Half Yearly Report
29 9월 2009 - 3:00PM
UK Regulatory
TIDMPDF
RNS Number : 8074Z
Pangea DiamondFields PLC
29 September 2009
Pangea DiamondFields plc
("PDF" or "the Company")
Interim Results for the six months ended 30 June 2009
Pangea DiamondFields plc (AIM: PDF), the mid-tier diamond producer and
exploration company provides the following update of its activities to 30 June
2009. The Company has a portfolio of seven projects located in the Central
African Republic ("CAR"), Democratic Republic of the Congo ("DRC"), Angola and
South Africa.
HIGHLIGHTS
Angola
§ Cassanguidi project now in production
§ Project expansion at Cassanguidi complete with ramp up to full capacity
underway
South Africa
§ Positive feasibility study results for Bakerville
§ 370% increase in resource carats at Bakerville including Indicated category
§ Bakerville project Mining Right application submitted
§ Project bulk sampling at Bakerville ceased pending granting of Mining Right
Resource Update
§ Resource updates completed for Harts River, Longatshimo River and Bakerville
General
§ Strategy to develop near-production assets and conserve cash reserves
continues
§ Cash reserves of US$3.3 million and diamond stock of approximately US$0.5
million as at 30 June 2009
Commenting on the results, Chief Executive Brett Thompson stated, "Whilst the
diamond market has shown signs of recovery during the first half of 2009, the
Company is positioning itself to operate even in the current diamond price
environment with the expansion of the Cassanguidi project to a cash
flow-generative commercial scale operation as well as the ongoing application to
expand the Bakerville project."
General Update
The Company continues to monitor recent trends in the movement of rough diamond
prices following the substantial reductions late in 2008. While recent trends
reflecting upward movement in rough prices to 65 - 70% of mid-2008 prices
relative to the low of around 50% late in 2008 are promising, the Company is
still waiting for signs of sustainability in these trends before changing its
strategy of focusing on the development of near-production assets and the
conservation of cash.
Following the expansion of the Cassanguidi project to a full capacity commercial
scale operation, which is essentially complete and currently ramping up to full
capacity by year end and provided there is no material worsening in the rough
diamond market, the Company expects to be able to generate sufficient cash flow
at current diamond prices to satisfy the operating costs of its other projects
and central overhead costs. However the reader should note the comments which
appear later in the Summary of Results under the heading, Going Concern.
As at 30 June 2009, shortly after the final payment for the purchase of the
Bakerville farm was made, the Company had cash reserves of US$3.3 million and
not the US$3.1 million previously reported due to a minor payment timing issue.
In addition the Company had diamond stock of approximately 3,382 carats
including sampling carats and valued at approximately US$0.5 million, based on
current estimated prices. This balance had reduced to US$1.54 million by 21
September 2009, primarily due to the capital cost of additional equipment for
Cassanguidi as well as the delayed ramp up of the project. As at 21 September
2009 the Company had unsold stock of diamonds in hand valued at approximately
US$0.3 million.
Angola
Cassanguidi
The production of diamonds from Pilot Mining activities has been significantly
reduced for the first six months of 2009 compared to the same period last year
due to the focus of the team being on construction and commissioning of the
expansion project, rather than on bulk sampling and resource generation.
While some delays have been experienced with the availability of power
generation facilities, the ramp up to full capacity at Cassanguidi is now
progressing well and all processing facilities are fully commissioned and
operational. It is expected that Cassanguidi will be generating sufficient
revenues to cover its operational costs by October 2009 and will reach full
capacity by the end of 2009.
Through the commissioning process a positive adjustment to the final capacity of
the new processing facilities has been identified such that full capacity now is
expected to be around 37,500 m3 of in situ gravel mined and processed per month,
producing around 8,000 carats per month, with cash costs expected to be of the
order of US$16 per m3 of in situ gravel mined and processed. Recent data from
third party sales in the first half of 2009 suggests that in the current market,
a price of US$120-130 per carat is achievable.
