20 Mar 2012 07:00
Immediate Release | 20 March 2012
|
Metminco Limited
("the Company")
Results for the full year ended 31 December 2011
Metminco Limited (AIM:MNC, ASX:MNC), the South American focused diversified mineral explorer, today announces that it has released its results for the full year ended 31 December 2011. Copies of this report can be obtained from the Company's website www.metminco.com.au or by contacting the Company.
2011 - A year of Significant Achievements, which included the following:
·; Completion of a 34,200 metre diamond drilling program at Metminco's 100% owned Los Calatos copper-molybdenum porphyry deposit in December 2011, followed immediately by a 100,000 metre infill diamond drilling program scheduled for completion before 2012 year-end.
·; Los Calatos declared a "Project of National Interest" enabling Metminco to purchase the surface rights required for the development of Los Calatos directly from the Peruvian government.
·; At Mollacas a drilling program comprising 2,250 metre diamond drilling and 1,154 metre reverse circulation drilling was completed to facilitate a resource upgrade, completion of metallurgical testwork, and for site infrastructure and hydrological purposes in preparation for the commencement of a Feasibility Study to be completed in 2012.
·; Completion of 9,155 metres of diamond drilling focussed primarily on the La Colorada polymetallic deposit (Vallecillo Project), targeting both an increase in and upgrade of the existing resources.
·; Successful completion of two capital raisings for an aggregate of A$70.4 million (£44.2 million) to fund acquisition of 50% of SCM Ovalle (Mollacas, Vallecillo and Loica projects - now 100% owned by Metminco) and the Company's planned 2012 drilling campaign and works programs. Metminco is now fully funded for the year ahead.
·; Acquisition of Barrick's potential "buy back right" with respect to a 51% interest in the Los Calatos Project.
·; Joined the S&P/ASX 300 Index, exposing the Company to stronger institutional investment support.
For further information please contact:
South America:
William Howe - Managing Director Ph: +56 (2) 411 2600
Australia:
Stephen Tainton - Investor Relations Ph: +61 (0) 477 299 411
Philip Killen - Company Secretary & CFO Ph: +61 (0) 408 609 916
Broker - BGF Equities
Warwick Grigor / Marcus Freeman Ph: + 61 3 8688 9100
Financial Public Relations Consultant - Collins St Media
Ian Howarth Ph: +61 (0) 407 822 319
United Kingdom:
Tim Read - Non-Executive Director Ph: +44 (0) 777 072 1809
Nomad and Joint Broker - Canaccord Genuity Limited
Robert Finlay/ Andrew Chubb Ph: +44 (0) 207 050 6500
Joint Broker - Liberum Capital Limited
Michael Rawlinson / Clayton Bush Ph: 44 (0) 20 3100 2227
Financial Public Relations Consultant - Buchanan
Tim Thompson / James Strong Ph: +44 (0) 20 7466 5000
The following is an extract from the annual report for the full year ended 31 December 2011.
STATEMENTS of COMPREHENSIVE INCOME FOR THE FULL YEAR ENDED 31 December 2011
12 months ended 31 December 2011$ | 6 months ended 31 December 2010 $ | |
Other income | 350,909 | 67,695 |
Fair value loss on convertible notes | (66,649) | (5,882,403) |
Fair value adjustment on equity swap | (1,029,297) | 2,210,160 |
Realised gain on equity swap | - | 327,868 |
Finance costs | (560,005) | (1,290,843) |
Foreign exchange gain/(loss) | 317,596 | (334,224) |
Administration expenses | (4,599,382) | (3,760,239) |
Corporate expenses | (2,675,082) | (2,571,390) |
Occupancy expense | (462,248) | (89,966) |
Exploration and evaluation expenditure impaired | (53,148) | (9,875) |
Share of net loss of associates and joint ventures | - | (7,181) |
Loss before income tax | (8,777,306) | (11,340,398) |
Income tax expense | - | - |
Loss for the year | (8,777,306) | (11,340,398) |
Other comprehensive income | ||
Exchange differences on translating foreign controlled entities (net of tax) | (928,552) | (3,612,522) |
Total Comprehensive Loss for the year | (9,705,858) | (14,952,920) |
Loss for the year attributable to: | ||
Members of the parent entity | (8,777,306) | (11,140,906) |
Non controlling interests | - | (199,492) |
(8,777,306) | (11,340,398) | |
Total comprehensive lossattributable to: | ||
Members of the parent entity | (9,705,858) | (13,767,291) |
