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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 |
RNS Number:3239Z Marakand Minerals Limited 06 March 2006 Interim Results for the six months ended 31 December 2005 Marakand Minerals Limited ("Marakand" or "the Company") is pleased to announce its interim results for the six months ended 31 December 2005. Highlights include: * Khandiza Project included in the Uzbekistan National Investment Program for 2006, per Presidential Decree No. 251 dated 15 November 2005. * Exclusive option agreements signed to acquire majority interests in two separate copper / gold exploration license areas located in southern Turkey. Due diligence expected to be completed by end of March 2006. Khandiza Project (Uzbekistan) Marakand has reached agreement in principle with its Uzbek partner, Goscomgeology, on the project's Joint Venture legal and financial documentation. Recent changes to the Uzbek tax code have been incorporated, which will improve the cashflow to Marakand. This has been submitted to the Government. The Khandiza Project is included in the National Investment Program for 2006, per Presidential Decree No. 251 dated 15 November 2005. Marakand continues to engage all levels of national, local and regional Government in an effort to secure the Khandiza license. Uzbek Exploration Limited exploration work was carried out during the second half of 2005, pending final approval of the Khandiza Project by the Uzbek Government, which is to include the associated exploration territories. Sulukul, on the Yakkabag Ridge, remains a priority target for further exploration, where three zones of massive sulphide mineralization have been identified on surface over a strike length of over 750m. Akjilga Silver Project (Tajikistan) Marakand has submitted an updated work programme and budget for the 2006 field season to Tajik Geology. Tajik Geology has advised Marakand that the Tajik Government is still reviewing Marakand's license application and will be referring the documentation to the Licensing Tender Committee during March 2006. Corporate Activity Marakand has signed exclusive option agreements to acquire majority interests in two separate copper / gold license areas located in the prospective southern Turkish 'ophiolite belt' related to the Cyprus Arc, and host Cyprus-type copper / gold mineralisation. Exploration works, including surface drilling, have previously been undertaken on both license areas and the Company is currently compiling and interpreting this data toward developing its work programme for 2006. Legal and technical due diligence processes are well advanced and expected to be completed by the end of March 2006. Financial Results The company had $625,000 cash at the end of the review period and cash utilisation is within budget. Marakand does not plan to undertake any further fundraising until the final Khandiza Project approvals are granted and / or the other exploration projects are firmly secured. Any short term funding needs will be underwritten by Oxus Gold plc if required. Marakand Minerals is a mining exploration and development company focused in Central Asia and listed on the Alternative Investment Market (AIM) in London, stock exchange symbol MKD.L. For further information please visit www.marakand.co.uk or contact: Marakand Minerals Limited Alasdair Stuart, CEO Tel: + 998 71 120 7162 Joanna Solino, Investor Relations Officer Tel: +44 (0)20 7907 2000 Buck-Bias Limited Alex Buck / Nick Bias Tel: +44 (0)7932 740 452 CONSOLIDATED INCOME STATEMENT (US$000) Six months ended Six months ended 31 December 2004 Twelve months ended ------------------------ 31 December 2005 ----------- 30 June 2005 ----------- ---------- (Unaudited) (Unaudited) (Audited) ------------------------ ----------- ----------- ---------- Revenue Gross revenue - - 25 Expenses Administration expenses (360) (360) (720) Deferred exploration and evaluation expenditure (717) (1,187) (2,281) ------------------------ ----------- ----------- ---------- Gross loss (1,077) (1,547) (2,976) Stock-based compensation (42) - - Stock-based compensation Prior Year (93) - - Foreign exchange (loss) gain (57) 212 55 ------------------------ ----------- ----------- ---------- Loss from operations (1,269) (1,335) (2,921) Interest receivable 29 56 136 ------------------------ ----------- ----------- ---------- Loss before taxation (1,240) (1,279) (2,785) Taxation (1) (1) (1) ------------------------ ----------- ----------- ---------- Loss for the period (1,241) (1,280) (2,786) ------------------------ ----------- ----------- ---------- Loss per share (US cents) Basic (1.23) (1.27) (2.76) Diluted (1.23) (1.27) (2.76) ------------------------ ----------- ----------- ---------- CONSOLIDATED BALANCE SHEET (US$000) As at 31 December 2005 As at 30 June 2005 ----------------------- ---------------- ---------------- (Unaudited) (Audited) ----------------------- ---------------- ---------------- ASSETS