On 10 August 2009, PDF reported that it had concluded a transaction to acquire
certain mining equipment and processing assets from New Millennium Resources
('NMR'), for use at its Cassanguidi project in Angola, for a total cash and
share consideration of $600,000. The essential equipment has now been relocated
to Cassanguidi and is already in use, while the removal of the remainder of the
equipment considered unnecessary, has been terminated. PDF are in the process of
renegotiating the agreement with NMR to reflect the value of only the equipment
removed. Once this process is concluded a final settlement payment will be made
to NMR by the issue of PDF shares as per the announcement made on 10 August 2009
and the details of this will be released to the market in due course.
South Africa
Bakerville
As recently reported, the third sale by tender of diamonds from the Bakerville
project took place early in September, yielding an average price of US$238 per
carat from a run of mine parcel of 796 carats. To date, over 2,000 carats in
total have been sold by tender from Bakerville at a weighted average price of
US$366 per carat. This is significant as the cumulative carats recovered and
sold now exceed the minimum parcel size required to determine an average
valuation for resource purposes in the indicated category.
As announced by the Company on 15 September 2009, project resource carats have
increased dramatically by 370% to 455,000 carats at a recovered grade of 3.42
ct/100m3 and importantly after the most recent sale, confidence in the quality
of the resource has increased with the inclusion of 2.50 million m3 and 85,600
carats of indicated resources in the overall resource.
A feasibility study has now been successfully completed in house with positive
results and the Mining Right application to allow full scale exploitation of the
deposit has been submitted to the relevant governmental authority in South
Africa and the Company is awaiting feedback from the authorities on this
submission. The final project scope at full production reflects a nominal
capacity of 90,000 cubic metres per month, producing around 2,250 carats per
month at a cost of around US$4.50 per cubic metre. The total estimated capital
cost to develop the project to this revised scale of operations is US$8 million
however the Company anticipates that given the favourable location of this
project in South Africa, a substantial amount of the equipment required could be
acquired on financing terms. At this time, it is not possible to determine when
the Mining Right will be approved and as a consequence when commercial scale
mining may commence, however PDF will undertake all preparatory work to ensure
that the transition to commercial scale operations is not unduly delayed. Until
such time as the Mining Right application has been approved and the Company is
in a position to develop a commercial scale operation at Bakerville, in keeping
with the overall Company objective of reducing unnecessary expenditure the
Company has decided to cease bulk sampling operations at Bakerville and put the
operation on "care and maintenance" with immediate effect. Exploration will
however continue to delineate additional resource potential outside the current
resource area.
As previously reported the Zamenkomst farm on which the operation is currently
situated was recently purchased, with the final payment for this purchase of
ZAR3.22 million (US$0.39 million) being made in June 2009 and the transfer of
ownership of the property to the Company has now been completed.
Harts River - Brussels Area
No further work has been undertaken on the ground at Harts River however a
resource update has been completed which estimates the Harts River resource at
125,000 carats with an average resource value of US$1,043 per carat from 22.7
million cubic metres at a grade of 0.55 carats per hundred cubic metres.
Bloemhof
There are currently no plans to undertake additional work on this project. The
Company is currently considering the best options to maximise value from the
project including a possible sale or joint venture arrangement to further
develop the project. Progress in this regard is not expected imminently.
DRC
Longatshimo River
This project is currently on hold and no further work has been undertaken on the
ground at Longatshimo River however with the bulk sampling work undertaken to
date, a resource update has been completed which reflects increased confidence
in the resource base with 0.49 million carats now in the indicated category and
a total resource of 3.57 million carats.
Tshikapa River
This project is now on hold and no further work has been undertaken by PDF on
the ground at Tshikapa River.
Options to enter into joint venture arrangements with other operators in the DRC
to develop these projects jointly are still being considered although limited
progress has been made to date.
CAR
Dimbi
This project is now on hold and no further work has been undertaken on the
ground at Dimbi. In line with the Company's current strategy the Dimbi project
will remain suspended until market conditions change materially or a decision is
made on its future. Apart from resuming operations if market conditions are
conducive, a number of other options are being considered for the future of the
project, including if necessary a possible sale or the transfer of the equipment
to the Company's DRC projects.
