TIDMREM
RNS Number : 5924Z
Rare Earth Minerals PLC
21 September 2015
21 September 2015
Rare Earth Minerals Plc.
("Rare Earth Minerals", "REM", "the Company" or "the Group")
Interim Results for the Six Month Period Ending 30 June 2015
Further Significant Progress with Expanding Lithium Assets
Rare Earth Minerals Plc (LSE AIM: REM.LN) (RARMF: US), announces
its interim results for the six months ended 30 June 2015 ("the
period").
Chairman's Statement
I'm pleased to report that the Company's strategy of investing
actively in the lithium and rare earth elements ("REE") sectors is
starting to show solid growth, driven by the ever-increasing global
market's focus on these sectors and REM's focus with its Joint
Venture Partner on the development of the Sonora Lithium Project in
northern Mexico.
The market performance of REM's portfolio of assets and
investments delivered GBP2.65 million of total comprehensive income
for the period. This performance has also had a positive effect on
our balance sheet with our net assets increasing from GBP15.63
million, at the end of December 2014 to GBP21.79 million at the end
of the period. At the end of the period, Inclusive of our cash,
equity swap agreement and undrawn conditional debt facilities the
Company had approximately GBP9 million to support our current
portfolio, potentially increase our investment within this
portfolio and to identify new opportunities over the next twelve
months.
Operationally, REM's principal investments have made excellent
strides, and are demonstrating rapid growth as they advance up the
development curve. In particular, and subsequent to the period end,
REM and its partner in the Sonora Lithium Project entered into a
conditional long-term lithium hydroxide supply agreement that is
material to REM, the full details of which were set forth in the
press release issued on 28 August 2015, which can be viewed
http://www.rareearthmineralsplc.com/index.php?cID=287&id=13211514
.
This supply agreement will underpin and support the Company's
plans to develop this globally significant lithium resource and
will hopefully be the first of a number of potential lithium
off-take partners. We are currently advancing additional potential
off-take agreements with whom we have non-disclosure agreements
with and we look forward to updating the market as we progress of
these discussions.
The lithium market is approaching an important inflection point,
with strong lithium battery growth fundamentals driving strong
demand. With limited supply capacity from the traditional
producers, REM sees that it will be the new producers that will be
asked to fill the widening supply gap. The progress on our key
assets and investments over the last six months has been very
strong and we look forward to reporting on the continued
developments from these projects.
The Company remains completely focused on increasing its global
exposure to the lithium supply chain with significant investments
now centered on Sonora and one of the European Union's most
significant lithium resource at the Cinovec Lithium Project in the
Czech Republic on the border with Germany. Both deposits now have
combined total indicated and inferred resources of nearly 13
million tonnes ("Mt") of lithium carbonate ("LCE").
Outlook
The past six months has been both significant for the projects
we have invested in and the markets in which they operate. We will
continue to look to add value to these assets. We believe that the
investments that have been made by the Group have the potential to
deliver excellent returns. The board would like to take this
opportunity to thank our shareholders, staff and consultants for
their valuable and continued support.
HIGHLIGHTS:
Sonora Lithium Project, Northern Mexico:
-- REM's holding in Bacanora Minerals Ltd ("Bacanora") increased
from 12.0% to 17.02% (17 September 2015). Total economic interest
in the Mexalit and Megalit licenses has increased form 38.4% to
41.91% (17 September 2015).
-- Updated mineral resource estimate ("MRE") is 226% larger than
previously reported at 7.42 Mt of LCE").
-- Full pre-feasibility study ("PFS") is advancing on schedule
and is due for completion in Q1 2016.
-- The ongoing development work and the resulting PFS are
expected to be used to design a plant capable of potentially
delivering up to 50,000 tonnes per year of LCE, making it one of
the largest lithium producing mines in the world.
-- The MRE now totals 1.12 Mt of LCE within indicated category
and 6.3 Mt of LCE within the inferred resource. Drilling is
continuing to confirm grade and deposit continuity.
