RLD.L Regulatory News (RLD)

28 Sep 2007 07:02

Tanzanite One Limited28 September 2007 Friday 28th September 2007 Tanzanite One Interim Results for the Six Months Ended 30 June 2007 Highlights Financial * Gross margin of 49% achieved on $21.3 million revenue* Cash profit of $3.9 million* Net profit of $3.0 million* Basic earnings per common share of 4 cents* Interim dividend declared of US 3 cents per share* Cash and near cash balances of $8.6 million Operational * Production increased 29% to 9,818 tonnes* Carats per tonne increased 4% to 78 cts/tonne* 34% increase in recoveries to 762,073 cts* Presence in Dar es Salaam is being expanded to better represent Group activities within Tanzania* Commenced identification of regional gemstone diversification opportunities Key statistics+---------------------------------+------------------+-------------+---------+| | 1H 2007 | 1H 2006 |Movement |+---------------------------------+------------------+-------------+---------+|Revenue | $21.3m | $16.3m | +31% |+---------------------------------+------------------+-------------+---------+|Gross margin | 49% | 31% | +58% |+---------------------------------+------------------+-------------+---------+|Net profit/(loss) | $3.0 million |($153,198) | |+---------------------------------+------------------+-------------+---------+|Tonnes processed | 9,818 | 7,605 | +29% |+---------------------------------+------------------+-------------+---------+|Carats recovered | 762,073 cts | 570,405 cts | +34% ||+---------------------------------+-----------------+-------------+---------+|Carats per tonne | 78 | 75 | +4% |+---------------------------------+------------------+-------------+---------+|On mine cash cost per carat ($ m)| $2.63 | $2.32 ct | +13% |+---------------------------------+------------------+-------------+---------+|Average price per carat (rough | $10.51 | $9.63 ct | +9% ||tanzanite) | | | |+---------------------------------+------------------+-------------+---------+ Commenting on the results, Ian Harebottle, CEO of Tanzanite One said: "Theresults for the first six-months reflect the early fruits of our revisedstrategy. I am pleased to be able to report some small successes in our ongoingability to improve our production and the price of rough tanzanite, and indeed asignificant turnaround in Group profitability. Yet, there remains considerableroom for progress, and we will continue to work hard to further improveefficiencies at our mining operations. We are also cognisant of the limited opportunities in Tanzanite alone.Recognising our position as a leading and respected producer of premium qualitycoloured gemstones, we have embarked on a programme of identifying potentialacquisition targets to provide additional growth avenues." Financial Performance Consolidated results for the period reflect net income after tax of US$3.0million or 4.15 US cents per share generated by the tanzanite operations for thehalf year to 30 June 2007 (2006:net loss of US$153,198 or 0.26 cents per share). Revenue for the period under review was US$21.3 million (2006: US$16.3 million).Two sights were held during the period under review, with rough sales generatingUS$18.5 million and polished goods US$2.8 million. Mined rough tanzaniteaccounted for US$13.7 million of total revenue and traded rough tanzanite US$4.8million. Cash earnings (before depreciation, amortisation and provisions) for the periodwere US$3.9 million (2006: US$2.65 million). As at 30 June 2007, Tanzanite Onehad cash and cash equivalents of US$8.6 million. Cash balances have increasedsignificantly from the US$7 million reported at year-end to US$8.6 million at 30June 2007 (2006: US$6.6 million). Net profit and production comparison by half year: FY 2007 vs FY 2006+-----------------------------+--------------+-------------+| | 1H 2007 | 1H 2006 |+-----------------------------+--------------+-------------+|Net profit/(loss) after tax | $3.0m | ($153,198) ||and minorities | | |+-----------------------------+--------------+-------------+|Tanzanite covered | 762,073 cts | 570,405 cts |+-----------------------------+--------------+-------------+ Mine production of 762,073 carats is an increase of 34% on the comparable periodin 2006 (570,405 carats). This increase reflects two factors: the tonnes of oreprocessed increased by 29% from 7,605 tonnes to 9,818 tonnes and miningintersected well-mineralised zones in each of Askari, Main, Bravo and Deltashafts increasing the average grade processed from 75 carats per tonne to 78carats per tonne. On mine cash costs were at US$2.63 per carat (2006: US$2.32 per carat). Some ofthis increase can be accounted for due to our inability to initiate stoping andmechanisation to the extent we had planned