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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 : 1048P
Natasa Mining Limited
28 September 2011
NATASA MINING LTD
Condensed consolidated interim financial statements for the half-year ended 30 June 2011
Directors' Report The Directors present their report together with the consolidated financial statements for the six months ended 30 June 2011 and the auditor's review report thereon. The financial report has been presented in United States dollars which is the Group's functional currency. 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 Chairman Mr. 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 Director Mr 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. Ian H. Mann, HBA, Non-executive Director Mr. Mann has been the President of Meridian Fund Managers Ltd since 2003, a BVI registered fund manager with two alternative investment funds primarily investing in mining and oil and gas companies. Prior to that, Mr. Mann held senior management and partner positions with several Bermuda companies since returning in 1980 with an Honours Business Administration degree from The University of Western Ontario in London, Canada. He has been a non-executive Director of two Canadian exchange listed mining companies, the first, for 10 years, a TSX listed gold mining company and the second, for 3 years, a CDNX capital pool company which merged with an oil and gas venture company and re-listed on the TSX Venture exchange. He was appointed to the Board on 1 February 2011. Jonathan R. Reynolds B.Com (Hons), CA, F Fin, Finance Director Mr. 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. Company Secretary Mr John B. Maguire, Company Secretary, has held this position and been involved with the Group for the past 20 years. 2. CONSOLIDATED RESULTS AND REVIEW OF OPERATIONS The net profit after tax of the Group attributable to members for the six months ended 30 June 2011 was $2,093,865 (30 June 2010: loss of $3,836,997). During the period, the Group: -- Purchased various equity securities at a cost of $6,901,603. -- Sold various equity and debt securities realising proceeds of $5,144,837 and a net profit on disposal of $2,864,262. -- Advanced a short-term, secured loan of $6,827,839 to Murray Morgan Investments Ltd. -- Expended $183,237 to renew its uranium exploration licences in respect of the Morondava uranium project in Madagascar. -- Generated interest income of $282,973 and dividend income of $217,912. -- Incurred legal fees of $33,523 and travel expenses of $217,295, principally in relation to investigating and pursuing investment opportunities. -- Recognised a foreign exchange gain of $521,454 following the weakening of the US dollar, vis-a-vis, in particular, the Australian dollar. 3. SUBSEQUENT EVENTS Since 1 July 2011, the Group : -- Purchased various equity securities at a cost of $1,864,084. -- Sold various equity securities realising proceeds of $5,419,135 and a net profit on disposal of $1,543,411. -- Entered into an agreement to acquire acquired six granted Coal Leases, covering an area of 22,688 ha, in the Fox Creek area of the Province of Alberta, Canada for a consideration of $5 million. In a report filed by the vendor of the Leases with relevant Canadian authorities on 17 December 2007, in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects, it was stated that these Coal Leases consist of 847 million tonnes of a measured and indicated coal resource. -- Through its subsidiary, UMC Energy plc (UMC), exercised an option to acquire a 100% interest in two off-shore and one on-shore Petroleum Prospecting Licences in Papua New Guinea. The consideration payable upon exercise of the option is the issue by UMC of 240 million fully paid ordinary shares in the capital of that company. Following the allotment of these new ordinary shares by UMC, the Company will hold an equity interest in UMC of 42.3%. -- Entered into a sub-underwriting agreement with an Australian Securities Exchange listed company in relation to a rights issue being undertaken by that company. As a result of the agreement, the Group may be required to subscribe for up to A$1.445 million of new shares in that company. -- Recovered the $6,827,839 short-term secured loan advanced in June 2011 to Murray Morgan Investments Ltd. -- Repaid capital to shareholders of $10,234,683 following approval of shareholders at an extraordinary general meeting held on 29 June 2011 and confirmation by the Grand Court of the Cayman Islands on 12 August 2011. 