SUMMARY OF RESULTS
+----------------------------------+---------------+---------------+---------------+
| | 6 months to | 6 months to | 12 months to |
| | 30 June | 30 June | 31 December |
| | 2009 | 2008 | 2008 |
+----------------------------------+---------------+---------------+---------------+
| | US$ millions | US$ millions | US$ millions |
+----------------------------------+---------------+---------------+---------------+
| | | | |
+----------------------------------+---------------+---------------+---------------+
| Net exploration expenditure | 5.266* | 5.019 | 7.471 |
+----------------------------------+---------------+---------------+---------------+
| | | | |
+----------------------------------+---------------+---------------+---------------+
| Loss for the period | 8.972* | 11.119 | 17.198 |
+----------------------------------+---------------+---------------+---------------+
| | | | |
+----------------------------------+---------------+---------------+---------------+
| Loss per share (US cents) | 0.52 | 8.56 | 8.64 |
+----------------------------------+---------------+---------------+---------------+
| | | | |
+----------------------------------+---------------+---------------+---------------+
| Cash in bank (period end) | 3.308 | 7.422 | 7.270 |
+----------------------------------+---------------+---------------+---------------+
Net exploration and capital expenditure for the periods under review by
geographic location was as follows:
+-------------+-------------+-------------+-------------+-------------+-------------+
| | Total | Angola | DRC | CAR | South |
| | | | | | Africa |
+-------------+-------------+-------------+-------------+-------------+-------------+
| | US$ | US$ | US$ | US$ | US$ |
| | millions | millions | millions | millions | millions |
+-------------+-------------+-------------+-------------+-------------+-------------+
| 6 months to 30 June 2009 |
+-----------------------------------------------------------------------------------+
| Net | 5.266* | 1.393 | 0.485 | 3.515* | (0.127) |
| exploration | | | | | |
| expenditure | | | | | |
+-------------+-------------+-------------+-------------+-------------+-------------+
| Capital | 0.205 | 0.202 | - | - | 0.03 |
| expenditure | | | | | |
+-------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | |
+-------------+-------------+-------------+-------------+-------------+-------------+
| 6 months to 30 June 2008 |
+-----------------------------------------------------------------------------------+
| Net | 5.019 | 1.269 | 2.154 | 1.398 | 0.198 |
| exploration | | | | | |
| expenditure | | | | | |
+-------------+-------------+-------------+-------------+-------------+-------------+
| Capital | 2.100 | - | 0.344 | 0.658 | 1.098 |
| expenditure | | | | | |
+-------------+-------------+-------------+-------------+-------------+-------------+
* Includes an impairment charge of US$3.116 million recognised against the
carrying value of the Company's Dimbi project.
FINANCIAL RESULTS
The Company expenses all exploration and evaluation costs per project, until the
commissioning of commercial scale production.
The Company incurred a loss before taxation for the six months under review of
US$8.97 million compared to a loss for the same period last year of US$11.11
million. The reduction in loss is in line with Pangea's strategy of reducing
expenditure as much as possible.
Diamond revenues of US$0.9 million were lower than the corresponding period in
the prior year as a result of reduced production from the Cassanguidi Project
due to the ongoing construction activities of the expansion project. In
addition, other income of US$0.9 million was derived from the sale of sample
diamonds incidental to the exploration process. The Company had unsold diamond
stocks on hand of 3,382 carats from its various projects as at 30 June 2009
compared to 4,933 carats at 30 June 2008.
An impairment charge of US$3.1 million was recognised against the carrying value
of the assets of the Dimbi project in the CAR, which has now been written down
to zero in the Company's accounts.
As at 30 June 2009 the Company had cash resources of US$3.3 million (2008 -
US$7.4 million). This balance had reduced to US$1.54 million by
21 September 2009, primarily due to the capital cost of additional equipment for
Cassanguidi as well as the delayed ramp up of the project. As at 21 September
2009 the Company had unsold stock of diamonds in hand valued at approximately
US$0.3 million.
GOING CONCERN
The Company is in the process of exploring and evaluating its mineral property
interests. Except for the Cassanguidi Project, where expansion to commercial
production status is near completion and the Bakerville project where an
application to expand to commercial production status has been submitted, the
Company has not yet formally announced the decision to proceed to commercial
production status at any of its other mineral property interests. The underlying
value and recoverability of the amounts shown for mineral property interests and
exploration costs are entirely dependent upon the existence of economically
recoverable mineral reserves, the ability of the Company to obtain the necessary
financing to complete the exploration and development of the mineral property
interests and future profitable production or proceeds from the disposition of
the mineral property interests.
