TIDMMIRL
RNS Number : 0868R
Minera IRL Limited
16 August 2010
Minera IRL Announces Second Quarter Financial Results
London, 16 August 2010: Minera IRL Limited ("Minera IRL" or the "Company"),
(TSX:IRL) (AIM:MIRL) (BVL:MIRL) the Latin American focused gold mining,
development and exploration company, is pleased to announce its unaudited
interim results for the 3-month period ended June 30, 2010 and its interim
results for the six months ended June 30, 2010. All amounts are reported in US
dollars.
Highlights for the quarter ended June 30, 2010 included:
· Gold production above budget at 8,098 ounces (15,169 ounces for 6 months to
June 30, 2010)
· Sales revenue of US$10.0 million (US$18.3 million for 6 months to June 30,
2010)
· Average sales price US$1,201 per ounce in the second quarter
· Corihuarmi cash operating cost of US$365 per ounce (US$396 for the 6 months
to June 30, 2010)
· EBITDA of US$3.9 million (Q2 2009 US$1.7 million)
· Profit before tax of US$3.0 million (Q2 2009 US$557,000)
· Profit after tax of US$1.6 million (Q2 2009 US$234,000)
· Cash balance of US$6.6 million at June 30, 2010 (June 30, 2009: US$ 5.1
million)
· Rapid advancement on Ollachea Project Pre-Feasibility Study
· Don Nicolas Feasibility Study progressing well
· Extensive airborne geophysical survey carried out over Patagonia
exploration projects
· Acquisition of new exploration project, Killincho, in southern Peru
· $20 million debt facility put in place with Macquarie Bank
Summary table:
+------------+--------------+------------+-------------+--------------+
| | Quarter to | Quarter to | Six months | Six months |
| | 30 June | 30 June | to 30 June | to |
| | 2010 | 2009 | 2010 | 30 June |
| | | | | 2009 |
+------------+--------------+------------+-------------+--------------+
| Gold | 8,098 ounces | 7,753 | 15,169 | 14,903 |
| production | | ounces | ounces | ounces |
+------------+--------------+------------+-------------+--------------+
| Sales | US$10.0 | US$ 6.6 | US$ | US$ 13.3 |
| revenue | million | million | 18.3million | million |
+------------+--------------+------------+-------------+--------------+
| Average | US$ 1,201 | US$ 929 | US$ 1,157 | US$ 917 per |
| sales | per ounce | per ounce | per ounce | ounce |
| price | | | | |
+------------+--------------+------------+-------------+--------------+
| Corihuami | US$ 365 per | US$ 393 | US$ 396 | US$ 388 per |
| cash | ounce | per ounce | per ounces | ounce |
| operating | | | | |
| cost | | | | |
+------------+--------------+------------+-------------+--------------+
| EBITDA | US$ 3.9 | US$ 1.7 | US$ 6.2 | US$ 4.1 |
| | million | million | million | million |
+------------+--------------+------------+-------------+--------------+
| Profit | US$ 3.0 | US$ | US$ 3.6 | US$ 1.2 |
| before tax | million | 557,000 | million | million |
+------------+--------------+------------+-------------+--------------+
| Profit | US$ 1.6 | US$ | US$ 1.8 | US$ 527,000 |
| after tax | million | 234,000 | million | |
+------------+--------------+------------+-------------+--------------+
"Financial performance for the three months to June 30, 2010 was above
expectations. Driven by above budget gold production at our Corihuarmi Gold
Mine and a continuing strong gold price." stated Courtney Chamberlain Minera IRL
Limited Executive Chairman. "The Pre-Feasibility Study at the Minapampa Zone,
Ollachea Project in Peru and Feasibility Study on the Don Nicolas Project in
Argentina are progressing well with two drill rigs carrying out in-fill drilling
on each project. On the exploration front, we have completed a large airborne
geophysical survey in Patagonia to better define and prioritize exploration
targets including the new zone in Escondido. In Peru, early stage exploration
commenced on the new Killincho Project."
