TIDMPDZ
RNS Number : 4125V
Prairie Mining Limited
30 January 2017
PRAIRIE MINING LIMITED
NEWS RELEASE | 30 January 2017
DECEMBER 2016 QUARTERLY REPORT
HIGHLIGHTS:
Debiensko Hard Coking Coal Project
-- Acquisition of a fully permitted, "mine ready" project of significant global scale.
-- Transformational acquisition marking Prairie's entry into the
hard coking coal sector, complementing Prairie's advanced Jan
Karski Mine, and creating a multi-project coal development company
based in Poland to supply European industry.
-- As a brownfield development project, significant historical
capital investment positions Debiensko to become a meaningful,
near-term regional hard coking coal producer strategically located
in the steelmaking heartland of Europe where approximately 80% of
current coking coal usage is imported.
-- Debiensko already has a 50-year mining concession,
established on-site facilities including rail, road and power
infrastructure, comprehensive historical drilling data and all
environmental consents.
-- Through the acquisition, Prairie acquired a highly
experienced team of Polish mining specialists including engineers,
mine managers, mine planners, geologists, surveyors and
environmental specialists that brings substantial synergies to
expedite permitting and development of Prairie's flagship Jan
Karski Mine.
-- Moving rapidly, a Scoping Study for Debiensko has commenced
which will evaluate options for the near term development of
profitable coal seams whilst minimising upfront capital costs.
-- Results from a fully cored borehole drilled at Debiensko
during 2015/16 confirms historical data indicating that Debiensko
hosts a range of premium quality hard coking coals comparable to
internationally traded benchmark coking coals.
Jan Karski Mine
-- Prairie Mining and China Coal signed a landmark Strategic
Co-operation Agreement to advance the financing and construction of
Prairie's Jan Karski Mine in Poland.
-- Under the terms of the agreement, China Coal and Prairie
intend to complete a Bankable Feasibility Study in the second half
of the year, which will provide the basis for an EPC contract and a
construction-funding package for the Jan Karski Mine.
-- China Coal is the second largest coal mining company in China
and one of the world's most advanced and prolific shaft sinking and
total underground coal mine construction companies.
-- The Strategic Co-operation Agreement demonstrates the
increasing economic collaboration between Poland and China
following China's proposed "One Belt, One Road" development
strategy and highlights Poland's importance as a "One Belt Economy"
for accessing key European markets.
-- Permitting process for the mining concession application continues.
Other
-- Coking coal continues to be classified by the European
Commission as the third most economically important "critical raw
material" for the European economy.
-- Cash on hand of A$13.1 million and CD Capital's right to
invest a further A$68 million as a strategic partner places Prairie
in an excellent financial position to progress with its planned
development activities at Debiensko and the Jan Karski Mine.
NEXT STEPS:
Debiensko Hard Coking Coal Project
-- Complete a maiden JORC Coal Resource Estimate for Debiensko
in the coming days which will support the Scoping Study mine
plan.
-- Complete the Scoping Study for Debiensko.
-- Commence a focused in-fill drill program to increase JORC
measured and indicated resources to support future feasibility
studies for Debiensko.
-- Deliver a re-engineered mine plan to produce a feasibility
study to international standards with a focus on near term
production at Debiensko.
Jan Karski Mine
-- Continue to advance financing discussions with global project
finance banks and potential offtakers to structure a development
financing package for the Jan Karski Mine.
-- Progress with the mining concession process and formally
lodge a mining concession application for the Jan Karski Mine.
-- Continue other required project development activities
including land acquisition at the Jan Karski Mine.
-- Continue with Bankable Feasibility Study which is scheduled
to be completed in the second half of the year.
For further information contact:
Ben Stoikovich Artur Kluczny Sapan Ghai
Chief Executive Group Executive Corporate Development
Officer - Poland
+44 207 478 3900 +48 22 351 73 80 +44 7557 055 166
info@pdz.com.au
Debiensko HARD Coking Coal Project
During the quarter, Prairie Mining Limited ("Prairie" or
"Company") acquired the Debiensko Hard Coking Coal Project
("Debiensko" or "Project"), a fully permitted, hard coking coal
project located in the Upper Silesian Coal Basin in the south west
of the Republic of Poland. The Project is located approximately 40
km from the city of Katowice and 30 km from the Czech Republic.
