TIDMAR.
RNS Number : 6635Z
Archipelago Resources PLC
11 March 2013
11 March 2013
AIM: AR.
Archipelago Resources plc
("Archipelago" or "the Company")
PRELIMINARY FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER
2012
Archipelago is pleased to release its preliminary results for
the 12 months ended 31 December 2012 ("FY 2012").
HIGHLIGHTS
-- In its first full year of production, Archipelago met initial
guidance with output of 139,012 Au Eq oz and cash costs of $635 per
Au oz (net of silver credits).
-- Revenues more than doubled to $225m (FY 2011: $93m), driven
by higher production, despite relatively flat Au prices.
-- The Company sustained strong cash generation, with cash from
operating activities of $94m, up $76m (FY 2011: $18m), and the
closing cash balance more than doubling to close at $51m (FY 2011:
$22m).
-- Strong profit growth was reported, with EBIT & NPAT at
$84m & $48m respectively (FY 2011: $31m & $13m
respectively).
-- Archipelago strengthened its balance sheet position, with
debt gearing reduced to 5% (FY11: 31%).
-- Operations were sustained in line with expectations, with the
Company reporting a FY 2012 strip ratio of 5.64:1, average head
grade of 2.79 g/t Au and plant throughput of 1,738,197t (exceeding
nameplate capacity).
-- The Company maintained its strong safety record, with no
"lost-time injuries" reported for FY 2012.
-- Impressive exploration results were reported throughout FY
2012, including the publication of a revised JORC compliant
Resource & Reserve, supporting an extension of the life of mine
to 9 years (plus 7 years of stockpiles).
DIVIDEND
In recognition of Archipelago's strong cash generating profile,
the Company announced the adoption of a dividend policy on 4 March
2013, targeting payment of dividends equivalent to at least 10% of
operating cash flows.
Subject to the matters referred to below, Archipelago
anticipates paying:
-- an inaugural "interim dividend" of 1.25p per ordinary share,
representing approximately 12% of the Company's FY 2012 operating
cash flows; and
-- a further one-off "special dividend" of 1p per ordinary
share, as recognition of shareholder support during the development
and commissioning phases of the Toka Tindung Gold Mine.
Resolutions will be proposed at the upcoming Annual General
Meeting ("AGM"), which is provisionally scheduled for 30 May 2013,
seeking approval of (i) the dividend payments as required under the
Company's constitution, and (ii) a reduction of the Company's share
premium account to create distributable reserves (as the parent
company itself does not currently have distributable reserves to
allow for these payments). Reduction of the share premium account
is also subject to a court approval process, which is expected to
be completed by the end of June 2013. The Company anticipates that
following (and subject to) completion of these approvals the record
date will be in mid to late July 2013 with payment following soon
after. The Company will inform shareholders of the precise record
date and payment date as soon as it is able to do so.
COMMENT
Commenting on the result, Marcus Engelbrecht, Managing Director
and CEO, said:
"In our first full year of production, Archipelago achieved some
impressive results; reporting EBIT of $84m, profit after tax of
$48m and earnings per share of 7.8 cents (up from 2.2 cents in
2011). Our ability to generate strong cash returns was reflected in
a year end cash balance of $51m and a strong balance sheet, with
net gearing down from 31% to 5%. Consequently, I am pleased to
announce our intention to pay an inaugural interim dividend of
1.25p and a special dividend of 1p per share.
2012 was a successful year for Archipelago, with the Company
emerging as a credible gold producer, focused on delivering returns
for shareholders. Archipelago remains committed to this objective
with our strong production and cash generating profile continuing
throughout 2013."
CONFERENCE CALL
A presentation on Archipelago's FY 2012 results will be held for
analysts and investors today, Monday 11 March 2013, at 9:30am
(London time) at the office of Buchanan, 107 Cheapside, London,
EC2V 6DN.
The presentation will be webcasted and can be viewed at the
above time via the following link:
http://mediaserve.buchanan.uk.com/2013/archipelago110313/registration.asp
Participation by way of conference call will be possible.
Participant dial-in numbers are as follows:
UK: 0800 694 5728
Alternative number: +44 (0) 1452 321 569
Conference ID# 16508434
A recording of the webcast will also be made available on the
Company's website later on the same day.
