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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Altyngold Plc | LSE:ALTN | London | Ordinary Share | GB00BMH19X50 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 6.00 | 5.17% | 122.00 | 119.00 | 125.00 | 124.00 | 120.00 | 120.00 | 8,978 | 16:35:20 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 62.04M | 13.23M | 0.4841 | 2.56 | 33.89M |
From May 2019 to May 2024
TIDMALTN
RNS Number : 5037P
Altyn PLC
31 August 2017
ALTYN PLC
Interim report - six months to 30 June 2017
Altyn Plc ("Altyn" or the "Company"), the gold mining and development company, announces its unaudited results for the six months to 30 June 2017.
Highlights:
Mine development
-- Ore extracted from the underground mine increased in line with projections to 30,000 tonnes a month. A further ramp-up to achieve the target of 40,000 tonnes - 45,000 tonnes a month requires further capital investment in underground mining plant and equipment, such as dump trucks, load-haul dumpers and drilling equipment.
-- The current level of production was achieved with the following equipment becoming operational in April and May 2017. The LHD Fambition (load-haul-dumper used to fill the underground trucks with ore), and a prospect drilling machine, CSK Sondaj - C400 (used to define and contour the ore bodies to target and extract the higher-grade ores).
-- The Company continued the development of the underground mine, developing 160 metres of the transport decline number 2 to 185 Masl.
-- Exploration work at the Karasuyskoye area was continued. In the first half of the year, extensive exploration work was carried out at three sites within the contract licence area, the results are currently being analysed.
Production
-- Gold recovery is averaging 81-82 per cent, in line with expectations. In H2 2017 new equipment for gravity concentration, which is expected to be operational in H2 2017 will increase gold recoveries further.
-- H1 2017 gold production from Sekisovskoye was 7,327 ounces, a two-fold growth compared with H1 2016: 3,694 ounces.
-- The actual production was affected by planned maintenance at the processing plant, this operationally closed the plant for three weeks in June 2017. No further closures or maintenance works are planned in the near future.
Financial
-- The turnover has increased to US$9.4 million (H1 2016 US$6.8 million), an increase of 35 per cent. The gold price has been averaging US$1,240 ounces during the period (Year 2016 US$1,250). Signs are that the gold price is on an upward trend.
-- The Company achieved a small operating loss of US$109,000 (H1 2016 Loss - US$1.3 million), with a loss before taxation of US$ 1.2 million (H1 2016 Loss US$2.5 million).
-- The total cash cost of production was US$899 ounces (Year 2016 US$1,238 ounces).
-- EBITDA achieved was positive at US$2.5 million (Year 2016 US$0.26 million).
-- Cash flow from operating activities was positive at US$1.6 million, this will be further strengthened in the year as the last tranche of the EBRD loan is payable in October 2017.
-- Cash balances at 30 June 2017 were US$1.5 million, and are sufficient for current operational requirements.
Fund raising
-- The Company is in the advanced stages of fund raising negotiations for the acquisition of machinery for the project, it is expected to conclude this in Q4 this year.
-- As part of the process of presenting the project to investors and to meet due diligence requirements of potential lenders, a great deal of analysis and background work has been undertaken. The Company's plans were evaluated and the conclusions were positive and supported the current mining methodologies and techniques being used.
Aidar Assaubayev, CEO of Altyn Plc commented:
"The Company is now operating on a sound footing with the basic structures in place to move forward. However, to increase production capacity the Company will need further equipment in order to push production up to the next step of 40,000-45,000 tonnes of ore processing a month. The Company is continuing to look at a number of options to service this need and hope to report back positively in Q4 2017."
For further information please contact:
Altyn PLC
For further information please contact:
Altyn Plc
Rajinder Basra, CFO +44 (0) 207 932 2456
VSA Capital (Corporate Broker)
Andrew Monk / Andrew Raca +44 (0) 203 005 5000
Blytheweigh (Financial PR)
Tim Blythe/Camilla Horsfall +44 (0) 207 138 3204
Information on the Company
Altyn Plc (LSE:ALTN) is an exploration and development company, which is listed on the standard segment of the London Stock Exchange.
To read more about Altyn Plc please visit our website www.altyn.uk
ALTYN PLC
Chief Executive Review
H1 2017 Review
Mine development
In Q2 2017, due to the planned overhaul and maintenance of the processing plant in June 2017. The mining operations were focused on increasing the production capacity, preparing the ore bodies for production and operational exploration.