-- REM's chairman joined board of Bacanora as non-executive
director alongside REM's chief executive officer.
Yangibana Rare Earth Minerals Project, Australia:
-- REM holds a 30% free carried interest to bankable feasibility study on the project.
-- MRE of 6.79 Mt at 1.52% Total Rare Earth Oxides ("TREO").
This is comprised of an Indicated portion of 3.96 Mt at 1.59% TREO
and an Inferred portion of 2.83 Mt at 1.43% TREO.
-- Flotation tests resulted in 90% recovery of rare earths.
-- A scoping study, published in December 2014, had a indicative
pre-tax Net Present Value of AU$ 900 million to AUS$1.2 billion
based on 10 year mine life.
-- The PFS is due for completion in Q4 2015.
Cinovec Lithium Project, Czech Republic:
-- REM currently holds a 9.79% interest in the Cinovec lithium
and tin deposit, located on the German border.
-- Inferred MRE of 5.5Mt LCE.
-- Lithium exploration target of 3.4 Mt to 5.3Mt of LCE.
-- Combined tin MRE of Indicated and Inferred portions of 183
kilotonnes (Inferred portion 167 kilotonnes of tine and indicated
portion 16 kilotonnes of tine)
Western Lithium, Nevada
-- REM holds approximately 1.35% (17 September 2015) interest in
Western Lithium USA Corp ("Western Lithium"), which owns the Kings
Valley Lithium Project in Nevada and the Cauchari - Olaroz Project
in Argentina (as a result of the recent merger with Lithium
Americas Corp.).
-- Western Lithium have produced 99.8% lithium carbonate from a demonstration plant.
-- Lithium Americas combined MRE of 11.7Mt of LCE in Measured
and Indicated Resources and 2.7Mt of LCE in Probable and Proven
Reserves.
-- Initial commercial production from Cauchari - Olaroz Project
is planned at a rate of about 20,000 tonnes per year of LCE when
ultimately funded and completed.
-- The Cauchari - Olaroz Project is permitted for construction.
For further information please contact:
Rare Earth Minerals Plc +44 (0) 207 440 0647
David Lenigas
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce
Mark Leonard
Square1 Consulting
David Bick/Mark Longson +44 (0) 207 929 5599
INVESTMENT AND OPERATIONS REVIEW:
Mexico - mineral resource
Within our investment portfolio, most notable is the prominence
of Bacanora and our joint ownerships with this company on the
Sonora Lithium Project. The combined NI 43-101 compliant gross
resource now stands at a total of 7.24 Mt, with further conceptual
extension within the current pit shell which could potentially add
a further 2.4 to 4.6 Mt of LCE. Further drilling is ongoing with
results to date confirming both grade and deposit continuity.
Lithium market developments
The lithium compound market continues to grow, with the battery
sector forecast to be the primary driver for lithium demand. Based
on the major battery manufacturers planned increase in
manufacturing capacity it is anticipated that by 2020, global
lithium battery capacity will have increased from the current 25
Giga Watt hours ("GWh") to approximately 110 GWh with stronger
growth forecast post 2020.
This has led industry experts to forecast a lithium compound
demand to grow at a 7.8% compound annual growth rate until 2025
from 180,000 tonnes today to around 410,000 tonnes in 2025. To put
this into perspective, and given than most junior producers are
talking about plants with a capacity of 20,000 tpa LCE, without
additional production from the incumbent producers of today, REM
management believe the market could require as many as 10 of these
new plant in just the next 10 years, based on conservative
projections.
Given management's belief that incumbent producers of lithium
are limited in their ability to bring additional supply in short
order to the market to satisfy growing demand, REM management
believe the market will need junior producers to reach the market
in order to satisfy lithium demand through 2020 and beyond.