FURTHER INFORMATION
Archipelago Resources
plc
Vice President - Corporate
Affairs +44 20 7523
Matthew Salthouse +65 6535 3419 8000
------------------------------ ---------------- ---------------------- ------------
Canaccord Genuity
Limited
Joint Broker
Andrew Chubb
------------------------------ ---------------- ---------------------- ------------
Grant Thornton Corporate
Finance
NOMAD
Gerry Beaney +44 20 7383
David Hignell 5100
------------------------------ ---------------- ---------------------- ------------
Liberum Capital
Buchanan Limited
Corporate Communications Joint Broker
Bobby Morse +44 20 7466 Michael Rawlinson +44 20 3100
Gordon Poole 5000 Christopher Kololian 2000
------------------------------ ---------------- ---------------------- ------------
COMPETENT PERSON STATEMENT
The information in this release that relates to mineral
exploration results, together with any related assessments and
interpretations, have been verified by and approved for release by
Mr. Graeme Fleming B App Sc (Geol), MAusIMM, a qualified geologist
and full-time consultant for PT. Tambang Tondano Nusajaya, a
subsidiary of Archipelago. Mr. Fleming has sufficient experience
which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined by
JORC.
GLOSSARY OF TERMS
Ag Silver
------ ---------------------------------------------------------
Au Gold
------ ---------------------------------------------------------
g/t Grams per tonne
------ ---------------------------------------------------------
JORC The 2004 Australasian Code for Reporting of Exploration
Results, Mineral Resources & Ore Reserves
------ ---------------------------------------------------------
k Thousand
------ ---------------------------------------------------------
M Million
------ ---------------------------------------------------------
oz Troy ounces
------ ---------------------------------------------------------
t Tonnes
------ ---------------------------------------------------------
$ United States Dollars
------ ---------------------------------------------------------
% Percentage
------ ---------------------------------------------------------
The following terms have the meaning given to them by JORC:
Competent Person, Indicated, Inferred, Measured, Ore Reserve,
Resource, Reserve.
-----------------------------------------------------------------
ABOUT ARCHIPELAGO
Archipelago is a producing mining company listed on the AIM
market of the London Stock Exchange. Archipelago's vision is to
grow into a respected and regionally dominant mid-cap gold
producer, managing a portfolio of gold mines and delivering
significant value and returns for shareholders. Archipelago's
principal activities are gold mining and exploration in Indonesia
(as the 95% owner of the producing Toka Tindung Gold Mine in North
Sulawesi, Indonesia). In 2013, Archipelago expects to produce
between 140,000 and 155,000 Au Eq oz at a cash cost of between
US$620 and US$680 per ounce (net of silver credits).
CHAIRMAN'S STATEMENT
To our shareholders, I am pleased to report on Archipelago's
affairs during 2012, in what was a transformational year for our
Company. The Company achieved strong operational results at our
Toka Tindung mine and grew the asset with material increases to our
Resource and Reserve base. Our financial results demonstrate our
robust performance, with solid cash generation and profits
maintained throughout the period. We also made significant progress
in increasing the profile of Archipelago in key capital
markets.
With our core operation in North Sulawesi, Indonesia,
Archipelago is clearly leveraged to one of the most dynamic
business environments on the globe. With a population of 230
million people and GDP of greater than $3,700 per capita, Indonesia
continues to benefit from a period of sustained and strong economic
growth; centred on internal development and an increasingly
prevalent middle class.
This trend is expected to continue over the next 10 years, which
in turn will support further economic expansion and international
investment in Indonesia - in particular in the resource sector,
including precious metals. An increasingly educated and urbanized
population will provide a strategic labour force in centres of
investment, with mining regarded as a key industry in this context.
Throughout the current growth phase, Indonesia's national
government continues to play a guiding role in ensuring that
economic expansion occurs in a sustained and systematic manner.
The Indonesian people also continue to embrace democratic
principles and governance. Presidential elections are scheduled for
2014 and this is already impacting on national policy and the
political debate. Moving into 2013, Archipelago remains optimistic
in respect of the country's prospects and stability as it
approaches the forthcoming election cycle.
This is of particular relevance to the mining sector, which
remains a core source of economic benefit for Indonesia. In 2012,
the national government issued a number of policy pronouncements
for the sector, which caused uncertainty for some industry
participants. One particular issue was a pronouncement in early
2012 requiring foreign owned IUP holders to divest some of their
interests in Indonesian mineral projects after five years of
commercial production.
It is important to note that this new divestment regime will not
apply to Archipelago's mining concessions, which are based on two
pre-existing Contract of Work arrangements, negotiated directly
with the Indonesian national government. Notwithstanding this,
Archipelago was able to respond in a pro-active way to the changing
policy landscape by working in close dialogue with government
stakeholders at regional and national levels. We will continue to
take this approach in 2013.
