| | Publié le 22 septembre 2011 | Anglo Asian Mining - Interim Results - Profit before tax up 129% to US$14.2 million |
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Anglo Asian Mining plc (?Anglo Asian? or ?the
Company?)
Interim Results
Anglo Asian Mining plc, the AIM listed emerging gold producer, is pleased to announce its interim results for the six months
ended 30 June 2011.
Overview
- Profit
before tax up 129% to US$14.2 million (30 June 2010: US$6.2 million)
- Gross profit
up 62.5% to US$19.8 million (2010: US$12.3 million)
- Revenue up 35.6% to US$38.5 million (2010: US$28.4
million)
- Operating cash flows before movement in working
capital of US$24.8 million (2010: US$18.6 million)
- Gold production at Gedabek gold/copper mine for
the six months to 30 June 2011 totalled 28,610 ounces of gold
- Gold production target for FY 2011 between 58,000
ounces to 60,000 ounces
- Produced gold at an average cash operating cost
of US$445 per ounce of gold including the Government of Azerbaijan?s share
and US$524 per ounce of gold net of the Government of Azerbaijan?s share
- Feasibility study in progress for new agitation
leaching plant at Gedabek to improve total gold recovery and increase life
of mine
- First sales of copper concentrate from SART
operations at Gedabek recorded of US$2.1 million
- Repaid US$12..6 million of loans to International
Bank of Azerbaijan
- outstanding loans at 30 June 2011 total US$18.0 million (2010: US$42.1
million)
- Focussed on developing 1,962 sq km gold/copper
exploration portfolio with the aim of replicating success at Gedabek and
developing additional mining operations
Chairman?s Statement
During the period under review we have continued our
progress as a profitable gold mining company focussed in Central Asia, and have been active in developing
and implementing plans to ensure the future growth and success of our flagship
Gedabek gold/copper mine (?Gedabek?) and two mining development Contract Areas,
Gosha and Ordubad, in Azerbaijan. Additionally, we have implemented defined
exploration and development programmes across each of these Contract Areas to
delineate and upgrade our resource base, which currently stands at 791,000
ounces (?oz?) of gold, 49,300 tonnes of copper and 7,597,000 oz of silver for
all categories.
At Gedabek, the first gold
mine in Azerbaijan in modern times, gold production for the six month period to
30 June 2011 totalled 28,610 oz (2010: 28,497 oz), with an average cash
operating cost of US$445 per oz (2010: US$324) of gold including the Government
of Azerbaijan?s share and US$524 per oz (2010: US$372) of gold net of the
Government of Azerbaijan?s share. This low cash operating price is up
slightly on last year mainly due to the increased consumption of chemicals and
reagents, an increase in employee numbers, the impact of lower grade in 2011
compared to 2010 and general inflationary increases. In terms of gold sales completed for
the first half of the year, Anglo
Asian sold 24,586 oz at
an average of US$1,450 per oz (2010: 24,460 oz at an average of US$1,155). As a result of solid gold sales, combined with
the buoyant gold price environment, we have achieved a profit
before tax of US$14.2 million (2010: US$6.2 million) and operating cash flow of
US$16.2 million (2010: US$13.1 million) for the period.
Our headline gold production figure was 28,500 oz of gold, which was
slightly behind management?s target of 30,000 oz of gold for the half year
period. This slight drop in gold production is due to a number of factors
relating to a change in the physical characteristics of the ore, whereby a
change in density and structure associated more with transitional ore is
affecting the leach rates and in turn gold recovery and production.
Channelling has also occurred in one of the cells as a result of harsh winter
conditions.
In order to address these processing difficulties,
we have implemented initiatives which include two-shift drilling for blasting
and have employed additional excavators to accelerate waste removal. This
will open up areas of known oxide ore over the Gedabek Mine, which will deliver
the leaching characteristics more suitable to the heap leach process. We
have also started to crush the ore more finely
to help with cyanide leaching. Waste removal has increased to approximately 6,000m3
per day; this will rise further when our contractor steps up the haulage of
waste to leach pad # 4.
In terms of processing, during the first
half of the year we transferred 418,526 tonnes of dry ore onto the leach pad
with an average gold content of 3.34 g/t (2010: 370,000 tonnes at an average
grade of 4.4 g/t). The reduced grade in 2011 is in line with expectations
from the Company?s mine plan.
To ensure the long-term success of Gedabek as a leading gold/ copper
mine in the Central Asian region we are continually looking at ways to improve
operational efficiencies and
production. One primary measure of the efficiency
of the plant is the gold recovery rate, and in view of this we have entered
into an agreement with mining consultants Arcardis Chile
with regards to undertaking a feasibility study to assess the potential benefits
of building a new agitation leaching plant. This plant would process high
grade ore and additional resources that are not suitable for heap leaching,
thereby improving total gold recoveries at Gedabek. Agitation leaching
recovery rates for mineral extraction are typically measured at over 90%
compared to circa 70% typically achieved in heap leaching. Additionally,
residual gold in high grade ore that has been processed by heap leaching and
left on the heap leach pad during 2009 through to the end of 2011 could be
processed through agitation leaching, again improving total metal extraction
from Gedabek?s orebody. We are expecting the feasibility study to be
completed by October 2011 and look forward to reporting on these developments
in due course.