due to significant challenges posedby the continued undermining on our B Block border. These cash costs areexpected to decrease marginally due to the move towards increased mechanisationand stoping projects. Total operating expenses are lower due to the closure of the wholesale jewellerybusiness in South Africa, but continue to be somewhat higher than we had hopedfor on account of the South African offices not as yet being fully closed. Inventory was US$4.8 million (2006: US$9.5 million), largely relating to thesuccessful sale of the written down stock held in the Group's wholesalejewellery division, The Tanzanite Company. Interest income for the period was US$453,263. The Directors have declared an interim dividend of 3 US cents per share (2006: 2US cents per share) payable on 16 November 2007 to shareholders registered on 19October 2007. Tanzanite Market After a large sight held in December 2006 demand remained strong throughoutJanuary and this trend continued throughout the first six months of 2007supported largely by an increase in consumer awareness and demand in existing(US) and new markets (UK, Middle East and India). Rough tanzanite was in shortsupply from both Tanzanite One Mining and Tanzanite One Trading which maintainedupward pressure on the price for rough tanzanite. The Tucson Trade Show in February 2007 showcased unusually large volumes oftanzanite, the direct result from large sights being held in October andDecember. Sales were reported to be strong and the show saw many of the largeusers of tanzanite in the US placing orders. Due to the shortage in the rough supply in the first half of 2007, only twosights were held; one at the end of March and a second at the end of June. Thesights were well received and every sightholder purchased their allotted sight,indeed the majority of the sightholders requested much larger parcels than couldbe supplied. Prices remained firm and a definite price increase was realised inthe "A-quality" production. This "A-quality" rough was only supplied to a fewselected sightholders, ensuring beneficiation of the highest standard. A significant volume of lighter-coloured rough was received from Tanzanite OneMining. This material was removed from the parcels and was classified "B-lite".This material was sold out of sight and a strong distribution chain wasestablished for this quality of material should the production from TanzaniteOne Mining continue. Tanzania There is some reason to be optimistic in terms of doing business in Tanzania,with specific reference to the mining industry. A stable government is in placewhich has openly proclaimed it a priority to attract more foreign investors intothe country. Challenges remain with respect to the operating conditions. Theseinclude infrastructure development and expertise in mining operations. Inrelation to tanzanite mining, the tanzanite resource is divided into fourblocks. Larger scale mining is undertaken by Tanzanite One in Block C and mediumscale mining is undertaken by each of Kilimanjaro Mining in Block A andTanzanite Africa in Block D-extension. The Company's neighboring Blocks B and Dblocks are mined largely by artisanal miners. This poses particular challengesfor Tanzanite One, notably in terms of undermining, whereby, the artisanalminers are mining into Tanzanite One's designated block. Additional operationalchallenges such as power shedding and industrial relations also have aninfluence on productivity. In relation to Tanzanite One, the Company's position in Tanzania is fiscallyentrenched as a significant tax and royalty payer. The major financial risks aremicro-economic, relating directly to fluctuations in production volumes andquality and macro-economic, in terms of the currencies in which Tanzanite Oneoperates and the price of tanzanite achieved. These currency and commodity priceare the biggest swing factors in terms of the day to day volatility inprofitability, with longer-term influences being the production volumes andcosts. The Company has adopted a policy of transparency and communicates each ofthese factors to the market in an open and concise manner. The Company has commenced discussions with relevant authorities in Tanzania withregard to securing a listing of the Company's shares on the Dar es Salaam StockExchange (DSE). Such a listing remains a significant priority for Tanzanite Oneas it will further segment the company's position within its primary operatingenvironment. Financial Statements Tanzanite One Limited Condensed Consolidated Income Statement Half Year ended 30 June 2007 ($'000) Notes 1H 2007 1H 2006 FY 2006 Revenue 21,297 16,309 35,958Cost of sales (10,897) (11,327) (20,102) ----------------------------Gross profit (i) 10,400 4,982 15,856 