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”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

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.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

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.

COOKIES

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.

HOW WE USE INFORMATION

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.

ACCESS TO YOUR INFORMATION AND CORRECTION

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.

WHERE WE STORE YOUR PERSONAL DATA

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.

CHANGES TO OUR PRIVACY POLICY

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.

OTHER WEBSITES

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.

CONTACT

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

Metminco Limited (MNC)

  Print      Mail a friend

Wednesday 13 September, 2017

Metminco Limited

Half Year Results

RNS Number : 6137Q
Metminco Limited
13 September 2017
 

 

AIM ANNOUNCEMENT

 

 

 

13 September 2017

 

 

 

 

Half Year Report

 

 

Metminco Limited (ASX: MNC; AIM: MNC) is pleased to announce that it has today released its report for the half year ended 30 June 2017.

An extract from the report is set out below. The full report can be accessed from the Company's website www.metminco.com.au

HIGHLIGHTS

Miraflores Bankable Feasibility Study

Metminco Limited (Metminco or the Company) acquired Miraflores Compania Minera SAS (Miraflores Compania), formerly Minera Seafield SAS from RMB Australia Holdings Limited (RMB) in June 2016.

Miraflores Compania Minera owns 100% of the Quinchia Gold Portfolio which;

Ø has a NI 43-101 estimated Mineral Resource of 2.8 million ounces of gold,

Ø covers 6,043Ha of granted concessions and an additional 3,792Ha of pending applications,

Ø contains a number of deposits and significant exploration targets including Miraflores, Dosquebradas, Tesorito and Chuscal, and,

Ø is located in Colombia's Middle Cauca Belt, which hosts several multimillion ounce gold discoveries

·      The Miraflores Project has a JORC 2012 compliant Measured and Indicated Mineral Resource of 9.27 million tonnes at 2.82g/t Au and 2.77g/t Ag containing 840,000 oz Au and 826,000 oz Ag at a 1.2g/t Au cut-off,  

·      The Miraflores Project has a mineable quantity of 4.32 million tonnes at 3.3g/t Au and 2.56g/t Ag at a 1.53g/t cut-off containing 458,000 oz of Au and 355,000 oz Ag.

·      The Company commenced with a Bankable Feasibility Study in November 2016 and is expected to complete the study by the end of 3Q2017.

·      Metallurgical testwork commissioned by Metminco on Miraflores ores confirmed previous testwork results with gold recovery of 91% confirmed.

·      Optimisation of the mining plan and schedule for the feasibility study has resulted in significant operating cost savings from previous studies.

·      Changes from previous studies such as backfill, tailings disposal, stoping height, and plant layout and changes to the mine plan including changing from an open pit/underground configuration to underground only operations will accelerate permitting for the operation.

Los Calatos Copper-Molybdenum Project

·      Agreement to dispose of the Company's remaining interest in the Los Calatos Project was reached with CD Capital Natural Resources Fund III LP (CD Capital) with final settlement of the transaction on 28 June 2017. The Company received US$5 million net of costs for its remaining interest in Los Calatos.

Chile

·      The Company's assets in Chile remained on care and maintenance during the half year.   

Corporate

·      The Company secured funding to progress the Miraflores Project through to completion of a Bankable Feasibility Study and decision to mine from the sale of the Los Calatos Project.

·      The Company's cash position as at 30 June 2017 was approximately A$6.3 million.

 

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the half year ended 30 June 2017


Note

 

30 June 2017

$

 

30 June 2016

$





Revenue


-

192

Finance costs on deferred consideration

15

(229,730)

-

Foreign exchange (loss) / gain


(60,779)

25,879

Administration expenses


(288,047)

(116,248)

Corporate expenses                         


(1,206,987)

(615,995)

Occupancy expense


(51,860)

(129,856)

Exploration expenditure written off

4

(87,880)

(290,378)

Loss on sale of asset

16

(27,165,722)

-

Unrealised loss on derivative asset

8

(1,553,481)

-

Realised loss on derivative asset

8

(106,118)

-

Profit on disposal of assets


23,570

-

Loss before income tax

2

(30,727,034)

(1,126,406)

Income tax expense


-

-

Loss for the period from continuing operations


(30,727,034)

(1,126,406)

Other comprehensive income:

Items that may be reclassified subsequently to profit or loss:




Exchange differences on translating foreign controlled entities

 

 

 

9

(1,430,655)

(1,244,390)

Total comprehensive (loss) for the period


(32,157,689)

(2,370,796)





Loss attributable to:



      Members of the parent entity


(30,727,034)

(1,126,406)



(30,727,034)

(1,126,406)

Total comprehensive (loss) attributable to:




      Members of the parent entity


(32,157,689)

(2,370,796)



(32,157,689)

(2,370,796)

Loss per share




      From continuing operations:




      Basic loss per share (cents)

10

(25.38)

(0.04)

      Diluted loss per share (cents)

10

(25.38)

(0.04)

These financial statements should be read in conjunction with the accompanying notes.


