![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Medusa Mining | LSE:MML | London | Ordinary Share | AU000000MML0 | 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% | 97.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Final Results 15 September 2008 MEDUSA MINING LIMITED (AIM: MML) Final results for the year ended 30 June 2008 Medusa Mining Limited ("Medusa" or the "Company"), the Australian based company operating and developing gold mines in the Philippines, through its Philippines operating company Philsaga Mining Corporation ("Philsaga") announces its final results for the year ended 30 June 2008. Highlights: * Granted 25 year mining licence at Co-O Mine * Expansion work at Co-O Mine on target * Drilling at Co-O Mine find new discoveries and extension of high-grade systems * Commenced drilling at Lingig and Kamarangan Post year end: * JORC compliant resource update in August For further information, please contact: Medusa Mining Limited +61 8 9367 0601 Geoffrey Davis, Managing Director Roy Daniel, Finance Director Fairfax I.S. PLC +44 (0)20 7598 5368 Nominated Adviser / Joint Broker Ewan Leggat Mirabaud Securities Limited +44 (0)20 7321 2508 Joint Broker Peter Krens Lothbury Financial +44 (0)20 7011 9411 Michael Padley / Louise Davis CHAIRMAN'S REVIEW As I reflect on the year, I am pleased to say that it has been one of significant accomplishment. In particular, the Company has achieved the granting of a 25-year mining licence over the Co-O Mine and surrounds, which alleviates the tenure security issue that was a concern for some investors and has focused on mine development to set up ore extraction at significantly increased rates for the years ahead. The Company made the difficult decision during the year to focus on development for the future at the expense of near-term gold production. This was not an easy decision but we are now starting to see the merits of that decision being borne out with increasing gold production and anticipated lower cash costs. Also, our decision to continue significant expenditure on drilling is continuing to bear substantial rewards with the discovery of new vein systems across strike and the extension of high-grade systems along strike and at depth. This drilling is demonstrating that we are in a large vein system with enormous upside potential. Added to the high-grade quartz vein potential is the added benefit of our drilling at Lingig and Kamarangan where there is scope to define large-scale copper-gold porphyry deposits. The Co-O Mine is now going from strength to strength and is showing signs of developing into a premier mine on an international basis in terms of low, long-term cash costs, high gold grades, increased resources and eventually increased gold production. Despite the decision in September 2007 to increase the mine's production capacity under the Phase I expansion, we have continued to produce low cash cost ounces while the re-development was progressing. We will see the benefits of this project starting to flow through in the coming quarters with the Company on-track to achieve its 60,000 ounce production target in mid-2009. Phase ll of the expansion has already started and is expected to achieve its timeline of early 2010. At this juncture, the Company is anticipating long-term cash costs of around US$200 per ounce, making it one of the lowest-cost gold producers in the world. Recent geological advances through both drilling and mining suggest that the vein systems at the Co-O Mine will continue to be extended along strike east and west, across strike and at depth. We are planning to continue drilling at Co-O for the foreseeable future due to our success at discovering and extending the vein systems and to explore the possibility of the veins coalescing at depth into wider parent veins such as those at Diwalwal 60 km to the south where the upper veins coalesced into a single vein at depth some 19 metres wide at 100 g/t gold. On the exploration front, the Company has recently commenced the drilling of what are interpreted to be two large porphyry copper systems, at Lingig and Kamarangan. These systems have the potential in the long-term to elevate the Company to a new level and we look forward to a flow of positive results over the year ahead. At the local level in our communities, the Company has completed its initial programme at the Manabo Village with the construction of 318 houses and is proposing a four class room school for early 2009. Elsewhere, through the Mindanao Philsaga Foundation, the Company is supporting a programme of micro-loans to rice farmers to assist them at becoming more profitable. Other community programmes are ongoing to ensure reciprocal beneficial relationships are maintained between the Company and its host communities. In closing, I would like to acknowledge the tireless efforts of our Board and our team in Perth led by our Managing Director Geoff Davis and assisted closely by Roy Daniel. In the Philippines, I would like to thank Bill Phillips and Sammy Afdal as well as their co-workers for their continued positive and equally tireless efforts at expanding our operations. Finally, I would like to express our sincere gratitude to the local community and the Philippines government at all levels for their continued positive support of our involvement in the community. I