Debiensko is bordered by the Knurow-Szczyglowice mine in the
north west and the Budryk mine in the north east, both owned and
operated by Jastrz bska Spó ka W glowa SA ("JSW"), Europe's leading
producer of hard coking coal.
The Debiensko mine was originally opened in 1898 and was
operated by various Polish mining companies until 2000 when mining
operations were suspended due to a major government led
restructuring of the coal sector caused by a downturn in global
coal prices. In early 2006 New World Resources Plc ("NWR") acquired
Debiensko and commenced planning in order for the Project to comply
with Polish mining standards and with the aim of accessing and
mining hard coking coal seams. In 2007, the Minister of Environment
of Poland approved the development plan and in 2008 granted NWR a
50-year mine license for Debiensko.
Debiensko is fully permitted with established on-site facilities
including rail, road and power infrastructure, comprehensive
historical drilling data and all environmental consents. As a
brownfield development project with significant historical capital
investment Debiensko is positioned to become a meaningful, regional
hard coking coal producer in the near-term.
A large scale coal exploration target has been estimated based
on historical drilling and resource work completed to Polish
standards, as well as data from adjacent operating mines.
Scoping Study Underway
In November 2016, Prairie announced the commencement of work on
a scoping study ("Scoping Study") in accordance with the JORC Code
2012 at Debiensko to be completed in Q1 2017. The Scoping Study
will be completed to international standards and will focus on near
term production opportunities with minimal upfront capital. Prairie
is expecting to publish a maiden JORC Coal Resource Estimate in the
coming days which will support the Scoping Study mine plan.
Prairie has appointed Royal HaskoningDHV to complete the Scoping
Study given their extensive and recent track record of successful
involvement in European underground coal projects in the UK,
Kazakhstan and Poland, including Prairie's Jan Karski Mine.
Premium Quality Hard Coking Coal Confirmed
Subsequent to the end of the quarter, Prairie received the
results of preliminary coal quality analysis from a borehole
drilled at Debiensko during 2015/2016 by NWR. Prairie's preliminary
review of the Debiensko deposit indicates that a range of premium
hard coking coals can be produced from the Project that will be in
high demand from European steelmakers. Two premium hard coking coal
specifications have been delineated at Debiensko, namely Medium
volatile matter hard coking coal ("Mid-vol HCC") and Low volatile
matter hard coking coal ("Low-vol HCC").
The borehole was fully cored to 30 m below seam 407/4. All core
was subject to detailed logging and core photography. Seam
thicknesses and depths have been confirmed by a suite of
geophysical logs while coal seams were analysed by accredited
laboratories in Poland.
Both Debiensko's Mid-vol HCC and Low-vol HCC lie within the
range of premium hard coking coals produced globally. Indications
are that the Mid-vol HCC at Debiensko is present between 850 m to
1,000 m from surface and the Low-vol HCC is present 1,000 m to
1,300 m below surface i.e. at depths similar to adjacent operating
mines owned by JSW.
The quality of Mid-vol HCC from Debiensko compares favourably
with the Australian Goonyella hard coking coal brand, and with
medium volatile coals produced in Poland today by JSW. This coal
features good rheological properties and coke yield, with
reasonably low sulphur levels. Prairie's assessment is that Mid-vol
HCC from Debiensko would receive premium pricing in European and
international markets.
