TIDMBRM
RNS Number : 4933X
Brinkley Mining PLC
17 August 2009
For immediate release
17 August 2009
Brinkley Mining Plc
("Brinkley Mining" or the "Company")
INTERIM RESULTS
FOR THE PERIOD ENDED 30 JUNE 2009
Brinkley Mining announces its un-audited interim results for the period ended 30
June 2009.
Chairman's statement
Corporate Summary
As reported in my statement in the 2008 Annual Report, the Company has become an
Investing Company with its main asset being its cash balances, which at 30 June
2009 amounted to GBP6.814 million. Brinkley Mining is well positioned to take
advantage of the current depressed market conditions and make acquisitions that
will create significant value for shareholders. Consequently, the Brinkley
management team has actively pursued a program of identifying and evaluating
additional potential investment opportunities.
In terms of the approved investment strategy, detailed below, management is
looking to:
"acquire holdings in natural resources, minerals and/or metals companies and/or
assets which the Directors believe are undervalued and where such a
transaction(s) has the potential to create value for Brinkley Mining".
To date since the approval of the new strategy, the management has proactively
identified and evaluated a number of potential acquisitions, but so far none
have fulfilled the Company's investment criteria. The process of identifying and
evaluating potential projects is ongoing and Shareholders will be kept informed
of any material developments.
In terms of the AIM Rules, the Company is required to make an acquisition/s,
which may constitute a reverse take-over or otherwise implement its investment
strategy by 22 December 2009 failing which, the Company's Ordinary Shares would
then be suspended from trading on AIM. If the Investment Strategy has not been
implemented by 22 June 2010 then the admission to trading the Company's Ordinary
Shares on AIM will be cancelled and a Shareholders' meeting will be convened to
consider whether to continue to seek investment opportunities or to wind up the
Company and distribute any surplus cash back to Shareholders.
Projects
South Africa
Brinkley Mining's 49% owned subsidiary, Western Uranium (Pty) Ltd, has as its
only asset, the Waterval prospect in the Karoo region of South Africa
("Waterval"). Exploration work completed to date has shown that the Waterval
project contains a small Uranium resource whose grade and limited tonnage are
insufficient to support the establishment of a stand-alone operation to exploit
it. Accordingly, the Board has decided to spend no further monies on developing
this project and is looking at ways to dispose of its interest in the project.
The Directors have consequently reduced the carrying value of the Company's
interests in Western Uranium to GBP4,305 as at the Balance Sheet date.
Southern Sudan
Brinkley Mining's wholly-owned subsidiary, Brinkley Mining Project 4 Ltd, has a
provisional prospecting license for the exclusive exploration of Uranium and
associated minerals over an area of over 5,000km² of Budi County in Southern
Sudan and operates a Joint Venture with New Kush Exploration and Mining Company
Limited to explore the licence area. Brinkley management has reviewed the
exploration results obtained from its interpretation of the extensive airborne
aeromagnetic and radiometric survey exploration work carried out during 2008 and
from the field work program carried out during April 2009. It concluded that,
though the Budi concession area showed promise for the hosting of gold and
uranium mineralisation, the project was too early-stage and therefore did not
meet Brinkley's revised exploration criteria. Furthermore, an assessment of the
political and security risks in Southern Sudan, suggests that they may increase
over the short to medium term. Based on an assessment of these factors, the
Board has decided to spend no further monies on developing the Southern Sudan
project and is looking at ways to dispose of its interest in the project. The
Directors have consequently reduced the carrying value of the Company's
interests in Southern Sudan to GBPnil as at the Balance Sheet date.
Results Summary
The Group loss for the period ended 30 June 2009 was approximately GBP0.66
million which is mainly attributable to administrative expenses and impairment
charges.
Outlook
Whilst the short term outlook for commodity projects remains difficult, the long
term outlook remains positive. The Board believes this situation will produce a
wide range of acquisition opportunities for the Company in the year ahead, and
consequently the Company is positioning itself to take advantage of any
opportunities which may arise. The Company is continuing to review all
expenditure in order to ensure it maintains its strong cash position.
