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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Van Dieman | LSE:VDM | London | Ordinary Share | GB00B03HFG82 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.875 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:5504J
Van Dieman Mines plc
28 September 2006
VAN DIEMAN MINES
Interim Results
A period of further progress
Van Dieman Mines plc ("Van Dieman" or "the Company"), the AIM-listed mining and
exploration company developing tin and sapphire resources in Tasmania, announces
its unaudited results for the six-month period ended 30 June 2006.
Highlights:
* Mine plan finalised
* Manufacture of treatment plant in final stages
* Pilot plant fully operational
* Development and environmental permit applications on schedule
Clive Trist, Managing Director of Van Dieman Mines plc, commented:
"We continue to make good progress. During the period we have continued to
operate the pilot plant successfully and we are progressing the Development and
Environmental Management Plan, whilst further defining the extent of the
resource. As well as our plans for marketing the sapphire output, we are now
including the spinel production as a potential source of additional revenue.
"Overall, we are very pleased with the progress we have made, and we expect to
have both Scotia and Endurance mines in full production in the first half of
2007".
28 September 2006
ENQUIRIES:
Van Dieman Mines plc
Clive Trist, Managing Director Tel: + 61 2 8908 5103
Bankside Consultants Tel: +44 207 367 8888
Michael Padley/ Sam Allen
VAN DIEMAN MINES PLC
Half-Year Report and Financial Statements
for the period ended 30 June 2006
CHAIRMAN'S STATEMENT
I am pleased to report the Company's progress and interim results for the six
month period ended 30 June, 2006.
Review of Activities
Since the publication of the last annual report, the Company has progressed the
approvals process towards commencement of mining at the end of this year and now
expects to be in full production at both the Scotia and Endurance mines during
the first half of next year. Initial production is anticipated from Scotia
commencing around the turn of the year.
The Directors recently met with Thailand Smelting and Refining Co Ltd to discuss
timing and arrangements for shipping and receipt of the first the first tin
concentrate production from the Scotia mine. Whilst due process is progressing
and plant is arriving on site, we continue to define more precisely the
underground resource and are maintaining gem marketing programmes for both the
sapphire production and the spinel, a mineral previously treated as waste. The
initial marketing for both products is underway and we should be in a position
to give a detailed update in the near future.
The Development Plan and Environmental Management Plan (DPEMP) is currently
progressing through the various Tasmanian and Australian federal regulatory
authorities for their individual approvals. The approved DPEMP will then be
submitted to the local shire council, together with a Development Application,
for approval to commence mining operations. The development approval would
normally contain conditions for mining operations resulting from the DPEMP
approvals process and to date our consultants report positive reaction to the
report from the government departments involved.
In the meantime, as outlined in the Annual Report, arrangements with plant and
equipment suppliers, utilities providers and consumables suppliers are being
progressed ready for commencement of mining at the Scotia lease.
The Scotia treatment plant is in the finishing stages of manufacture in the USA
prior to packing into containers for shipment to Tasmania.
In preparation for the commencement of mining, high level DGPS surveying (a
global positioning technique) has been undertaken to locate accurately in three
dimensions the underground resource, and in particular the extremities of the
ore body. This will allow us to confirm the magnitude and distribution of the
resource and therefore better focus our mining efforts.
Results
The results for the period are in line with management expectations and the
consolidated loss on ordinary activities, after tax, for the six month period
was #374,795. This comprises mining expenses of #54,052, administrative expenses
of #402,788 and interest earned of #82,045. Cash at bank and on hand at the end
of the period totalled #2,678,922.
M.J. Spriggs
Chairman
26 September 2006
VAN DIEMAN MINES PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS TO 30 JUNE 2006 - UNAUDITED
Six months Six months Year ended
ended ended 31 December
30 June 2006 30 June 2005 2005
# # #
TURNOVER
Mining expenses (54,052) - (16,978)
Administrative Expenses (402,788) (263,773) (709,325)
----------- ----------- -----------
OPERATING LOSS (456,840) (263,773) (726,303)
----------- ----------- -----------
Interest received 82,045 64,730 121,702
-------- -------- ---------
LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION (374,795) (199,043) (604,601)
Tax on loss on ordinary activities - - -
LOSS ON ORDINARY ACTIVITIES AFTER
TAXATION AND LOSS FOR THE PERIOD (374,795) (199,043) (604,601)
=========== =========== ===========
Basic loss per share (0.41p) (0.28p) (0.84P)
--------- --------- ---------
All amounts relate to continuing activities
VAN DIEMAN MINES PLC
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Six months Six months Year ended
ended ended 31 December
