TIDMNSN
RNS Number : 4335T
Natasa Mining Limited
28 September 2010
NATASA MINING LTD
Condensed consolidated interim financial statements
for the half-year ended
30 June 2010
+-------------+--------------+-------------+-------------+------------------+
| Directors' Report |
+---------------------------------------------------------------------------+
| | | | |
+----------------------------+-------------+-------------+------------------+
| The Directors present their report together with the consolidated |
| financial statements for the six months ended 30 June 2010 and the |
| auditor's review report thereon. |
+---------------------------------------------------------------------------+
| | | | |
+----------------------------+-------------+-------------+------------------+
| 1. DIRECTORS | | | |
+----------------------------+-------------+-------------+------------------+
| The names of the directors of the Company in office during or since the |
| end of the half-year are: |
+---------------------------------------------------------------------------+
| | | | | |
+-------------+--------------+-------------+-------------+------------------+
| |
+---------------------------------------------------------------------------+
| Chrisilios Kyriakou, LLB, Executive ChairmanMr. Kyriakou has extensive |
| business interests including commercial properties, share investments and |
| rural property. He was the Chief Executive Officer of the Company's |
| predecessor company, Natasa Mining Ltd (inc. in Australia), since 1979 |
| and was appointed to the Board on 21 April 2010 as Executive Chairman of |
| the Company. |
| |
+---------------------------------------------------------------------------+
| Charles de Chezelles, MBA, Non-executive DirectorMr de Chezelles, aged |
| 70, is a highly experienced financial industry expert. Past positions |
| include: General Manager, Banco Real S.A., London; Executive Director, |
| Credit Suisse-First Boston (CSFB), London; Director, First Boston Europe, |
| London; Vice President, The First Boston Corporation, New York; Corporate |
| Account Executive, Smith Barney, New York; Investment Analyst, Stralem & |
| Company, New York. He is currently Managing Director of Omega Trust |
| Company Limited, London. Mr de Chezelles sits on the board of several |
| natural resources companies based around the world and financial trusts. |
| He was appointed to the Board on 1 May 2010. |
+---------------------------------------------------------------------------+
| |
+---------------------------------------------------------------------------+
| |
+---------------------------------------------------------------------------+
| Jonathan R. Reynolds B.Com (Hons), CA, F Fin, Finance DirectorMr. |
| Reynolds has been the Chief Financial Officer of the Company's |
| predecessor company, Natasa Mining Ltd (inc. in Australia), since 2001. |
| Prior to that he held the position of chief financial officer with a |
| number of other listed entities and before that was a senior manager with |
| an international firm of chartered accountants. He is a member of the |
| Institute of Chartered Accountants in Australia, a fellow of the |
| Financial Services Institute of Australasia and holds a Bachelor of |
| Commerce (Honours) degree. He was appointed to the Board on 21 April |
| 2010. |
+---------------------------------------------------------------------------+
| |
+---------------------------------------------------------------------------+
| The following directors retired upon the redomiciliation of the Company |
| becoming effective, following the shareholders' meeting held on 27 May |
| 2010: |
| John A. Landels |
| Mark R. Arnesen |
| Sydney J.P. Borg |
| Robert A. Cleary |
+---------------------------------------------------------------------------+
| |
+---------------------------------------------------------------------------+
| Company SecretaryMr John B. Maguire, Company Secretary, has held this |
| position and been involved with the Group for the past 19 years. |
+---------------------------------------------------------------------------+
| | | | | |
+-------------+--------------+-------------+-------------+------------------+
+-------------------------------------------------------------------------------------+
| 2. CONSOLIDATED RESULTS AND REVIEW OF OPERATIONSThe net loss after tax of |
| the Group attributable to members for the six months ended 30 June 2010 was |
| $3,836,997 (30 June 2009: profit of $5,653,485). |
| |
| During the period, the Group: |
| · Concentrated on due diligence activities in relation to the proposed |
| acquisition of a majority interest in two gold exploration project contract areas |
| in central-eastern Kazakhstan. Some $648,037 of costs were incurred over the |
| period in connection with these activities. |
| · Acquired a 20% equity interest in Kryso Resources plc (Kryso) at a cost of |
| $4,884,988. Kryso is an AIM-listed mineral exploration and development company |
| focused on projects in Tajikistan. Kryso's primary goal is to bring the Pakrut |
| gold project, of which it has 100% ownership, into production. An internal |
| prefeasibility study has been completed for the Pakrut project and a bankable |
| feasibility study is currently underway. |
| · Expended $105,177 to renew its uranium exploration licences in respect of the |
| Morondava uranium project in Madagascar. |
| · Investigated a number of other mineral operations investment opportunities but |
| did not lead to any positive outcome. |
| · Redomiciled from Australia to the Cayman Islands following shareholders' |
| approval on 27 May 2010. $238,850 of fees and expenses were incurred in relation |
| to this exercise. The accounts presented are those of the newly incorporated |
| Cayman Islands company, however in order to present a true and fair comparison for |
| shareholders the business has been treated as continuing despite the change in |
| legal entity and the comparative figures are those of the predecessor company |
| domiciled in Australia. The financial report has been presented in US Dollars which |
| is the Group's functional currency. Further details are given in Notes 1 and 10 to |
| the accounts. |