Table 1: Debiensko Medium Volatile Matter Hard Coking
Coal Comparison to International Benchmarks
-------------------------------------------------------------------------------------------------------------------
Quality Debiensko* Goonyella Oaky Elkview Tuhup Pittston Borynia-JSW Pniowek-JSW
(Poland) (Australia) Creek (Canada) (Indonesia) (USA) (Poland) (Poland)
(Australia)
-------------- ---------- ------------ ------------ --------- ------------ -------- ----------- -----------
Ash (%) 3.2 8.9 9.5 9.5 7.0 8.0 8.5 8.5
-------------- ---------- ------------ ------------ --------- ------------ -------- ----------- -----------
Volatile
Matter
(%) 25.0 23.8 24.5 23.5 26.5 26.0 24.8 27.0
-------------- ---------- ------------ ------------ --------- ------------ -------- ----------- -----------
Sulphur
(%) 0.56 0.56 0.60 0.50 0.70 0.85 0.65 0.60
-------------- ---------- ------------ ------------ --------- ------------ -------- ----------- -----------
Phosphorous
(P) in
Coal (%) 0.025 0.025 0.070 0.07 0.02 0.019 0.059 0.050
-------------- ---------- ------------ ------------ --------- ------------ -------- ----------- -----------
Free Swelling
Index (FSI) 8 1/2 8 8 1/2 7 1/2 9 8 7 1/2 8 1/2
-------------- ---------- ------------ ------------ --------- ------------ -------- ----------- -----------
CSR (%) 63 66 67 70 60 - - -
-------------- ---------- ------------ ------------ --------- ------------ -------- ----------- -----------
Fluidity up to up to
(ddpm) 1200 1100 5000 150 450 - 2300 3000
-------------- ---------- ------------ ------------ --------- ------------ -------- ----------- -----------
C daf (%) 86 88.4 86.8 81.2 - 88.0 - -
-------------- ---------- ------------ ------------ --------- ------------ -------- ----------- -----------
Rv Max 1.23 1.17 1.10 1.22 1.18 1.10 1.20 1.10
-------------- ---------- ------------ ------------ --------- ------------ -------- ----------- -----------
Vitrinite
(%) 78 58 75 55 96 76 - -
-------------- ---------- ------------ ------------ --------- ------------ -------- ----------- -----------
Debiensko's Low-vol HCC is similar to other internationally
traded low volatile matter hard coking coals, including brands such
as Peak Downs (BHP Billiton Mitsubishi Alliance - BMA) and Hail
Creek (Rio Tinto) produced in Australia. Whilst the Coke Strength
after Reaction ("CSR") is anticipated to be slightly lower than
these Australian coals, the quality of Debiensko Low-vol HCC is
anticipated to be in-line with coal produced at JSW's Jas-Mos mine
in Poland, which is used as a stabilizing and leaning component of
nearly every coal blend for production of blast furnace coke in the
region.
Table 2: Debiensko Low Volatile Matter Hard Coking
Coal Comparison to International Benchmarks
-------------------------------------------------------------------------------------------------------------
Quality Debiensko* Peak German Hail Blue Buchanan Neryungri Jas-Mos
(Poland) Downs Creek Creek Creek (USA) (Russia) (Poland)
(Australia) (Australia) (Australia) - No.7
(USA)
-------------- ---------- ------------ ------------ ------------ ------- -------- --------- ---------
Ash (%) 9.5 10.0 9.5 8.9 9.0 5.3 10.0 7.8
-------------- ---------- ------------ ------------ ------------ ------- -------- --------- ---------
Volatile
Matter
(%) 20.5 20.5 19.0 20.5 19.9 18.7 19.3 21.4
-------------- ---------- ------------ ------------ ------------ ------- -------- --------- ---------
Sulphur
(%) 0.30 0.60 0.54 0.4 0.71 0.73 0.21 0.56
-------------- ---------- ------------ ------------ ------------ ------- -------- --------- ---------
Free Swelling
Index 7 1/2 8 1/2 8 1/2 7 8 1/2 8 1/2 8 7 1/2
-------------- ---------- ------------ ------------ ------------ ------- -------- --------- ---------
Fluidity
(ddpm) 128 275 400 300l 1113 100 18 200
-------------- ---------- ------------ ------------ ------------ ------- -------- --------- ---------
C daf
(%) 80 89.1 88.6 88.2 91 - 80.8 -
-------------- ---------- ------------ ------------ ------------ ------- -------- --------- ---------
Rv Max 1.5 1.40 1.45 1.26 1.48 1.63 1.50 1.40
-------------- ---------- ------------ ------------ ------------ ------- -------- --------- ---------
Vitrinite
(%) 59 68 73 54 70 76 81 -
-------------- ---------- ------------ ------------ ------------ ------- -------- --------- ---------
Revised Development Approach
Following detailed technical due diligence conducted by Prairie,
the Company is confident that a revised development approach would
allow for the early mining of profitable coal seams, whilst
minimising upfront capital costs.