Richard Linnell
Non - Executive Chairman
17 August 2009
+-------------------------------------------------------------------+-------------------------------+
| For further information, please contact: | |
+-------------------------------------------------------------------+-------------------------------+
| Brinkley Mining Plc | |
+-------------------------------------------------------------------+-------------------------------+
| Dunbar Dales, Chief Executive Officer | Tel: +27 (0) 83 258 9062 |
+-------------------------------------------------------------------+-------------------------------+
| | |
+-------------------------------------------------------------------+-------------------------------+
| Beaumont Cornish Limited | |
+-------------------------------------------------------------------+-------------------------------+
| Michael Cornish/Roland Cornish | Tel: +44 (0) 20 7628 3396 |
+-------------------------------------------------------------------+-------------------------------+
| | |
+-------------------------------------------------------------------+-------------------------------+
BRINKLEY MINING PLC
GROUP INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2009
+---------------------------------+------+----------------+----------------+----------------+
| |Note | 6 months to | 6 months to | Year ended |
| | | 30 June 2009 | 30 June 2008 | 31 December |
| | | (unaudited) | (unaudited) | 2008 |
| | | | | (audited) |
+---------------------------------+------+----------------+----------------+----------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+------+----------------+----------------+----------------+
| Turnover | | - | - | - |
+---------------------------------+------+----------------+----------------+----------------+
| Other Income | | 12 | - | 15 |
+---------------------------------+------+----------------+----------------+----------------+
| Administrative expenses | | (351) | (1,090) | (2,238) |
+---------------------------------+------+----------------+----------------+----------------+
| Loss on disposals | | (1) | - | (2,046) |
+---------------------------------+------+----------------+----------------+----------------+
| Impairment charge | | (383) | (9,801) | (9,306) |
+---------------------------------+------+----------------+----------------+----------------+
| Share options expensed | | - | (200) | 127 |
+---------------------------------+------+----------------+----------------+----------------+
| | | | | |
+---------------------------------+------+----------------+----------------+----------------+
| Operating loss | | (723) | (11,091) | (13,448) |
+---------------------------------+------+----------------+----------------+----------------+
| | | | | |
+---------------------------------+------+----------------+----------------+----------------+
| Finance revenue | | 55 | 253 | 400 |
+---------------------------------+------+----------------+----------------+----------------+
| | | | | |
+---------------------------------+------+----------------+----------------+----------------+
| Loss before taxation | | (668) | (10,838) | (13,048) |
+---------------------------------+------+----------------+----------------+----------------+
| | | | | |
+---------------------------------+------+----------------+----------------+----------------+
| Income tax expense | | - | - | - |
+---------------------------------+------+----------------+----------------+----------------+
| | | | | |
+---------------------------------+------+----------------+----------------+----------------+
| Loss after taxation: | | (668) | (10,838) | (13,048) |
+---------------------------------+------+----------------+----------------+----------------+
| | | | | |
+---------------------------------+------+----------------+----------------+----------------+
| Retained (loss) for the period | | (668) | (10,838) | (13,048) |
+---------------------------------+------+----------------+----------------+----------------+
| Attributable to: | | | | |
+---------------------------------+------+----------------+----------------+----------------+
| Equity holders of the parent | | (733) | (10,838) | (12,524) |
+---------------------------------+------+----------------+----------------+----------------+
| Minority interests | | 65 | - | (524) |
+---------------------------------+------+----------------+----------------+----------------+
| | | (668) | (10,838) | (13,048) |
+---------------------------------+------+----------------+----------------+----------------+
| | | | | |
+---------------------------------+------+----------------+----------------+----------------+
| Loss per share (expressed in | 3 | | | |
| pence) | | | | |
| | | | | |
+---------------------------------+------+----------------+----------------+----------------+
| Basic | | (0.19) | (3.04) | (3.66) |
+---------------------------------+------+----------------+----------------+----------------+
| Diluted | | (0.19) | (3.04) | (3.66) |
+---------------------------------+------+----------------+----------------+----------------+
| | | | | |
+---------------------------------+------+----------------+----------------+----------------+
BRINKLEY MINING PLC
GROUP BALANCE SHEET
AS AT 30 JUNE 2009
+---------------------------------+------+----------------+----------------+----------------+
| |Note | As at | As at | As at |
| | | 30 June 2009 | 30 June 2008 | 31 December |
| | | (unaudited) | (unaudited) | 2008 |
| | | | | (audited) |
+---------------------------------+------+----------------+----------------+----------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+------+----------------+----------------+----------------+
| Assets | | | | |
+---------------------------------+------+----------------+----------------+----------------+
| | | | | |
+---------------------------------+------+----------------+----------------+----------------+
| Non-current assets | | | | |
+---------------------------------+------+----------------+----------------+----------------+
| Intangible assets | 6 | - | 2,117 | 299 |
+---------------------------------+------+----------------+----------------+----------------+
| Tangible assets | 5 | 284 | 490 | 305 |
+---------------------------------+------+----------------+----------------+----------------+
| | | 284 | 2,607 | 604 |
+---------------------------------+------+----------------+----------------+----------------+
| Current assets | | | | |
+---------------------------------+------+----------------+----------------+----------------+
| Trade and other receivables | | 84 | 92 | 138 |
+---------------------------------+------+----------------+----------------+----------------+
| Cash and cash equivalents | | 6,814 | 8,084 | 7,322 |