This announcement is available from the Company's web site, www.minera-irl.com.
For more information please contact:
+------------------------------------------------+-------------------+
| Minera IRL Limited | +511 4181230 |
| | |
| Trish Kent, Vice President, Corporate | |
| Relations | |
+------------------------------------------------+-------------------+
| | + 44 (0)20 7012 |
| Arbuthnot Securities (Nominated Adviser & | 2000 |
| Broker, London) | |
+------------------------------------------------+-------------------+
| Hugh Field/Richard Johnson | |
+------------------------------------------------+-------------------+
| | |
+------------------------------------------------+-------------------+
| The Equicom Group Inc. (Investor Relations, | +1 416 815 0700 |
| Canada) | (ext 267) |
| James Kitchen, Account Executive | |
+------------------------------------------------+-------------------+
| | + 44 (0)20 7367 |
| Bankside Consultants (Financial PR, London) | 8888 |
+------------------------------------------------+-------------------+
| Simon Rothschild | |
+------------------------------------------------+-------------------+
| Louise Mason | |
+------------------------------------------------+-------------------+
Minera IRL Limited is the AIM traded and TSX and BVL listed holding company of
precious metals mining and exploration companies focused in Latin America.
Minera IRL is led by an experienced senior management team with extensive
industry experience, particularly in operating in South America. The Group
operates the Corihuarmi Gold Mine and the emerging Ollachea Gold Project in Peru
as well as the Don Nicolas Project in Argentina.
This press release was reviewed by Donald McIver, VP Exploration of the Company,
MSc Exploration and Economic Geology, a Fellow of the Australian Institute of
Mining and Metallurgy (AUSIMM), who is the designated Qualified Person for the
purposes of National Instrument 43-101 and has approved the technical
information in this press release.
The Toronto Stock Exchange neither approves nor disapproves the information
contained in this News Release.
Some of the statements contained in this release are forward-looking statements,
such as estimates and statements that describe the Company's future plans,
objectives or goals, including words to the effect that the Company or
management expects a stated condition or result to occur. Since forward-looking
statements address future events and conditions, by their very nature, they
involve inherent risks and uncertainties.
While these forward-looking statements, and any assumptions upon which they are
based, are made in good faith and reflect our current judgment regarding the
direction of our business, actual results will almost always vary, sometimes
materially, from any estimates, predictions, projections, assumptions or other
future performance suggestions herein. Except as required by applicable law or
regulation, Minera IRL Limited does not intend to update any forward-looking
statements to conform these statements to actual results.
Chairman's Statement
A high level of activity continued within the Minera IRL Group during the June
quarter of 2010. Excellent results were achieved from our Corihuarmi Gold Mine,
good progress has been made on the Pre-Feasibility Study on the Ollachea Project
and the Feasibility Study on the Don Nicolas Project and there have been
encouraging results from exploration in Peru and Argentina.
The financial performance for the three months to 30 June 2010 was above
expectations and an improvement on both the comparative second quarter of 2009
and the first quarter of 2010. Gold sales were a solid US$10.0 million on the
back of a continuing strong gold price, with spot sales averaging US$1,201 per
ounce. Gross profit was US$5.3 million and EBITDA US$3.9 million. Profit
before tax was US$3.0 million and profit after tax was US$1.6 million. Each of
these financial figures is significantly better than both the corresponding
period in 2009 and the first quarter of 2010. The cash balance at the end of
the quarter was US$6.6 million.
Our Corihuarmi Gold Mine continues to perform very well with gold production of
8,098 ounces, approximately 10% above budget, bringing production for the first
six months to 15,169 ounces. Mining activities were largely concentrated on the
Susan outcrop. Cash operating costs averaged US$365 per ounce for the quarter
thus reducing the average cash operating costs for the first six months to
US$396 per ounce.