| · Repaid $8,654,959 of capital in cash. |
| · Generated interest income of $1,005,647. |
| · Incurred legal fees of $63,337 and travel expenses of $181,918, principally in |
| relation to investigating and pursuing investment opportunities. |
| · Recognised a foreign exchange loss of $2,059,579 following the strengthening |
| of the US dollar, vis-a-vis, in particular, the Australian dollar. |
| |
| 3. SUBSEQUENT EVENTS |
| Since 1 July 2010, the Company : |
| · Purchased various debt and equity securities at a cost of $678,000; and |
| · Sold various equity securities realising proceeds of $438,000 and a net profit |
| on disposal of $89,000. |
| |
| Other than the matters discussed above, there has not arisen in the interval |
| between the end of the half-year and the date of this report any item, transaction |
| or event of a material and unusual nature likely, in the opinion of the Directors |
| of the Company, to affect significantly the operations of the consolidated entity, |
| the results of those operations or the state of affairs of the consolidated entity, |
| in subsequent financial years. |
| C. Kyriakou |
| |
| |
| Director |
| |
+-------------------------------------------------------------------------------------+
+------------------------------------+------+---------------+--------------+----------+
| Condensed Consolidated Interim Income Statement | |
| for the six months ended 30 June 2010 | |
+--------------------------------------------------------------------------+----------+
| | | | | |
+------------------------------------+------+---------------+--------------+----------+
| | Note | 30 June | 30 June | |
| | | 2010 | 2009 | |
| | | $ | $ | |
+------------------------------------+------+---------------+--------------+----------+
| | | | | |
+------------------------------------+------+---------------+--------------+----------+
| Total revenue from services | | - | - | |
+------------------------------------+------+---------------+--------------+----------+
| (Loss)/gain on sale of equity and | | (43,252) | 6,146,282 | |
| debt instruments | | | | |
+------------------------------------+------+---------------+--------------+----------+
| Financial income | | 1,005,647 | 1,082,007 | |
+------------------------------------+------+---------------+--------------+----------+
| | | | | |
+------------------------------------+------+---------------+--------------+----------+
| Personnel expenses | | (1,060,796) | (512,831) | |
+------------------------------------+------+---------------+--------------+----------+
| Audit fees | | (32,100) | (26,834) | |
+------------------------------------+------+---------------+--------------+----------+
| Audit fees to subsidiary and | | (53,689) | - | |
| previous auditors | | | | |
+------------------------------------+------+---------------+--------------+----------+
| Depreciation and amortisation | | (2,814) | (3,330) | |
+------------------------------------+------+---------------+--------------+----------+
| Finance expenses | | (147,881) | (181,267) | |
+------------------------------------+------+---------------+--------------+----------+
| Reversal of financial advisory | | 154,081 | - | |
| fees | | | | |
+------------------------------------+------+---------------+--------------+----------+
| Foreign exchange losses | | (2,059,579) | (1,337,203) | |
+------------------------------------+------+---------------+--------------+----------+
| Impairment losses on receivables | | - | (295,039) | |
+------------------------------------+------+---------------+--------------+----------+
| Reversal of impairment losses on | | - | 2,510,183 | |
| receivables | | | | |
+------------------------------------+------+---------------+--------------+----------+
| Legal fees | | (63,337) | (1,294,880) | |
+------------------------------------+------+---------------+--------------+----------+
| Redomiciliation costs | | (238,850) | - | |
+------------------------------------+------+---------------+--------------+----------+
| Kazakhstan project due diligence | | (648,037) | - | |
| costs | | | | |
+------------------------------------+------+---------------+--------------+----------+
| Morondava licence fees | | (105,177) | - | |
+------------------------------------+------+---------------+--------------+----------+
| Travel expenses | | (181,918) | (249,487) | |
+------------------------------------+------+---------------+--------------+----------+
| Other administrative expenses | | (359,295) | (184,116) | |
+------------------------------------+------+---------------+--------------+----------+
| | | | | |
+------------------------------------+------+---------------+--------------+----------+
| Result from operating activities | | (3,836,997) | 5,653,485 | |
+------------------------------------+------+---------------+--------------+----------+
| | | | | |
+------------------------------------+------+---------------+--------------+----------+
| Share of net result of associates | 4 | | | |
| | | - | - | |
+------------------------------------+------+---------------+--------------+----------+
| | | | | |
+------------------------------------+------+---------------+--------------+----------+
| (Loss)/profit before tax | | (3,836,997) | 5,653,485 | |
+------------------------------------+------+---------------+--------------+----------+
| | | | | |
+------------------------------------+------+---------------+--------------+----------+
| Income tax expense | | | | |
| | | - | - | |
+------------------------------------+------+---------------+--------------+----------+
| | | | | |
+------------------------------------+------+---------------+--------------+----------+
| (Loss)/profit for the period | | (3,836,997) | 5,653,485 | |
+------------------------------------+------+---------------+--------------+----------+
| | | | | |
+------------------------------------+------+---------------+--------------+----------+
| Attributable to: | | | | |
+------------------------------------+------+---------------+--------------+----------+
| Equity holders of the Company | | (3,836,997) | 5,653,485 | |
+------------------------------------+------+---------------+--------------+----------+
| | | | | |