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 2011 Restated 30 June 30 June 2011 2010 $ $ Total revenue from services - - Gain/(loss) on sale of equity and debt instruments 2,864,262 (43,252) Financial income 500,885 1,005,647 Personnel expenses (656,564) (1,060,796) Audit fees (37,650) (32,100) Audit fees to subsidiary and previous auditors (27,217) (53,689) Depreciation and amortisation (5,196) (2,814) Finance expenses - (147,881) Reversal of financial advisory fees - 154,081 Foreign exchange gains / (losses) 521,454 (2,059,579) Legal fees (33,523) (63,337) Redomiciliation costs - (238,850) Kazakhstan project due diligence costs - (648,037) Morondava licence fees (183,237) (105,177) Travel expenses (217,295) (181,918) Other administrative expenses (632,054) (359,295) Profit/(loss) before tax 2,093,865 (3,836,997) Income tax expense - - Profit/(loss) for the period 2,093,865 (3,836,997) Attributable to: Equity holders of the Company 2,171,860 (3,792,309) Minority interest (77,995) (44,688) Profit for the year 2,093,865 (3,836,997) Cents Cents Basic earnings/(loss) per share 7.4 (12.9) Diluted earnings/(loss) per share 7.4 (12.9) 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 2011 Restated 30 June 30 June 2011 2010 $ $ Profit/(loss) for the period 2,093,865 (3,836,997) Foreign exchange movement (69,891) (165,157) Change in fair value of equity securities available for sale, net of tax (3,067,899) 2,695,536 Total comprehensive loss for the period (1,043,925) (1,306,618) Attributable to: Equity holders of the Company (965,652) (1,250,775) Minority interest (78,273) (55,843) (1,043,925) (1,306,618) 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 2011 30 June Restated30 June 2011 2010 31 December2010 Note $ $ $ ASSETS Current Assets Cash and cash equivalents 20,008,760 33,355,547 29,315,691 Trade and other receivables 4 6,830,882 1,202,190 738,955 Total Current Assets 26,839,642 34,557,737 30,054,646 Non-Current Assets Trade and other receivables - - 307,358 Exploration and evaluation expenditure - intangible 5 2,910,716 2,901,109 2,978,035 Other financial assets 26,215,591 7,995,616 23,625,554 Plant and equipment 9,720 8,739 15,036 Total Non-Current Assets 29,136,027 10,905,464 26,925,983 Total Assets 55,975,669 45,463,201 56,980,629 LIABILITIES Current Liabilities Trade and other payables 248,953 638,608 209,988 Total Current Liabilities 248,953 638,608 209,988 Total Liabilities 248,953 638,608 209,988 NET ASSETS 55,726,716 44,824,593 56,770,641 EQUITY Share capital 7 41,723,622 41,723,622 41,723,622 Reserves 3,184,622 2,598,534 6,322,134 Retained earnings 10,654,063 211,684 8,482,203 Total equity attributable to equity holders of the Company 55,562,307 44,533,840 56,527,959 Minority interest 164,409 290,753 242,682 TOTAL EQUITY 55,726,716 44,824,593 56,770,641 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 2011
2011 Share Foreign Fair based currency Share value payments translation Retained Minority Total capital reserve reserve reserve Earnings Total interest equity $ $ $ $ $ $ $ $ ----------- ------------ --------- ------------ ----------- ------------ --------- ------------ Balance at 1 January 2011 41,723,622 6,302,603 57,000 (37,469) 8,482,203 56,527,959 242,682 56,770,641 Total comprehensive income for the period Profit - - - - 2,171,860 2,171,860 (77,995) 2,093,865 Total other comprehensive expense - (3,067,899) - (69,613) - (3,137,512) (278) (3,137,790) ----------- ------------ --------- ------------ ----------- ------------ --------- ------------ Total comprehensive income for the period - (3,067,899) - (69,613) 2,171,860 (965,652) (78,273) (1,043,925) ----------- ------------ --------- ------------ ----------- ------------ --------- ------------ Balance at 30 June 2011 41,723,622 3,234,704 57,000 (107,082) 10,654,063 55,562,307 164,409 55,726,716 ----------- ------------ --------- ------------ ----------- ------------ --------- ------------ 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 2011