Current assets Cash and cash equivalents 625 1,715 Trade and other receivables 4 1 ----------------------- ---------------- ---------------- 629 1,716 Non-current assets Exploration and mining properties 28,456 28,456 ----------------------- ---------------- ---------------- 29,085 30,172 ----------------------- ---------------- ---------------- LIABILITIES Current liabilities Trade and other payables 115 96 SHAREHOLDERS' EQUITY Capital stock 1,781 1,781 Reserves 27,189 28,295 ----------------------- ---------------- ---------------- 28,970 30,076 ----------------------- ---------------- ---------------- 29,085 30,172 ----------------------- ---------------- ---------------- CONSOLIDATED STATEMENT OF CASH FLOWS (US$000) Six months ended 31 December 2005 Six months ended 31 December 2004 Twelve months ended ----------------------- ----------- ----------- 30 June 2005 ----------- (Unaudited) (Unaudited) (Audited) ----------------------- ----------- ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES Loss for the period (1,241) (1,280) (2,786) Adjustments for: Stock-based compensation 42 - - Stock-based compensation Prior Year 93 - - Salaries and bonuses converted to shares - 4 11 ----------------------- ----------- ----------- ----------- Operating loss before working capital changes (1,106) (1,276) (2,775) Decrease in trade and other receivables 34 211 180 Increase in trade and other payables 18 34 51 ----------------------- ----------- ----------- ----------- Cash used for operations (1,054) (1,031) (2,544) ----------------------- ----------- ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES Warrants and options - - - exercised Shares issued - - - ----------------------- ----------- ----------- ----------- Net cash provided by - - - financing activities ----------- ----------- ----------- ----------------------- Net (decrease) in cash and cash equivalents (1,054) (1,031) (2,544) ----------------------- ----------- ----------- ----------- Cash and cash equivalents as at 1 July 1,679 4,223 4,223 ----------------------- ----------- ----------- ----------- Cash and cash equivalents as at 31 December 625 3,192 1,679 ----------------------- ----------- ----------- ----------- STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY ----------------------- --------- --------- --------- --------- (US$000) Share capital Capital reserve Accumulated loss Total Balance as at 1 July 2004 1,780 32,543 (1,473) 32,850 Shares issued - - - - Warrants and options - - - - exercised Conversion of directors' remuneration to shares - 4 - 4 Loss for the period - - (1,280) (1,280) ----------------------- --------- --------- --------- --------- Balance as at 31 December 2004 1,780 32,547 (2,753) 31,574 ----------------------- --------- --------- --------- --------- ----------------------- --------- --------- --------- --------- (US$000) Share capital Capital reserve Accumulated loss Total Balance as at 1 July 2005 1,781 32,554 (4,259) 30,076 Shares issued - - - - Warrants and options - - - - exercised Conversion of - - - - directors' remuneration to shares Stock-based compensation - 42 - 42 Stock-based compensation Prior Year - 93 - 93 Loss for the period - - (1,241) (1,241) ----------------------- --------- --------- --------- --------- Balance as at 31 December 2005 1,781 32,689 (5,500) 28,970 ----------------------- --------- --------- --------- --------- NOTES 1. These Interim Consolidated Financial Statements follow the same accounting policies and their methods of application as the 2005 accounts. Not all disclosures required by generally accepted accounting principles for annual financial statements are present, and accordingly, these Interim Consolidated Financial Statements should be read in conjunction with the Company's 2005 audited consolidated financial statements. Certain prior year amounts have been reclassified to conform to account presentation in the current year. The Consolidated Interim Financial Statements, including comparatives, have been prepared in accordance with International Financial Reporting Standards. 2. The basic and diluted loss per share has been calculated by reference to a loss, after taxation, of $1,241,000 (December 2004: $1,280,000 loss) (June 2005: $2,786,000 loss) and the weighted average number of ordinary shares in issue of 101,023,490 (December 2004: 101,008,663) (June 2005: 101,015,157). 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. 3. The Directors are not declaring a dividend for this period. 4. 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. 5. These Consolidated Interim Financial Statements consolidate the results of Marakand Minerals Limited and its wholly owned subsidiary, Khandiza Services Limited. 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 This information is provided by RNS The company news service from the London Stock Exchange END IR AKAKBFBKKQNK
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