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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Georgian Mining Corporation | LSE:GEO | London | Ordinary Share | VGG9688A1003 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.40 | 1.30 | 1.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMGEO
RNS Number : 2388C
Georgian Mining Corporation
28 September 2018
Georgian Mining Corporation / EPIC: GEO / Market: AIM / Sector: Natural Resources
28(th) September 2018
Georgian Mining Corporation
('GEO' or the 'Company')
Interim Results
Georgian Mining Corporation is pleased to provide its interim results for the six-month period ended 30 June 2018.
UPDATE ON PERMIT APPLICATION
Mike Struthers, Chief Executive Officer said:
"Regarding the Company's permit application. As noted in our news release of 25(th) September 2018, I had a positive meeting with the Minister of Economy and Sustainable Development Mr. Kobulia on Friday 21(st) September 2018 regarding the Company's application to extend our exploration permits. Following the meeting the Minister provided the below comment which reinforced our belief that this issue will get resolved very soon."
Mr. George Kobulia , Georgian Minister of Economy and Sustainable Development said:
"I appreciate the effort that Georgian Mining are putting into their projects in Georgia. The Government has ambitious plans to expand our mineral resource extraction activities in the country, and we welcome companies who are very focussed on results and delivery. I hope we can respond positively on the company's application in the very near future."
CHAIRMAN'S REPORT
While the period under review has been frustrating for our shareholders, the directors and all stakeholders of Georgian Mining, as we continue to wait for final Ministerial approval of our permitting application, the new Government appointments have now been made and we are confident the Government Resolution on our permits will be approved, and we will be able to press ahead with our 2018 drilling programme.
After a productive drilling campaign at our most advanced project Kvemo Bolnisi East ("KBE") in 2017, we completed our vesting of $6.0M into the Joint Venture in September 2017, with the result that all future expenditure is on a 50:50 basis between the partners. However, at that point our Joint Venture Partner requested certain revisions to the original Shareholders Agreement which were successfully concluded in March 2018 with the announcement of three key achievements; (i) a modified Shareholders Agreement; (ii) an agreed 2018 work programme; and (iii) a Memorandum of Understanding on Production (of gold oxides) from KBE. As a result of these changes each shareholder now has equal board representation and therefore, as of 1 March 2018, the JV Company is no longer consolidated for group accounting purposes.
The Joint Venture company holds a 30-year mining concession, whose tenure is valid until 13(th) October 2041. During this mining tenure there is a requirement to obtain "right-to-explore" permits through government approval of multi-year exploration work programmes and budgets. Following the revisions to the Shareholders Agreement, we re-engaged with our partner and the Georgian Mining Agency to conclude negotiations to extend the exploration permits for the various areas and the final application was agreed to in June.
The final stage, submission and approval of a Government Resolution, should now be finalised upon new Ministerial appointments following a Government re-organisation triggered by the resignation of the Prime Minister on 13(th) June 2018. Although the previous Minister of Economy endorsed our application just before the former minister resigned, it is necessary for the new Minister to also endorse the application before the Government Resolution can be circulated and approved. New Cabinet appointments have been made and we remain confident that the Government Resolution will be approved.
While we wait for the approval I have been delighted with the technical work being carried out at KBE in preparation for resource infill and development drilling, infrastructure sterilisation drilling, and commencement of the feasibility study. The recent work has included pit optimisations at KBE and developing new concepts for layouts of surface facilities and haulage routes to the processing facilities at the neighbouring operations. These have all been done internally and are particularly interesting as we are now starting to see what the future KBE operation will actually look like.
During this period, and whilst the process to extend the exploration licence has been ongoing, we have reduced expenditure wherever possible to preserve cash.
Management
The Company continues to strengthen its Board and Management team and on 28(th) March 2018, Mike Struthers, previously COO, has been appointed CEO. At the same time, I also accepted the role of Non-Executive Chairman.