As a result REM believes it seems likely that lithium prices
will continue to march higher. Lithium has been one of the few
commodities to enjoy price appreciation over the last five or six
years, and given the forecast demand and supply dynamics, REM
anticipates that this pattern will continue for the foreseeable
future. In particular, battery grade lithium carbonate and lithium
hydroxide should, REM believes, see strong price increases.
Australia - excellent progress on rare earth element
pre-feasibility study
Subsequent to the 230% increase in MRE (from 45,000 tonnes to
103,000 tonnes of TREO) declared at Yangibana in December 2014, the
pre-feasibility and expansion programme continued during the
period. This included the definition of considerable capital and
operation cost savings based on improved recoveries, the
applications and subsequent approvals of mining licenses and
further exploration targets being identified.
Cinovec - large lithium and tin deposit in Europe
(MORE TO FOLLOW) Dow Jones Newswires
September 21, 2015 02:00 ET (06:00 GMT)
During the period we took an initial strategic stake in the
Cinovec lithium and tin deposit, located on the border with Germany
in the Czech Republic. The Cinovec deposit has an Inferred MRE of
5.5Mt LCE and an exploration target of 3.4 Mt to 5.3Mt of LCE. In
addition it has combined tin MRE of Indicated and Inferred portions
of 183 kilotonnes of (Inferred portion of 167 kilotonnes of tin and
indicated portion of 16 kilotonnes of tin). This substantial
resource is proximate to end market in Europe in particular OEM's
in the electric vehicle market and we look forward to assisting the
management team developing this deposit over the coming year.
Western Lithium, Nevada
Western Lithium's Kings Valley Lithium Project in Nevada
produced high purity lithium carbonate (99.8%) from its
demonstration plant in Germany and also further developed their
process design for the production of lithium hydroxide, with
Bateman technologies. Subsequent to the period end Western Lithium
agreed a merger with Lithium Americas whom are developing the third
largest lithium brine deposit in the world with a combined MRE of
11.7Mt of Measured and Indicated Resources and 2.7Mt of Probable
and Proven Reserves. Lithium Americas have signed heads of terms
with POSCO defining the basic conditions for a joint venture to
develop the Cauchari-Olaroz Lithium Project in Argentina.
PROJECTS
Sonora Lithium Project
Sonora is a large clay hosted Lithium deposit in the Sonora
State some 190 kilometres northeast of Hermosillo and 200
kilometres south of the border with the USA.
Sonora is underlain by Oligocene to Miocene age rhyolitic tuffs,
ignimbrites and breccias of the upper volcanic complex of the
Sierra Madre Occidental. This succession was subjected to Basin and
Range extensional normal faulting during Miocene times that
resulted in the development of a series of half-grabens. The
half-grabens are locally filled with fluvial-lacustrine sediments
and intercalated tuffs. Alkaline volcanism around this time is
thought to have contributed lithium and other alkali metals into
these basins. Quaternary basalt flows cover the basinal sediment
and volcaniclastic rocks succession, except where later faulting
and uplift have exposed the basin infill. Mineralisation on the
concessions consists of lithium-bearing clays localised in
lacustrine basins.
Sonora consists of ten contiguous concessions covering 94,186
hectares. Two of the concessions (La Ventana, La Ventana 1) are
owned 100% by Bacanora. The El Sauz, El Sauz 1, El Sauz 2, Fleur
and Fleur 1 concessions are owned by Bacanora's subsidiary Mexilit
SA de CV (which is owned 70% by Bacanora and 30% by REM) ("Fleur
& El Sauz"). The San Gabriel, Buenavista, and Megalit
concessions are owned by Bacanora's subsidiary, Megalit SA de CV
(which is owned 70% by Bacanora and 30% by REM) ("Megalit"). REM
has the option to negotiate an increase to its interest of up to
49.9% of Megalit under terms and consideration yet to be agreed
upon. This option expires on January 12, 2016.
When REM's ownership of 17.02% of Bacanora is aggregated with
REM's 30% direct interest of the companies that hold the ten mining
concessions, REM has a 41.91% economic interest in these
assets.
