31 Mar 2011 07:00
Immediate Release | 31 March 2011
|
Metminco Limited (LSE: MNC)
("the Company")
Results for the six months ended 31 December 2010
Metminco announces that it has released its Annual Report and accounts for the 6 months period ended 31 December 2010. Copies of these reports can be obtained from www.metminco.com.au or by contacting the Company.
The following is an extract from the Annual Report.
STATEMENTS of COMPREHENSIVE INCOME FOR THE SIX MONTH ENDED 31 DECEMBER 2010
CONSOLIDATED GROUP | ||
6 months ended 31 december 2010$ | 12 months ended 30 June 2010$ | |
Other income | 67,695 | 51,659 |
Gain on consolidation of subsidiary | - | 600,062 |
Fair value loss on convertible notes | (5,882,403) | (2,185,129) |
Fair value adjustment on equity swap | 2,208,666 | (96,625) |
Realised gain on equity swap | 329,362 | - |
Finance costs | (1,290,843) | (360,810) |
Foreign exchange gain/(loss) | (334,224) | 170,942 |
Administration expenses | (3,760,239) | (1,324,707) |
Corporate expenses | (2,571,390) | (2,165,748) |
Occupancy expense | (89,966) | (85,067) |
Exploration expenditure impaired | (9,875) | (1,588,013) |
Share of net loss of associates and joint ventures | (7,181) | (793,156) |
Loss before income tax | (11,340,398) | (7,776,592) |
Income tax expense | - | - |
Loss for the year | (11,340,398) | (7,776,592) |
Other comprehensive income | ||
Exchange differences on translating foreign controlled entities | (3,612,522) | 1,599,074 |
Total Comprehensive Loss for the year | (14,952,920) | (6,177,518) |
Loss attributable to: | ||
Members of the parent entity | (11,140,906) | (7,508,615) |
Non controlling interests | (199,492) | (267,977) |
(11,340,398) | (7,776,592) | |
Total comprehensive loss attributable to: | ||
Members of the parent entity | (13,767,291) | (6,398,667) |
Non controlling interests | (1,185,629) | 221,149 |
(14,952,920) | (6,177,518) | |
Loss per share | ||
From continuing operations: | ||
Basic loss per share (cents) | (1.25) | (1.70) |
Diluted loss per share | (1.25) | (1.70) |
STATEMENTS OF FINANCIAL POSITION AS AT 31 December 2010
CONSOLIDATED GROUP | ||
31 december 2010$ | 30 June 2010$ | |
ASSETS | ||
CURRENT ASSETS | ||
Cash and cash equivalents | 23,189,432 | 2,159,428 |
Trade and other receivables | 1,999,828 | 2,317,751 |
Equity swap derivative | 1,648,388 | - |
Other assets | 196,571 | 215,694 |
TOTAL CURRENT ASSETS | 27,034,219 | 4,692,873 |
NON-CURRENT ASSETS | ||
Trade and other receivables | 3,340,018 | 4,132,878 |
Equity swap derivative | 465,147 | (96,625) |
Financial assets | - | - |
Investments accounted for using equity method | 4,160,154 | 5,053,371 |
Property, plant and equipment | 669,378 | 820,461 |
Exploration and evaluation expenditure | 102,297,461 | 101,608,247 |
TOTAL NON-CURRENT ASSETS | 110,932,158 | 111,518,332 |
TOTAL ASSETS | 137,966,377 | 116,211,205 |
LIABILITIES | ||
CURRENT LIABILITIES | ||
Trade and other payables | 2,021,494 | 3,350,183 |
Short term provisions | 73,382 | 68,519 |
TOTAL CURRENT LIABILITIES | 2,094,876 | 3,418,702 |
NON-CURRENT LIABILITIES | ||
Borrowings | 1,701,892 | 6,854,208 |
TOTAL NON-CURRENT LIABILITIES | 1,701,892 | 6,854,208 |
TOTAL LIABILITIES | 3,796,768 | 10,272,910 |
NET ASSETS | 134,169,609 | 105,938,295 |
EQUITY | ||
Issued capital | 196,501,824 | 106,133,934 |
Reserves | (39,990,443) | 1,412,576 |
Accumulated losses | (22,341,772) | (11,200,866) |
Parent interest | 134,169,609 | 96,345,644 |
Non-controlling interest | - | 9,592,651 |
TOTAL EQUITY | 134,169,609 | 105,938,295 |
statement of CHANGES IN EQUITY FOR THE SIX MONths ENDED 31 DeCEMBER 2010
Issued Capital | Accumulated Losses | Option Reserve | Foreign Currency Translation Reserve | Acquisition Reserve | Non-controlling Interests | Total | |
CONSOLIDATED GROUP | $ | $ | $ | $ | $ | $ | $ |
Total equity as at 1 July 2009 | 5,399,061 | (3,692,251) | 249,628 | - | - | - | 1,956,438 |
Loss attributable to members of the parent entity | - | (7,508,615) | - | - | - | - | (7,508,615) |
Loss attributable to non-controlling interests | - | - | - | - | - | (267,977) | (267,977) |
Other comprehensive income | - | - | - | 1,109,948 | - | 489,126 | 1,599,074 |
Total comprehensive loss | - | (7,508,615) | - | 1,109,948 | - | 221,149 | (6,177,518) |
Recognition of non-controlling interest of Hampton | - | - | - | - | - | 9,371,502 | 9,371,502 |
