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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mincorp | LSE:MOP | London | Ordinary Share | GB00B05Q9X89 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.175 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9138U Mincorp Plc 30 November 2005 Mincorp plc Results for the period ended 31 May 2005 CHAIRMAN'S STATEMENT The financial period to 31st May 2005, the first of Mincorp's existence, was one of rapid development. On 28th January 2005 the Company achieved an important milestone, listing on the AIM Market of the London Stock Exchange. Prior to Admission Mincorp raised #60,000 seed capital and the Placing increased the Company's capital by way of an offer for subscription of 60,000,000 new shares at 1p to fund the listing, provide funds for acquisitions, and working capital. In addition a total of 126,201,010 options exercisable at 1p within 5 years have been granted. CORPORATE FINANCE AND INVESTMENT In the Admission Document the Company stated that it would pursue an active strategy of investment in mining projects within the Philippines. In order to achieve this objective, we incorporated a new company, Mincorp Asia, Inc. in which Mincorp Plc holds a 40% equity. Four Filipino directors hold the balance of the shares. Our chief executive officer, Reginald Hare, is chairman and president of the company. Under the terms and conditions of a loan/option agreement between Mincorp Plc and each of the four Filipino directors, our company or its nominees may acquire at acquisition cost the whole of the optioned shares within five years from the date of the agreement. Mincorp Plc has not confined its field activities exclusively to the Philippines. During the year we formed a wholly owned subsidiary, Procnima Exploration Pty Ltd in Western Australia, which has acquired a 100% interest in the New Waverley gold mine on the Norseman Goldfield. EXPLORATION PROJECTS The company has two main exploration projects. One is a partly tested nickel laterite located on Luzon Island in the Philippines. This property has the potential to develop into a major open pit nickel operation. The other project is an exploration play in the high grade Norseman goldfield in Western Australia. Both these projects are dealt with in more detail in the Report of the Chief Executive Officer. OUTLOOK The Directors anticipate that 2005-2006 will be another year of growth and development and expect to undertake further acquisitions. At the date of this report the Company has in excess of #200,000 in cash resources to finance expansion. CONCLUSION In the period since Admission Mincorp has advanced towards its objectives and has increased its range of assets. Wider recognition of its achievements and ambitions has been slow to catch up with the pace of these developments. I thank, on your behalf, our nominated adviser, solicitors, accountants, and other advisers for their hard work and support during the period under review. Finally, on behalf of the Board, I thank shareholders for the trust and confidence they have placed in us. Jo Malins Chairman 30th November 2005 CHIEF EXECUTIVE OFFICER'S REPORT I am pleased to present to shareholders a summary of the activities of Mincorp Plc since we listed on the AIM market on 28th January 2005. This report also outlines our activities subsequent to the close of the financial year on 31st May, 2005. Our main activity has been in the Philippines where Mincorp Asia, Inc was incorporated as an associated corporation. Mincorp Plc holds a 40% direct interest in Mincorp Asia, Inc. MT CADIG NICKEL DEPOSIT, PHILIPPINES Mincorp Asia entered into an agreement with Bonaventure Mining Corporation to explore and, if justified, acquire a 100% interest in the Mt Cadig lateritic nickel deposit. This option agreement was subsequently superseded by the conditional purchase by Mincorp Asia, Inc of a 100% interest in Bonaventure Mining Corporation. The exploration permit application of Bonaventure over an area of approximately 9,462 hectares covers the whole of the Mt Cadig deposit. It is situated on Luzon Island approximately 250 kilometres east of Metro Manila. No exploration activity of any kind has been carried out on the property since 1970, when 103 pits were sunk to an average depth of approximately 7 metres. In 1971 a team of geologists and mining engineers from the Philippines Bureau of Mines carried out an inspection and study of the pitting programme to verify tonnage and nickel values reported by the tenement holders. This team concluded that the area tested contained approximately 83 million metric tons of laterite with nickel content ranging from 0.8% to 2.0% nickel. The cobalt content is unknown. Based on the mapped area, the whole deposit should contain at least 120 million tons of laterite. The deposit is located on a high level, largely uninhabited forest re-growth area. A recent investigation has disclosed the presence of a small tribe of indigenous people. This will delay the granting of the exploration permit by several weeks. However, we are almost through the process of consultation with local people and community leaders, who have welcomed the news that work will be commencing at Mt Cadig in the near future. The target for the exploration programme, by shallow pitting and boring, is to outline sufficient ore to justify the erection of a treatment plant to produce refined nickel and cobalt products. In the event that the deposit contains smaller quantities of high-grade 'saprolite' ore grading over 2% nickel, it may be possible to bulk ship high-grade ore to overseas smelters. Of additional interest is the presence of high-grade sulphides assaying over 2% Nickel in at least one location at Mt Cadig. This mineralisation is exposed in bedrock where an active creek has stripped off the weathered