At the Ollachea Project in southern Peru, the Pre-Feasibility Study has made
excellent progress and remains on schedule for completion during the first half
of 2011. Infill drilling in the core Minapampa Zone with 2 rigs continued
throughout the period with 32 of the 40 holes completed to date. This drilling
is required to raise the resource confidence level to Measured and Indicated
categories compliant with NI43-101 standards. Progress was also made on other
aspects of the Pre-Feasibility Study including planning for an exploration
tunnel into the deposit, metallurgical test-work, geotechnical evaluations and
information gathering for the environmental baseline report. Drilling will
revert to the new Concurayoc discovery, approximately 500 meters west of the
Minapampa Zone, when the infill program is completed.
In Patagonia, good progress has been made on the Don Nicolas Feasibility Study,
due for completion in 2011. Two drill rigs completed the infill and stepout
drilling in late July on the Sulfuro Vein, one of the two principal deposits at
Don Nicolas. This is to be followed by infill drilling on the Martinetas
deposit. Other aspects of the Study, such as more metallurgical testing,
geotechnical studies and a hydrology program are in progress.
Exploration continued at a number of projects. In the large tenement package in
the Deseado Massif in Patagonia, a 4,500 line kilometer helicopter-borne
magnetic and radiometric survey has been undertaken to fine tune existing
exploration targets and locate new ones. Highly encouraging rock chip analysis
and geophysical anomalies have identified drill targets on the 700 meter long
outcropping breccia zone at Escondido, contiguous to Mariana Resources Las
Calandrias discovery. Scout drilling commenced at the end of July. Good
progress was also made in better understanding the undrilled 1.3 kilometer vein
at Pan de Azucar with further confirmatory elevated gold outcrop samples
obtained. In addition, a 300 meter long, gold anomalous, breccia envelope has
been identified around the southern portion of the vein.
Results of a 12 hole, 4,856 meter reverse circulation drilling program were
announced in July 2010 for the Bethania porphyry gold project, which is situated
approximately 10 kilometers from Corihuarmi. Extensive intersections of low
grade gold, copper and molybdenum mineralization were identified in six of the
holes which provide substantial encouragement to continue exploring this large
alteration zone. A new exploration project in southern Peru, known as
Killincho, was acquired, and exploration commenced within a known gold producing
area.
The planned drilling was completed at the La Falda Project in Chile and targeted
geophysical IP anomalies and auriferous banded quartz veins considered to be
associated with a gold porphyry system. Encouraging gold mineralization was
encountered deeper in a number of holes which may link to a substantial, largely
untested magnetic anomaly. However, further testing is beyond the current
funding capacity of Minera IRL. As a result, the agreement with Catalina
Resources was extended to 30 September 2010 to allow time to seek another party
for the next phase of exploration.
Following the successful listing of Minera IRL on the Canadian TSX in April
2010, the Company sought to issue a tranche of equity to generate liquidity in
the Canadian markets and to bolster working capital. However, deteriorating
market conditions resulted in the suspension of this process in favour of a
US$20 million debt facility provided by Macquarie Bank. These funds are to be
used to advance rapidly the Ollachea and Don Nicolas projects toward
development.
In closing, I would like to extend my appreciation to our outstanding team and
to our loyal shareholders. Together, I believe we continue to build toward a
bright and prosperous future.
