TIDMCAML
RNS Number : 5575T
Central Asia Metals PLC
30 September 2010
30 September 2010
CENTRAL ASIA METALS PLC
("CAML" or "the Company")
Interim Results for the six months to 30 June 2010
Central Asia Metals plc (AIM:CAML), a mining exploration and development company
focused on base and precious metals in Central Asia, announces its interim
results for the six months to 30 June 2010, along with an operational update.
Financial Highlights for H1 2010 (including post period)
· On 30 September 2010, CAML completed its planned Initial Public Offering
(IPO) on AIM raising US$60m (gross), which will be used primarily for the
construction of a 10,000 tonne per annum SX-EW facility at Kounrad in
Kazakhstan.
· As part of the IPO process, CAML converted from a private to a public
limited company. This conversion included the transfer of the entire share
premium account of the parent company of US$54.4m to distributable reserves as
at 04 August 2010.
· In May 2010 CAML raised US$5.4m (gross) by issuing convertible loan notes.
These notes converted into equity at the IPO (5,160,833 new ordinary shares).
· In February 2010, a $1m 'gold loan' was converted into ordinary shares.
· CAML has no outstanding debt.
· Sales of cathode copper at the Kounrad pilot plant in the six months to
June 30 2010 were 184.5 tonnes which generated revenue of c US$1.1m.
· General and administrative expenses amounted to US$3.9m, which is up by 61%
compared to the same period of last year due to increased consulting and IPO
costs.
Operational Highlights for H1 2010 (including post period)
· In July 2010, earthworks commenced on site at Kounrad and key personnel
required for the construction and management of the project have been recruited.
· The Tochtar (Kazakhstan) and Ereen (Mongolia) projects both have potential
purchasers and are undergoing due diligence. Management remains hopeful of
selling both assets in the next six months.
· 30 year mining licences were obtained for both Ereen and Handgait in
Mongolia.
· An extended exploration licence to June 2012 was also obtained for the Alag
Bayan project.
Outlook for Full Year 2010
· CAML is planning to spend approximately US$10m on capital expenditure at
Kounrad in H2 2010. The remaining US$37m of the planned overall Kounrad capital
cost of approximately US$47m will be spent completing the construction in 2011.
Earthworks will continue through to middle of November 2010 and equipment orders
will be placed over the winter.
· CAML continues to negotiate the disposal of both Ereen and Tochtar.
Operating and Financial Review
During the first six months of the year the feasibility study for the 10,000
tonne per annum SX-EW facility at Kounrad, in Kazakhstan was completed. The
results of the feasibility study were reviewed by the Board and a decision taken
to raise finance prior to the IPO in order to facilitate the commencement of the
construction programme in the during the summer 2010. Consequently, US$5.4m
(gross) was raised by way of convertible loan notes in May 2010. These notes
converted in to ordinary shares at a 30% discount to the IPO price on 30
September 2010.
The Company conducted very little exploration activity during the period but
managed to convert several licences at both Ereen and Handgait into 30 year
mining licences. This was achieved based on the previous exploration work and
drilling that had been performed in 2009. At Alag Bayan, the Company also
managed to extend the exploration licence to 2012 based on the results of its
2009 drilling programme.
The Company's loss for the period of US$4.9m was significantly lower than that
recorded in the first six months of 2009 (US$8.4m) primarily due to favourable
exchange rate movements and the increased revenue from copper sales. In the
first half of the year, CAML sold 184.5 tonnes of copper cathode from the pilot
scale SX-EW plant at Kounrad generating revenue of US$1.1m. This was due to a
decision in April 2009 to increase daily production at the pilot plant from
200kg to 600kg. These favourable movements were partially offset by increased
costs for professional advice associated with the fund raising activities.
In the second half of the year and following the successful IPO and fund raising
of US$60m (gross) on 30 September 2010, the Company will move forward with the
development of the Kounrad SX-EW plant. Ground works will continue until the
onset of winter and then recommence in March 2011. Management will be placing
all the equipment orders over the winter months and finalising contracts in
order to complete the construction of the facility in 2011. Plans to further
develop the exploration assets at Alag Bayan and Handgait will be considered by
the Board and discussions will continue regarding the potential sale of Tochtar
and Ereen.
