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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
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 |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMNSN RNS Number : 4335T Natasa Mining Limited 28 September 2010 NATASA MINING LTD Condensed consolidated interim financial statements for the half-year ended 30 June 2010 +-------------+--------------+-------------+-------------+------------------+ | Directors' Report | +---------------------------------------------------------------------------+ | | | | | +----------------------------+-------------+-------------+------------------+ | The Directors present their report together with the consolidated | | financial statements for the six months ended 30 June 2010 and the | | auditor's review report thereon. | +---------------------------------------------------------------------------+ | | | | | +----------------------------+-------------+-------------+------------------+ | 1. DIRECTORS | | | | +----------------------------+-------------+-------------+------------------+ | The names of the directors of the Company in office during or since the | | end of the half-year are: | +---------------------------------------------------------------------------+ | | | | | | +-------------+--------------+-------------+-------------+------------------+ | | +---------------------------------------------------------------------------+ | Chrisilios Kyriakou, LLB, Executive ChairmanMr. Kyriakou has extensive | | business interests including commercial properties, share investments and | | rural property. He was the Chief Executive Officer of the Company's | | predecessor company, Natasa Mining Ltd (inc. in Australia), since 1979 | | and was appointed to the Board on 21 April 2010 as Executive Chairman of | | the Company. | | | +---------------------------------------------------------------------------+ | Charles de Chezelles, MBA, Non-executive DirectorMr de Chezelles, aged | | 70, is a highly experienced financial industry expert. Past positions | | include: General Manager, Banco Real S.A., London; Executive Director, | | Credit Suisse-First Boston (CSFB), London; Director, First Boston Europe, | | London; Vice President, The First Boston Corporation, New York; Corporate | | Account Executive, Smith Barney, New York; Investment Analyst, Stralem & | | Company, New York. He is currently Managing Director of Omega Trust | | Company Limited, London. Mr de Chezelles sits on the board of several | | natural resources companies based around the world and financial trusts. | | He was appointed to the Board on 1 May 2010. | +---------------------------------------------------------------------------+ | | +---------------------------------------------------------------------------+ | | +---------------------------------------------------------------------------+ | Jonathan R. Reynolds B.Com (Hons), CA, F Fin, Finance DirectorMr. | | Reynolds has been the Chief Financial Officer of the Company's | | predecessor company, Natasa Mining Ltd (inc. in Australia), since 2001. | | Prior to that he held the position of chief financial officer with a | | number of other listed entities and before that was a senior manager with | | an international firm of chartered accountants. He is a member of the | | Institute of Chartered Accountants in Australia, a fellow of the | | Financial Services Institute of Australasia and holds a Bachelor of | | Commerce (Honours) degree. He was appointed to the Board on 21 April | | 2010. | +---------------------------------------------------------------------------+ | | +---------------------------------------------------------------------------+ | The following directors retired upon the redomiciliation of the Company | | becoming effective, following the shareholders' meeting held on 27 May | | 2010: | | John A. Landels | | Mark R. Arnesen | | Sydney J.P. Borg | | Robert A. Cleary | +---------------------------------------------------------------------------+ | | +---------------------------------------------------------------------------+ | Company SecretaryMr John B. Maguire, Company Secretary, has held this | | position and been involved with the Group for the past 19 years. | +---------------------------------------------------------------------------+ | | | | | | +-------------+--------------+-------------+-------------+------------------+ +-------------------------------------------------------------------------------------+ | 2. CONSOLIDATED RESULTS AND REVIEW OF OPERATIONSThe net loss after tax of | | the Group attributable to members for the six months ended 30 June 2010 was | | $3,836,997 (30 June 2009: profit of $5,653,485). | | | | During the period, the Group: | | · Concentrated on due diligence activities in relation to the proposed | | acquisition of a majority interest in two gold exploration project contract areas | | in central-eastern Kazakhstan. Some $648,037 of costs were incurred over the | | period in connection with these activities. | | · Acquired a 20% equity interest in Kryso Resources plc (Kryso) at a cost of | | $4,884,988. 