Courtney Chamberlain
Executive Chairman
Minera IRL Limited
12 August 2010
Minera IRL Limited
Consolidated Statement of Comprehensive Income
+----------------------------+---------+---------+-------------+------------------+-------------+------------+
| | 3 months | 3 months | 6 months | 6 months | Year |
| | ended | ended | ended | ended | ended |
| | 30 June | 30 June | 30 June | 30 June | 31December |
| | 2010 | 2009 | 2010 | 2009 | 2009 |
| | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (audited) |
| | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 |
| | | | | | |
+----------------------------+-------------------+-------------+------------------+-------------+------------+
| | | | | | |
+----------------------------+-------------------+-------------+------------------+-------------+------------+
| Revenue | 9,963 | 6,610 | 18,319 | 13,318 | 31,856 |
+----------------------------+-------------------+-------------+------------------+-------------+------------+
| Cost of sales | (4,636) | (4,722) | (10,392) | (9,070) | (18,804) |
+----------------------------+-------------------+-------------+------------------+-------------+------------+
| Gross profit | 5,327 | 1,888 | 7,927 | 4,248 | 13,052 |
+----------------------------+-------------------+-------------+------------------+-------------+------------+
| | | | | | |
+----------------------------+-------------------+-------------+------------------+-------------+------------+
| Administration expenses | (1,965) | (996) | (3,818) | (2,247) | (6,637) |
+----------------------------+-------------------+-------------+------------------+-------------+------------+
| Exploration costs | (214) | (253) | (367) | (415) | (1,739) |
+----------------------------+-------------------+-------------+------------------+-------------+------------+
| Excess of fair value of | - | - | - | - | 1,134 |
| assets acquired over | | | | | |
| consideration | | | | | |
+----------------------------+-------------------+-------------+------------------+-------------+------------+
| Operating profit | 3,148 | 639 | 3,742 | 1,586 | 5,810 |
+----------------------------+-------------------+-------------+------------------+-------------+------------+
| | | | | | |
+----------------------------+-------------------+-------------+------------------+-------------+------------+
| Finance income | 1 | 3 | 38 | 19 | 36 |
+----------------------------+-------------------+-------------+------------------+-------------+------------+
| Finance expenses | (105) | (85) | (170) | (415) | (402) |
+----------------------------+-------------------+-------------+------------------+-------------+------------+
| Net finance expense | (104) | (82) | (132) | (396) | (366) |
+----------------------------+-------------------+-------------+------------------+-------------+------------+
| | | | | | |
| Profit before tax | 3,044 | 557 | 3,610 | 1,190 | 5,444 |
+----------------------------+-------------------+-------------+------------------+-------------+------------+
| | | | | | |
+----------------------------+-------------------+-------------+------------------+-------------+------------+
| Income tax | (1,473) | (323) | (1,797) | (663) | (2,473) |
+--------------------------------------+---------+-------------+------------------+-------------+------------+
| Profit for the period | 1,571 | | 1,813 | | |
| attributable to the equity | | 234 | | 527 | 2,971 |
| shareholders of the parent | | | | | |
+--------------------------------------+---------+-------------+------------------+-------------+------------+
| | | | | | |
+--------------------------------------+---------+-------------+------------------+-------------+------------+
| Earnings per ordinary share | | | | | |
| (US cents) | | | | | |
+--------------------------------------+---------+-------------+------------------+-------------+------------+
| Basic | 1.8 | 0.4 | 2.1 | 0.9 | 4.3 |
+--------------------------------------+---------+-------------+------------------+-------------+------------+
| Diluted | 1.8 | 0.4 | 2.1 | 0.9 | 4.3 |
+--------------------------------------+---------+-------------+------------------+-------------+------------+
| | | | | | | |
+----------------------------+---------+---------+-------------+------------------+-------------+------------+
Minera IRL Limited
Consolidated Balance Sheet
+----------------------------+-------------+-+-------------+-+-----------+
| | As at | | As at | | As at |
| | 30 June | | 30 June | | 31 |
| | 2010 | | 2009 | | December |
| | | | | | 2009 |