Nigel Hurst-Brown, Chairman of Central Asia Metals, commented:
"I am delighted on the progress the CAML has made over the past six months. The
successful admission of the Company's shares to trading on AIM today and the
raising of US$60 million of new funding by way of a placing reinforces our
commitment to developing our strategic assets. We are excited about
constructing a plant at Kounrad in order to commence production of 10,000 tonnes
per annum of copper in Q4 2011. We will keep all our investors informed of the
Company's forthcoming developments."
Enquiries:
+------------------------------------+----------------------------------+
| Central Asia Metals plc | |
| Nick Clarke, CEO | +44 (0)20 7183 5402 |
| Nigel Robinson, CFO | |
+------------------------------------+----------------------------------+
| | |
| KPMG Corporate Finance | |
| Nominated Adviser | |
| Susan Walker | +44 (0)20 7311 1000 |
+------------------------------------+----------------------------------+
| | +44 (0)20 7321 2508 |
| Mirabaud Securities LLP | |
| Broker | |
| Peter Krens | |
+------------------------------------+----------------------------------+
| | |
| Pelham Bell Pottinger | +44 (0)20 7861 3883 / +44 (0) |
| Charles Vivian | 7859 048 228 |
| Klara Kaczmarek | |
+------------------------------------+----------------------------------+
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 2010
+---------------------------+-----+--------------+--------------+---------------------------+
| | | Unaudited | Audited | Unaudited |
+---------------------------+-----+--------------+--------------+---------------------------+
| Assets | | 30-Jun-10 | 31-Dec-09 | 30-Jun-09 |
+---------------------------+-----+--------------+--------------+---------------------------+
| Non-Current Assets | | $ | $ | $ |
+---------------------------+-----+--------------+--------------+---------------------------+
| Property, Plant and | | 1,914,754 | 2,089,040 | 2,307,409 |
| Equipment | | | | |
+---------------------------+-----+--------------+--------------+---------------------------+
| Intangible Assets | | 12,126,860 | 11,542,686 | 10,351,342 |
+---------------------------+-----+--------------+--------------+---------------------------+
| Trade and Other | | 622,225 | 603,488 | 1,322,846 |
| Receivables | | | | |
+---------------------------+-----+--------------+--------------+---------------------------+
| | | 14,663,839 | 14,235,214 | 13,981,597 |
+---------------------------+-----+--------------+--------------+---------------------------+
| Current Assets | | | | |
+---------------------------+-----+--------------+--------------+---------------------------+
| Inventory | | 233,570 | 275,986 | 242,820 |
+---------------------------+-----+--------------+--------------+---------------------------+
| Trade and Other | | 1,085,397 | 742,296 | 364,401 |
| Receivables | | | | |
+---------------------------+-----+--------------+--------------+---------------------------+
| Cash and Cash Equivalents | | 4,236,073 | 1,325,088 | 1,043,157 |
+---------------------------+-----+--------------+--------------+---------------------------+
| | | 5,555,040 | 2,343,370 | 1,650,378 |
+---------------------------+-----+--------------+--------------+---------------------------+
| Assets of the disposal | | 4,035,911 | 3,646,307 | 4,650,966 |
| group classified as held | | | | |
| for sale | | | | |
+ + + + +---------------------------+
| | | | | |
+---------------------------+-----+--------------+--------------+---------------------------+
| | | 9,590,951 | 5,989,677 | 6,301,344 |
+---------------------------+-----+--------------+--------------+---------------------------+
| Total assets | | 24,254,790 | 20,224,891 | 20,282,941 |
+---------------------------+-----+--------------+--------------+---------------------------+
| Equity attributable to | | | | |
| owners of the parent | | | | |
+---------------------------+-----+--------------+--------------+---------------------------+
| Ordinary Shares | | 404,168 | 389,461 | 292,209 |
+---------------------------+-----+--------------+--------------+---------------------------+
| Share Premium | | 54,446,174 | 53,460,880 | 46,944,935 |