It is important to reflect on the broader policy rationale
underlying the changes to Indonesian mining law, which emphasises
greater transparency, improved regulation of mining practices and a
greater sharing of the benefits of mining for the Indonesian
community. In this regard, Archipelago acknowledges the paradigm
shift in Indonesian mining policy since the adoption of new laws in
2009. In conjunction with our core Indonesian stakeholders,
Archipelago continues to work in a co-operative manner with
government to advance commercial outcomes for Toka Tindung,
consistent with the direction of national policy.
Moving into 2013, Archipelago will build on the achievements of
the last year as we look to increase our production profile. We
will pursue our targeted exploration programme, enabling us to
expand our resource and asset base, which provides the rationale
for further capital expansion. Building on our reputation for
delivering results, we will also continue to assess value accretive
options for broader corporate expansion.
As we continue to implement these strategies, Archipelago will
remain a strong cash generator. In this context, it was pleasing to
announce a formal dividend policy subsequent to year end, with the
Board committed to paying to shareholders at least 10% of operating
cash flows by way of dividends. Clearly, this outcome aligns with
our corporate vision of delivering significant value and returns
for our shareholders.
On behalf of the Board, I would like to thank our shareholders
for their on-going support throughout 2012.
Stephen K. Sulistyo
Non Executive Chairman
11 March 2013
CHIEF EXECUTIVE OFFICER'S STATEMENT
I am pleased to report that Archipelago generated exceptional
results in FY2012, our first full year of production at our Toka
Tindung gold mine.
In line with our focus on shareholder value, we successfully
delivered on our goals and milestones. We met our initial
production targets set at the beginning of 2012 at a competitive
cash cost, demonstrating our ability to deliver consistent results
from our operating activities. These positive outcomes resulted in
the Company posting a robust profit and generating strong cash
flows.
Our most important objective is ensuring that our employees work
within a safe and healthy environment. During 2012, the Company had
no lost-time injuries. We intend to build on this positive outcome
and maintain our focus on safety and health as a management
priority.
We continue to achieve encouraging exploration results from our
highly prospective Toka Tindung gold mine, with a material increase
to our JORC compliant mineral Resource and Reserve reported in Q1
2012. In addition, our low risk brownfields exploration programme
generated impressive intersections, adjacent and 'down-dip', to our
high grade southern deposits and at our main Toka pit. We will
continue to invest capital on a targeted near-mine exploration
programme, with the aim of delivering further increases to the mine
life.
The ability to expand the mineral reserve and achieve consistent
operating results at Toka Tindung provides the foundation for our
organic growth strategy and we are assessing mining and plant
expansion options to increase production. We have already commenced
the process of expanding our CIL tank capability and will be
finalising a review of other options in the near future.
The outlook for our industry remains a positive one and the
fundamentals relating to a rapidly expanding money supply and
increasing physical demand will drive a higher gold price. Despite
global economic volatility, we see significant opportunity for
Archipelago in the near term and we continually review
opportunities for collaboration and consolidation in what can only
be described as a fragmented gold sector. We adopt a prudent
approach to all corporate activity, with the focus being on quality
and on transactions that are clearly accretive from a shareholder
perspective.
In the context of our delivery against our 2012 objectives, I am
now pleased to provide a further detailed review of our business
and direction.
Social Licence
The Toka Tindung gold mine, Archipelago's core operating asset,
is located on the northern tip of the island of Sulawesi,
Indonesia. It is approximately 35km northeast of the regional
capital of Manado. Covering an area of 400km2, the mine comprises
two Contract of Work arrangements and five open pits - the main
Toka Tindung pit and the four satellite deposits of Araren,
Pajajaran, Kopra and Blambangan.
As a growing economic entity and the largest employer in the
region, Archipelago makes a significant contribution to local
communities from an employment, procurement, investment and
cultural perspective. There are 11 villages within the vicinity of
Toka Tindung and a population of over 10,000 people live in
locations surrounding our operations.
In support of these communities, Archipelago continued to make
significant investments in infrastructure, schools, medical
services and fresh water supply systems during 2012. In this
regard, Archipelago has excellent relations with local community
leaders and the regional government. Maintaining our strong social
licence remains a cornerstone of our success as a gold producer in
South East Asia.