Global rough diamond prices fell significantly in late 2008 and this fall
continued until April 2009 when prices started to improve to the point that they
are now at approximately 65 - 70% of target prices. The Company took cognizance
of the depressed diamond market and adjusted its budgets accordingly; reducing
expenditure on projects that were unlikely, at significantly reduced diamond
prices, to be cash flow positive in the short term.
The financial
statements have been prepared on the going concern basis, since the directors
believe that the Company will be successful in continuing to trade from its
current position to operate as a going concern. This is premised on the
assumption that the Cassanguidi project will be scaled up as planned. Should
this scaling up be delayed in any way and should the Company be unable to source
additional bridging funding, a material uncertainty exists which may cast doubt
on the Company's ability to continue as a going concern. Similarly there exists
a material uncertainty as to when rough diamond prices will recover
significantly and this may also cast doubt on the Company's ability to continue
as a going concern, rendering it potentially unable to realise its assets and
discharge its obligations in the normal course of business.
DIVIDENDS
No dividends have been paid or proposed (2008 - nil).
RESULTS REVIEWED
These results have been reviewed by KPMG Inc. in terms of IAS 34: Interim
Financial Reporting and they have approved the financial results and the content
of this release.
SUBSEQUENT EVENTS
There has not been any matter or circumstance that has arisen since 30 June 2009
which has significantly affected, or may significantly affect the operations or
state of affairs of the Company.
For more information on PDF, please visit: http://www.pangeadiamondfields.com.
+---------------------------+---------------------------+---------------------------+
| Pangea DiamondFields plc | Ambrian Partners Limited | Walbrook PR Limited |
+---------------------------+---------------------------+---------------------------+
| Brett Thompson | Richard Greenfield | Louise Goodeve |
+---------------------------+---------------------------+---------------------------+
| Chief Executive Officer | | |
+---------------------------+---------------------------+---------------------------+
| T: +27 11 438 4100 | T: +44 (0) 20 7634 4700 | T: +44 (0) 20 7933 8780 |
+---------------------------+---------------------------+---------------------------+
By order of the board
Brett Thompson
Chief Executive Officer
29 September 2009
Note: The information in this statement has been reviewed by Mr. Brett Thompson,
B Eng (Mining), Grad Dip Applied Finance & Investment, FSAIMM, MAusIMM and Mr
Anton Esterhuizen B Sc (Geology), MSc (Mineral Exploration), FGSSA, MSME who are
qualified persons for the purposes of the AIM Guidance Note for Mining, Oil and
Gas Companies. Mr. Thompson is Chief Executive Officer of Pangea DiamondFields
plc and has over 24 years experience in mining operations with some 12 years
specifically in diamond mining and exploration. Mr. Anton Esterhuizen is Chief
Exploration Officer of Pangea DiamondFields plc and has over 30 years experience
in exploration activities throughout the world and has been the recipient of
numerous awards for his exploration successes.