During the period Bacanora announced a revised MRE for Sonora.
Highlights from the increased MRE Include:
-- Indicated portion of the MRE is gross 1.12Mt LCE contained in
95Mt of clay, at lithium ("Li") grade of 2,200 ppm.
-- Inferred portion of the MRE is gross 6.3Mt LCE contained in
500Mt of clay at a Li grade of 2,300 ppm.
-- Conceptual extensions within current pit shell have the
potential to add 2.4 to 4.6Mt LCE contained in 300 to 250Mt of clay
at a Li grade of approximately 1,500 to 2,500 ppm.
-- This MRE (which has been prepared in accordance with National
Instrument 43-101 - Standards of Disclosure for Mineral Projects
("NI 43-101")) does not include identified grade and tonnages
contained within the Beunavista concession, as further
metallurgical testing is required on this deposit; and
-- This updated MRE has been developed using a 3D geological
model and Kriged grade estimates. The indicated portion of the MRE
will be used for initial open pit mine design while we further
develop the inferred portion of the MRE.
Progress on each of the major concessions (and REM's economic
interest) is detailed below:
La Ventana - (17.02% economic interest REM - 17 September
2015)
Progress over the last 6 months progress at La Ventana has
continued as we had anticipated. Drilling and development work that
was completed earlier in the year was used to calculate an expanded
and updated MRE published in May 2015.
The updated MRE of La Ventana, using a cut off of 450 ppm
lithium is comprised of an Indicated portion estimated at 70Mt,
averaging 2,400 ppm Li, for 0.89Mt of LCE, in addition to an
Inferred portion estimated at 135Mt averaging 1,800 ppm Li, for
1.30Mt of LCE. These resources were prepared in accordance with
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects ("NI 43-101").
Fleur & El Sauz- (41.91% economic interest REM - 17
September 2015)
The contiguous El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1
concessions cover the 34 square adjacent to and along strike from
the La Ventana concessions. The geology represents a strike
extension of La Ventana, and has very similar geology and
structural controls.
Excellent progress has been made in the development of these
concessions. This cumulated in an expanded and updated MRE
published in May 2015. The updated MRE of Fleur & El Sauz using
a cut off of 450 ppm lithium is comprised of an Indicated portion
estimated at 25Mt, averaging 1,600 ppm Li, for 0.23Mt of LCE, in
addition to an Inferred portion estimated at 375Mt averaging 2,500
ppm Li, for 5Mt of LCE. These resources were prepared in accordance
with National Instrument 43-101 - Standards of Disclosure for
Mineral Projects ("NI 43-101").
During the period a 4,000 metre drilling programme began on the
Fleur and El Sauz concessions with the primary objective of
significantly increasing the indicated mineral resources. Initial
results published in September confirmed both the high grade (up to
2.68% LCE) and continuity of the deposit.
Upon completion of the drill programme and assaying, SRK will
deliver an updated resource model for mine design purposes, with an
initial focus on the higher grade, open pit resources on the La
Ventana and Fleur concessions.
Work is ongoing in relation to the completion of a
pre-feasibility study for the whole of Sonora. This is scheduled
for completion in Q 2016.
Sonora Lithium Pilot Plant Work & Project Development
Work
During the period metallurgical testing within the pilot plant
continued. SGS Canada Inc. ("SGS") was appointed to carry out
lithium carbonate metallurgical test work, at their Lakefield site,
on a number of ore samples from the Sonora Lithium Project
concessions. SGS is one of the world's leading inspection,
verification, testing and certification companies, with proven
expertise in lithium metallurgy. The data from this test work will
be used to produce a detailed lithium carbonate flowsheet. In
addition work is continuing on the development of a lithium
hydroxide, (LiOH) flowsheet at its Hermosillo pilot plant and will
also commence preliminary test work with a number of international
specialist groups with LiOH extraction expertise.