The plant was shut operationally for three weeks during the maintenance procedures. The following preventive maintenance operations were performed:
-- Replaced the cover of mill No. 1;
-- Replaced DEN-250 compressor;
-- Replaced the METCO crusher's control block;
-- Replaced twoVarmanpumps.
In terms of continuing mine development the transport decline was increased by 160 metres to horizon 185 Masl, opening up access to a number of ore bodies.
The Company ramped up the mine's production capacity and reached the planned current level of 30,000 tonnes per month. A further ramp-up requires the acquisition of additional machinery for underground operations (dump trucks, load-haul dumpers, drilling equipment), and this is currently being negotiated.
In order to achieve the current output the company purchased an LHD Fambition (load-haul-dumper used to fill the underground trucks with ore), and a prospect drilling machine, CSK Sondaj - C400 (used to define and contour the ore bodies to target and extract the higher-grade ores). LHD became operational in April, and the drilling machine in May 2017.
The Company is at the advanced stage of fund raising negotiations for acquisition of machinery for the project, and expects to raise funds and begin the acquisition process for the new equipment in Q4 this year.
The production over the past half year was mainly from the group of ore bodies 5 (5.1-5.7). The reserves were developed at sub-levels 250, 263, 278 and 293 MASL. The Company also developed a group of ore bodies 1 (1.1-1.5) at sub-levels 320 and 340 Masl.
Along with the production, the ore bodies were prepared for production at an outperforming pace:
-- Opened the reserves of ore body 11 at horizon 185 Masl.
-- Ore body 10 at horizons 200-250 Masl was prepared for production.
-- Opened and prepared a group of ore bodies 3-8 at horizons 228-250 Masl for production.
-- Opened ore body 2 at horizon 320-350 Masl.
The Company is continuing to progress towards its targeted production of one million tonnes of ore per year, to generate approximately 100,000 ounces per year.
Karasuyskoye
In addition to the underground mine development the Company is continuing to develop its prospective site at Karasuyskoye.
In H1, the following work was completed in the Karasuyskoye area:
-- Reconnaissance survey of 25 linear kilometres was conducted.
-- The reconnaissance survey results were cross checked to the geophysical data acquired by the Company.
-- At the Tserkovskoye mineral occurrence:
a. A 50 metre long trench was constructed b. 200 linear metres of air drill wells were progressed
c. As a result of the work at the Tserkovskoye mineral occurrence, the company clarified the structure and boundaries of the first (t) and second ore bodies. The results of the work are now being analysed in detail
-- The ongoing work includes a topographic adjustment of the areas, and sketch surveys of the old underground excavations at the Glyaden area and surveys at the Gosudarevskiy area.
H1 2017 Operational Overview
Open pit mine H1 2017 H1 2016 ----------------------- -------- -------- -------- Ore extracted tons - 87,319 ----------------------- -------- -------- -------- Gold grade, open pit mine g/t - 0.87 ----------------------- -------- -------- -------- Silver grade, open pit mine g/t - 1.67 ----------------------- -------- -------- -------- Underground mine H1 2017 H1 2016 ----------------------- -------- -------- -------- Ore extracted tons 151,400 28,824 ----------------------- -------- -------- -------- Gold grade g/t 2.14 2.38 ----------------------- -------- -------- -------- Silver grade g/t 2.40 4.15 ----------------------- -------- -------- -------- Mineral processing H1 2017 H1 2016 ----------------------- -------- -------- -------- Milling tons 131,238 116,834 ----------------------- -------- -------- -------- Gold grade g/t 2.06 1.33 ----------------------- -------- -------- -------- Silver grade g/t 2.29 2.70 ----------------------- -------- -------- -------- Gold recovery % 81.76% 75.87% ----------------------- -------- -------- -------- Silver recovery % 71.37% 73.17% ----------------------- -------- -------- -------- Gold produced ounces 7,327 3,694 ----------------------- -------- -------- -------- Silver produced ounces 6,484 6,382 ----------------------- -------- -------- --------
There was a significant increase of five times in production compared to H1 2016. With the Company reaching its targeted production capacity of 30,000 tonnes of ore per month.
The extraction level was maintained at the planned level (81-82 per cent). The Company will keep controlling and monitoring this performance indicator, and hopes to improve this in the near future once the gravity concentration plant is installed in Q4 2017.
As stated in H2 2017, the Company is focused on the construction of the mine and preparation of ore bodies during the plant maintenance works. The resulting associated ore volumes and in particular the quality of development ore led to a decrease in the gold grade. However the gold production almost doubled as compared to the production in H1 2016: 7,327 ounces this year versus 3,694 ounces in the past year.