This is likely to include focusing on a limited area of
Debiensko to target coal seams that are the most readily
accessible. Prairie has proven expertise in defining commercially
robust projects and applying international standards in Poland.
Prairie has reported an exploration target for this target area
in accordance with the JORC Code 2012.
Infrastructure
As part of its acquisition of Debiensko, Prairie acquired
approximately 15Ha of land and all related facilities critical to
the development of the Project. Significant historical capital
investment positions Debiensko to become a meaningful regional hard
coking coal producer in the near term.
With existing site facilities and necessary infrastructure
including power, water, rail and road in addition to the mining
concession, environmental consent and local planning all being in
place, the Project is considered "development-ready".
The Debiensko mine was previously connected to the main Polish
rail network and a currently inactive railway siding is still in
place and in sound condition. Poland is served by 23,420 km (14,550
mi) of railway tracks using standard international gauge, and
provides rail connections to major regional end users of coking
coal and for export. Further, asphalt roads surround and connect
the Debiensko mine site to the major road network.
Debiensko Next Steps and Work Program
Prairie continues to undertake a detailed review of historic
exploration, geophysical survey, drilling, coal quality, and
development data acquired through this transaction including 3D
geological modelling in order to establish a maiden hard coking
Coal Resource Estimate in accordance with the JORC Code 2012 to be
completed in the coming days. The Coal Resource Estimate will
support the Scoping Study mine plan to be announced in Q1 2017.
Following the results of the Scoping Study, the Company will
undertake a focused infill core drilling program to support an
improved Coal Resource Estimate which will form the basis of
upcoming feasibility studies.
JAN KARSKI MINE
China Coal Strategic Co-operation Agreement
In November 2016, Prairie and China Coal, the second largest
coal mining company in China and one of the world's most advanced
and prolific shaft sinking and total underground coal mine
construction companies, signed a landmark Strategic Co-operation
Agreement to advance the financing and construction of Prairie's
Jan Karski Mine in Poland.
Under the terms of the agreement, China Coal and Prairie intend
to complete a Bankable Feasibility Study by mid-2017, which will
provide the basis for an Engineering, Procurement, Construction
("EPC") contract and a construction-funding package for the Jan
Karski Mine.
Prairie and China Coal No.5 Construction Company Ltd ("CC5C")
have been in discussions since 2014 regarding the potential for
collaboration in designing and constructing the Jan Karski
Mine.
Since 2014, Prairie's senior management and technical team have
met with CC5C numerous times in China and inspected CC5C's various
shaft sinking projects, mine construction sites and state of the
art longwall coal mines operated by China Coal.
During the quarter, Prairie hosted a senior CC5C delegation to
Poland where they conducted a site visit to the Jan Karski Mine.
The delegation was officially welcomed by Lublin regional
government officials, and met with various Polish service providers
and sub-contractors who could potentially participate in the Jan
Karski Mine.
The Strategic Co-operation Agreement was signed confirming the
intention of the parties to, on a best efforts basis:
(i) complete a Bankable Feasibility Study by mid-2017, which
will form the basis of Chinese bank credit approval for project
finance;
(ii) based on the results of the Bankable Feasibility Study,
enter into a complete EPC contract under which CC5C will construct
the Jan Karski Mine; and
(iii) incorporate relevant Polish content into the design and
construction phases, which will include working with a range of
Polish specialists, sub-contractors and business partners.
It is the intention of the parties to enter into future binding
agreements for CC5C to construct the Jan Karski Mine once the
Bankable Feasibility Study is completed successfully and indicative
financing terms are given by financing institutions.