In terms of copper production at Gedabek, our Sulphidisation, Acidification,
Recycling, and Thickening (?SART?) plant, which recovers copper in the form of
a precipitated copper sulphide concentrate containing silver
with commercial value, has seen increased production. Copper concentrate
produced for the first half of the year totalled 433 tonnes, which contained
261 recovered tonnes of copper, 50,739 oz of silver and an additional 109 oz of
gold. The SART plant is currently running at 75% capacity and we are on
track to achieve the production budgets. The SART plant?s full capacity
is 1,800 tonnes of copper concentrate with copper recoveries projected to be
50-70% and silver recoveries of 4,000 ? 6,000 g/t.
We recorded our first copper
concentrate sales in the first half
of 2011. Revenue of US$2.1 million was generated from the Company?s
87.25% share of the sale of 90 tonnes of payable copper, 29,132 oz of payable
silver and 335 oz of payable gold. Subsequent to the period end, further
shipments of copper concentrate have been loaded and sales will be finalised
over the coming months. At the end of August 2011, there was a stockpile
of copper concentrate containing approximately 383 tonnes of copper, 2,422 kg
of silver and 3kg of gold. We are in discussions with our government
partners and potential buyers about the sale of this stockpile and expect to
sign an agreement in regards to this in the near future.
Exploration remains an important part of our focus to increase our
current resource base at Gedabek of 791,000 oz of gold 49,300 tonnes of copper and 7,597,000 oz of silver
for all categories and
define maiden resources at Gosha and Ordubad Contract Areas to prove their
economic potential and in turn develop additional mining operations.
In order to increase the life of mine at Gedabek, which currently stands at 300,000 oz of
gold over a six year period, we have undertaken an advanced exploration
programme comprising a two phase drilling programme. Phase 1 drilling,
which was completed February 2011, comprised 61 holes over 6,000m and
concentrated within the boundaries of the existing pit. The results,
which are presently being assessed by a third party Qualified Person, will be
announced to the market shortly. In the first quarter of 2011 we
commenced Phase 2 of the exploration programme. So far 47 drill holes with a
total of 7,150m of drilling have been completed and some of the assays have
been received. Further drill holes have been planned as the ore body
shows extensions towards the south of the mine.
Other exploration activities continue within the Gedabek Contract Area,
namely at the Maarif target. To date, 1,630m of the planned 3,000m
drilling programme (previously 7,000m) has been completed at Maarif, and the
samples have been sent for independent assay. Priority for drilling
equipment has been given to Phase 2 drilling at Gedabek, which has lead to the
Maarif programme being reduced for the year. Drilling
was also due to take place at the Cholpan target, a highly prospective area in
close proximity to the existing mine, but this has been delayed whilst further
geological mapping is undertaken prior to commencing drilling.
Additionally, remote sensing has been conducted across the entire Gedabek Contract
Area with several potential anomalies detected for further investigations,
which are planned for 2012.
It is our intention to issue an upgraded JORC resource report by the
first quarter of 2012 with a JORC compliant reserve estimate to follow soon
after.
At Gosha, during the period we were delighted to announce that we
submitted a Notice of Discovery to the Government of Azerbaijan, following an
active exploration programme in 2010, which included 3,000m of drilling and
300m of adit and sample work. We are on course to submit a Development and
Production Programme in October 2011 to the Government as per the Product
Sharing Agreement (?PSA?) rules and we will update shareholders on the
programme?s approval in due course. It is the Company?s intention to develop
a small gold mine with production by the second half of 2012.
Exploration work continues in the Ordubad Contract Area focusing on the
Agyurt deposit. The Soviet-era galleries have been re-sampled and further
underground drilling is planned for 2011.
We continue to work closely with the
Government of Azerbaijan and are pleased with the level of support it gives
us. Additionally, we have a strong relationship with the International
Bank of Azerbaijan
(?IBA?), which is majority owned by the Government of Azerbaijan. During
the first half of 2011 we repaid US$12.6 million of our loan with the IBA,
bringing the outstanding loan balance to US$17.0 million as at 30 June
2011. Including our loan of US$1.0 million from our CEO Reza Vaziri, the
value of total outstanding loans at 30 June 2011 is US$18.0 million (2010:
US$42.1 million). A further repayment of US$1.0 million has been made
subsequent to the balance sheet date. The next repayment to IBA of US$0.6
million is due in March 2012, although the Company will continue to repay this
loan ahead of schedule as cash flow allows.
As mentioned earlier, we have a PSA with the Government of Azerbaijan
whereby until the time Anglo Asian has recovered its carried forward,
unrecovered costs, the Government of Azerbaijan effectively takes 12.75% of the
commercial products of each mine, with the Company taking 87.25%. We
expect to continue retaining 87.25% of the commercial products until at least
the end of 2011.