Ausenco Engineering Canada Inc., ("Ausenco") was appointed to
carry out the flow sheet review, process engineering design,
infrastructure optimisation and PFS documentation for a two-stage
lithium carbonate processing plant, for the production of battery
grade lithium carbonate. Ausenco is internationally recognised as a
specialist in the study, engineering, procurement, construction
management, programme management, commissioning and operation of
minerals processing projects. They recently completed an updated
Feasibility Study for Talison Lithium's lithium carbonate plant in
Australia and will manage Bacanora's PFS out of their office in
Hermosillo, Mexico with support from Vancouver, Canada and Perth,
Australia.
Yangibana Project, Australia (REM-30% free carry)
Since December 2011 REM has owned a 30% interest in the
Yangibana rare earth project situated in the Gascoyne region of
Western Australia. REM's interest is free carried up to the
commencement of the bankable feasibility study on Yangibana
Yangibana is centered on narrow, discontinuously outcropping
ironstone dykes that have been shown to carry anomalous REE
associated with monazite mineralisation. The REE comprise 15
elements with atomic numbers between 57 and 71, plus scandium and
yttrium. The heavy rare earth oxides comprise the oxides of
europium, gadolinium, terbium, dysprosium, holmium, erbium,
thulium, ytterbium, lutetium and yttrium. The light rare earth
oxides comprise the oxides of lanthium, cerium, praseodymium,
neodymium and samarium.
Hastings Rare Metals Limited ("Hastings") is the manager of the
Project and holds a 60% interest. REM is free carried by Hastings
through to the commissioning of a bankable feasibility study. In
November 2014 the total resource significantly increased by 230%
from 45,000 contained tonnes TREO to 103,000 contained tonnes. The
total project resources increased from 3.36 Mt at 1.34% TREO as
reported in August 2014 to 6.79 Mt at 1.52% TREO.
(MORE TO FOLLOW) Dow Jones Newswires
September 21, 2015 02:00 ET (06:00 GMT)
Following on from the revised resource statement, Snowden
Mining, consultants to the project, published an independent
scoping study. It reported an indicative pre-tax NPV of AU$900
million to AU$1.2 billion based on open pit mining at 1.0 million
tpa over a 15-year period. The internal rate of return of the
project is estimated at 62.5%, with an estimated Capex of
approximately $390 million and a payback within 1.6 years of start
of production. The scoping study was based on Yangibana production
of approximately 2,700 tpa of neodymium oxide, 750 tpa of
praseodymium oxide, 40 tpa of dysprosium oxide and 70 tpa of
europium oxide. Significantly, the resource remains open in all
directions with mineralisation cropping out to the east and
west.
Project development progressed well during the six months with
the appointment of the engineering team and commencement of the
PFS, which is due for completion in Q1 2015. Beneficiation testing
achieved 90% recovery of rare earths into 7% of original mass with
a >13 times increase in rare earths grade to >20% TREO. These
results indicate potential to significantly reduce capital and
operating coast associated with the processing plant and it would
only be required to treat 70,000 tpa as opposed to the original
200,000 tpa. Post period end, mining Licenses were granted over
Yangibana Main which contained the following mineral resources:
-- Yangibana North - JORC Indicated Resources of 2.73 million
tonnes at 1.75%TREO** with 0.58%Nd(2) O(3) -Eq* and Inferred
Resources of 0.73 million tonnes at 1.65%TREO** with 0.55% Nd(2)
O(3) -Eq*
-- Gossan - JORC Inferred Resources of 0.23 million tonnes at
1.39%TREO** with 0.43% Nd(2) O(3) -Eq*
-- Lion's Ear - JORC Inferred Resources of 0.67 million tonnes
at 1.55%TREO** with 0.50% Nd(2) O(3) -Eq*
-- Hook - JORC Inferred Resources of 0.10 million tonnes at
1.93%TREO** with 0.52% Nd(2) O(3) -Eq*
-- Kane's Gossan - JORC Inferred Resources of 0.61 million
tonnes at 1.18%TREO** with 0.41% Nd(2) O(3)
Nd2O3-Eq* The Nd2O3 equivalent (Nd2O3-Eq) values have
been calculated using a mixture of prices
for Nd2O3, Pr2O3, y2O3 and Eu2O3 as laid
out in the Hastings release dated 19 August
2015 .
