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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Natasa Min | LSE:NSN | London | Ordinary Share | KYG6395A1004 | 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% | 31.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMNSN
RNS Number : 2133F
Natasa Mining Limited
19 April 2011
NATASA MINING LTD
('the Company')
Final Results for the year ended 31 December 2010
Natasa Mining Ltd (the 'Company') announces its final audited results for the period ended 31 December 2010.
Enquiries:
Chrisilios Kyriakou, Chief Executive Officer
Natasa Mining Limited
Telephone: 020 7514 1480
Angela Peace
Strand Hanson Limited
Telephone: 020 7409 3494
REVIEW OF OPERATIONS AND STATE OF AFFAIRS
During the year, the Company redomiciled from Australia to the Cayman Islands following shareholders' approval on 27 May 2010. $0.2 million of fees and expenses were incurred in relation to this exercise. The accounts presented are those of the newly incorporated Cayman Islands company. However, in order to present a true and fair comparison for shareholders the business has been treated as continuing despite the change in legal entity, and the comparative figures are those of the predecessor company domiciled in Australia. .
In December 2009, the Group entered an Agreement with a vendor group, Vostok Mining, to acquire an 85% interest in two prospective gold-bearing properties (Pustenoye and Karienoye) in central-eastern Kazakhstan. Originally, the Agreement was subject to due diligence to be carried out by the Group prior to 30 March 2010 but this period was subsequently extended to 31 December 2010.
Initially, the due diligence involved the hiring of engineering and geological support staff in Kazakhstan and reviewing, validating and digitising the substantial data gathered by Vostok Mining. This was followed by retaining AMC Consultants Pty Ltd, international mining consultants, to conduct a site visit, review all data, assess the resource potential and recommend a first phase drilling and metallurgical program. The subsequent recommendations from AMC Consultants resulted in the Group planning seven RC drill holes, totalling approximately 1,000 metres to: collect enough mineralized sample for metallurgical tests, including Gravity, Flotation, Cyanidation of Flotation Tails, and BIOX treatment of sulphides; collect sufficient sample to determine comminution parameters relevant to crushing and milling; have sample available to be stored for future additional tests, and compare and validate assays and geology from a number of historical drill holes.
The final drill program was revised from the original planned program due to unseasonal late snow in March with the subsequent spring/summer melt which replenished the shallow (oxide zone) water table preventing drilling within the base of the open pit, with the exception of one drill hole which was drilled from the base of the pit (40 metres below surface) after increasing the pumping capacity long enough to keep the open pit dry for the duration of only this one drill hole. Six RC drill holes tested the Pustenoye deposit and one drill hole the Karienoye deposit. The RC drill rig also attempted to drill into the heap leach pad from the top at around 40 metres above the topographical surface. The rig penetrated only four metres deep before being abandoned. The drilling attempt was unsuccessful as the size of the rock particles on the upper lift of the pad appeared to be mostly of a size that did not fit through the holes of the drill hammer. The rock particles blocked these hammer receiving holes and as a result there was no sample return. Secondly, the rock particles were not large enough and were packed too loosely to be able to be pulverised. A 10kg sample was taken for assay and minor metallurgical testing.
All new drill holes obtained gold intersections, at the expected or better gold grades and intervals, except one which failed to intersect significant mineralisation above detection limit of 0.05ppm gold. This drill hole tested a northwest extension to orebody 1 and was located outside of the open pit on the natural surface while the other five RC drill holes were drilled within the open pit.
The RC drilling re-established the magnitude of gold grades from Soviet-style categories of resources (C1 and C2), as listed on the GKZ Kazakhstan state balance and global average gold grades in a resource estimate subsequently confirmed by an internal company IDW2 (inverse distance weighted squared) block model "JORC Inferred" resource estimate. The following inferences were made from the new drilling:
-- Pustenoye orebody 2 eastern is the highest grade orebody although it currently contains only around 10% of the tonnage in the total Pustenoye resource. Drilling found that the orebody is open towards the southeast so has the potential to significantly increase the grade of the total Pustenoye resource and is especially attractive if shallower extensions to the orebody are discovered, not only extensions at depth.
