TIDMNSN
RNS Number : 5188E
Natasa Mining Limited
31 May 2012
NATASA MINING LTD
("Natasa" or the "Company")
Final Results for the year ended 31 December 2011
The board of directors of Natasa is pleased to report its
results for the year ended 31 December 2011 and to confirm that its
annual general meeting has been convened for 10.30 a.m. on 27 June
2012 at First Floor, 10 Dover Street London W1S 4LQ.
REVIEW OF OPERATIONS AND STATE OF AFFAIRS
In September 2011, the Group completed the acquisition of the
Fox Creek coal project at a cost of $5 million. The Fox Creek coal
project constitutes six coal leases, covering an area of 22,688 ha
in Alberta, Canada which have had substantial exploration, drilling
and processing studies conducted on them in past years and a
Competent Person's Report (prepared by an internationally
recognised expert and reported in compliance with Canadian NI
43-101 requirements) shows that the leases contain a measured,
indicated and inferred thermal coal resource of 870 million tonnes,
of which 777 million tonnes are measured and indicated, as
follows:
Sub-bituminous C '000
Resources as of 23 January 2012 Tonnes
Measured 431,073
Indicated 345,898
---------
Total Measured and Indicated 776,971
---------
Inferred 92,617
In conjunction with independent coal mining and coal trading
experts, the Group has been assessing the outlook for the
Asia-Pacific Basin's seaborne thermal coal trade market. It is the
view of management, and supported by these experts, that the demand
for thermal coal in the Asia-Pacific Basin is expected to grow
substantially, with concurrent positive selling price movements, in
the coming years. For example, India's import demand is forecast to
grow from 86 million tonnes in 2011 to 400 million tonnes in 2030;
and China's import demand is forecast to grow from 102 million
tonnes in 2011 to 1,000 million tonnes in 2030. It is expected that
Canada must become a significant exporter in meeting this increased
demand.
The Group intends to maximise the underlying value of this
substantial coal resource by further developing the project through
conducting additional drilling, quality/processing and marketing
studies to further demonstrate the project economics.
In September 2011, the Company's subsidiary, UMC Energy plc
exercised its option to acquire 100% of the issued capital of a BVI
incorporated company, PNG Energy Ltd, which company's sole asset is
its 100% holding in a Papua New Guinea incorporated company, Gini
Energy Ltd. Gini Energy's sole asset was its holding of two
off-shore and one on-shore Petroleum Prospecting Licences (PPLs).
(In May 2012, Gini Energy was awarded a further on-shore PPL by the
government of Papua New Guinea). The consideration payable upon
exercise of the option was the issue by UMC Energy of 240 million
fully paid up new ordinary shares in the capital of that company,
which allotment occurred on 30 December 2011. On that date the
Company's interest in UMC Energy was diluted to 42.4% such that UMC
Energy ceased to be a subsidiary of the Company and became an
equity accounted associate. As a consequence of this transaction,
the Group recognised a gain on dilution of subsidiary of $5,856,325
in the 2011 financial year.
On 26 March 2012, UMC Energy entered agreements with a
subsidiary of CNOOC Limited, the Chinese multi-national oil and gas
company listed on the New York and Hong Kong Stock Exchanges,
whereby CNOOC subscribed for a 70% equity interest in PNG Energy
and UMC Energy retained a 30% equity interest.
Pursuant to the agreements, and in consideration for the share
subscription, CNOOC will be responsible for funding all expenditure
in respect of the PPLs required to comply with the minimum work
obligations during the exploration phase. Such expenditure will be
repaid to CNOOC out of production revenues and off take of oil and
gas once the assets of Gini Energy enter production, should such
production occur. If exploration and appraisal work indicates the
probable existence of commercial reservoirs of oil or gas in any
part of the PPLs at the end of the exploration phase, the parties
must each finance their pro-rata share of all expenditure required
in respect of the development plan either themselves or by
procuring sufficient finance from a third party.
In respect of the Morondava uranium project in Madagascar
(interest 34.7%), the Group expended $0.2 million to renew its
uranium exploration licences.