China Coal International Strategy and "One Belt, One Road"
Initiative
CC5C has been internationally active since 1988. Through CC5C,
China Coal expedited the implementation of its strategy to become
an internationally competitive project contractor. Globally, China
Coal has undertaken and continues to develop several projects
across Morocco, Bangladesh, Turkey, Vietnam, India, and Ecuador for
clients and partners including:
-- Vedanta Resources plc - a London-listed, global diversified natural resources group; and
-- JSW Group - a leading Indian conglomerate part of the O.P. Jindal Group.
In 2013, Chinese President Xi Jinping proposed the "One Belt,
One Road" development strategy and framework which calls for
greater economic cohesion between China and 60 countries throughout
Europe, Asia and Africa through building infrastructure, increasing
cultural exchanges, and broadening trade.
Poland is considered a key "One Belt Economy" important to
Chinese economic access to Europe, most recently demonstrated by
meetings between the Chinese and Polish Leaders in June 2016
including signing of cooperative treaties, the opening of a
China-Poland trade forum and welcoming of freight trains linking
Chengdu and ód , carrying goods between the capital of Sichuan
Province and Poland's third-largest city.
Prairie's and CC5C's Strategic Co-operation Agreement
demonstrates the increasing economic collaboration between Poland
and China.
Mining Concession Application & Project Permitting
Prairie is currently working towards completing a mining
concession application which, in Poland, comprises the submission
of a Deposit Development Plan ("DDP"), an Environmental Social
Impact Assessment ("ESIA") that is to be approved by regional
authorities and approval of a spatial development plan (rezoning of
land for mining use). The DDP is a Polish standard mine
technical-economic study as prescribed in the Polish mining
regulations. Under Polish law, the environmental consent decision
must be obtained prior to granting of the mining concession. The
environmental consent decision is issued by a specialised
environmental authority (the Regional Director for Environmental
Protection).
The Company is currently progressing with the mining concession
application process and intends to formally lodge a mining
concession application for the Jan Karski Mine in the next 12
months.
CORPORATE
Financial Position
Cash on hand of A$13.1 million and CD Capital's right to invest
a further A$68 million as a strategic partner places Prairie in an
excellent financial position to progress with its planned
development activities at Debiensko and the Jan Karski Mine.
EXPLORATION TENEMENT INFORMATION
During the quarter, Prairie completed the acquisition of
Debiensko in Poland which has a 50-year mining concession.
On 1 July 2015, the Company announced that it had secured the
Exclusive Right to apply for, and consequently be granted, a mining
concession for the Jan Karski Mine.
As a result of its geological documentation for the Jan Karski
Mine deposit being approved, Prairie is now the only entity that
can lodge a mining concession application over the Jan Karski Mine
within a three (3) year period.
The approved geological documentation covers an area comprising
all four of the original exploration concessions granted to Prairie
(K-4-5, K-6-7, K-8 and K-9) and includes the full extent of the
targeted resources within the mine plan for the Jan Karski Mine.
Prairie's geological documentation did not include the Sawin-Zachód
concession which may be added at a later date.
As at 31 December 2016, the Company has an interest in the
following tenements:
Location Tenement Percentage Interest Status Tenement Type
------------------------ ----------------------------- -------------------- -------- -----------------------------
Jan Karski Mine, Poland Lublin Coal Project Mine 100 Granted Exclusive Right to apply for
Plan Area a mining concession
Jan Karski Mine, Poland Kulik (K-4-5) 100 Granted Exploration
Jan Karski Mine, Poland Cycow (K-6-7) 100 Granted Exploration
Jan Karski Mine, Poland Syczyn (K-8) 100 Granted Exploration
Jan Karski Mine, Poland Kopina (K-9) 100 Granted Exploration
Jan Karski Mine, Poland Sawin-Zachód 100 Granted Exploration
Debiensko, Poland Debiensko 1 100 Granted Mining
Debiensko, Poland Kaczyce 1 100 Granted Mining & Exploration
Prairie Downs, WA E52/1758 100* Granted Exploration
Prairie Downs. WA E52/1926 100* Granted Exploration
------------------------ ----------------------------- -------------------- -------- -----------------------------
* The Company has entered into a farm-in agreement to assign and
divest up to 100% interest in the Prairie Downs Project
Competent Person Statements
The information in this announcement that relates to the
Exploration Results at Debiensko, was extracted from Prairie's
announcement dated 23 January 2017 entitled "Premium Quality Hard
Coking Coal Confirmed at Debiensko" which is available to view on
the Company's website at www.pdz.com.au.