The Company made a profit before tax of US$14.2 million in the period to
30 June 2010 (2010: US$6.2 million). Revenue of US$38.5 million (2010:
US$28.4 million) was generated from gold sales of 24,586 oz (2010: 24,360 oz)
at an average price of $1,450 per oz (2010: US$1,155 per oz), silver sales of
US$0.8 million (2010: US$0.3 million) and copper concentrate sales of US$2.1
million (2010: nil).
The cost of sales for the period amounted to US$18.7 million (2010:
US$16.1 million), resulting in a gross profit of US$19.8 million (2010: US$12.3
million).
Administration costs were US$3.1 million (2010: US$2.3 million) and
finance costs were US$1.9 million (2010: US$3.4 million), most of which related
to interest on the loans from IBA.
Net cash inflow from operating activities was US$16.2 million (2010: US$13.1
million). This was utilised to fund the purchase of tangible assets of
US$2.8 million, exploration expenditure of US$2.7 million, a reduction in loans
of US$12.6 million and payment of interest of US$1.8 million.
Current assets have increased from US$25.8 million at 31 December 2010
to US$31.7 million at 30 June 2011 (2010: US$20.6 million). The increase is
mostly as a result in increase of gold work in progress and finished
inventory. Increased lead time on the leach pad has led to more ounces in
stock and increased production cost has led to a higher cost per unit of stock,
when compared to 31 December 2010. The other main factor affecting current
assets is that the Company has made an advance payment of profit tax for 2011.
Under the terms of the PSA, the Company must estimate its profit tax liability
for the financial year and pay one-quarter of this amount within 25 days
following the end of the calendar quarter in the form of an advance.
Following the first quarter, an amount of US$2.1 million was paid (2010:
nil). Subsequent to the balance sheet date, a further amount of US$2.1
million was paid. At the balance sheet date, the Company believes that it
has unutilised carried-forward tax losses in its subsidiary, R.V. Investment
Group Services LLC. However, the Company expects that these
carried-forward tax losses will be fully exhausted within 2011 and profit tax
will be assessed.
Maintaining good health, safety, social and environmental standards
remains a priority to us and in line with this we have a Health, Safety,
Environment and Technology Committee (?HSET?) at Board level, under the
chairmanship of Professor John Monhemius, one of our Non-executive
Directors. This committee has the responsibility to oversee all aspects
of the HSET performance of the Company and to make recommendations to the
Board. During the period we appointed an experienced Health, Safety and
Environment manager as a full-time member of our corporate management
team. We have approximately 450 personnel working in the Company.
With the buoyant gold price set to continue and speculation that the
price range of US$1,700 to US$1,900 will be maintained, we remain confident of
the on-going profitability and success of our flagship Gedabek operation.
Positive actions are being taken to ensure the smooth running of gold
production for the remainder of the financial year and beyond. In
addition, copper production has been increasing quarter on quarter, which will
add increased profitability to our bottom line once sales of the concentrate
have been finalised further. I also look forward to reporting on the
development of our extensive exploration portfolio and in turn achieving our
milestones towards building a multiple gold mine company.
Last but not least, I would like to thank the employees, my fellow
Directors, advisors and shareholders for their continued support and I look
forward to updating investors regularly on the progress of Anglo Asian, a
highly profitable, cash-generative, producing gold and copper company in
Azerbaijan.
Khosrow Zamani
Non-executive Chairman
Interim
consolidated income statement
For the 6 months
ended 30 June 2011
|
|
Unaudited
|
Unaudited
|
|
|
Six months to
|
Six months to
|
|
|
30 June
|
30 June
|
|
|
2011
|
2010
|
|
Notes
|
US$
|
US$
|
Revenue
|
|
38,527,107
|
28,400,909
|
Cost of sales
|
|
(18,743,741)
|
(16,149,858)
|
Gross profit
|
|
19,783,366
|
12,251,051
|
Administrative expenses
|
|
(3,105,133)
|
(2,273,163)
|
Other operating expense
|
|
(583,445)
|
(334,696)
|
Operating profit
|
|
16,094,788
|
9,643,192
|
Finance costs
|
|
(1,938,335)
|
(3,408,929)
|
Profit before tax
|
|
14,156,453
|
6,234,263
|
Income tax expense
|
3
|
(5,817,411)
|
?
|
Profit after tax
|
|
8,339,042
|
6,234,263
|
Profit per share for the period attributable to the
equity holders of the parent
|
|
8,339,042
|
6,234,263
|
Basic cents per share
|
4
|
7.51
|
5.69
|
Diluted cents per share
|
4
|
7.36
|
5.61
|
Interim consolidated statement of comprehensive income
For the 6 months
ended 30 June 2011
|
Unaudited
|
Unaudited
|
|
Six months to
|
Six months to
|
|
30 June
|
30 June
|
|
2011
|
2010
|
|
US$
|
US$
|
Profit for the period
|
8,339,042
|
6,234,263
|
Other comprehensive income
|
?