Moving forward
The Company's plan for the near future:
-- Commission the gravity concentration line at the plant in H2, to increase recovery rates.
-- Continue negotiations with potential lenders in order to purchase the necessary plant to increase productive capacity in Q4. As a result, the Company plans to increase production to 500,000t of ore in 2018.
-- Continue to develop the decline and access to the higher grade ore bodies.
H1 2017 Financial Review
The Company has reported a gross profit of US$1.5 million for H1 2017, against US$1.0 million for H1 2016, with turnover of US$9.2 million (H1 2016 US$6.8 million).
It is important to note this level of production was achieved with the wind down and subsequent shut down of the processing plant as mentioned for three weeks.
In the period the Company purchased a LHD Fambition (load-haul-dumper used to fill the underground trucks with ore), and a prospect drilling machine, CSK Sondaj - C400 (used to define and contour the ore bodies to target and extract the higher-grade ores). In addition, the costs of exploration at Karasuyskoye were capitalised in accordance with the accounting policy this amounted US$264,000.
Sekisovskoye produced 7,327 ounces of gold in H1 2016 (H1 2016:3,694 ounces). Gold sold during the period amounted to 7,437 ounces (H12016 5,513 ounces) at an average price of US$1,237 per ounces (H1 2016: US$1,235 per ounce). The average price of sales achieved includes revenues generated from silver sales in the period, which are treated as incidental to gold production.
The operating cash cost of production (cost of sales excluding depreciation and provisions) for the period was US$661 per ounce (Year 2016 US$832 per ounce). The total cash cost was US$899 per ounce as compared to US$1,238 in year ended 2016. Tight controls are being maintained over administrative costs during this period to conserve cash resources.
As of 30 June 2017, the Company had cash balances of US$1.5 million. During the period, the Company repaid two tranches of debt in relation to the EBRD loan of US$1.7 million, plus the associated interest. At the current date only one instalment of US$833,000 and the associated interest remains outstanding. The Company borrowed US$750,000 during the period to finance working capital requirements. The Company currently has sufficient cash resources to operate, it is expected more significant revenues are to be generated from production towards the end of H2 2017, and this together with the reduction in the debt service requirements will ease pressures on the cash flow.
Aidar Assaubayev
Chief Executive Officer
31 August 2017
ALTYN PLC
Consolidated income statement
Hot Features
Premium
Six months Six months Year ended
ended 30 ended 30 June 31 December
June 2016 2016
2017
(unaudited) (unaudited) (audited)
Note US$'000 US$'000 US$'000
-------------------- ---- ------------- ---------------------------------- ------------
Revenue 9,200 6,811 15,867
Cost of sales (7,631) (5,758) (13,554)
-------------------- ---- ------------- ---------------------------------- ------------
Gross profit 1,569 1,053 2,313
Administrative
expenses (1,766) (2.390) (5,352)
Impairments 88 - (1,107)
-------------------- ---- ------------- ---------------------------------- ------------
Operating
loss (109) (1,337) (4,146)
Foreign exchange 213 (883) 283
Finance Expense (1,290) (323) (2,215)
-------------------- ---- ------------- ---------------------------------- ------------
(6,078)
Loss before
taxation (1,186) (2,543) (2
Taxation 14 (8) (278)
-------------------- ---- ------------- ---------------------------------- ------------
Loss attributable
to equity s
Shareholders (1,172) (2.551) (6,356)
-------------------- ---- ------------- ---------------------------------- ------------
Loss per ordinary
share
Basic & diluted
(US cent) 2 (0.05c) (0.1c) (0.3c)
-------------------- ---- ------------- ---------------------------------- ------------
ALTYN PLC
Consolidated statement of profit or loss and other
comprehensive income
Six months Six months Year ended
ended 30 ended 30 31 December
June June 2016
2017 2016
(unaudited)
(unaudited) (unaudited) (audited)
US$'000 US$'000 US$'000
Loss for the period/year (1,172) (2,551) (6,356)
------------------------------------ ------------ ---------------------------- -------------
Currency translation differences
arising on translations
of foreign operations items
which will or may be reclassified
to profit or loss 1,296 141 747
Currency translation differences
arising on translations
of foreign operations relating
to taxation -- 866
------------------------------------ ------------ ---------------------------- -------------
Total comprehensive profit/(loss)
for the period/year
attributable to equity
shareholders 124 (2,410) (4,743)
------------------------------------ ------------ ---------------------------- -------------
ALTYN PLC
Consolidated statement of financial position
Six months Six months Year ended
ended 30 ended 30 June 31 December
June 2016 2016
2017
Notes
(unaudited) (unaudited) (audited)
