TIDMBKY
RNS Number : 9880Z
Berkeley Resources Limited
14 March 2013
BERKELEY RESOURCES LIMITED
Interim Financial Report
for the Half Year Ended
31 December 2012
abn 40 052 468 569
CORPORATE DIRECTORY
Directors Share Registry
Mr Ian Middlemas - Non-Executive Australia
Chairman Computershare Investor Services
Dr James Ross - Non-Executive Deputy Pty Ltd
Chairman Mr Robert Behets - Non-Executive Level 2
Director 45 St George's Terrace
Perth WA 6000
Telephone: +61 8 9323 2000
Company Secretary Facsimile: +61 8 9323 2033
Mr Clint McGhie
United Kingdom
Registered Office Computershare Investor Services
Level 9, BGC Centre Plc
28 The Esplanade PO Box 82
Perth WA 6000 The Pavillions
Australia Bridgwater Road
Bristol BS99 7NH
Telephone: +61 8 9322 6322 Telephone: +44 870 889 3105
Facsimile: +61 8 9322 6558
Stock Exchange Listing
Spanish Office Australia
Berkeley Minera Espana, S.A. Australian Securities Exchange
Carretera SA-451, Km 30 Home Branch - Perth
37495 Retortillo 2 The Esplanade
Salamanca Perth WA 6000
Spain
United Kingdom
Telephone: +34 923 193 903 London Stock Exchange - AIM
10 Paternoster Square
Auditor London EC4M 7LS
Stantons International
ASX Code
Website BKY - Fully paid ordinary shares
www.berkeleyresources.com.au BKYO - $0.75 Listed Option
Email AIM TIDM
info@berkeleyresources.com.au BKY - Fully paid ordinary shares
CONTENTS
Page
Directors' Report 1
Directors' Declaration 7
Condensed Consolidated Statement of Profit or
Loss and Other Comprehensive Income 8
Condensed Consolidated Statement of Financial
Position 9
Condensed Consolidated Statement of Changes in
Equity 10
Condensed Consolidated Statement of Cash Flows 11
Notes to the Financial Statements 12
The Auditor's Independence Declaration and the Independent
Auditor's Report are available in the full version of the Interim
Financial Report on Berkeley Resources Limited's website at:
www.berkeleyresources.com.au.
The Board of Directors of Berkeley Resources Limited present
their report on the consolidated entity of Berkeley Resources
Limited ("the Company" or "Berkeley") and the entities it
controlled during the half year ended 31 December 2012
("Consolidated Entity").
DIRECTORS
The names of the Directors of Berkeley in office during the half
year and until the date of this report are:
Mr Ian Middlemas
Dr James Ross
Mr Robert Behets
Mr Matthew Syme (Resigned 2 August 2012)
Señor Jose Ramon Esteruelas (Resigned 29 November 2012)
Unless otherwise disclosed, Directors were in office from the
beginning of the half year until the date of this report.
REVIEW OF OPERATIONS AND ACTIVITIES
Berkeley is a uranium exploration and development company with a
quality resource base in Spain. The Company has a 100% interest in
a total Mineral Resource estimated at 61.0 million pounds of
contained U(3) O(8) with an average grade of 430 ppm (at a cut-off
grade of 200 ppm U(3) O(8) ).
During the half year, the Company focused on advancing its
wholly owned flagship Salamanca Project, which comprises the
Retortillo and Alameda deposits plus a number of other Satellite
deposits, through the development phase.
The results of a Scoping Study completed in late 2012 confirmed
the technical and economic viability of the Salamanca Project and
its potential to support a significant scale, long life uranium
mining operation. Accordingly, the Company has commenced a
Pre-Feasibility Study ('PFS').
Highlights during, and subsequent to, the financial year end
include:
(i) A positive Scoping Study for the Salamanca Project
The Company announced the results of a positive Scoping Study in
November which confirmed the technical and economic viability of
the Salamanca Project, including:
Ø Initial mine life of 11 years, including 7 years steady state
operation, with strong potential to increase;
Ø Steady state annual production of 3.2 million pounds U(3) O(8)
, with average annual production of 2.6 million pounds U(3) O(8)
over the life of mine;
Ø Life of mine average operating costs of US$25.65 per pound of
U(3) O(8) ;
Ø Upfront capital cost of US$83.6 million to deliver initial
production. A further US$95.0 million, incurred in the second year
of production and largely funded from operating cashflow, to
achieve steady state operation.