Throughout 2012, Archipelago maintained its adherence to best
practice environmental standards. Given the high rainfall location
in which we operate, Archipelago is focused on maintaining superior
water management and treatment systems; ensuring the quality of
supply to downstream communities.
Operational performance
In 2012, Toka Tindung recorded production of 139,012 Au Eq oz.
The following provides a summary of key performance indicators:
Category 2012
Ore Mined (T) 2,744,116
Waste Mined (T) 15,488,415
Total Mined (T) 18,232,531
Ore Processed 1,738,197
Strip Ratio 5.64
Head Grade for Au (g/t) 2.62
Head Grade for Ag (g/t) 9.11
Process Recovery Rate (%) 90.3%
Gold Ounces Produced (Eq oz) 139,012
Over the full year, the average head grade for Au Eq oz was 2.79
g/t.
Throughout 2012, Archipelago continued to mine from the main
Toka pit. Ore was also accessed from the higher grade satellite
deposits, initially at Araren and Pajajaran; with mining commencing
at Kopra towards the end of the year. By accessing these high grade
deposits with ore near the surface, Archipelago achieved a decline
in the strip ratio as the year progressed (reporting a full year
strip ratio of 5.64:1).
Drier seasonal conditions towards the end of 2012, coupled with
the sourcing of higher grade ore, meant that our production profile
was skewed towards greater output rates in the second half of the
year. This is a trend which I expect to be repeated in future
years, given the historically high levels of rainfall during the
January to March wet season at Toka Tindung (and the flow on impact
of this on mining activities).
In 2012, our processing plant operated in line with nameplate
capacity of 1.7mtpa. Recovery rates also remained relatively
constant throughout the year at 90.3%.
Meeting production targets and maintaining a strong focus on
input costs were key contributors in Archipelago achieving industry
low cash costs of $635 per oz (net of silver credits). Cost
management remains a key focus for Archipelago, as we explore
continuous improvement initiatives aimed at increasing productivity
and cash margins.
In 2013, Archipelago anticipates production of 140,000 to
155,000 Au Eq oz, as we continue to mine at Toka, in addition to
the high grade deposits of Kopra and Pajajaran; with ore also
planned to be sourced from a newly opened pit at the Blambangan
deposit later in the year. 2013 cash cost guidance is $620 to $680
per Au oz.
Financial performance
31 December 31 December
2012
(12 months 2011
unaudited)
(12 months
audited)
-------------------------------------- ------------- ------------
US$000 US$000
Revenue 225,153 93,259
Gross profit 101,563 44,833
-------------------------------------- ------------- ------------
EBIT 83,812 30,989
Profit before income tax 76,411 25,944
-------------------------------------- ------------- ------------
After tax profit attributable to the
parent company 44,985 12,692
-------------------------------------- ------------- ------------
Net cash generated by operations 93,689 18,498
Net cash inflow/(outflow) 28,777 (1,833)
-------------------------------------- ------------- ------------
Net gearing 4.9% 31.4%
Debt/equity ratio 25.7% 41.2%
Revenue
Revenue from gold sales for the year was $225 million (2011: $93
million) with 129,305 (2011: 60,367) ounces sold at an average
price of $1,676 (2011: $1,675) per ounce.
Gross Profit
Gross profit in 2012 was $102 million (2011: $45 million),
reflecting increased volumes and strong management of operating
costs.
Earnings before Interest & Tax (EBIT)
EBIT was $84 million ($2011: 31 million), after accounting for
$18 million (2011: $14 million) in administrative & other
costs. The increase, namely for administrative costs, has been due
to higher employment costs associated with increased head
count.
Profit before Tax
The Group reported a profit before tax of US$76 million in the
year ended 31 December 2012, compared with a profit of US$26
million in the year ended 31 December 2011. 2012 was our first year
of full production.
Taxation
The Group's taxation charge amounted to US$28 million in 2012
(2011: $13 million), analysed as follows:
Year ended 31 December 2012 2011
------------------------ ------- -------
US$000 US$000
Indonesia
Current year 18,750 5,757
Deferred 9,620 7,489
------------------------ ------- -------
Total 28,370 13,246
------------------------ ------- -------
The higher income tax expense is reflective of increased
profitability; however the Group's effective tax rate for 2012
declined to 37% (2011: 51%), favourably impacting income tax
expense.
Exploration
The Toka Tindung mine is highly prospective and remains open at
depth and along strike. In 2011, Archipelago conducted a targeted
exploration programme which, in early 2012, led to the announcement
of a material increase to our Resource (up 52%) to 2.58M Au oz and
Reserve (up 60%) to 1.47M Au oz. Based on the expanded Reserve,
Archipelago was also able to justify extending the life of mine to
sixteen years; being nine years mining plus seven years of
stockpile processing.