+------------------------------------+------+---------------+--------------+----------+
| | | Cents | Cents | |
+------------------------------------+------+---------------+--------------+----------+
| Basic (loss)/earnings per share | | (13.1) | 29.0 | |
+------------------------------------+------+---------------+--------------+----------+
| Diluted (loss)/earnings per share | | (13.1) | 22.0 | |
+------------------------------------+------+---------------+--------------+----------+
| | | | | |
+------------------------------------+------+---------------+--------------+----------+
| The above Condensed Consolidated Interim Income Statement should be read in |
| conjunction with the accompanying notes. |
+-------------------------------------------------------------------------------------+
| |
+------------------------------------+------+---------------+--------------+----------+
+---------------------------------+----------+-------------+-------------+
| Condensed Consolidated Interim Statement of Comprehensive Income |
| for the six months ended 30 June 2010 |
+------------------------------------------------------------------------+
| | | | |
+---------------------------------+----------+-------------+-------------+
| | | 30 June | 30 June |
| | | 2010 | 2009 |
| | | $ | $ |
+---------------------------------+----------+-------------+-------------+
| | | | |
+---------------------------------+----------+-------------+-------------+
| (Loss)/profit for the period | | (3,836,997) | 5,653,485 |
+---------------------------------+----------+-------------+-------------+
| | | | |
+---------------------------------+----------+-------------+-------------+
| Foreign exchange movement | | - | (2,986,291) |
+---------------------------------+----------+-------------+-------------+
| Change in fair value of equity | | | |
| securities available for sale, | | 2,695,536 | |
| net of tax | | | - |
+---------------------------------+----------+-------------+-------------+
| | | | |
+---------------------------------+----------+-------------+-------------+
| Total comprehensive (loss) / | | | |
| income for the period | | (1,141,461) | 2,667,194 |
+---------------------------------+----------+-------------+-------------+
| | | | |
+---------------------------------+----------+-------------+-------------+
| Attributable to: | | | |
+---------------------------------+----------+-------------+-------------+
| Equity holders of the Company | | (1,141,461) | 2,667,194 |
+---------------------------------+----------+-------------+-------------+
| |
+------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------+
| The above Condensed Consolidated Interim Statement of Comprehensive |
| Income should be read in conjunction with the accompanying notes. |
+------------------------------------------------------------------------+
| | | |
+---------------------------------+----------+-------------+-------------+
+---------------------------+------+-----------------------------------+
| Condensed Consolidated Statement of Financial Position |
| as at 30 June 2010 |
+----------------------------------------------------------------------+
| | | |
+---------------------------+------+-----------------------------------+
+---------------------------+------+----------------+------------------+----------------+---------------------------------------------+------------------------------------------------------+---------------------------------------------------------+
| |Note | 30 June2010 | 30 June2009$ | 31 | |
| | | $ | | December2009$ | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| ASSETS | | | | | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Current Assets | | | | | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Cash and cash equivalents | | 33,355,547 | 43,442,413 | 43,703,987 | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Trade and other | 5 | 1,202,190 | 5,779,954 | 7,657,563 | |
| receivables | | | | | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Total Current Assets | | 34,557,737 | 49,222,367 | 51,361,550 | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| | | | | | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Non-Current Assets | | | | | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Other financial assets | | 7,995,616 | - | 488,149 | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Plant and equipment | | 8,739 | 4,860 | 5,396 | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Total Non-Current Assets | | 8,004,355 | 4,860 | 493,545 | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| | | | | | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Total Assets | | 42,562,092 | 49,227,227 | 51,855,095 | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| | | | | | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| LIABILITIES | | | | | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Current Liabilities | | | | | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Trade and other payables | | 638,608 | 1,428,361 | 373,438 | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Loans and borrowings | 6 | - | 7,243,200 | 8,036,100 | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Provisions | | | 1,799 | 1,996 | |
| | | - | | | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Total Current Liabilities | | 638,608 | 8,673,360 | 8,411,534 | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| | | | | | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Total Liabilities | | 638,608 | 8,673,360 | 8,411,533 | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| | | | | | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| NET ASSETS | | 41,923,484 | 40,553,867 | 43,443,561 | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| | | | | | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| EQUITY | | | | | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Share capital | 8 | 41,723,622 | 39,533,645 | 39,533,645 | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Reserves | | 2,752,536 | 1,069,564 | 4,321,100 | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Accumulated loss | | (2,552,674) | (49,342) | (411,184) | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| | | | | | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| TOTAL EQUITY | | 41,923,484 | 40,553,867 | 43,443,561 | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| | | | | | |