The appointment of Simon Cleghorn as Technical Services Manager in Georgia commencing in June 2018 further strengthened the team's delivery ability and these, as well as the other Board changes during the period, have created a very capable team.
In June 2018 the Company appointed Hannam & Partners as its financial advisors to focus on strategic opportunities and M&A, with a view to expanding the portfolio in Georgia and within the Tethyan Belt. The Board and Management continue to develop the business, placing great emphasis on enhancing the Company's presence in Georgia in 2018.
I would like to thank our Shareholders for their continued support as well as the Board and Advisors for all their hard work. Over the next 6 months we are confident we will benefit from the significant opportunities that now lie before us.
Neil O'Brien
Non-Executive Chairman
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
**S**
For further information please visit www.georgianmining.com or contact:
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Mike Struthers Georgian Mining Corporation Company Tel: 020 7907
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About Georgian Mining Corporation
Georgian Mining Corporation has 50% ownership and operational control of the Bolnisi Copper and Gold Project in Georgia, situated on the prolific Tethyan Belt, a well-known geological region and host to many high-grade copper-gold deposits and producing mines. The Bolnisi licence covers an area of over 860 sq km and has a 30-year mining licence with a variety of targets and projects ranging from greenfield exploration / target definition phase through intermediate target-testing phases to more advanced projects including Kvemo Bolnisi East which will advance to Feasibility Study in 2018. These projects are proximal to several advanced projects and existing mining operations owned by the Company's joint venture partner, and their sister production company. Georgia has an established mining code and is a jurisdiction open to direct foreign investment.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months 6 months
to 30 June to 30 June
2018 Unaudited 2017 Unaudited
Notes GBP GBP
---------------------------------------------- ------- ----------------- -----------------
Continuing operations
Revenue 63,413 -
Administration expenses (837,374) (699,639)
Foreign exchange 456,816 (223,868)
Share option expense - (160,268)
---------------------------------------------- ------- ----------------- -----------------
Operating Loss (317,145) (1,083,775)
---------------------------------------------- ------- ----------------- -----------------
Share of loss from joint venture 6 (181,111) -
Loss on disposal of subsidiary 12 (156,916) -
Finance income 12 64
---------------------------------------------- ------- ----------------- -----------------
Loss Before Income Tax (655,160) (1,083,711)
---------------------------------------------- ------- ----------------- -----------------
Income tax expense - -
---------------------------------------------- ------- ----------------- -----------------
Loss for the period (655,160) (1,083,711)
---------------------------------------------- ------- ----------------- -----------------
Loss attributable to:
* owners of the Parent (643,648) (1,034,574)
* non-controlling interests (11,512) (49,137)
---------------------------------------------- ------- ----------------- -----------------
Loss for the period (655,160) (1,083,711)
---------------------------------------------- ------- ----------------- -----------------
Other comprehensive income
Items that may be subsequently reclassified
to profit or loss
Currency translation differences 261,959 519,593
---------------------------------------------- ------- ----------------- -----------------
Total comprehensive income (393,201) (564,118)
---------------------------------------------- ------- ----------------- -----------------
Attributable to:
* owners of the Parent (599,059) (332,946)
* non-controlling interests 205,858 (231,172)
---------------------------------------------- ------- ----------------- -----------------
Total comprehensive income (393,201) (564,118)
---------------------------------------------- ------- ----------------- -----------------
Earnings per share (pence) from continuing
operations attributable to owners
of the Parent - Basic & diluted 8 (0.561) (1.179)
---------------------------------------------- ------- ----------------- -----------------
CONDENSED CONSOLIDATED BALANCE SHEET
30 June 2018 31 December
