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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Gemfields Group Limited | LSE:GEM | London | Ordinary Share | GG00BG0KTL52 | ORD USD0.00001 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 6.25 | 6.00 | 6.50 | 6.25 | 6.25 | 6.25 | 0.00 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 262.02M | -10.09M | -0.0083 | -7.53 | 76.43M |
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Gemfields Resources Plc
Final results for the year ended 30 June 2007
21 December 2007
Gemfields Resources Plc ("Gemfields" or "the Company", Ticker "GEM") is pleased
to report its final results for the year ended 30 June 2007.
Highlights
* The commencement of trial mining at the Mbuva-Chibolele Emerald Mine.
* The construction of Phase I of the washing plant at Mbuva-Chibolele.
* The first two auctions for the sale of emeralds.
* The completion of the acquisition of Sarina Global Limited and its Mitondo
East exploration licence in the Ndola Rural Emerald Restricted Area,
Zambia.
* The signing of an option agreement to acquire the Jagoda Pink Tourmaline
Mine.
* A cash placing of 8,000,000 ordinary shares for Ł3,200,000.
* The post-year end acquisition of a 75% interest in the Kagem Emerald Mine
in Zambia.
* The post-year end acquisition of an option to acquire a portfolio of in
excess of 25 licences and licence applications for gemstone exploration in
Madagascar.
* The post-year end acquisition of an option to acquire a worldwide and
exclusive 15 year licence to use the Fabergé brand name in respect of
gemstones (excluding diamonds).
* In consideration for these post-year end acquisitions Gemfields will issue
137,910,340 new ordinary shares in the Company to Rox Limited, a
Pallinghurst Resources portfolio company.
The Chairman's Statement and the primary financial statements are set out
below. The full financial statements have been sent to shareholders and they
can also be viewed on the company's website at www.gemfields.co.uk.
Enquiries:
Gemfields
Richard James, CFO richard.james@gemfields.co.uk
+44 (0)20 7016 9416
Conduit PR
Leesa Peters/Ed Portman +44 (0)20 7429 6600
+44 (0)781 215 9885
Canaccord Adams Limited
Robin Birchall +44 (0)20 7050 6500
Chairman's statement
__________________________________________________________________________________________
Dear Shareholder,
Welcome to the consolidated financial statements for Gemfields Resources PLC
("the Company"). A great deal has been achieved in the year ended 30 June 2007.
Operations
* Mbuva-Chibolele Mine
Trial mining at Gemfields' 100% owned Mbuva-Chibolele Mine commenced ahead of
schedule. The construction of Phase I of the washing plant, which involved the
erection of a primary crushing and screening circuit, was also completed.
Two emerald sales have already been held. A total of 607,912 carats of emeralds
were sold in November 2006 with proceeds of US$768,246. Then, in February 2007,
a total of 385,085 carats of emeralds were sold with proceeds of US$1,028,121.
A trend for better quality emeralds has emerged as we continue to mine. As the
mine deepens we anticipate that the quality of the emeralds will keep improving
as we move away from the near surface, lower grade mineralisation.
* Kariba Amethyst Mine ("Kariba")
Production continued at the 50% owned Kariba Amethyst Mine with sales of
US$2,133,088 for the year. The completion of a privatisation agreement to
purchase a further 26% of Kariba from the Zambian government has taken much
longer than had been anticipated but the Company expects it to be signed in the
near future. A feasibility study is underway at the property and management
believes that production can be increased significantly.
Securing of Further Gemstone Projects in Zambia
The following further gemstone projects were secured during the year:
* Sarina Global Limited ("Sarina")
Gemfields completed the acquisition of 100% of the share capital of Sarina for
US$1,432,500 consideration, which was payable in the form of 1,500,000 shares
in the Company issued at Ł0.50 per share. With this acquisition, the Mitondo
East Exploration licence was added to Gemfields' other six exploration licences
in the Ndola Restricted Emerald Area.
* Large Scale Amethyst Prospecting Licence
A large scale amethyst prospecting licence PLLS-300 was approved by the
Ministry of Mines in favour of Gemfields covering an area of 80 sq kms. This
licence is adjacent to the area covered under the gemstone licence held by
Kariba Minerals Limited, in which Gemfields holds a 50% equity stake. Kariba's
amethyst mineralisation is hosted in one of the several parallel shear zones in
the area. Gemfields has acquired this prospecting licence to explore the
potential of additional mineralisation in the other shear zones.
