TIDMWTI
RNS Number : 0918Z
Weatherly International PLC
04 March 2013
Weatherly International plc
("Weatherly" or the "Company")
Interim results for the period from 1 July 2012 to 31 December
2012
Weatherly International plc today announces its unaudited
interim results for the six months ended 31 December 2012.
Summary highlights for the six months ended 31 December 2012
Financial
-- Profit for the half year of US$2.7 million.
-- Cash at bank US$3.5m at 31 December 2012.
Corporate and Operational Highlights
-- Bankable Feasibility Study ("BFS") for the Tschudi Project
completed and will add 17,000 tonnes of copper per annum.
-- US$88 million project financing term sheet signed with RK
Capital covering 100% funding of the Tschudi project.
-- Tschudi financing and legal due diligence nearing completion.
-- Half year production from Central Operations was 2,798 tonnes of contained copper.
Post Half Year End
-- Cash as at 28 February 2013 of US$6.9 million equivalent.
-- Appointment of Charilaos Stavrakis to the Board as Non-executive Director.
-- A General Meeting was held at which a resolution was approved
empowering the board to debt finance the Tschudi project.
For further information contact:
Rod Webster, Chief Executive Officer Weatherly International plc
+44 (0)207 917 2989
Max Herbert, Company Secretary
Andrew Chubb Canaccord Genuity Ltd +44 (0)207 523 8000
Chairman's and Chief Executive's statement
We are pleased to report Weatherly's results for the half year
ended 31 December 2012.
During the period we continued to pursue our two main objectives
namely the completion of the Tschudi feasibility study the
implementation of changes aimed at improving productivity at
Central Operations.
We recorded a profit of US$2.7 million, of which US$2.2 million
is a result of settling an insurance claim for the Kombat mine
flooding in 2007. The Company delivered 2,608 tonnes of contained
copper to port at an average LME price of US$8,497 per tonne. Of
the tonnes delivered to port 2,263 tonnes were shipped and invoiced
and the remainder was in inventory. The C1 cash costs of Central
Operations were US$5,730 per tonne (US$2.60/lb) of Cu produced.
The profit for this period is lower than the profit reported in
the corresponding 2011 half year period largely as a result of
delayed sales and lower copper prices. Although production in the
two half years was similar (see production table below), Weatherly
shipped and sold 418 tonnes less copper in six months to 31
December 2012 because of the timing of shipments, with a
corresponding increase in inventory compared with the six months to
31 December 2011. The average price at which copper was sold was
also US$330 less in the current period.
In December, we reported the finalisation of the Tschudi
feasibility study and the signing of a term sheet with RK Capital
for an US$88 million debt facility which covers the funding
requirement of the project. The lender's due diligence is well
under way, the onsite work has been completed and the loan
execution is expected to be concluded in March 2013.
Tschudi Copper Project
The Company completed the BFS for the Tschudi Copper Project in
December 2012, a significant milestone for the company in setting a
new growth trajectory. The study evaluated an open-pit, heap leach,
solvent extraction, electro-winning project capable of producing
17,000 tonnes per annum of copper over an 11 year mine life.
The key results of the study are summarised below:
Production Financial
Mine type Open pit Initial capital $N693m (US$81m)
50.1mt at 0.86%
Resources Cu Life of mine capital $N941m (US$109m)
22.7mt at 0.95% Life of min cash cost
Reserve Cu (C1) US$4,267/t Cu (US$1.94/lb)
After tax NPV (8%)
Mining rate 17mt/yr - Consensus Case $N915m (US$105m)
After tax IRR - Consensus
Mine life 11 years Case 32.10%
Payback from start
Stripping ratio 7.45/1 of production 2.43 yrs
Solvent Extraction,
Processing Electro-Winning After tax NPV (8%)
method (SX-EW) - Alternative Case $N2,055m (US$238m)
Processing After Tax IRR - Alternative
rate 2.0-2.6mt/yr ore Case 50.80%
Payback from start
Recovered copper 184,275t of production 1.98 yrs
Annual production 17,000t/yr
Consensus Case - uses industry consensus forecasts for exchange
rates and copper price.
Alternative Case - uses exchange rates and copper price as at
December 2012.
The results demonstrate Tschudi to be a very strong project that
we are advancing enthusiastically.
An application for an amendment to the granted environmental
clearance for the project has been submitted.