+---------------------------+-----+--------------+--------------+---------------------------+
| Treasury Shares | | (1,723,588) | (1,723,416) | - |
+---------------------------+-----+--------------+--------------+---------------------------+
| Other Reserves | | 6,091,226 | 5,044,551 | 1,074,839 |
+---------------------------+-----+--------------+--------------+---------------------------+
| Retained Earnings | | (45,786,862) | (40,927,071) | (32,987,651) |
+---------------------------+-----+--------------+--------------+---------------------------+
| Total Equity | | 13,431,118 | 16,244,405 | 15,324,332 |
+---------------------------+-----+--------------+--------------+---------------------------+
| Liabilities | | | | |
+---------------------------+-----+--------------+--------------+---------------------------+
| Non-Current Liabilities | | | | |
+---------------------------+-----+--------------+--------------+---------------------------+
| Provision for Liabilities | | 464,349 | 441,257 | 1,067,759 |
| and Charges | | | | |
+---------------------------+-----+--------------+--------------+---------------------------+
| | | 464,349 | 441,257 | 1,067,759 |
+---------------------------+-----+--------------+--------------+---------------------------+
| Current Liabilities | | | | |
+---------------------------+-----+--------------+--------------+---------------------------+
| Trade and Other Payables | | 1,476,888 | 1,460,604 | 451,815 |
+---------------------------+-----+--------------+--------------+---------------------------+
| Borrowings | | 7,792,857 | 1,000,000 | 228,291 |
+---------------------------+-----+--------------+--------------+---------------------------+
| | | 9,269,745 | 2,460,604 | 680,106 |
+---------------------------+-----+--------------+--------------+---------------------------+
| Liabilities of disposal | | 1,089,578 | 1,078,625 | 3,210,744 |
| group classified as held | | | | |
| for sale | | | | |
+ + + + +---------------------------+
| | | | | |
+---------------------------+-----+--------------+--------------+---------------------------+
| | | 10,359,323 | 3,539,229 | 3,890,850 |
+---------------------------+-----+--------------+--------------+---------------------------+
| Total Liabilities | | 10,823,672 | 3,980,486 | 4,958,609 |
+---------------------------+-----+--------------+--------------+---------------------------+
| Total Equity and | | 24,254,790 | 20,224,891 | 20,282,941 |
| Liabilities | | | | |
+---------------------------+-----+--------------+--------------+---------------------------+
INTERIM CONSOLIDATED INCOME STATEMENT (Unaudited)
for the six months period ended 30 June 2010
+------------------------------+--------+-------------+-------------+
| | | Six months ended 30 |
| | | June |
+------------------------------+--------+---------------------------+
| | | 2010 | 2009 |
+------------------------------+--------+-------------+-------------+
| Continuing operations | | $ | $ |
+------------------------------+--------+-------------+-------------+
| Revenue | | 1,179,002 | 559,121 |
+------------------------------+--------+-------------+-------------+
| Cost of Sales | | (863,538) | (649,814) |
+------------------------------+--------+-------------+-------------+
| Gross Profit/(Loss) | | 315,464 | (90,693) |
+------------------------------+--------+-------------+-------------+
| | | | |
+------------------------------+--------+-------------+-------------+
| Other income / (loss) | | 44,361 | 85,414 |
+------------------------------+--------+-------------+-------------+
| General and administrative | | | |
| expenses, including: | | | |
+------------------------------+--------+-------------+-------------+
| - Exchange rate differences | | 965,280 | (5,983,528) |
+------------------------------+--------+-------------+-------------+
| - Other General & | | (3,850,191) | (2,392,086) |
| Administrative Expenses | | | |
+------------------------------+--------+-------------+-------------+
| Total General and | | (2,884,911) | (8,375,614) |
| administrative expenses | | | |
+------------------------------+--------+-------------+-------------+
| Other Expenses | | (7,195) | (31,105) |