(ii) Commencement of Pre-Feasibility Study
Pre-Feasibility Study commenced, targeting completion in the
third quarter of 2013. The study was awarded to Johannesburg based
SENET, who will be assisted by SRK Consulting for mine design,
Knight Piesold for heap design and Duro Felguera for the in-country
project cost estimates. Additional testwork is also being carried
out at the Mintek facilities in Johannesburg and ANSTO laboratories
in Sydney.
(iii) Advancement of Permitting
The permitting process for Retortillo continued to advance with
the Company's responses to the submissions received during the 30
day Public Information Period being delivered to the relevant
authorities for their review and evaluation. The Nuclear Safety
Council has also confirmed that all required information for the
preparation of their compulsory report regarding the mining
activities, and for the Initial Authorization of the process plant
as a radioactive facility has been submitted.
The permitting process for Alameda was initiated with the
submission to the relevant authorities of the Environmental Scoping
Document and documentation associated with the application for
reclassification (from rural to industrial use) of the affected
surface land area.
(iv) Resource Update
An updated Mineral Resource Estimate ('MRE') for Gambuta
estimated at 12.7 million tonnes averaging 394 ppm U(3) O(8) for a
contained 11.1 million pounds of U(3) O(8) at a lower cut-off grade
of 200 ppm U(3) O(8) was reported in October.
As at the date of this report, the Company has a 100% interest
in a total Mineral Resource estimated at 61.0 million pounds of
contained U(3) O(8) with an average grade of 430 ppm (at a cut-off
grade of 200 ppm U(3) O(8) ).
Salamanca Project
The Salamanca Project ('the Project') comprises the Retortillo,
Alameda and Gambuta deposits plus a number of other Satellite
deposits located in western Spain.
The results of a PFS completed in early 2012 confirmed the
technical and economic viability of a stand-alone project
exploiting Retortillo, whilst Alameda formed part of a separate
Feasibility Study completed in 2011.
In November 2012, the Company completed an initial assessment of
the integrated development of Retortillo and Alameda and reported
the results of the Scoping Study ('the Study').
The Study was managed by Berkeley with input from a number of
industry-recognised specialist consultants covering the key
disciplines. The Study incorporated all of the information
generated from the previous studies conducted on Retortillo and
Alameda, as well as additional drilling and metallurgical testwork
data.
Scoping Study Results
Using only the current Mineral Resource Estimates for Retortillo
and Alameda, which total 33.9 million pounds U(3) O(8) (35.9
million tonnes at 429 ppm; 200 ppm U(3) O(8) cut-off grade), as a
base case scenario, the Project can support an average annual
production of 3.2 million pounds of U(3) O(8) during the seven
years of steady state operation and 2.6 million pounds of U(3) O(8)
over a minimum eleven year mine life. There is strong potential to
increase the production profile and mine life through the
exploitation of additional resources held by the Company (totalling
27.1 million pounds U(3) O(8) ) and with ongoing exploration
work.
The Study was based on open pit mining, heap leaching, a
centralised process plant at Retortillo, and a remote ion exchange
operation at Alameda, with loaded resin trucked to the centralised
plant for final extraction and purification. The Company currently
favours a contractor mining scenario. The average annual ore
processing rate during steady state operation is 5.5 million
tonnes. Operating cost estimates average US$25.65 per pound U(3)
O(8) over the life of mine.
The initial capital cost (nominally +/- 30% accuracy) for the
Project is estimated at US$83.6 million. This cost is inclusive of
all mine, processing, infrastructure and indirect costs required to
develop and commence production at Retortillo. A further US$95.0
million of capital, incurred in the second year of production and
largely funded from operating cashflow, is required to develop
Alameda and achieve steady state operation. The Project's capital
cost reflects the excellent existing infrastructure, use of heap
leaching as the preferred processing route, and the favoured mining
contractor scenario (no mining fleet capital expenditure).