On the basis that loan documents are executed and the
environmental amendments are approved by the end of the first
quarter, the project is on schedule to produce its first copper by
the third quarter of 2014.
Half Yearly Production
In the six months to 31 December 2012, Central Operations
produced 12,279 tonnes of copper concentrate containing 2,798
tonnes of copper metal at higher than budgeted head grade and
recovery.
Production results for the half year are set out below.
6 months ending 6 months ending
31 December 31 December
2012 2011
Ore Treated (t) 166,975 199,794
Grade (%) 1.80 1.46
Recovery (%) 93.09 92.69
Copper concentrate
(t) 12,279 10,719
Copper contained
(t) 2,798 2,702
Copper shipped
(t) 2,263 2,681
Reopening Old Matchless
We announced in November that we will be reopening the 'Old
Matchless' mine. Production from Old Matchless will make increased
use of the underutilised Otjihase concentrator, provide an
additional opportunity to reduce our per-unit costs, and give our
operating revenues a significant boost through increased copper
output. Approval for an amended Environmental Assessment (EA) and
Management Plan will be required before any decline development can
commence.
Post Half-year Events
As at the 28 February the Company had US$6.9 million or cash
equivalent.
On 19 February 2013 a General Meeting was held which approved
two resolutions one of which was to amend the Company's Articles of
Association in order to increase the Company's borrowing limits to
accommodate the debt financing package required to fund the Tschudi
Copper Project.
The Board took the decision in January to appoint Charilaos
Stavrakis as Non-executive Director. Mr Stavrakis joins the Board
and brings strong international experience from his role as Finance
Minister of the Republic of Cyprus and Deputy CEO of the Bank of
Cyprus. On behalf of Weatherly's Directors and shareholders, our
Chairman, John Bryant welcomes Mr Stavrakis to the Board.
Outlook
The Company's focus has now moved to ensuring the successful
development of the Tschudi project which has the capacity to
transform our fortunes and convert us from a high cost, underground
mining company to a mid-tier, open pit producer of copper, with the
further ability to seek out and develop new opportunities. We
continue to look at ways to improve productivity and reduce costs
at our two underground mines as they generate the revenues that
will underpin the Company's development until Tschudi reaches
production.
Condensed consolidated income statement for the period from 1
July to 31 December 2012
6 months 6 months Year ended
to to
31 Dec 31 Dec 30 June
2012 2011 2012
Note US$'000 US$'000 US$'000
Reviewed Reviewed Audited
Restated Restated
Revenue 18,857 23,081 47,577
Cost of sales (14,503) (13,596) (33,694)
Gross profit 4,354 9,485 13,883
Distribution costs (1,345) (1,547) (3,240)
Other operating income 91 162 162
Administrative expenses (1,988) (2,451) (3,831)
Operating profit 1,112 5,649 6,974
Profit on disposal of subsidiary - 4,179 4,146
Release of compromise creditor
provisions - 5,187 5,187
Foreign exchange loss (249) (1,271) (1,443)
Finance costs 3 (294) (265) (489)
Finance income 52 62 126
Profit before results of associated
company 621 13,541 14,501
Share of losses of associated
company 4 (100) (244) (318)
Profit before tax 521 13,297 14,183
Tax credit - - 7,167
Profit on continuing operations 521 13,297 21,350
Profit from discontinued operations 10 2,184 - -
Profit for the year 2,705 13,297 21,350
Profit / (loss) attributable
to:
Owners of the Parent 2,736 13,466 21,033
Non controlling interests (31) (169) 317
2,705 13,297 21,350
Total and continuing earnings
per share
Basic earnings per share (US
cents)
Profit from continuing activities 8 0.10 2.51 3.91
Earnings from discontinued activities 8 0.41 - -
0.51 2.51 3.91
Diluted earnings per share (US
cents)
Profit from continuing activities 8 0.10 2.49 3.90
Earnings from discontinued activities 8 0.40 - -
-
--------- ------------------- -------------------
0.50 2.49 3.90
Condensed consolidated statement of comprehensive income
for the period from 1 July to 31 December 2012
6 months 6 months Year ended
to to
31 Dec 31 Dec 30 June
2012 2011 2012
US$'000 US$'000 US$'000
Reviewed Reviewed Audited
Profit for the year 2,705 13,297 21,350
Exchange loss on translating
foreign operations (1,939) (4,425) (4,326)