+---------------------------------+------+----------------+----------------+----------------+
| Total current assets | | 6,898 | 8,176 | 7,460 |
+---------------------------------+------+----------------+----------------+----------------+
| TOTAL ASSETS | | 7,182 | 10,783 | 8,064 |
+---------------------------------+------+----------------+----------------+----------------+
| | | | | |
+---------------------------------+------+----------------+----------------+----------------+
| Current Liabilities | | | | |
+---------------------------------+------+----------------+----------------+----------------+
| Trade and other payables | | (142) | (40) | (176) |
+---------------------------------+------+----------------+----------------+----------------+
| Total Liabilities | | (142) | (40) | (176) |
+---------------------------------+------+----------------+----------------+----------------+
| | | | | |
+---------------------------------+------+----------------+----------------+----------------+
| Net Assets | | 7,040 | 10,743 | 7,888 |
+---------------------------------+------+----------------+----------------+----------------+
| | | | | |
+---------------------------------+------+----------------+----------------+----------------+
| Shareholders' equity | | | | |
+---------------------------------+------+----------------+----------------+----------------+
| Called up share capital | 4 | 535 | 535 | 535 |
+---------------------------------+------+----------------+----------------+----------------+
| Share premium account | | 27,774 | 27,774 | 27,774 |
+---------------------------------+------+----------------+----------------+----------------+
| Retained loss | | (23,799) | (21,380) | (23,066) |
+---------------------------------+------+----------------+----------------+----------------+
| Merger reserve | | - | - | - |
+---------------------------------+------+----------------+----------------+----------------+
| Foreign exchange reserve | | (450) | 48 | (270) |
+---------------------------------+------+----------------+----------------+----------------+
| Share based payment reserve | | 3,439 | 3,766 | 3,439 |
+---------------------------------+------+----------------+----------------+----------------+
| Total Equity attributable to | | 7,499 | 10,743 | 8,412 |
| equity holders of the parent | | | | |
+---------------------------------+------+----------------+----------------+----------------+
| | | | | |
+---------------------------------+------+----------------+----------------+----------------+
| Minority interests | | (459) | - | (524) |
+---------------------------------+------+----------------+----------------+----------------+
| | | | | |
+---------------------------------+------+----------------+----------------+----------------+
| Total Equity | | 7,040 | 10,743 | 7,888 |
+---------------------------------+------+----------------+----------------+----------------+
BRINKLEY MINING PLC
GROUP CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2009
+-----------------------------------------+------+-------------+--------------+----------------+
| |Note | 6 months | 6 months to | Year ended |
| | | to | 30 June 2008 | 31 December |
| | | 30 June | (unaudited) | 2008 |
| | | 2009 | | (audited) |
| | | (unaudited) | | |
+-----------------------------------------+------+-------------+--------------+----------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------------+------+-------------+--------------+----------------+
| Cash outflow from operating activities | | | | |
+-----------------------------------------+------+-------------+--------------+----------------+
| | | | | |
+-----------------------------------------+------+-------------+--------------+----------------+
| Operating Loss | 6 | (723) | (11,091) | (13,448) |
| Decrease/(increase) in trade and other | 5 | 54 | 35 | (11) |
| receivables | 5 | (34) | (203) | (67) |
| (Decrease) in trade and other payables | | - | 95 | - |
| Foreign exchange translation | | - | 200 | (127) |
| Share options expensed | | 383 | 9,801 | 9,306 |
| Impairment charge | | 25 | 76 | 55 |
| Depreciation | | - | - | 880 |
| Foreign exchange movements in | | (7) | - | 77 |
| Intangibles | | 1 | - | 2,046 |
| Foreign exchange movements in Tangibles | | | | |
| Loss on disposal of subsidiary and | | | | |
| plant & machinery | | | | |
| | | | | |
+-----------------------------------------+------+-------------+--------------+----------------+
| Net cash outflow from operating | | (301) | (1,087) | (1,289) |
| activities | | | | |
+-----------------------------------------+------+-------------+--------------+----------------+
| | | | | |
+-----------------------------------------+------+-------------+--------------+----------------+
| Cash flows from investing activities | | | | |
+-----------------------------------------+------+-------------+--------------+----------------+
| Interest received | | 55 | 253 | 400 |
+-----------------------------------------+------+-------------+--------------+----------------+
| Payments to acquire intangible assets | 6 | (84) | (1,309) | (3,002) |
+-----------------------------------------+------+-------------+--------------+----------------+
| Payments to acquire tangible assets | | - | - | (35) |
+-----------------------------------------+------+-------------+--------------+----------------+
| Net cash outflow from investing | | (29) | (1,056) | (2,637) |
| activities | | | | |
+-----------------------------------------+------+-------------+--------------+----------------+
| | | | | |
+-----------------------------------------+------+-------------+--------------+----------------+
| Acquisitions and disposals | | | | |
+-----------------------------------------+------+-------------+--------------+----------------+
| Payments to acquire subsidiaries | | - | (899) | - |
+-----------------------------------------+------+-------------+--------------+----------------+
| Sale proceeds received on disposing of | | 2 | - | 11 |
| plant & machinery | | | | |
+-----------------------------------------+------+-------------+--------------+----------------+
| Sale proceeds received on disposing of | | - | - | 334 |
| subsidiary | | | | |
+-----------------------------------------+------+-------------+--------------+----------------+
| Net cash outflow from acquisitions and | | 2 | (899) | 345 |
| disposals | | | | |
+-----------------------------------------+------+-------------+--------------+----------------+
| | | | | |
+-----------------------------------------+------+-------------+--------------+----------------+
| Net (decrease) in cash and cash | | (328) | (3,042) | (3,581) |
| equivalents | | | | |
+-----------------------------------------+------+-------------+--------------+----------------+