-- Pustenoye orebody 1 western is a lower grade orebody than orebody 2 eastern but contains the majority of the tonnage in the resource estimate. The orebody is open at depth and drilling confirmed that there is continuity down the easterly dip as principally a drill hole drilled down the dip was consistently mineralised and did not exit the orebody.
-- Karienoye Deposit is the lowest grade orebody but has the largest drill intersection of mineralisation with virtually the entire drill hole being mineralised (the drill hole did not exit the orebody at depth). Drilling highlights that high grade shoots in the deposit appear to dip shallowly towards the northwest, as observed in a surface adit into a hill adjacent to the hole where 5-20cm wide quartz veins have been mined and sampled.
Throughout the due diligence period, the Group, its management and its lawyers, in addition to expending substantial moneys on the properties, carried out extensive negotiations with Kazakhstan Government officials in order to obtain the many State approvals as to titles to enable the Group to make a decision to exercise its right to acquire the interest in the properties. Unfortunately, by the third quarter of 2010 it became evident that the Group had been unable to achieve its objectives so the right to acquire the interest in the mineral properties was disposed of to a Kazakhstan registered company, at which time the Group received a payment of $1.5 million by way of compensation. In 2009, the Group had deposited $1.4 million in a lawyer's escrow account as security for the purchase consideration, and these funds were recovered in 2010.
In June 2010, the Group acquired a 20% equity interest in Kryso Resources plc (Kryso) at a cost of $4.9 million. Kryso is an AIM-listed mineral exploration and development company focused on projects in Tajikistan. Kryso's primary goal is to bring the Pakrut gold project, of which it has 100% ownership, into production. Following the acquisition, Kryso announced a conditional placing of new ordinary shares to China Nonferrous Metals International Mining Co. Ltd representing 29.9% of the total issued share capital of the Kryso to raise GBP11 million before expenses. Prior to the conditional placing being finalised, the Group disposed of its holding in Kryso for proceeds of $8.1 million, generating a profit on the transaction of $3.2 million.
In respect of the Morondava uranium project in Madagascar (interest 66.8%), the Group expended $0.1 million to renew its uranium exploration licences.
Over the year, the Group also examined many mineral investment opportunities, but these did not lead to any positive outcome.
Legal fees of $0.3 million and travel expenses of $0.8 million were incurred, principally in relation to investigating and pursuing investment opportunities.
Interest income of $1.56 million was generated.
A foreign exchange gain of $2 million was recognised as a result of the strengthening of, particularly, the Australian dollar vis-a-vis the United States dollar.
In March 2010, the Company allotted 9,868,421 new fully paid ordinary shares upon conversion of the A$9 million Convertible Note in accordance with its terms.
In May 2010, the Company granted to Strand Hanson Ltd, its nominated adviser, 193,735 options over ordinary shares. The options have an exercise price of GBP2 per share and expire on 31 December 2014. An expense of $57,000 being the fair value of the options granted was recognised.
In June 2010, the Company repaid to shareholders $8.6 million of capital in cash, on a pro-rata basis.
During the 2010 financial year the Group:
-- Purchased $18.2 million of equity and debt instruments, excluding the purchase of equity instruments in Kryso referred to above. At balance date, the Group recognised a gain from the change in fair value of these instruments of $6.3 million.
-- Generated proceeds of $1.7 million, and recognised a profit of $0.6 million, from the sale of equity and debt instruments, excluding the sale of equity instruments in Kryso referred to above.
-- Recovered a $2.5 million short term loan which had been advanced to an unrelated company in 2009.
Other than the matters referred to above, in the opinion of the Directors, there were no significant changes in the state of affairs of the Group that occurred during the financial year under review that are not otherwise disclosed in this report or the consolidated financial statements.
TRADING RESULTS
The profit after income tax of the Group for the year ended 31 December 2010 attributable to equity holders of the Company was $4,478,210 (2009 : $7,413,344).
SUBSEQUENT EVENTS
Between 1 January 2011 and the date of this report the following material transactions have occurred. The Group has:
-- Purchased $2.7 million of equity and debt instruments.
-- Generated proceeds of $3.4 million, and recognised a profit of $2.3 million, from the sale of equity and debt instruments.