The Directors are encouraged by the positive results of the
Scoping Study which clearly demonstrate the potential of the
integrated Salamanca Project to support a significant scale, long
life uranium mining operation. Further details on the Study are
available in the Company's ASX Announcement dated 29 November
2012.
PFS
Following completion of the Scoping Study, Berkeley commenced a
PFS for the Salamanca Project. The PFS was awarded to the
Johannesburg based company SENET, which will develop the study
assisted by SRK Consulting for the mine design, Knight Piesold for
the heaps design and Duro Felguera for the in-country project cost
estimates.
The Company will undertake a more detailed mine scheduling and
materials movement optimisation study, metallurgical testwork
program and infrastructure assessment during the PFS phase, with
the aim of identifying opportunities to further enhance the Project
economics through capital and operating cost reductions. Resource
infill and exploration drilling programs aimed at upgrading the
resource classification and increasing the overall resource base
also form part of the Study.
The PFS will be carried out with a confidence level of +/-20%
for both the capital and operating cost estimates and will include
the design details required to be submitted to the Spanish Nuclear
Safety Council as part of the Authorization for Construction
process for the processing plant.
Further metallurgical testwork will be carried out at the Mintek
laboratories in Johannesburg and the Australian Nuclear Science and
Technology Organisation ('ANSTO') facilities in Sydney.
The testwork program at Mintek aims to confirm the leaching
efficiency for each phase of the mine schedule and test ore
variability with respect to size distribution and geo-mechanical
behaviour. The ANSTO testwork program is designed to facilitate the
selection of the optimal backend of the process, with the
performance of direct Solvent Extraction ('SX') and ammonium
diuranate ('ADU') precipitation being compared to ion exchange
('IX') and UO(4) precipitation.
Exploration and Drilling
Drilling activity during the half year included diamond drilling
('DD') at Retortillo and Alameda for resource definition, to
provide drill core for metallurgical testwork and to provide drill
core for geotechnical testwork. Details of the 1,949 metres of DD
completed are summarised in Table 1.
Table 1: 2012 Drilling Summary
DD Q3 2012 DD Q4 2012 DD Total
Holes Metres Holes Metres Holes Metres
------------ ------ ------- ------ ------- ------ -------
Retortillo 1 70 19 963 20 1,033
------------ ------ ------- ------ ------- ------ -------
Alameda 1 44 18 872 19 916
------------ ------ ------- ------ ------- ------ -------
Gambuta - - - - - -
------------ ------ ------- ------ ------- ------ -------
Total 2 114 37 1,836 39 1,949
------------ ------ ------- ------ ------- ------ -------
Mineral Resources
The current MRE's for all deposits is tabulated below (using a
200ppm U(3) O(8) cut-off grade) incorporating the results from the
recent drilling campaigns and together with previously obtained
information.
Table 2: Berkeley Resources - Mineral Resource Statement
as at December 2012
(using 200ppm U(3) O(8) Cutoff)
SUMMARY RESOURCES Resource Tonnes U(3) O(8) U(3) O(8) U(3) O(8)
Category Grade (t)
(Mt) (ppm) (Mlbs)
Retortillo Indicated 8.9 395 3,535 7.8
Inferred 6.2 366 2,274 5.0
TOTAL 15.2 383 5,810 12.8
Alameda Indicated 20.0 455 9,107 20.1
Inferred 0.7 657 468 1.0
TOTAL 20.7 462 9,576 21.1
Other Satellite
Deposits Inferred 28.5 431 12,288 27.1
Indicated 29.0 437 12,643 27.9
TOTAL RESOURCES Inferred 35.4 424 15,031 33.1
----------- ------- ---------- ---------- ----------
TOTAL 64.4 430 27,674 61.0
Permitting
The permitting process at Retortillo continues to advance.
During the half year, a 30 day Public Information Period was held
(completed in mid September) and the Company's responses to the
submissions received were delivered to the relevant authorities for
their review and evaluation. Follow-up discussions regarding
appropriate mitigation measures have been held with the
authorities. It is anticipated that the Project will be raised for
mining and environmental approval within the first half of
2013.