TREO** The sum of the oxides of the heavy rare earth
elements (HREO) and the light rare earth
elements (LREO).
Cinovec Lithium and Tin project, Czech Republic (9.79%) owned by
REM - 17 September 2015
At the end of June 2015 REM acquired an initial strategic
interest in one of the largest lithium deposits in Europe, the
Cinovec deposit in the Czech Republic through a direct holding in
the share capital of European Metals Holdings Limited (ASX code:
EMH) ("European Metals") that owns 100 per cent of the exploration
rights to the Cinovec lithium/tin deposit.
The Cinovec lithium and tin deposit is located in the Krusne
Hory, a mountain range that straddles the border between Germany
and the Czech Republic. The district has an extensive mining
history, with various metals having been extracted since the 14th
Century.
The Cinovec lithium-tin deposit is intimately associated with
the cupola of the Cinovec- Zinnwald granite and comprises an
irregular metasomatic greisen and greisenised granite zones from
several tens to hundreds of metres thick that follow, and are
located near or at, the upper contact of the cupola and thin, flat
greisen zones enclosing quartz veins up to 2m thick. The Cinovec
deposit has an Inferred MRE of 5.5Mt LCE and an exploration target
of 3.4 Mt to 5.3Mt of LCE. In addition it has a combined tin MRE of
Indicated and Inferred portions of 183 kilotonnes (Inferred portion
of 167 kilotonnes of tin and indicated portion of 16 kilotonnes of
tin)
Western Lithium (1.35 % owned by REM -17 September 2015)
Western Lithium is developing a major lithium deposit in
Northwest Nevada. The Kings Valley deposit, as it is known,
contains a total proven and probable reserve of 570,000 tonnes of
LCE. Based on its NI 43-101 Prefeasibility Study, the Kings Valley
project is forecast to have a comparably low first-quartile cost
structure against new and incumbent lithium producers, and to
generate a net present value of US$552 million at a discount rate
of 8%.
In February 2015, Western Lithium announced that it had produced
a high quality lithium carbonate (99.8%) from its demonstration
plant in Germany and also further developed their process design
for the production of lithium hydroxide, with Bateman
technologies.
The most significant development for Western Lithium was the
announcement of its merger with Lithium Americas in July, which
completed on the 8 September 2015. As a result of the Western
Lithium acquired all of the issued and outstanding common shares of
Lithium Americas in exchange for 0.789 common shares of Western
Lithium for each Lithium Americas Share held. Western Lithium has
issued an aggregate of 130,847,374 common shares of Western Lithium
to the former shareholders of Lithium Americas. On completion of
the merger, Western Lithium has 265,648,063 shares issued and
outstanding, with former Lithium Americas shareholders holding
approximately 49.3% on an undiluted basis.
The combined entity will control two large and geographically
diversified development stage lithium projects which allows for an
orderly development timeline that commences with Hectatone (TM)
business revenues in 2015, followed by potential revenues from
Cauchari-Olaroz under a contemplated two year development timeline,
and potential revenues from Kings Valley under a contemplated four
year development timeline.
Lithium Americas has completed a NI 43-101 compliant feasibility
study on its Cauchari-Olaroz Lithium Project in Jujuy, Argentina.
The asset has combined MRE of 11.7 Mt of LCE in Measured and
Indicated Resources and 2.7 Mt of LCE in Probable and Proven
Reserves. The project has already been permitted for construction
and is planned to have an initial production rate of 20,000 tpa of
LCE. In addition Lithium Americas have signed heads of terms with
POSCO defining the basic conditions for a joint venture to develop
the Cauchari-Olaroz Lithium Project.