+------------------------------+--------+-------------+-------------+
| Finance Costs - net | | (2,327,510) | (3,090) |
+------------------------------+--------+-------------+-------------+
| Loss before Income Tax | | (4,859,791) | (8,415,088) |
+------------------------------+--------+-------------+-------------+
| Income Tax | | | |
+------------------------------+--------+-------------+-------------+
| Loss for the period | | (4,859,791) | (8,415,088) |
+------------------------------+--------+-------------+-------------+
| Loss Attributable to: | | | |
+------------------------------+--------+-------------+-------------+
| - Owners of the parent | | (4,859,791) | (8,415,088) |
+------------------------------+--------+-------------+-------------+
| Loss per share attributable | | | |
| to the equity holders of the | | | |
| company during the period | | | |
+------------------------------+--------+-------------+-------------+
| Basic loss per share | | $(0.12) | $(0.29) |
+------------------------------+--------+-------------+-------------+
INTERIM CONSOLIDATED STATEMENT OF CHANGES OF EQUITY (Unaudited)
for the six months period ended 30 June 2010
+------------------+---------+------------+-------------+-----------+--------------+--------------+------------------+
| | Share | Share | Treasury | Other | Retained | Total | |
| | capital | Premium | Shares | Reserves | Earnings | | |
+ + + + + + + +------------------+
| | | | | | | | |
+------------------+---------+------------+-------------+-----------+--------------+--------------+------------------+
| | $ | $ | $ | $ | $ | $ | |
+------------------+---------+------------+-------------+-----------+--------------+--------------+------------------+
| At 31 December | 292,208 | 46,944,935 | - | 829,229 | (25,925,365) | 22,141,007 | |
| 2008 | | | | | | | |
+ + + + + + + +------------------+
| | | | | | | | |
+------------------+---------+------------+-------------+-----------+--------------+--------------+------------------+
| Total | - | - | - | 3,391,045 | (15,001,706) | (11,610,661) | |
| comprehensive | | | | | | | |
| income | | | | | | | |
+ + + + + + + +------------------+
| | | | | | | | |
+ + + + + + + +------------------+
| | | | | | | | |
+------------------+---------+------------+-------------+-----------+--------------+--------------+------------------+
| Transactions | | | | | | | |
| with owners | | | | | | | |
+------------------+---------+------------+-------------+-----------+--------------+--------------+------------------+
| Issue of Shares | 71,906 | 4,817,704 | - | - | - | 4,889,610 | |
+------------------+---------+------------+-------------+-----------+--------------+--------------+------------------+
| Issue of Share | - | - | - | 805,677 | - | 805,677 | |
| Options | | | | | | | |
+------------------+---------+------------+-------------+-----------+--------------+--------------+------------------+
| EBT shares | 25,347 | 1,698,241 | (1,723,416) | 18,600 | - | 18,772 | |
| granted | | | | | | | |
+------------------+---------+------------+-------------+-----------+--------------+--------------+------------------+
| Total | 97,253 | 6,515,945 | (1,723,416) | 824,277 | - | 5,714,059 | |
| transactions | | | | | | | |
| with owners | | | | | | | |
+------------------+---------+------------+-------------+-----------+--------------+--------------+------------------+
| At 31 December | 389,461 | 53,460,880 | (1,723,416) | 5,044,551 | (40,927,071) | 16,244,405 | |
| 2009 | | | | | | | |
+------------------+---------+------------+-------------+-----------+--------------+--------------+------------------+
| Total | - | - | - | 14,542 | (4,859,791) | (4,845,249) | |
| comprehensive | | | | | | | |
| income | | | | | | | |
+ + + + + + + +------------------+
| | | | | | | | |
+ + + + + + + +------------------+
| | | | | | | | |
+------------------+---------+------------+-------------+-----------+--------------+--------------+------------------+
| Transactions | | | | | | | |
| with owners | | | | | | | |
+------------------+---------+------------+-------------+-----------+--------------+--------------+------------------+
| Gold Loan | 14,706 | 985,294 | - | - | - | 1,000,000 | |
| conversion into | | | | | | | |