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. An internal | | prefeasibility study has been completed for the Pakrut project and a bankable | | feasibility study is currently underway. | | · Expended $105,177 to renew its uranium exploration licences in respect of the | | Morondava uranium project in Madagascar. | | · Investigated a number of other mineral operations investment opportunities but | | did not lead to any positive outcome. | | · Redomiciled from Australia to the Cayman Islands following shareholders' | | approval on 27 May 2010. $238,850 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. The financial report has been presented in US Dollars which | | is the Group's functional currency. Further details are given in Notes 1 and 10 to | | the accounts. | | · Repaid $8,654,959 of capital in cash. | | · Generated interest income of $1,005,647. | | · Incurred legal fees of $63,337 and travel expenses of $181,918, principally in | | relation to investigating and pursuing investment opportunities. | | · Recognised a foreign exchange loss of $2,059,579 following the strengthening | | of the US dollar, vis-a-vis, in particular, the Australian dollar. | | | | 3. SUBSEQUENT EVENTS | | Since 1 July 2010, the Company : | | · Purchased various debt and equity securities at a cost of $678,000; and | | · Sold various equity securities realising proceeds of $438,000 and a net profit | | on disposal of $89,000. | | | | Other than the matters discussed above, there has not arisen in the interval | | between the end of the half-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 consolidated entity, | | the results of those operations or the state of affairs of the consolidated entity, | | in subsequent financial years. | | C. Kyriakou | | | | | | Director | | | +-------------------------------------------------------------------------------------+ +------------------------------------+------+---------------+--------------+----------+ | Condensed Consolidated Interim Income Statement | | | for the six months ended 30 June 2010 | | +--------------------------------------------------------------------------+----------+ | | | | | | +------------------------------------+------+---------------+--------------+----------+ | | Note | 30 June | 30 June | | | | | 2010 | 2009 | | | | | $ | $ | | +------------------------------------+------+---------------+--------------+----------+ | | | | | | +------------------------------------+------+---------------+--------------+----------+ | Total revenue from services | | - | - | | +------------------------------------+------+---------------+--------------+----------+ | (Loss)/gain on sale of equity and | | (43,252) | 6,146,282 | | | debt instruments | | | | | +------------------------------------+------+---------------+--------------+----------+ | Financial income | | 1,005,647 | 1,082,007 | | +------------------------------------+------+---------------+--------------+----------+ | | | | | | +------------------------------------+------+---------------+--------------+----------+ | Personnel expenses | | (1,060,796) | (512,831) | | +------------------------------------+------+---------------+--------------+----------+ | Audit fees | | (32,100) | (26,834) | | +------------------------------------+------+---------------+--------------+----------+ | Audit fees to subsidiary and | | (53,689) | - | | | previous auditors | | | | | +------------------------------------+------+---------------+--------------+----------+ | Depreciation and amortisation | | (2,814) | (3,330) | | +------------------------------------+------+---------------+--------------+----------+ | Finance expenses | | (147,881) | (181,267) | | +------------------------------------+------+---------------+--------------+----------+ | Reversal of financial advisory | | 154,081 | - | | | fees | | | | | +------------------------------------+------+---------------+--------------+----------+ | Foreign exchange losses | | (2,059,579) | (1,337,203) | | +------------------------------------+------+---------------+--------------+----------+ | Impairment losses on receivables | | - | (295,039) | | +------------------------------------+------+---------------+--------------+----------+ | Reversal of impairment losses on | | - | 2,510,183 | | | receivables | | | | | +------------------------------------+------+---------------+--------------+----------+ | Legal fees | | (63,337) | (1,294,880) | | +------------------------------------+------+---------------+--------------+----------+ | Redomiciliation costs | | (238,850) | - | | +------------------------------------+------+---------------+--------------+----------+ | Kazakhstan project due diligence | | (648,037) | - | | | costs | | | | | +------------------------------------+------+---------------+--------------+----------+ | Morondava licence fees | | (105,177) | - | | +------------------------------------+------+---------------+--------------+----------+ | Travel expenses | | (181,918) | (249,487) | | +------------------------------------+------+---------------+--------------+----------+ | Other administrative expenses | | (359,295) | (184,116) | | +------------------------------------+------+---------------+--------------+----------+ | | | | | | +------------------------------------+------+---------------+--------------+----------+ | Result from operating activities | | (3,836,997) | 5,653,485 | | +------------------------------------+------+---------------+--------------+----------+ | | | | | | +------------------------------------+------+---------------+--------------+----------+ | Share of net result of associates | 4 | | | | | | | - | - | | +------------------------------------+------+---------------+--------------+----------+ | | | | | | +------------------------------------+------+---------------+--------------+----------+ | (Loss)/profit before tax | | (3,836,997) | 5,653,485 | | +------------------------------------+------+---------------+--------------+----------+ | | | | | | +------------------------------------+------+---------------+--------------+----------+ | Income tax expense | | | | | | | | - | - | | +------------------------------------+------+---------------+--------------+----------+ | | | | | | +------------------------------------+------+---------------+--------------+----------+ | (Loss)/profit for the period | | (3,836,997) | 5,653,485 | | +------------------------------------+------+---------------+--------------+----------+ | | | | | | +------------------------------------+------+---------------+--------------+----------+ | Attributable