2010 (Restated) Foreign Fair Share based currency Share value payments translation Retained Minority Total 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 Loss - - - - (3,792,309) (3,792,309) (44,688) (3,836,997) Total other comprehensive income - 2,695,536 - (154,002) - 2,541,534 (11,155) 2,530,379 ------------ ---------- ------------ ------------ ------------ ------------ --------- ------------ Total comprehensive income for the period - 2,695,536 - (154,002) (3,792,309) (1,250,775) (55,843) (1,306,618) ------------ ---------- ------------ ------------ ------------ ------------ --------- ------------ 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 30 June 2010 41,723,622 2,695,536 57,000 (154,002) 211,684 44,533,840 290,753 44,824,593 ------------ ---------- ------------ ------------ ------------ ------------ --------- ------------ 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 2011 30 June 30 June 2011 2010 $ $ Cash Flows Used In Operating Activities Cash payments in the course of operations (1,750,064) (2,264,471) Cash used in operations (1,750,064) (2,264,471) Financial income received 500,885 1,095,658 Finance expenses - (147,881) Net cash used in operating activities (1,249,179) (1,316,694) Cash Flows Used In Investing Activities Loan to other entities (6,827,839) - Recovery of loan to other entities - 2,500,000 Recovery of funds placed in lawyer's escrow account for purchase of investments - 200,000 Purchase of equity and debt instruments (6,901,603) (5,135,713) Proceeds on sale of equity and debt instruments 5,144,837 269,534 Payments for purchases of plant and equipment - (6,535) Net cash used in investing activities (8,584,605) (2,172,714) Cash Flows Used In Financing Activities Capital return - (8,654,959) Proceeds from the issue of Convertible Note - 3,660,890 Net cash used in financing activities - (4,994,069) Net decrease in cash and cash equivalents (9,833,784) (8,483,477) Cash at 1 January 29,315,691 43,703,987 Exchange fluctuations 526,853 (1,864,963) Cash at 30 June 20,008,760 33,355,547 The above Condensed Consolidated Interim Statement of Cash Flows should be read in conjunction with the accompanying notes.
Natasa Mining Ltd
Notes to the condensed consolidated interim financial statements
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 2011 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 comparative information for the 6 months to 30 June 2010 is that of the Group as if no capital reconstruction had taken place. 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 2010 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 2010. 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 2011. 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 2010. 4. Trade and other receivables 30 June 30 June 31 December 2011 2010 2010 $ $ $ Current Funds held in lawyer's escrow account - 1,200,000 - Loan to third party 6,827,839 - - Proceeds due from sale of investments - - 737,400 Other debtors 3,043 2,190 1,555 6,830,882 1,202,190 738,955 Non-current Convertible note receivable - - 307,358 - - 307,358 Loan to third party was a secured short-term loan which was recovered in August 2011 and generated a return at 1.7% pa. Funds held in lawyer's escrow account related to purchase consideration for a proposed acquisition of a Kazakhstan gold project and generated interest at 0.5% pa. 5. Exploration and evaluation expenditure - intangible Critical accounting judgements in applying the Group's accounting policies The Morondava uranium exploration project has yet to reach a stage of development where a determination of the technical feasibility or commercial viability can be assessed. In addition, as Madagascar is presently experiencing a period of political upheaval and uncertainty, the Group has resolved to take a cautious approach to exploration and accordingly has not conducted exploration activities during the current financial period. In these circumstances, whether there is any indication that the asset has been impaired is a matter of judgement, as is the determination of the quantum of any required impairment adjustment. The Directors have used their experience to conclude that no impairment adjustment is required in the current period (2010: $nil). 6. 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. 