Unaudited 2017 Audited
Notes GBP GBP
-------------------------------------- ------- -------------- ---------------
Non-Current Assets
Property, plant and equipment 39,254 162,535
Intangible assets 5 2,981,714 10,472,718
Investments in Joint Ventures 6 4,158,136 -
7,179,104 10,635,253
-------------------------------------- ------- -------------- ---------------
Current Assets
Trade and other receivables 493,865 381,555
Cash and cash equivalents 1,397,844 2,569,997
-------------------------------------- ------- -------------- ---------------
1,891,709 2,951,552
-------------------------------------- ------- -------------- ---------------
Total Assets 9,070,813 13,586,805
-------------------------------------- ------- -------------- ---------------
Current Liabilities
Trade and other payables 271,467 413,080
-------------------------------------- ------- -------------- ---------------
Total Liabilities 271,467 413,080
-------------------------------------- ------- -------------- ---------------
Net Assets 8,799,346 13,173,725
-------------------------------------- ------- -------------- ---------------
Equity Attributable to owners of
the Parent
Share premium account 7 38,904,337 38,880,612
Reverse acquisition reserve (18,845,147) (18,845,147)
Other Reserves 428,520 384,099
Retained losses (11,688,364) (11,033,204)
-------------------------------------- ------- -------------- ---------------
Total equity attributable to owners
of the Parent 8,799,346 9,386,360
-------------------------------------- ------- -------------- ---------------
Non-controlling interest - 3,787,365
-------------------------------------- ------- -------------- ---------------
Total Equity 8,799,346 13,173,725
-------------------------------------- ------- -------------- ---------------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Reverse
Share acquisition Other Retained Non-controlling Total
premium reserve Reserves losses Total interest equity
GBP GBP GBP GBP GBP GBP GBP
---------------- -------------
As at 1
January
2017 33,653,273 (18,845,147) 838,470 (8,772,601) 6,873,995 3,640,258 10,514,253
----------------
Comprehensive
income
Loss for the
period - - - (1,034,574) (1,034,574) (49,137) (1,083,711)
---------------- ------------ -------------- ----------- --------------- ------------- ----------------- -------------
Other
comprehensive
income
Currency
translation
differences - - 701,628 - 701,628 (182,035) 519,593
---------------- ------------ -------------- ----------- --------------- ------------- ----------------- -------------
Total
comprehensive
income - - 701,628 (1,034,574) (332,946) (231,172) (564,118)
---------------- ------------ -------------- ----------- --------------- ------------- ----------------- -------------
Issue of
ordinary
shares 5,463,942 - - - 5,463,942 - 5,463,942
Issue costs (236,603) - - - (236,603) - (236,603)
Share option
charge - - 160,268 - 160,268 - 160,268
---------------- ------------ -------------- ----------- --------------- ------------- ----------------- -------------
Total
transactions
with owners 5,227,339 - 160,268 - 5,387,607 - 5,387,607
As at 30 June
2017 38,880,612 (18,845,147) 1,700,366 (9,807,175) 11,928,656 3,409,086 15,337,742
---------------- ------------ -------------- ----------- --------------- ------------- ----------------- -------------
Reverse
Share acquisition Other Retained Non-controlling Total
premium reserve Reserves losses Total interest equity
GBP GBP GBP GBP GBP GBP GBP
------------------ -------------
As at 1 January
2018 38,880,612 (18,845,147) 384,099 (11,033,204) 9,386,360 3,787,365 13,173,725
------------------
Comprehensive
income
Loss for the
period - - - (643,648) (643,648) (11,512) (655,160)
------------------ ------------ -------------- ---------- ---------------- ----------- ----------------- -------------
Other
comprehensive
income
Currency
translation
differences - - 44,589 - 44,589 217,370 261,959
------------------ ------------ -------------- ---------- ---------------- ----------- ----------------- -------------
Total
comprehensive
income - - 44,589 (643,648) (599,059) 205,858 (393,201)
------------------ ------------ -------------- ---------- ---------------- ----------- ----------------- -------------
Issue of
ordinary
shares 23,725 - - - 23,725 - 23,725
Issue costs - - - - - - -
Share option
charge - - (168) - (168) - (168)
Deconsolidation
of Georgian
Copper
and Gold - - - (11,512) (11,512) (3,993,223) (4,004,735)
------------------ ------------ -------------- ---------- ---------------- ----------- ----------------- -------------
Total