| Cash and cash equivalents at beginning | | 7,322 | 11,126 | 11,126 |
| of period | | | | |
+-----------------------------------------+------+-------------+--------------+----------------+
| Foreign exchange movements in reserves | | (180) | - | (223) |
+-----------------------------------------+------+-------------+--------------+----------------+
| | | | | |
+-----------------------------------------+------+-------------+--------------+----------------+
| Cash and cash equivalents at end of | | 6,814 | 8,084 | 7,322 |
| period | | | | |
+-----------------------------------------+------+-------------+--------------+----------------+
BRINKLEY MINING PLC
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2009
+-------------+---------+---------+---------+----------+---------+-----------+--------------+----------+----------+
| | Called | Share | Merger | Foreign | Share | Retained | Total | Minority | Total |
| | up | premium | reserve | exchange | based | earnings | equity | Interest | equity |
| | share | reserve | | reserve | payment | | attributable | | |
| | capital | | | | reserve | | to equity | | |
| | | | | | | | holders of | | |
| | | | | | | | the parent | | |
+-------------+---------+---------+---------+----------+---------+-----------+--------------+----------+----------+
| Group | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
| | 000's | 000's | 000's | 000's | 000's | 000's | 000's | 000's | 000's |
+-------------+---------+---------+---------+----------+---------+-----------+--------------+----------+----------+
| | | | | | | | | | |
+-------------+---------+---------+---------+----------+---------+-----------+--------------+----------+----------+
| As at | 535 | 27,774 | 2,033 | (47) | 3,566 | (10,542) | 23,319 | - | 23,319 |
| 1 | | | | | | | | | |
| January | | | | | | | | | |
| 2008 | | | | | | | | | |
+-------------+---------+---------+---------+----------+---------+-----------+--------------+----------+----------+
| | | | | | | | | - | |
+-------------+---------+---------+---------+----------+---------+-----------+--------------+----------+----------+
| Currency | - | - | - | 95 | - | - | 95 | - | 95 |
| translation | | | | | | | | | |
| differences | | | | | | | | | |
+-------------+---------+---------+---------+----------+---------+-----------+--------------+----------+----------+
| Loss | - | - | - | - | - | (10,838) | (10,838) | - | (10,838) |
| for | | | | | | | | | |
| the | | | | | | | | | |
| period | | | | | | | | | |
+-------------+---------+---------+---------+----------+---------+-----------+--------------+----------+----------+
| Impairment | - | - | (2,033) | - | - | - | (2,033) | - | (2,033) |
| charge | | | | | | | | | |
+-------------+---------+---------+---------+----------+---------+-----------+--------------+----------+----------+
| Share | - | - | - | - | 200 | - | 200 | - | 200 |
| based | | | | | | | | | |
| payments | | | | | | | | | |
+-------------+---------+---------+---------+----------+---------+-----------+--------------+----------+----------+
| As at | 535 | 27,774 | - | 48 | 3,766 | (21,380) | 10,743 | - | 10,743 |
| 30 | | | | | | | | | |
| June | | | | | | | | | |
| 2008 | | | | | | | | | |
+-------------+---------+---------+---------+----------+---------+-----------+--------------+----------+----------+
| | | | | | | | | | |
+-------------+---------+---------+---------+----------+---------+-----------+--------------+----------+----------+
| Currency | - | - | - | (318) | - | - | (318) | | (318) |
| translation | | | | | | | | | |
| differences | | | | | | | | | |
+-------------+---------+---------+---------+----------+---------+-----------+--------------+----------+----------+
| Share | - | - | - | - | - | - | - | | - |
| capital | | | | | | | | | |
| issued | | | | | | | | | |
+-------------+---------+---------+---------+----------+---------+-----------+--------------+----------+----------+
| Loss | - | - | - | - | - | (1,686) | (1,686) | (524) | (2,210) |
| for | | | | | | | | | |
| the | | | | | | | | | |
| period | | | | | | | | | |
+-------------+---------+---------+---------+----------+---------+-----------+--------------+----------+----------+
| Impairment | - | - | - | - | - | - | - | | - |
| charge | | | | | | | | | |
+-------------+---------+---------+---------+----------+---------+-----------+--------------+----------+----------+
| Share | - | - | - | - | (327) | - | (327) | | (327) |
| based | | | | | | | | | |
| payments | | | | | | | | | |
+-------------+---------+---------+---------+----------+---------+-----------+--------------+----------+----------+
| As at | 535 | 27,774 | - | (270) | 3,439 | (23,066) | 8,412 | (524) | 7,888 |
| 31 | | | | | | | | | |
| December | | | | | | | | | |
| 2008 | | | | | | | | | |
+-------------+---------+---------+---------+----------+---------+-----------+--------------+----------+----------+
| | | | | | | | | | |
+-------------+---------+---------+---------+----------+---------+-----------+--------------+----------+----------+
| Currency | - | - | - | (180) | - | - | (180) | | (180) |
| translation | | | | | | | | | |
| differences | | | | | | | | | |
+-------------+---------+---------+---------+----------+---------+-----------+--------------+----------+----------+
| Loss | - | - | - | - | - | (733) | (733) | 65 | (668) |
| for | | | | | | | | | |
| the | | | | | | | | | |
| period | | | | | | | | | |
+-------------+---------+---------+---------+----------+---------+-----------+--------------+----------+----------+
| Impairment | - | - | - | - | - | - | - | | - |
| charge | | | | | | | | | |
+-------------+---------+---------+---------+----------+---------+-----------+--------------+----------+----------+
| Share | - | - | - | - | - | - | - | | - |
| based | | | | | | | | | |
| payments | | | | | | | | | |
+-------------+---------+---------+---------+----------+---------+-----------+--------------+----------+----------+
| As at | 535 | 27,774 | - | (450) | 3,439 | (23,799) | 7,499 | (459) | 7,040 |
| 30 | | | | | | | | | |
| June | | | | | | | | | |
| 2009 | | | | | | | | | |
+-------------+---------+---------+---------+----------+---------+-----------+--------------+----------+----------+
| | | | | | | | | | |
+-------------+---------+---------+---------+----------+---------+-----------+--------------+----------+----------+
BRINKLEY MINING PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE SIX MONTHS ENDED 30 JUNE 2009
1. Basis of preparation
The financial information has been prepared under the historical cost convention
and on a going concern basis and in accordance with International Financial
Reporting Standards and IFRIC interpretations adopted for use in the European
Union ("IFRS") and those parts of the Companies Act 2006 applicable to companies
reporting under IFRS.