+---------------------------+------+----------------+------------------+----------------+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| | | | |
| | | | |
| The interim results were approved by the Board on 28 September 2010 | | | |
| and signed on its behalf by: | | | |
| | | | |
| | | | |
| | | | |
| C. Kyriakou | | | |
| | | | |
| | | | |
| The above Condensed Consolidated Interim Statement of Financial | | | |
| Position should be read in conjunction with the accompanying notes. | | | |
+----------------------------------------------------------------------+--------------------------------------------------------------+------------------------------------------------------+---------------------------------------------------------+
| | | | | | | | |
+---------------------------+------+----------------+------------------+----------------+---------------------------------------------+------------------------------------------------------+---------------------------------------------------------+
Condensed Consolidated Statement of Changes in Equity
as at 30 June 2010
+----------------------+----+------------+---------+-----------+--------------+-------------+--------------+-------------+----------+-------------+
| 2009 | | Attributable to equity holders of the Company |
+----------------------+----+---------------------------------------------------------------------------------------------------------------------+
| | | | | Share | | Foreign | | | | |
| | | | Fair | based | Reval-uation | currency | Accum-ulated | | | |
| | | Share | value | payments | reserve | translation | loss | | Minority | Total |
| | | capital | reserve | reserve | | reserve | | Total | interest | equity |
+----------------------+----+------------+---------+-----------+--------------+-------------+--------------+-------------+----------+-------------+
| | | $ | $ | $ | $ | $ | $ | $ | $ | $ |
+----------------------+----+------------+---------+-----------+--------------+-------------+--------------+-------------+----------+-------------+
| Balance at 1 January | | 39,533,645 | - | 4,055,855 | - | - | (5,702,827) | 37,886,673 | - | 37,886,673 |
| 2009 | | | | | | | | | | |
+----------------------+----+------------+---------+-----------+--------------+-------------+--------------+-------------+----------+-------------+
| | | | | | | | | | | |
+----------------------+----+------------+---------+-----------+--------------+-------------+--------------+-------------+----------+-------------+
| Total comprehensive | | | | | | | | | | |
| income for the | | | | | | | | | | |
| period | | | | | | | | | | |
+----------------------+----+------------+---------+-----------+--------------+-------------+--------------+-------------+----------+-------------+
| Profit | | - | - | - | - | - | 5,653,485 | 5,653,485 | - | 5,653,485 |
+----------------------+----+------------+---------+-----------+--------------+-------------+--------------+-------------+----------+-------------+
| Total other | | | | | | | | | | |
| comprehensive | | - | - | - | - | (2,986,291) | - | (2,986,291) | - | (2,986,291) |
| expense | | | | | | | | | | |
+----------------------+----+------------+---------+-----------+--------------+-------------+--------------+-------------+----------+-------------+
| Total comprehensive | | | | | | | | | | |
| income for the | | - | - | - | - | (2,986,291) | 5,653,485 | 2,667,194 | - | 2,667,194 |
| period | | | | | | | | | | |
+----------------------+----+------------+---------+-----------+--------------+-------------+--------------+-------------+----------+-------------+
| | | | | | | | | | | |
+----------------------+----+------------+---------+-----------+--------------+-------------+--------------+-------------+----------+-------------+
| | | | | | | | | | | |
| Balance at 30 June | | 39,533,645 | - | 4,055,855 | - | (2,986,291) | (49,342) | 40,553,867 | - | 40,553,867 |
| 2009 | | | | | | | | | | |
+----------------------+----+------------+---------+-----------+--------------+-------------+--------------+-------------+----------+-------------+
+-----------------------------------------------------------------------------------------------+
| The above Condensed Consolidated Interim Statement of Changes in Equity should be read in |
| conjunction with the accompanying notes. |
+-----------------------------------------------------------------------------------------------+
Condensed Consolidated Statement of Changes in Equity
as at 30 June 2010
+----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+
| 2010 | | Attributable to equity holders of the Company |
+----------------------+----+--------------------------------------------------------------------------------------------------------------------------+
| | | | | Share | | Foreign | | | | |
| | | | Fair | based | Reval-uation | currency | Accum-ulated | | | |
| | | Share | value | payments | reserve | translation | loss | | Minority | Total |
| | | capital | reserve | reserve | | reserve | | Total | interest | equity |
+----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+
| | | $ | $ | $ | $ | $ | $ | $ | $ | $ |
+----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+
| Balance at 1 January | | 39,533,645 | - | 4,321,100 | - | - | (411,184) | 43,443,561 | - | 43,443,561 |
| 2010 | | | | | | | | | | |
+----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+
| | | | | | | | | | | |
+----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+
| Total comprehensive | | | | | | | | | | |
| income for the | | | | | | | | | | |
| period | | | | | | | | | | |
+----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+
| Loss | | - | - | - | - | - | (3,836,997) | (3,836,997) | - | (3,836,997) |
+----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+
| Total other | | | | | | | | | | |
| comprehensive income | | - | 2,695,536 | - | - | - | - | 2,695,536 | - | 2,695,536 |
+----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+
| Total comprehensive | | | | | | | | | | |
| income for the | | - | 2,695,536 | - | - | - | (3,836,997) | (1,141,461) | - | (1,141,461) |
| period | | | | | | | | | | |