Total Comprehensive income for
the period 766 8,872 17,024
Total comprehensive income /(loss)
attributable to:
Owners of the Parent 826 9,041 16,720
Non controlling interests (60) (169) 304
766 8,872 17,024
Condensed consolidated statement of financial position as at 31
December 2012
As at As at As at
31 Dec 31 Dec 30 June
2012 2011 2012
Note US$'000 US$'000 US$'000
Reviewed Reviewed Audited
Assets
Non-current assets
Property, plant and equipment 6 24,716 27,390 26,759
Deferred Tax 6,556 - 3,815
Intangible assets 4,594 2,841 3,646
Investments in associates 2,789 2,758 2,684
Trade and other receivables 850 - 887
39,505 32,989 37,791
Current assets
Deferred Tax - - 3,352
Inventories 6,365 3,449 3,088
Trade and other receivables 6,056 5,377 4,928
Cash and cash equivalents 3,499 7,095 8,525
15,920 15,921 19,893
Non current assets held for
sale 7 899 938 938
16,819 16,859 20,831
Total assets 56,324 49,848 58,622
Current liabilities
Trade and other payables 2,237 3,183 5,364
Loans 4,176 288 2,096
6,413 3,471 7,460
Non-current liabilities
Loans 3,500 9,112 5,567
Provisions 236 247 247
3,736 9,359 5,814
Total liabilities 10,149 12,830 13,274
Net assets 46,175 37,018 45,348
Equity
Issued capital 5 4,581 4,581 4,581
Share premium reserve 5 6,092 6,092 6,092
Merger reserve 18,471 18,471 18,471
Share-based payments reserve 547 408 486
Foreign exchange reserve (13,212) (11,414) (11,302)
Retained earnings 29,262 18,859 26,526
Equity attributable to shareholders
of the parent company 45,741 36,997 44,854
Non controlling interests 434 21 494
46,175 37,018 45,348
Condensed consolidated statement of changes in equity
for the period from 1 July to 31 December 2012
Issued Share Merger Share-based Translation Retained Subtotal Non Total
capital premium reserve payment of foreign earnings controlling equity
reserve operations interests
$,000 $,000 $,000 $,000 $,000 $,000 $,000 $,000 $,000
At 30 June
2011 4,581 6,092 18,471 303 (6,989) 6,138 28,596 (241) 28,355
Share based
payments - - - 105 - - 105 - 105
Dividend - - - - - (1,201) (1,201) - (1,201)
Sale of
minority
share
of subsidiary - - - - - 456 456 431 887
Transactions
with owners - - - 105 - (745) (640) 431 (209)
Profit for the
period - - - - - 13,466 13,466 (169) 13,297
Other
comprehensive
income
Exchange
difference on
translation
of foreign
entities - - - - (4,425) - (4,425) - (4,425)
Total
comprehensive
income
for the
period - - - - (4,425) 13,466 9,041 (169) 8,872
At 31 December
2011 4,581 6,092 18,471 408 (11,414) 18,859 36,997 21 37,018
Share based
payments - - - 178 - - 178 - 178
Lapsed options
and warrants - - - (100) - 100 - - -
Transactions
with owners - - - 78 - 100 178 - 178
Profit for the
period - - - - - 7,567 7,567 486 8,053
Other
comprehensive
income
Exchange
difference on
translation
of foreign
entities - - - - 112 112 (13) 99
Total
comprehensive
income
for the
period - - - - 112 7,567 7,679 473 8,152
At 30 June
2012 4,581 6,092 18,471 486 (11,302) 26,526 44,854 494 45,348
Share based
payments - - - 61 - - 61 - 61
Transactions
with owners - - - 61 - - 61 - 61
Profit for the
period - - - - - 2,736 2,736 (31) 2,705
Other
comprehensive
income
Exchange
difference on
translation
of foreign
entities - - - - (1,910) - (1,910) (29) (1,939)
Total
comprehensive
income
for the
period - - - - (1,910) 2,736 826 (60) 766
At 31 December
2012 4,581 6,092 18,471 547 (13,212) 29,262 45,741 434 46,175
Condensed consolidated cash flow statement for the period from 1
July to 31 December 2012
6 months 6 months Year to
to to
31 Dec 31 Dec 30 June
2011 2011 2012
US$'000 US$'000 US$'000
Note Reviewed Reviewed Audited
Cash flows from operating activities
Profit for the period 2,705 13,297 21,350
Adjusted by:
Depreciation and amortisation 2,536 2,262 5,087
Deferred tax asset - - (7,167)
Share-based payment expenses 61 105 282
Profit on sale of other assets - (13) (200)
Profit on disposal of China Africa
Resources Namibia (pty) Ltd - (4,179) (4,146)
Settlement of insurance claim (2,184) - -
for Kombat mine flooding
Settlement of legal dispute with
pledged cash - - 344
Loss of associated company 100 244 318
Release of provision for section
311 creditors - (5,187) (5,187)
Exchange movement on pledged
cash 24 101 100
Finance costs 294 265 489
Finance income (52) (6) (126)
3,484 6,889 11,144
Movements in working capital
(Increase) / decrease in inventories (3,277) (82) 279