Pangea DiamondFields plc
Consolidated Income Statement
for the six months ended 30 June 2009
+---------------------------------+------+-------------+--+--------------+--+--------------+
| |Note | Reviewed | | Reviewed | | Audited for |
| | | for the | | for the six | | the twelve |
| | | six months | | months | | months |
| | | ended | | ended | | ended |
| | | 30 June | | 30 June | | 30 December |
| | | 2009 | | 2008 | | 2008 |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| | | US$ | | US$ | | US$ |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| | | | | | | |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| Diamond revenue * | | 895 661 | | 2 211 254 | | 2 802 564 |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| Other income | | 893 936 | | - | | 4 533 901 |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| Pilot mining expenditure | | (2 | | (2 888 410) | | (5 644 498) |
| | | 288 484) | | | | |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| Exploration expenditure | | (1 651 224) | | (4 341 742) | | (9 162 585) |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| Impairment of CAR projects | | (3 116 115) | | - | | - |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| Net exploration expenditure | | (5 266 226) | | (5 018 898) | | (7 470 618) |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| Other operating expenses | | (3 | | (5 497 910) | | (13 703 400) |
| | | 705 866) | | | | |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| Equity-settled share-based | | - | | (723 750) | | 3 862 317 |
| payments | | | | | | |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| Operating losses | | (8 972 092) | | (11 240 558) | | (17 311 701) |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| Finance income | | 2 557 | | 121 174 | | 142 964 |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| Finance expense | | (1 216) | | - | | (29 720) |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| Loss before taxation | | (8 970 751) | | (11 119 384) | | (17 198 457) |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| Taxation | | - | | - | | - |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| Loss for the period | | (8 970 751) | | (11 119 384) | | (17 198 457) |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| | | | | | | |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| Attibutable to: | | | | | | |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| * Equity shareholders of the | | (8 970 751) | | (11 119 384) | | (17 198 457) |
| parent company | | | | | | |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| * Minority interest | | - | | - | | - |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| | | (8 970 751) | | (11 119 384) | | (17 198 457) |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| | | | | | | |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| Loss per share (US cents) | 3 | (0.52) | | (8.56) | | (8.64) |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| | | | | | | |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| * net of applicable royalties | | | | | | |
+---------------------------------+------+-------------+--+--------------+--+--------------+
| | | | | | | |
+---------------------------------+------+-------------+--+--------------+--+--------------+
Pangea DiamondFields plc
Consolidated Balance Sheet
at 30 June 2009
+-----------------------------------+--------------+--+--------------+---+--------------+
| | Reviewed as | | Reviewed as | | Audited as |
| | at 30 June | | at 30 June | | at 31 |
| | 2009 | | 2008 | | December |
| | | | | | 2008 |
+-----------------------------------+--------------+--+--------------+---+--------------+
| | US$ | | US$ | | US$ |
+-----------------------------------+--------------+--+--------------+---+--------------+
| | | | | | |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Assets | | | | | |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Non-current assets | 8 774 105 | | 16 027 390 | | 13 304 165 |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Mineral properties | 2 636 532 | | 3 170 390 | | 2 636 532 |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Plant and equipment | 6 137 573 | | 11 447 941 | | 10 667 633 |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Unlisted investments | - | | 1 409 059 | | - |
+-----------------------------------+--------------+--+--------------+---+--------------+
| | | | | | |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Current assets | 4 495 517 | | 8 919 614 | | 8 111 464 |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Inventory | 321 841 | | 808 045 | | 101 500 |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Other receivables | 866 006 | | 689 958 | | 739 788 |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Bank and cash | 3 307 670 | | 7 421 611 | | 7 270 175 |
+-----------------------------------+--------------+--+--------------+---+--------------+
| | | | | | |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Total assets | 13 269 622 | | 24 947 004 | | 21 415 628 |
+-----------------------------------+--------------+--+--------------+---+--------------+
| | | | | | |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Equity and liabilities | | | | | |
+-----------------------------------+--------------+--+--------------+---+--------------+