The financial information for the period ended 30 June 2009 has not been audited
or reviewed in accordance with the International Standard on Review Engagements
2410 issued by the Auditing Practices Board. The figures were prepared using
applicable accounting policies and practices consistent with those adopted in
the statutory accounts for the period ended 31 December 2008. The figures for
the period ended 31 December 2008 have been extracted from these accounts, which
have been delivered to the Registrar of Companies, and contained an unqualified
audit report.
The interim consolidated financial statements for the six months ended 30 June
2009 have been prepared in accordance with IAS 34 'Interim Financial Reporting'.
Accordingly the interim financial statements do not include all of the
information or disclosures required in the annual financial statements and
should be read in conjunction with the Group's 2008 annual financial statements.
The financial information contained in this document does not constitute
statutory accounts as defined by Section 240 of the Companies Act 1985. In the
opinion of the directors the financial information for this period fairly
presents the financial position, result of operations and cash flows for this
period.
This interim financial report was approved by the Board of Directors on 17
August 2009.
2. Turnover and segmental analysis
The Group has not commenced production and therefore recorded no turnover.
The analysis of the operating loss before taxation and the net assets employed
by geographical segment of operations is shown below;
+-----------------+---------+---------+---------+---------+---------+
| 30 June 2009 | UK | South | Sudan | Cyprus | Total |
| | | Africa | | | |
+-----------------+---------+---------+---------+---------+---------+
| | GBP | GBP | GBP | GBP | GBP |
| | 000's | 000's | 000's | 000's | 000's |
+-----------------+---------+---------+---------+---------+---------+
| Result | | | | | |
+-----------------+---------+---------+---------+---------+---------+
| Operating loss | (795) | 74 | - | (2) | (723) |
| | | | | | |
+-----------------+---------+---------+---------+---------+---------+
| Investment | 55 | - | - | - | 55 |
| revenue | | | | | |
+-----------------+---------+---------+---------+---------+---------+
| Loss before & | (740) | 74 | - | (2) | (668) |
| after tax | | | | | |
+-----------------+---------+---------+---------+---------+---------+
| Other | | | | | |
| information | | | | | |
+-----------------+---------+---------+---------+---------+---------+
| Depreciation | - | 125 | 283 | - | 408 |
| and impairment | | | | | |
+-----------------+---------+---------+---------+---------+---------+
| Capital | - | - | 84 | - | 84 |
| additions | | | | | |
+-----------------+---------+---------+---------+---------+---------+
| | | | | | |
+-----------------+---------+---------+---------+---------+---------+
| Assets | | | | | |
+-----------------+---------+---------+---------+---------+---------+
| Segment assets | - | 284 | - | - | 284 |
+-----------------+---------+---------+---------+---------+---------+
| Financial | 68 | 16 | - | - | 84 |
| assets | | | | | |
+-----------------+---------+---------+---------+---------+---------+
| Cash | 6,803 | 11 | - | - | 6,814 |
+-----------------+---------+---------+---------+---------+---------+
| Consolidated | 6,871 | 27 | | | 6,898 |
| total assets | | | | | |
+-----------------+---------+---------+---------+---------+---------+
| Liabilities | | | | | |
+-----------------+---------+---------+---------+---------+---------+
| Segment | - | - | - | - | - |
| liabilities | | | | | |
+-----------------+---------+---------+---------+---------+---------+
| Financial | 27 | 3 | 112 | - | 142 |
| liabilities | | | | | |
+-----------------+---------+---------+---------+---------+---------+
| Consolidated | | | | | 142 |
| total | | | | | |
| liabilities | | | | | |
+-----------------+---------+---------+---------+---------+---------+
2.Turnover and segmental analysis (continued)
+-----------------+----------+---------+--------+--------+--------+--------+---------+----------+
| 31 December | UK | South | DRC | Sudan | Chad | Niger | Cyprus | Total |
| 2008 | | Africa | | | | | | |
| | | | | | | | | |
+-----------------+----------+---------+--------+--------+--------+--------+---------+----------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
| | 000's | 000's | 000's | 000's | 000's | 000's | 000's | 000's |
+-----------------+----------+---------+--------+--------+--------+--------+---------+----------+
| Result | | | | | | | | |
+-----------------+----------+---------+--------+--------+--------+--------+---------+----------+
| Operating loss | (10,613) | (2,701) | 207 | (361) | 1 | 3 | 16 | (13,448) |
+-----------------+----------+---------+--------+--------+--------+--------+---------+----------+
| Investment | 397 | 3 | - | - | - | - | - | 400 |
| revenue | | | | | | | | |
+-----------------+----------+---------+--------+--------+--------+--------+---------+----------+
| Loss before & | (10,216) | (2,698) | 207 | (361) | 1 | 3 | 16 | (13,048) |
| after tax | | | | | | | | |
+-----------------+----------+---------+--------+--------+--------+--------+---------+----------+
| | | | | | | | | |
+-----------------+----------+---------+--------+--------+--------+--------+---------+----------+
| Other | | | | | | | | |
| information | | | | | | | | |
+-----------------+----------+---------+--------+--------+--------+--------+---------+----------+
| Depreciation | - | 4,971 | 5,513 | 259 | 651 | - | - | 11,394 |
| and impairment | | | | | | | | |
+-----------------+----------+---------+--------+--------+--------+--------+---------+----------+
| Capital | - | 161 | 997 | 199 | 225 | 1,455 | - | 3,037 |
| additions | | | | | | | | |
+-----------------+----------+---------+--------+--------+--------+--------+---------+----------+
| | | | | | | | | |
+-----------------+----------+---------+--------+--------+--------+--------+---------+----------+
| Assets | | | | | | | | |
+-----------------+----------+---------+--------+--------+--------+--------+---------+----------+
| Segment assets | - | 405 | - | 199 | - | - | - | 604 |
+-----------------+----------+---------+--------+--------+--------+--------+---------+----------+
| Financial | 79 | 59 | - | - | - | - | - | 138 |
| assets | | | | | | | | |
+-----------------+----------+---------+--------+--------+--------+--------+---------+----------+
| Cash | 7,304 | 18 | - | - | - | - | - | 7,322 |