US$'000 US$'000 US$'000
-------------------------- ----- ------------- --------------------------- -------------
Non-current assets
Intangible asset 3 11,034 9,632 10,264
Property, plant
and equipment 4 36,979 36,688 37,316
Inventories - 499 -
Other receivables 497 2,237 1,100
Deferred tax asset 5,855 5,145 5,855
Restricted cash 39 137 139
-------------------------- ----- ------------- --------------------------- -------------
54,404 54,338 54,674
-------------------------- ----- ------------- --------------------------- -------------
Current assets
Inventories 2,546 1,790 1,366
Trade and other
receivables 3,143 2,649 3,096
Cash and cash
equivalents 1,536 4,863 2,236
-------------------------- ----- ------------- --------------------------- -------------
7,225 9,302 6,698
-------------------------- ----- ------------- --------------------------- -------------
Total assets 61,629 63,640 61,372
-------------------------- ----- ------------- --------------------------- -------------
Current liabilities
Current tax payable - - (11)
Trade and other
payables (6,515) (5,049) (5,877)
Other financial
liabilities (536) (332) (461)
Provisions (189) (218) (190)
Borrowings (2,451) (6,107) (4,439)
-------------------------- ----- ------------- --------------------------- -------------
(9,691) (11,706) (10,978)
-------------------------- ----- ------------- --------------------------- -------------
Net current liabilities (2,466) (2,404) (4,280)
-------------------------- ----- ------------- --------------------------- ---------------
Non-current liabilities
Other financial
liabilities &
payables (189) (396) (444)
Provisions (4,396) (3,530) (3,978)
Borrowings (13,180) (12,017) (11,981)
(17,765) (15,943) (16,403)
-------------------------- ----- ------------- --------------------------- -------------
Total liabilities (27,456) (27,649) (27,381)
-------------------------- ----- ------------- --------------------------- -------------
Net assets 34,173 35,991 33,991
-------------------------- ----- ------------- --------------------------- -------------
Equity
Called-up share
capital 3,886 3,886 3,886
Share premium 141,918 141,918 141,918
Merger reserve (282) (282) (282)
Other reserve 391 - 333
Currency translation
reserve (44,508) (47,276) (45,804)
Accumulated loss (67,232) (62,255) (66,060)
-------------------------- ----- ------------- --------------------------- -------------
Total equity 34,173 35,991 33,991
-------------------------- ----- ------------- --------------------------- -------------
The financial information was approved and authorised for issue by the Board of Directors on 31 August 2017 and was signed on its behalf by:
Aidar Assaubayev - Chief Executive Officer
ALTYN PLC
Consolidated statement of changes of equity
Share Share Merger Currency Other Accumulated
capital premium reserve translation reserves losses Total
reserve
Unaudited US$'000 US$'000 US'000 US$'000 US$'000 US$'000 US$'000
----------------------- --------- -------- -------- ------------ --------- ----------- -------
At 1 January 2017 3,886 141,918 (282) (45,804) 333 (66,060) 33,991
Loss for the period - - - - - (1,172) (1,172)
Exchange differences
on translating
foreign operations - - - 1,296 - - 1,296
----------------------- --------- -------- -------- ------------ --------- ----------- -------
Total comprehensive
profit for the
period - - - 1,296 - (1,172) 124
----------------------- --------- -------- -------- ------------ --------- ----------- -------
Share based payment - - - - 58 - 58
----------------------- --------- -------- -------- ------------ --------- ----------- -------
At 30 June 2017 3,886 141,918 (282) (44,508) 391 (67,232) 34,173
----------------------- --------- -------- -------- ------------ --------- ----------- -------
Unaudited US$'000 US$'000 US'000 US$'000 US$'000 US$'000 US$'000
----------------------- --------- -------- -------- ------------ --------- ----------- -------
At 1 January 2016 3,886 141,918 (282) (47,417) - (59,704) 38,401
Loss for the period - - - - - (2,551) (2,551)
Exchange differences
on translating
foreign operations - - - 141 - - 141
----------------------- --------- -------- -------- ------------ --------- ----------- -------
Total comprehensive
loss for the period - - - 141 - (2,551) (2,410)
----------------------- --------- -------- -------- ------------ --------- ----------- -------
At 30 June 2016 3,886 141,918 (282) (47,276) - (62,255) 35,991
----------------------- --------- -------- -------- ------------ --------- ----------- -------
Audited US$'000 US$'000 US'000 US$'000 US$'000 US$'000 US$'000
----------------------- --------- -------- -------- ------------ --------- ----------- -------
At 1 January 2016 3,886 141,918 (282) (47,417) - (59,704) 38,401
Loss for the year - - - - - (6,356) (6,356)
Other comprehensive
loss - - - 1,613 - - 1,613
----------------------- --------- -------- -------- ------------ --------- ----------- -------
Total comprehensive
loss for the year - - - (1,613) - (6,356) (4,743)
----------------------- --------- -------- -------- ------------ --------- ----------- -------
