Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Oxus Mining Plc (OXS)

  Print      Mail a friend       Annual reports

Monday 31 March, 2003

Oxus Mining Plc

Interim Results

Oxus Mining Plc
31 March 2003

Oxus Mining plc

Interim Results for the twelve months ended 31 December 2002

Principal Developments

•           Following a board restructuring in the fourth quarter of 2003, the
executive directors now consist of:

William Trew - Chief Executive Officer

John Donald - Chief Operating Officer

Jonathan Kipps - Finance Director

Richard Wilkins - Director, Corporate Affairs

•           In order to reduce capital requirements and enhance the Amantaytau
profitability, two major changes were made to the Amantaytau Goldfields Phase 1
(oxides) Project.  The process route was changed from heap leach to conventional
milling followed by carbon-in-pulp, thus increasing gold recovery from 72% to
90%, and contract mining was chosen instead of owner/operator, thus reducing the
capital requirement.

•           Standard Bank London Limited and WestLB AG, joint arrangers of a
US$36 million project finance facility for the construction of Amantaytau
Goldfields Phase 1 (oxides) Project, consisting of a US$30 million term loan
plus a cost overrun facility of US$6 million, have received credit approval to
underwrite this facility, as previously announced by the Company on 6 March
2003.  Subject to the satisfaction of legal and administrative conditions
precedent, it is envisaged that these funds will be available for draw down in
the first half of April 2003.

•           The Jerooy mining licence was annulled in August 2002.  The
directors are continuing negotiations with the Kyrgyz authorities to re-instate
this licence.

•           Oxus has been granted exclusive rights to develop the Khandiza
project through either a concession agreement or a production sharing agreement,
not a 50% owned joint venture as previously contemplated.

Financial Results

•           The Group's activities continued to be focussed on the financing of
the Amantaytau Goldfields Phase 1 (oxides) Project. Consequently, the Group had
no income from operations but continued to apply funds to projects, resulting in
a loss for the period of US$9.1 million. This includes a provision of US$6.9
million with respect of Oxus' entire investment in Jerooy's deferred exploration

•           The placing of 50 million shares at £0.10 per share by a Placing and
Open Offer, underwritten by Brown, Shipley & Co. Limited, in June 2002, raised a
net US$6.34 million which financed the Group's operations.

•           At the time of first drawdown of the finance facility, the Company's
cash balance will benefit from a US$1.5 million reimbursement of previously
expended finance costs.


•           The Company remains committed to finalising the financing of the
Amantaytau Goldfields Phase 1 (oxides) Project.  Ground preparations and
construction of the project, which is well under way, will take a further eight
months, and gold production is scheduled for December 2003.

•           Drilling programmes and feasibility studies are being planned for
the Amantaytau Phase 2 (sulphides) Project as well as outlying oxide heap leach
projects within the Amantaytau area, to unlock the 19 million ounces of
potential gold resources already identified.

•           Completion of the feasibility study on Khandiza is being assessed.

Consolidated Profit and Loss Account
For the twelve months to 31 December 2002
                                                                                Unaudited           Audited
                                                                             12 months to      12 months to
                                                                               31.12.2002        31.12.2001
                                                                                  US$'000           US$'000

Group turnover                                                          0                 177
Administration expenses                                                 (2,071)           (1,641)
Group operating loss before exceptional item                            (2,071)           (1,464)
Provision against diminuition in value of exploration properties        (6,954)           -
Total group operating loss                                              (9,025)           (1,464)
Net interest payable - Group                                            (88)              (110)
Loss on ordinary activities before taxation                             (9,113)           (1,574)

Tax on loss on ordinary activities                                      (10)              (7)
Loss on ordinary activities after taxation                              (9,123)           (1,581)

Retained loss for the period                                            (9,123)           (1,581)
Loss per share
- basic (per share cents)                                               (5.81)            (1.42)
- diluted (per share cents)                                             (5.81)            (1.42)

Consolidated Balance Sheet
At 31 December 2002
                                                                                Unaudited           Audited
                                                                               31.12.2002        31.12.2001
                                                                                 US$'000            US$'000
Fixed assets
Tangible assets                                                                       115               204
Exploration and evaluation properties                                               6,615            13,921
                                                                                    6,730            14,125
Interests in joint ventures                                                         4,119             4,119
Loans to joint ventures                                                            13,078             6,078
                                                                                   17,197            10,197
Total fixed assets                                                                 23,927            24,322
Current assets
Debtors                                                                               284               338
Cash at bank and in hand                                                            1,769             2,737
                                                                                    2,053             3,075
Creditors - Amounts falling due within one year                                   (2,409)           (1,043)
Net current assets / (liabilities)                                                  (356)             2,032
Net assets                                                                         23,571            26,354