Administration and other (ii) (4,927) (4,421) (10,562)operating costsRoyalties (487) (523) (1,238)Depreciation and amortisation (844) (846) (1,692)Interest income received (iii) 454 600 766Financing costs paid (278) (476) (608) ----------------------------Profit before tax 4,318 (684) 2,522 Income tax expense (iv) (1,270) 531 (737) ----------------------------Profit after tax 3,048 (153) 1,785 ----------------------------Profit attributable to equity 3,045 (187) 1,783holders of parentMinority interest (v) 3 34 2 ----------------------------Net profit (vi) 3,048 (153) 1,785 ----------------------------EPS (basic - cents) 4.15 (0.26) 2.47EPS (diluted - cents) 4.01 (0.25) 2.35 Notes Income Statement (i). Gross margin improved to 49% when compared to 31% at 30 June 2006. This is mainly attributable to stock write-downs in the prior year of $2.8 million. Ideally we would like to achieve a gross profit margin of 75%, however, this was not possible given the continued lower quality of the mined material. (ii). Administration costs mainly comprise of general administration costs in Tanzanite One Limited ($0.5 million), Tanzanite Foundation ($1 million), Tanzanite One SA Limited ($1.4 million) and Tanzanite One Mining ($1.3 million). (iii). Net finance charges comprise interest income of US$453,263. (iv). The effective tax rate for the year ended 31 December 2006 is 29%. (v). Minority interest (which represents the 25% minority in Tanzanite One Trading) reflects the 25% interest in the Tanzanite Trading Limited loss for the 6 months ended 30 June 2007. (vi). Net profit attributable to Tanzanite One shareholders. Tanzanite One Limited Condensed Consolidated Balance Sheet As at 30 June 2007 $'000 Notes 1H 2007 1H 2006 FY 2006Non-current assetsProperty, plant and equipment (i) 20,209 21,500 20,824Intangible Assets - 1,769 -Inventory (ii) 721 - 613Long-term loans receivable - 31 -Deferred tax assets (iii) 2,409 1,762 2,515 -----------------------------Total non-current assets 23,339 25,062 23,952 -----------------------------Current assetsInventory (iv) 4,113 9,537 9,872Income tax receivable (v) 686 1,130 2,125Trade and other receivables (vi) 15,082 10,837 11,497Cash and cash equivalents 8,624 6,645 7,005 -----------------------------Total current assets 28,505 28,149 30,499 -----------------------------Total assets 51,844 53,211 54,451 -----------------------------EquityIssued share capital 22 22 22Share premium 38,216 37,815 37,671Share options outstanding 1,061 534 739Foreign currency translation (186) 137 (27)reserveRetained earnings 5,703 7,325 8,829 -----------------------------Total equity attributable to parent 44,816 45,833 47,234equity holdersMinority interest 159 216 156 -----------------------------Total equity 44,975 46,049 47,390 -----------------------------Non-current liabilitiesInterest-bearing borrowings (vii) 843 851 935Provisions (viii) 88 82 82Deferred tax (ix) 3,830 3,840 2,818 -----------------------------Total non-current liabilities 4,761 4,773 3,835 -----------------------------Current liabilitiesInterest-bearing borrowings (vii) 231 105 241Income tax payable 448 327 1,996Trade and other payables (x) 1,429 1,957 989 -----------------------------Total current liabilities 2,108 2,389 3,226 -----------------------------Total liabilities 6,869 7,162 7,061 -----------------------------Total equity and liabilities 51,844 53,211 54,451 -----------------------------Number of shares in issue (million) 73,584,834 72,712,653 72,712,653Net asset value per share (US 61.12 63.33 63.87cents) Notes to Balance Sheet (i). Property plant and equipment: represents fixed assets within the group and development costs, pre-production costs, mineral rights. (ii). Non-current inventories comprise rough gemstone specimen inventory and show jewellery in Tanzanite One (SA) Limited and in Tanzanite Foundation Ltd. (iii). Deferred tax assets reflects mainly deferred tax assets recoverable in the future from assessed losses in Tanzanite One SA Limited ($1.3 million) and Tanzanite One Polished Sales (Pty) Limited ($0.5 million), formerly called The Tanzanite Company (Pty) Limited. (iv). Inventories: reflects rough and polished tanzanite gemstones and consumable stores (v). Income tax receivable: includes tax prepaid mainly in Tanzanite One Marketing (Pty) Limited ($0.6 million). (vi). Receivables have increase commensurate with increased sales. No significant bad debts are anticipated. Included in receivables are Value Added Tax of US$1.23million (Marketing - US$0.73million and Mining - US$0.5 million) and withholding tax in Trading of US$0.16million, trade debtors in Tanzanite One Mining US$0.7 million and trade debtors of $12.2 million (Tanzanite One Marketing US$7.9 