mantle below the laterite plateau. Apart from the possibility of locating an economic sulphide deposit, these high value indicate a source rock high in nickel. The average background value for un-weathered bedrock underlying nickel laterite is approximately 0.2% nickel. The lateritic profile is enriched by concentration of soluble nickel during the weathering process. Testing of the Mt Cadig deposit will commence as soon as Bonaventure Mining Corporation is granted the exploration permit, which is expected by mid-December, 2005. World demand for nickel in strong. Since 1950 world consumption of nickel has increased at an average annual rate of approximately 4%. It is predicted that demand over the next 10 years will exceed this figure. This is mainly due to the expansion of the Chinese economy and the growth in stainless steel production in China. This should help underpin the present price for nickel metal and other refined nickel products for a number of years into the future. NEW WAVERLEY GOLD MINE, WESTERN AUSTRALIA As announced previously, Mincorp Plc purchased a 100% interest, through a wholly owned subsidiary, Procnima Exploration Pty Ltd, in the New Waverley gold mine at Norseman, Western Australia, in August, 2005. Total purchase price was #86,000. Norseman is approximately 200 kilometers south of Kalgoorlie in the Western Australian goldfields. It is one of the State's oldest gold producing areas. The first gold was discovered in 1894. Since then the field has been worked continuously for a production of approximately 6 million ounces of gold. Full-scale mining operations continue today and several substantial deposits have recently been discovered. All the main gold bearing reefs lie within what is termed the "favourable Bed", which is a series of lava flows. The other structural elements are a series of northwesterly trending faults seated in dolerite dykes. All economic reefs junction with these structures, usually on the southern footwall side of the fault. The amount of displacement on these faults is an indicator of the strength of the structure and mineralisation. The 800 metre horizontal displacement on the Princess Royal fault, which is the parent structure of the Princess Royal and North Royal reefs, is much greater than the average displacement. These reefs have produced over 1,800,000 ounces of gold from quartz grading approximately 17 grams/tonne. This is the most important reef system discovered on the field. It is significant that the parent structure has a large horizontal displacement. The New Waverley mine lies several kilometres to the northeast of the Princess Royal. The Waverley fault runs through Mincorp's Prospecting Licences within the 'favourable bed'. The horizontal displacement on this fault is approximately 600 metres compared with 800 metres for the Princess Royal fault. The structural pattern at New Waverley is remarkably similar to that found at the Princess Royal. A shallow open pit has produced several thousand ounces of gold from veining in the hanging wall of the Waverley fault. However, the footwall side of the fault is completely untested. The veining may represent the surface expression of a reef system in the footwall. A deep mantle of soil conceals the area. The tenements purchased by the Company consists of three granted Prospecting Licences and three Prospecting Licence Applications for a total area of 657 hectares. The vendors are entitled to a 6% share of net profit from any future mining operation. We intend to test the prospect with a series of diamond drill holes. These will be drilled through the fault to probe for a hidden reef system in the Waverley fault footwall. There is also the chance that these drill holes may intersect additional gold bearing hanging wall veins. Given the current price of gold, this would allow open pit mining to be resumed. PROJECT DEVELOPMENT Apart from the investment in the two properties described above, the company has investigated manganese, chromite, nickel, gold/copper, magnetite and coal properties in the Philippines and coal properties in Indonesia. REGINALD HARE Chief Executive Officer. 30th November, 2005 Profit and loss account for the period ended 31st May 2005 Period 27th May 2004 to 31st May 2005 # Turnover - Administrative expenses (37,534) _______ Operating loss (37,534) Bank Deposit interest received 4,642 _______ Loss on ordinary activities before taxation (32,892) Taxation - Retained loss for the period attributable to Shareholders of the Company (32,892) ===== Loss per share - basic pence (0.07) There are no recognised gains or losses other than the loss for the period. All the operations are considered to be continuing. Balance sheet As at 31st May 2005 31st May 2005 # # Fixed assets Intangible fixed assets 46,397 Investments 10,000 _______ 56,397 Current assets Debtors 75,648 Cash at bank 464,452 _______ 540,100 Creditors - amounts due within one year (39,109) _______ Net current assets 500,991 _______ Net assets #557,388 Share capital and reserves Called-up share capital 120,001 Share premium account 470,279 Profit and loss account (32,892) _______ Equity shareholders' funds #557,388 ===== Cash flow statement for the year ended 31st May 2005 Period ended 31st May 2005 # Net cash outflow from operating activities (74,073) Returns on Investments Interest received 4,642 Capital expenditure and investment (56,397) _______ Cash outflow before financing (125,828) Financing 590,280 _______ Increase in cash in the period #464,452 ===== The accounts are being posted to shareholders today and copies will be available from Nabarro Wells & Co. Limited, Saddlers House, Gutter Lane, London EC2V 6HS This information is provided by RNS The company news service from the London Stock Exchange END FR BMBTTMMAJBMA
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