The information in the original announcement that relates to
Exploration Results is based on, and fairly represents information
compiled or reviewed by Mr Jonathan O'Dell, a Competent Person who
is a Member of The Australasian Institute of Mining and Metallurgy.
Mr O'Dell is a full time consultant of the Company. Mr O'Dell has
sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person
as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves'. Prairie confirms that it is not aware of any new
information or data that materially affects the information
included in the original announcement and the form and context in
which the relevant Competent Persons' findings are presented in
this announcement have not been materially modified from the
original announcement.
Forward Looking Statements
This release may include forward-looking statements. These
forward-looking statements are based on Prairie's expectations and
beliefs concerning future events. Forward looking statements are
necessarily subject to risks, uncertainties and other factors, many
of which are outside the control of Prairie, which could cause
actual results to differ materially from such statements. Prairie
makes no undertaking to subsequently update or revise the
forward-looking statements made in this release, to reflect the
circumstances or events after the date of that release.
To view this announcement in full, including all illustrations
and figures, please refer to www.pdz.com.au.
MOORGATE+Rule 5.5
Appendix 5B
Mining exploration entity and oil and gas exploration entity
quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97,
01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16
Name of entity
-------------------------------------------
PRAIRIE MINING LIMITED
-------------------------------------------
ABN Quarter ended ("current
quarter")
--------------- ------------------------
23 008 677 852 31 DECEMBER 2016
--------------- ------------------------
Consolidated statement Current quarter Year to date
of cash flows $A'000 (6 months)
$A'000
--------------------------------------- ---------------- -------------
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (1,718) (2,553)
(b) development - -
(c) production - -
(d) staff costs (723) (1,296)
(e) administration
and corporate costs (210) (388)
1.3 Dividends received - -
(see note 3)
1.4 Interest received 129 222
1.5 Interest and other - -
costs of finance paid
1.6 Income taxes paid - -
1.7 Research and development - -
refunds
Other (provide details
1.8 if material) (123) (183)
(a) Business development
costs (406) (406)
(b) Karbonia acquisitions
costs 95 95
(c) Property rental
and gas sales
---------------- -------------
Net cash from / (used
1.9 in) operating activities (2,956) (4,509)
----- -------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire:
(a) property, plant
and equipment - -
(b) tenements (see
item 10) (742) (742)
(c) investments - -
(d) other non-current - -
assets
2.2 Proceeds from the disposal
of:
(a) property, plant
and equipment - -
(b) tenements (see
item 10) - 325
(c) investments - -
(d) other non-current - -
assets
2.3 Cash flows from loans - -
to other entities
2.4 Dividends received - -
(see note 3)
2.5 Other (provide details - -
if material)
---------------- -------------
Net cash from / (used
2.6 in) investing activities (742) (417)
------- ------------------------------ ---------------- -------------
3. Cash flows from financing
activities
3.1 Proceeds from issues
of shares - -
3.2 Proceeds from issue - -
of convertible notes
3.3 Proceeds from exercise - -
of share options
3.4 Transaction costs related - -
to issues of shares,
convertible notes or
options
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related - -
to loans and borrowings
3.8 Dividends paid - -
3.9 Other (provide details - -
if material)
---------------- -------------
3.10 Net cash from / (used - -
in) financing activities
------- ------------------------------ ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 16,833 18,062
Net cash from / (used
in) operating activities
4.2 (item 1.9 above) (2,956) (4,509)
Net cash from / (used
in) investing activities
4.3 (item 2.6 above) (742) (417)
4.4 Net cash from / (used
in) financing activities - -
(item 3.10 above)
Effect of movement
in exchange rates on
4.5 cash held - (1)
---------------- -------------
Cash and cash equivalents
4.6 at end of period 13,135 13,135
------- ------------------------------ ---------------- -------------
5. Reconciliation of cash Current quarter Previous
and cash equivalents $A'000 quarter
at the end of the quarter $A'000
(as shown in the consolidated
statement of cash flows)
to the related items
in the accounts
---- ------------------------------- ---------------- ---------
5.1 Bank balances 3,135 5,333
5.2 Call deposits 10,000 11,500
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
---------------- ---------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 13,135 16,833
---- ------------------------------- ---------------- ---------
6. Payments to directors of the entity Current quarter
and their associates $A'000
----------------
Aggregate amount of payments to
these parties included in item
6.1 1.2 (311)
----------------
6.2 Aggregate amount of cash flow Nil
from loans to these parties included
in item 2.3
----------------
6.3 Include below any explanation necessary
to understand the transactions included
in items 6.1 and 6.2
---- --------------------------------------------------------
Payments include executive remuneration (including
bonuses), director fees, superannuation and
provision of a fully serviced office.