million, Tanzanite One Mining US$0.7, The Tanzanite Company (UK) Limited US$1.8 million and Tanzanite One Polished Sales (Pty) Limited US$1.8 million). There are no significant problem debtors at the moment. (vii). Interest bearing liabilities includes interest bearing bank facility from NBC Bank in Tanzania. (viii).Environmental provisions represent the full environmental provision in Tanzania. (ix). Deferred tax liabilities comprise mainly Tanzanite One Mining Deferred tax liabilities. (x). Trade and other payables mainly includes trade creditors and accruals. Tanzanite One Limited Condensed Consolidated Cash Flow Statement For the half year ended 30 June 2007 $'000 Notes 1H 2007 1H 2006 FY 2006Cash flows from operating activitiesCash generated from operations (i) 7,689 4,184 7,548Interest income received 454 600 766Financing cost paid (278) (476) (608)Taxation paid (ii) (1,993) (1,051) (2,395)Dividends paid (iii) (4,456) (3,736) (5,205) -------------------------Net cash from operating activities 1,416 (479) 106Cash flows from investing activitiesAcquisitions of property, plant and (239) (2,261) (2,669)equipmentProceeds on disposal of property, plant - 3 129and equipment -------------------------Net cash from investing activities (239) (2,258) (2,540)Cash flows from financing activitiesNet proceeds from issue of share capital (iv) 545 932 788(Repayment)/(increase) in (103) 152 397interest-bearing borrowings - current -------------------------Net cash from financing activities 442 1,084 1,185Net increase/(decrease) in cash and cash 1,619 (1,653) (1,249)equivalentsTranslation difference in opening cash - - (44)and cash equivalentsCash and cash equivalents at beginning of 7,005 8,298 8,298the year -------------------------Cash and cash equivalents at end of the 8,624 6,645 7,005year ------------------------- Notes to Cash Flow Statement (i) Cash generated from operations: computed from operating profit before finance cost/income of $4.1 million adjusted for depreciation ($0.8 million), share based payments ($0.3 million) and working capital changes ($2.5 million). (ii) Taxation paid reflects actual income tax paid. (iii) Dividends paid: Reflects the dividends of 6 US cents per share declared by the directors on 16 March 2007 and paid in May 2007. (iv) Net proceeds from issue of share capital: comprise of receipts from 872,181 common shares options exercised by employees and a director on 20 March 2007. Mining Operations Production for the period saw some overall improvements, a result of simultaneous tanzanite production from three shafts, namely Askari, Main and Bravo shafts, plus a carry-over of some stock material to be processed from late 2006. Safety: The LTIFR of 1.75 for the year to date remains encouragingly below thetargeted 2.5 mark for total operational safety. The focus on improved securityand on rolling stock safety has supported the achievements of these results. Delays in the delivery of key equipment and challenges resulting from ongoingillegal undermining resulted in project start dates not being met. Themechanisation trial at CT Shaft, and the commissioning of the Investor Shaftwinder is now scheduled to be in initiated before the end of the year. Stopingtonnage contribution was disappointing as stoping resources were allocated toproduction areas. Processed tonnes increased to 9,818 tonnes from 7,605 tonnes compared with thesame period for 2006. This was due to the concurrent development of moreproduction areas than the previous year. A significant tonnes deficit againstthe budgeted tonnage call is likely to continue for the remainder of 2007 as adirect result of delayed stoping operations. Overall, the carats recovered increased by 34% to 762,073 cts from 570,405 cts. Cash costs for the period increased to $2.63 per carat from $2.32 for the sameperiod for 2006. Some of this increase can be attributed to the delayedimplementation of stoping and mechanisation, resulting in fewer tonnes beingtreated and thus an associated increase in unit costs. Increased ventilation andsupport requirements at depth, also contributed marginally to the increase. Itis anticipated that these costs will decrease once the move towards increasedmechanisation and stoping projects has been affected. Production statistical table+--------------------+-------+-------------+-------------+--------------+| | Unit | 1H 2007 | 1H 2006 | Movement |+--------------------+-------+-------------+-------------+--------------+|Tonnes Processed |tonnes | 9,818 | 7,605 | +29% |+--------------------+-------+-------------+-------------+--------------+|Carats per tonne |cts/t | 78 | 75 | +4% |+--------------------+-------+-------------+-------------+--------------+|Production (carats |cts | 762,073 | 570,405 | +34% ||recovered) | | | | |+--------------------+-------+-------------+-------------+--------------+|Cash Costs |$/ct | $2.63 | $2.32 | +13% |+--------------------+-------+-------------+-------------+--------------+ Looking to the individual shafts: Askari Shaft: Newly recruited teams commenced with the construction of thesecurity complex on the shaft bank, the new winder has been delivered and theshaft is expected to be commissioned by the end of the year. Main Shaft: In addition to planned development for stoping operations in oldworkings, efforts are currently concentrating on shaft sinking to intersectfold-stacks at greater depths. Bravo Shaft: development of the 17-level fold-stack resulted in the intersectionof a heavily mineralised area. Trial stoping was temporarily stopped to assistwith the excavation of the 17-Level superstructure. Incursions from B Blockminers required the re-allocation of mining personnel from other developmentareas. Delta Shaft: new geological structures believed to be linked to the highlyproductive fold stack discovered in late 2006, have been discovered in Delta,and have yielded reasonable production. Exploration and development work in andaround these structures are ongoing with further production anticipated. JW Shaft: Planned stoping trials were delayed on account of ground handling,supervision and security constraints. CT Shaft: development at shaft bottom remains a priority with the aim ofintersecting the next fold stack below the current stack, from which variousboudins were removed. The depth of the shaft has been increased to approximately368 metres, which as exposed new structures. In addition, it is planned to havethe new 135kW winder commissioned during the third quarter, and together with alarger capacity skip, major efficiency improvements are expected. The introduction of five security specialists into the production areas hasincreased the recoveries and reduced shrinkage from mine faces as there is asignificantly increased security presence at the production faces. Planned changes in mining operations aimed at introducing greater mechanisation,including the introduction of a scoop-tram and greater emphasis on selectivestoping remain viable options for continued growth, and will result in asignificant increase in material passing through the processing plant andsorthouse. To ensure recovery rates are not adversely affected by increasedthroughput, the micro-sort unit has been re-programmed to sort only the mediumto smaller sizes, with larger gems selected by hand in a gloved sorting box.This has resulted in a dramatic improvement in the recovery rate of smallersizes, whilst freeing sorthouse personnel to concentrate their efforts onhand-sorting the larger, higher value, material. Exploration Exploration has focused on long-hole core drilling and geophysics over existing license area (SML 8/92) to determine the extent of mineralisation at greater depths and any increase in the potential resource of the mine. Favourable results from the first two drill holes: LHD 15 and 16, warranted the drilling of an additional two holes: LHD 17 and 18. The graphitic host rock or JW-zone was intersected in all four drill holes. The official release of the results of thelong-hole drilling was independently verified in January 2007. The second two holes, LHD 17 and 18, intersected the JW-Zone at a down-dip extentof over 1,400 metres. The overall drilling program shows that the Lower Horizon, which hosts the economic mineralisation extends three times further down-dip than previously established. The second two holes brought the combined meters drilled during the drilling program to 2,501 metres. All four drill holes of the drilling program intersected the JW-zone and the orebearing horizon intersected at depth was shown to be geochemically similar tothe tanzanite bearing zone currently mined. The drilling program has alsorevealed that the JW-zone appears to thicken out at deeper levels. Tanzanite One Trading In line with the objectives set in 2006, the focus of Tanzanite One Tradingremained on purchasing medium to fine quality rough of 2.5 carats and above.Production from the neighbouring blocks from January to April was low andTanzanite One Trading endeavoured to select the finer rough for purchasing, asmuch of the material being seen in the open market was of light-colour andconsequently did not fit the Company's purchase profile. May and June saw anincrease of both quality and quantity of tanzanite rough in the Arusha marketand large parcels were purchased on a more frequent basis. To secure more "A-quality" rough, Tanzanite One Trading began paying a smallpremium for such rough. This strategy has been well received in