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ZIOC posts $7.4m loss for half year

By BFN News | 09:32 AM | Friday 28 September, 2012

ZIOC made a loss in the half-year of US$7.4m compared to a loss of US$22.9m in the year to 31 December 2011. General expenses of US$2.5m consist of staff costs of US$0.3m, Directors fees of US$0.3m, professional fees of US$1.4m and US$0.5m of other general operating expenses. The foreign exchange profit of US$0.4m can be attributed to the impact of the weakening of the US Dollar against UK Sterling during the half-year on the cash balances that are held in UK Sterling. The share-based payment charge reflects the expense associated with the grant of options under ZIOC's long-term incentive plan ("LTIP") and other options to ZIOC's directors, two key employees and one of ZIOC's consultants. The share of loss of associate reflected above relates to ZIOC's investment in Jumelles Limited, the joint venture company in respect of the Zanaga Project, which generated a loss of US$0.002m in the six months to 30 June 2012, together with a charge of US$0.019m made for equity accounting purposes for share options provided to employees of Jumelles Limited. During the half year period, Jumelles Limited spent US$28.2m on exploration, increasing its capitalised exploration assets to US$195.0m. ZIOC's net asset value ("NAV") of US$220.2m comprises of a US$178.5m investment in Jumelles Limited, US$42.5m of cash balances and US$0.8m of other net current liabilities. At 9:32am: (LON:ZIOC) share price was -0.5p at 54.25p Story provided by

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