to: | | | | | +------------------------------------+------+---------------+--------------+----------+ | Equity holders of the Company | | (3,836,997) | 5,653,485 | | +------------------------------------+------+---------------+--------------+----------+ | | | | | | +------------------------------------+------+---------------+--------------+----------+ | | | Cents | Cents | | +------------------------------------+------+---------------+--------------+----------+ | Basic (loss)/earnings per share | | (13.1) | 29.0 | | +------------------------------------+------+---------------+--------------+----------+ | Diluted (loss)/earnings per share | | (13.1) | 22.0 | | +------------------------------------+------+---------------+--------------+----------+ | | | | | | +------------------------------------+------+---------------+--------------+----------+ | The above Condensed Consolidated Interim Income Statement should be read in | | conjunction with the accompanying notes. | +-------------------------------------------------------------------------------------+ | | +------------------------------------+------+---------------+--------------+----------+ +---------------------------------+----------+-------------+-------------+ | Condensed Consolidated Interim Statement of Comprehensive Income | | for the six months ended 30 June 2010 | +------------------------------------------------------------------------+ | | | | | +---------------------------------+----------+-------------+-------------+ | | | 30 June | 30 June | | | | 2010 | 2009 | | | | $ | $ | +---------------------------------+----------+-------------+-------------+ | | | | | +---------------------------------+----------+-------------+-------------+ | (Loss)/profit for the period | | (3,836,997) | 5,653,485 | +---------------------------------+----------+-------------+-------------+ | | | | | +---------------------------------+----------+-------------+-------------+ | Foreign exchange movement | | - | (2,986,291) | +---------------------------------+----------+-------------+-------------+ | Change in fair value of equity | | | | | securities available for sale, | | 2,695,536 | | | net of tax | | | - | +---------------------------------+----------+-------------+-------------+ | | | | | +---------------------------------+----------+-------------+-------------+ | Total comprehensive (loss) / | | | | | income for the period | | (1,141,461) | 2,667,194 | +---------------------------------+----------+-------------+-------------+ | | | | | +---------------------------------+----------+-------------+-------------+ | Attributable to: | | | | +---------------------------------+----------+-------------+-------------+ | Equity holders of the Company | | (1,141,461) | 2,667,194 | +---------------------------------+----------+-------------+-------------+ | | +------------------------------------------------------------------------+ | | +------------------------------------------------------------------------+ | The above Condensed Consolidated Interim Statement of Comprehensive | | Income should be read in conjunction with the accompanying notes. | +------------------------------------------------------------------------+ | | | | +---------------------------------+----------+-------------+-------------+ +---------------------------+------+-----------------------------------+ | Condensed Consolidated Statement of Financial Position | | as at 30 June 2010 | +----------------------------------------------------------------------+ | | | | +---------------------------+------+-----------------------------------+ +---------------------------+------+----------------+------------------+----------------+---------------------------------------------+------------------------------------------------------+---------------------------------------------------------+ | |Note | 30 June2010 | 30 June2009$ | 31 | | | | | $ | | December2009$ | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | ASSETS | | | | | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | Current Assets | | | | | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | Cash and cash equivalents | | 33,355,547 | 43,442,413 | 43,703,987 | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | Trade and other | 5 | 1,202,190 | 5,779,954 | 7,657,563 | | | receivables | | | | | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | Total Current Assets | | 34,557,737 | 49,222,367 | 51,361,550 | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | | | | | | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | Non-Current Assets | | | | | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | Other financial assets | | 7,995,616 | - | 488,149 | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | Plant and equipment | | 8,739 | 4,860 | 5,396 | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | Total Non-Current Assets | | 8,004,355 | 4,860 | 493,545 | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | | | | | | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | Total Assets | | 42,562,092 | 49,227,227 | 51,855,095 | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | | | | | | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | LIABILITIES | | | | | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | Current Liabilities | | | | | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | Trade and other payables | | 638,608 | 1,428,361 | 373,438 | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | Loans and borrowings | 6 | - | 7,243,200 | 8,036,100 | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | Provisions | | | 1,799 | 1,996 | | | | | - | | | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | Total Current Liabilities | | 638,608 | 8,673,360 | 8,411,534 | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | | | | | | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | Total