| shares | | | | | | | |
+------------------+---------+------------+-------------+-----------+--------------+--------------+------------------+
| Issue of Share | - | - | (172) | 521,374 | - | 521,202 | |
| Options | | | | | | | |
+------------------+---------+------------+-------------+-----------+--------------+--------------+------------------+
| EBT shares | - | - | - | 510,759 | - | 510,759 | |
| granted | | | | | | | |
+------------------+---------+------------+-------------+-----------+--------------+--------------+------------------+
| Total | 14,706 | 985,294 | (172) | 1,032,133 | - | 2,031,961 | |
| transactions | | | | | | | |
| with owners | | | | | | | |
+------------------+---------+------------+-------------+-----------+--------------+--------------+------------------+
| At 30 June 2010 | 404,167 | 54,446,174 | (1,723,588) | 6,091,226 | (45,786,862) | 13,431,117 | |
+------------------+---------+------------+-------------+-----------+--------------+--------------+------------------+
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)
for the six months period ended 30 June 2010
+----------------------------------+-----+-------------+-------------+
| | | Six months ended 30 |
| | | June |
+----------------------------------+-----+---------------------------+
| | | 2010 | 2009 |
+----------------------------------+-----+-------------+-------------+
| Cash Flows from Operating | | $ | $ |
| Activities | | | |
+----------------------------------+-----+-------------+-------------+
| Cash (Absorbed by) / Generated | | (1,816,172) | (2,949,566) |
| from operations | | | |
+----------------------------------+-----+-------------+-------------+
| Interest Paid | | (1,998) | (5,576) |
+----------------------------------+-----+-------------+-------------+
| Income Tax Paid | | - | - |
+----------------------------------+-----+-------------+-------------+
| Net Cash (Absorbed by) / | | (1,818,170) | (2,955,142) |
| Generated from Operating | | | |
| Activities | | | |
+----------------------------------+-----+-------------+-------------+
| Cash Flows from Investing | | | |
| Activities | | | |
+----------------------------------+-----+-------------+-------------+
| Purchases of Property, Plant and | | (76,501) | (313,767) |
| Equipment | | | |
+----------------------------------+-----+-------------+-------------+
| Proceeds from sale of Property, | | 5,854 | 2,985 |
| Plant and Equipment | | | |
+----------------------------------+-----+-------------+-------------+
| Purchase of Intangible Assets | | (108,529) | (11,880) |
+----------------------------------+-----+-------------+-------------+
| Exploration Costs Capitalised | | (563,464) | (311,085) |
+----------------------------------+-----+-------------+-------------+
| Interest Received | | 12,345 | 2,486 |
+----------------------------------+-----+-------------+-------------+
| Net Cash used in Investing | | (730,295) | (631,261) |
| Activities | | | |
+----------------------------------+-----+-------------+-------------+
| Cash Flows from Financing | | | |
| Activities | | | |
+----------------------------------+-----+-------------+-------------+
| Proceeds from Issuance of | | 5,455,000 | - |
| Convertible Note | | | |
+----------------------------------+-----+-------------+-------------+
| Purchase of treasury shares | | (172) | - |
+----------------------------------+-----+-------------+-------------+
| Net Cash used in Financing | | 5,454,828 | - |
| Activity | | | |
+----------------------------------+-----+-------------+-------------+
| | | | |
+----------------------------------+-----+-------------+-------------+
| Net (Decrease) / Increase in | | 2,906,363 | (3,586,403) |
| Cash and Cash Equivalents | | | |
+----------------------------------+-----+-------------+-------------+
| Cash and Cash Equivalents at 1 | | 1,330,476 | 4,629,560 |
| January | | | |
+----------------------------------+-----+-------------+-------------+
| Cash and Cash Equivalents at 30 | | 4,236,839 | 1,043,157 |
| June | | | |
+----------------------------------+-----+-------------+-------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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