| | | | | | |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Capital and reserves | 12 284 554 | | 19 904 000 | | 20 929 528 |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Share capital | 12 688 428 | | 669 249 | | 12 137 627 |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Share premium | 62 695 017 | | 61 988 226 | | 61 988 226 |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Foreign currency translation | (606 434) | | 103 091 | | 325 381 |
| reserve | | | | | |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Share-based equity reserves | - | | 4 586 067 | | - |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Accumulated losses | (62 492 457) | | (47 442 633) | | (53 521 706) |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Total equity attributable to | 12 284 554 | | 19 904 000 | | 20 929 528 |
| equity holders of the company | | | | | |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Minority interest | - | | - | | - |
+-----------------------------------+--------------+--+--------------+---+--------------+
| | | | | | |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Non-current liability | | | | | |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Loans payable | - | | 3 786 601 | | - |
+-----------------------------------+--------------+--+--------------+---+--------------+
| | | | | | |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Current liabilities | 985 068 | | 1 256 403 | | 486 101 |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Short-term loans | 596 052 | | 644 687 | | 85 237 |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Finance lease liability | - | | - | | 387 755 |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Trade and other payables | 389 016 | | 611 716 | | 13 108 |
+-----------------------------------+--------------+--+--------------+---+--------------+
| | | | | | |
+-----------------------------------+--------------+--+--------------+---+--------------+
| Total equity and liabilities | 13 269 622 | | 24 947 004 | | 21 415 628 |
+-----------------------------------+--------------+--+--------------+---+--------------+
| | | | | | |
+-----------------------------------+--------------+--+--------------+---+--------------+
Pangea DiamondFields plc
Consolidated Statement of Changes in Equity
for the six months ended 30 June 2009
+----------------------+------------+------------+-------------+-------------+--------------+--------------+----------+--------------+
| | Share | Share | Foreign |Share-based | Accumulated | Total |Minority | Total |
| | capital | premium | currency | equity | losses | recognised |interest | |
| | | |translation | reserves | | income and | | |
| | | | reserve | | | expenses | | |
+----------------------+------------+------------+-------------+-------------+--------------+--------------+----------+--------------+
| | US$ | US$ | US$ | US$ | US$ | US$ | US$ | US$ |
+----------------------+------------+------------+-------------+-------------+--------------+--------------+----------+--------------+
| | | | | | | | | |
+----------------------+------------+------------+-------------+-------------+--------------+--------------+----------+--------------+
| Balance at 1 January | 586 749 | 48 165 897 | (177 085) | 3 862 317 | (36 323 249) | (32 638 017) | - | 16 114 629 |
| 2008 | | | | | | | | |
+----------------------+------------+------------+-------------+-------------+--------------+--------------+----------+--------------+
| Shares issued for | 11 550 878 | 13 822 329 | - | - | - | - | - | 25 373 207 |
| cash | | | | | | | | |
+----------------------+------------+------------+-------------+-------------+--------------+--------------+----------+--------------+
| Share-based payment | - | - | - | (3 862 317) | - | (3 862 317) | - | (3 862 317) |
+----------------------+------------+------------+-------------+-------------+--------------+--------------+----------+--------------+
| Total recognised | - | - | 502 466 | - | (17 198 457) | (16 695 991) | - | (16 695 991) |
| income and expense | | | | | | | | |
+----------------------+------------+------------+-------------+-------------+--------------+--------------+----------+--------------+
| Balance at 1 January | 12 137 627 | 61 988 226 | 325 381 | - | (53 521 706) | (53 196 325) | - | 20 929 528 |
| 2009 | | | | | | | | |
+----------------------+------------+------------+-------------+-------------+--------------+--------------+----------+--------------+
| Shares issued for | 550 801 | 706 791 | - | - | - | - | - | 1 257 592 |
| cash | | | | | | | | |
+----------------------+------------+------------+-------------+-------------+--------------+--------------+----------+--------------+
| Total recognised | - | - | (931 815) | - | (8 970 751) | (9 902 566) | - | (9 902 566) |
| income and expense | | | | | | | | |
+----------------------+------------+------------+-------------+-------------+--------------+--------------+----------+--------------+
| Balance at 30 June | 12 688 428 | 62 695 017 | (606 434) | - | (62 492 | (63 098 891) | - | 12 284 554 |
| 2009 | | | | | 457) | | | |
+----------------------+------------+------------+-------------+-------------+--------------+--------------+----------+--------------+
| | | | | | | | | |
+----------------------+------------+------------+-------------+-------------+--------------+--------------+----------+--------------+
Pangea DiamondFields plc
Consolidated Cash Flow Statement
for the six months ended 30 June 2009
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| |Notes | | Reviewed | | Reviewed | | Audited for |