Over the year, the Group also examined a number of other mineral
investment opportunities, but these did not lead to any positive
outcome.
Legal fees of $0.5 million and travel expenses of $0.5 million
were incurred, principally in relation to investigating and
pursuing investment opportunities.
Interest income of $0.4 million and dividend income of $0.4
million was generated.
A foreign exchange gain of $0.1 million was recognised as a
result of the strengthening of, particularly, the Australian dollar
vis-a-vis the United States dollar.
In August 2011, the Company repaid to shareholders $10.2 million
of capital in cash, on a pro-rata basis.
During the 2011 financial year the Group:
-- Purchased $13.0 million of equity instruments.
-- Generated proceeds of $13.3 million, and recognised a profit
of $6.0 million, from the sale of equity and debt instruments.
-- Recognised a decrement from the change in fair value of its
holding of available for sale financial assets of $5.5 million.
-- Purchased 95,000 of its own shares into Treasury at a cost of $0.1 million.
Other than the matters referred to above, in the opinion of the
Directors, there were no significant changes in the state of
affairs of the Group that occurred during the financial year under
review that are not otherwise disclosed in this report or the
consolidated financial statements.
TRADING RESULTS
The profit after income tax of the Group for the year ended 31
December 2011 attributable to equity holders of the Company was
$5,796,888 (2010 : $4,478,210).
SUBSEQUENT EVENTS
Between 1 January 2012 and the date of this report the following
material transactions have occurred. The Group has:
-- Purchased $8.2 million of equity instruments.
-- Generated proceeds of $3.9 million, and recognised a profit
of $0.2 million, from the sale of equity instruments.
-- Purchased 100,000 of its own shares into Treasury at a cost of $0.1 million.
In March 2012, the Company's equity accounted associate, UMC
Energy plc, entered agreements with a subsidiary of CNOOC Limited,
the Chinese multi-national oil and gas company listed on the New
York and Hong Kong Stock Exchanges, whereby CNOOC subscribed for a
70% equity interest in PNG Energy Ltd, a subsidiary of UMC Energy,
which holds, through its wholly owned subsidiary Gini Energy Ltd,
two offshore and two onshore Petroleum Prospecting Licences (PPLs)
in Papua New Guinea, with UMC Energy retaining a 30% equity
interest in PNG Energy. Pursuant to the agreements, and in
consideration for the share subscription, CNOOC will be responsible
for funding all expenditure in respect of the PPLs required to
comply with the minimum work obligations during the exploration
phase. Such expenditure will be repaid to CNOOC out of production
revenues and off take of oil and gas once the assets of Gini Energy
enter production, should such production occur. If exploration and
appraisal work indicates the probable existence of commercial
reservoirs of oil or gas in any part of the PPLs at the end of the
exploration phase, the parties must each finance their pro-rata
share of all expenditure required in respect of the development
plan either themselves or by procuring sufficient finance from a
third party.
Other than the matters discussed above, there has not arisen in
the interval between the end of the financial year and the date of
this report any item, transaction or event of a material and
unusual nature likely, in the opinion of the Directors of the
Company, to affect significantly the operations of the Group, the
results of those operations or the state of affairs of the Group,
in subsequent financial years.
LIKELY DEVELOPMENTS
The Group expects to devote attention to enhancing the value of
its Fox Creek Coal project through conducting various technical and
marketing studies.
A number of mineral operations investment opportunities are
being investigated.
Further information about likely developments in the operations
of the Group and the expected results of those operations in future
financial years has not been included in this report because
disclosure of the information would be likely to result in
unreasonable prejudice to the Group.