The Initial Authorisation for the process plant as a radioactive
facility is well advanced. The Nuclear Safety Council has informed
Berkeley that they have all required information for the
preparation of their compulsory report regarding the mining
activities, and also for the Initial Authorization of the process
plant as a radioactive facility. Both are anticipated during the
June quarter of 2013.
Ancillary permits, such as those associated with water and
roads, are also currently being advanced. Discussions have been
held with the relevant authorities (including the Water Authority
and Roads Department) and the required documentation submitted.
At Alameda, the Environmental Scoping Document and the
documentation associated with the change of the zoning of rural
land into that suitable for industrial purposes were submitted in
November and December, respectively. The Exploitation Plan,
Rehabilitation and Closure Plans and documents related to
Radiological Protection will be prepared based on the design
developed as part of the PFS, targeting submission of these
documents by mid 2013.
Corporate
At 31 December 2012, the Group had cash reserves of A$32.5
million, with no debt. This puts the Group in a strong financial
position as it looks to complete the PFS and progress the
development of the Salamanca Project.
During the half year, Mr Matthew Syme and Senor Jose Ramon
Esteruelas resigned as Non-Executive Directors of the Company,
effective 2 August 2012 and 29 November 2012 respectively.
On 9 November 2012, the Company issued 750,000 $0.475 Incentive
Options to a key employee of the Company. The options expire 22
December 2015 and 375,000 vest on 12 December 2013 and 375,000 vest
on 12 December 2014.
In July 2012, Berkeley reached agreement with ENUSA on terms
which provide the Company with a 100% interest in select uranium
resources within State Reserves held by ENUSA.
Under the agreement, Berkeley holds a 100% interest in, and the
exploitation rights to, State Reserves 28 and 29 (which include the
substantial unmined Alameda deposit) whilst waiving its rights to
mine in State Reserves where ENUSA has undertaken rehabilitation.
Refer to ASX Announcement dated 24 July 2012 for further
details.
Operating Results
The net operating loss after tax for the half year ended 31
December 2012 was $5,373,394 (2011: $8,752,860).
The loss for the period includes $5,640,251 (2011: $9,524,027)
in exploration and evaluation expenditure and share based payment
expenses of $142,952 (2011: $129,824) were also recognised during
the half year.
SIGNIFICANT POST BALANCE DATE EVENTS
At the date of this report there were no significant events
occurring after balance date requiring disclosure.
AUDITOR'S INDEPENDENCE DECLARATION
Section 307C of the Corporations Act 2001 requires our auditors,
Stantons International, to provide the Directors of Berkeley
Resources Limited with an Independence Declaration in relation to
the review of the half year financial report. This Independence
Declaration is on page 17 and forms part of this Directors'
Report.
Signed in accordance with a resolution of Directors.
Robert Behets
Non-Executive Director
14 March 2013
The information in this announcement that relates to Exploration
Results, Mineral Resources or Ore Reserves is based on information
compiled by Craig Gwatkin, who is a Member of The Australian
Institute of Mining and Metallurgy and is an employee of Berkeley
Resources Limited. Mr. Gwatkin 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 in the 2004 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. Mr. Gwatkin consents to the inclusion
in the report of the matters based on his information in the form
and context in which it appears.
In accordance with a resolution of the Directors of Berkeley
Resources Limited, I state that:
In the opinion of the Directors:
(a) the financial statements and notes, as set out on pages 8 to
16, are in accordance with the Corporations Act 2001,
including:
(i) complying with Accounting Standard AASB 134: Interim
Financial Reporting and the Corporations Regulations 2001; and
(ii) giving a true and fair view of the consolidated entity's
financial position as at 31 December 2012 and of its performance
for the half year ended on that date.
(b) there are reasonable grounds to believe that the Company
will be able to pay its debts as and when they become due and
payable.
