We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Marakand | LSE:MKD | London | Ordinary Share | GB0033883835 | 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% | 5.10 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
RNS Number:7977J
Marakand Minerals Limited
16 March 2005
Interim Results for the six months ended 31 December 2004
(AIM:MKD)
Highlights for the Period
Khandiza Project
* Feasibility Study on the Khandiza zinc-lead-copper-silver deposit
completed and submitted to the Uzbek government
* The Khandiza project included in the Uzbek government's foreign
investment program for 2005
* Site Selection Document approved
* Competent Person's report independently confirms Marakand's Khandiza
Feasibility Study
* Local environmental approvals obtained
Exploration
* Work program for exploring the territory surrounding Khandiza has been
agreed by the Uzbek government
* All exploration license application documents submitted to the Tajik
government for the high grade Akjilga silver deposit
Corporate and Operating Activities
This review period saw further positive developments for Marakand Minerals
Limited ("Marakand" or "the Company") with the completion of the Khandiza
Feasibility Study in September 2004 and submission to the Uzbek government in
October 2004.
The Khandiza Feasibility Study confirms the robust economics of the project,
even with conservative metal prices and generous estimating contingencies.
Negotiations with the Uzbek government on the terms of the 15 year concession
contract are well advanced. The project has been included in the Uzbek
government's foreign investment programme for 2005. The Site Selection Document,
detailing the proposed land allocation for mining, ore processing and mine
infrastructure, has been approved by all relevant government departments at a
national, regional and local level.
An independent Competent Person's review of the Khandiza Feasibility Study has
been completed and has identified a number of potential upside opportunities for
the project, particularly with regard to increasing production and improving
metal recoveries.
On the environmental front, all environmental baseline data has now been
collected, compiled and reviewed by the Company's external environmental
consultants, Wardell Armstrong International. The recently completed public
consultations have enabled the social impact assessment to be finalised. The
Uzbek State Committee of Nature Protection has granted all the environmental
approvals required at this stage of project development. The overall
Environmental Impact Assessment is due for completion by the end of April 2005.
Marakand has continued to develop its ongoing exploration programmes for
south-east Uzbekistan where the Company is working towards proving up what it
considers is a significant base metal region. Two initial targets, Yakkabag
Ridge and more recently, Yangiklik near Khandiza, have been identified as
priorities for field work in 2005.
In Tajikistan, exploration license application documentation has been prepared
and submitted for the high grade Akjilga silver deposit and resources mobilised
to prepare for field-work in mid 2005.
Financial Results
The company had $3.2million cash at the end of the review period and cash
utilisation is within budget.
Outlook
Marakand aims to finalise the concession contract terms for the Khandiza Project
with the Uzbek government and is considering various project funding options.
Marakand's objective is to commence construction in 2005 with a view to being in
production at Khandiza by the end of 2006.
Additionally exploration programmes in both Uzbekistan and Tajikistan will
continue during the summer months with a view to announcing results of these
programmes later in the year.
The Company continues to look at additional base metal and silver opportunities
in the region.
Profit and Loss Account
Six months to Twelve months to
31 December 2004 30 June 2004
(Unaudited) (Audited)
----------------- ------------- ---- ---- --- ------------ --- -----------
US$ US$
----------------- ------------- ---- ---- --- ------------ --- -----------
Turnover 0 9,212
Administration expenses (148,132) (376,997)
Deferred exploration
and evaluation
expenditure (1,186,696) (1,198,362)
--------------------------------- ------------ --- -----------
Operating loss (1,334,828) (1,566,147)
Net interest receivable 55,736 107,888
------------------------------- --- ------------ --- -----------
Loss on ordinary
activities before
taxation (1,279,092) (1,458,259)
Tax on loss on
ordinary (913) 0
activities
-----------------
--- ------------ --- -----------
Retained loss for the
financial period/year (1,280,005) (1,458,259)
------------------------------- --- ------------ --- -----------
Earnings per share
- basic loss (per share
cents) (1.27) (2.09)
- diluted loss (per
share cents) (1.27) (1.77)
Notes:
1. The financial statements have been prepared in accordance
with applicable UK accounting standards and under the historical cost
convention. The principle accounting policies of the group are set out in the
company's 2004 annual report and financial statements.
2. The interim financial information has been prepared in
accordance with the relevant sections of The Companies (Guernsey) law 1994.
3. Basic earnings per share are based on the weighted average
number of shares in issue for the period of 101,008,663. Diluted earnings per
share is based on the weighted average number of shares in issue for the period
plus potential dilutive ordinary shares arising from share options and warrants
for the period.