Equity component
of loans received - - - - 333 - 333
----------------------- --------- -------- -------- ------------ --------- ----------- -------
At 31 December
2016 3,886 141,918 (282) (45,804) 333 (66,060) 33,991
----------------------- --------- -------- -------- ------------ --------- ----------- -------
ALTYN PLC
Notes to the consolidated financial information
Six months Six months Year ended
ended 30 June ended 30 31 December
2017 June 2016 2016
(unaudited) unaudited (audited)
Note US$'000 US$'000 US$'000
Net cash inflow/(outflow)
from operating
activities 7 1,639 (3,496) (2,918)
-------------------------- ----- --------------- ------------ -------------
Investing activities
Purchase of property,
plant and equipment (966) (2,574) (4,898)
Advances paid
for equipment - (900) -
Exploration
costs (264) - (396)
Net cash used
in investing
activities (1,230) (3,474) (5,294)
-------------------------- ----- --------------- ------------ -------------
Financing activities
Loans received 756 13,000 13,661
Loans and Interest
paid (1,865) (2,251) (4,193)
-------------------------- ----- --------------- ------------ -------------
Net cash flow
from financing
activities (1,109) 10,749 9,468
-------------------------- ----- --------------- ------------ -------------
(Decrease)/increase
in cash and
cash equivalents (700) 3,779 1,256
-------------------------- ----- --------------- ------------ -------------
Foreign currency
translation - - (104)
-------------------------- ----- --------------- ------------ -------------
Cash and cash equivalents
at the beginning
of the period/year 2,236 1,084 1,084
--------------------------------- --------------- ------------ -------------
Cash and cash equivalents
at end of the period/year 1,536 4,863 2,236
--------------------------------- --------------- ------------ -------------
1.Basis of preparation
General
Altyn Plc is registered and domiciled in England and Wales, whose share are publicly traded.
The interim financial results for the period ended 30 June 2017 are unaudited. The financial information contained within this report does not constitute statutory accounts as defined by Section 434(3) of the Companies Act 2006.
This interim financial information of the Company and its subsidiaries ("the Group") for the six months ended 30 June 2017 has been prepared, in accordance with IAS34 ( interim financial statements) and on a basis consistent with the accounting policies set out in the Group's consolidated annual financial statements for the year ended 31 December 2016. It has not been audited, does not include all of the information required for full annual financial statements, and should be read in conjunction with the Group's consolidated annual financial statements for the year ended 31 December 2016. The 2016 annual report and accounts, as filed with the Registrar of Companies, received an unqualified opinion from the auditors.
The financial information is presented in US Dollars and has been prepared under the historical cost convention.
The same accounting policies, presentation and method of computation are followed in this consolidated financial information as were applied in the Group's latest annual financial statements except that in the current financial year, the Group has adopted a number of revised Standards and Interpretations. However, none of these have had a material impact on the Group.
In addition, the IASB has issued a number of IFRS and IFRIC amendments or interpretations since the last annual report was published. It is not expected that any of these will have a material impact on the Group.
Going concern
The current cash position is sufficient to cover ongoing operating and administrative expenditure for the next 12 months.
During the period the Company secured additional funding in the period for working capital requirements. The Directors consider this together with income from the Group's producing assets to be sufficient to cover the expenses of running the Group's business for the foreseeable future.
In terms of financing the underground development, the Company as mentioned in the CEO statement is in detailed discussions with various other parties regarding potential financing for completion of the expansion. The Company is committed to the underground expansion and project development.
The Company has therefore adopted the going concern basis in the preparation of these financial statements.
Directors Responsibility Statement and Report on Principal Risks and Uncertainties
Responsibility statement
The Board confirms to the best of their knowledge:
The condensed set of financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU;
The interim management report includes a fair review of the information required by:
DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
DTR 4.2.8R of the Disclosures and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during the period; and any changes in the related party transactions described in the last annual report that could do so.