In April 2011, the Company's subsidiary, UMC Energy plc, entered a twelve month option to acquire the entire issued share capital of a Papua New Guinea (PNG) incorporated company which, if exercised, would result in the dilution of the Company's equity interest in UMC Energy from 83.5% to 42.1%. The PNG company presently has a number of Petroleum Prospecting Licences in PNG and is in the process of applying for additional licences in that country.
Other than the matters discussed above, there has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the Directors of the Company, to affect significantly the operations of the Group, the results of those operations or the state of affairs of the Group, in subsequent financial years.
LIKELY DEVELOPMENTS
A number of mineral operations investment opportunities are being investigated.
Further information about likely developments in the operations of the Group and the expected results of those operations in future financial years has not been included in this report because disclosure of the information would be likely to result in unreasonable prejudice to the Group.
NATASA MINING LTD
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2010
Consolidated Restated 2010 2009 $ $ ------------------------------------------------ ------------ ------------ Total revenue from services - - Gain on sale of equity and debt instruments 3,818,092 6,852,949 Compensation for foregoing right to acquire mineral property 1,500,000 - Financial income 1,594,014 1,965,346 Personnel expenses (2,004,830) (1,336,040) Audit fees (64,200) - Audit fees to subsidiary and previous auditors (80,413) (72,334) Depreciation and amortisation (7,116) (5,943) Finance expenses (152,135) (408,256) Foreign exchange gains / (losses) 2,044,833 (2,005,263) Reversal of impairment losses on investments - 137,255 Reversal of impairment losses on investments in equity accounted associates - 2,719,670 Impairment losses on receivables - (421,378) Reversal of impairment losses on receivables - 2,798,790 Legal fees (274,217) (1,509,714) Redomiciliation costs (242,795) - Morondava licence fees (108,203) - Travel expenses (826,920) (521,639) Other expenses (811,696) (780,099) ------------ ------------ Result from operating activities 4,384,414 7,413,344 Share of net result of associates - - ------------ ------------ Profit before tax 4,384,414 7,413,344 Income tax expense - - Profit for the year 4,384,414 7,413,344 ------------ ------------ Attributable to : Equity holders of the Company 4,478,210 7,413,344 Minority interest (93,796) - ------------ ------------ Profit for the year 4,384,414 7,413,344 ------------ ------------ Basic earnings per share (cents) 16.4 38.3 Diluted earnings per share (cents) 16.4 28.4
NATASA MINING LTD
STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2010
Consolidated Restated 2010 2009 $ $ -------------------------------------------- ---- ----------- ------------- Profit for the year 4,384,414 7,413,344 Other comprehensive income: Change in fair value of equity securities 6,302,603 - Change in fair value arising on acquisition of subsidiary - 346,596 Foreign exchange movement (47,587) 597,969 Other comprehensive income for the year 6,255,016 944,565 Total comprehensive income for the year 10,639,430 8,357,909 ----------- ------------- Attributable to : Equity holders of the Company 10,743,344 8,011,313 Minority interest (103,914) 346,596 Total comprehensive income for the year 10,639,430 8,357,909 ----------- -------------
NATASA MINING LTD
STATEMENTS OF FINANCIAL POSITION
AS AT 31 DECEMBER 2010
Consolidated Restated 2010 2009 $ $ ----------------------------------------------------------------------------------------- ----------- ----------- ASSETS Current Assets Cash and cash equivalents 29,315,691 43,703,987 Trade and other receivables 738,955 7,657,563 Total Current Assets 30,054,646 51,361,550 ----------- ----------- Non-Current Assets Trade and other receivables 307,358 - Exploration and evaluation expenditure - intangible 2,978,035 3,066,266 Other financial assets 23,625,554 488,149 Plant and equipment 15,036 5,396 Total Non-Current Assets 26,925,983 3,559,811 ----------- ----------- Total Assets 56,980,629 54,921,361 ----------- ----------- LIABILITIES Current Liabilities Trade and other payables 209,988 375,434 Loans and borrowings - 8,036,100 Total Current Liabilities 209,988 8,411,534 ----------- ----------- Total Liabilities 209,988 8,411,534 ----------- ----------- NET ASSETS 56,770,641 46,509,827 ----------- ----------- EQUITY Share capital 41,723,622 39,533,645 Reserves 6,322,134 4,919,069 Retained earnings 8,482,203 1,710,517 ----------- ----------- Total equity attributable to equity holders of the Company 56,527,959 46,163,231 Minority interest 242,682 346,596 ----------- ----------- TOTAL EQUITY 56,770,641 46,509,827 ----------- -----------