* Jagoda Pink Tourmaline Mine ("Jagoda")
An option agreement for the acquisition of Gemstone Mining Licence number GL
205 was also signed. The licence area covers approximately 3.75 sq kms
including the Jagoda mine which has recorded production of over 40 tonnes of
pink tourmaline between the mid 1990s and 2005. Gemfields paid US$50,000 for an
option to acquire the licence for a price of US$1.95m. This option expired at
the end of September 2007 but a further US$50,000 has since been paid to extend
the option period to the end of March 2008.
Cash Placing
The Company raised a further Ł3,200,000 during the year with a placing of
8,000,000 ordinary shares at Ł0.40 per share.
These funds have been earmarked for the development of Kariba and Jagoda.
Post- Year End Acquisition
The Company is pleased to announce that subsequent to the year end it has
conditionally agreed to acquire from Rox Limited ("Rox", a Pallinghurst
Resources portfolio company) a 75% interest in the Kagem emerald mine in
Zambia.
Rox has also granted to Gemfields an option to acquire a portfolio of in excess
of 25 licences and licence applications for gemstone exploration in Madagascar
held through its subsidiary Oriental Mining.
In addition, Fabergé Limited, another Pallinghurst Resources portfolio company
has agreed to grant Gemfields an option to acquire a worldwide and exclusive 15
year licence to use the Fabergé brand name in respect of gemstones (excluding
diamonds).
Under the proposed transaction, Gemfields is to acquire Greentop International
Inc. ("Greentop") (a BVI company) and Krinera Group SA ("Krinera") (a
Panamanian company), the holding companies through which Rox's interest in the
Kagem mine is held (via intermediate holding companies). In consideration for
the acquisition of Greentop and Krinera, Gemfields will issue to Rox
137,910,340 new ordinary shares in the Company (constituting 55% of Gemfields'
share capital after implementation of the transaction on a fully diluted
basis).
As the proposed transaction is classified as a reverse takeover under the AIM
Rules, the transaction is conditional, amongst other things, on Gemfields
obtaining the approval of its shareholders. Gemfields' shares have been
suspended from trading since the announcement of the acquisition pending the
preparation and publication of a Circular and notice of extraordinary general
meeting ("EGM") setting out the details of the proposed transaction and seeking
shareholder approval. Competent persons reports are being prepared and it is
expected that the Circular and notice of EGM will be sent to shareholders in
the first quarter of 2008.
Outlook
The future is looking very positive for the Company.
* The anticipated quality of the Kagem resource is expected to transform the
performance of Gemfields.
* Further exploration of Gemfields' properties has produced encouraging
results.
* Negotiations are continuing for further acquisitions of various coloured
gemstone properties.
Graham Mascall
20 December 2007
Consolidated profit and loss account for the year ended 30 June 2007
Year ended Year ended
30 June 30 June
2007 2006
(restated)
US$ US$
Turnover
Group and share of joint venture 2,862,911 1,171,332
Less: share of joint venture (1,066,544) (1,171,332)
turnover
________ ________
1,796,367 - -
________ ________
Cost of sales (5,865,121) - -
Administration expenses (3,604,417) (3,068,170)
________ ________
Group operating loss (7,673,171) (3,068,170)
Share of operating loss in:
Joint venture (181,356) (228,131)
________ ________
Loss on ordinary activities
before
interest, taxation and disposal (7,854,527) (3,296,301)
of fixed assets
Profit on disposal of fixed 186,044 - -
assets - group
Profit on disposal of fixed 4,548
assets - joint venture
________ ________
Loss on ordinary activities
before
interest and taxation (7,663,935) (3,296,301)
Interest receivable - group 524,218 371,310
Interest receivable - share of 411 - -
joint venture
Interest payable - group 5 - - (8,025)
Interest payable - share of joint (18,980) (37,684)
venture
________ ________
Loss on ordinary activities (7,158,286) (2,970,700)
before taxation
Taxation on loss on ordinary (116,160) 48,106
activities
________ ________
Loss for the year (7,274,446) (2,922,594)
Loss per share
Basic and diluted US$(0.07) US$(0.04)
________ ________
All amounts relate to continuing
activity.