+----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+
| Transactions with | | | | | | | | | | |
| owners, recorded | | | | | | | | | | |
| directly in equity | | | | | | | | | | |
+----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+
| Contributions by | | | | | | | | | | |
| owners | | | | | | | | | | |
+----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+
| Shares issued on | | 8,219,343 | - | - | - | - | - | 8,219,343 | - | 8,219,343 |
| Note conversion | | | | | | | | | | |
+----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+
| Capital return - in | | (8,654,959) | - | - | - | - | - | (8,654,959) | - | (8,654,959) |
| cash | | | | | | | | | | |
+----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+
| Capitalisation of | | | | | | | | | | |
| reserves arising on | | 2,625,593 | - | (4,321,100) | - | - | 1,695,507 | - | - | - |
| redomiciliation | | | | | | | | | | |
+----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+
| Share-based payment | | - | - | 57,000 | - | - | - | 57,000 | - | 57,000 |
| transactions | | | | | | | | | | |
+----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+
| Total contributions | | 2,189,977 | - | (4,264,100) | - | - | 1,695,507 | (378,616) | - | (378,616) |
| by owners | | | | | | | | | | |
+----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+
| Total transactions | | 2,189,977 | - | (4,264,100) | - | - | 1,695,507 | (378,616) | - | (378,616) |
| with owners | | | | | | | | | | |
+----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+
| | | | | | | | | | | |
+----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+
| | | | | | | | | | | |
| Balance at 30 June | | 41,723,622 | 2,695,536 | 57,000 | - | - | (2,552,674) | 41,923,484 | - | 41,923,484 |
| 2010 | | | | | | | | | | |
+----------------------+----+-------------+-----------+-------------+--------------+-------------+--------------+-------------+----------+-------------+
+-----------------------------------------------------------------------------------------------+
| The above Condensed Consolidated Interim Statement of Changes in Equity should be read in |
| conjunction with the accompanying notes. |
+-----------------------------------------------------------------------------------------------+
+----------------------------+-------------+------------------+----------------+
| Condensed Consolidated Interim Statement of Cash Flows |
| for the six months ended 30 June 2010 |
+------------------------------------------------------------------------------+
| | | |
+----------------------------+-------------+-----------------------------------+
| | | |
+----------------------------+-------------+-----------------------------------+
| | | 30 June2010 | 30 June2009 |
| | | $ | $ |
+----------------------------+-------------+------------------+----------------+
| | | | |
+----------------------------+-------------+------------------+----------------+
| Cash Flows Used In Operating Activities | | |
+------------------------------------------+------------------+----------------+
| Cash payments in the course of | (2,264,471) | (1,304,536) |
| operations | | |
+------------------------------------------+------------------+----------------+
| | | |
+------------------------------------------+------------------+----------------+
| Cash used in operations | (2,264,471) | (1,304,536) |
+------------------------------------------+------------------+----------------+
| Interest received | 1,095,658 | 1,252,987 |
+------------------------------------------+------------------+----------------+
| Interest paid | (147,881) | (181,267) |
+------------------------------------------+------------------+----------------+
| | | |
+------------------------------------------+------------------+----------------+
| Net cash used in operating activities | (1,316,694) | (232,816) |
+------------------------------------------+------------------+----------------+
| | | |
+------------------------------------------+------------------+----------------+
| Cash Flows (Used In) / From Investing | | |
| Activities | | |
+------------------------------------------+------------------+----------------+
| Loan to other entities | - | (1,558,906) |
+------------------------------------------+------------------+----------------+
| Recovery of loan to other entities | 2,500,000 | 1,558,906 |
+------------------------------------------+------------------+----------------+
| Recovery of funds placed in lawyer's | | |
| escrow account for purchase of | 200,000 | - |
| investments | | |
+------------------------------------------+------------------+----------------+
| Loan to associate | - | (295,039) |
+------------------------------------------+------------------+----------------+
| Purchase of equity investments | (5,135,713) | - |
+------------------------------------------+------------------+----------------+
| Proceeds on sale of equity investments | 269,534 | - |
+------------------------------------------+------------------+----------------+
| Purchase of debt instruments | - | (14,892,359) |
+------------------------------------------+------------------+----------------+
| Proceeds on sale of debt instruments | - | 21,038,641 |
+------------------------------------------+------------------+----------------+
| Payments for purchases of plant and | (6,535) | (3,934) |
| equipment | | |
+------------------------------------------+------------------+----------------+
| | | |
+------------------------------------------+------------------+----------------+
| Net cash (used in) / from investing | (2,172,714) | 5,847,309 |
| activities | | |
+------------------------------------------+------------------+----------------+
| | | |
+------------------------------------------+------------------+----------------+
| Cash Flows Used In Financing Activities | | |
+------------------------------------------+------------------+----------------+
| Capital return | (8,654,959) | - |
+------------------------------------------+------------------+----------------+
| Proceeds from the issue of Convertible | 3,660,890 | |
| Note | | - |
+------------------------------------------+------------------+----------------+
| | | |