Capital and reserves
Called up share capital                                                             2,597             1,845
Share premium account                                                              14,927             9,339
Merger reserve                                                                     34,928            34,928
Profit and loss account                                                          (28,881)          (19,758)
Total shareholders' funds                                                          23,571            26,354


1.        This Interim Statement for the twelve months ended 31 December 2002 is
unaudited and was approved by the directors on the 28 March 2002. The financial
information set out does not constitute statutory accounts within the meaning of
Section 240 of the Companies Act 1985. Statutory accounts relating to the year
ended 31 December 2001 have been filed with the Registrar of Companies.

2.        No dividends were paid or proposed in respect of the twelve months
ended 31 December 2002.

3.        The Group's accounting policies remain as stated in the Annual Report
for the year ended 31 December 2001.

Consolidated Cash Flow Statement
For the twelve months to 31 December 2002
                                                                                Unaudited Audited
                                                                             12 months to      12 months to
                                                                               31.12.2002        31.12.2001
                                                                                  US$'000           US$'000
Net cash outflow from operating activities                                          (939)           (1,469)
Returns on investments and servicing of finance
Interest received                                                       92                79
Interest paid                                                           (180)             (337)
Net cash outflow from returns on investments and servicing of finance   (88)              (258)
Taxation                                                                (14)              (18)
Capital expenditure and financial investment
Purchase of tangible fixed assets                                       (38)              (56)
Sale of tangible fixed assets                                           18                10
Exploration and evaluation expenditure                                  (1,648)           (3,292)
Funding of joint ventures' capital expenditure                          (4,999)           (1,182)
Net cash outflow for capital expenditure and financial investment       (6,667)           (4,520)
Acquisitions and Disposals
Sale of a minority share in subsidiary                                  400               -
Net cash outflow before use of liquid resources and financing           (7,308)           (6,265)
Issue of ordinary share capital                                         7,512             11,100
Expenses of share issues                                                (1,172)           (2,088)
Proceeds of redeemable debenture                                        -                 249
Repayment of convertible note                                           -                 (761)
Repayment of loan from director                                         -                 (71)
Net cash inflow from financing                                          6,340             8,429
Increase  in cash                                                       (968)             2,164

Reconciliation to net debt
Net cash / (debt) at 1 January                                          2,737             (816)
Increase / (decrease) in net funds from cash flows                      (968)             2,164
Movement in loan from director                                          -                 71
Movement in convertible loan                                            -                 1,318
Net cash / (debt) at end of period                                      1,769             2,737

Reconciliation of operating loss to net cash flow from operating
Operating loss                                                                    (2,071)           (1,464)
Depreciation                                                                           80                73
(Increase)/decrease in debtors and prepayments                          53                (234)
Increase / (decrease) in creditors and accruals                         1,180             (986)
Exploration expenditure written off / provided for                      -                 10
Salaries and bonuses converted to shares                                -                 833
Amounts due to creditors, converted to shares                           -                 510
Profit on foreign exchange                                              (181)             (211)
Net cash flow from operating activities                                 (939)             (1,469)

Reconciliation of Movements in Group Shareholders' Funds
For the twelve months to 31 December 2002
                                                                                Unaudited Audited
                                                                             12 months to      12 months to
                                                                               31.12.2002        31.12.2001
                                                                                  US$'000           US$'000

Loss for the period                                                               (9,123)           (1,581)
Net proceeds of ordinary shares issued                                              6,340            10,837
Net change in shareholders' funds                                                 (2,783)             9,256
Shareholders' funds as at 1 January (after adding prior year adjustment            26,354            17,098
of $251,000 in respect of 1 January 2001)
Shareholders' funds at end of period                                               23,571            26,354


Oxus Mining                                           Tel: +44 (0) 1483 714 411
Michael Beckett, Non-Executive Chairman                   [email protected]
William Trew                                    

Brown Shipley Corporate Finance                       Tel: +44 (0) 20 7606 9833
Bill Staple

                      This information is provided by RNS
            The company news service from the London Stock Exchange      IR JBMATMMMJBLJ                                                                                                                                                                                                                                                

a d v e r t i s e m e n t