am looking forward to a year of significant achievements with increased gold production, extensions of mineralisation at Co-O and the possibility of a significant porphyry discovery which could propel Medusa into the spotlight on the world stage. Kevin Tomlinson Chairman INCOME STATEMENT For the year ended 30 June 2008 Consolidated Company 2008 2007 2008 2007 $ $ $ $ Revenue 18,074,035 21,536,694 1,819,183 376,069 Cost of sales (10,066,585) (4,953,835) - - Exploration and (572,221) (1,129,230) - 46,752 evaluation expenses Finance cost (375,842) - - - Administration (3,307,302) (3,750,068) (1,578,609) (1,408,989) expenses Other expenses (2,733,646) (2,724,455) (2,437,571) (2,134,065) Profit/(loss) before 1,018,439 8,979,106 (2,196,997) (3,120,233) income tax expenses Income tax expense (2,365,928) - - - Profit/(loss) attributable to members of the Company (1,347,489) 8,979,106 (2,196,997) (3,120,233) Basic earnings/(loss) per share ($0.009) $0.095 Diluted earnings/(loss) per share ($0.009) $0.089 BALANCE SHEET For the year ended 30 June 2008 Consolidated Company 2008 2007 2008 2007 $ $ $ $ CURRENT ASSETS Cash & cash 4,834,161 20,168,063 2,242,620 19,166,563 equivalents Trade & other 2,185,194 1,217,883 27,425 64,475 receivables Inventories 935,976 1,631,108 - - Other current assets 333,119 277,831 29,484 170,980 Other financial assets - 730,000 - 730,000 Total Current Assets 8,288,450 24,024,885 2,299,529 20,132,018 Non-Current Assets Property, plant & equipment 28,499,551 29,525,621 60,481 57,780 Exploration and evaluation expenditure 28,292,304 23,118,911 - - Development expenditure 12,447,889 7,230,444 - - Deferred tax assets 2,851,792 - - - Other financial assets - 31,911 56,143,200 44,867,570 Total Non-Current Assets 72,091,536 59,906,887 56,203,681 44,925,350 Total Assets 80,379,986 83,931,772 58,503,210 65,057,368 Current Liabilities Trade & other payables 6,845,501 13,461,483 1,217,702 7,814,144 Total Current Liabilities 6,845,501 13,461,483 1,217,702 7,814,144 NON CURRENT LIABILITIES Deferred tax liability 5,217,720 - - - Total Non-Current Liabilities 5,217,720 - - - Total Liabilities 12,063,221 13,461,483 1,217,702 7,814,144 Net 68,316,765 70,470,289 57,285,508 57,243,224 Assets Equity Issued capital 65,866,550 63,805,000 65,866,550 63,805,000 Reserves (529,337) 2,338,248 1,722,692 1,544,961 Retained profits/(accumulated 2,979,552 4,327,041 (10,303,734) (8,106,737) losses) Total equity 68,316,765 70,470,289 57,285,508 57,243,224 STATEMENT OF CHANGES IN EQUITY For the year ended 30 June 2008 Foreign Share Currency Capital Accumulated Option Translation Ordinary Losses Reserve Reserve Total $ $ $ $ $ Consolidated Balance at 16,075,833 (5,050,911) 1,412,416 472,864 12,910,202 01.07.2006 Shares 47,729,167 - - - 47,729,167 issued during the period Share options issued - during the period in accordance with AASB 2 - - Share Based Payment - - 531,391 531,391 Exchange differences arising on translation - - - 320,423 320,423 Transfer - from Option Reserve - 398,846 (398,846) - Profit - attributable to members of Company - 8,979,106 - 8,979,106 Balance at 63,805,000 4,327,041 1,544,961 793,287 70,470,289 30.06.2007 Shares 1,067,450 - - - 1,067,450 issued during the period Share options issued - during the period in accordance with AASB 2 - - Share Based Payment - - 1,171,831 1,171,831 Exchange differences arising on translation - - - (3,045,316) (3,045,316) Transfer - from Option Reserve 994,100 - (994,100) - Loss - attributable to members of Company - (1,347,489) - (1,347,489) Balance at 65,866,550 2,979,552 1,722,692 (2,252,029) 68,316,765 30.06.2008 Company Balance at 16,075,833 (5,385,350) 1,412,416 - 12,102,899 01.07.2006 Shares 47,729,167 - - - 47,729,167 issued during the period Share options - - 531,391 - 531,391 issued during the period in accordance with AASB 2 - - Share Based Payment Transfer - - - from Option Reserve 398,846 (398,846) Loss - (3,120,233) - - (3,120,233) attributable to members of Company Balance at 63,805,000 (8,106,737) 1,544,961 - 57,243,224 30.06.2007 Shares 1,067,450 - - - 1,067,450 issued during the period Share options - - 1,171,831 - 1,171,831 issued during the period in accordance with AASB 2 - - Share Based Payment Transfer - - from Option Reserve 994,100 - (994,100) Loss - (2,196,997) - - (2,196,997) attributable to members of Company Balance at 65,866,550 (10,303,734) 1,722,692 - 57,285,508 30.06.2008 CASH FLOW STATEMENT For the year ended 30 June 2008 Consolidated Company 2008 2007 2008 2007 $ $ $ $ CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 17,540,189 9,712,907 805 3,000 Payments to suppliers and (10,738,999) (9,688,139) (2,708,082) (2,389,838) employees Interest 399,085 96,208 389,073 89,235 received Net cash provided 7,200,275 120,976 (2,318,204) (2,297,604) by/(used in) operating activities CASH FLOWS FROM INVESTING ACTIVITIES Receipt from sale of 110,119 223,367 110,119 223,367 shares Payments for plant and (2,313,575) (1,387,863) (17,508) (12,018) equipment Payments for exploration (8,293,728) (4,167,894) - (1,813,684) activities Payment for development (6,546,801) (4,123,389) - - activities Loans to controlled and - (50,195) (9,621,057) (6,522,899) joint venture entities Investment in controlled - - - (2,500) and joint venture entities Acquisition of controlled - (9,123,251) - (8,000,000) entities Net cash