TIDMCAF
RNS Number : 2866L
China Africa Resources PLC
09 August 2013
China Africa Resources plc
("China Africa Resources" or the "Company")
China Africa Resources plc today announces its unaudited interim
results for the six months ended 30 June 2013.
For further information contact:
Rod Webster, Chief Executive Officer Weatherly International +44
(0)207 917 2989
Max Herbert, Company Secretary
Samantha Harrison / Jen Boorer RFC Ambrian Limited +44 (0)203
440 6800
Nominated Advisor
Chairman's statement
I am pleased to present the report and accounts for China Africa
Resources plc results for the half year ended 30 June 2013.
Financial Results
During the period the group made a loss before tax of US$0.5
million. The losses during the period are principally the costs
incurred in managing the head office in the UK augmented by an
exchange loss on sterling and Namibian deposits. The costs of
progressing the company's feasibility study at the Berg Aukas mine
were capitalised to evaluation costs and amounted to US$0.3 million
in the half year. The major component of the evaluation costs
incurred in the first half year was for the completion of the
drilling campaign.
At 30 June 2013 the Company had US$2.7 million in cash
reserves.
Review of the period
In the half year we have continued to pursue our primary
objective which is to progress the feasibility study of the Berg
Aukas deposit, as well as continuing to review other business
opportunities and developing our administrative procedures and our
corporate governance framework of the Company.
The highlight of the half year was the announcement of a maiden
JORC resource at the Berg Aukas mine.
The JORC Indicated Mineral Resource, of which in excess of 95%
is situated between the 14 and 19 levels (approximately between
350m to 550m below surface, where the majority of historical
resources are located), is 1,264,800 tonnes @ 15.5% zinc, 3.8% lead
and 0.33% V2O5 at a 3% Zn cut-off. (Resource is 100% attributable
to the Company.) The JORC resource was compiled by Coffey Mining
(SA) Pty Ltd.
This JORC resource estimate verifies the historical
(non-compliant with current JORC reporting standards) resource
estimate from December 1977 of 1,196,000 tonnes @15% zinc, 5.3%
lead and 0.63% V2O5 between the 14 and 19 levels as reported in the
Berg Aukas Competent Persons report 2011 ("2011 CPR").
This has shown the deposit to be an exceptionally high grade
zinc/lead deposit with much of the significant infrastructure in
place including an 800m shaft and underground development which
should allow rapid and cost effective reopening of the mine.
Provided that the results continue to be positive it is expected
that the feasibility study will be finalised by the end of this
year.
Encouraged by Berg Aukas we are continuing to seek opportunities
to enlarge the Lead and Zinc asset base of CAR and grow the Company
for the benefit of our shareholders.
Jianrong Xu
Chairman
8 August 2013
Competent Persons Statement
The information in this report has been reviewed and approved
for release by Ms Kathleen Body, Pr.Sci.Nat, who has over 18 years'
experience in mineral exploration and mineral resource estimation.
Ms Body is a Principal Consultant and full-time employee of Coffey
Mining (South Africa) (Pty) Ltd and contracted to China Africa
Resources PLC. She has sufficient experience in relation to the
style of mineralisation and type of deposit under consideration to
qualify as a Competent Person as defined by the "Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore
Reserves" (The JORC Code 2012 Edition). Ms Body has consented to
inclusion of this information in the form and context in which it
appears.
Condensed consolidated statement of comprehensive income
for the period 1 January to 30 June 2013
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2013 2012 2012
Note US$'000 US$'000 US$'000
(unaudited) (unaudited) (audited)
Administrative expenses (384) (399) (687)
Operating loss (384) (399) (687)
Finance income 3 2 114 192
Finance cost 3 (74) - -
Loss for the period before
taxation (456) (285) (495)
Tax expense - - -
Loss for the period attributable
to the equity holders of
the parent (456) (285) (495)
Other Comprehensive Income
Exchange differences on translation
of foreign operations (362) (23) (145)
Total comprehensive income
for the period (818) (308) (640)
Loss per share expressed
in cents
Basic and diluted attribututable
to the equity holders of
the parent 2 (0.02c) (0.01c) (0.02c)
Condensed consolidated statement of financial position
as at 30 June 2013
At At At
31 December
30 June 2013 30 June 2012 2012
US$'000 US$'000 US$'000
(unaudited) (unaudited) (audited)
Assets
Non-current assets
Property, plant and equipment 17 27 23
Intangible assets 6,153 5,537 6,218
Total non-current assets 6,170 5,564 6,241
Current assets
Trade and other receivables 64 138 238
Cash and cash equivalents 2,656 4,297 3,204
2,720 4,435 3,442
Total assets 8,890 9,999 9,683
Current liabilities
Trade and other payables (239) (198) (214)
Total liabilities (239) (198) (214)
Net assets 8,651 9,801 9,469
Equity
Share capital 377 377 377
Share premium 6,607 6,607 6,607
Merger relief reserve 4,052 4,052 4,052
Foreign Exchange Reserve (512) (28) (150)