Options issued to director | - | - | 53,000 | - | - | - | 53,000 |
Shares issued during the period | 101,901,908 | - | - | - | - | - | 101,901,908 |
Transaction costs | (1,167,035) | - | - | - | - | - | (1,167,035) |
Balance as at 30 June 2010 | 106,133,934 | (11,200,866) | 302,628 | 1,109,948 | - | 9,592,651 | 105,938,295 |
Total equity as at 1 July 2010 | 106,133,934 | (11,200,866) | 302,628 | 1,109,948 | - | 9,592,651 | 105,938,295 |
Loss attributable to members of the parent entity | - | (11,140,906) | - | - | - | - | (11,140,906) |
Loss attributable to non-controlling interests | - | - | - | - | - | (199,492) | (199,492) |
Other comprehensive income | - | - | - | (2,626,385) | - | (986,137) | (3,612,522) |
Total comprehensive loss | - | (11,140,906) | - | (2,626,385) | - | (1,185,629) | (14,952,920) |
Acquisition of minority interest | - | - | - | - | (41,506,662) | (8,407,022) | (49,913,684) |
Options issued to directors and employees | - | - | 2,730,028 | - | - | - | 2,730,028 |
Shares issued during the period | 92,232,755 | - | - | - | - | - | 92,232,755 |
Transaction costs | (1,864,865) | - | - | - | - | - | (1,864,865) |
Balance as at 31 December 2010 | 196,501,824 | (22,341,772) | 3,032,656 | (1,516,437) | (41,506,662) | - | 134,169,609 |
STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED 31 DECEMBER 2010
CONSOLIDATED GROUP | ||
6 months ended 31 december 2010$ | 12 months ended 30 June 2010$ | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Payments to suppliers and employees | (3,623,291) | (3,146,544) |
Interest received | 67,695 | 50,554 |
Finance costs paid | (560,486) | (173,304) |
Net cash used in operating activities | (4,116,082) | (3,269,294) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (11,160) | (1,298) |
Payments for exploration expenditure | (3,388,351) | (1,450,772) |
Proceeds from sale of assets | - | 13,998 |
Payment for subsidiaries net of cash acquired | (5,010,762) | (13,945,118) |
Net cash used in investing activities | (8,410,273) | (15,383,190) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issue of shares | 35,003,160 | 16,067,225 |
Payments in respect to capital raisings | (1,864,865) | 4,407,334 |
Proceeds from borrowing | - | (1,167,035) |
Proceeds from equity swap | 1,026,086 | 156,251 |
Proceeds from issue of shares to non-controlling interest | 29,068 | 31,584 |
Net cash provided by financing activities | 34,193,449 | 19,495,359 |
-Net increase / (decrease) in cash and cash equivalents held | 21,667,094 | 842,875 |
Cash and cash equivalents at the beginning of the period | 2,159,428 | 991,713 |
Effect of exchange rates on cash holdings in foreign currencies | (637,090) | 324,840 |
Cash and cash equivalents at 31 December 2010 | 23,189,432 | 2,159,428 |
About Metminco:
Metminco is a dual ASX and AIM listed company with a portfolio of copper and gold projects in Peru and Chile. The Los Calatos project located in southern Peru has JORC compliant resources of 926 million tonnes, consisting of Indicated Resources of 111 million tonnes at 0.39% Cu and 380ppm Mo and Inferred Resources of 815 million tonnes at 0.37% Cu and 260ppm Mo(at a 0.2% copper cut-off grade).
The Chilean assets include a 50% interest in the Mollacas copper leach project with JORC compliant resources of 17 million tonnes consisting of Indicated Resources of 7.2 million tonnes at 0.56% copper and Inferred Resources of 9.8 million tonnes @ 0.52% copper (at a 0.2% copper cut-off grade); and a 50% interest in the Vallecillo gold zinc project with JORC compliant resources of 10.1 million tonnes consisting of Indicated Resources of 7.9 million tonnes @ 1.14g/tAu; 11.4g/tAg; 1.32% Zn; 0.29% Pb and Inferred Resources of 2.2 million tonnes @ 0.78g/t Au; 8.2g/t Ag; 0.58% Zn; 0.26% Pb (at a cut-off grade of 0.3g/t Au).
For further information please contact: | |
South America: | |
William Howe - Managing Director | Ph: +56 (2) 411 2600 |
Australia: | |
William Etheridge - Executive Director | Ph: + 61(0) 419 400 919 |
Phillip Wing - Executive Director | Ph: + 61(0) 412 254 704 |
Philip Killen - Company Secretary & CFO | Ph: + 61(0) 408 609 916 |
Ian Howarth (Collins St Media) | Ph: + 61(0) 407 822 319 |
United Kingdom: | |
Tim Read - Non-Executive Director | +44 (0)7777 721 809 |
Stephen Cooper (Investec Bank plc) | +44 (0)20 7597 5104 |
Tim Thompson / James Strong / Katharine Sutton | +44 (0) 20 7466 5000 |
(Buchanan Communications) |