+-----------------+----------+---------+--------+--------+--------+--------+---------+----------+
| Consolidated | 7,383 | 482 | - | 199 | - | - | - | 8,064 |
| total assets | | | | | | | | |
+-----------------+----------+---------+--------+--------+--------+--------+---------+----------+
| Liabilities | | | | | | | | |
+-----------------+----------+---------+--------+--------+--------+--------+---------+----------+
| Segment | - | - | - | - | - | - | - | - |
| liabilities | | | | | | | | |
+-----------------+----------+---------+--------+--------+--------+--------+---------+----------+
| Financial | 69 | 17 | - | 85 | 1 | - | 4 | 176 |
| liabilities | | | | | | | | |
+-----------------+----------+---------+--------+--------+--------+--------+---------+----------+
| Consolidated | 69 | 17 | - | 85 | 1 | - | 4 | 176 |
| total | | | | | | | | |
| liabilities | | | | | | | | |
+-----------------+----------+---------+--------+--------+--------+--------+---------+----------+
| | | | | | | | | |
+-----------------+----------+---------+--------+--------+--------+--------+---------+----------+
+-----------------+--------+---------+---------+--------+--------+--------+---------+----------+
| 30 June 2008 | UK | South | DRC | Sudan | Chad | Niger | Cyprus | Total |
| | | Africa | | | | | | |
+-----------------+--------+---------+---------+--------+--------+--------+---------+----------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
| | 000's | 000's | 000's | 000's | 000's | 000's | 000's | 000's |
+-----------------+--------+---------+---------+--------+--------+--------+---------+----------+
| Result | | | | | | | | |
+-----------------+--------+---------+---------+--------+--------+--------+---------+----------+
| Operating loss | (851) | (2,886) | (6,502) | - | (550) | - | (302) | (11,091) |
+-----------------+--------+---------+---------+--------+--------+--------+---------+----------+
| Investment | 253 | - | - | - | - | - | - | 253 |
| revenue | | | | | | | | |
+-----------------+--------+---------+---------+--------+--------+--------+---------+----------+
| Loss before & | | | | | | | | (10,838) |
| after tax | | | | | | | | |
+-----------------+--------+---------+---------+--------+--------+--------+---------+----------+
| | | | | | | | | |
+-----------------+--------+---------+---------+--------+--------+--------+---------+----------+
| Other | | | | | | | | |
| information | | | | | | | | |
+-----------------+--------+---------+---------+--------+--------+--------+---------+----------+
| Depreciation | - | 2,973 | 6,354 | - | 550 | - | - | 9,877 |
| and impairment | | | | | | | | |
+-----------------+--------+---------+---------+--------+--------+--------+---------+----------+
| Capital | - | 212 | 213 | 137 | 263 | 1,383 | - | 2,208 |
| additions | | | | | | | | |
+-----------------+--------+---------+---------+--------+--------+--------+---------+----------+
| | | | | | | | | |
+-----------------+--------+---------+---------+--------+--------+--------+---------+----------+
| Assets | | | | | | | | |
+-----------------+--------+---------+---------+--------+--------+--------+---------+----------+
| Segment assets | - | 515 | 75 | 396 | 140 | 1,481 | - | 2,607 |
+-----------------+--------+---------+---------+--------+--------+--------+---------+----------+
| Financial | 52 | 40 | - | - | - | - | - | 92 |
| assets | | | | | | | | |
+-----------------+--------+---------+---------+--------+--------+--------+---------+----------+
| Cash | | | | | | | | 8,084 |
+-----------------+--------+---------+---------+--------+--------+--------+---------+----------+
| Consolidated | | | | | | | | 10,783 |
| total assets | | | | | | | | |
+-----------------+--------+---------+---------+--------+--------+--------+---------+----------+
| Liabilities | | | | | | | | |
+-----------------+--------+---------+---------+--------+--------+--------+---------+----------+
| Segment | | | | | | | | - |
| liabilities | | | | | | | | |
+-----------------+--------+---------+---------+--------+--------+--------+---------+----------+
| Financial | 13 | 14 | - | - | - | - | 13 | 40 |
| liabilities | | | | | | | | |
+-----------------+--------+---------+---------+--------+--------+--------+---------+----------+
| Consolidated | | | | | | | | 40 |
| total | | | | | | | | |
| liabilities | | | | | | | | |
+-----------------+--------+---------+---------+--------+--------+--------+---------+----------+
BRINKLEY MINING PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE SIX MONTHS ENDED 30 JUNE 2009
3. Loss per share
The calculation of earnings per share is based on the loss after taxation
divided by the weighted average number of share in issue during the period:
+--------------------------+----------------+------------------+--------------------------------------------------------------------+
| | 6 months to | 6 months to | Year ended |
| | 30 June 2009 | 30 June 2008 | 31 December 2008 |
| | (unaudited) | (unaudited) | (audited) |
+--------------------------+----------------+------------------+--------------------------------------------------------------------+
| | GBP'000 | GBP'000 | GBP'000 |
+--------------------------+----------------+------------------+--------------------------------------------------------------------+
| | | | |
+--------------------------+----------------+------------------+--------------------------------------------------------------------+
| Net loss after taxation | (668) | (10,838) | (13,048) |
+--------------------------+----------------+------------------+--------------------------------------------------------------------+
| | | | |
+--------------------------+----------------+------------------+--------------------------------------------------------------------+
| Weighted average number | 356.3m | 356.3m | 356.3m |
| of ordinary shares used | | | |
| in calculating basic | | | |
| earnings per share | | | |
+--------------------------+----------------+------------------+--------------------------------------------------------------------+
| | | | |
+--------------------------+----------------+------------------+--------------------------------------------------------------------+
| Basic loss per share | (0.19)p | (3.04)p | (3.66)p |
| (expressed in pence) | | | |
+--------------------------+----------------+------------------+--------------------------------------------------------------------+
As the inclusion of the potential ordinary shares would result in a decrease in
the loss per share they are considered to be anti-dilutive and, as such, a
diluted loss per share is not included.