NATASA MINING LTD
STATEMENTS OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2010
Consolidated Attributable to equity holders of the Company Share Foreign Fair based Currency Share value payments Translation Retained Minority Total 2010 capital reserve reserve reserve earnings Total Interest equity $ $ $ $ $ $ $ $ ---------------------- ---- ------------ ---------- -------------- ------------ ---------- ------------ ---------- --------------- Balance at 1 January 2010 39,533,645 - 4,321,100 597,969 1,710,517 46,163,231 346,596 46,509,827 Total comprehensive income for the period Profit - - - - 4,478,210 4,478,210 (93,796) 4,384,414 Total other comprehensive income - 6,302,603 - (37,469) - 6,265,134 (10,118) 6,255,016 ------------ ---------- -------------- ------------ ---------- ------------ ---------- --------------- Total comprehensive income for the period - 6,302,603 - (37,469) 4,478,210 10,743,344 (103,914) 10,639,430 ------------ ---------- -------------- ------------ ---------- ------------ ---------- --------------- Transactions with owners, recorded directly in equity Contributions by owners Shares issued on Note conversion 8,219,343 - - - - 8,219,343 - 8,219,343 Capital return - in cash (8,654,959) - - - - (8,654,959) - (8,654,959) Capitalisation of reserves arising on redomiciliation 2,625,593 - (4,321,100) (597,969) 2,293,476 - - - Share-based payment transactions - - 57,000 - - 57,000 - 57,000 ------------ ---------- -------------- ------------ ---------- ------------ ---------- --------------- Total contributions by owners 2,189,977 - (4,264,100) (597,969) 2,293,476 (378,616) - (378,616) ------------ ---------- -------------- ------------ ---------- ------------ ---------- --------------- Total transactions with owners 2,189,977 - (4,264,100) (597,969) 2,293,476 (378,616) - (378,616) ------------ ---------- -------------- ------------ ---------- ------------ ---------- --------------- Balance at 31 December 2010 41,723,622 6,302,603 57,000 (37,469) 8,482,203 56,527,959 242,682 56,770,641 ------------ ---------- -------------- ------------ ---------- ------------ ---------- ---------------
NATASA MINING LTD
STATEMENTS OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2010
Consolidated Attributable to equity holders of the Company Share Foreign Fair based Currency Share value payments Translation Retained Minority Total 2009 capital reserve reserve reserve earnings Total Interest equity $ $ $ $ $ $ $ $ ---------------------- ---- ----------- -------- ------------ ------------ ------------ ----------- --------- --------------- Balance at 1 January 2009 39,533,645 - 4,055,855 - (5,702,827) 37,886,673 - 37,886,673 Total comprehensive income for the period Profit - - - - 7,413,344 7,413,344 - 7,413,344 Total other comprehensive income - - - 597,969 - 597,969 346,596 944,565 ----------- -------- ------------ ------------ ------------ ----------- --------- --------------- Total comprehensive income for the period - - - 597,969 7,413,344 8,011,313 346,596 8,357,909 ----------- -------- ------------ ------------ ------------ ----------- --------- --------------- Transactions with owners, recorded directly in equity Contributions by owners Share-based payment transactions - - 265,245 - - 265,245 - 265,245 ----------- -------- ------------ ------------ ------------ ----------- --------- --------------- Total contributions by owners - - 265,245 - - 265,245 - 265,245 ----------- -------- ------------ ------------ ------------ ----------- --------- --------------- Total transactions with owners - - 265,245 - - 265,245 - 265,245 ----------- -------- ------------ ------------ ------------ ----------- --------- --------------- Balance at 31 December 2009 39,533,645 - 4,321,100 597,969 1,710,517 46,163,231 346,596 46,509,827 ----------- -------- ------------ ------------ ------------ ----------- --------- ---------------
NATASA MINING LTD
STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2010
Consolidated Restated 2010 2009 $ $ --------------------------------------------- ----- ------------- --------------- Cash flows from operating activities Cash payments in the course of operations (4,516,613) (3,986,604) ------------- --------------- Cash used in operations (4,516,613) (3,986,604) Interest received 1,684,025 2,103,682 Interest paid (152,135) (408,256) ------------- --------------- Net cash used in operating activities (2,984,723) (2,291,178) ------------- --------------- Cash flows from investing activities Purchase of: - equity investments (22,783,502) (432,987) - debt instruments (317,384) (16,604,604) Proceeds from sale of: - equity investments 9,071,160 2,936,045 - debt instruments - 23,457,553 Compensation for foregoing right to acquire mineral property 1,500,000 - Payments for purchases of plant and equipment: (15,170) (6,620) Loans and advances: - to associates - (421,378) - to other entities - (3,955,634) - funds placed in lawyer's escrow account for purchase of investments - (1,241,796) - recovered from lawyer's escrow account for purchase of investments 1,400,000 - - repaid by other entities 2,500,000 1,738,139 Net cash (used in) / from investing activities (8,644,896) 5,468,718 ------------- --------------- Cash flows from financing activities Capital return (8,654,959) - Proceeds from draw-down of Convertible Note 3,665,339 - Net cash from financing activities (4,989,620) - ------------- --------------- Net (decrease) / increase in cash and cash equivalents (16,619,239) 3,177,540 Cash and cash equivalents at 1 January 43,703,987 32,764,334 Effect of exchange rate fluctuations on cash held 2,230,943 7,762,113 ------------- --------------- Cash and cash equivalents at 31 December 29,315,691 43,703,987 ------------- ---------------
1. SIGNIFICANT ACCOUNTING POLICIES
Natasa Mining Ltd (the "Company") is a company incorporated in the Cayman Islands. The consolidated financial report of the Company as at and for the year ended 31 December 2010 comprises the Company and its subsidiaries (together referred to as the "Group") and the Group's interest in associates.
The Company was incorporated on 14 April 2010 and acquired all the assets and liabilities of Natasa Mining Ltd (incorporated in Australia ("Natasa"). The acquisition of the assets and liabilities was met by the issue of 29,241,951 ordinary shares in the Company to the shareholders of Natasa on a 1:1 basis such that the shareholders of Natasa became the shareholders of the Company. The results for the year ended to 31 December 2010 are those of the Group as if no capital reconstruction has taken place. The comparative information as shown is that of Natasa.
Consolidated Restated 2010 2009 $ $ 2. EARNINGS PER SHARE Basic earnings per share 16.4c 38.3c Diluted earnings per share 16.4c 28.4c Profit attributable to ordinary shareholders as used in the calculation of basic earnings per share 4,478,210 7,413,344 Profit attributable to ordinary shareholders (excluding interest on convertible loan note) as used in the calculation of diluted earnings per share 4,478,210 7,821,600 Weighted average number of ordinary shares used in the calculation of basic earnings per share 27,241,230 19,373,530 Weighted average number of ordinary shares used in the calculation of diluted earnings per share 27,241,230 27,525,704 3. INVESTMENTS IN EQUITY ACCOUNTED INVESTEES The Group has the following investments in equity accounted investees Reporting Ownership Principal Activities Country Date 2010 2009 UMC Energy Mining exploration and UK 31 Dec * * plc evaluation on the Morondava uranium project in Madagascar * During the 2009 financial year, UMC Energy plc became a subsidiary of the Company Consolidated Restated 2010 2009 $ $ 4. OTHER FINANCIAL ASSETS Non-current Equity securities available-for-sale: - listed 23,625,554 488,149 Total other financial assets 23,625,554 488,149 ----------- --------- 5. LOANS AND BORROWINGS Current Convertible Note from related entity - 8,036,100 ---- -------------- - 8,036,100 ------------------------------------------------------------- -------------- In January 2008, the Company issued a Convertible Note to raise A$9 million to Capma Pty Ltd, a company in which a Director, Mr. Kyriakou, has an interest. During the year, the Group recognised interest charges of $152,135 (2009: $408,256) on the Note. As at 31 December 2009, the Group had drawn down A$4,900,000 of the Note, leaving a facility available of A$4,100,000, which amount was drawn in January 2010. The Note was converted, under its terms, into 9,868,421 fully paid ordinary shares in the Company on 16 March 2010. 