+------------------------------------------+------------------+----------------+
| Net cash used in financing activities | (4,994,069) | |
| | | - |
+------------------------------------------+------------------+----------------+
| | | |
+------------------------------------------+------------------+----------------+
| Net (decrease) / increase in cash and | (8,483,477) | 5,614,493 |
| cash equivalents | | |
+------------------------------------------+------------------+----------------+
| | | |
+------------------------------------------+------------------+----------------+
| Cash at 1 January | 43,703,987 | 32,764,334 |
+------------------------------------------+------------------+----------------+
| Exchange fluctuations | (1,864,963) | 5,049,011 |
+------------------------------------------+------------------+----------------+
| | | |
+------------------------------------------+------------------+----------------+
| Cash at 30 June | 33,355,547 | 43,427,838 |
+------------------------------------------+------------------+----------------+
| | | |
+------------------------------------------+------------------+----------------+
| The above Condensed Consolidated Interim Statement of Cash Flows |
| should be read in conjunction with the accompanying notes. |
+----------------------------+-------------+------------------+----------------+
+----+----------------------------------+---------+------------+--------------+----------+
| 1. | Reporting entity | |
+----+------------------------------------------------------------------------+----------+
| | Natasa Mining Ltd (the "Company") is a company incorporated in the | |
| | Cayman Islands. The condensed consolidated interim financial | |
| | statements of the Company as at and for the six months ended 30 June | |
| | 2010 comprises the Company and its subsidiaries (together referred to | |
| | as the "Group") and the Group's interests in associates and jointly | |
| | controlled entities. | |
| | | |
| | The Company was incorporated on 14 April 2010 and acquired all the | |
| | assets and liabilities of Natasa Mining Ltd (incorporated in Australia | |
| | ("Natasa"). The acquisition of the assets and liabilities was met by | |
| | the issue of 29,241,951 ordinary shares in the Company to the | |
| | shareholders of Natasa on a 1:1 basis such that the shareholders of | |
| | Natasa became the shareholders of the Company. The interim results for | |
| | the 6 months to 30 June 2010 are those of the Group as if no capital | |
| | reconstruction has taken place (see note 10). The comparative | |
| | information as shown are those of Natasa. | |
+----+------------------------------------------------------------------------+----------+
| | | |
+----+------------------------------------------------------------------------+----------+
| | The financial report is presented in United States dollars which is | |
| | the Group's functional currency. | |
+----+------------------------------------------------------------------------+----------+
| | The consolidated annual financial report of the Group as at and for | |
| | the year ended 31 December 2009 is available at www.natasamining.com. | |
+----+------------------------------------------------------------------------+----------+
| | | |
+----+------------------------------------------------------------------------+----------+
| 2. | Statement of compliance | |
+----+------------------------------------------------------------------------+----------+
| | The condensed consolidated interim financial statements have been | |
| | prepared in accordance with International Accounting Standard 34 | |
| | "Interim Financial Reporting". | |
| | | |
| | The condensed consolidated interim financial statements do not include | |
| | all of the information required for full annual financial statements, | |
| | and should be read in conjunction with the consolidated annual | |
| | financial statements of the Group as at and for the year ended 31 | |
| | December 2009. | |
| | | |
| | The annual financial statements have been prepared in accordance with | |
| | International Financial Reporting Standards (IFRSs) as adopted by the | |
| | European Union. | |
+----+------------------------------------------------------------------------+----------+
| | | |
+----+------------------------------------------------------------------------+----------+
| | These condensed consolidated interim financial statements were | |
| | approved by the Board of Directors on 28 September 2010. | |
+----+------------------------------------------------------------------------+----------+
| | | |
+----+------------------------------------------------------------------------+----------+
| 3. | Significant accounting policies | |
+----+------------------------------------------------------------------------+----------+
| | The accounting policies applied by the Group in these condensed | |
| | consolidated financial statements are the same as those applied by the | |
| | Group in its consolidated financial statements as at and for the year | |
| | ended 31 December 2009. | |
+----+------------------------------------------------------------------------+----------+
| | | |
+----+------------------------------------------------------------------------+----------+
| 4. | Investments in associates |
+----+-----------------------------------------------------------------------------------+
| | | 30 June | 30 June | 31 December 2009 |
| | | 2010 | 2009 | |
+----+----------------------------------+---------+------------+-------------------------+
| | UMC Energy plc | * | 20.7% | * |
+----+----------------------------------+---------+------------+-------------------------+
| | Share of associate's net loss | * | $- | * |
| | for the period | | | |
+----+----------------------------------+---------+------------+-------------------------+
| | | |
+----+------------------------------------------------------------------------+----------+
| | * UMC Energy plc became a subsidiary of the Company on 16 October 2009. |
+----+-----------------------------------------------------------------------------------+
| | | | | | |
+----+----------------------------------+---------+------------+--------------+----------+