4. Called up share capital
The authorised share capital of the Company and the called up and fully paid
amounts at 30 June 2009 were as follows:
GBP'000
Authorised
1,000,000,000 ordinary shares of 0.15p each
1,500
+---------------------------------------------------+--------------+--------------+
| Called up, allotted, issued and fully paid | Number of | Nominal |
| | shares | value |
| | | GBP000's |
+---------------------------------------------------+--------------+--------------+
| As at 31 December 2008 and 30 June 2009 | 356,336,248 | 535 |
+---------------------------------------------------+--------------+--------------+
| No shares have been issued in the current period. | | |
+---------------------------------------------------+--------------+--------------+
Total share options in issue
During the 6 months ended 30 June 2009, no options were issued.
No options lapsed or were cancelled and no options were exercised during the 6
months to 30 June 2009.
Total warrants in issue
No warrants were issued during the period (2008: nil). The outstanding number of
warrants at the end of the period was 1,523,756 (2008: 1,523,756). The exercise
price is 50p and the expiry date is 5 June 2011.
No warrants lapsed, or were cancelled and no warrants were exercised during the
6 months ended 30 June 2009.
BRINKLEY MINING PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE SIX MONTHS ENDED 30 JUNE 2009
5. Tangible assets
+----------------------------------+-------------+--------------+-------------------+
| | | |
+----------------------------------+-------------+----------------------------------+
| | Land | Property, | Total |
| | | plant & | |
| | | equipment | |
+----------------------------------+-------------+--------------+-------------------+
| | GBP 000's | GBP 000's | GBP 000's |
+----------------------------------+-------------+--------------+-------------------+
| Cost | | | |
+----------------------------------+-------------+--------------+-------------------+
| As at 1 January 2009 | 7,511 | 239 | 7,750 |
+----------------------------------+-------------+--------------+-------------------+
| Additions | - | - | - |
+----------------------------------+-------------+--------------+-------------------+
| Disposals | - | (4) | (4) |
+----------------------------------+-------------+--------------+-------------------+
| As at 30 June 2009 | 7,511 | 235 | 7,746 |
+----------------------------------+-------------+--------------+-------------------+
| | | | |
+----------------------------------+-------------+--------------+-------------------+
| Depreciation and Impairment | | | |
+----------------------------------+-------------+--------------+-------------------+
| As at 1 January 2009 | 7,352 | 93 | 7,445 |
+----------------------------------+-------------+--------------+-------------------+
| Depreciation charge for the year | - | 25 | 25 |
+----------------------------------+-------------+--------------+-------------------+
| Disposals | - | (1) | (1) |
+----------------------------------+-------------+--------------+-------------------+
| FX adjustment | - | (7) | (7) |
+----------------------------------+-------------+--------------+-------------------+
| As at 30 June 2009 | 7,352 | 110 | 7,462 |
+----------------------------------+-------------+--------------+-------------------+
| | | | |
+----------------------------------+-------------+--------------+-------------------+
| | | | |
+----------------------------------+-------------+--------------+-------------------+
| Net Book Value | | | |
+----------------------------------+-------------+--------------+-------------------+
| As at 30 June 2008 | 261 | 229 | 490 |
+----------------------------------+-------------+--------------+-------------------+
| As at 31 December 2008 | 159 | 146 | 305 |
+----------------------------------+-------------+--------------+-------------------+
| As at 30 June 2009 | 159 | 125 | 284 |
+----------------------------------+-------------+--------------+-------------------+
6. Intangible assets
+--------------------------------+--------------+--------------+-------------------+
| Group | | GBP 000's |
+--------------------------------+-----------------------------+-------------------+
| | | |
+--------------------------------+-----------------------------+-------------------+
| Cost | | |
+--------------------------------+-----------------------------+-------------------+
| At 1 January 2009 | | 3,204 |
+--------------------------------+-----------------------------+-------------------+
| Additions | | 84 |
+--------------------------------+-----------------------------+-------------------+
| Transfers and disposals | | - |
+--------------------------------+-----------------------------+-------------------+
| As at 30 June 2009 | | 3,288 |
+--------------------------------+-----------------------------+-------------------+
| | | |
+--------------------------------+-----------------------------+-------------------+
| Impairment and disposals | | |
+--------------------------------+-----------------------------+-------------------+
| At 1 January 2009 | | 2,905 |
+--------------------------------+-----------------------------+-------------------+
| Impairment charge | | 383 |
+--------------------------------+-----------------------------+-------------------+
| Disposals | | - |
+--------------------------------+-----------------------------+-------------------+
| FX adjustment | | - |
+--------------------------------+-----------------------------+-------------------+