the market andas a result Tanzanite One Trading has become a market leader in procuring thisquality of material. A segment that represents less than 2% of total tanzaniteproduction. During the period under review and as a direct result of increased demand fromthe retail segment in Arusha for confidence purchases, Tanzanite One Tradingbegan retailing certified polished tanzanite in Arusha. As the main stop overfor tourists visiting the regional safari areas of Ngorogoro Crater, Kilimanjaroand the Serengeti, Arusha sees many international tourists pass through. Thecertification is from The Tanzanite Laboratory, which is endorsed by theTanzanite Foundation. Although retail is not the Company's primary focus thisinitiative has been successful in increasing awareness and confidence in theArusha retail market. The outlook for the second half of 2007 is positive as rough material is morereadily available and demand remains strong. Human Resources and Social Responsibility The year began on a note of optimism with 609 employees, increasing to 650 bythe end of June. The national and local leadership of TAMICO (Tanzania Mines and ConstructionWorkers Union) visited the mine in May and canvassed for the support of our workforce. TAMICO has since established a field office on the mine and in addition,management has signed an agreement of recognition with TAMICO. Meetings with the Chairman of the Naisinyai Village and the Merelani Wardcontinued at regular intervals, with the focus on ways to improve thecooperation and mutually beneficial relationship between all the companyemployees and its neighbours. At Naisinyai Village, work on roofing phase one ofthe secondary school is ongoing and should be completed by the end of the year.At Merelani Village, the preparations are complete for a six-day free eyecheck-up camp to be conducted in September 2007 for residents. The camp will besupported by Tanzanite International (one of the company's eight sightholders)and Tanzanite One, and will be conducted by Charitable Eyecare Mission Tanzania,a locally registered NGO. Corporate Matters On 19 July 2007, Tanzanite One announced that Mr. Mark Summers resigned as ChiefFinancial Officer. The move was motivated by the company's decision to shift itsAfrican administration office to Arusha, Tanzania, with Mr. Summers electing tostay in South Africa. Mr. Summers will continue to serve on the board as anon-executive director. On 18th July 2007, Tanzanite One announced that Hansa Overseas Holding SA('Hansa') sold its entire holdings of Tanzanite One ordinary shares. Followingthe sale, Hansa representatives Gustav Stenbolt and his alternate, Ben de Bruyn,have resigned from the board with immediate effect. Management continues discussions with key government officials and the CapitalMarkets and Securities Authority (CMSA) to advance the Company's intendedlisting on the Dar es Salaam Stock Exchange. Tanzanite One LimitedIncorporated in BermudaExempt company number EC33385 Board of Directors Michael Adams - Non-executive ChairmanAmi Mpungwe - Non-executive Deputy ChairmanIan Harebottle - Chief Executive OfficerMark Summers - Non-executive DirectorEdward Nealon - Non-executive DirectorNicholas Sibley - Non-executive Director Audit/Risk Committee Nicholas Sibley (Chairman)Michael Adams Remuneration/Succession Planning Committee Michael Adams (Chairman)Ami MpungweEdward Nealon Mining and Geology Committee Edward Nealon (Chairman)Ian Harebottle Nominations Committee The Nominations Committee comprises the Full Board Company Secretary Willi Boehm Management Ian Harebottle - Chief Executive OfficerZane Swanepoel - Tanzanite One Mining, General ManagerAdrian Banks - Tanzanite One Trading, Managing DirectorCandice Nunn - Tanzanite One Marketing, Managing Director Nominated Advisor & Broker (AIM) Joint Broker (AIM) Evolution Securities Ltd Ambrian Partners Limited100 Wood Street 8 Angel CourtLondon EC2V 7AN London EC2R 7HPTelephone: +44 (0)20 7071 4330 Telephone: +44 (0)20 7776 6400Facsimile: +44 (0)20 7071 4451 Facsimile: +44 (0)20 7776 6420 For more information please contact: Nicholas Bias Willi BoehmInvestor Relations Company Secretary+44 (0)7887 920 530 +61 409 969 955nick.bias@tanzaniteone.com www.tanzaniteone.com Glossary Ct carat dollar or $ United States Dollar g/t Grams per tonne, measurement unit of grade (1g/t = 1 part per m) JORC code Australasian code for reporting of Mineral Resources and Ore Reserves LTIFR Lost time injury frequency rate, being the number of lost-time injuries expressed as a rate per 200,000 man-hours worked NOSA National Occupational Safety Association tonne 1 Metric tonne (1,000kg) This information is provided by RNS The company news service from the London Stock Exchange