NATASA MINING LTD
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2011
Consolidated
2011 2010
$ $
--------------------------------------- ------------ ------------
Total revenue from services - -
Gain on sale of equity and debt
instruments 6,002,390 3,818,092
Gain on dilution of subsidiary 5,856,325 -
Compensation for foregoing right
to acquire mineral property - 1,500,000
Financial income 878,412 1,594,014
Personnel expenses (1,348,870) (2,004,830)
Audit fees (70,493) (64,200)
Audit fees to subsidiary and previous
auditors (56,197) (80,413)
Consultancy fees (3,598,653) (332,727)
Depreciation and amortisation (9,458) (7,116)
Finance expenses - (152,135)
Foreign exchange gains 107,381 2,044,833
Impairment losses on investments (200,000) -
Legal fees (498,718) (274,217)
Redomiciliation costs - (242,795)
Morondava licence fees (183,237) (108,203)
Travel expenses (463,990) (826,920)
Other expenses (765,992) (478,969)
------------ ------------
Result from operating activities 5,648,900 4,384,414
Share of net result of associates - -
------------ ------------
Profit before tax 5,648,900 4,384,414
Income tax expense - -
Profit for the year 5,648,900 4,384,414
------------ ------------
Attributable to :
Equity holders of the Company 5,796,888 4,478,210
Minority interest (147,988) (93,796)
------------ ------------
Profit for the year 5,648,900 4,384,414
------------ ------------
Basic earnings per share (cents) 19.8 16.4
Diluted earnings per share (cents) 19.8 16.4
NATASA MINING LTD
STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2011
Consolidated
2011 2010
$ $
--------------------------------- ------------- ------------
Profit for the year 5,648,900 4,384,414
Other comprehensive income:
Change in fair value of equity
securities (5,451,617) 6,302,603
Change in fair value arising on (94,694) -
dilution of subsidiary
Foreign exchange movement 73,543 (47,587)
Other comprehensive income for
the year (5,472,768) 6,255,016
Total comprehensive income for
the year 176,132 10,639,430
------------- ------------
Attributable to :
Equity holders of the Company 418,814 10,743,344
Minority interest (242,682) (103,914)
Total comprehensive income for
the year 176,132 10,639,430
------------- ------------
NATASA MINING LTD
STATEMENTS OF FINANCIAL POSITION
AS AT 31 DECEMBER 2011
Consolidated
2011 2010
$ $
---------------------------------------- ------------ ------------
ASSETS
Current Assets
Cash and cash equivalents 11,195,215 29,315,691
Trade and other receivables 5,741 738,955
Total Current Assets 11,200,956 30,054,646
------------ ------------
Non-Current Assets
Trade and other receivables - 307,358
Investments in equity accounted 8,912,512 -
investees
Exploration and evaluation expenditure
- intangible 5,036,961 2,978,035
Other financial assets 21,757,306 23,625,554
Plant and equipment 5,361 15,036
Total Non-Current Assets 35,712,140 26,925,983
------------ ------------
Total Assets 46,913,096 56,980,629
------------ ------------
LIABILITIES
Current Liabilities
Trade and other payables 334,418 209,988
Total Current Liabilities 334,418 209,988
------------ ------------
Total Liabilities 334,418 209,988
------------ ------------
NET ASSETS 46,578,678 56,770,641
------------ ------------
EQUITY
Share capital 31,355,527 41,723,622
Reserves 944,060 6,322,134
Retained earnings 14,279,091 8,482,203
------------ ------------
Total equity attributable to
equity holders of the Company 46,578,678 56,527,959
Minority interest - 242,682
------------ ------------
TOTAL EQUITY 46,578,678 56,770,641
------------ ------------
NATASA MINING LTD
STATEMENTS OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2011
Consolidated Attributable to equity holders of the
Company
2011 Share Foreign
Fair based Currency
Share value payments Translation Retained Minority Total
capital reserve reserve reserve earnings Total Interest equity
$ $ $ $ $ $ $ $
--------------- ------------- ------------- --------- ------------ ------------ ------------- ----------- -------------
Balance at 1
January
2011 41,723,622 6,302,603 57,000 (37,469) 8,482,203 56,527,959 242,682 56,770,641