| As at 30 June 2009 | | 3,288 |
+--------------------------------+-----------------------------+-------------------+
| | | |
+--------------------------------+-----------------------------+-------------------+
| Net book value | | |
+--------------------------------+-----------------------------+-------------------+
| At 30 June 2008 | | 2,117 |
+--------------------------------+-----------------------------+-------------------+
| At 31 December 2008 | | 299 |
+--------------------------------+-----------------------------+-------------------+
| At 30 June 2009 | | - |
+--------------------------------+-----------------------------+-------------------+
| | | |
+--------------------------------+-----------------------------+-------------------+
| | 30 June 2009 | 30 June 2008 | 31 December 2008 |
+--------------------------------+--------------+--------------+-------------------+
| The Net Book Value is analysed | GBP 000's | GBP 000's | GBP 000's |
| as follows: | | | |
+--------------------------------+--------------+--------------+-------------------+
| | | | |
+--------------------------------+--------------+--------------+-------------------+
| Deferred exploration | - | 1,218 | 299 |
| expenditure | | | |
+--------------------------------+--------------+--------------+-------------------+
| Commercial rights | - | 899 | - |
+--------------------------------+--------------+--------------+-------------------+
| | - | 2,117 | 299 |
+--------------------------------+--------------+--------------+-------------------+
| |
+----------------------------------------------------------------------------------+
| Impairment Review |
| |
+----------------------------------------------------------------------------------+
| Further to the impairment review carried out on 31 December 2008, the Directors |
| have reviewed the carrying value of the intangible assets relating to South |
| Africa and Southern Sudan. The Southern Sudan deferred exploration expenditure |
| has been written down to GBPNil in light of the latest geological interpretation |
| and assessment of the security / country risks. |
| A further review of the residual carrying value in relation to South Africa was |
| carried out. It was decided that the project was unviable and the deferred |
| exploration expenditure has been written down to GBPNil. |
+--------------------------------+--------------+--------------+-------------------+
7. Post balance sheet events
There are no post balance sheet events.
8. Other
A copy of this announcement is available at the Company's website
www.brinkley-mining.com
Corporate Information
+-----------------------+------------------------------------------------+
| Registered number | 5533856 |
| | |
+-----------------------+------------------------------------------------+
| Directors | Richard Linnell - Non-Executive Chairman |
| | Dunbar Dales - Chief Executive Officer |
| | Mark Fresson - Finance Director and Company |
| | Secretary |
| | Clayton Dodd - Non Executive Director |
| | |
+-----------------------+------------------------------------------------+
| | |
+-----------------------+------------------------------------------------+
| Company Secretary | Mark Fresson - Finance Director and Company |
| | Secretary |
+-----------------------+------------------------------------------------+
| | |
+-----------------------+------------------------------------------------+
| Registered Office | 33 St. James's Street |
| | 5th Floor |
| | London SW1A 1HD |
| | United Kingdom |
| | |
+-----------------------+------------------------------------------------+
| | Tel: +44 (0)20 7839 8840 |
| | Fax: +44 (0)20 7004 0959 |
| | Email: info@brinkley-mining.com |
| | Website: www.brinkley-mining.com |
| | |
+-----------------------+------------------------------------------------+
| African Office | 4 Fricker Road |
| | Illovo Boulevard |
| | Illovo, Johannesburg 2196 |
| | South Africa |
| | Tel: +27 (11) 459 2840 |
| | |
+-----------------------+------------------------------------------------+
| Auditors | Chapman Davis LLP |
| | 2 Chapel Court |
| | London SE1 1HH |
| | United Kingdom |
| | |
+-----------------------+------------------------------------------------+
| Solicitors | Kerman & Co LLPEdward Nathan Sonnenbergs |
| | Solicitors 150 West Street |
| | 7 Savoy Court Sandton, Johannesburg 2146 |
| | Strand, London WC2R 0ERSouth Africa |
+-----------------------+------------------------------------------------+
| | |
+-----------------------+------------------------------------------------+
| Broker and Nominated | Beaumont Cornish Limited |
| Advisor | 2nd Floor, Bowman House, |
| | 29 Wilson Street, |
| | London EC2M 2SJ |
+-----------------------+------------------------------------------------+
| | |
+-----------------------+------------------------------------------------+
| Registrars | Share Registrars Limited |
| | Craven House |
| | West Street, Farnham |
| | Surrey GU9 7EN |
| | United Kingdom |
+-----------------------+------------------------------------------------+
| | |
+-----------------------+------------------------------------------------+
| Principal Bankers | Bank of Scotland Royal |
| | Bank of Scotland |
| | 38 Threadneedle Street UK Operating Centre |
| | London EC2P 2EH PO Box 352 |
| | United Kingdom |
| | Brampton Road |
| | Newcastle - Under - Lyme |
| | |
| | Staffordshire |
| | |
| | ST5 0QX |
| | |
| | |
+-----------------------+------------------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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