4. The directors are not declaring a dividend for the period.
5. Copies of this report are being sent to all shareholders.
Additional copies will be available to the public from the offices of Oxus Gold
plc, 105 Piccadilly, London, W1J 7NJ and will be posted on the company's website
at www.marakand.co.uk
Balance Sheet
At 31 December At 30 June 2004
2004
(Unaudited) (Audited)
----------- ----- ------- ------- ------- ------------ ------- ---------
US$ US$
----------- ----- ------- ------- ------- ------------ ------- ---------
Fixed assets
Exploration and Mining
Rights 28,456,000 28,456,000
----------- ----- ------- ------- ------- ------------ ------- ---------
Current assets
Debtors 6,326 217,839
Cash at bank and in
hand 3,191,983 4,222,958
----------- ----- ------- ------- ------- ------------ ------- ---------
3,198,309 4,440,797
Creditors - amounts
falling due within one
year (80,036) (46,269)
------------- ------- ------- ------- ------------ ------- ---------
Net current assets 3,118,273 4,394,528
------------- ------- ------- ------- ------------ ------- ---------
Net assets 31,574,273 32,850,528
----------- ----- ------- ------- ------- ------------ ------- ---------
Capital and reserves
Called up share capital 1,780,539 1,780,447
Share premium account 5,513,760 5,510,102
Capital reserve 27,033,200 27,033,200
Profit and loss account (2,753,226) (1,473,221)
------------------ ------- ------- ------------ ------- ---------
Total shareholders'
funds 31,574,273 32,850,528
------------------ ------- ------- ------------ ------- ---------
Cash Flow Statement
Six months to Twelve months to
31 December 30 June 2004
2004
(Unaudited) (Audited)
--------------- ------ ------ ----------- ---- ----- --------- --- -----------
US$ US$
--------------- ------ ------ ----------- ---- ----- --------- --- -----------
Net cash outflow from
operating activities (1,085,798) (1,732,427)
Returns on investments and servicing of
finance
Interest received 55,736 107,888
------------------------------------ --------- --- -----------
Net cash inflow from
returns on investments
and servicing of finance 55,736 107,888
Taxation (913) 0
------------------------------------ --------- --- -----------
Net cash outflow before
use of liquid resources
and financing (1,030,975) (1,624,539)
------------------------------------ --------- --- -----------
Financing
Issue of ordinary share
capital 0 6,821,371
Expenses of share issues 0 (973,874)
---------------------- ----------- ---- ----- --------- --- -----------
Net cash inflow from
financing 0 5,847,497
---------------------- ----------- ---- ----- --------- --- -----------
(Decrease) / increase in
cash (1,030,975) 4,222,958
---------------------- ----------- ---- ----- --------- --- -----------
Reconcilation to net cash
Net cash at 1 July 4,222,958 0
(Decrease) / increase in
net cash (1,030,975) 4,222,958
---------------------- ----------- ---- ----- --------- --- -----------
Net cash 3,191,983 4,222,958
--------------- ------ ------ ----------- ---- ----- --------- --- -----------
Reconciliation of operating loss to net cash outflow from operating
activities
Operating loss (1,334,828) (1,566,147)
Decrease / (increase) in
debtors and prepayments 211,513 (216,299)
Increase in creditors
and accruals 33,767 46,269
Shares and bonuses
converted to shares 3,750 3,750
------------------------------- ---- ----- --------- --- -----------
Net cash outflow from
operating activities (1,085,798) (1,732,427)
------------------------------- ---- ----- --------- --- -----------
Reconciliation of Movements in Shareholders Funds
Loss for the period/year (1,280,005) (1,458,259)
Net proceeds of ordinary
shares issued 3,750 5,851,196
Issue of ordinary shares in consideration for
warranty deed in
- respect of
the 0 1,422,851
Khandiza
project
Capital reserve arising
on revaluation of
exploration and mining
rights 0 27,033,200
---------------------- ----------- ---- ----- --------- --- -----------
Net change in
shareholders' funds (1,276,255) 32,848,988
Shareholders' funds as
at 1 July 32,850,528 1,540
---------------------- ----------- ---- ----- --------- --- -----------
Shareholders' funds 31,574,273 32,850,528
------------------- ------ ----------- ---- ----- --------- --- -----------
CORPORATE DETAILS:
Company: Marakand Minerals Limited
Registered Office:
Richmond House, St Julian's Avenue, St Peter Port, Guernsey,
GY1 3YS, Channel Islands, British Isles
Correspondence:
c/o Oxus Gold plc, 105 Piccadilly, London, W1J 7NJ, United Kingdom
Email: admin@marakand.co.uk Web: www.marakand.co.uk
Board of Directors: William Trew - Non-executive Chairman
Alasdair Stuart - Chief Executive Officer
William Charter - Executive Director
Richard Robinson - Non-executive Director
Company Secretary: Scorpio Secretarial Services Limited
Richmond House, St Julian's Avenue, St Peter Port, Guernsey,
GY1 3YS, Channel Islands, British Isles
Assistant Co Secretary: Richard Wilkins
105 Piccadilly, London, W1J 7NJ, United Kingdom
Nominated Adviser Canaccord Capital (Europe) Limited
and Broker: 1st Floor Brook House, 27 Upper Brook Street, London, W1K 7QF,
United Kingdom
Tel: + 44 (0) 207 518 2777
Auditors: BDO (Isle of Man)
9 Myrtle Street, Douglas, Isle of Man, IM1 1ED, British Isles
Registrars: Capita IRG (CI) Limited
2nd Floor, TSB House, Le Truchot, St Peter Port, Guernsey, GY1 4A,
Channel Islands, British Isles
UK Transfer Agent: Capita Registrars
The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU,
United Kingdom
For further information please visit www.marakand.co.uk or contact:
Marakand Minerals Limited
Alasdair Stuart, CEO Tel: +44 (0) 7733 260 174
Joanna Solino, Investor Relations Officer Tel: +44 (0) 207 907 2000
Buck-Bias Limited
Alex Buck / Nick Bias Tel: +44 (0) 7932 740 452
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PKPKQOBKDBND
1 Year Marakand Minerals Chart |
1 Month Marakand Minerals Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