transactions
with owners 23,725 - (168) (11,512) 12,045 (3,993,223) (3,981,178)
As at 30 June
2018 38,904,337 (18,845,147) 428,520 (11,688,364) 8,799,346 - 8,799,346
------------------ ------------ -------------- ---------- ---------------- ----------- ----------------- -------------
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
30 June 30 June
2018 Unaudited 2017 Unaudited
GBP GBP
--------------------------------------------- ----------------- -----------------
Cash flows from operating activities
Loss before taxation (655,160) (1,083,711)
Adjustments for:
Depreciation 20,376 17,406
Finance income (12) (64)
Share based expense (168) 160,268
Share based payments - 24,887
Share of loss on joint venture 181,111 -
Loss on deconsolidation of Georgian Copper 156,914 -
& Gold
Foreign exchange (663,648) 261,612
Increase in trade and other receivables (261,913) (393,187)
Decrease in trade and other payables 164,513 (72,256)
Net cash used in operations (1,057,987) (1,085,045)
---------------------------------------------- ----------------- -----------------
Cash flows from investing activities
Interest received 12 64
Loans granted to joint venture partners (37,974) -
Purchase of property, plant & equipment - (38,377)
Additions to exploration and evaluation
intangibles (87,008) (1,525,242)
---------------------------------------------- ----------------- -----------------
Net cash used in investing activities (124,970) (1,563,555)
---------------------------------------------- ----------------- -----------------
Cash flows from financing activities
Proceeds from issue of shares 23,725 5,439,055
Cost of issue - (236,603)
---------------------------------------------- ----------------- -----------------
Net cash from financing activities 23,725 5,202,452
---------------------------------------------- ----------------- -----------------
Net (decrease) / increase in cash and cash
equivalents (1,159,232) 2,553,852
Cash and cash equivalents at beginning
of period 2,569,997 1,659,314
Decrease in cash on deconsolidation (13,180) -
Exchange differences on cash 259 44,175
---------------------------------------------- ----------------- -----------------
Cash and cash equivalents at end of period 1,397,844 4,257,341
---------------------------------------------- ----------------- -----------------
Major non-cash transactions
On 23 May 2017 the Company issued 155,545 new ordinary shares of no par value at a price of 16 pence per share as payment to consultants in lieu of cash fees.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General Information
The principal activity of Georgian Mining Corporation ('the Company') and its subsidiaries (together 'the Group') is the exploration and development of precious and base metals. The Company's shares are listed on the AIM Market of the London Stock Exchange. The Company is incorporated in the British Virgin Islands and domiciled in the United Kingdom. The Company was incorporated on 10 February 2010 under the name Gold Mining Company Limited. On 10 October 2016 the Company changed its name from Noricum Gold Limited to Georgian Mining Corporation.
The address of the Company's registered office is Trident Chambers, PO Box 146, Road Town, Tortola BVI.
2. Basis of Preparation
The condensed consolidated interim financial statements have been prepared in accordance with the requirements of the AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2017, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.
The interim financial information set out above does not constitute statutory accounts. They have been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union. Statutory financial statements for the year ended 31 December 2017 were approved by the Board of Directors on 28 June 2018. The report of the auditors on those financial statements was unqualified.
Going concern
The Directors, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the condensed interim financial statements for the period ended 30 June 2018. The factors that were extant at the 31 December 2017 are still relevant to this report and as such reference should be made to the going concern note and disclosures in the 2017 Annual Report.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Group's medium-term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group's 2017 Annual Report and Financial Statements, a copy of which is available on the Group's website: www.georgianmining.com. The key financial risks are liquidity risk, foreign exchange risk, credit risk, price risk and interest rate risk.