The Company's management has analysed the risks and uncertainties and has in place control systems that monitor daily the performance of the business via key performance indicators. Certain factors are beyond the control of the Company such as the fluctuations in the price of gold and possible political upheaval. However, the Company is aware of these factors and tries to mitigate these as far as possible. In relation to the gold price the Company is pushing to achieve a lower cost base in order to minimise possible downward pressure of gold prices on profitability. In addition, it maintains close relationships with the Kazakhstan authorities in order to minimise bureaucratic delays and problems.
Risks and uncertainties identified by the Company are set out on page 8 and 9 of the 2016 Annual Report and Accounts and are reviewed on an ongoing basis. There have been no significant changes in the first half of 2017 to the principal risks and uncertainties as set out in the 2016 Annual Report and Accounts and these are as follows:
-- Fiscal changes in Kazakhstan
-- No access to capital / funding for Sekisovskoye or Karasuyskoye
-- Commodity price risk
-- Currency risk
-- Changes to mining code in Kazakhstan
-- Reliance on operating in one country
-- Reliant on one operating mine
-- Technical difficulties associated with developing the underground mine at Sekisovskoye
-- Failure to achieve production estimates
2. Loss per ordinary share
Basic loss per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. The weighted average number of ordinary shares and retained loss for the financial period for calculating the basic loss per share for the period are as follows:
Six months Six months Year ended
ended 30 ended 30 31 December
June 2017 June 2016 2016
(unaudited) (unaudited) (audited)
-------------------------- --------------- --------------- ---------------
The basic weighted
average number of
ordinary shares in
issue during the period 2,334,342,130 2,334,342,130 2,334,342,130
-------------------------- --------------- --------------- ---------------
The loss for the period
attributable to equity
shareholders (US$'000s) (1,172) (2,551) (6,356)
-------------------------- --------------- --------------- ---------------
3. Intangible assets Karasuskoye Exploration US$'000
Geological and evaluation
data costs
Cost
-------------------------------- ----------- --------------- -------
1 January 2016 11,139 - 11,139
Currency translation adjustment 31 - 31
-------------------------------- ----------- --------------- -------
30 June 2016 11,170 - 11,170
-------------------------------- ----------- --------------- -------
Additions - 396 396
Amortisation capitalised - 322 322
Currency translation adjustment 175 - 175
-------------------------------- ----------- --------------- -------
31 December 2016 11,345 718 12,063
-------------------------------- ----------- --------------- -------
Additions - 264 264
Amortisation capitalised - 297 297
Reclassified - 142 142
Currency translation adjustment 495 30 525
-------------------------------- ----------- --------------- -------
30 June 2017 11,840 1,451 13,291
-------------------------------- ----------- --------------- -------
Accumulated amortisation
1 January 2016 1,252 - 1,252
Charge for the period 273 - 273
Currency translation adjustment 13 - 13
-------------------------------- ----------- --------------- -------
30 June 2016 1,538 - 1,538
-------------------------------- ----------- --------------- -------
Charge for the period 280 - 280
Currency translation adjustment (19) (19)
-------------------------------- ----------- --------------- -------
31 December 2016 1,799 - 1,799
-------------------------------- ----------- --------------- -------
Charge for the period 297 - 297
Currency translation adjustment 161 - 161
-------------------------------- ----------- --------------- -------
30 June 2017 2,257 - 2,257
-------------------------------- ----------- --------------- -------
Net books values
-------------------------------- ----------- --------------- -------
30 June 2016 9,632 - 9,632
-------------------------------- ----------- --------------- -------
31 December 2016 9,546 718 10,264
-------------------------------- ----------- --------------- -------
30 June 2017 9,583 1,451 11,034
-------------------------------- ----------- --------------- -------
The intangible assets relate to the historic geological information pertaining to the Karasuyskoye Ore Fields. The Ore Fields are located in close proximity to the current open pit and underground mining operations of Sekisovskoye. In May 2016 the Company was awarded an exploration and evaluation contract, which is valid for six years, ongoing costs in relation to exploration and evaluation are capitalised.