On behalf of the Board
Robert Behets
Non-Executive Director
14 March 2013
Note Half Year Ended Half Year Ended
31 December 2012 31 December 2011
$ $
------------------------------------- ----- ------------------- -------------------
Revenue from continuing operations 5 850,849 1,367,406
Exploration and evaluation
costs (5,640,251) (9,524,027)
Corporate and administration
costs (440,038) (466,415)
Share based payments expense (142,952) (129,824)
Loss on Sale of Asset (1,002) -
Loss before income tax (5,373,394) (8,752,860)
Income tax expense - -
------------------------------------- ----- ------------------- -------------------
Loss for the half year attributable
to Members of Berkeley Resources
Limited (5,373,394) (8,752,860)
------------------------------------- ----- ------------------- -------------------
Other comprehensive income,
net of income tax:
Items that will not be reclassified - -
subsequently to profit or
loss
Items that may be reclassified
subsequently to profit or
loss
Exchange differences arising
on translation of foreign
operations 319,225 263,195
Other comprehensive income/(loss)
for the period, net of income
tax 319,225 263,195
------------------------------------- ----- ------------------- -------------------
Total comprehensive loss for
the half year attributable
to Members of Berkeley Resources
Limited (5,054,169) (8,489,665)
===================================== ===== =================== ===================
Earnings per share
Basic earnings per share (cents
per share) (3.00) (5.02)
Diluted earnings per share
(cents per share) (3.00) (5.02)
The above Condensed Consolidated Statement of Profit or Loss and
Other Comprehensive Income should be read in conjunction with the
accompanying notes.
Note 31 December 2012 30 June 2012
$ $
------------------------------- ----- ----------------- -------------
ASSETS
Current Assets
Cash and cash equivalents 32,520,667 37,716,585
Trade and other receivables 597,682 621,269
Prepaid Expenditure - 85,256
------------------------------- ----- ----------------- -------------
Total Current Assets 33,118,349 38,423,110
------------------------------- ----- ----------------- -------------
Non-current Assets
Exploration expenditure 6 13,293,060 13,011,723
Property, plant and equipment 1,708,105 1,209,771
Other financial assets 57,730 100,504
------------------------------- ----- ----------------- -------------
Total Non-current Assets 15,058,895 14,321,998
------------------------------- ----- ----------------- -------------
TOTAL ASSETS 48,177,244 52,745,108
------------------------------- ----- ----------------- -------------
LIABILITIES
Current Liabilities
Trade and other payables 1,353,681 1,049,812
Other financial liabilities 12,258 104,524
------------------------------- ----- ----------------- -------------
Total Current Liabilities 1,365,939 1,154,336
------------------------------- ----- ----------------- -------------
TOTAL LIABILITIES 1,365,939 1,154,336
------------------------------- ----- ----------------- -------------
NET ASSETS 46,811,305 51,590,772
=============================== ===== ================= =============
EQUITY
Issued capital 7 119,061,776 118,930,526
Reserves 8 1,038,828 585,382
Accumulated losses (73,289,299) (67,925,136)
------------------------------- ----- ----------------- -------------
TOTAL EQUITY 46,811,305 51,590,772
=============================== ===== ================= =============
The above Condensed Consolidated Statement of Financial Position
should be read in conjunction with the accompanying notes.