|
?
|
Total comprehensive profit for the period
|
8,339,042
|
6,234,263
|
|
|
|
Attributable to the
equity holders of the parent
|
8,339,042
|
6,234,263
|
Interim consolidated balance sheet
As at 30 June 2011
|
|
Unaudited
As at
30 June
2011
|
Audited
As at
31 December 2010
|
Unaudited
As at
30 June
2010
|
|
|
|
|
|
|
Notes
|
US$
|
US$
|
US$
|
Non-current assets
|
|
|
|
|
Intangible
assets
|
5
|
33,903,822
|
34,469,441
|
36,356,328
|
Property,
plant and equipment
|
6
|
40,843,964
|
43,290,670
|
47,065,817
|
Non-current
prepayments
|
|
172,601
|
284,461
|
350,284
|
|
|
74,920,387
|
78,044,572
|
83,772,429
|
Current assets
|
|
|
|
|
Trade receivables and other assets
|
7
|
8,106,682
|
4,322,094
|
4,831,166
|
Inventories
|
8
|
22,180,233
|
16,354,968
|
14,405,616
|
Cash and
cash equivalents
|
|
1,408,998
|
5,110,851
|
1,328,431
|
|
|
31,695,913
|
25,787,913
|
20,565,213
|
Total assets
|
|
106,616,300
|
103,832,485
|
104,337,642
|
Current liabilities
|
|
|
|
|
Trade
and other payables
|
|
(10,396,577)
|
(9,263,458)
|
(11,270,735)
|
Interest bearing loans and borrowings
|
9
|
(7,141,997)
|
(10,641,996)
|
(15,053,329)
|
|
|
(17,538,574)
|
(19,905,454)
|
(26,324,064)
|
Net current assets/(liabilities)
|
|
14,157,339
|
5,882,459
|
(5,758,851)
|
Non-current liabilities
|
|
|
|
|
Provision
for rehabilitation
|
|
(1,397,378)
|
(1,363,970)
|
(2,018,892)
|
Interest bearing loans and borrowings
|
9
|
(10,897,666)
|
(19,983,674)
|
(27,081,874)
|
Deferred
tax liability
|
|
(10,378,345)
|
(4,560,934)
|
-
|
|
|
(22,673,389)
|
(25,908,578)
|
(29,100,766)
|
Total liabilities
|
|
(40,211,963)
|
(45,814,032)
|
(55,424,830)
|
Net assets
|
|
66,404,337
|
58,018,453
|
48,912,812
|
Equity
|
|
|
|
|
Share
capital
|
10
|
1,967,704
|
1,957,424
|
1,944,991
|
Share
premium account
|
|
32,133,847
|
32,101,124
|
32,024,407
|
Share-based
payment reserve
|
|
642,216
|
638,377
|
625,066
|
Merger
reserve
|
|
46,206,390
|
46,206,390
|
46,206,390
|
Accumulated
loss
|
|
(14,545,820)
|
(22,884,862)
|
(31,888,042)
|
Total equity
|
|
66,404,337
|
58,018,453
|
48,912,812
|
Interim consolidated cash flows statement
For the six months ended 30 June 2011
|
|
Unaudited
|
Unaudited
|
|
|
Six months to
|
Six months to
|
|
|
30 June
|
30 June
|
|
|
2011
|
2010
|
|
Notes
|
US$
|
US$
|
Net cash inflow generated from
operating activities
|
11
|
16,200,374
|
12,997,854
|
Investing activities
|
|
|
|
Expenditure on property, plant and equipment and mine
development
|
|
(2,822,501)
|
(7,285,202)
|
Expenditure on intangible assets
|
|
(2,733,586)
|
(1,021,703)
|
Net cash used in investing
activities
|
|
(5,556,087)
|
(8,306,905)
|
Financing activities
|
|
|
|
Shares issued in lieu of cash and for options exercised
|
|
43,003
|
95,650
|
Proceeds from borrowings
|
|
?
|
3,099,598
|
Repayment of borrowings
|
|
(12,588,000)
|
(3,947,731)
|
Interest paid
|
|
(1,801,143)
|
(3,419,583)
|
Net cash used in financing
activities
|
|
(14,346,140)
|
(4,172,066)
|
Net (decrease)/ increase in
cash and cash equivalents
|
|
(3,701,853)
|
518,883
|
Cash and cash equivalents at
beginning of period
|
|
5,110,851
|
809,548
|
Cash and cash equivalents at
end of period
|
|
1,408,998
|
1,328,431
|
Interim consolidated statement of changes in equity
For the six months ended 30 June 2011
|
|
|
|
Share-based
|
|
|
|
|
|
Share
|
Share
|
payment
|
Merger
|
Accumulated
|
Total
|
|
|
capital
|
premium
|
reserve
|
Reserve
|
loss
|
Equity
|
|
Notes
|
US$
|
US$
|
US$
|
US$
|
US$
|
US$
|
At 1 January 2011
|
|
1,957,424
|
32,101,124
|
638,377
|
46,206,390
|
(22,884,862)
|
58,018,453
|
Total comprehensive income
|
|
?
