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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Minco | LSE:MIO | London | Ordinary Share | IE0004678326 | ORD EUR0.0125 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.65 | 2.50 | 2.85 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7934N Minco PLC 22 July 2003 STATEMENT ACCOMPANYING THE UNAUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED APRIL 30, 2003 Minco is an Irish focused zinc and gold explorer holding interests in 33 zinc exploration licences and 6 gold licences. These are difficult times for junior exploration companies. Zinc prices are at historic lows while the gold price in Euro has not recovered. Despite having some of the most prospective ground for zinc anywhere, Minco has found it increasingly difficult to attract and to hold joint venture partners. In recent year, companies such as Rio Algom, Anglo American, BHP-Billiton and Noranda have joint ventured with us on our Irish licences. As metal prices have declined cash flow for exploration has dried up and our partners have withdrawn. During 2002 Noranda, our final active partner, having spent over #1.2 million on the Pallas Green block with some considerable success ceased all their exploration operations in Ireland primarily for budgetary reasons. Recently Minco expanded its Irish mineral interests when our joint venture partner Ennex decided to withdraw from mineral exploration in Ireland and agreed to assign its interests in the prospecting licences to Minco thus increasing our interest in the Moate and Shinrone blocks to 100%. Drilling results on Pallasgreen, Co Limerick, our principal project, were mixed. All holes had excellent indicators but limited base metal content. The mineralized target on the Pallasgreen block is 25kms long. It contains all of the requirements for a major zinc deposit but it requires a substantial drilling and prospecting programme. Our licences are all in good standing. The Irish government has assisted the industry in these tough times by agreeing to a moratorium on committed expenditure requirements for a limited period. However, hard decisions will have to be taken on our holdings in the coming months as they come up for renewal. We have expanded our interests in gold by taking up two licences in the Avoca area of Co Wicklow and another in Co Kildare and by the acquisition of a 2% royalty interest in the Curraghinalt gold property in Northern Ireland. A limited prospecting programme will be carried out in Avoca and Kildare in the coming months on the new gold licences. While maintaining our belief in the long term potential of Ireland we have expanded our horizons. A number of projects have been evaluated all of which will take the company into new countries. One, a high potential precious metal venture, is at an advanced stage of negotiation. We have managed our finances well but may need to raise some capital in the coming months. UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 APRIL 2003 2003 2002 Euro Euro ADMINISTRATIVE EXPENSES (117,445) (113,590) OPERATING LOSS (117,445) (113,590) Interest income 2,264 6,842 LOSS BEFORE TAXATION (115,181) (106,748) Taxation - - LOSS FOR THE YEAR AFTER TAXATION (115,181) (106,748) Opening balance - profit and loss account (4,306,955) (4,200,207) Closing balance - profit and loss account (4,422,136) (4,306,955) Loss per share (0.33c) (0.30c) Loss per share - diluted (0.33c) (0.30c) There were no recognized gains or losses other than those included in the profit and loss account. Results derive solely from continuing activities. UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 30 APRIL 2003 2003 2002 Euro Euro FIXED ASSETS Intangible assets 3,017,618 2,844,512 CURRENT ASSETS Bank 22,925 182,511 Debtors 18,166 2,543 41,091 185,054 CREDITORS: (Amounts falling due within one year) (340,916) (196,592) NET CURRENT LIABILITIES (299,825) (11,538) NET ASSETS 2,717,793 2,832,974 CAPITAL RESERVES Called-up share capital 2,815,430 2,815,430 Share premium account 4,280,042 4,280,042 Profit and loss account - (deficit) (4,422,136) (4,306,955) Capital conversion reserve fund 44,457 44,457 SHAREHOLDERS' FUNDS 2,717,793 2,832,974 EQUITY 305,291 420,472 NON EQUITY 2,412,502 2,412,502 2,717,793 2,832,974 UNAUDITED CONDOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2003 2003 2002 Euro Euro NET CASH OUTFLOW FROM OPERATING ACTIVITES (77,070) (120,309) RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Interest received 2,264 6,842 NET CASH INFLOW FROM RETURNS ON INVESTMENTS AND SERVICING OF FINANCE 2,264 6,842 CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT Payments in respect of intangible fixed assets (84,780) (13,030) NET CASH OUTFLOW FROM CAPITAL EXPENDITURE AND FINANCIAL (84,780) (13,030) INVESTMENT NET CASH OUTFLOW BEFORE USE OF LIQUID RESOURCES AND FINANCING (159,586) (126,497) FINANCING Cost of issue of ordinary share capital - (7,162) NET CASH OUTFLOW FROM FINANCING - (7,162) DECREASE IN CASH (159,586) (133,659) The financial information set out above does not constitute the Company's financial statements for the years ended 30 April 2003 or 2002. The financial information for 2002 is derived from the financial statements for 2002. A copy of the Company's annual report and accounts for 2003 will be mailed to shareholders shortly and will also be available for collection from the Company's registered office. This information is provided by RNS The company news service from the London Stock Exchange END FR NKDKKOBKDKOB
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