Issued Capital Option Premium Foreign Currency Accumulated Total
Reserve Translation Losses
Reserve
$ $ $ $ $
As at 1 July 2012 118,930,526 4,363,630 (3,778,248) (67,925,136) 51,590,772
Total comprehensive loss for the
period:
Net loss for the period - - - (5,373,394) (5,373,394)
Other comprehensive income:
Exchange differences arising on
translation of foreign
operations - - 319,225 - 319,225
---------------------------------- --------------- --------------- ----------------- -------------- -------------
Total comprehensive income/(loss) - - 319,225 (5,373,394) (5,054,169)
----------------------------------
Transactions with owners,
recorded directly in equity
Transfer from option premium
reserve - (9,231) - 9,231 -
Share based payments - 142,952 - - 142,952
Option issue price - 500 - - 500
Exercise of Listed Options 71,250 - - - 71,250
Reversal of Shares Issue Expense 60,000 - - - 60,000
As at 31 December 2012 119,061,776 4,497,851 (3,459,023) (73,289,299) 46,811,305
================================== =============== =============== ================= ============== =============
As at 1 July 2011 117,624,295 6,194,728 (2,722,948) (56,893,310) 64,202,765
Total comprehensive loss for the
period:
Net loss for the period - - - (8,752,860) (8,752,860)
Other comprehensive income:
Exchange differences arising on
translation of foreign
operations - - 263,195 - 263,195
---------------------------------- --------------- --------------- ----------------- -------------- -------------
Total comprehensive income/(loss) - - 263,195 (8,752,860) (8,489,665)
Transactions with owners,
recorded directly in equity
Share based payments - 129,824 - - 129,824
As at 31 December 2011 117,624,295 6,324,552 (2,459,753) (65,646,170) 55,842,924
================================== =============== =============== ================= ============== =============
The above Condensed Consolidated Statement of Changes in Equity
should be read in conjunction with the accompanying notes.
Half Year Ended Half Year Ended
31 December 2012 31 December 2011
$ $
-------------------------------------------------------------- ----------------- -----------------
Cash flows from operating activities
Payments to suppliers and employees (5,447,779) (8,879,357)
Interest received 828,147 1,219,017
Net cash outflow from operating activities (4,619,632) (7,660,340)
-------------------------------------------------------------- ----------------- -----------------
Cash flows from investing activities
Payments for property, plant and equipment (574,221) (117,069)
Payments for Exploration and Evaluation (93,344) -
-------------------------------------------------------------- ----------------- -----------------
Net cash outflow from investing activities (667,565) (117,069)
-------------------------------------------------------------- ----------------- -----------------
Cash flows from financing activities
Proceeds from issue of securities 71,750 -
Transaction costs from issue of shares and options - -
-------------------------------------------------------------- ----------------- -----------------
Net cash inflow from financing activities 71,750 -
-------------------------------------------------------------- ----------------- -----------------
Net increase/(decrease) in cash and cash equivalents held (5,215,447) (7,777,409)
Cash and cash equivalents at the beginning of the period 37,716,585 50,599,786
Effects of exchange rate changes on cash and cash equivalents 19,529 (16,829)
-------------------------------------------------------------- ----------------- -----------------
Cash and cash equivalents at the end of the period 32,520,667 42,805,548
============================================================== ================= =================
The above Condensed Consolidated Statement of Cash Flows should
be read in conjunction with the accompanying notes.
1. REPORTING ENTITY
Berkeley Resources Limited (the "Company") is a company
domiciled in Australia. The interim financial report of the Company
is as at and for the six months ended 31 December 2012.
The annual financial report of the Company as at and for the
year ended 30 June 2012 is available upon request from the
Company's registered office.
2. STATEMENT OF COMPLIANCE
The interim financial report is a general purpose financial
report which has been prepared in accordance with Accounting
Standard AASB 134: Interim Financial Reporting and the Corporations
Act 2001.
This interim financial report does not include all the
information of the type normally included in an annual financial
report. Accordingly, this report is to be read in conjunction with
the annual report of Berkeley Resources Limited for the year ended
30 June 2012 and any public announcements made by Berkeley
Resources Limited during the interim reporting period in accordance
with the continuous disclosure requirements of the Corporations Act
2001.
This interim financial report was approved by the Board of
Directors on 13 March 2013.
(a) Basis of Preparation of Half Year Financial Report
The principal accounting policies adopted in the preparation of
the financial report have been consistently applied to all the
periods presented, unless otherwise stated.
Historical cost convention
These financial statements have been prepared under the
historical cost convention, as modified where applicable by the
revaluation of available-for-sale financial assets, financial
assets and liabilities (including derivative instruments) at fair
value through profit or loss.
3. SIGNIFICANT ACCOUNTING POLICIES
Accounting policies applied by the Consolidated Entity in this
consolidated interim financial report are the same as those applied
by the Consolidated Entity in its consolidated financial report for
the year ended 30 June 2012, except as stated below.