Total
comprehensive
income for the
period
Profit - - - - 5,796,888 5,796,888 (147,988) 5,648,900
Total other
comprehensive
income - (5,451,617) - 73,543 - (5,378,074) (94,694) (5,472,768)
------------- ------------- --------- ------------ ------------ ------------- ----------- -------------
Total
comprehensive
income for
the
period - (5,451,617) - 73,543 5,796,888 418,814 (242,682) 176,132
------------- ------------- --------- ------------ ------------ ------------- ----------- -------------
Transactions
with
owners,
recorded
directly in
equity
Contributions
by
owners
Capital return
- in cash (10,234,683) - - - - (10,234,683) - (10,234,683)
Shares
purchased
into Treasury (133,412) - - - - (133,412) - (133,412)
------------- ------------- --------- ------------ ------------ ------------- ----------- -------------
Total
contributions
by owners (10,368,095) - - - - (10,368,095) - (10,368,095)
------------- ------------- --------- ------------ ------------ ------------- ----------- -------------
Total
transactions
with owners (10,368,095) - - - - (10,368,095) - (10,368,095)
------------- ------------- --------- ------------ ------------ ------------- ----------- -------------
Balance at 31
December
2011 31,355,527 850,986 57,000 36,074 14,279,091 46,578,678 - 46,578,678
------------- ------------- --------- ------------ ------------ ------------- ----------- -------------
NATASA MINING LTD
STATEMENTS OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2011
Consolidated Attributable to equity holders of the
Company
2010 Share Foreign
Fair based Currency
Share value payments Translation Retained Minority Total
Capital reserve reserve reserve earnings Total Interest equity
$ $ $ $ $ $ $ $
----------------- ------------ ----------- ------------- ------------ ----------- ------------ ----------- ------------
Balance at 1
January
2010 39,533,645 - 4,321,100 597,969 1,710,517 46,163,231 346,596 46,509,827
Total
comprehensive
income for the
period
Profit - - - - 4,478,210 4,478,210 (93,796) 4,384,414
Total other
comprehensive
income - 6,302,603 - (37,469) - 6,265,134 (10,118) 6,255,016
------------ ----------- ------------- ------------ ----------- ------------ ----------- ------------
Total
comprehensive
income for the
period - 6,302,603 - (37,469) 4,478,210 10,743,344 (103,914) 10,639,430
------------ ----------- ------------- ------------ ----------- ------------ ----------- ------------
Transactions
with
owners, recorded
directly in
equity
Contributions by
owners
Shares issued on
Note conversion 8,219,343 - - - - 8,219,343 - 8,219,343
Capital return
- in cash (8,654,959) - - - - (8,654,959) - (8,654,959)
Capitalisation
of reserves
arising
on
redomiciliation 2,625,593 - (4,321,100) (597,969) 2,293,476 - - -
Share-based
payment
transactions - - 57,000 - - 57,000 - 57,000
------------ ----------- ------------- ------------ ----------- ------------ ----------- ------------
Total
contributions
by owners 2,189,977 - (4,264,100) (597,969) 2,293,476 (378,616) - (378,616)
------------ ----------- ------------- ------------ ----------- ------------ ----------- ------------
Total
transactions
with owners 2,189,977 - (4,264,100) (597,969) 2,293,476 (378,616) - (378,616)
------------ ----------- ------------- ------------ ----------- ------------ ----------- ------------
Balance at 31
December
2010 41,723,622 6,302,603 57,000 (37,469) 8,482,203 56,527,959 242,682 56,770,641
------------ ----------- ------------- ------------ ----------- ------------ ----------- ------------
NATASA MINING LTD
STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2011
Consolidated
2011 2010
$ $
---------------------------------------- -------------- -------------
Cash flows from operating activities
Cash payments in the course of
operations (6,865,905) (4,516,613)
-------------- -------------
Cash used in operations (6,865,905) (4,516,613)
Interest and dividends received 878,412 1,684,025
Interest paid - (152,135)
-------------- -------------
Net cash used in operating activities (5,987,493) (2,984,723)
-------------- -------------