|
?
|
?
|
?
|
8,339,042
|
8,339,042
|
Shares issued
|
|
10,280
|
32,723
|
?
|
?
|
?
|
43,003
|
Share based payment charge for
the period
|
|
?
|
?
|
3,839
|
?
|
?
|
3,839
|
At 30 June 2011
|
|
1,967,704
|
32,133,847
|
642,216
|
46,206,390
|
(14,545,820)
|
66,404,337
|
For the six months ended 30 June 2010
|
|
|
|
Share-based
|
|
|
|
|
|
Share
|
Share
|
payment
|
Merger
|
Accumulated
|
Total
|
|
|
capital
|
premium
|
reserve
|
Reserve
|
loss
|
Equity
|
|
Notes
|
US$
|
US$
|
US$
|
US$
|
US$
|
US$
|
At 1 January 2010
|
|
1,934,363
|
31,939,385
|
621,802
|
46,206,390
|
(38,122,305)
|
42,579,635
|
Total comprehensive income
|
|
?
|
?
|
?
|
?
|
6,234,263
|
6,234,263
|
Shares issued
|
|
10,628
|
85,022
|
?
|
?
|
?
|
95,650
|
Share based payment charge for
the period
|
|
?
|
?
|
3,264
|
?
|
?
|
3,264
|
At 30 June 2010
|
|
1,944,991
|
32,024,407
|
625,066
|
46,206,390
|
(31,888,042)
|
48,912,812
|
Notes to the
financial statements
1. Basis of preparation
Anglo Asian Mining is a public company listed on the
Alternative Investment Market (AIM). Its principal activity is building a
portfolio of mining operations within Azerbaijan.
The impact on seasonality or cyclicality on operations is not regarded as
significant to the interim financial statements.
The financial information has been prepared in
accordance with IAS 34 'Interim Financial Reporting' as issued by the
International Accounting Standards Board. The information for the half year
ended 30 June 2011 does not constitute statutory accounts as defined in section
435 of the Companies Act 2006. A copy of the statutory accounts for the
year ended 31 December 2010 has been delivered to the Registrar of Companies.
The auditor?s report on those accounts was not qualified and did not
contain statements under section 498(2) or 498(3) of the Companies Act 2006.
The financial information has not been audited and has
been prepared on the historical cost basis. The principal accounting policies
adopted are consistent with those adopted in the annual accounts to 31 December
2010.
The interim report was approved by the Board
of Directors on 19 September 2011.
The
Directors have prepared the consolidated financial statements on a going concern
basis after reviewing the Group?s cash position for the period to 30 September
2012 and satisfying themselves the Group will have sufficient funds on hand to
realise their assets and meet their obligations as and when they fall
due.
2. Operating segments
The operations of the Group are all located within Azerbaijan.
The Group has one producing asset: its gold, silver and copper mine in Gedabek.
The Company produces gold-silver dore bullions and copper concentrate.
Gold-silver bullions are sold to the Group?s gold refinery, MKS Finance SA,
based in Switzerland.
Copper concentrate is sold to Seagate Minerals & Metals. The management of
the Group does not segment the business when evaluating its performance.
3. Taxation
Corporation tax is calculated at 32% (as stipulated in
the PSA for RV Investment Group Services LLC in Azerbaijan,
the entity that contributes the most significant portion of profit before
tax) of the estimated assessable profit for the year.
According to the terms of the PSA, the Group?s subsidiary, RV Investment
Group Services LLC, should submit a profit tax return for provisional profit
tax in the first quarter of the year when it expects a taxable profit. In May
2011, the Company made the first quarterly provisional profit tax payment of
$2.1 million, representing one-quarter of the estimated 2011 profit tax payable
at the end of each quarter. At the balance sheet date, RV Investment Group
Services LLC estimates it has unutilised tax losses which will be fully
utilised in the second half of 2011 and corporation tax will be assessable for
2011.
Deferred tax is calculated at the tax rates that are
expected to apply in the period when the liability is settled or the asset is
realised. Deferred tax is charged or credited in the income statement, except
when it relates to items charged or credited directly to equity, in which case
the deferred tax is also dealt with in equity.
Deferred tax assets and
liabilities are offset when there is a legally enforceable right to set off
current tax assets against current tax liabilities and when they relate to
income taxes levied by the same taxation authority and the Group intends to
settle its current tax assets and liabilities on a net basis.
At the balance sheet
date, the Group has unused tax losses within the Parent and subsidiary (Anglo
Asian Operations Limited) available for offset against future profits. No
deferred tax asset has been recognised in respect of such losses due to the
unpredictability of future profit streams. Unused tax losses may be carried
forward indefinitely.