In the current period, the Group has adopted all of the new and
revised Standards and Interpretations issued by the Australian
Accounting Standards Board (the AASB) that are relevant to its
operations and effective for annual reporting periods beginning on
or after 1 July 2012. The adoption of these new and revised
standards has not resulted in any significant changes to the
Group's accounting policies or to the amounts reported for the
current or prior periods.
A range of amendments to Standards and Interpretations have been
made which are available for early adoption for financial reporting
periods beginning on or after 1 July 2012. New and revised
standards and amendments thereof and interpretations effective for
the current half-year that are relevant to the Consolidated Entity
include:
-- Amendments to AASB 1, 5, 7, 101, 112, 120, 121, 132, 133 and
134 as a consequence of AASB 2011-9 'Amendments to Australian
Accounting Standards - Presentation of Items of Other Comprehensive
Income'
The adoption of new and revised Standards and Interpretations
has not affected the amounts reported for the current or prior
year. However the application of AASB 2011-9 has resulted in a
change to the Group's presentation of, or disclosure in, its half
year financial statements.
3. SIGNIFICANT ACCOUNTING POLICIES (continued)
AASB 2011-9 introduces new terminology for the statement of
comprehensive income and income statement. Under the amendments to
AASB 101, the statement of comprehensive income is renamed as
statement of profit or loss. The amendments to AASB 101 retain the
option to present profit or loss and other comprehensive income in
either a single statement or in two separate but consecutive
statements. However, the amendments to AASB 101 require items of
other comprehensive income to be grouped into two categories in the
other comprehensive income section: (a) items that will not be
reclassified subsequently to profit or loss and (b) items that may
be reclassified subsequently to profit or loss when specific
conditions are met. Income tax on items of other comprehensive
income is required to be allocated on the same basis - the
amendments do not change the option to present items of other
comprehensive income either before tax or net of tax. The
amendments have been applied retrospectively, and hence the
representation of items of other comprehensive income has been
modified to reflect the changes. Other than the above mentioned
presentation changes, the application of the amendments to AASB 101
does not result in any impact on profit or loss, other
comprehensive income and total comprehensive income
4. SEGMENT INFORMATION
AASB 8 requires operating segments to be identified on the basis
of internal reports about components of the Consolidated Entity
that are regularly reviewed by the chief operating decision maker
in order to allocate resources to the segment and to assess its
performance.
The Consolidated Entity operates in one operating segment, being
exploration for mineral resources within Spain. This is the basis
on which internal reports are provided to the Directors for
assessing performance and determining the allocation of resources
within the Consolidated Entity.
5. REVENUE FROM CONTINUING OPERATIONS
Consolidated Consolidated
31 December 31 December
2012 2012
$ $
------------------ -------------- --------------
Interest revenue 850,849 1,367,406
850,849 1,367,406
================== ============== ==============
6. NON-CURRENT ASSETS - EXPLORATION EXPENDITURE
Consolidated Consolidated
31 December
2012 30 June 2012
The group has mineral exploration
costs carried forward in respect
of areas of interest: $ $
Areas in exploration at cost:
Balance at the beginning of year 13,011,723 13,646,937
Net Additions 104,406 91,744
Foreign exchange differences 220,931 (726,958)
------------------------------------- -------------- ----------------
13,337,060 13,011,723
Capitalised exploration expenditure
written off (44,000) -
------------------------------------- -------------- ----------------
Balance at end of year 13,293,060 13,011,723
===================================== ============== ================
The value of the exploration interests is dependent upon the
discovery of commercially viable reserves and the successful
development or alternatively sale, of the respective tenements. An
amount of EUR6m (A$7.43m) relates to the capitalisation of the fees
paid to ENUSA under the Co-operation Agreement relating to the
tenements within the State Reserves. The Company reached agreement
with ENUSA in July 2012 in the form of an Addendum to the
Consortium Agreement signed in January 2009. The Addendum includes
the following terms:
-- The Consortium now consists of State Reserves 28 and 29;
-- Berkeley's stake in the Consortium has increased to 100%;
-- ENUSA will remain the owner of State Reserves 28 and 29,
however the exploitation rights have been assigned to Berkeley,
together with authority to submit all applications for the
permitting process;
-- The Company is now the sole and exclusive operator in the
Addendum Reserves, with the right to exploit the contained uranium
resources and have full ownership of any uranium produced;
-- ENUSA will receive a production fee equivalent to 2.5% of the
net sale value (after marketing and transport costs) of any uranium
produced within the Addendum Reserves;
-- Berkeley has waived its rights to mining in State Reserves
2,25, 30, 31, Hoja 528-1 and the Saelices El Chico Exploitation
Concession, and has waived any rights to management of the Quercus
plant; and
-- The Co-operation Agreement with ENUSA, signed on 29 January 2009, has been terminated.
