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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:1795U Marakand Minerals Limited 02 April 2007 Marakand Minerals Interim Results for the six months ended 31 December 2006 Marakand Minerals Limited ('Marakand', or the 'Company') (MKD.L), is pleased to announce its interim results for the six months ended 31 December 2006. Marakand is an 86% controlled subsidiary of Oxus Gold plc ('Oxus') (OXS.L). Highlights include : * Commencement of exploration of the Hatay copper-gold licence in Southern Turkey. Initial 10 hole programme (582m) completed in February 2007 * Marakand's Turkish exploration assets to be sold by Oxus to KazakhGold subject to Marakand Board approval and determination of an appropriate fair market value to be paid to Marakand by Oxus * Marakand continues to seek clarification from the Uzbek Government as to its future participation in the Khandiza project in Uzbekistan * Restructuring of Marakand Board of Directors to ensure an appropriate composition and cost structure Turkey In August 2006, Marakand announced that it had entered into exclusive option agreements to acquire majority interests in two separate copper-gold exploration license areas in southern Turkey, namely the Hatay exploration license and the Karakilise exploration license. Both license areas are 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. In February 2007, Marakand completed a further programme of stream sediment sampling, geological mapping, surface channel sampling and a 10 hole surface drilling programme (582m) on the Hatay license. Marakand has dispatched channel and drill core samples to an independent laboratory for analysis. In March 2007, Marakand was advised by Oxus, that Oxus has agreed in principle and subject to final contract, to sell certain assets to KazakhGold Group Limited ("KazakhGold") (KZG.L), including certain exploration assets in Turkey, currently owned by Marakand. The Board of Directors of Marakand confirm that any agreement between Oxus and KazakhGold in respect of the sale of such Marakand's Turkish assets will require Marakand board approval and, in addition, any such sale will be subject to the determination of an appropriate fair market value to be paid to Marakand by Oxus for these assets. Marakand shareholders will be kept informed of any developments on this issue, and Marakand will be reporting on the Hatay exploration programme as soon as all results are available and evaluated. Khandiza and surrounding SE Uzbekistan exploration area In August 2006, Marakand received notification of the Uzbek Government's decision to transfer the resources of the Khandiza zinc, lead, copper, silver, gold deposit in South East Uzbekistan from its nominated partner, the Uzbek State Committee of Geology, to the state owned Almalyk Mining and Metallurgical Combinat. Marakand continues to seek clarification from the Uzbek Government as to its future participation in the Khandiza project. Marakand maintains that, given both the expenditure and the considerable amount of work carried out on the project's feasibility study and environmental and social impact assessment by both the Company and its majority shareholder, Oxus, that it is in a position to contribute very positively towards the development of Khandiza, and seek a return for its investment to date. In November 2006, Oxus reported that it had signed a subscription agreement with Zeromax, Uzbekistan's largest private-sector company, as a strategic investor and partner in new alliances. This will involve evaluating additional opportunities in Uzbekistan, and it is hoped that these new alliances will include Marakand's future involvement in the Khandiza project. In the meantime, Marakand has cut back its 'holding costs' in Uzbekistan to a minimum. Akjilga Silver Project (Tajikistan) Marakand has had no official response from the Tajik Government to its application for a licence to explore and develop this deposit. Marakand has examined ways of participating with local partners in securing the licence, but having been advised that the licence has been issued to another company, Marakand has not committed to any further expenditure, and has ceased to pursue this project. Corporate Activity In January 2007, Marakand announced its intention to restructure its Board of Directors (the 'Board') to ensure an appropriate Board composition and cost structure in light of its exploration focus in Turkey, the ongoing process of seeking clarity on the Company's future participation in the Khandiza project, and with the increased ownership, financial support and involvement in Marakand by Oxus. Alasdair Stuart and Richard Robinson offered their resignation from the Board, to be replaced by Oliver Prior as non-executive director. Mr Prior presently serves as an independent non-executive director of Oxus. Financial Results The Company had $62,275 cash at the end of the review period. Marakand's funding for the period, principally for exploration in Turkey, has been met by a loan agreement with Oxus, dated 22nd September 2006. As of 31st December 2006, the inter-company loan stood at $892,380, which includes $330,000 to repay accrued service and administration fees payable to Oxus. Interest is payable at 3% above 1 month LIBOR and the loan is secured by pledge or mortgage over the Company's assets. (All figures reported in USD) Marakand Minerals is a mining exploration and development company focused in Turkey and Central Asia and listed on the Alternative Investment Market (AIM) in London, stock exchange symbol MKD.L. For further information please visit www.marakand.co.uk or contact : Marakand Minerals Limited William Charter, Executive Director Tel: + 998 93 180 8368 Julia Flowers, Investor Relations Officer Tel: +44 (0)20 7907 2000 Canaccord Adams Limited Robin Birchall Tel: +44 (0) 20 7050 6500 Consolidated Income Statement ----------------------- ----------- ------------- ------------ Unaudited Unaudited Audited Six months to Six months to Twelve months to 31 December 31 December 30 June 2006 2006 2005 US$ US$ US$ ----------------------- ----------- ------------- ------------ Revenue Gross revenue 30,393 - 132,029 Expenses Administration expenses (90,000) (360,000) (720,000) Deferred exploration and evaluation expenditure 0 (716,673) (1,223,558) ----------------------- ----------- ------------- ------------ Gross loss (59,607) (1,076,673) (1,811,529) Stock based compensation (32,700) (134,700) (207,000) Foreign exchange loss (420) (57,716) (42,143) ----------------------- ----------- ------------- ------------ Loss from operations (92,727) (1,269,089) (2,060,672) Interest (payable)/receivable (15,563) 29,309 34,772 ----------------------- ----------- ------------- ------------ Loss before taxation (108,290) (1,239,780) (2,025,900) Taxation (2,442) (721) (1,504) ----------------------- ----------- ------------- ------------ Loss for the period (110,733) (1,240,501) (2,027,404) ----------------------- ----------- ------------- ------------ Loss per share Basic 0.11 1.23 2.01 Diluted 0.11 1.23 2.01 ----------------------- ----------- ------------- ------------ Consolidated Balance Sheet ----------------------- ----------- ------------- ------------ Unaudited Unaudited Audited 31 December 31 December 30 June 2006 2006 2005 US$ US$ US$ ----------------------- ----------- ------------- ------------ ASSETS Current assets Cash and cash equivalents 65,275 625,418 131,789 Inter company - - - Trade and other receivables 62,069 3,915 589 ----------------------- ----------- ------------- ------------ 127,344 629,333 132,378 Non-current assets Exploration and mining properties 29,066,840 28,456,000 28,456,000 ----------------------- ----------- ------------- ------------ 29,194,184 29,085,333 28,588,378 ----------------------- ----------- ------------- ------------ LIABILITIES Current liabilities Trade and other payables 124,252 72,874 42,605 Inter company 892,380 42,271 290,188 Shareholders' equity Capital stock 1,780,804 1,780,804 1,780,804 Reserves 26,396,748 27,189,383 26,474,781 ----------------------- ----------- ------------- ------------ 28,177,552 28,970,187 28,255,585 ----------------------- ----------- ------------- ------------ 29,194,184 29,085,333 28,588,378 ----------------------- ----------- ------------- ------------ Consolidated Statement of Cash Flows ----------------------- ----------- ------------ ----------- Unaudited Unaudited Audited Six months to Six months to Twelve months to 31 December 31 December 30 June 2006 2006 2005 US$ US$ US$ ----------------------- ----------- ------------ ----------- CASH FLOWS FROM OPERATING ACTIVITIES Loss for the period (110,733) (1,240,500) (2,027,403) Adjustments for: Depreciation and assets written - - - off Stock based compensation 32,700 134,700 207,000 Salaries and bonuses converted to - - - shares ----------- ------------ ----------- ----------------------- Operating loss before working capital changes (78,033) (1,105,800) (1,820,403) Decrease in trade and other receivables (61,480) 33,590 570 Increase in trade and other payables 683,839 18,302 235,949 ----------------------- ----------- ------------ ----------- Cash used by operations 544,326 (1,053,908) (1,583,884) ----------------------- ----------- ------------ ----------- CASH FLOWS FROM INVESTING ACTIVITIES Exploration and mining expenditure (610,840) - - ----------------------- ----------- ------------ ----------- Net cash used in investing activities (610,840) - - ----------------------- ----------- ------------ ----------- CASH FLOWS FROM FINANCING ACTIVITIES Warrants and options exercised - - - Shares issued - - - ----------------------- ----------- ------------ ----------- Net cash provided by financing - - - activities ----------- ------------ ----------- ----------------------- Net (decrease) in cash and cash equivalents (66,514) (1,053,909) (1,583,884) ----------------------- ----------- ------------ ----------- Cash and cash equivalents as at 1 July 131,789 1,679,328 1,715,673 ----------------------- ----------- ------------ ----------- Cash and cash equivalents as at 31 December 65,275 625,418 131,789 ----------------------- ----------- ------------ ----------- Statement of Changes in Shareholders' Equity -------------------- -------- ---------- -------- --------- -------- Share Capital reserve Capital Accumulated Total capital share premium reserve loss US$ US$ US$ US$ US$ -------------------- -------- ---------- -------- --------- -------- Balance as at 1 July 2005 1,780,804 5,520,995 27,033,200 -4,259,011 30,075,988 Shares issued Warrants and options exercised Stock based compensation 134,700 134,700 Loss for the period -1,240,501 -1,240,501 -------------------- -------- ---------- -------- --------- -------- Balance as at 31 December 2005 1,780,804 5,520,995 27,167,900 -5,499,512 28,970,187 -------------------- -------- ---------- -------- --------- -------- Shares issued Warrants and options exercised Stock based compensation 72,300 72,300 Loss for the period -786,902 -786,902 -------------------- -------- ---------- -------- --------- -------- Balance as at 1 July 2006 1,780,804 5,520,995 27,240,200 -6,286,414 28,255,585 -------------------- -------- ---------- -------- --------- -------- Shares issued Warrants and options exercised Stock based compensation 32,700 32,700 Loss for the year -110,733 -110,733 -------------------- -------- ---------- -------- --------- -------- Balance as at 31 December 2006 1,780,804 5,520,995 27,272,900 -6,397,147 28,177,552 -------------------- -------- ---------- -------- --------- -------- NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 1. These Interim Consolidated Financial Statements follow the same accounting policies and their methods of application as the 2006 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 2006 audited consolidated financial statements. Certain prior year amounts have been reclassified to conform to account presentation in the current year. The Interim Consolidated Financial Statements, including comparatives, have been prepared in accordance with International Financial Reporting Standards ("IFRS") 2. The basic and diluted profit per share has been calculated by reference to a loss, after taxation, of $110,733 (December 2005: $1,241,000) (June 2006: $2,027,000 loss) and the weighted average number of ordinary shares in issue of 101,023,490 (December 2005: 101,023,490) (June 2006: 101,023,490) 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 at the registered office, 105 Piccadilly, London, W1J 7NJ and will be posted on the company's website www.marakand.co.uk These Interim Consolidated Financial Statements consolidate the results of Marakand Minerals Limited and its wholly owned subsidiary, Khandiza Services Limited. This information is provided by RNS The company news service from the London Stock Exchange END IR OKDKPNBKDAQK
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