TIDMCAF
RNS Number : 8965X
China Africa Resources PLC
03 September 2015
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 2015.
For further information contact:
Rod Webster, Chief Executive Officer Weatherly International +44
(0)207 936 9910
Kevin Ellis, Company Secretary
Samantha Harrison, RFC Ambrian Limited +44 (0)203 440 6800
Nominated Advisor and Brokers
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 2015.
Financial Results
During the period the group made a loss of US$0.3 million. The
losses during the period are the costs incurred in managing the
head office in the UK augmented by an exchange loss on sterling and
Namibian deposits.
As at 30 June 2015 the Company had US$0.8 million in cash
reserves.
Review of the period
During the half year the Company has been engaged in reviewing
options to fund the feasibility study for the Berg Aukas Mine in
Namibia having successfully completed the pre-feasibility study
last year.
Key data from the Pre-feasibility study is as follows:
Mine Type Underground
------------------ ------------------------
Reserves * 2.05 million tonnes
Zinc 11.1%
Lead 2.8%
Vanadium oxide 0.23%
------------------ ------------------------
Mining Rate 250,000 tonne per annum
(tpa)
------------------ ------------------------
Mine Life 10 years
------------------ ------------------------
Processing Method Heavy Media Separation
/ Flotation
------------------ ------------------------
Processing rate 250,000 tpa / 80,000
tpa
------------------ ------------------------
Recoverable Metal
Zinc 20,483 tpa
Lead 5,079 tpa
------------------ ------------------------
Cash cost (C1) ** US$466/ tonne of Zinc
(US$ 0.21/ Ib Zinc)
------------------ ------------------------
*Reserves (JORC) plus minable inventory
**Net of lead and silver credits
The Pre-feasibility study of the Berg Aukas mine demonstrates it
to be a viable project. The project has pre- tax Net Present Values
(NPVs), with an effective date of November 2013, using a discount
rate of 10%of between US$49 million and US$51 million
(best-estimated value), dependent on the processing option
selected. The post tax NPVs is US$29m on best-estimated value and
pre-tax internal Rate of Return (IRR) of 25% in real US$ terms.
We are also continuing to seek opportunities to enlarge the Lead
and Zinc asset base of CAR and grow the Company for the benefit of
our shareholders.
Cungen Ding
Chairman of the Board
2 September 2015
Consolidated income statement
for the period 1 January to 30 June 2015
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2015 2014 2014
Note US$'000 US$'000 US$'000
(unaudited) (unaudited) (audited)
Administrative expenses (297) (419) (784)
Operating loss (297) (419) (784)
Finance income 3 - 20 -
Finance cost 3 (7) - (49)
Loss for the period
before taxation (304) (399) (833)
Tax expense - - -
Loss for the period
attributable to the
equity holders of the
parent (304) (399) (833)
Loss per share expressed
in cents
Basic and diluted attributable
to the equity holders
of the parent 2 (1.32c) (1.73c) (3.61c)
Consolidated statement of comprehensive income
for the period 1 January to 30 June 2015
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2015 2014 2014
US$'000 US$'000 US$'000
(unaudited) (unaudited) (audited)
Loss for the year
attributable to
equity holders of
the parent (304) (399) (833)
Exchange differences
on translation of
foreign operations (148) (33) (248)
Total comprehensive
loss for the period (452) (432) (1,081)
Condensed consolidated statement of financial position
as at 30 June 2015
At At At
30 June 30 June 31 December
2015 2014 2014
US$'000 US$'000 US$'000
(unaudited) (unaudited) (audited)
Assets
Non-current assets
Property, plant and
equipment 6 12 9
Intangible assets 5,973 6,354 6,119
Total non-current assets 5,979 6,366 6,128
Current assets
Trade and other receivables 33 25 24
Cash and cash equivalents 765 1,472 1,151
798 1,497 1,175
Total assets 6,777 7,863 7,303
Current liabilities
Trade and other payables (104) (89) (178)
Total liabilities (104) (89) (178)
Net assets 6,673 7,774 7,125
Equity
Share capital 377 377 377
Share premium 6,556 6,607 6,556
Merger relief reserve 4,052 4,052 4,052
Foreign Exchange Reserve (1,120) (757) (972)
Retained deficit (3,192) (2,505) (2,888)
Equity attributable
to shareholders of
the parent company 6,673 7,774 7,125
Condensed consolidated statement of changes in equity
for the period 1 January to 30 June 2015
Share Share Merger Foreign Retained Total
capital premium Reserve exchange deficit
reserve
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance at 1 January
2015 377 6,556 4,052 (972) (2,888) 7,125
Loss for the period - - - - (304) (304)
Other comprehensive
income
Exchange differences
on translation of
foreign operations - - - (148) - (148)
Balance at 30 June
2015 377 6,556 4,052 (1,120) (3,192) 6,673
Balance at 1 January
2014 377 6,607 4,052 (724) (2,106) 8,206
Loss for the period - - - - (833) (833)
Other comprehensive
income
Exchange differences
on translation of
foreign operations - - - (248) - (248)
Total Comprehensive
income 377 6,607 4,052 (972) (2,939) 7,125
Share based payments (51) 51
Balance at 31 December
2014 377 6,556 4,052 (972) (2,888) 7,125
Balance at 1 January
2014 377 6,607 4,052 (724) (2,106) 8,206
Loss for the period - - - - (399) (399)
Other comprehensive
income
Exchange differences
on translation of
foreign operations - - - (33) - (33)
Balance at 30 June
2014 377 6,607 4,052 (757) (2,505) 7,774
Condensed consolidated cash flow statement
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