Cash flows from investing activities
Purchase of:
- equity investments (10,206,118) (22,783,502)
- debt instruments - (317,384)
Proceeds from sale of:
- equity investments 13,005,755 9,071,160
- debt instruments 307,358 -
Compensation for foregoing right
to acquire mineral property - 1,500,000
Payments for purchases of plant
and equipment - (15,170)
Payments for purchases of intangibles (5,000,000) -
Loans and advances:
- to other entities (6,827,839) -
- recovered from lawyer's escrow
account for purchase of investments - 1,400,000
- repaid by other entities 6,827,839 2,500,000
Net cash used in investing activities (1,893,005) (8,644,896)
-------------- -------------
Cash flows from financing activities
Capital return (10,234,683) (8,654,959)
Shares purchased into Treasury (133,411) -
Proceeds from draw-down of Convertible
Note - 3,665,339
Net cash from financing activities (10,368,094) (4,989,620)
-------------- -------------
Net decrease) in cash and cash
equivalents (18,248,592) (16,619,239)
Cash and cash equivalents at 1
January 29,315,691 43,703,987
Effect of exchange rate fluctuations
on cash held 128,116 2,230,943
-------------- -------------
Cash and cash equivalents at 31
December 11,195,215 29,315,691
-------------- -------------
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2011
1. SIGNIFICANT ACCOUNTING POLICIES
Natasa Mining Ltd (the "Company") is a company incorporated in
the Cayman Islands. The consolidated financial report of the
Company as at and for the year ended 31 December 2011 comprises the
Company and its subsidiaries (together referred to as the "Group")
and the Group's interest in associates.
The Company was incorporated on 14 April 2010 and acquired all
the assets and liabilities of Natasa Mining Ltd (incorporated in
Australia ("Natasa"). The acquisition of the assets and liabilities
was met by the issue of 29,241,951 ordinary shares in the Company
to the shareholders of Natasa on a 1:1 basis such that the
shareholders of Natasa became the shareholders of the Company. The
results for the year ended to 31 December 2010 are those of the
Group as if no capital reconstruction has taken place.
2. EARNINGS PER SHARE
Basic earnings per share 19.8c 16.4c
Diluted earnings per share 19.8c 16.4c
Profit attributable to ordinary shareholders
as used in the calculation of basic
earnings per share 5,796,888 4,478,210
Profit attributable to ordinary shareholders
(excluding interest on convertible
loan note) as used in the calculation
of diluted earnings per share 5,796,888 4,478,210
Weighted average number of ordinary
shares used in the calculation of
basic earnings per share 29,241,951 27,241,230
Weighted average number of ordinary
shares used in the calculation of
diluted earnings per share 29,241,951 27,241,230
3. INVESTMENTS IN EQUITY ACCOUNTED
INVESTEES
The Group has the following investments in equity accounted
investees
Reporting Ownership
Principal Activities Country Date 2011 2010
UMC Energy Mining exploration UK 31 Dec 42.4 *
plc and evaluation on the
Morondava uranium project
in Madagascar
and petroleum exploration
and evaluation in Papua
New Guinea
* In 2009, UMC Energy plc became a subsidiary of the
Company and on 30 December 2011 UMC Energy plc became
an equity accounted associate of the Company.
Share Net assets Share
of associates as reported of associates
net profit by associates net assets
/ (loss) equity
recognised accounted
(100%)
Profit Total Total
/ (loss) assets liabilities
Revenues (100%) (100%) (100%)
(100%)
2011
UMC Energy
plc - - - 23,766,447 2,746,370 21,020,077 8,912,512
- - - 23,766,447 2,746,370 21,020,077 8,912,512
---------- ----------- ------------------------------ ----------- ------------ -------------- --------------
* In 2009, UMC Energy plc became a subsidiary of the
Company and on 30 December 2011 UMC Energy plc became
an equity accounted associate of the Company.
2010
UMC Energy - - - * * * *
plc
- - -
---------- ----------- --------------- ----------- ------------ -------------- --------------
* In 2009, UMC Energy plc became a subsidiary of the
Company.