Retained deficit (1,873) (1,207) (1,417)
Equity attributable to shareholders
of the parent company 8,651 9,801 9,469
Condensed consolidated statement of changes in equity
for the period 1 January to 30 June 2013
Share Share Merger Foreign Retained Total
capital premium Reserve exchange deficit
reserve
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance at 1 January 2013 377 6,607 4,052 (150) (1,417) 9,469
Loss for the period - - - - (456) (456)
Other comprehensive income
Exchange differences on
translation of foreign operations - - - (362) - (362)
Balance at 30 June 2013 377 6,607 4,052 (512) (1,873) 8,651
Balance at 1 January 2012 377 6,607 4,052 (5) (922) 10,109
Loss for the period - - - - (495) (495)
Other comprehensive income
Exchange differences on
translation of foreign operations - - - (145) - (145)
Balance at 31 December 2012 377 6,607 4,052 (150) (1,417) 9,469
Balance at 1 January 2012 377 6,607 4,052 (5) (922) 10,109
Loss for the period - - - - (285) (285)
Other comprehensive income
Exchange differences on
translation of foreign operations - - - (23) - (23)
Balance at 30 June 2012 377 6,607 4,052 (28) (1,207) 9,801
Condensed consolidated cash flow statement
for the period 1 January to 30 June 2013
6 months 6 months Year
ended ended ended
30 June 31 December
2013 30 June 2012 2012
US$'000 US$'000 US$'000
(unaudited) (unaudited) (audited)
Cash flows from operating activities
Loss for the year (456) (285) (495)
Adjusted by:
Unrealised exchange (gains) /
losses (8) (56) (47)
Depreciation 6 3 5
Interest received (2) (12) (14)
(460) (350) (551)
Movements in working capital
Decrease / (increase) in trade
and other receivables 174 (133) (227)
Increase in trade and other payables 25 46 59
Net cash used in operating activities (261) (437) (719)
Cash flows generated from investing
activities
Interest received 2 12 14
Purchase of property, plant and
equipment - (30) (29)
Payments for evaluation of feasibility
studies (297) (1,299) (2,058)
Net cash used for investing activities (295) (1,317) (2,073)
Decrease in Cash and cash equivalents
in the period (556) (1,754) (2,792)
Reconciliation to net cash
Cash and cash equivalents at the
beginning of the period 3,204 5,949 5,949
Decrease in cash (556) (1,754) (2,792)
Foreign exchange movements 8 102 47
Cash and cash equivalents at the
end of the period 2,656 4,297 3,204
Notes to the condensed consolidated financial statements
for the period 1 January to 30 June 2013
1. Basis of preparation
The unaudited condensed consolidated interim financial
statements have been prepared using the recognition and measurement
principles of International Accounting Standards, International
Reporting Standards and Interpretations adopted for use in the
European Union (collectively EU IFRSs). The Group has not elected
to comply with IAS 34 "Interim Financial Reporting" as permitted.
The principal accounting policies used in preparing the interim
financial statements are unchanged from those disclosed in the
Group's Annual Report for the year ended 31 December 2012 and are
expected to be consistent with those policies that will be in
effect at the year end.
The condensed financial statements for the six months ended 30
June 2013 and 30 June 2012 are un-reviewed and unaudited. The
comparative financial information does not constitute statutory
financial statements as defined by Section 435 of the Companies Act
2006. The comparative financial information for the year ended 31
December 2012 is not the company's full statutory accounts for that
period. A copy of those statutory financial statements has been
delivered to the Registrar of Companies. The auditors' report on
those accounts was unqualified, did not include references to any
matters to which the auditors drew attention by way of emphasis
without qualifying their report and did not contain a statement
under section 498(2)-(3) of the Companies Act 2006.
2. EARNINGS per share
The calculation of the basic earnings per share is based on the
profit attributable to ordinary shareholders divided by the
weighted average number of shares in issue during the period.
Diluted earnings per share are not stated as the dilution would
relate only to share options and would not be material.
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2013 2012 2012
US$'000 US$'000 US$'000
(unaudited) (unaudited) (audited)
Basic and diluted loss per share
(US cents) (0.02c) (0.01c) (0.02c)
Loss before tax (456) (285) (495)
Weighted average number of shares
for basic and diluted loss per
share 23,076,924 23,076,924 23,076,924
Notes to the consolidated financial statements
for the period 1 January to 30 June 2013
3. FINANCE COSTS
6 months 6 months Year
ended ended ended
30 June 31 December
30 June 2013 2012 2012
US$'000 US$'000 US$'000
(unaudited) (unaudited) (audited)
Finance Income
Bank deposits 2 12 14
Exchange gains - 102 178
Total interest revenue 2 114 192
Finance Costs
Exchange losses (74) - -
(74) - -
Investment revenue earned
on financial assets analysed
by category of asset is as
follows:
Loans & receivables (including
cash and bank balances) 2 12 14
This information is provided by RNS
The company news service from the London Stock Exchange
END
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