7. Share capital 31 30 June 30 June December 2011 2009 2010 Issued and paid up capital $ $ $ 29,241,951 (2010 : 29,241,951) ordinary shares, fully paid 41,723,622 41,723,622 41,723,622 Reconciliation of issued capital 30 June 30 June 31 December 2011 2010 2010 Number Number Number Balance at beginning of half-year 29,241,951 19,373,530 19,373,530 On conversion of Note - 9,868,421 9,868,421 Balance at 30 June 29,241,951 29,241,951 29,241,951 8. 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. Restated Information about reportable 30 June 30 June segments 2011 2010 $ $ External revenue - - Gain / (Loss) on sale of equity and debt instruments 2,864,262 (43,252) Financial income 500,885 1,005,647 Finance expenses - (147,881) Depreciation and amortisation (5,196) (2,814) Reportable segment profit / (loss) before income tax 2,093,865 (3,836,997) Share of loss of equity method investees - - Reportable segment assets 55,975,669 45,463,201 Capital expenditure - (5,539) 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, segment's assets are based on the geographical location of the assets. Non-current assets Restated 30 June 30 June 2011 2010 $ $ Australia 13,275,491 72,785 Europe 4,136,635 7,834,468 Africa 2,910,716 2,901,109 North America 8,813,184 97,102 Total 29,136,026 10,905,464
The Group did not generate any revenue during the financial period ended 30 June 2011 (2010 : $nil).
9. Prior year adjustment On 16 October 2009, UMC Energy plc (UMC) became a subsidiary of the Company. The fair value of the net assets of UMC both at 16 October 2009 and on 31 December 2009 were provisionally determined by the directors to be $nil. Prior to 16 October 2010, the fair value of the net assets of UMC at the date of acquisition were subsequently determined by the directors to be $3,066,266. The comparative figures for 30 June 2010 have, as a result, been re-stated as follows: Restated 30 June 30 June 2010 2010 $ $ Income statement Profit attributable to equity holders 44,688 - Minority interest (44,688) - Basic (loss) per share (cents) (12.9) (13.1) Diluted (loss) per share (cents) (12.9) (13.1) ------------ ---------- Statement of comprehensive income Loss attributable to equity holders (109,314) - Foreign exchange loss 165,157 - Minority interest (55,843) - ------------ ---------- Statement of financial position Reserves (154,002) - Retained earnings 2,764,358 - Exploration and evaluation 2,901,109 - expenditure - intangible Minority interest 290,753 - ------------ ---------- 10. Post balance sheet events Since 1 July 2011, the Group: -- Purchased various equity securities at a cost of $1,864,084. -- Sold various equity securities realising proceeds of $5,419,135 and a net profit on disposal of $1,543,411. -- Entered into an agreement to acquire acquired six granted Coal Leases, covering an area of 22,688 ha, in the Fox Creek area of the Province of Alberta, Canada for a consideration of $5 million. In a report filed by the vendor of the Leases with relevant Canadian authorities on 17 December 2007, in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects, it was stated that these Coal Leases consist of 847 million tonnes of a measured and indicated coal resource. -- Through its subsidiary, UMC Energy plc (UMC), exercised an option to acquire a 100% interest in two off-shore and one on-shore Petroleum Prospecting Licences in Papua New Guinea. The consideration payable upon exercise of the option is the issue by UMC of 240 million fully paid ordinary shares in the capital of that company. Following the allotment of these new ordinary shares by UMC, the Company will hold an equity interest in UMC of 42.3%. -- Entered into a sub-underwriting agreement with an Australian Securities Exchange listed company in relation to a rights issue being undertaken by that company. As a result of the agreement, the Group may be required to subscribe for up to A$1.445 million of new shares in that company. -- Recovered the $6,827,839 short-term secured loan advanced in June 2011 to Murray Morgan Investments Ltd. -- Repaid capital to shareholders of $10,234,683 following approval of shareholders at an extraordinary general meeting held on 29 June 2011 and confirmation by the Grand Court of the Cayman Islands on 12 August 2011.
This information is provided by RNS
The company news service from the London Stock Exchange
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