------------------------------------------------------------------------------------- Balance at 31 March 2007 - - (139) (139) ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Carry amounts Balance at 1 January 2005 - - 28 28 ---------------------------------------------------------------------------------------------------------------------- Balance at 31 December 2005 - - 120 120 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Balance at 31 December 2006 13,259 387 318 13,964 ---------------------------------------------------------------------------------------------------------------------- Balance at 31 March 2007 16,421 374 484 17,279 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- 3. Deferred exploration costs £'000 Cost Balance at 1 January 2005 2,330 Additions 5,144 Exchange adjustments (315) ---------------------------------------------------------------------------------------------------------------------- Balance 31 December 2005 7,159 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Additions 6,175 Exchange adjustments (691) Reclassification to Mine Development and Infrastructure (10,636) ---------------------------------------------------------------------------------------------------------------------- Balance 31 December 2006 2,007 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Additions 463 Exchange adjustments (103) ---------------------------------------------------------------------------------------------------------------------- Balance 31 March 2007 2,367 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- 4. Related party transactions The Company had related party transactions with companies in which directors of the Group have an interest and these transactions were incurred in the normal course of operations and are recorded at their exchange amount. (a) Under the terms of a serviced offices agreement which expired on 28 February 2007, £11,750 (2006 - £17,625) was paid to the Dragon Group, a company controlled by A.J. Williams, a director of the Company, to provide fully serviced office accommodation in the UK and reimbursed expenses. At 31 March 2007 a balance of £nil (2006 - £11,825) was outstanding. (b) Under the terms of a serviced offices agreement, £20,867 (2006 - £18,618) was paid to the Summit Resource Management Limited, a company controlled by D. Jones, a director of the Company, to provide fully serviced office accommodation in Canada, bookkeeping infrastructure and reimbursed expenses. At 31 March 2007 a balance of £2,620 (2006 - £nil) was outstanding. (c) The Company entered into an agreement with Pickax International Corp. ("Pickax") and Joseph Hamilton on 1 July 2006, pursuant to which Pickax agreed to cause Joseph Hamilton to provide services to the Company, in the capacity as Chief Operating Officer. The agreement replaced an existing executive services agreement on materially the same terms and conditions. During the term of the agreement Pickax will be paid £164,800 per year. The Company was charged £41,200 (2006 - £nil) during the three months ended 31 March 2007 by Pickax. Pickax is a corporation controlled by Joseph Hamilton, the Chief Executive Officer and a director of the Company. The agreement will be amended to reflect Mr. Hamilton's appointment as Chief Executive Officer of the Company. 5. Share Capital No. of shares £'000 Authorised: At 31 December 2005 and 31 December 2006 Ordinary shares of 1p each 495,000,000 4,950 Redeemable preference shares of £1each 50,000 50 Issued: Balance at 1 January 2005 49,992,173 500 Ordinary shares issued on exercise of warrants 2,040,982 20 ---------------------------------------------------------------------------------------------------------------------- Balance at 31 December 2005 52,033,155 520 Ordinary shares issued on June 2006 placement 75,000,000 750 Ordinary shares issued on exercise of warrants 2,474,030 25 Ordinary shares issued on exercise of options 1,000,000 10 ---------------------------------------------------------------------------------------------------------------------- Balance at 31 December 2006 130,507,185 1,305 Ordinary shares issued on exercise of options 700,000 7 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Balance at 31 March 2007 131,207,185 1,312 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Shares issued During 2006, a total of 78,474,030 ordinary shares were issued for net cash consideration of £53,641,555 from the following: (i) public placement that raised gross proceeds of £57.96 million, through the issuance of 34,375,000 ordinary shares of 1p at 77.5p per share and 40,625,000 ordinary shares of 1p at Can$1.60 per share. The net proceeds of the offering were £52.9 million after deducting a 6% cash commission to the underwriters of £3.48 million plus various professional fees and stamp duty reserve tax costs related to the offering. (ii) exercise of 2,474,030 warrants to purchase ordinary shares of the Company at 52.5p each. (iii) exercise of 900,000 share options to purchase ordinary shares of the Company at Can$0.25 each and 100,000 share options to purchase ordinary shares of the Company at 35p each. These share options were options originally granted under the Mortbury Limited option plan. On 29 March 2007 a total of 700,000 ordinary shares were issued for net cash consideration of £163,961 from the exercise of 350,000 share options to purchase ordinary shares of the Company at Can$0.25 each and 350,000 share options to purchase ordinary shares of the Company at 35p each. These share options were options originally granted under the Mortbury Limited option plan. 6. Share purchase warrants Number of Warrants Number of Warrants at at Date of Grant Subscription Price Exercise Period 31 March 2007 31 March 2006 - 2,374,030 26 May 2004 £0.525 from admission 1 until up to 3 years two years following admission following date. £0.70 from that date admission. until three years following admission date. 1. Admission to the Alternative Investment Market of the London Stock Exchange at November 12, 2004. 