--------------------------------------------------------------
7. Payments to related entities of Current quarter
the entity and their associates $A'000
----------------
7.1 Aggregate amount of payments to -
these parties included in item
1.2
----------------
7.2 Aggregate amount of cash flow -
from loans to these parties included
in item 2.3
----------------
7.3 Include below any explanation necessary
to understand the transactions included
in items 7.1 and 7.2
---- --------------------------------------------------------
Not applicable
--------------------------------------------------------------
8. Financing facilities Total facility Amount drawn
available amount at at quarter
Add notes as necessary quarter end end
for an understanding $A'000 $A'000
of the position
--------------- -------------
8.1 Loan facilities - -
--------------- -------------
8.2 Credit standby arrangements - -
--------------- -------------
8.3 Other (please specify) - -
--------------- -------------
8.4 Include below a description of each facility
above, including the lender, interest rate
and whether it is secured or unsecured.
If any additional facilities have been entered
into or are proposed to be entered into
after quarter end, include details of those
facilities as well.
---- ------------------------------------------------------------
9. Estimated cash outflows $A'000
for next quarter
---- ------------------------------ --------
9.1 Exploration and evaluation (2,000)
9.2 Development -
9.3 Production -
9.4 Staff costs (500)
Administration and corporate
9.5 costs (200)
9.6 Other (provide details if
material)
--------
9.7 Total estimated cash outflows (2,700)
---- ------------------------------ --------
10. Changes in Tenement Nature of Interest Interest
tenements reference interest at beginning at end
(items 2.1(b) and location of quarter of quarter
and 2.2(b)
above)
----- ---------------------- -------------- ---------- -------------- ------------
10.1 Interests - - - -
in mining
tenements
and petroleum
tenements
lapsed, relinquished
or reduced
----- ---------------------- -------------- ---------- -------------- ------------
Interests
in mining
tenements Debiensko
and petroleum 1, Direct - 100%
tenements Poland*
acquired Kaczyce
10.2 or increased 1, Poland* Direct - 100%
----- ---------------------- -------------- ---------- -------------- ------------
* Acquired through the purchase of 100% of the shares in
Karbonia S.A. announced on 11 October 2016
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Sign here:
............................................................ Date:
30 January 2017
(Director/Company secretary)
Print name: Dylan Browne
Notes
1. The quarterly report provides a basis for informing the
market how the entity's activities have been financed for the past
quarter and the effect on its cash position. An entity that wishes
to disclose additional information is encouraged to do so, in a
note or notes included in or attached to this report.
2. If this quarterly report has been prepared in accordance with
Australian Accounting Standards, the definitions in, and provisions
of, AASB 6: Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash Flows apply to this report. If this
quarterly report has been prepared in accordance with other
accounting standards agreed by ASX pursuant to Listing Rule 19.11A,
the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLPGUMCGUPMGWB
(END) Dow Jones Newswires
January 30, 2017 02:00 ET (07:00 GMT)
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