+--+----------------------------------+---------------+--------------+--------------+----------+
| 5.| Trade and other receivables |
+--+-------------------------------------------------------------------------------------------+
| | | 30 | 30 June | 31 | |
| | | June | 2009 | December | |
| | | 2010 | | 2009 | |
+--+----------------------------------+---------------+--------------+--------------+----------+
| | | $ | $ | $ | |
+--+----------------------------------+---------------+--------------+--------------+----------+
| | Current | | | | |
+--+----------------------------------+---------------+--------------+--------------+----------+
| | Convertible note receivable | - | 3,299,680 | 3,660,890 | |
+--+----------------------------------+---------------+--------------+--------------+----------+
| | Funds held in lawyer's escrow | 1,200,000 | - | 1,400,000 | |
| | account | | | | |
+--+----------------------------------+---------------+--------------+--------------+----------+
| | Interest receivable | - | 27,984 | 90,011 | |
+--+----------------------------------+---------------+--------------+--------------+----------+
| | Loan to third party | - | - | 2,500,000 | |
+--+----------------------------------+---------------+--------------+--------------+----------+
| | Proceeds due from sale of | - | 2,448,368 | - | |
| | investments | | | | |
+--+----------------------------------+---------------+--------------+--------------+----------+
| | Other debtors | 2,190 | 3,922 | 6,662 | |
+--+----------------------------------+---------------+--------------+--------------+----------+
| | | 1,202,190 | 5,779,954 | 7,657,563 | |
+--+----------------------------------+---------------+--------------+--------------+----------+
| | Funds held in lawyer's escrow account relates to purchase | |
| | consideration for the proposed acquisition of the Kazakhstan gold | |
| | project and generates interest at 0.5% pa. | |
+--+--------------------------------------------------------------------------------+----------+
| | | |
+--+--------------------------------------------------------------------------------+----------+
| 6.| Loans and borrowings |
+--+-------------------------------------------------------------------------------------------+
| | In January 2008, the Company issued a Convertible Note to raise A$9 million |
| | to Capma Pty Ltd, a company in which a Director, Mr. Kyriakou, has an |
| | interest. During the period, the Group recognised interest charges of |
| | $147,881 on the Note. The Note was converted, under its terms, into |
| | 9,868,421 fully paid ordinary shares in the Company on 16 March 2010. |
+--+-------------------------------------------------------------------------------------------+
| | |
+--+-------------------------------------------------------------------------------------------+
| 7.| Commitments and contingent liabilities |
+--+-------------------------------------------------------------------------------------------+
| | The Group has no commitments for capital or revenue purchases other than |
| | those entered into in the ordinary course of business. |
| | |
| | The Group has no commitments under non-cancellable leases. |
| | |
| | The Group has no contingent liabilities. |
+--+----------------------------------+---------------+--------------+--------------+----------+
+--+----------------------------------+------------+------------+------------+----------+
| 8.| Share capital |
+--+------------------------------------------------------------------------------------+
| | | 30 | 30 June | 31 | |
| | | June | 2009 | December | |
| | | 2010 | | 2009 | |
+--+----------------------------------+------------+------------+------------+----------+
| | Issued and paid up capital | $ | $ | $ | |
+--+----------------------------------+------------+------------+------------+----------+
| | 29,241,951 (2009 : 19,373,530) | | | | |
| | ordinary shares, fully paid | 41,723,622 | 39,533,645 | 39,533,645 | |
+--+----------------------------------+------------+------------+------------+----------+
+--+----------------------------------+-------------+------------+------------+----------+
| | Reconciliation of issued capital |
+--+-------------------------------------------------------------------------------------+
| | | 30 | 30 June | 31 | |
| | | June | 2009 | December | |
| | | 2010 | | 2009 | |
+--+----------------------------------+-------------+------------+------------+----------+
| | | Number | Number | Number | |
+--+----------------------------------+-------------+------------+------------+----------+
| | Balance at beginning of | 19,373,530 | 19,373,530 | 19,373,530 | |
| | half-year | | | | |
+--+----------------------------------+-------------+------------+------------+----------+
| | On conversion of Note | 9,868,421 | | | |
| | | | - | - | |
+--+----------------------------------+-------------+------------+------------+----------+
| | Balance at 30 June | 29,241,951 | 19,373,530 | 19,373,530 | |
+--+----------------------------------+-------------+------------+------------+----------+
+----+----------------------------------------------+-+----+----------+------------+----------+
| 9. | Operating segments |
+----+----------------------------------------------------------------------------------------+
| | The Group has one reportable segment, as described below, which represents the |
| | Group's strategic business unit. The strategic business unit is that of investment |
| | in mineral exploration and development projects and companies. The Board of |
| | Directors reviews internal management reports at least monthly. Information |
| | regarding the results of the reportable segments is included below. Performance is |
| | measured based on the segment profit before income tax as included in the internal |
| | management reports that are reviewed by the Board of Directors. There is no |
| | inter-segment pricing. |
+----+----------------------------------------------------------------------------------------+
| Information about reportable segments | | 30 June | 30 June | |
| | | 2010 | 2009 | |
+---------------------------------------------------+------+----------+------------+----------+
| | $ | $ |
+-----------------------------------------------------+---------------+-----------------------+