7. Share based payments African Copper has established a share option scheme with the purpose of motivating and retaining qualified management and to ensure common goals for management and the shareholders. Under the African Copper share plan each option gives the right to purchase one African Copper ordinary share. For options granted the vesting period is generally up to three years. If the options remain unexercised after a period of 10 years from the date of grant, the options expire. Furthermore, options are forfeited if the employee leaves the Company. As part of the acquisition of Mortbury Limited, the Company agreed to grant options in the Company on the same basis as the Mortbury options outstanding on the date of acquisition. No further options will be granted under the Mortbury share scheme. At 31 March 2007 all Mortbury options had been exercised. As part of admission to the AIM market of the London Stock Exchange, the Company issued its Nominated Advisor an option to subscribe for 499,872 ordinary shares at a price of 83.6p (the "Underwriters Options") for two years following 12 November 2004 (date of admission) and at a price of 91.2p for the third year of the exercise period. As at 31 March 2007, ordinary share options held by directors and employees were as follows: Outstanding Exercisable Weighted average remaining contractual Exercise price Number of Options life (years) Number of (£) options 0.35 500,000 7.48 333,333 0.76 2,630,000 7.86 2,523,334 0.775 8,560,000 9.40 3,228,000 -------------------------------------------------------------------------------------------- 11,690,000 6,084,667 During the periods ended 2007 and 2006, director and employee stock options were granted, exercised and cancelled as follows: Weighted average Options exercise price in £ per share At 1 January 2006 0.56 5,160,000 Granted 0.775 8,660,000 Exercised 0.14 (1,000,000) ----------------------------------------------------------------------------------------------------------------- At 31 December 2006 0.74 12,820,000 Granted 0.775 200,000 Forfeited 0.77 (630,000) Exercised 0.23 (700,000) ----------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------- At 31 March 2007 0.77 11,690,000 The exercise of the outstanding stock options would be anti-dilutive in the loss per share calculation. The fair value of 200,000 options granted during the three months ended 31 March 2007 (31 March 2006 - nil) has been estimated at the date of grant using a Black-Scholes option pricing model. The current period's valuation was calculated with the following assumptions: weighted average risk-free rate of 4.5% (31 March 2006 - 4.5%); volatility factor of the expected market price of the Company's common stock of 34% (31 March 2006 - 60%); and a weighted average expected life of the options of 5 years (31 March 2006 - 5 years). The resulting weighted average cost per option granted was 21.2p (31 March 2006 - 27p). The estimated fair value of the options is amortized over the vesting period and expensed to the Consolidated Income Statement or capitalized to property, plant and equipment and/or deferred exploration costs on the consolidated Balance Sheet. 8.Segmented Information The Company has one operating segment: the acquisition, exploration and development of base metal projects located in Botswana. 31 March 31 December 2007 2006 £'000 £'000 Capital expenditure on property, plant and equipment: Botswana 3,715 3,805 United Kingdom 6 - ---------------------------------------------------------------------------------------------------------------- 3,721 3,805 ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- Capital expenditure on deferred exploration: Botswana 450 5,825 United Kingdom 13 350 --------------------------------------------------------------------------------------------------------------- 463 6,175 --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- 9. Commitments The following is a summary of contractual commitments of the Company including payments due in the next three years and thereafter. Total 2007 2008 2009 2010 £'000 £'000 £'000 £'000 £'000 Goods, services and long lead equipment 10,302 10,302 - - - (a) Mining contract (b) 3,349 3,349 Matsitama exploration licences (c) 1,076 294 375 326 81 Lease agreements (d) 231 109 109 13 - ---------------------------------------------------------------------------------------------------------------- 14,958 14,054 484 339 81 ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- (a) The Company and its subsidiaries have a number of agreements with arms-length third parties who provide a wide range of goods and services and long-lead time equipment. The primary commitments relate to the engineering, procurement, construction and management contract ("EPCM") for the construction of the flotation concentrator and related facilities at the Dukwe Mining Project. Contractual obligations related to the EPCM are expected to continue to rise over the next four months as construction at the Dukwe Mining Project accelerates. (b) In the event of an optional of the optional termination Moolman Mining Botswana (Pty) Ltd. mining contract by the Company, a maximum early termination payment of approximately £2.6 million, which payment may be reduced, depending upon the number of months notice given, to £nil upon 6 months notice, together with demobilization charges would be payable. (c) Under the terms of the Company's prospecting licences Matsitama is obliged to incur certain minimum expenditures. (d) The Company has entered into agreements for lease premises for various periods until 30 August 2009. African Copper Plc
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