Building on the successes of 2011, Archipelago's 2012
exploration programme focused on further targeted drilling
activities at depth along known deposits and adjacent mineralised
zones. Our aim was to increase the level of confidence of the
Resource, thereby allowing further conversion of additional ounces
to the Reserve category. Concurrent to this, testing for further
mineralisation at depth and along strike was aimed at expanding the
overall Resource base.
For a spend of $12 million over the 2012 year, Archipelago
drilled 581 reverse circulation and diamond drill holes for 82,391m
at Toka Tindung. A series of exceptional results were released
throughout the year. For prospects at or adjacent to the southern
deposits, results included:
-- Kopra
-- 27m at 5.56g/t Au (KIP020,169-196m)
-- 9m at 5.32g/t Au (KIP012, 135-144m)
-- Blambangan
-- 1m at 152g/t Au (BPD042, 208-209m)
-- 24m at 5.64g/t Au (BP020, 16-20m)
-- 14m at 8.03g/t Au (BP015, 0-14m)
-- Jipang
-- 10m at 16.6g/t Au (JIP89A, 52-62m)
-- 7m at 10.00g/t Au (JIP102, 46-52m)
-- Pajajaran
-- 13m at 9.44g/t Au (PJJ032, 173-186m)
-- 8m at 8.8g/t Au (PJJ003, 143-151m)
-- Semut
-- 2m at 11.70g/t Au (SMB038, 145-147m)
At Toka East, adjacent to the Toka main pit, further impressive
results were released, including:
-- 25m at 2.45g/t (TITO058, 106-131m)
-- 12m at 4.96g/t (TITO078, 87-99m)
-- 14m at 3.34g/t (TITO015A, 101-115m)
The results demonstrate the prospective nature of Toka Tindung
and the high likelihood that we will further expand the Resource
and Reserve. In 2013, Archipelago will also continue to invest in
targeted near site exploration, with further drilling to occur at
Toka East, Toka North and the southern high grade deposits. In
addition, Archipelago expects to commence drilling the nearby
Marawuwung prospect during the course of the year.
Dividend
A key objective of note is Archipelago's enduring focus on
strong cash generation. Our capacity to generate strong cash flows
provides an opportunity for Archipelago to pursue a number of
corporate initiatives. It is also our belief that, when cash flows
allow, a portion of the Company's earnings should be returned to
shareholders in the form of a dividend.
Further to this objective and subsequent to year end, we
announced the adoption of a dividend policy with the intention to
pay shareholders interim and final dividends of at least 10% of
operating cash flows. This provides our shareholders with exposure
to the upside of an increase to the gold price and significant
leverage on cash operating margins. Where appropriate, the Company
may also pay special dividends from time to time.
In recognition of Archipelago's first full year of production, I
am pleased to confirm our intention to pay a dividend for the 2012
financial year, subject to shareholder approval and completing a
court approved reduction of the share premium account.
Specifically, Archipelago anticipates paying an "interim dividend"
of 1.25p per ordinary share and a further one-off "special
dividend" of 1p per ordinary share.
The proposed payment of an inaugural dividend demonstrates the
transformation of Archipelago from an explorer/developer to an
emergent stable cash producer, generating healthy cash flows and
providing real returns for shareholders.
Outlook and strategy
In 2013, Archipelago's focus remains on delivering production
and operational outcomes in line with our guidance and performance
expectations. We will continue exploration initiatives to expand
our Resource and Reserve, which will support plant expansion and
the ability to increase production rates in the foreseeable future.
Archipelago will also pursue opportunities for collaboration in the
gold sector, with particular emphasis on the Asia-Pacific
region.
In this regard, I am grateful for the on-going support of our
major shareholder, PT Rajawali Corporation ("Rajawali"), which is
held in high esteem for its leadership role across the region,
fostering a culture of transparency and strong corporate governance
in South East Asia. Archipelago continues to benefit from the
association with Rajawali and the network this brings. This
collaboration is a key point of differentiation for Archipelago
relative to other miners operating in the region.
In conclusion, I take this opportunity to thank our employees
and shareholder for their contribution to our success.