Profit tax charged
during the period represents the change in deferred tax liability during the
period incurred by RV Investment Group Services LLC representative office
registered in Azerbaijan.
4. Earnings per ordinary share
|
|
Unaudited
|
|
Unaudited
|
|
|
|
6 months to
|
|
6 months to
|
|
|
|
30 June 2011
|
|
30 June 2010
|
|
|
|
US$
|
|
US$
|
|
|
|
|
|
|
|
Earnings per ordinary share
|
|
|
|
|
|
Profit after tax
|
|
8,339,042
|
|
6,234,263
|
|
Basic earnings per share
|
|
7.51
|
|
5.69
|
|
Diluted earnings per share
|
|
7.36
|
|
5.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
|
|
Number
|
|
Weighted average number of shares:
|
|
|
|
|
|
For basic earnings per share
|
|
110,993,882
|
|
109,592,494
|
|
For diluted earnings per share
|
|
113,178,337
|
|
111,211,011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5. Intangible assets
Evaluation and exploration assets
|
|
|
|
|
|
|
|
|
|
|
|
Gedabek
|
Gosha
|
Ordubad
|
Total
|
|
|
|
|
US$
|
US$
|
US$
|
US$
|
Cost:
|
|
|
|
|
|
|
|
As at 1 January 2010
|
|
|
|
746,957
|
771,039
|
1,298,097
|
2,816,093
|
Additions
|
|
|
|
1,285,318
|
1,753,680
|
410,472
|
3,449,470
|
As at 31 December 2010
|
|
|
|
2,032,275
|
2,524,719
|
1,708,569
|
6,265,563
|
Additions
|
|
|
|
1,387,688
|
1,091,772
|
170,847
|
2,650,307
|
As at 30 June 2011
|
|
|
|
3,419,963
|
3,616,491
|
1,879,416
|
8,915,870
|
|
|
|
|
|
|
|
|
|
|
Mining rights and other intangible assets
|
|
|
|
Cost:
|
Mining
rights
US$
|
Other
intangible assets
US$
|
Total
US$
|
As at 1
January 2010
|
41,925,262
|
314,245
|
42,239,507
|
Additions
|
?
|
27,544
|
27,544
|
As at 31
December 2010
|
41,925,262
|
341,789
|
42,267,051
|
Additions
|
?
|
83,279
|
83,279
|
As at 30 June 2011
|
41,925,262
|
425,068
|
42,350,330
|
Accumulated depreciation and impairment
|
|
|
|
As at 1
January 2010
|
(6,293,360)
|
(17,145)
|
(6,310,505)
|
Charge
for the year
|
(7,682,138)
|
(70,530)
|
(7,752,668)
|
As at 31
December 2010
|
(13,975,498)
|
(87,675)
|
(14,063,173)
|
Charge for the period
|
(3,266,602)
|
(32,603)
|
(3,299,206)
|
As at 30 June 2011
|
(17,242,100)
|
(120,278)
|
(17,362,378)
|
Carrying
amount
|
|
|
|
As at 31
December 2010
|
27,949,764
|
254,114
|
28,203,878
|
As at 30 June 2011
|
24,683,162
|
304,790
|
24,987,952
|
6. Property, plant and equipment
|
|
|
|
|
|
|
|
|
|
Temporary
|
Plant and
|
Producing
|
Motor
|
Office
|
Leasehold
|
Assets under
|
|
|
buildings
|
Equipment
|
mines
|
Vehicles
|
equipment
|
improvements
|
Construction
|
Total
|
|
US$
|
US$
|
US$
|
US$
|
US$
|
US$
|
US$
|
US$
|
Cost
|
|
|
|
|
|
|
|
|
As at 1 January 2010
|
302,757
|
6,023,811
|
39,414,228
|
432,938
|
1,242,469
|
438,357
|
5,242,676
|
53,097,236
|
Capitalisation of interest
|
?
|
?
|
?
|
?
|
?
|
?
|
81,843
|
81,843
|
Additions
|
?
|
818,692
|
2,685,583
|
122,207
|
608,563
|
11,738
|
4,019,310
|
8,266,093
|
Transfer to producing mines
|
?
|
?
|
6,398,124
|
?
|
?
|
?
|
(6,398,124)
|
?
|
Decrease in Rehabilitation Provision
|
?
|
?
|
(243,557)
|
?
|
?
|
?
|
?
|
(243,557)
|
As at 31 December 2010
|
302,757
|
6,842,503
|
48,254,378
|
555,145
|
1,851,032
|
450,095
|
2,945,705
|
61,201,615
|
Additions
|
?
|
237,011
|
?
|
19,936
|
209,051
|
?
|
2,468,363
|
2,934,361
|
Transfer to producing mines
|
?
|
?
|
458,613
|
?
|
?
|
?
|
(458,613)
|
?