7. CONTRIBUTED EQUITY
(a) Issued and Paid Up Capital
Date Consolidated Consolidated
31 December 30 June 2012
2012
$ $
----------------------------------------- -------------- ---------------
174,393,273 (30 June 2012: 179,298,273)
fully paid ordinary shares 119,061,776 118,930,526
========================================= ============== ===============
7. CONTRIBUTED EQUITY (Continued)
(b) Movements in Ordinary Share Capital During the Six Month Period ended 31 December 2012:
Date Details Number of Issue Price $
Shares $
1 Jul 12 Opening Balance 179,298,273 118,930,526
Reversal of Share
1 Jul 12 Issue Expense - 60,000
Exercise of listed
10 Aug 12 options 95,000 0.75 71,250
31 Dec 12 Closing Balance 179,393,273 119,061,776
=========== ==================== ============ ============= ============
(c) Movements in Options During the Six Month Period ended 31 December 2012:
Date Details Number of Listed Number of Incentive Fair Value Share based payments
Options Options reserve
$ $
----------- ---------------------- ---------------------- --------------------- ----------- ---------------------
1 Jul 12 Opening Balance 11,989,428 10,758,333 4,363,630
1 Jul 12 Option issue proceeds - - 500
10 Aug 12 Exercise of listed (95,000)
options - -
Grant of $0.475
incentive Options
expiring 22 December
9 Nov 12 2015 - 750,000 0.21 -
Adjustment for expired options - (16,667) (9,231)
Share based payments expense(1) - - 142,952
31 Dec 12 Closing Balance 11,894,428 11,491,666 4,497,851
=========== ====================== ====================== ===================== =========== =====================
Note:
(1) The value of Incentive Options granted is recognised over
the vesting period of the grant, in accordance with Australian
Accounting Standards.
The following options have been issued over unissued capital as
at 31 December 2012:
Listed Options
-- 11,989,428 listed options at an exercise price of $0.75 each that expire on 15 May 2013.
Unlisted Options
.
-- 1,000,000 unlisted options at an exercise price of $1.25 each
that expire on 1 December 2013.
-- 2,241,666 unlisted options at an exercise price of $1.35 each
that expire on 18 June 2014.
-- 1,750,000 unlisted options at an exercise price of $0.475
each that expire on 22 December 2015.
-- 1,000,000 unlisted options at an exercise price of $0.41 each
that expire on 21 September 2015.
-- 5,500,000 unlisted options at an exercise price of $0.45 each
that expire on 30 June 2016.
8. RESERVES
31 December 30 June 2012
2012
$ $
------------------------------ ------------ -------------
(a) Reserves
Share based payments reserve 4,497,851 4,363,630
Foreign exchange reserve (3,459,023) (3,778,248)
1,038,828 585,382
============================== ============ =============
9. CONTINGENT LIABILITIES AND COMMITMENTS
There was no material change in contingent liabilities or
commitments as previously disclosed at the last reporting
period.
10. DIVIDENDS PAID OR PROVIDED FOR
No dividend has been paid or provided for during the half
year.
11. SUBSEQUENT EVENTS AFTER BALANCE DATE
As at the date of this report there were no significant events
occurring after balance date requiring disclosure.
The Auditor's Independence Declaration and the Independent
Auditor's Report are available in the full version of the Interim
Financial Report on Berkeley Resources Limited's website at:
www.berkeleyresources.com.au.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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