| | (unaudited) | | (unaudited) | | (audited) |
| | US$'000 | | US$'000 | | US$'000 |
+----------------------------+-------------+-+-------------+-+-----------+
| Assets | | | | | |
+----------------------------+-------------+-+-------------+-+-----------+
| Property, plant and | 23,996 | | 24,720 | | 25,390 |
| equipment | | | | | |
+----------------------------+-------------+-+-------------+-+-----------+
| Intangible assets | 43,400 | | 14,710 | | 34,197 |
+----------------------------+-------------+-+-------------+-+-----------+
| Available for sale | 921 | | - | | 1,567 |
| investments | | | | | |
+----------------------------+-------------+-+-------------+-+-----------+
| Deferred tax asset | 504 | | - | | 426 |
+----------------------------+-------------+-+-------------+-+-----------+
| Other receivables | 3,648 | | - | | 2,808 |
+----------------------------+-------------+-+-------------+-+-----------+
| Total non-current assets | 72,469 | | 39,430 | | 64,388 |
+----------------------------+-------------+-+-------------+-+-----------+
| | | | | | |
+----------------------------+-------------+-+-------------+-+-----------+
| Inventory | 2,501 | | 936 | | 1,526 |
+----------------------------+-------------+-+-------------+-+-----------+
| Other receivables and | 4,075 | | 4,965 | | 1,714 |
| prepayments | | | | | |
+----------------------------+-------------+-+-------------+-+-----------+
| Cash and cash equivalents | 6,574 | | 5,141 | | 14,218 |
+----------------------------+-------------+-+-------------+-+-----------+
| | 13,150 | | 11,042 | | 17,458 |
+----------------------------+-------------+-+-------------+-+-----------+
| Non-current assets held | 600 | | - | | 600 |
| for sale | | | | | |
+----------------------------+-------------+-+-------------+-+-----------+
| Total current assets | 13,750 | | 11,042 | | 18,058 |
+----------------------------+-------------+-+-------------+-+-----------+
| | | | | | |
+----------------------------+-------------+-+-------------+-+-----------+
| Total assets | 86,219 | | 50,472 | | 82,446 |
+----------------------------+-------------+-+-------------+-+-----------+
| | | | | | |
+----------------------------+-------------+-+-------------+-+-----------+
| Equity | | | | | |
+----------------------------+-------------+-+-------------+-+-----------+
| Share capital | 66,856 | | 41,459 | | 65,784 |
+----------------------------+-------------+-+-------------+-+-----------+
| Foreign currency reserve | 129 | | 129 | | 129 |
+----------------------------+-------------+-+-------------+-+-----------+
| Share option reserve | 1,736 | | 1,259 | | 1,363 |
+----------------------------+-------------+-+-------------+-+-----------+
| Accumulated losses | (1,587) | | (5,844) | | (3,400) |
+----------------------------+-------------+-+-------------+-+-----------+
| Total equity attributable | 67,134 | | 37,003 | | 63,876 |
| to the equity shareholders | | | | | |
| of the parent | | | | | |
+----------------------------+-------------+-+-------------+-+-----------+
| | | | | | |
+----------------------------+-------------+-+-------------+-+-----------+
| Liabilities | | | | | |
+----------------------------+-------------+-+-------------+-+-----------+
| Provisions | 1,577 | | 1,349 | | 1,463 |
+----------------------------+-------------+-+-------------+-+-----------+
| Other long term | 1,921 | | 3,212 | | 1,843 |
| liabilities | | | | | |
+----------------------------+-------------+-+-------------+-+-----------+
| Total non-current | 3,498 | | 4,561 | | 3,306 |
| liabilities | | | | | |
+----------------------------+-------------+-+-------------+-+-----------+
| | | | | | |
+----------------------------+-------------+-+-------------+-+-----------+
| Interest bearing loans | 2,500 | | 3,500 | | 3,511 |
+----------------------------+-------------+-+-------------+-+-----------+
| Current tax | 1,936 | | 664 | | 951 |
+----------------------------+-------------+-+-------------+-+-----------+
| Trade and other payables | 11,151 | | 4,744 | | 10,802 |
+----------------------------+-------------+-+-------------+-+-----------+
| Total current liabilities | 15,587 | | 8,908 | | 15,264 |
+----------------------------+-------------+-+-------------+-+-----------+
| | | | | | |
+----------------------------+-------------+-+-------------+-+-----------+
| Total liabilities | 19,085 | | 13,469 | | 18,570 |
+----------------------------+-------------+-+-------------+-+-----------+
| | | | | | |
+----------------------------+-------------+-+-------------+-+-----------+