| | | | for the | | for the | | the twelve |
| | | | six | | six | | months |
| | | | months | | months | | ended 31 |
| | | | ended 30 | | ended 30 | | December |
| | | | June 2009 | | June 2008 | | 2008 |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| | | | US$ | | US$ | | US$ |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| | | | | | | | |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| Cash flows from operating | | | | | | | |
| activities | | | | | | | |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| Cash utilised by operations | 4 | | (4 | | (9 099 789) | | (18 278 362) |
| | | | 207 632) | | | | |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| Finance income | | | 2 557 | | 121 174 | | 142 964 |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| Finance expense | | | (1 216) | | - | | (29 720) |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| Net cash flows from operating | | | (4 | | (8 978 615) | | (18 165 118) |
| activities | | | 206 291) | | | | |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| | | | | | | | |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| Cash flows from investing | | | | | | | |
| activities | | | | | | | |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| Acquisition of plant and | | | (205 051) | | (2 099 510) | | (3 234 901) |
| equipment | | | | | | | |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| Investments acquired | | | - | | - | | (485 000) |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| Mineral properties acquired | | | - | | - | | (591 836) |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| Net cash used in investing | | | (205 051) | | (2 099 510) | | (4 311 737) |
| activities | | | | | | | |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| | | | | | | | |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| Cash flows from financing | | | | | | | |
| activities | | | | | | | |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| Shares issued for cash | | | 1 257 592 | | 13 904 829 | | 25 373 207 |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| Increase in short-term loans | | | 123 060 | | 443 371 | | - |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| Net cash flows from financing | | | 1 380 652 | | 14 348 200 | | 25 373 207 |
| activities | | | | | | | |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| | | | | | | | |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| Increase in cash and cash | | | (3 030 690) | | 3 270 075 | | 2 896 352 |
| equivalents | | | | | | | |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| Foreign currency translation | | | (931 815) | | 280 176 | | 502 464 |
| adjustment on cash | | | | | | | |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| Cash and cash equivalents at | | | 7 270 175 | | 3 871 360 | | 3 871 360 |
| the beginning of the period | | | | | | | |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| Cash and cash equivalents at | | | 3 307 670 | | 7 421 611 | | 7 270 175 |
| the end of the period | | | | | | | |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| | | | | | | | |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| | | | | | | | |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
| | | | | | | | |
+---------------------------------+-------+--+-------------+--+-------------+--+--------------+
Pangea DiamondFields plc
Notes to the Reviewed Interim Financial Information
for the six months ended 30 June 2009
+----+--------------------------------------------------------------------------------------+
| 1. | Accounting policies and Statement of Compliance |
+----+--------------------------------------------------------------------------------------+
| | Pangea DiamondFields plc ("the Company") is a company domiciled in the Isle of |
| | Man. The consolidated interim financial information as at and for the period |
| | ended 30 June 2009 comprises the Company and its subsidiaries (together |
| | referred to as "the Group"). |
| | The consolidated interim financial information has been prepared in accordance |
| | with International Financial Reporting Standards ("IFRS") IAS34: Interim |
| | Financial Reporting. They do not include all of the information required for |
| | full annual financial statements, and should be read in conjunction with the |
| | consolidated financial statements for the Group as at and for the year ended |
| | 31 December 2008. |
| | |
+----+--------------------------------------------------------------------------------------+
| 2. | Segment Reporting |
+----+--------------------------------------------------------------------------------------+
| | Geographical segments |
| | The Group currently only has major exploration projects in Africa. The |
| | exploration activities are located in Angola, the Democratic Republic of Congo |
| | ("DRC"), Central African Republic ("CAR") and South Africa. In presenting |
| | information on the basis of geographical segments, segment assets are based on |
| | the geographical location of the assets |
+----+--------------------------------------------------------------------------------------+
| | |
+----+--------------------------------------------------------------------------------------+
| | at 30 June Total Angola DRC CAR South |
| | 2009 Africa |
| | US$ US$ US$ US$ US$ |
| | Total assets 8 633 935 3 786 315 3 006 804 15 722 1 825 094 |
| | Cash utilised (2 855 444) (1 608 603) (503 413) (603 226) (140 202) |