FINANCIAL RESULTS:
During the period the Group made a loss before taxation of
GBP1.21 million (6 months ending 30 June 2014: loss GBP0.19 million
year ending 31 December 2013: loss GBP3.07 million). There was a
basic loss per share of 0.02p (30 June 2014: loss per share 0.00p,
31 December 2013: loss per share 0.06p). As a result of increases
in the value of available for sale assets comprehensive income for
the period was GBP2.65 million (30 June 2014: total comprehensive
income of GBP0.26 million, 31 December 2014 total comprehensive
income of GBP3.67 million).
The total assets of the Group increased from GBP15.63 million at
the end of last year (31 December 2014) to GBP21.79 million. Of
this amount GBP12.74 million represent the market value of our
investments at the period end.
During the period our net cash outflow from operating activities
was GBP0.77 million, which was lower than the GBP0.96 million
during the same period last year. We invested GBP3.18 million in
available for sale assets which represented the vast majority of
the net cash outflow from investing activities.
These investments plus other costs were funded by cash flows
from investing activities totaling GBP4.16 million. This included
GBP2.50 million of proceeds from the issue of share capital, which
was completed in January 2015 and continued proceeds of GBP1.04
million from the settlement of the share swap between the Group and
YA Global Master SPV, Ltd ("YAGM").
At the period end the Company had approximately GBP5.48 million
of its US$ 10 million debt facility with YAGM available for drawn
down, the individual drawdowns are subject to approval by YAGM.
This facility will expire in June 2016. In addition, and based on
the share price of the Company at the end of the period the amounts
due under share swap within one year (Derivative Financial
Instrument) was GBP2.20 million. The amount due under the share
swap are dependent on the price of the Company's securities during
the preceding month in which the swap payment is due. These two
amounts along with our GBP1.65 million in cash and cash equivalents
totals approximately GBP9.34 million of cash available to the
Company within twelve months.
RARE EARTH MINERALS PLC
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE
INCOME
FOR THE PERIOD ENDED 30 JUNE 2015 (UNAUDITED)
Notes Unaudited Unaudited Audited
Period Period Year ended
ended ended 31 December
30 June 30 June 2014
2015 2014 (restated)
GBP'000 GBP'000 GBP'000
Other administrative
expenses (1,000) (641) (3,173)
Total administrative
expenses (1,000) (641) (3,173)
Operating (loss) (1,000) (641) (3,173)
Share of associates
losses (10) - (19)
(Loss)/gain on equity
swap settlements (97) 456 456
Finance cost (110) (6) (342)
Loss before taxation (1,217) (191) (3,078)
Taxation - - -
---------- ----------------- -------------
Loss attributable
to the equity holders
of the Company (1,217) (191) (3,078)
---------- ----------------- -------------
(MORE TO FOLLOW) Dow Jones Newswires
September 21, 2015 02:00 ET (06:00 GMT)
Other comprehensive
income
Foreign currency
translation differences 274 17 (61)
Fair value adjustment
of equity swap (130) - (389)
Transfer to income
statement of hedging
& available for sale
asset reserve - (580) (580)
Increase in value
of available for
sale asset 3,723 1,009 429
Other comprehensive
income (expenditure)
for the period net
of tax 3,867 446 (601)
Total comprehensive
income (expenditure)
for the period 2,650 255 (3,679)
---------- ----------------- -------------
Loss per share
Basic & Diluted (pence
per share) 2 (0.02) (0.004) (0.06)
---------- ----------------- -------------
RARE EARTH MINERALS PLC
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
FOR THE PERIOD ENDED 30 JUNE 2015 (UNAUDITED)
Share Share Share-based Available Hedging Retained Total
capital premium payment for & Exchange earnings equity
account reserve sale reserve
(restated) asset