Decrease / (Increase) in trade
and other receivables 1,056 (1,568) (2,006)
(Decrease) / increase in trade
and other payables (3,184) 105 1,002
Net cash (used in) / generated
by operating activities (1,921) 5,344 10,419
Cash flows used in investing
activities
Interest received 52 6 126
Payments for intangibles, property,
plant and equipment (1,598) (1,851) (4,091)
Investment in associates (204) - -
Payments for evaluation of feasibility
studies (948) (2,427) (3,419)
Proceeds from sale of property
plant and equipment - 88 534
Net cash used in investing activities (2,698) (4,184) (6,850)
Cash flows from financing activities
(Receipts) / Repayments of loans (2,035) 167 (1,146)
Increase / (Repayment) of working
capital loans 2,048 (2,435) (1,935)
Interest and finance charges (294) (265) (489)
Payment guarantee - - 344
Net cash repaid financing activities (281) (2,533) (3,226)
(Decrease) / increase in cash (4,900) (1,373) 343
Reconciliation to net cash
Cash at beginning of period 7,973 7,751 7,751
(Decrease) / increase in cash (4,900) (1,373) 343
Foreign exchange losses (102) (521) (121)
Net cash at end of period 2,971 5,857 7,973
Cash balance for cashflow purposes 2,971 5,857 7,973
Cash held for payment guarantees 528 1,238 552
Cash in balance sheet 3,499 7,095 8,525
Notes to the condensed consolidated financial statements for the
period 1 July to 31 December 2012
1. a. Basis of preparation
These interim condensed consolidated financial statements are
for the six months ended 31 December 2012. They do not include all
of the information required for full annual financial statements,
and should be read in conjunction with the consolidated financial
statements of the Group for the year ended 30 June 2012. The
information included in these interim condensed consolidated
financial statements in respect of the year ended 30 June 2012 does
not constitute all the information required for annual statutory
accounts at that date.
These financial statements have been prepared under the
historical cost convention, except for revaluation of certain
properties and financial instruments.
The annual financial statements of the group are prepared in
accordance with IFRSs as adopted by the European Union. These
condensed consolidated interim financial statements (the interim
financial statements) have been prepared in accordance with the
accounting policies adopted in the last annual financial statements
for the year to 30 June 2012.
The accounting policies have been applied consistently
throughout the Group for the purposes of preparation of these
condensed consolidated interim financial statements.
b. Prior period restatement
Certain costs in the prior period comparatives have been
reallocated between functional headings to be consistent with the
current period and to better represent their nature. The cost
reallocations do not affect the profit before tax or reserves for
either period. The operating profit in period ended December 2011
has decreased by US$56,000 with a corresponding increase in finance
income.
c. Nature of operations and general information
Weatherly International plc and its subsidiaries' ("the group")
principal activities include the mining and sale of copper
concentrate.
Weatherly International plc is the group's ultimate parent
company. It is incorporated and domiciled in the United Kingdom.
The address of Weatherly International plc's registered office,
which is also its principal place of business, is 180 Piccadilly,
London W1J 9HF. The company's shares are listed on the Alternative
Investment Market of the London Stock Exchange.
Weatherly International's consolidated interim financial
statements are presented in United States dollars (US$), which is
also the functional currency of the parent company.
These consolidated condensed interim financial statements have
been approved for issue by the Board of Directors on 4 March
2013.
The financial information for the period ended 31 December 2012
set out in this interim report does not constitute statutory
accounts as defined by the Companies Act 2006. The Group's
statutory financial statements for the year ended 30 June 2012 have
been filed with the Registrar of Companies.
2. Segmental reporting
Business segments
In identifying its operating segments, management generally
follows the physical location of its mines.