4. Property, plant and equipment
Mining Freehold land Plant, Assets Total
properties and buildings Equipment under construction
and leases fixtures
and fittings
US$000 US$000 US$000 US$000 US$000
------------------------- ---------------- ------------- ------------------- -------
Cost
1 January 2016 8,390 9,080 15,474 19,419 52,363
Additions - - 1,947 888 2,835
Disposals - - (138) - (138)
Transfers - - - - -
Currency translation
adjustment 9 16 26 32 83
--------------------------- ------- ------- ------------- ------------------- -------
30 June 2016 8,399 9,096 17,309 20,339 55,143
Additions - 217 485 2,003 2,705
Disposals - (525) (1) (526)
Transfers 2,817 14,788 505 (18,487) (377)
Currency translation
adjustment 135 140 240 301 816
--------------------------- ------- ------- ------------- ------------------- -------
31 December 2016 11,351 24,241 18,014 4,155 57,761
--------------------------- ------- ------- ------------- ------------------- -------
Additions 500 5 492 242 1,239
Disposals - - (140) - (140)
Transfers (1,682) 2,335 1,682 (2,335) -
Currency translation
adjustment 303 827 561 203 1,894
--------------------------- ------- ------- ------------- ------------------- -------
30 June 2017 10,472 27,408 20,609 2,265 60,754
--------------------------- ------- ------- ------------- ------------------- -------
Accumulated depreciation
1 January 2016 2,121 3,989 11,119 - 17,229
Charge for the
period 43 355 890 - 1,288
Disposals - - (113) - (113)
Transfers - - - - -
Currency translation
adjustment 4 15 32 - 51
--------------------------- ------- ------- ------------- ------------------- -------
30 June 2016 2,168 4,359 11,928 - 18,455
--------------------------- ------- ------- ------------- ------------------- -------
Charge for the
period 59 661 1,059 - 1,779
Disposals - - (103) - (103)
Currency translation
adjustment 35 80 199 - 314
--------------------------- ------- ------- ------------- ------------------- -------
31 December 2016 2,262 5,100 13,083 - 20,445
--------------------------- ------- ------- ------------- ------------------- -------
Charge for the
period 127 1,275 1,310 - 2,712
Disposals - - (112) - (112)
Currency translation
adjustment 75 166 489 - 730
--------------------------- ------- ------- ------------- ------------------- -------
30 June 2017 2,464 6,541 14,770 - 23,775
--------------------------- ------- ------- ------------- ------------------- -------
Net Book Values
--------------------------- ------- ------- ------------- ------------------- -------
1 January 2016 6,269 5,091 4,355 19,419 35,134
--------------------------- ------- ------- ------------- ------------------- -------
30 June 2016 6,231 4,737 5,381 20,339 36,688
--------------------------- ------- ------- ------------- ------------------- -------
31 December 2016 9,089 19,141 4,931 4,155 37,316
--------------------------- ------- ------- ------------- ------------------- -------
30 June 2017 8,008 20,867 5,839 2,265 36,979
--------------------------- ------- ------- ------------- ------------------- -------
The additions in the period principally relate principally to the continuing works associated with the underground mine in relation to development of the declines, ventilation shafts and other the associated equipment.
5. Reserves
A description and purpose of reserves is given below:
Reserve Description and purpose
Share capital Amount of the contributions
made by shareholders in return
for the issue of shares.
Share premium Amount subscribed for share
capital in excess of nominal
value.
Share based payment Amount accrued in relation
to the share based payment
charge relating to the share
options issued.
Merger Reserve Reserve created on application
of merger accounting under
a previous GAAP.
Currency translation Gains/losses arising on re-translating
reserve the net assets of overseas
operations into US Dollars.
Accumulated losses Cumulative net gains and losses
recognised in the consolidated
statement of financial position.
6. Related party transactions
Remuneration of key management personnel
The remuneration of the Directors, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 - "Related Party Disclosures". The total amount remaining unpaid with respect to remuneration of key management personnel amounted to US$117,000 (December 2016 US$79,000).
Six months Six months Year to
ended 30 ended December
June 2017 30 2016
June 2016
US$ US$ US$
---------------------- ---------- ---------- ---------
Short term employee
benefits 154,050 185,543 350,736
154,050 185,543 350,736
Social security costs 14,954 13,610 33,813
---------------------- ---------- ---------- ---------
169,004 199,153 384,549
---------------------- ---------- ---------- ---------
During the period, the company entered into the following transactions with companies in which the Assaubayev family have a controlling interest:
-- An amount owing to Asia Mining Group of US$824,000 in relation to purchases made in the prior period (December 2016 US$824,000) is included within trade payables.