Critical accounting estimates
The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 4 of the Group's 2017 Annual Report and Financial Statements. Actual amounts may differ from these estimates. The nature and amounts of such estimates have not changed significantly during the interim period.
3. Accounting Policies
The same accounting policies, presentation and methods of computation have been followed in these condensed interim financial statements as were applied in the preparation of the Group's annual financial statements for the year ended 31 December 2017 except for the impact of the adoption of the Standards and interpretations described below and new accounting policies adopted as a result of changes in the Group.
3.1 Changes in accounting policy and disclosures
Disposals of subsidiaries
When the Group ceases to have control any retained interest in the entity is remeasured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting.
for the retained interest as an associate, joint venture or financial asset. In addition, any previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.
Joint arrangements
The Group has applied IFRS 11 to all joint arrangements. Under IFRS 11 investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. Georgian Mining Corporation has assessed the nature of its joint arrangements and determined them to be joint ventures. Joint ventures are accounted for using the equity method.
Under the equity method of accounting, interests in joint ventures are initially recognised at cost and adjusted thereafter to recognise the Group's share of the post-acquisition profits or losses and movements in other comprehensive income, When the Group's share of losses in joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of the Group's net investment in the joint ventures), the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the joint ventures.
Unrealised gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group's interest in the joint ventures. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of the joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group.
(a) Accounting developments during 2018
The International Accounting Standards Board (IASB) issued various amendments and revisions to International Financial Reporting Standards and IFRIC interpretations. The amendments and revisions were applicable for the period ended 30 June 2018 but did not results in any material changes to the financial statements of the Group or Company.
The following standards were adopted by the Group during the year;
-- IFRS 15 - revenue from Contacts with Customers (effective 1 January 2018) -- IFRS 9 - Financial Instruments (effective 1 January 2018)
-- IFRS 2 (Amendments) - Share-based payments - classification and measurement (effective 1 January 2018)
-- Annual Improvements 2014-2016 Cycle
-- IFRIC Interpretation 22 - Foreign currency transactions and advanced consideration (effective 1 January 2018)
The Directors believe that the adoption of these standards have not had a material impact on the financial statements other than changes to disclosures.
(b) New standards, amendments and Interpretations in issue but not yet effective or not yet endorsed and not early adopted
Standard Impact on initial application Effective date
--------------------- ---------------------------------------- -----------------
IFRS 16 Leases *1 January 2019
---------------------------------------- -----------------
IFRS 9 (Amendments) Prepayment features with negative *1 January 2019
compensation
---------------------------------------- -----------------
IAS 28 (Amendments) Long term interests in associates *1 January 2019
and joint ventures
---------------------------------------- -----------------
Annual Improvements 2015 - 2017 Cycle *1 January 2019
---------------------------------------- -----------------
IAS 19 (Amendments) Employee Benefits *1 January 2019
---------------------------------------- -----------------
IFRIC 23 Uncertainty over income tax treatments *1 January 2019
---------------------------------------- -----------------
** Subject to EU endorsement
The Directors are actively considering the effects upon the financial statements and at the time of approval do not consider that the financial statements will be subject to material changes.
4. Dividends
No dividend has been declared or paid by the Company during the six months ended 30 June 2018 (2017: nil).