Marcus Engelbrecht
Managing Director & CEO
11 March 2013
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2012
Unaudited Audited
31 December 31 December
2012 2011
-------------------------------------- ------------- -------------
US$000 US$000
REVENUE 225,153 93,259
Cost of sales (123,590) (48,426)
GROSS PROFIT 101,563 44,833
------------- -------------
Other income 189 154
Administrative expenses (13,404) (11,598)
Other expenses (4,536) (2,400)
OPERATING PROFIT 83,705 30,989
------------- -------------
Finance costs (7,401) (5,045)
PROFIT BEFORE INCOME TAX 76,411 25,944
------------- -------------
Taxation (28,370) (13,246)
PROFIT FOR THE YEAR 48,041 12,698
------------- -------------
Other Comprehensive Income - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR 48,041 12,698
------------- -------------
ATTRIBUTABLE TO:
Owners of the parent 44,985 12,692
Non-controlling Interests 3,056 6
48,041 12,698
============= =============
EARNINGS PER SHARE (cents per share)
Basic 0.078 0.022
There were no recognised gains or losses other than those shown
above. All the Group's activities consist of continuing
operations.
STATEMENTS OF FINANCIAL POSITION
At 31 December 2012
Unaudited Audited
31 December 31 December
2012 2011
----------------------------------------- ------------- -------------
US$000 US$000
NON- CURRENT ASSETS
Property, plant and equipment 138,175 140,772
Development, exploration and evaluation 122,925 106,666
Deferred Stripping 2,000 5,112
Investments 651 952
Other receivables 27,824 16,328
------------- -------------
291,575 269,830
------------- -------------
CURRENT ASSETS
Inventories 30,848 23,979
Trade and other receivables 8,057 3,777
Cash and cash equivalents 51,128 22,351
90,033 50,107
------------- -------------
TOTAL ASSETS 381,608 319,937
============= =============
EQUITY AND LIABILITIES
Share capital 9,473 9,416
Share premium account 209,430 208,500
Other reserves 1,149 5,467
Retained Earnings 23,190 (26,119)
------------- -------------
Equity attributable to owners of
the parent 243,242 197,264
Non-controlling interest 3,056 -
TOTAL EQUITY 246,298 197,264
------------- -------------
NON-CURRENT LIABILITIES
Other financial liabilities 32,100 70,173
Deferred tax liability 16,260 6,640
Provisions 14,126 12,229
62,486 89,042
------------- -------------
CURRENT LIABILITIES
Trade and other payables 28,001 17,241
Interest-bearing loans and borrowings 31,098 11,040
Corporate taxes payable 13,725 5,350
72,824 33,631
------------- -------------
TOTAL EQUITY AND LIABILITIES 381,608 319,937
============= =============
STATEMENTS OF CASH FLOW
For the year ended 31 December 2012
Unaudited Audited
31 December 31 December
2012 2011
--------------------------------------------- ------------- -------------
US$000 US$000
CASH INFLOWS FROM OPERATING ACTIVITIES 93,689 18,498
------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES
Payments to acquire property, plant
and equipment (17,858) (45,972)
Proceeds from sale of asset 42 95
Payments for development, exploration
and evaluation expenditure (20,096) (37,010)
Purchase of minority interest - (4,533)
Payment to acquire additional shares
in Archipelago
Metals Ltd - (13)
------------- -------------
NET CASH USED IN INVESTING ACTIVITIES (37,912) (87,433)
------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings - 70,000
Repayment of borrowings (17,067) -
Lease payments (3,961) (1,182)
Issue of ordinary share capital 987 210
Interest paid (6,959) (1,926)
------------- -------------
NET CASH (USED BY) GENERATED FROM FINANCING
ACTVITIES (27,000) 67,102
------------- -------------
Effect of change in exchange rates
on cash and cash equivalents - -
------------- -------------
NET INCREASE / (DECREASE) IN CASH AND
CASH EQUIVALENTS 28,777 (1,833)
CASH AND CASH EQUIVALENTS AT START
OF PERIOD 22,351 24,184
------------- -------------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD 51,128 22,351
============= =============
Basis of preparation
The financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by
the European Union at 31 December 2012 and therefore the group
financial statements comply with Article 4 of the EU IAS regulation
and comply with the UK Companies Act 2006. The financial statements
are prepared under the historical cost convention except for share
based payments that are fair valued at the date of grant and other
financial assets and liabilities that are measured at fair value.
The financial statements are presented in US dollars which is the
group functional currency and all values are rounded to the nearest
thousand ($000), except when otherwise indicated. The company is
incorporated in the United Kingdom and the principal places of
business are Singapore and Indonesia.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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