-- Loans at an average in interest rate of 13% were made to the Company by Amrita Investments Limited in the prior period. The total amount currently outstanding including accrued interest amounts to US$1,843,000 (31 December 2016 US$1,739,000), the repayment terms of the loans have been extended to expire in 2019 and the amounts are shown as payable in more than one year.
-- In February2016 the Company issued US$10m of convertible bonds to African Resources Limited. The bonds carry a coupon rate of 10% per annum payable semi-annually in arrears on 29 February and 29 July each year. Unless the bonds are re-purchased and cancelled redeemed or converted prior to the scheduled maturity date, they will be repaid in February 2021 at their principal amount. The bonds can be converted into Ordinary shares at 3p per share any time prior to maturity upon demand by the bondholders (subject to necessary corporate and government approvals), The total accrued interest due in the bonds that will be payable as funds permit amounts to US$1,201m (31 December 2016 US$ 701,000).
The transactions incurred by the Company were on normal commercial terms.
7. Notes to the cash flow statement
Six months Six months Year ended
31 December
ended 30 ended 30 2016
June June
2017 2016 (audited)
(unaudited) (unaudited) US $000's
US$000's US$000's
------------------------ ------------- ------------- -------------
Loss before taxation (1,186) (2,543) (6,078)
Adjusted for
Finance expense 1,290 323 2,358
Depreciation of
tangible fixed assets 2,709 1,228 3,068
Amortisation of
intangibles - 273 231
Change in provisions (99) - 1,107
(Increase)/decrease
in inventories (1,144) 1,523 1,897
Decrease/(increase)
in trade receivables 718 52 (293)
Decrease in other
financial liabilities (229) (177) (140)
Decrease in trade
and other payables (721) (4,884) (4,890)
Loss on disposal
of property, plant
and equipment 27 25 440
Fair value adjustment 56 - (143)
Foreign currency
translation 213 883 (283)
------------------------ ------------- ------------- -------------
Cash inflow/(outflow)
from operations 1,634 (3,297) (2,726)
Income taxes 5 (199) (192)
------------------------ ------------- ------------- -------------
1,639 (3,496) (2,918)
------------------------ ------------- ------------- -------------
8. Share-based payments
In February 2017 Neil Herbert (via a company controlled by him Cambrian Limited), was awarded share options over 46,686,843 shares at an exercise price of 2.125p per share with an expiry date of June 2020. The options are subject to the following conditions, the consultancy agreement remains in force, and the average price of an ordinary share exceeds 3p, (based on the average 20 days trading prior to the service of the option).
The fair value at the grant date has been estimated using a binominal pricing model, taking into account the performance conditions noted and was based on the following assumptions:
Expected volatility 62% Risk free rate 0.4% Strike price 2.125p Knock-in barrier 3.0p Time period 3.4 years Weighted average share price 2.0p
The weighted average fair value was determined at 0.83p per share. The company recognised a charge of US$56,000 in relation to the share based expense in the period.
9. Events after the balance sheet date
There were no significant post balance sheet events to report.
This report will be available on our website at www.altyn.uk
ALTYN PLC
Company information
Directors Kanat Assaubayev Chairman
Aidar Assaubayev Chief executive
Sanzhar Assaubayev officer
Neil Herbert Executive director
Ashar Qureshi Executive director
Alain Balian Non-executive
director
Non-executive
director
-------------------- ----------------------------- ---------------------
Secretary Rajinder Basra
-------------------- ----------------------------- ---------------------
Registered office Company number:
and number 05048549
28 Eccleston Square
London
SW1V 1NZ
Telephone: +44
208 932 2455
-------------------- ----------------------------- ---------------------
Company website www.altyn.uk
-------------------- ----------------------------- ---------------------
Kazakhstan office 10 Novostroyevskaya
Sekisovskoye Village
Kazakhstan
Telephone: +7 (0)
72331 27927
Fax: +7 (0) 72331
27933
-------------------- ----------------------------- ---------------------
Auditor BDO LLP,
55 Baker Street,
London W1U 7EU
-------------------- ----------------------------- ---------------------
Registrars Neville Registrars
18 Laurel Lane
Halesowen
West Midlands B63
3DA
Telephone: +44
(0) 121 585 1131
-------------------- ----------------------------- ---------------------
Bankers NatWest Bank plc
London City Commercial
Business Centre
7th Floor, 280
Bishopsgate
London
EC2M 4RB
LTG Bank AG
Herrengasse 12
FL-9490, Vaduz
Principal of Liechtenstein
-------------------- ----------------------------- ---------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SDEFMFFWSEFA
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August 31, 2017 12:17 ET (16:17 GMT)
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