Consolidated statement of total recognised gains and losses and reconciliation
of movements in shareholders' funds for the year ended 30 June 2007
2007 2006
(restated)
US$ US$
Statement of total recognised gains and
losses
Loss for the financial year
- Group (7,150,275) (2,704,885)
- Joint venture (124,171) (217,709)
________ ________
Total gains and losses for the year
before currency
adjustments for translation differences
on consolidation
in respect of exchange translation (7,274,446) (2,922,594)
differences
Exchange translation differences (7,204) 52,802
________ ________
Total recognised gains and losses for (7,281,650) (2,869,792)
the financial year
________ ________
Prior year adjustments
- Personnel costs (385,930) - -
________ ________
Total losses recognised since last (7,667,580) (2,869,792)
financial statements
________ ________
Consolidated balance sheet at 30 June 2007
2007 2007 2006 2006
(restated) (restated)
US$ US$ US$ US$
Fixed assets
Intangible assets 12,461,205 10,834,190
Tangible assets 9,712,608 10,357,816
Investment in joint
venture
- share of gross assets 1,006,107 696,823
- share of gross (1,013,384) (572,724)
liabilities
________ ________
(7,277) 124,099
________ ________
22,166,536 21,316,105
Current assets
Debtors 1,051,072 734,084
Stocks 2,190,472 12,270
Cash at bank and in hand 9,835,940 12,873,317
________ ________
13,077,484 13,619,671
Creditors: amounts falling
due
within one year (2,343,728) (2,700,111)
________ ________
Net current assets 10,733,756 10,919,560
________ ________
Creditors: amounts falling
due
after one year
Deferred taxation (176,826) -
________ ________
Total assets less current 32,723,466 32,235,665
liabilities
________ ________
Capital and reserves
Called up share capital 1,871,166 1,685,128
Share premium account 33,775,898 28,011,141
Merger reserve 10,500,346 9,096,496
Option reserve 858,469 443,663
Profit and loss reserve (14,282,413) (7,000,763)
________ ________
Shareholders' funds - 32,723,466 32,235,665
equity
________ ________
Company balance sheet at 30 June 2007
2007 2007 2006 2006
(restated) (restated)
US$ US$ US$ US$
Fixed assets
Tangible assets 4,199 4,390
Investments 11,370,276 9,937,776
________ ________
11,374,475 9,942,166
Current assets
Debtors 29,055,567 19,675,183
Stocks 33,018 -
Cash at bank and in hand 9,531,928 11,843,680
________ ________
38,620,513 31,518,863
Creditors: amounts
falling due
within one year (7,761,497) (6,325,657)
________ ________
Net current assets 30,859,016 25,193,206
________ ________
Total assets less current 42,233,491 35,135,372
liabilities
________ ________
Capital and reserves
Called up share capital 1,871,166 1,685,128
Share premium account 33,775,898 28,011,141
Merger reserve 10,500,346 9,096,496
Option reserve 858,469 443,663
Profit and loss reserve (4,772,388) (4,101,056)
________ ________
Shareholders' funds - 42,233,491 35,135,372
equity
________ ________
Consolidated cash flow statement for the year ended 30 June 2007
Year ended Year ended
30 June 30 June
2007 2006
US$ US$ US$ US$
Cash outflow from operating (8,600,194) (2,785,824)
activities
Capital expenditure and
financial
investment
Payments to acquire (50,000) (2,448,853)
intangible fixed assets
Payments to acquire tangible (978,808) (2,434,076)
fixed assets
Proceeds from disposals of 289,777 -
fixed assets
Exploration and development (144,515) (2,743,805)
expenditure
________ ________
(883,546) (7,626,734)
________ ________
Cash outflow before use
of liquid resources and (9,483,740) (10,412,558)
financing
Financing
Issue of shares (net of issue 5,922,145 18,902,788
costs)
Return on investments and
servicing of finance
Interest received 524,218 371,310
Interest paid - (8,025)
________ ________
524,218 363,285
________ ________
(Decrease)/Increase in cash (3,037,377) 8,853,515
________ ________
1
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