|
As at 30 June 2011
|
302,757
|
7,079,514
|
48,712,991
|
575,081
|
2,060,083
|
450,095
|
4,955,455
|
64,135,976
|
Accumulated depreciation
|
|
|
|
|
|
|
|
|
and impairment
|
|
|
|
|
|
|
|
|
As at 1 January 2010
|
(152,602)
|
(1,119,602)
|
(2,566,134)
|
(200,833)
|
(508,271)
|
(251,135)
|
?
|
(4,798,577)
|
Charge for year
|
(37,845)
|
(915,420)
|
(11,692,141)
|
(116,269)
|
(295,078)
|
(55,614)
|
?
|
(13,112,367)
|
As at 31 December 2010
|
(190,447)
|
(2,035,022)
|
(14,258,275)
|
(317,102)
|
(803,349)
|
(306,749)
|
?
|
(17,910,944)
|
Charge for period
|
(20,168)
|
(497,519)
|
(4,630,313)
|
(53,412)
|
(151,525)
|
(28,131)
|
?
|
(5,381,068)
|
As at 30 June 2011
|
(210,615)
|
(2,532,541)
|
(18,888,588)
|
(370,514)
|
(954,874)
|
(334,880)
|
?
|
(23,292,012)
|
Carrying amount
|
|
|
|
|
|
|
|
|
As at 31 December 2010
|
112,310
|
4,807,481
|
33,996,103
|
238,043
|
1,047,682
|
143,346
|
2,945,705
|
43,290,670
|
As at 30 June 2011
|
92,142
|
4,546,973
|
29,824,403
|
204,567
|
1,105,209
|
115,215
|
4,955,455
|
40,843,964
|
7. Trade receivables and other assets
|
Unaudited
|
Audited
|
|
As at
|
As at
|
|
30 June
|
31
December
|
|
2011
|
2010
|
|
US$
|
US$
|
Gold held on behalf of the Government of Azerbaijan
|
1,421,794
|
1,533,403
|
Receivable for copper concentrate of the Government of
Azerbaijan
|
308,478
|
?
|
VAT refund due
|
1,808,072
|
1,457,609
|
Trade receivables
|
404,171
|
240,664
|
Prepayments
|
242,203
|
235,445
|
Advances
|
1,760,884
|
845,858
|
Advance payment for profit tax
|
2,161,080
|
?
|
Other receivables
|
?
|
9,115
|
|
8,106,682
|
4,322,094
|
The carrying amount of trade and other receivables approximates
the fair value.
The VAT refund due at 30 June 2011 and 31 December 2010 relates to
VAT paid on purchases.
The Group trade receivable relates to its copper concentrate sales
that took place in the period. In 2011, the Group had its first sale of
copper concentrate. Sale
of copper is recognized when risk and title is substantially transferred to the
buyer and metal content of concentrate and value are reasonably measurable.
The gold bullion receivable on behalf of the Government of
Azerbaijan relates to bullion held in the account of the Group for which the
Government of Azerbaijan is the beneficial holder. The Group holds the
Government?s share of the product from its mining activities and from time to
time transfers that product to the Government of Azerbaijan. A corresponding
liability to the Government of Azerbaijan is included in trade and other
payables.
Receivable for copper concentrate of the Government of Azerbaijan
represents the portion allocated to the government of Azerbaijan
from joint sale of copper concentrate carried out by Group. The same amount was
recognised as payable to the government.
In accordance with the terms of the PSA the Group has started
payment of profit tax in advance on a quarterly basis. No profit tax liability
was incurred at 30 June 2011. Final profit tax liability will be determined at
year end and any overpayment or underpayment for actual profit tax liability
will be settled in March 2012 as per the PSA.
The Group does not consider any trade and other receivables as
past due or impaired.
8. Inventories
|
As at
|
As at
|
|
30 June
|
31
December
|
|
2011
|
2010
|
|
US$
|
US$
|
At cost
|
|
|
Finished goods ? bullion
|
999,830
|
833,314
|
Finished goods ? metal in concentrate
|
2,268,665
|
1,370,286
|
Metal in circuit
|
13,516,727
|
11,114,620
|
Ore
stockpiles
|
1,971,176
|
409,995
|
Spare parts and consumables
|
3,423,835
|
2,626,753
|
|
22,180,233
|
16,354,968
|
Following the sale of 234 dry metric tons in the first
half of 2011, the balance of copper concentrate at 30 June 2011 was
approximately 706 dry metric tons (31 December 2010: 483 dry metric tons).
The increase in the value of ore stockpiles is due to
an increased stockpile of lower grade ore which is accumulated from inception
to date for usage in the future.
9. Interest-bearing loans and borrowings
|
Unaudited
|
Audited
|
|
As at
|
As at
|
|
30 June
|
31 December
|
|
2011
|
2010
|
|
US$
|
US$
|
Loans from IBA
|
17,041,000
|
29,627,007
|
Loan from Reza Vaziri
|
998,663
|
998,663
|
Total interest bearing loans and borrowings
|
18,039,663
|
30,625,670
|
Loans repayable in less than one year
|
7,141,997
|
10,641,996
|
Loans repayable in more than one year
|
10,897,666
|
19,983,674
|
Loans with the International Bank of Azerbaijan
carry an interest rate of 15% per annum. There is no penalty for early
repayment on any of the loans from International Bank of Azerbaijan.
