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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Platinum Min | LSE:PMCI | London | Ordinary Share | GB00B06T2F98 | ORD 0.045P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.11 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TRADING STATEMENT 30 January 2008 Platinum Mining Corporation of India PLC ("PMCI" or "the Company") is providing this update on trading for the 17 months ended 31 December 2007 in advance of its Preliminary Results announcement, expected to be released by 27 February 2008. Financial Results There has been little operational activity in this period, and no revenue has accrued. The only source of income has been interest from the Group's cash balances amounting to some £679,000. At 31 December 2007, the cash position of the Group was £9.29m. Administrative expenses in the period were approximately £1.9m, of which just under £0.5m was for legal and financial advice in relation to the takeover by SPI Partners Limited, and a further £0.2m was for legal opinion over the re-negotiation of contracts in India. India On 8 August 2007, PMCI announced that the Indian federal authorities had ordered a suspension of mining activities at the Boula mine, because they asserted that the mine lay in a designated wildlife zone. PMCI's joint venture partner, Ferro Alloys Corporation Limited ("FACOR"), has disputed this and the matter is currently sub-judice with the Honourable Court of Anandpur in the state of Orissa. The court has granted the status-quo order and has permitted FACOR to continue mining operations without hindrance, and FACOR has continued to mine Chromite. FACOR is diligently pursuing the case and PMCI is engaged in an on-going dialogue with FACOR to understand and monitor the situation. Based on its assessment of the position, PMCI is optimistic that a court decision in favour of FACOR may be reached. However, in the event the court rules against FACOR, there can be no assurance that PMCI will be able to derive value from the Boula mine, the Company's principal asset. As a result of the ongoing court process, the sampling and exploration programme for platinum, which had been planned to commence following entering into the New Contracts (referred to below), has been deferred pending a successful resolution between FACOR and the Indian federal authorities. The New Contracts refer to contracts intended to replace the Joint Operating Agreement ("JOA") between FACOR and PMCI's 70%-owned subsidiary Boula Platinum Mining Private Limited ("BPM") dated 5 February 2005. The Joint Venture Agreement between FACOR, PMCI and BPM is the primary agreement setting out the terms of the joint venture in relation to the Boula mine, and remains in full force and effect. Both parties have agreed to suspend negotiations, which were at an advanced stage, over the New Contracts until there has been a resolution of the dispute in relation to the wildlife zone. The Board It was announced on 16 January 2008 that Keith Rumble had accepted the Board's invitation to become a non-executive director. He brings enormous experience in the platinum sector and as Chief Executive Officer of SUN Mining will help to drive the Company's development in the platinum industry. Two Directors have retired from the Board. Vijay Tandon joined the Board in June 2006 at a difficult time in the Company's development, and his steadfast and practical advice has been of great benefit to the Company ever since and the Board wishes him well in pursuing his future business interests. Sheldon Kirkpatrick, who joined the Board in February 2007 following SUN's takeover, has also decided to step-down from the Board. The Company intends to appoint another independent non-executive director soon. Recent Developments The Board is resolved to looking for other investment opportunities in the platinum sector. PMCI announced on 19 October 2007 it had entered into an agreement, subject to completion of due diligence and necessary Government approvals, to acquire 20% of the share capital of Majormatic167 (Proprietary) Limited ("Majormatic") for US$1 million with the right to increase its interest to 51% by investing a further US $3.5m. Majormatic has been granted the prospecting rights over the Naboom Platinum Deposit in South Africa. Government approvals have now been received and the Company has completed its due diligence. The Company is now providing funding to Majormatic for its drilling campaign and once it has funded $1m, it will complete the acquisition of its 20% interest, provided the suspensive conditions of the agreement have been met. Should these conditions not be met, all of PMCI's funding will be re-imbursed. The drilling campaign at Naboom has now commenced and is expected to be completed at the end of March 2008. Preliminary results will be made known as soon as available. Outlook The setback at Boula is disappointing, especially as the Company was close to concluding the contract negotiations. The Board, strengthened by the appointment of Keith Rumble, is determined to maintain the right to mine at Boula. In the meantime, however, PMCI is looking at other platinum opportunities and awaits the results from the drilling campaign at Naboom. With the Group's strong cash resources and the backing of SUN Mining, the Company is well positioned to take advantage of other opportunities. Enquiries: Charles Zorab PMCI Telephone: 0207 340 0970 James Joyce WH Ireland Limited Telephone: 0207 220 1698
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