5. Intangible fixed assets
The movement in capitalised exploration and evaluation costs during the period was as follows:
Exploration & Evaluation at Cost and Net Book Value GBP ------------------------------------------------------ ------------- Balance as at 1 January 2018 10,472,718 Additions 87,008 Exchange rate variances 279,301 Deconsolidation of Georgian Copper and Gold (7,857,313) As at 30 June 2018 2,981,714 ------------------------------------------------------ ------------- 6. Joint Venture Investment in Joint Venture GBP ----------------------------------- ----------- Fair value as at 1 March 2018 3,994,585 Share of loss from joint venture (181,111) Loan to Georgian Copper and Gold 135,275 Exchange rate variances 209,387 As at 30 June 2018 4,158,136 ----------------------------------- -----------
On 1 March 2018, Georgian Mining Corporation ('GMC') recognized their joint venture in Georgian Copper and Gold ('GCG'). GMC have a 50% shareholding in GCG and the fair value of the investment at this date was GBP3,994,585. GMC have adopted equity accounting from 1 March 2018 to 30 June 2018 to account for their share of the loss in GCG for this period which equated to GBP181,111.
7. Share capital and share premium
Number of Ordinary Share premium
shares shares Total
GBP GBP GBP
--------------------------------- ------------- ---------- --------------- ------------
Issued and fully paid
As at 1 January 2017 80,424,854 - 33,653,273 33,653,273
------------- ---------- --------------- ------------
Issue of new shares - 23 May
2017 (1) 34,149,638 - 5,227,339 5,227,339
As at 31 December 2017 114,574,492 - 38,880,612 38,880,612
------------- ---------- --------------- ------------
As at 1 January 2018 114,574,492 - 38,880,612 38,880,612
------------- ---------- --------------- ------------
Warrant exercised - 26 January
2018 182,500 - 23,725 23,725
As at 30 June 2018 114,756,992 - 38,904,337 38,904,337
------------- ---------- --------------- ------------
(1) Includes issue costs of GBP236,602
8. Loss per share
The calculation of the total basic loss per share of 0.561 pence (2017: 1.179 pence) is based on the loss attributable to equity owners of the parent company of GBP643,648 (2017: GBP1,034,574) and on the weighted average number of ordinary shares of 114,731,785 (2017: 87,783,063) in issue during the period.
No diluted earnings per share is presented as the effect on the exercise of share options would be to decrease the loss per share.
Details of share options that could potentially dilute earnings per share in future periods are disclosed in the notes to the Group's Annual Report and Financial Statements for the year ended 31 December 2017.
9. Fair value estimation
There are no financial instruments carried at fair value.
10. Fair value of financial assets and liabilities measured at amortised costs
Financial assets and liabilities comprise the following:
-- Trade and other receivables -- Cash and cash equivalents -- Trade and other payables
The fair values of these items equate to their carrying values as at the reporting date.
11. Commitments
All commitments remain as stated in the Group's Annual Financial Statements for the year ended 31 December 2017.
12. Deconsolidation of Georgian Copper and Gold
On 1 March 2018, as a result of changes to the Joint Venture Agreement, Georgian Copper and Gold was, in accordance with accounting standards, no longer considered to be controlled by Georgian Mining Corporation. The following table summarises the amounts of the assets and liabilities released at the deconsolidation date.
Recognised amounts of identifiable assets
and liabilities released Total
------------------------------------------------- -------------
GBP
Cash and cash equivalents (13,180)
Exploration assets (included within Intangible
Assets) (7,857,313)
Property, plant and equipment (105,482)
Investment in Georgian Copper and Gold 3,994,585
Other identifiable assets and liabilities 253,821
Foreign currency translation (312,313)
Total identifiable net assets (4,039,882)
Non-controlling interest 3,882,966
--------------------------------------------------- -------------
Loss on deconsolidation (156,916)
--------------------------------------------------- -------------
Georgian Copper and Gold ('GCG') is not a discontinued operation as it is not a component of Georgian Mining Corporation ('GMC') that has been disposed of or is classified as available for sale. GMC holds a 50% interest in the entity however both shareholders now have equal representation on the board of GCG therefore, GMC does not have control and therefore the operations have not been consolidated in the Group financial statements.
13. Events after the balance sheet date
There have been no events after the reporting date of material nature.
14. Approval of interim financial statements
The condensed interim financial statements were approved by the Board of Directors on 27(th) September 2018.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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