ASA Asa Resource

TIDMASA

RNS Number : 7669J

ASA Resource Group PLC

30 June 2017

30 June 2017

Asa Resource Group plc

("Asa Resource", "the Group" or "the Company")

Bindura Nickel Corporation - Release of Financial Results for

the year ended 31 March 2017

The Company wishes to announce that Bindura Nickel Corporation ("BNC"), a 74.73% owned subsidiary, has released for publication its abridged audited results for the year ended 31 March 2017. The results show that BNC made a profit before tax of US$1.4 million on turnover of US$45.1 million (FY16: US$42.3 million).

Operational & Financial highlights

   --      Revenue increased by 7% to US$45.12 million (FY16 US$42.26 million) 
   --      Production was 2% higher to 6,762t (FY16: 6,621t) 
   --      Cost cutting measures resulted in 17% reduction in (C3) cost 
   --      Profit before tax increased by 15% to US$1.4 million (after US$4.3 million impairment loss) 
   --      Average nickel price realised was 3% lower than the previous year 
   --      Smelter Restart Project more than 80% complete 
   --      Zero fatalities 
   --      Board changes 

Full Year Results - 31 March 2017- Income statement ($m)

 
 $'000                   FY2017      FY2016 
-------------------  ----------  ---------- 
                      12 months   12 months 
                          ended       ended 
                       31 March    31 March 
                           2017        2016 
-------------------  ----------  ---------- 
 Revenue                 45,122      42,268 
-------------------  ----------  ---------- 
 Cost of Sales          -31,172     -33,191 
-------------------  ----------  ---------- 
 Operating Profit         2,397       1,752 
-------------------  ----------  ---------- 
 Profit before tax        1,416       1,232 
-------------------  ----------  ---------- 
 Profit after tax 
  ($'000)                   609         649 
-------------------  ----------  ---------- 
 

A full set of the abridged results will be posted on Asa Resource's website shortly.

Cautionary statement

This announcement has been prepared solely to provide additional information to enable shareholders to assess the Group's strategy and business objectives and the potential for them to be fulfilled. It should not be relied upon by any other party or for any other purpose. It may contain certain forward-looking statements and has been made by the Directors in good faith based on information available to them at the time of their approval of this update. These statements should therefore be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying such forward-looking information.

Contact

For more information http://www.asaresourcegroup.com/ or contact us below.

Asa Resource Group plc

One Fleet Place, London EC4M 7WS

Ian B Dearing, Executive Director, Group General Counsel and Company Secretary

Niall Henry, non-executive Director (Investor Relations)

communications@asaresourcegroup.com

Nominated Adviser and Broker

SP Angel Corporate Finance LLP

Prince Frederick House, 35-39 Maddox Street, London W1S 2PP

John Mackay, Jeff Keating, Caroline Rowe

Tel: +44 (0) 20 3470 0470

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

June 30, 2017 08:02 ET (12:02 GMT)

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