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
January
2014 819 8,699 500 (203) 456 (5,326) 4,945
Issue of share
capital 143 5,203 - - - - 5,346
Share issue
costs - (260) - - - - (260)
Transfer on
exercise
of options - - (106) - - 106 -
Share based
payments - - 90 - - - 90
------------- -----------------
Transactions
with
owners 143 4,943 (16) - - 106 5,176
------------- --------------- ------------- ----------------- --------------- ------------- ----------
Foreign
exchange - - - - 17 - 17
Transfer to
income
statement - - - - (580) - (580)
Increase in
value
of available
for
sale asset - - - 1,009 - - 1,009
Loss for the
period - - - - - (191) (191)
Total
comprehensive
loss for the
period - - - 1,009 (563) (191) 255
------------- --------------- ------------- ----------------- --------------- ------------- ----------
Balance at 30
June
2014
(unaudited)
(restated) 962 13,642 484 806 (107) (5,411) 10,376
------------- --------------- ------------- ----------------- --------------- ------------- ----------
Issue of share
capital 105 6,923 - - - - 7,028
Share issue
costs (700) - - - (700)
Share based
payments - - 1,756 - - - 1,756
Transactions
with
owners 105 6,223 1,756 - - - 8,084
------------- --------------- ------------- ----------------- --------------- ------------- ----------
Foreign
exchange - - - - (78) - (78)
Fair value
adjustment
of equity
swap - - - - (389) - (389)
Decrease in
value
of available
for
sale asset - - - (580) - - (580)
Loss for the
period - - - - - (2,887) (2,887)
--------------- -------------
Total
comprehensive
loss for the
period - - - (580) (467) (2,887) (3,934)
------------- --------------- ------------- ----------------- --------------- ------------- ----------
Balance at 31
December
2014 1,067 19,865 2,240 226 (574) (8,298) 14,526
------------- --------------- ------------- ----------------- --------------- ------------- ----------
Issue of share
capital 31 2,468 - - - - 2,499
Share based
payments - - 133 - - - 133
------------- -----------------
Transactions
with
owners 31 2,468 133 - - - 2,632
------------- --------------- ------------- ----------------- --------------- ------------- ----------
Foreign
exchange - - - - 274 - 274
Fair value
adjustment
of equity
swap - - - - (130) - (130)
Increase in
value
of available
for
sale asset - - - 3,723 - - 3,723
Loss for the
period - - - - - (1,217) (1,217)
Total
comprehensive
loss for the
period - - - 3,723 144 (1,217) 2,650
------------- --------------- ------------- ----------------- --------------- ------------- ----------
Balance at 30
June
2015
(unaudited) 1,098 22,333 2,373 3,949 (430) (9,515) 19,808
------------- --------------- ------------- ----------------- --------------- ------------- ----------
RARE EARTH MINERALS PLC
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL
POSITION
AS AT 30 JUNE 2015 (UNAUDITED)
Unaudited Unaudited Audited
30 June 30 June 31 December
2015 2014 2014
(restated)
Assets GBP'000 GBP'000 GBP'000
Non-current
Intangible assets 1,146 690 1,174
Investment in
associate 2,932 2,259 2,933
---------- ----------- ------------
Total non-current
assets 4,078 2,949 4,107
Current assets
Trade and other
receivables 1,114 1,338 1,047
Derivative financial
instrument 2,207 - 3,311
Available for
sale asset 12,744 3,922 5,708
Cash and cash
equivalents 1,656 4,092 1,463
---------- ----------- ------------
Total current
assets 17,721 9,352 11,529
Total assets 21,799 12,301 15,636
========== =========== ============
EQUITY AND LIABILITIES
Current liabilities
Trade and other
payables 607 296 475
Borrowings 1,384 1,629 635
---------- ----------- ------------
Total current
liabilities and
total liabilities 1,991 1,925 1,110
Equity
Share capital 1,098 962 1,067
Share premium 22,333 13,642 19,865
Share based payment
reserve 2,373 484 2,240
Available for
sale asset reserve 3,949 806 226
Hedging & Exchange
reserve (430) (107) (574)
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