| Total equity and | 86,219 | | 50,472 | | 82,446 |
| liabilities | | | | | |
+----------------------------+-------------+-+-------------+-+-----------+
| | | | | | |
+----------------------------+-------------+-+-------------+-+-----------+
Minera IRL Limited
Consolidated Statement of Changes in Equity
+----------------------------+---------+----------+----------+----------+---------+----------+---------+----------+---------+
| | | | Foreign | | Share | | Profit | | |
| | Share | | currency | | Option | | and | | |
| | capital | | reserve | | reserve | | loss | | Total |
| | US$'000 | | US$'000 | | US$'000 | | account | | US$'000 |
| | | | | | | | US$'000 | | |
+----------------------------+---------+----------+----------+----------+---------+----------+---------+----------+---------+
| Balance 1 January 2009 | 41,459 | | 129 | | 1,173 | | (6,371) | | 36,390 |
| | | | | | | | | | |
+----------------------------+---------+----------+----------+----------+---------+----------+---------+----------+---------+
| Profit for the period to | - | | - | | - | | 527 | | 527 |
| 30 June 2009 | | | | | | | | | |
+----------------------------+---------+----------+----------+----------+---------+----------+---------+----------+---------+
| | | | | | | | | | |
+----------------------------+---------+----------+----------+----------+---------+----------+---------+----------+---------+
| Reserve for share option | - | | - | | 86 | | - | | 86 |
| costs | | | | | | | | | |
| | | | | | | | | | |
+----------------------------+---------+----------+----------+----------+---------+----------+---------+----------+---------+
| Balance 30 June 2009 | 41,459 | | 129 | | 1,259 | | (5,844) | | 37,003 |
+----------------------------+---------+----------+----------+----------+---------+----------+---------+----------+---------+
| | | | | | | | | | |
+----------------------------+---------+----------+----------+----------+---------+----------+---------+----------+---------+
| Balance 1 July 2009 | 41,459 | | 129 | | 1,259 | | (5,844) | | 37,003 |
| | | | | | | | | | |
+----------------------------+---------+----------+----------+----------+---------+----------+---------+----------+---------+
| Profit for the period to | - | | - | | - | | 2,444 | | 2,444 |
| 31 December 2009 | | | | | | | | | |
+----------------------------+---------+----------+----------+----------+---------+----------+---------+----------+---------+
| | | | | | | | | | |
+----------------------------+---------+----------+----------+----------+---------+----------+---------+----------+---------+
| New share capital | 25,166 | | - | | - | | - | | 25,166 |
| subscribed | | | | | | | | | |
+----------------------------+---------+----------+----------+----------+---------+----------+---------+----------+---------+
| | | | | | | | | | |
+----------------------------+---------+----------+----------+----------+---------+----------+---------+----------+---------+
| Cost of raising share | (841) | | - | | - | | - | | (841) |
| capital | | | | | | | | | |
| | | | | | | | | | |
+----------------------------+---------+----------+----------+----------+---------+----------+---------+----------+---------+
| Reserve for share option | - | | - | | 104 | | - | | 104 |
| costs | | | | | | | | | |
| | | | | | | | | | |
+----------------------------+---------+----------+----------+----------+---------+----------+---------+----------+---------+
| Balance 31 December 2009 | 65,784 | | 129 | | 1,363 | | (3,400) | | 63,876 |
+----------------------------+---------+----------+----------+----------+---------+----------+---------+----------+---------+
| | | | | | | | | | |
+----------------------------+---------+----------+----------+----------+---------+----------+---------+----------+---------+
| Balance 1 January 2010 | 65,784 | | 129 | | 1,363 | | (3,400) | | 63,876 |
+----------------------------+---------+----------+----------+----------+---------+----------+---------+----------+---------+
| | | | | | | | | | |
+----------------------------+---------+----------+----------+----------+---------+----------+---------+----------+---------+
| Profit for the period to | - | | - | | - | | 1,813 | | 1,813 |
| 30 June 2010 | | | | | | | | | |
| | | | | | | | | | |
+----------------------------+---------+----------+----------+----------+---------+----------+---------+----------+---------+
| Issue of share capital | 1,072 | | - | | - | | - | | 1,072 |
| | | | | | | | | | |
+----------------------------+---------+----------+----------+----------+---------+----------+---------+----------+---------+