| External revenue | - | - |
+-----------------------------------------------------+---------------+-----------------------+
| (Loss) / gain on sale of equity and debt | (43,252) | 6,146,282 |
| instruments | | |
+-----------------------------------------------------+---------------+-----------------------+
| Financial income | 1,005,647 | 1,082,007 |
+-----------------------------------------------------+---------------+-----------------------+
| Finance expenses | (147,881) | (181,267) |
+-----------------------------------------------------+---------------+-----------------------+
| Depreciation and amortisation | (2,814) | (3,330) |
+-----------------------------------------------------+---------------+-----------------------+
| Reportable segment (loss) / profit before income | (3,836,997) | 5,653,485 |
| tax | | |
+-----------------------------------------------------+---------------+-----------------------+
| Share of loss of equity method investees | - | - |
+-----------------------------------------------------+---------------+-----------------------+
| Reportable segment assets | 42,562,092 | 49,227,227 |
+-----------------------------------------------------+---------------+-----------------------+
| Capital expenditure | (5,539) | (20,384) |
+-----------------------------------------------------+---------------+-----------------------+
| | | | | | | |
+----+----------------------------------------------+-+----+----------+------------+----------+
+---+----------------------------------------------+-+----------+---+-----+------------+----------+
| | Geographical segmentsThe segment is managed on a worldwide basis. Individual assets are |
| | located in various countries. In presenting information on the basis of geographical |
| | segments, segments assets are based on the geographical location of the assets. |
+---+---------------------------------------------------------------------------------------------+
| | | Non-current assets | |
+----------------------------------------------------+----------+----------------------+----------+
| | | 30 June | 30 June | |
| | | 2010 | 2009 | |
+----------------------------------------------------+----------+---------+------------+----------+
| | | $ | $ | |
+--------------------------------------------------+----------------+-----+------------+----------+
| Australia | 72,785 | 4,860 |
+----------------------------------------------------+--------------------+-----------------------+
| United Kingdom | 7,834,468 | - |
+----------------------------------------------------+--------------------+-----------------------+
| North America | 97,102 | - |
+----------------------------------------------------+--------------------+-----------------------+
| Total | 8,004,355 | 4,860 |
+----------------------------------------------------+--------------------+-----------------------+
| | | | | | | | |
+---+----------------------------------------------+-+----------+---+-----+------------+----------+
The Group did not generate any revenue during the financial period ended 30 June
2010 (2009 : $nil).
Natasa Mining Ltd
Notes to the condensed consolidated interim financial statements
+-----+-------------------------------------+--+--------------+------------+
| 10. | Corporate reconstructionNatasa Mining Ltd (the "Company") was |
| | incorporated in the Cayman Islands on 14 April 2010. |
| | |
| | On 27 May 2010, the Company acquired all the assets and |
| | liabilities of Natasa Mining Ltd (incorporated in Australia) |
| | ("Natasa"). The acquisition of the assets and liabilities was met |
| | by the issue of 29,241,951 ordinary shares in the Company to the |
| | shareholders of Natasa on a 1:1 basis such that the shareholders |
| | of Natasa became the shareholders of the Company with each |
| | shareholder holding the same number of shares in the Company, in |
| | both absolute and percentage terms, as they did in Natasa. |
| | |
| | There was a return of surplus capital to the shareholders of |
| | Natasa of A$10,234,683 (A$0.35 per share) following which the |
| | cancellation of the Natasa shares took place. |
| | |
| | As part of the reconstruction, the Company subscribed for one |
| | share in Natasa which subsequently became a 100% owned subsidiary |
| | of the Company. |
| | |
| | The Directors considered that the fair value of the net assets of |
| | Natasa equalled that of their net book value of A$45,983,144 |
| | (US$41,723,622) and this value was attached to the 29,241,951 |
| | ordinary shares issued by the Company to acquire the assets and |
| | liabilities of Natasa. |
| | |
| | The assets and liabilities acquired were as follows: |
+-----+--------------------------------------------------------------------+
| | | | | $ |
+-----+-------------------------------------+--+--------------+------------+
| | Cash and cash equivalents | | | 40,616,337 |
+-----+-------------------------------------+--+--------------+------------+
| | Trade and other receivables | | | 1,202,190 |
+-----+-------------------------------------+--+--------------+------------+
| | Financial assets | | | 351,046 |
+-----+-------------------------------------+--+--------------+------------+
| | Plant and equipment | | | 8,739 |
+-----+-------------------------------------+--+--------------+------------+
| | Trade and other payables | | | (454,690) |
+-----+-------------------------------------+--+--------------+------------+
| | | | | _________ |
+-----+-------------------------------------+--+--------------+------------+
| | | | | 41,723,622 |
+-----+-------------------------------------+--+--------------+------------+
+-----+--------------------------------------------------------------------+
| 11. | Post balance sheet events |
+-----+--------------------------------------------------------------------+
| | Since 1 July 2010, the Company: |
| | · Purchased various debt and equity securities at a cost of |
| | $678,000; and |
| | · Sold various equity securities realising proceeds of $438,000 |
| | and a net profit on disposal of $89,000. |
+-----+--------------------------------------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FVLFLBKFLBBD
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