30 June 2006 30 June 2005 2005
# # #
Loss for the period (374,795) (199,043) (604,601)
Exchange (loss)/gain on
consolidation of foreign (161,730) 127,139 189,871
subsidiary
----------- --------- ---------
Total movement during
the period (536,525) (71,904) 414,730
=========== ========== ---------
VAN DIEMAN MINES PLC
CONSOLIDATED BALANCE SHEET
30 JUNE 2006 - UNAUDITED
30 June 2006 30 June 2005 31 December
2005
# # #
FIXED ASSETS
Tangible assets 3,592,591 2,017,399 2,349,706
----------- ----------- -----------
3,592,591 2,017,399 2,349,706
----------- -----------
CURRENT ASSETS
Debtors falling due within
one year 7,066 111,331 379,259
Debtors falling due after one
year 67,224 - 70,258
Cash at bank and on hand 2,678,922 2,266,543 4,123,660
----------- ----------- -----------
2,753,212 2,377,874 4,573,177
Creditors: Amounts falling
due within one year 170,070 132,475 203,327
----------- ----------- -----------
NET CURRENT ASSETS 2,583,142 2,245,399 4,369,850
----------- ----------- -----------
TOTAL ASSETS LESS CURRENT
LIABILITIES 6,175,733 4,262,798 6,719,556
----------- ----------- -----------
Creditors: Amounts falling
due after more than one year 161,676 159,949 168,974
--------- --------- ---------
6,014,057 4,102,849 6,550,582
=========== =========== ===========
CAPITAL AND RESERVES
Called up share capital 916,577 716,577 916,577
Share premium 6,492,863 3,902,304 6,492,863
Profit and loss account (1,395,383) (516,032) (858,858)
------------ ----------- -----------
SHAREHOLDERS' FUNDS 6,014,057 4,102,849 6,550,582
============ =========== ===========
On behalf of the board:
M.J. Spriggs
Director
Approved by the Board on: 2006
VAN DIEMAN MINES PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE 6 MONTHS PERIOD TO 30 JUNE 2006 - UNAUDITED
Six months Six months Year ended
ended ended 31 December
30 June 2006 30 June 2005 2005
# # #
NET CASH OUTFLOW FROM
OPERATING ACTIVITIES (404,632) (254,731) (646,625)
RETURN ON INVESTMENTS & SERVICING OF
FINANCE
Interest Received 82,045 64,730 121,702
CAPITAL EXPENDITURE AND FINANCIAL
INVESTMENT
Payments to acquire tangible
fixed assets (1,277,367) (373,200) (486,619)
------------- ----------- -----------
NET CASH OUTFLOW BEFORE
FINANCING (1,599,954) (563,201) (1,011,542)
------------- ----------- -------------
FINANCING
Issue of ordinary share
capital 340,000 - 2,450,559
Borrowings - 225,874 -
Finance lease & hire purchase
commitments repaid (20,291) - (34,032)
---------- ---------- ----------
MANAGEMENT OF LIQUID RESOURCES
Decrease in cash on short
term deposits 1,366,819 56,706 (1,712,670)
----------- ---------- -------------
INCREASE/(DECREASE) IN CASH 86,574 (280,621) (307,685)
=========== =========== ============
RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN NET FUNDS
Increase/(Decrease) in cash
in the period 86,574 (280,621) (307,685)
Increase/(Decrease) in short
term deposits (1,366,819) (56,706) 1,712,670
Cash movements from net
decrease in debt 31,667 - 34,032
-------- ---------- --------
Movement in net funds due to
cash (1,248,578) (337,327) 1,439,017
Inception of finance leases - - (177,838)
Inception of bank loans - - (55,628)
Translation (173,106) - 114,805
differences
----------- ----------- ------------
MOVEMENT IN NET FUNDS (1,421,684) (337,327) 1,320,356
Net funds at 1 3,924,226 2,603,870 2,603,870
January 2006
----------- ----------- ------------
NET FUNDS AT END OF PERIOD 2,502,542 2,266,543 3,924,226
=========== =========== ============
VAN DIEMAN MINES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS TO 30 JUNE 2006 - UNAUDITED
1. ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared in accordance with applicable
accounting standards generally accepted in the United Kingdom. These interim
financial statements are unaudited and do not constitute statutory accounts as
defined by Section 240 of the Companies Act 1985
A copy of the Group's 2005 Statutory Accounts has been filed with the Registrar
of Companies. The auditors' opinion on these Statutory Accounts was unqualified
and did not contain a statement under section 237 of the Companies Act 1985.
Application of the going concern basis
The group's principal activity is the exploration for tin and sapphires and to
develop and operate mining activities in Northern Tasmania, Australia. In common
with many mining companies, the successful outcome of this project is dependent
upon the granting and maintenance of mining leases, sourcing adequate finance,
controlling development costs and realizing income from production in line with
its business plan.
The group has and continues to make good progress in the process of securing the
orderly development of its principal properties. Applications for the two mining
leases have been granted and three new exploration licenses were also granted.
Following the #2.8 million equity fund raising in December 2005, the directors
have placed orders for the major plant and are progressing the project. The
directors have prepared profit and cash flow projections for the period to 31
December 2007 which support the view that the group has adequate financial
resources to develop the existing properties to the point of profitable
production without any need for further fundraising. Although, as with many
projects of this nature there remain uncertainties as to the timing and amount of
forecast cash flows. The directors have concluded that it is appropriate to
prepare the accounts on a going concern basis.