| Reserve for share option | - | | - | | 373 | | - | | 373 |
| costs | | | | | | | | | |
| | | | | | | | | | |
+----------------------------+---------+----------+----------+----------+---------+----------+---------+----------+---------+
| Balance 30 June 2010 | 66,856 | | 129 | | 1,736 | | (1,587) | | 67,134 |
+----------------------------+---------+----------+----------+----------+---------+----------+---------+----------+---------+
Minera IRL Limited
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| | 3months | 3months | 6months | 6 | Year |
| | ended | ended | ended | months | ended |
| | 30 June | 30 June | 30 June | ended | 31 |
| | 2010 | 2009 | 2010 | 30 | December |
| | (unaudited) | (unaudited) | (unaudited) | June | 2009 |
| | US$'000 | US$'000 | US$'000 | 2009 | (audited) |
| | | | | (unaudited) | US$'000 |
| | | | | US$'000 | |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Cash flows from operating | | | | | |
| activities | | | | | |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Operating profit | 3,148 | 639 | 3,742 | 1,586 | 5,810 |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Depreciation | 735 | 1,081 | 2,421 | 2,504 | 5,509 |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Impairment of exploration | - | 69 | - | 112 | - |
| assets | | | | | |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Share option costs | 260 | 43 | 373 | 86 | 190 |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Provision for mine closure | 57 | 57 | 114 | 114 | 228 |
| costs | | | | | |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| (Gain)/loss on disposal of | (113) | - | 175 | - | 28 |
| assets | | | | | |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Excess of fair value of | - | - | - | - | (1,134) |
| assets acquired over | | | | | |
| consideration | | | | | |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Foreign exchange losses | - | - | 305 | - | 250 |
| relating to non-operating | | | | | |
| items | | | | | |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Increase in inventory | (1,426) | (328) | (975) | (163) | (753) |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| (Increase)/decrease in | (3,542) | (2,522) | (3,279) | 3,205 | 5,097 |
| other receivables and | | | | | |
| prepayments | | | | | |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Increase/(Decrease) in | 1,593 | 112 | 426 | (1,037) | 709 |
| trade and other payables | | | | | |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Corporation tax paid | - | - | (811) | (2,200) | (4,473) |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Net cash flow from | 712 | (849) | 2,491 | 4,207 | 11,461 |
| operations | | | | | |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Interest received | 1 | 3 | 38 | 19 | 36 |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Interest paid | (105) | (85) | (170) | (284) | (140) |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Net cash flow from | 608 | (931) | 2,359 | 3,942 | 11,357 |
| operating activities | | | | | |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Cash flows from investing | | | | | |
| activities | | | | | |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Acquisition of subsidiaries | - | - | - | - | (1,843) |
| net of cash received | | | | | |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Sale of investments | 363 | - | 471 | - | - |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Acquisition of property, | (294) | (206) | (1,027) | (975) | (3,581) |
| plant and equipment | | | | | |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Acquisition of intangible | (5,014) | (2,006) | (9,203) | (4,318) | (12,416) |
| assets (exploration | | | | | |
| expenditure) | | | | | |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Net cash outflow from | (4,945) | (2,212) | (9,759) | (5,293) | (17,840) |
| investing activities | | | | | |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Cash flows from financing | | | | | |
| activities | | | | | |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Proceeds from the issue of | - | - | 72 | - | 15,300 |
| ordinary share capital | | | | | |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Cost of raising share | - | - | - | - | (841) |
| capital | | | | | |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Repayment of loans | - | - | (11) | (2,500) | (2,500) |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Net cash inflow from | - | - | 61 | (2,500) | 11,959 |