Liabilities | | 638,608 | 8,673,360 | 8,411,533 | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | | | | | | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | NET ASSETS | | 41,923,484 | 40,553,867 | 43,443,561 | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | | | | | | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | EQUITY | | | | | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | Share capital | 8 | 41,723,622 | 39,533,645 | 39,533,645 | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | Reserves | | 2,752,536 | 1,069,564 | 4,321,100 | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | Accumulated loss | | (2,552,674) | (49,342) | (411,184) | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | | | | | | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | TOTAL EQUITY | | 41,923,484 | 40,553,867 | 43,443,561 | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | | | | | | | +---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+ | | | | | | | | | | | The interim results were approved by the Board on 28 September 2010 | | | | | and signed on its behalf by: | | | | | | | | | | | | | | | | | | | | C. Kyriakou | | | | | | | | | | | | | | | The above Condensed Consolidated Interim Statement of Financial | | | | | Position should be read in conjunction with the accompanying notes. | | | | +----------------------------------------------------------------------+--------------------------------------------------------------+------------------------------------------------------+---------------------------------------------------------+ | | | | | | | | | +---------------------------+------+----------------+------------------+----------------+---------------------------------------------+------------------------------------------------------+---------------------------------------------------------+ Condensed Consolidated Statement of Changes in Equity as at 30 June 2010 +----------------------+----+------------+---------+-----------+--------------+-------------+--------------+-------------+----------+-------------+ | 2009 | | Attributable to equity holders of the Company | +----------------------+----+---------------------------------------------------------------------------------------------------------------------+ | | | | | Share | | Foreign | | | | | | | | | Fair | based | Reval-uation | currency | Accum-ulated | | | | | | | Share | value | payments | reserve | translation | loss | | Minority | Total | | | | capital | reserve | reserve | | reserve | | Total | interest | equity | +----------------------+----+------------+---------+-----------+--------------+-------------+--------------+-------------+----------+-------------+ | | | $ | $ | $ | $ | $ | $ | $ | $ | $ | +----------------------+----+------------+---------+-----------+--------------+-------------+--------------+-------------+----------+-------------+ | Balance at 1 January | | 39,533,645 | - | 4,055,855 | - | - | (5,702,827) | 37,886,673 | - | 37,886,673 | | 2009 | | | | | | | | | | | +----------------------+----+------------+---------+-----------+--------------+-------------+--------------+-------------+----------+-------------+ | | | | | | | | | | | | +----------------------+----+------------+---------+-----------+--------------+-------------+--------------+-------------+----------+-------------+ | Total comprehensive | | | | | | | | | | | | income for the | | | | | | | | | | | | period | | | | | | | | | | | +----------------------+----+------------+---------+-----------+--------------+-------------+--------------+-------------+----------+-------------+ | Profit | | - | - | - | - | - | 5,653,485 | 5,653,485 | - | 5,653,485 | +----------------------+----+------------+---------+-----------+--------------+-------------+--------------+-------------+----------+-------------+ | Total other | | | | | | | | | | | | comprehensive | | - | - | - | - | (2,986,291) | - | (2,986,291) | - | (2,986,291) | | expense | | | | | | | | | | | +----------------------+----+------------+---------+-----------+--------------+-------------+--------------+-------------+----------+-------------+ | Total comprehensive | | | | | | | | | | | | income for the | | - | - | - | - | (2,986,291) | 5,653,485 | 2,667,194 | - | 2,667,194 | | period | | | | | | | | | | | +----------------------+----+------------+---------+-----------+--------------+-------------+--------------+-------------+----------+-------------+ | | | | | | | | | | | | +----------------------+----+------------+---------+-----------+--------------+-------------+--------------+-------------+----------+-------------+ | | | | | | | | | | | | | Balance at 30 June | | 39,533,645 | - | 4,055,855 | - | (2,986,291) | (49,342) | 40,553,867 | - | 40,553,867 | | 2009 | | | | | | | | | | | +----------------------+----+------------+---------+-----------+--------------+-------------+--------------+-------------+----------+-------------+ +-----------------------------------------------------------------------------------------------+ | The above Condensed Consolidated Interim Statement of Changes in Equity should be read in | | conjunction with the accompanying notes. | +-----------------------------------------------------------------------------------------------+ Condensed Consolidated Statement of Changes in Equity as at 30 June 2010 +----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+ | 2010 | | Attributable to equity holders of the Company | +----------------------+----+--------------------------------------------------------------------------------------------------------------------------+ | | | | | Share | | Foreign | | | | | | | | | Fair | based | Reval-uation | currency | Accum-ulated | | | | | | | Share | value | payments | reserve | translation | loss | | Minority | Total | | | | capital | reserve | reserve | | reserve | | Total | interest | equity | +----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+ | | | $ | $ | $ | $ | $ | $ | $ | $ | $ | +----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+ | Balance at 1 January | | 39,533,645 | - | 4,321,100 | - | - | (411,184) | 43,443,561 | - | 43,443,561 | | 2010 | | | | | | | | | | | +----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+ | | | | | | | | | | | | +----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+ | Total comprehensive | | | | | | | | | | | | income for the | | | | | | | | | | | | period | | | | | | | | | | | +----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+ | Loss | | - | - | - | - | - | (3,836,997) | (3,836,997) | - | (3,836,997) | +----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+ | Total other | | | | | | | | | | | | comprehensive income | | - | 2,695,536 | - | - | - | - | 2,695,536 | - | 2,695,536 | +----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+ | Total comprehensive | | | | | | | | | | | | income for the | | - | 2,695,536 | - | - | - | (3,836,997) | (1,141,461) | - | (1,141,461) | | period | | | | | | | | | | | +----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+ | Transactions with | | | | | | | | | | | | owners, recorded | | | | | | | | | | | | directly in equity | | | | | | | | | | | +----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+ | Contributions by | | | | | | | | | | | | owners | | | | | | | | | | | +----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+ | Shares issued on | | 8,219,343 | - | - | - | - | - | 8,219,343 | - | 8,219,343 | | Note conversion | | | | | | | | | | | +----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+ | Capital return - in | | (8,654,959) | - | - | - | - | - | (8,654,959) | - | (8,654,959) | | cash | | | | | | | | | | | +----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+ | Capitalisation of | | | | | | | | | | | | reserves arising on | | 2,625,593 | - | (4,321,100) | - | - | 1,695,507 | - | - | - | | redomiciliation | | | | | | | | | | | +----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+ | Share-based payment | | - | - | 57,000 | - | - | - | 57,000 | - | 57,000 | | transactions | | | | | | | | | | | +----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+ | Total contributions | | 2,189,977 | - | (4,264,100) | - | - | 1,695,507 | (378,616) | - | (378,616) | | by owners | | | | | | | | | | | +----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+ | Total transactions | | 2,189,977 | - | (4,264,100) | - | - | 1,695,507 | (378,616) | - | (378,616) | | with owners | | | | | | | | | | | +----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+ | | | | | | | | | | | | +----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+ | | | | | | | | | | | | | Balance at 30 June | | 41,723,622 | 2,695,536 | 57,000 | - | - | (2,552,674) | 41,923,484 | - | 41,923,484 | | 2010 | | | | | | | | | | | +----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+ +-----------------------------------------------------------------------------------------------+ | The above Condensed Consolidated Interim Statement of Changes in Equity should be read in | | conjunction with the accompanying notes. | +-----------------------------------------------------------------------------------------------+ +----------------------------+-------------+------------------+----------------+ | Condensed Consolidated Interim Statement of Cash Flows | | for the six months ended 30 June 2010 | +------------------------------------------------------------------------------+ | | | | +----------------------------+-------------+-----------------------------------+ | | | | +----------------------------+-------------+-----------------------------------+ | | | 30 June2010 | 30 June2009 | | | | $ | $ | +----------------------------+-------------+------------------+----------------+ | | | | | +----------------------------+-------------+------------------+----------------+ | Cash Flows Used In Operating Activities | | | +------------------------------------------+------------------+----------------+ | Cash payments in the course of | (2,264,471) | (1,304,536) | | operations | | | +------------------------------------------+------------------+----------------+ | | | | +------------------------------------------+------------------+----------------+ | Cash used in operations | (2,264,471) | (1,304,536) | +------------------------------------------+------------------+----------------+ | Interest received | 1,095,658 | 1,252,987 | +------------------------------------------+------------------+----------------+ | Interest paid | (147,881) | (181,267) | +------------------------------------------+------------------+----------------+ | | | | +------------------------------------------+------------------+----------------+ | Net cash used in operating activities | (1,316,694) | (232,816) | +------------------------------------------+------------------+----------------+ | | | | +------------------------------------------+------------------+----------------+ | Cash Flows (Used In) / From Investing | | | | Activities | | | +------------------------------------------+------------------+----------------+ | Loan to other entities | - | (1,558,906) | +------------------------------------------+------------------+----------------+ | Recovery of loan to other entities | 2,500,000 | 1,558,906 | +------------------------------------------+------------------+----------------+ | Recovery of funds placed in lawyer's | | | | escrow account for purchase of | 200,000 | - | | investments | | | +------------------------------------------+------------------+----------------+ | Loan to associate | - | (295,039) | +------------------------------------------+------------------+----------------+ | Purchase of equity investments | (5,135,713) | - | +------------------------------------------+------------------+----------------+ | Proceeds on sale of equity investments | 269,534 | - | +------------------------------------------+------------------+----------------+ | Purchase of debt instruments | - | (14,892,359) | +------------------------------------------+------------------+----------------+ | Proceeds on sale of debt instruments | - | 21,038,641 | +------------------------------------------+------------------+----------------+ | Payments for purchases of plant and | (6,535) | (3,934) | | equipment | | | +------------------------------------------+------------------+----------------+ | | | | +------------------------------------------+------------------+----------------+ | Net cash (used in) / from investing | (2,172,714) | 5,847,309 | | activities | | | +------------------------------------------+------------------+----------------+ | | | | +------------------------------------------+------------------+----------------+ | Cash Flows Used In Financing Activities | | | +------------------------------------------+------------------+----------------+ | Capital return | (8,654,959) | - | +------------------------------------------+------------------+----------------+ | Proceeds from the issue of Convertible | 3,660,890 | | | Note | | - | +------------------------------------------+------------------+----------------+ | | | | +------------------------------------------+------------------+----------------+ | Net cash used in financing activities | (4,994,069) | | | | | - | +------------------------------------------+------------------+----------------+ | | | | +------------------------------------------+------------------+----------------+ | Net (decrease) / increase in cash and | (8,483,477) | 5,614,493 | | cash equivalents | | | +------------------------------------------+------------------+----------------+ | | | | +------------------------------------------+------------------+----------------+ | Cash at 1 January | 43,703,987 | 32,764,334 | +------------------------------------------+------------------+----------------+ | Exchange fluctuations | (1,864,963) | 5,049,011 | +------------------------------------------+------------------+----------------+ | | | | +------------------------------------------+------------------+----------------+ | Cash at 30 June | 33,355,547 | 43,427,838 | +------------------------------------------+------------------+----------------+ | | | | +------------------------------------------+------------------+----------------+ | The above Condensed Consolidated Interim Statement of Cash Flows | | should be read in conjunction with the accompanying notes. | +----------------------------+-------------+------------------+----------------+ +----+----------------------------------+---------+------------+--------------+----------+ | 1. | Reporting entity | | +----+------------------------------------------------------------------------+----------+ | | Natasa Mining Ltd (the "Company") is a company incorporated in the | | | | Cayman Islands. The condensed consolidated interim financial | | | | statements of the Company as at and for the six months ended 30 June | | | | 2010 comprises the Company and its subsidiaries (together referred to | | | | as the "Group") and the Group's interests in associates and jointly | | | | controlled entities. | | | | | | | | 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 interim results for | | | | the 6 months to 30 June 2010 are those of the Group as if no capital | | | | reconstruction has taken place (see note 10). The comparative | | | | information as shown are those of Natasa. | | +----+------------------------------------------------------------------------+----------+ | | | | +----+------------------------------------------------------------------------+----------+ | | The financial report is presented in United States dollars which is | | | | the Group's functional currency. | | +----+------------------------------------------------------------------------+----------+ | | The consolidated annual financial report of the Group as at and for | | | | the year ended 31 December 2009 is available at www.natasamining.com. | | +----+------------------------------------------------------------------------+----------+ | | | | +----+------------------------------------------------------------------------+----------+ | 2. | Statement of compliance | | +----+------------------------------------------------------------------------+----------+ | | The condensed consolidated interim financial statements have been | | | | prepared in accordance with International Accounting Standard 34 | | | | "Interim Financial Reporting". | | | | | | | | The condensed consolidated interim financial statements do not include | | | | all of the information required for full annual financial statements, | | | | and should be read in conjunction with the consolidated annual | | | | financial statements of the Group as at and for the year ended 31 | | | | December 2009. | | | | | | | | The annual financial statements have been prepared in accordance with | | | | International Financial Reporting Standards (IFRSs) as adopted by the | | | | European Union. | | +----+------------------------------------------------------------------------+----------+ | | | | +----+------------------------------------------------------------------------+----------+ | | These condensed consolidated interim financial statements were | | | | approved by the Board of Directors on 28 September 2010. | | +----+------------------------------------------------------------------------+----------+ | | | | +----+------------------------------------------------------------------------+----------+ | 3. | Significant accounting policies | | +----+------------------------------------------------------------------------+----------+ | | The accounting policies applied by the