| | by operating |
| | activities |
| | Cash utilised (205 051) (201 985) - - (3 066) |
| | by investing |
| | activities |
| | Capital (205 051) (201 985) - - (3 066) |
| | expenditure |
| | Revenue 895 661 895 661 - - - |
| | |
+----+--------------------------------------------------------------------------------------+
| | |
+----+--------------------------------------------------------------------------------------+
| | at 30 June Total Angola DRC CAR South |
| | 2008 Africa |
| | US$ US$ US$ US$ US$ |
| | Total assets 15 003 361 4 372 035 4 089 934 4 191 256 2 350 136 |
| | Cash utilised (6 583 340) (800 687) (2 422 385) (2 182 347) (1 177 921) |
| | by operating |
| | activities |
| | Cash utilised (2 099 510) - (343 988) (658 421) (1 097 101) |
| | by investing |
| | activities |
| | Capital (2 099 510) - (343 988) (658 421) (1 097 101) |
| | expenditure |
| | Revenue 2 211 254 1 619 238 - 592 016 - |
| | |
+----+--------------------------------------------------------------------------------------+
+----+---------------------------------------------------------------------------------------+
| | |
+----+---------------------------------------------------------------------------------------+
| | at 31 December Total Angola DRC CAR South |
| | 2008 Africa |
| | US$ US$ US$ US$ US$ |
| | Total assets 12 310 149 4 112 216 3 544 858 2 810 306 1 842 769 |
| | Cash utilised (13 359 625) (2 482 547) (4 318 220) (4 562 951) (1 995 908) |
| | by operating |
| | activities |
| | Cash utilised (3 713 493) (1 037 866) (412 308) (667 078) (1 596 241) |
| | by investing |
| | activities |
| | Capital (3 826 738) (1 037 866) (412 308) (667 078) (1 709 486) |
| | expenditure |
| | Revenue 2 802 564 2 802 564 - - - |
| | |
+----+---------------------------------------------------------------------------------------+
| | |
+----+---------------------------------------------------------------------------------------+
| | The following items have not been allocated to any geographical locations as |
| | they relate to the corporate head office located in the Isle of Man: |
+----+---------------------------------------------------------------------------------------+
| | |
+----+---------------------------------------------------------------------------------------+
| | Reviewed six Reviewed six Audited twelve |
| | months to months to months to |
| | 30 June 2009 30 June 2008 31 December |
| | 2008 |
| | US$ US$ US$ |
| | Total assets 4 635 687 9 943 643 9 105 480 |
| | Cash utilised by operating (1 352 187) (2 395 275) (4 918 737) |
| | activities |
| | Cash utilised by investing - - (485 000) |
| | activities |
| | Cash generated by financing 1 380 652 13 921 365 25 373 207 |
| | activities |
| | |
+----+---------------------------------------------------------------------------------------+
| | |
+----+---------------------------------------------------------------------------------------+
| 3. | Loss per share |
+----+---------------------------------------------------------------------------------------+
| | The basic loss per share has been calculated using the weighted average number |
| | of shares in issue during the period. The weighted number of shares in the |
| | period was 1 727 982 140 (30 June 2008: 117 083 051 and 31 December 2008: 199 |
| | 076 922) and the loss after taxation for the Group was $8 970 751(30 June |
| | 2008: $11 119 384 and 31 December 2008: $17 198 457). |
| | Due to the losses incurred during the period, a diluted loss per share has not |
| | been calculated as this would serve to reduce the basic loss per share. |
| | |
+----+---------------------------------------------------------------------------------------+
+----+--------------------------------------------------------------------------------+
| | |
+----+--------------------------------------------------------------------------------+
| 4. | Note to the cash flow statement |
+----+--------------------------------------------------------------------------------+
| | Reviewed six Reviewed six Audited |
| | months to months to twelve |
| | 30 June 2009 30 June 2008 months to |
| | 31 December |
| | 2008 |
| | Cash utilised by operations |
| | Loss before taxation for the (8 970 751) (11 119 384) (17 198 457) |
| | period |
| | Adjusted for: |
| | Depreciation of plant and 1 618 996 1 794 939 4 016 742 |
| | equipment |
| | Equity-settled share-based - 723 750 (3 862 317) |
| | transactions |
| | Impairment losses attributable 3 116 115 - - |
| | to plant and equipment |
| | Impairment losses attributable - - 1 409 059 |
| | to unlisted investment |
| | Negative goodwill - - (3 301 601) |
| | Impairment losses attributable - 819 592 |
| | to mineral properties |
| | Finance income (2 557) (121 174) (142 964) |
| | Finance expense 1 216 - 29 720 |
| | Decrease/ (increase) in loans - (116 079) |
| | and other borrowings |
| | Decrease/ (increase) in (220 341) (535 571) 213 761 |
| | inventory |
| | Increase in trade and other 375 908 318 203 107 351 |
| | payables |
| | Increase in trade and other (126 218) (160 552) (253 170) |
| | receivables |
| | Cash utilised by operations (4 207 632) (9 099 789) (18 278 363) |
| | |
+----+--------------------------------------------------------------------------------+
| | |
+----+--------------------------------------------------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PUURWBUPBGRR
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