6. CONTROLLED ENTITIES Interest Interest Parent entity - Natasa Mining Ltd Place of 2010 2009 Subsidiaries incorporation % % Crown Step Ltd BVI 100 100 Kaz Gold Ltd BVI 100 100 Kaz Gold (UK) Ltd UK 100 100 Kaz Gold Mining (UK) Ltd UK 100 - Natasa Chile SA Chile 100 100 Natasa Management SARL Monaco 100 - Natasa Mining Chile SA Chile 100 100 Natasa Mining Kazakhstan LLP Kazakhstan 100 - Natasa Mining Pty Ltd Australia 100 - Pacific King Investments Ltd BVI 100 100 UMC Energy plc (i) UK 83.5 83.5 Uramad SA (i) Madagascar 66.8 66.8 (i) On 16 October 2009, the Company capitalised A$2.4 million of the loan advanced to UMC Energy plc into new ordinary shares in that company, increasing its equity interest from 20.6% to 89.9%. On the same day the Company disposed of a portion of its holding, thus reducing its holding in UMC Energy to 83.5%. The fair value of the net assets of UMC Energy plc both on 16 October 2009 and on 31 December 2009 have been determined by the directors to be $3,066,266.
7. CORPORATE RESTRUCTURE
Natasa Mining Ltd (the "Company") was incorporated in the Cayman Islands on 14 April 2010.
On 27 May 2010, the Company acquired all the assets and liabilities of Natasa Mining Ltd (incorporated in Australia) ("Natasa"). The acquisition of the assets and liabilities was met by the issue of 29,241,951 ordinary shares in the Company to the shareholders of Natasa on a 1:1 basis such that the shareholders of Natasa became the shareholders of the Company with each shareholder holding the same number of shares in the Company, in both absolute and percentage terms, as they did in Natasa.
There was a return of surplus capital to the shareholders of Natasa of A$10,234,683 (A$0.35 per share) following which the cancellation of the Natasa shares took place.
As part of the reconstruction, the Company subscribed for one share in Natasa which subsequently became a wholly-owned subsidiary of the Company, at which time Natasa's name was changed to Natasa Mining Pty Ltd.
The Directors considered that the fair value of the net assets of Natasa equalled that of their net book value of A$45,983,144 (US$41,723,622) and this value was attached to the 29,241,951 ordinary shares issued by the Company to acquire the assets and liabilities of Natasa.
The assets and liabilities acquired were as follows:
$ Cash and cash equivalents 40,616,337 Trade and other receivables 1,202,190 Financial assets 351,046 Plant and equipment 8,739 Trade and other payables (454,690) 41,723,622 -----------
8. SUBSEQUENT EVENTS
Between 1 January 2011 and the date of this report the following material transactions have occurred. The Group has:
-- Purchased $2.7 million of equity and debt instruments.
-- Generated proceeds of $3.4 million, and recognised a profit of $2.3 million, from the sale of equity and debt instruments.
In April 2011, the Company's subsidiary, UMC Energy plc, entered a twelve month option to acquire the entire issued share capital of a Papua New Guinea (PNG) incorporated company which, if exercised, would result in the dilution of the Company's equity interest in UMC Energy from 83.5% to 42.1%. The PNG company presently has a number of Petroleum Prospecting Licences in PNG and is in the process of applying for additional licences in that country.
The financial effects of the above transactions have not been brought to account in the financial statements for the year ended 31 December 2010.
9. Publication of non statutory accounts
The financial information set out in this preliminary announcement does not constitute statutory accounts.
The balance sheet at 31 December 2010 and the profit and loss account, cash flow statement and associated notes for the year then ended have been extracted from the Group's 2010 statutory financial statements upon which the auditors' opinion is unqualified.
10. Annual Report
The Annual Report for the year ended 31 December 2010 will be available from the Company's website www.natasamining.com today.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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