used in investing (17,043,985) (18,629,225) (9,528,446) (16,127,733) activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of 1,742,200 35,907,867 1,742,200 35,907,867 shares Transaction costs from (1,811,250) (721,957) (1,811,250) (721,957) issue of shares Repayment of vendor (5,000,000) - (5,000,000) - finance Net cash provided by (used in) (5,069,050) 35,185,910 (5,069,050) 35,185,910 financing activities Net (decrease)/increase (14,912,760) 16,677,661 (16,915,700) 16,760,573 in cash held Cash at the beginning of 20,168,063 3,494,291 19,166,563 2,405,990 the financial year Exchange rate adjustment (421,142) (3,889) (8,243) - Cash at the end of the 4,834,161 20,168,063 2,242,620 19,166,563 financial year NOTES For the year ended 30 June 2008 1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES The financial report is a general purpose financial report which has been prepared in accordance with Australian Accounting Standards, including Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001. Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable information about transactions, events and conditions to which they apply. Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply with International Financial Reporting Standards. Material accounting policies adopted in the preparation of this financial report are presented below. They have been consistently applied unless otherwise stated. The financial report covers the Group of Medusa Mining Limited ("Medusa") and controlled entities, and Medusa as an individual Company. Medusa is a listed public company, incorporated and domiciled in Australia. 2. BASIS OF PREPARATION Reporting Basis and Conventions The financial report has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected non-current assets, financial assets and financial liabilities for which the fair value basis of accounting has been applied. (a) Principles of Consolidation A controlled entity is any entity over which Medusa has the power to govern the financial and operating policies so as to obtain benefits from its activities. In assessing the power to govern, the existence and effect of holdings of actual and potential voting rights are considered. A list of controlled entities is contained in Note 19 to the financial statements. As at reporting date, the assets and liabilities of all controlled entities have been incorporated into the consolidated financial statements as well as their results for the year then ended. Where controlled entities have entered (left) the consolidated group during the year, their operating results have been included (excluded) from the date control was obtained (ceased). All inter-group balances and transactions between entities in the consolidated group, including any unrealised profits or losses, have been eliminated on consolidation. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with those adopted by the parent entity Minority interests, being that portion of the profit or loss and net assets of subsidiaries attributable to equity interests held by persons outside the group, are shown separately within the Equity section of the consolidated Balance Sheet and in the consolidated Income Statement (b) Comparative Figures Where required by Accounting Standards, comparative figures have been adjusted to conform with changes in presentation for the current financial year. (c) Revenue Recognition Revenue is measured at the fair value of the consideration received or receivable after taking into account any trade discounts and volume rebates allowed. Any consideration deferred is treated as the provision of finance and is discounted at a rate of interest that is generally accepted in the market for similar arrangements. The difference between the amount initially recognised and the amount ultimately received is interest revenue. Gold and Silver Sales Revenue from the production of gold and silver is recognised when the product is in the form in which it can be sold based on the delivered price. Interest Revenue Interest revenue is recognised using the effective interest rate method, which, for floating rate financial assets, is the rate inherent in the instrument. Dividends Dividend revenue (net of franking credits) is recognised when the right to receive a dividend has been established. Dividends received from associates and joint venture entities are accounted for in accordance with the equity method of accounting and recognised when the dividends are received. All revenue is stated net of the amount of goods and services tax ("GST"). (d) Income Tax The income tax expense (revenue) for the year comprises current income tax expense (income) and deferred tax expense (income). 3. DIVIDENDS There was no dividend paid or declared by the Company since the end of the previous financial year and the Directors do not recommend the payment of a dividend in respect of the current financial year (2007: $Nil) 4. LOSS PER SHARE Consolidated 2008 2007 $ $ Weighted average number of ordinary shares 143,626,534 94,438,520 used in the calculation of the basic earnings per share. Plus unlisted options on issue 12,401,446 6,021,446 Weighted average of ordinary shares diluted 156,027,980 100,459,966 as at 30 June 2008 - ---END OF MESSAGE---
1 Year Medusa Chart |
1 Month Medusa 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