The activities undertaken by the Central Operations segment
include the sale of extracted copper from Otjihase and Matchless
mines. The activities undertaken by the Northern Operations segment
included a valuation of resources relating to the feasibility study
for the Tschudi Open Pit mine and Tsumeb Tailings project.
Each of these operating segments is managed separately as each
of these service lines requires different technologies and other
resources as well as marketing approaches.
The measurement policies the group uses for segment reporting
under IFRS 8 are the same as those used in its financial
statements.
The revenues of Otjihase and Matchless are indistinguishable as
the ore coming from both mines passes through the same concentrator
and the two mines are viewed as one operating unit. Evaluation
costs relating to feasibility studies for the Tschudi Open Pit mine
and Tsumeb Tailings projects have been capitalised as disclosed in
note 5.
The group's operations are located in Namibia and the UK. The
mining segments are located in Namibia, while the corporate
function is carried out in London.
Segment information about these businesses is presented
below.
Period ended 31 December 2012
(Reviewed)
Central Northern
Operations Operations Consolidated
US$'000 US$'000 US$'000
Sales and other operating revenues
External sales 18,857 - 18,857
Segment revenues 18,857 - 18,857
Central Northern
Operations Operations Consolidated
Segmental loss US$'000 US$'000 US$'000
Segmental operating profit /
(loss) 2,865 (313) 2,552
=========== ===========
Unallocated corporate expenses (1,440)
Unrealised foreign exchange gain (249)
Interest expense (294)
Interest income 52
Profit before results of associated
company 621
Central Northern
Operations Operations Total
US$'000 US$'000 US$'000
Segment assets 41,591 7,996 49,587
=========== ===========
Unallocated Corporate assets 6,737
Total assets 56,324
Year ended 30 June 2012 (Audited)
Central Northern
Operations Operations Consolidated
US$'000 US$'000 US$'000
Sales and other operating revenues
External sales 47,577 - 47,577
Segment revenues 47,577 - 47,577
Central Northern
Operations Operations Consolidated
Segmental profit US$'000 US$'000 US$'000
Segmental operating profit /
(loss) 10,705 (375) 10,330
=========== ===========
Profit on release of compromise
creditors 5,187
Profit on disposal of Berg Aukus
Mine 4,146
Unallocated corporate expenses (3,356)
Unrealised foreign exchange loss (1,443)
Interest expense (489)
Interest income 126
Profit before results of associated
company 14,501
Central Northern
Operations Operations Total
US$'000 US$'000 US$'000
Segment assets 46,908 5,486 52,394
=========== ===========
Unallocated Corporate assets 6,228
Total assets 58,622
Period ended 31 December 2011
(Reviewed)
Central Northern
Operations Operations Consolidated
US$'000 US$'000 US$'000
Sales and other operating revenues
External sales 23,081 - 23,081
Segment revenues 23,081 - 23,081
Central Northern
Operations Operations Consolidated
Segmental loss US$'000 US$'000 US$'000
Segmental operating profit /
(loss) 7,617 (247) 7,370
=========== ===========
Profit on release of compromise
creditors 5,187
Profit on disposal of Berg Aukus
Mine 4,179
Unallocated corporate expenses (1,721)
Unrealised foreign exchange loss (1,271)
Interest expense (265)
Interest income 62
Profit before results of associated
company 13,541
Central Northern
Operations Operations Total
US$'000 US$'000 US$'000
Segment assets 33,997 7,207 41,204
=========== ===========
Unallocated Corporate assets 8,644
Total assets 49,848
3. Finance costs
6 months 6 months Year ended
to to
31 Dec 31 Dec 30 June
2012 2011 2012
US$'000 US$'000 US$'000
Reviewed Reviewed Audited
Restated
Bank 53 63 124
Other 241 202 365
Total finance costs 294 265 489
========= ========= ===========
4. Share of losses of associated company
The 31 December 2012 loss of US$100,000 is based on budget and
unaudited management accounts of China Africa Resources plc.
5. Share issues
No shares were issued in the 6 month period to 31 December
2012.