Consolidated
2010 2010
$ $
---------------------------------------------------------------------- ---------------------------- -----------------
4. EXPLORATION AND EVALUATION EXPENDITURE
- INTANGIBLE
Opening balance - 1 January 2,978,035 3,066,266
Additions at fair value 5,000,000 -
Disposals (2,978,035) -
Foreign exchange variation 36,961 (88,231)
Closing balance - 31 December 5,036,961 2,978,035
-------------- -----------------
Critical accounting judgements in applying the consolidated
entity's accounting policies
2011 - The Fox Creek coal project has yet to reach a
stage of development where a determination of the technical
feasibility or commercial viability can be assessed.
In these circumstances, whether there is any indication
that the asset has been impaired is a matter of judgement,
as is the determination of the quantum of any required
impairment adjustment. The Directors have used their
experience to conclude that no impairment adjustment
is required in the current period.
2010 - The Morondava uranium exploration project has
yet to reach a stage of development where a determination
of the technical feasibility or commercial viability
can be assessed. In addition, as Madagascar is presently
experiencing a period of political upheaval and uncertainty,
the Group has resolved to take a cautious approach to
exploration and accordingly has not conducted exploration
activities during the current financial period. In these
circumstances, whether there is any indication that the
asset has been impaired is a matter of judgement, as
is the determination of the quantum of any required impairment
adjustment. The Directors have used their experience
to conclude that no impairment adjustment is required
in the current period.
5. SUBSEQUENT EVENTS
Between 1 January 2012 and the date of this report the following
material transactions have occurred. The Group has:
-- Purchased $8.2 million of equity instruments.
-- Generated proceeds of $3.9 million, and recognised a profit
of $0.2 million, from the sale of equity instruments.
-- Purchased 100,000 of its own shares into Treasury at a cost of $0.1 million
In March 2012, the Company's equity accounted associate, UMC
Energy plc, entered agreements with a subsidiary of CNOOC Ltd, the
Chinese multi-national oil and gas company listed on the New York
and Hong Kong Stock Exchanges, whereby CNOOC subscribed for a 70%
equity interest in PNG Energy Ltd, a subsidiary of UMC Energy,
which holds, through its wholly owned subsidiary Gini Energy Ltd,
two offshore and two onshore Petroleum Prospecting Licences (PPLs)
in Papua New Guinea, with UMC Energy retaining a 30% equity
interest in PNG Energy. Pursuant to the agreements, and in
consideration for the share subscription, CNOOC will be responsible
for funding all expenditure in respect of the PPLs required to
comply with the minimum work obligations during the exploration
phase. Such expenditure will be repaid to CNOOC out of production
revenues and off take of oil and gas once the assets of Gini Energy
enter production, should such production occur. If exploration and
appraisal work indicates the probable existence of commercial
reservoirs of oil or gas in any part of the PPLs at the end of the
exploration phase, the parties must each finance their pro-rata
share of all expenditure required in respect of the development
plan either themselves or by procuring sufficient finance from a
third party.
The financial effects of the above transactions have not been
brought to account in the financial statements for the year ended
31 December 2011.
6. PUBLICATION OF NON STATUTORY ACCOUNTS
The financial information set out in this preliminary
announcement does not constitute statutory accounts.
The balance sheet at 31 December 2011 and the profit and loss
account, cash flow statement and associated notes for the year then
ended have been extracted from the Group's 2011 statutory financial
statements upon which the auditors' opinion is unqualified.
7. ANNUAL REPORT
The Annual Report for the year ended 31 December 2011 will be
available from the Company's website www.natasamining.com
shortly.
**ENDS**
Enquiries:
Natasa Mining Ltd
Chrisilios Kyriakou, Executive Chairman
Telephone: +44 (0) 20 7290 3102
www.natasamining.com
Angela Hallett / James Spinney
Strand Hanson Limited
Telephone: +44 (0) 20 7409 3494
This information is provided by RNS
The company news service from the London Stock Exchange
END
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