Basis of consolidation
The financial statements consolidate the accounts of Van Dieman Mines plc and its
subsidiary undertakings. The results of subsidiaries are included from the date
of acquisition.
Deferred Taxation
Deferred taxation is recognised in respect of all timing differences that have
originated at the balance sheet date where transactions or events have occurred
at that date that will result in an obligation to pay more, or a right to pay
less or to receive more tax with the following exception.
Deferred tax assets are recognized only to the extent that the directors
consider that it is more likely than not that there will be suitable taxable
profits from which the future reversal of the underlying timing differences can
be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are
expected to apply in the periods in which the timing differences reverse, based
on tax rates and laws enacted or substantively enacted at the balance sheet
date.
Tangible fixed assets and depreciation
Depreciation is calculated to write down the cost of all tangible fixed assets
by equal annual instalments over their expected useful lives. The periods
generally applicable are:
Buildings 40 years
Mining plant and equipment 3-15 years
Office equipment, fixtures and fittings 3 years
Computers 3 years
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date
of the transaction or at the contracted rate if the transaction is covered by a
forward exchange contract. Monetary assets and liabilities denominated in
foreign currencies are retranslated at the rate of exchange ruling at the
balance sheet date or if appropriate at the forward contract rate and
differences taken to the profit and loss account.
The accounts of overseas subsidiary undertakings are translated at the rate of
exchange ruling at the balance sheet date. The exchange difference arising on
the retranslation of opening net assets are eliminated against reserves. All
other translation differences are taken to the profit and loss account.
Exploration and Evaluation Expenditure
Exploration and evaluation expenditure incurred is accumulated in respect of
each identifiable area of interest. These costs are only carried forward to the
extent that they are expected to be recouped through the successful development
of the area or where activities in the area have not yet reached a stage that
permits reasonable assessment of the existence of economically recoverable
reserves. Accumulated costs in relation to an abandoned area are written off in
full against the result in the year in which the decision to abandon the area
is made.
A regular review is undertaken of each area of interest to determine the
appropriateness of continuing to carry forward costs in relation to that area
of interest.
When a reasonable assessment of the existence of economically recoverable
reserves is possible, the accumulated costs for the relevant area of interest
are reallocated into development expenditure.
Development expenditure
When the technical and commercial feasibility of an area of interest has been
demonstrated and the appropriate mining licence has been issued, the area of
interest enters its development phase. The accumulated costs are transferred
from exploration and evaluation expenditure and reclassified as Development
Expenditure.
Once mining commences the asset is amortised on a depletion percentage basis.
Provision is made for impairments to the extent that the asset's carrying value
exceeds its net recoverable amount.
Share capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares are shown in
equity as a deduction from share premium from the proceeds.
Finance leases
Assets held under finance leases and other similar contracts, which confer
rights and obligations similar to those attached to owned assets are capitalized
as tangible fixed assets and depreciated over the shorter of the lease terms and
their useful lives. The capital elements of future lease obligations are
recorded as liabilities, while the interest elements are charged to the profit
and loss account over the period of the lease, to produce a constant rate of
charge on the balance of capital repayments outstanding.
2. EARNINGS PER SHARE
Six months Six months Year ended
ended ended 31 December
30 June 2006 30 June 2005 2005
Basic loss per share (0.41p) (0.28p) (0.84p)
======= ======= =======
The calculation of basic loss per share is based on a loss for the period six
months ended 30 June 2006 and six months ended 30 June 2005 of #374,795 (2005:
#199,043) and 91,657,663 ordinary shares (2005: 71,657,663 ordinary shares),
being the weighted average number of ordinary shares in issue during the period.
The calculation of basic loss per share for the twelve months ended 31 December
2005 was based on a loss for the period of #604,601 on 71,693,807 ordinary
shares being the weighted average number of ordinary shares in issue during the
year.
There is no dilutive effect of share options or warrants.
3. NOTES TO THE STATEMENT OF CASH FLOWS
(a) Reconciliation of operating loss to net cash flow
Six months Six months Year ended
ended ended 31 December
30 June 2006 30 June 2005 2005
# # #
Operating loss (456,840) (263,773) (726,303)
Increase in debtors 35,227 (22,075) (39,975)
Increase in creditors (17,501) 21,995 76,528
Depreciation 34,482 9,122 43,125
-------- --------- ----------
Net cash outflow from
operating activities (404,632) 254,731 (646,625)
======== ========= ==========
(b) Analysis of changes in net funds
At At
30 June 2006 December Cash Flows Exchange 30 June
2005 adjustment 2006
# # # #
Cash 32,995 86,574 (1,103) 118,466
Debt due after one
year (55,628) - 2,403 (53,225)
Finance leases (143,806) 31,667 (11,016) (123,155)
Short term deposits 4,090,665 (1,366,819) (163,390) 2,560,456
-------- --------- --------- --------
Total 3,924,226 (1,248,578) (173,106) 2,502,542
======== ========= ========= ========
The interim statement will be posted to shareholders in due course and will also
be available on the Company's website. Copies will also be available from Van
Dieman Mines plc's Registered Office: 90, Gloucester Road, London W1U 6EH.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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