6. Property, plant and equipment
Freehold Plant Development Total
property and machinery costs
US$'000 US$'000 US$'000 US$'000
Period ended 31 December
2012 (Reviewed)
Cost or valuation:
At 1 July 2012 18,718 22,434 7,270 48,422
Additions 17 872 709 1,598
Exchange adjustment (794) (1,712) (301) (2,807)
At 31 December 2012 17,941 21,594 7,678 47,213
Depreciation:
At 1 July 2012 (6,473) (13,971) (1,219) (21,663)
Provided during the period (481) (1,127) (928) (2,536)
Exchange adjustment 370 1,289 43 1,702
At 31 December 2012 (6,584) (13,809) (2,104) (22,497)
Net book value at 31 December
2012 11,357 7,785 5,574 24,716
========== =============== ============ =========
Period ended 31 December
2011 (Reviewed)
Cost or valuation:
At 1 July 2011 22,133 27,878 6,941 56,952
Additions - 814 1,037 1,851
Exchange adjustment (3,509) (7,365) (1,173) (12,047)
At 31 December 2011 18,624 21,327 6,805 46,756
Depreciation:
At 1 July 2011 (6,935) (17,198) - (24,133)
Provided during the period (542) (1,092) (628) (2,262)
Exchange adjustment 1,514 5,471 44 7,029
At 31 December 2011 (5,963) (12,819) (584) (19,366)
Net book value at 31 December
2011 12,661 8,508 6,221 27,390
========== =============== ============ =========
Year ended 30 June 2012
(Audited)
Cost or valuation:
At 1 July 2011 22,133 27,878 6,941 56,952
Additions 87 2,578 1,426 4,091
Disposals - (766) - (766)
Exchange adjustment (3,502) (7,256) (1,097) (11,855)
At 30 June 2012 18,718 22,434 7,270 48,422
Depreciation:
At 1 July 2011 (6,935) (17,198) - (24,133)
Provided during the year (1,057) (2,754) (1,276) (5,087)
Disposals - 503 - 503
Exchange adjustment 1,519 5,478 57 7,054
At 30 June 2012 (6,473) (13,971) (1,219) (21,663)
Net book value at 30 June
2012 12,245 8,463 6,051 26,759
7. Assets held for sale
Freehold
Property
US$'000
Period ended 31 December 2012
(Reviewed)
Balance at 30 June 2012 938
Disposals -
Exchange differences (39)
Balance at 31 December 2012 899
Period ended 31 December 2011
(Reviewed)
Balance at 30 June 2011 1,197
Disposals (70)
Exchange differences (189)
Balance at 31 December 2011 938
Year ended 30 June 2012 (Audited)
Balance at 30 June 2011 1,197
Disposals (70)
Exchange differences (189)
Balance at 30 June 2012 938
8. Earnings per share
The calculation of the basic earnings per share is based on the
profit attributable to ordinary shareholders divided by the
weighted average number of shares in issue during the period.
Shares held in employee share trusts are treated as cancelled for
the purposes of this calculation.
The calculation of diluted earnings per share is based on the
basic earnings per share, adjusted to allow for the issue of shares
and the post tax effect of dividends and/or interest, on the
assumed conversion of all dilutive options and other dilutive
potential ordinary shares.
Reconciliations of the profit and weighted average number of
shares used in the calculations are set out below.
6 months 6 months Year ended
to to
31 Dec 31 Dec 30 June
2011 2011 2011
US$'000 US$'000 US$'000
Reviewed Reviewed Audited
Continuing profit attributable
to parent company 552 13,466 21,033
Profit attributable to discontinued
operations 2,184 - -
Profit for the period attributable
to owners of parent 2,736 13,466 21,033
Weighted average number of ordinary
shares in issue during the period
- basic earnings per share 536,571,808 536,571,808 536,571,808
6 months 6 months Year ended
to to
Total and continuing earnings 31 Dec 31 Dec 30 June
per share 2011 2011 2011
Reviewed Reviewed Audited
Basic earnings per share (US cents)
Earnings from continuing activities 0.10 2.51 3.91
Earnings from discontinued activities 0.41 - -
0.51 2.51 3.91
Diluted earnings per share (US
cents)
Earnings from continuing activities 0.10 2.49 3.90
Earnings from discontinued activities 0.40 - -
0.50 2.49 3.90
Where a loss has been incurred for the period, the diluted loss
per share does not differ from the basic loss per share as the
exercise of share options would have the effect of reducing the
loss per share and is therefore not dilutive under the terms of IAS
33.
9. Contingent liabilities
One of the group's subsidiaries is engaged in a legal dispute
with a former contractor. The contractor is claiming US$588,000
while the group has provided for the amount it believes is payable,
US$262,000.
10. Profit from discontinued operations
During the period the Company settled an insurance claim for the
flooding of the Kombat mine in 2007 for US$2.2 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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