In the 6 months to 30 June 2011, the Group had made
repayments to the International Bank of Azerbaijan
of $12.6 million.
Total interest accrued on interest bearing loans
during the period was $1.8 million.
10. Equity
|
shares
|
US$
|
Ordinary shares issued and fully paid:
|
|
|
At 1 January 2010
|
108,945,949
|
1,934,363
|
Issued to directors in lieu of salary, fees and expenses
|
684,691
|
10,868
|
Issued to a trade creditor in lieu of cash payment
|
66,667
|
1,004
|
Exercise of stock options
|
700,000
|
11,189
|
At 31 December 2010
|
110,397,307
|
1,957,424
|
Exercise of stock options
|
650,000
|
10,280
|
At 30 June 2011
|
111,047,307
|
1,967,704
|
11. Notes to the cash flow statement
|
Unaudited
|
Unaudited
|
|
Six months to
|
Six months to
|
|
30 June
|
30 June
|
|
2011
|
2010
|
|
US$
|
US$
|
Profit before tax
|
14,156,453
|
6,234,263
|
Adjustments for:
|
|
|
Finance costs
|
1,938,339
|
3,408,929
|
Depreciation of property, plant and equipment
|
5,381,068
|
5,629,993
|
Amortization of mining rights and other intangible assets
|
3,299,206
|
3,287,054
|
Share-based payment expense
|
3,839
|
3,264
|
Operating cash flows before movements in working capital
|
24,778,905
|
18,563,503
|
Increase in trade and other receivables
|
(1,426,639)
|
(994,481)
|
Increase in inventories
|
(5,825,267)
|
(4,129,592)
|
Increase/(decrease) in trade and other payables
|
834,455
|
(441,576)
|
|
18,361,454
|
12,997,854
|
Income tax paid
|
(2,161,080)
|
?
|
Cash generated from operations
|
16,200,374
|
12,997,854
|
Net cash generated from operating activities
|
16,200,374
|
12,997,854
|
12. Related party transactions
Transactions between the
Company and its subsidiaries, which are related parties, have been eliminated
on consolidation and are not disclosed in this note. Transactions between the
Group and other related parties are disclosed below.
Trading
transactions
During the period, there
were no trading transactions between group companies and related parties who
are not members of the Group.
Other related party transactions
a)
Mr Reza Vaziri, a director of the company, retains an indirect interest in the
lease of the office in Baku,
Azerbaijan. The
cost of the lease in the period was $46,384 (comparative period ended 30 June
2010: $45,765).
b) In
January 2011, Khosrow Zamani, a Non-executive Chairman of the Company,
exercised 550,000 stock options.
c)
During the period $118,443 (comparative period ended 30 June 2010:
$119,109) was paid to Mr Reza Vaziri for consultancy services.
d)
During the period, $39,618 (comparative period ended 30 June 2010: $39,618) of
interest was accrued on the loan of $998,663 from Mr Reza Vaziri.
e)
During the period, $6,343 (comparative period ended 30 June 2010:
$5,054) was paid to Professor John Monhemius, a director of the company,
for consultancy services.
**ENDS***
|
Mariana Resources Ltd
|
|
EXPLORATEUR |
CODE : MARL.L |
ISIN : GB00B12GJ720 |
|
| |
ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Mariana Res. est une société d’exploration minière d'argent et d'or basée en Australie. Ses principaux projets en exploration sont BUENAVENTURA et PERRO CHICO au Chili et LA BORITA, CAÑADON LARGO, LOS CALANDRIAS, LOS AMIGOS (ARGENTINA) et SIERRA BLANCA en Argentine. Mariana Res. est cotée au Royaume-Uni. Sa capitalisation boursière aujourd'hui est 18,3 milliards GBX (20,6 milliards US$, 18,1 milliards €). La valeur de son action a atteint son plus bas niveau récent le 10 juin 2016 à 0,34 GBX, et son plus haut niveau récent le 10 juillet 2017 à 100,00 GBX. Mariana Res. possède 182 602 930 actions en circulation. |
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01/03/2011 | Horizonte - Araguaia nickel project maiden resource - 76.6 M... |
28/02/2011 | Sratex International - Discovers New Epithermal Gold Mineral... |
22/02/2011 | Anglo Asian Mining - Notice of Gold Discovery and Exploratio... |
16/02/2011 | FoxDavies Daily Monitor - Ascent Resources (sp 8.75p BUY, 20... |
16/02/2011 | =?iso-8859-2?Q?Ascent_Resources_-_Peti=B9ovci,_Slovenia_Dril... |
23/07/2010 | Subscription to raise £800,000 |
23/06/2010 | Placement to Raise £6.75 million |
31/05/2007 | DMM And Mariana Resources Join Forces |
Publication de commentaires terminée |
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