Group in these condensed | | | | consolidated financial statements are the same as those applied by the | | | | Group in its consolidated financial statements as at and for the year | | | | ended 31 December 2009. | | +----+------------------------------------------------------------------------+----------+ | | | | +----+------------------------------------------------------------------------+----------+ | 4. | Investments in associates | +----+-----------------------------------------------------------------------------------+ | | | 30 June | 30 June | 31 December 2009 | | | | 2010 | 2009 | | +----+----------------------------------+---------+------------+-------------------------+ | | UMC Energy plc | * | 20.7% | * | +----+----------------------------------+---------+------------+-------------------------+ | | Share of associate's net loss | * | $- | * | | | for the period | | | | +----+----------------------------------+---------+------------+-------------------------+ | | | | +----+------------------------------------------------------------------------+----------+ | | * UMC Energy plc became a subsidiary of the Company on 16 October 2009. | +----+-----------------------------------------------------------------------------------+ | | | | | | | +----+----------------------------------+---------+------------+--------------+----------+ +--+----------------------------------+---------------+--------------+--------------+----------+ | 5.| Trade and other receivables | +--+-------------------------------------------------------------------------------------------+ | | | 30 | 30 June | 31 | | | | | June | 2009 | December | | | | | 2010 | | 2009 | | +--+----------------------------------+---------------+--------------+--------------+----------+ | | | $ | $ | $ | | +--+----------------------------------+---------------+--------------+--------------+----------+ | | Current | | | | | +--+----------------------------------+---------------+--------------+--------------+----------+ | | Convertible note receivable | - | 3,299,680 | 3,660,890 | | +--+----------------------------------+---------------+--------------+--------------+----------+ | | Funds held in lawyer's escrow | 1,200,000 | - | 1,400,000 | | | | account | | | | | +--+----------------------------------+---------------+--------------+--------------+----------+ | | Interest receivable | - | 27,984 | 90,011 | | +--+----------------------------------+---------------+--------------+--------------+----------+ | | Loan to third party | - | - | 2,500,000 | | +--+----------------------------------+---------------+--------------+--------------+----------+ | | Proceeds due from sale of | - | 2,448,368 | - | | | | investments | | | | | +--+----------------------------------+---------------+--------------+--------------+----------+ | | Other debtors | 2,190 | 3,922 | 6,662 | | +--+----------------------------------+---------------+--------------+--------------+----------+ | | | 1,202,190 | 5,779,954 | 7,657,563 | | +--+----------------------------------+---------------+--------------+--------------+----------+ | | Funds held in lawyer's escrow account relates to purchase | | | | consideration for the proposed acquisition of the Kazakhstan gold | | | | project and generates interest at 0.5% pa. | | +--+--------------------------------------------------------------------------------+----------+ | | | | +--+--------------------------------------------------------------------------------+----------+ | 6.| Loans and borrowings | +--+-------------------------------------------------------------------------------------------+ | | 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 period, the Group recognised interest charges of | | | $147,881 on the Note. The Note was converted, under its terms, into | | | 9,868,421 fully paid ordinary shares in the Company on 16 March 2010. | +--+-------------------------------------------------------------------------------------------+ | | | +--+-------------------------------------------------------------------------------------------+ | 7.| Commitments and contingent liabilities | +--+-------------------------------------------------------------------------------------------+ | | The Group has no commitments for capital or revenue purchases other than | | | those entered into in the ordinary course of business. | | | | | | The Group has no commitments under non-cancellable leases. | | | | | | The Group has no contingent liabilities. | +--+----------------------------------+---------------+--------------+--------------+----------+ +--+----------------------------------+------------+------------+------------+----------+ | 8.| Share capital | +--+------------------------------------------------------------------------------------+ | | | 30 | 30 June | 31 | | | | | June | 2009 | December | | | | | 2010 | | 2009 | | +--+----------------------------------+------------+------------+------------+----------+ | | Issued and paid up capital | $ | $ | $ | | +--+----------------------------------+------------+------------+------------+----------+ | | 29,241,951 (2009 : 19,373,530) | | | | | | | ordinary shares, fully paid | 41,723,622 | 39,533,645 | 39,533,645 | | +--+----------------------------------+------------+------------+------------+----------+ +--+----------------------------------+-------------+------------+------------+----------+ | | Reconciliation of issued capital | +--+-------------------------------------------------------------------------------------+ | | | 30 | 30 June | 31 | | | | | June | 2009 | December | | | | | 2010 | | 2009 | | +--+----------------------------------+-------------+------------+------------+----------+ | | | Number | Number | Number | | +--+----------------------------------+-------------+------------+------------+----------+ | | Balance at beginning of | 19,373,530 | 19,373,530 | 19,373,530 | | | | half-year | | | | | +--+----------------------------------+-------------+------------+------------+----------+ | | On conversion of Note | 9,868,421 | | | | | | | | - | - | | +--+----------------------------------+-------------+------------+------------+----------+ | | Balance at 30 June | 29,241,951 | 19,373,530 | 19,373,530 | | +--+----------------------------------+-------------+------------+------------+----------+ +----+----------------------------------------------+-+----+----------+------------+----------+ | 9. | Operating segments | +----+----------------------------------------------------------------------------------------+ | | The Group has one reportable segment, as described below, which represents the | | | Group's strategic business unit. The strategic business unit is that of investment | | | in mineral exploration and development projects and companies. The Board of | | | Directors reviews internal management reports at least monthly. Information | | | regarding the results of the reportable segments is included below. Performance is | | | measured based on the segment profit before income tax as included in the internal | | | management reports that are reviewed by the Board of Directors. There is no | | | inter-segment pricing. | +----+----------------------------------------------------------------------------------------+ | Information about reportable segments | | 30 June | 30 June | | | | | 2010 | 2009 | | +---------------------------------------------------+------+----------+------------+----------+ | | $ | $ | +-----------------------------------------------------+---------------+-----------------------+ | External revenue | - | - | +-----------------------------------------------------+---------------+-----------------------+ | (Loss) / gain on sale of equity and debt | (43,252) | 6,146,282 | | instruments | | | +-----------------------------------------------------+---------------+-----------------------+ | Financial income | 1,005,647 | 1,082,007 | +-----------------------------------------------------+---------------+-----------------------+ | Finance expenses | (147,881) | (181,267) | +-----------------------------------------------------+---------------+-----------------------+ | Depreciation and amortisation | (2,814) | (3,330) | +-----------------------------------------------------+---------------+-----------------------+ | Reportable segment (loss) / profit before income | (3,836,997) | 5,653,485 | | tax | | | +-----------------------------------------------------+---------------+-----------------------+ | Share of loss of equity method investees | - | - | +-----------------------------------------------------+---------------+-----------------------+ | Reportable segment assets | 42,562,092 | 49,227,227 | +-----------------------------------------------------+---------------+-----------------------+ | Capital expenditure | (5,539) | (20,384) | +-----------------------------------------------------+---------------+-----------------------+ | | | | | | | | +----+----------------------------------------------+-+----+----------+------------+----------+ +---+----------------------------------------------+-+----------+---+-----+------------+----------+ | | Geographical segmentsThe segment is managed on a worldwide basis. Individual assets are | | | located in various countries. In presenting information on the basis of geographical | | | segments, segments assets are based on the geographical location of the assets. | +---+---------------------------------------------------------------------------------------------+ | | | Non-current assets | | +----------------------------------------------------+----------+----------------------+----------+ | | | 30 June | 30 June | | | | | 2010 | 2009 | | +----------------------------------------------------+----------+---------+------------+----------+ | | | $ | $ | | +--------------------------------------------------+----------------+-----+------------+----------+ | Australia | 72,785 | 4,860 | +----------------------------------------------------+--------------------+-----------------------+ | United Kingdom | 7,834,468 | - | +----------------------------------------------------+--------------------+-----------------------+ | North America | 97,102 | - | +----------------------------------------------------+--------------------+-----------------------+ | Total | 8,004,355 | 4,860 | +----------------------------------------------------+--------------------+-----------------------+ | | | | | | | | | +---+----------------------------------------------+-+----------+---+-----+------------+----------+ The Group did not generate any revenue during the financial period ended 30 June 2010 (2009 : $nil). Natasa Mining Ltd Notes to the condensed consolidated interim financial statements +-----+-------------------------------------+--+--------------+------------+ | 10. | Corporate reconstructionNatasa 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 100% owned subsidiary | | | of the Company. | | | | | | 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 | +-----+-------------------------------------+--+--------------+------------+ +-----+--------------------------------------------------------------------+ | 11. | Post balance sheet events | +-----+--------------------------------------------------------------------+ | | Since 1 July 2010, the Company: | | | · Purchased various debt and equity securities at a cost of | | | $678,000; and | | | · Sold various equity securities realising proceeds of $438,000 | | | and a net profit on disposal of $89,000. | +-----+--------------------------------------------------------------------+ This information is provided by RNS The company news service from the London Stock Exchange END IR FVLFLBKFLBBD
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