 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 June 2017


Note

 

30 June 2017

$

 

31 December 2016

$

ASSETS




CURRENT ASSETS




Cash and cash equivalents


6,349,931

71,548

Trade and other receivables

7

596,413

385,827

Derivative asset

8

215,235

-

Other assets


12,506

21,060

TOTAL CURRENT ASSETS


7,174,085

478,435

NON-CURRENT ASSETS




Derivative asset

8

258,440

-

Investment in associate

16

-

33,766,877

Property, plant and equipment

3

4,257,086

4,538,349

Exploration and evaluation expenditure

4

10,421,030

9,486,691

TOTAL NON-CURRENT ASSETS


14,936,556

 

47,791,917

TOTAL ASSETS


22,110,641

48,270,352

LIABILITIES




CURRENT LIABILITIES




Trade and other payables

5

5,717,660

3,425,242

Short-term provisions

6

208,976

236,775

TOTAL CURRENT LIABILITIES


5,926,636

3,662,017

NON-CURRENT LIABILITIES




Long-term provisions

6

49,272

79,903

Long-term payable

5

4,159,681

4,893,628

TOTAL NON-CURRENT LIABILITIES


4,208,953

4,973,531

TOTAL LIABILITIES


10,135,589

8,635,548

NET ASSETS


11,975,052

39,634,804

EQUITY




Issued capital

12

333,092,371

329,032,074

Other reserves


(31,135,702)

(30,142,687)

Accumulated losses


(289,981,617)

(259,254,583)

TOTAL EQUITY


11,975,052

39,634,804





These financial statements should be read in conjunction with the accompanying notes.

 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the half year ended 30 June 2017

 



Issued

Capital

Accumulated Losses

Option Reserve

Convertible Note equity reserve

Foreign Currency Translation Reserve

 

Acquisition Reserve

Total



$

$

$

$

$

$

$

Balance at 1 January 2016


324,037,464

(137,675,903)

67,756

_

 

23,230,638

(41,506,662)

168,153,293

Loss attributable to members of the parent entity


_

(1,126,406)

_

_

_

_

(1,126,406)

Other comprehensive income


_

_

_

_

(1,244,390)

_

(1,244,390)

Total comprehensive income for the period


_

(1,126,406)

_

_

(1,244,390)

_

(2,370,796)

Shares issued during the period


3,960,910

_

_

_

_

3,960,910

Transaction costs


(152,813)

_

_

_

_

_

(152,813)

Options lapsed during the period


_

13,070

(13,070)

_

_

_

_

Balance at 30 June 2016


327,845,561

(138,789,239)

54,686

_

21,986,248

(41,506,662)

169,590,594










Balance at 1 January 2017


329,032,074

(259,254,583)

54,686

_

11,309,289

(41,506,662)

39,634,804

Loss attributable to members of  the parent entity


_

(30,727,034)

_

_

_

_

(30,727,034)

Other comprehensive loss


_

_

_

_

(1,430,655)

_

(1,430,655)

Total comprehensive loss for the period


_

(30,727,034)

_

_

(1,430,655)

_

(32,157,689)

Shares issued during the period


4,375,000

_

_

_

_

4,375,000

Transaction costs


(314,703)

_

_

_

_

_

(314,703)

Equity component of convertible note


_

_

_

11,468

_

_

11,468

Options issued during the period


_

_

426,172

_

_

_

426,172

Balance at 30 June 2017


333,092,371

(289,981,617)

480,858

11,468

9,878,634

(41,506,662)

11,975,052




These financial statements should be read in conjunction with the accompanying notes.

`


CONSOLIDATED STATEMENT OF CASH FLOWS

 

For the half year ended 30 June 2017


Note

 

30 June 2017

$

 

30 June 2016

$

CASH FLOWS FROM OPERATING ACTIVITIES




Payments to suppliers and employees


(1,573,133)

(779,763)

Interest received


-

192

Net cash used in operating activities


(1,573,133)

(779,571)

CASH FLOWS FROM INVESTING ACTIVITIES




Sale of property, plant and equipment


23,570

12,100

Payments for exploration expenditure


(1,203,307)

(1,283,365)

Purchase of Miraflores Compania


-

(219,105)

Proceeds from sale of Los Calatos


6,601,155

-

Net cash used in investing activities


5,421,418

(1,490,370)

CASH FLOWS FROM FINANCING ACTIVITIES




Proceeds from issue of shares


2,020,035

1,960,910

Payments in respect to capital raisings


(314,704)

(152,814)

Cash received on acquisition of Miraflores Compania


-

75,467

Cash received from convertible notes

17

750,000

-

Cash received from derivative asset

8

35,549

-

Net cash provided by financing activities


2,490,880

1,883,563





Net increase / (decrease) in cash held


6,339,165

(386,378)

Cash and cash equivalents at beginning of financial period


71,548

949,790

Effect of exchange rates on cash holdings in foreign currencies


(60,782)

25,880

Cash and cash equivalents at end of financial period


6,349,931

589,292













These financial statements should be read in conjunction with the accompanying notes.

 

 

This announcement contains inside information as stipulated under Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

 

 

For further information, please contact:

METMINCO LIMITED



Brian Jones


Office:  +61 (0) 2 9460 1856




NOMINATED ADVISOR AND BROKER



RFC Ambrian



Australia



Will Souter / Nathan Forsyth


Office:  +61 (0) 2 9250 0000




United Kingdom



Charlie Cryer


Office:  +44 (0) 20 3440 6800




JOINT BROKER



SP Angel Corporate Finance LLP (UK)



Ewan Leggat


Office:  +44 (0) 20 3470 0470




PUBLIC RELATIONS



Camarco

United Kingdom



Gordon Poole / Tom Huddart


Office:  + 44 (0) 20 3757 4997




Media & Capital Partners

Australia



Luke Forrestal


Office:  + 61 (0) 411 479 144




 

Forward Looking Statement

All statements other than statements of historical fact included in this announcement including, without limitation, statements regarding future plans and objectives of Metminco are forward-looking statements.  When used in this announcement, forward-looking statements can be identified by words such as ''anticipate", "believe", "could", "estimate", "expect", "future", "intend", "may", "opportunity", "plan", "potential", "project", "seek", "will" and other similar words that involve risks and uncertainties.

 

These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are expected to take place.  Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, its directors and management of Metminco that could cause Metminco's actual results to differ materially from the results expressed or anticipated in these statements.

 

The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. Metminco does not undertake to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law and stock exchange listing


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

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