Non controlling interests | - | (1,185,629) |
(9,705,858) | (14,952,920) | |
From continuing operations: | ||
Basic loss per share (cents) | (0.63) | (1.25) |
Diluted loss per share | (0.63) | (1.25) |
31 December 2011$ | 31 December 2010 $ | |
ASSETS | ||
CURRENT ASSETS | ||
Cash and cash equivalents | 44,030,949 | 23,189,432 |
Trade and other receivables | 2,402,416 | 1,999,828 |
Derivative financial instrument | 109,613 | 1,648,388 |
Other assets | 14,495 | 196,571 |
TOTAL CURRENT ASSETS | 46,557,473 | 27,034,219 |
NON-CURRENT ASSETS | ||
Trade and other receivables | 3,515,405 | 3,340,018 |
Derivative financial instrument | - | 465,147 |
Investments accounted for using equity method | 2,947,726 | 4,160,154 |
Property, plant and equipment | 3,589,445 | 669,378 |
Exploration and evaluation expenditure | 183,840,162 | 102,297,461 |
TOTAL NON-CURRENT ASSETS | 193,892,738 | 110,932,158 |
TOTAL ASSETS | 240,450,211 | 137,966,377 |
LIABILITIES | ||
CURRENT LIABILITIES | ||
Trade and other payables | 4,167,824 | 2,021,494 |
Short term provisions | 216,805 | 73,382 |
TOTAL CURRENT LIABILITIES | 4,384,629 | 2,094,876 |
NON-CURRENT LIABILITIES | ||
Borrowings | - | 1,701,892 |
TOTAL NON-CURRENT LIABILITIES | - | 1,701,892 |
TOTAL LIABILITIES | 4,384,629 | 3,796,768 |
NET ASSETS | 236,065,582 | 134,169,609 |
EQUITY | ||
Issued capital | 307,900,070 | 196,501,824 |
Reserves | (40,715,410) | (39,990,443) |
Accumulated losses | (31,119,078) | (22,341,772) |
TOTAL EQUITY | 236,065,582 | 134,169,609 |
statement of CHANGES IN EQUITY FOR THE Full YEAR ENDED 31 December 2011
Issued Capital | Accumulated Losses | Option Reserve | Foreign Currency Translation Reserve | Acquisition Reserve | Non-controlling Interests | Total | |
CONSOLIDATED GROUP | $ | $ | $ | $ | $ | $ | $ |
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) |
Recognition of non-controlling interest of Hampton | - | - | - | - | (41,506,662) | (8,407,022) | (49,913,684) |
Options issued to director | - | - | 2,730,028 | - | - | - | 2,730,028 |
Shares issued during the year | 92,232,755 | - | - | - | - | - | 92,232,755 |
Transaction costs | (1,864,865) | - | - | - | - | - | (1,864,865) |
Balance as at 31 Dec 2010 | 196,501,824 | (22,341,772) | 3,032,656 | (1,516,437) | (41,506,662) | - | 134,169,609 |
Loss attributable to members of the parent entity | - | (8,777,306) | - | - | - | - | (8,777,306) |
Other comprehensive income | - | - | - | (928,552) | - | - | (928,552) |
Total comprehensive loss | - | (8,777,306) | - | (928,552) | - | - | (9,705,858) |
Options issued to directors and employees | - | - | 203,585 | - | - | - | 203,585 |
Shares issued during the year | 115,342,535 | - | - | - | - | - | 115,342,535 |
Transaction costs | (3,944,289) | - | - | - | - | - | (3,944,289) |
Balance as at 31 December 2011 | 307,900,070 | (31,119,078) | 3,236,241 | (2,444,989) | (41,506,662) | - | 236,065,582 |
| CONSOLIDATED GROUP | |
12 months ended 31 December 2011$ | 6 months ended 31 December 2010$ | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Payments to suppliers and employees | (6,554,301) | (3,623,291) |
Interest received | 412,312 | 67,695 |
Finance costs paid | (92,500) | (560,486) |
Net cash used in operating activities | (6,234,489) | (4,116,082) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of plant and equipment | (704,748) | (11,160) |
Purchase of land | (2,364,254) | - |
Payments for exploration expenditure | (18,902,274) | (3,388,351) |
Payment for subsidiaries net of cash acquired | (10,144,361) | (5,010,762) |
Net cash used in investing activities | (32,115,637) | (8,410,273) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issue of shares | 60,058,905 | 35,003,160 |
Payments in respect to capital raisings | (3,944,289) | (1,864,865) |
Proceeds from equity swap | 2,854,740 | 1,026,086 |
Proceeds from issue of shares to non-controlling interest |
- |
29,068 |
Net cash provided by financing activities | 58,969,356 | 34,193,449 |
Net increase / (decrease) in cash and cash equivalents held | 20,619,230 | 21,667,094 |
Cash and cash equivalents at the beginning of the year/period | 23,189,432 | 2,159,428 |
Effect of exchange rates on cash holdings in foreign currencies | 222,287 | (637,090) |
Cash and cash equivalents at the end of the year/period
| 44,030,949 | 23,189,432 |