| financing activities | | | | | |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| | | | | | |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Net (decrease)/increase in | (4,337) | (3,143) | (7,339) | (3,851) | 5,476 |
| cash and cash equivalents | | | | | |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Cash and cash equivalents | 10,911 | 8,284 | 14,218 | 8,992 | 8,992 |
| at beginning of the period | | | | | |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Exchange rate movements | - | - | (305) | - | (250) |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
| Cash and cash equivalents | 6,574 | 5,141 | 6,574 | 5,141 | 14,218 |
| at end of the period | | | | | |
+-----------------------------+-------------+-------------+-------------+-------------+-----------+
Consolidated Cash Flow Statement
Minera IRL Limited
+-----------------------------------------------------------------+
| Notes to the Interim Report |
+-----------------------------------------------------------------+
| |
+-----------------------------------------------------------------+
| The financial information contained in this Interim Report does |
| not constitute statutory accounts as defined by the Companies |
| (Jersey) Law 1991. No statutory accounts for the period have |
| been delivered to the Jersey Registrar of Companies. The |
| financial information contained in this Interim Report has |
| neither been audited nor reviewed by the auditors. |
+-----------------------------------------------------------------+
| |
+-----------------------------------------------------------------+
| The statutory accounts for the year ended 31 December 2009 will |
| be filed with the Jersey Registrar of Companies. The auditors' |
| report on these accounts was unqualified. The consolidated |
| financial information contained in this Interim Report has been |
| presented and prepared in accordance with interim reporting |
| standards, in a form consistent with the annual accounts and in |
| accordance with accounting policies and standards applicable to |
| those annual accounts. However, these interim accounts do not |
| include all the disclosures required for those annual accounts. |
| Both the annual accounts and these interim accounts have been |
| prepared in accordance with International Financial Reporting |
| Standards. There have been no changes in the company's |
| accounting policies since 31 December 2009. |
+-----------------------------------------------------------------+
| |
+-----------------------------------------------------------------+
| This Interim Report has been approved for issue by the Board of |
| Directors on 12 August 2010. |
+-----------------------------------------------------------------+
| |
+-----------------------------------------------------------------+
| Earnings per share |
+-----------------------------------------------------------------+
| The earnings per share for the second quarter has been |
| calculated using the profit attributable to ordinary |
| shareholders of US$1,571,000 (second quarter 2009: US$234,000) |
| and the weighted average number of ordinary shares in issue |
| during the three months to 30 June of 85,760,642 (second |
| quarter 2009: 61,883,422). |
| |
| The earnings per share for the first half has been calculated |
| using the profit attributable to ordinary shareholders of |
| US$1,813,000 (first half 2009: US$527,000) and the weighted |
| average number of ordinary shares in issue during the six |
| months to 30 June 2010 of 85,697,147 (first half 2009: |
| 61,883,422). |
| |
| Issue of shares |
| On 24 June 2010 the Company issued 1,111,111 ordinary shares at |
| a price of US$0.90 per share as a result of the conversion of a |
| US$1 million loan by Resource Capital Fund. |
| |
| Transactions of an unusual nature |
| There were no transactions of an unusual nature during the six |
| months to 30 June 2010. |
| |
| Seasonal Influences |
| The business of the Company is not generally subject to |
| seasonal influences. |
| |
| Related parties |
| During the period the Company has received registrar services |
| from Computershare Investor Services (Jersey) Limited, a |
| company related through a common director. The contract for |
| these services provides for a minimum annual charge of GBP3,000 |
| to be paid by the Company. |
| |
| In addition the Company has received consultancy services from |
| Hamilton Capital Partners Limited for whom a director acts as a |
| consultant adviser. The contract for these services provides |
| for an annual charge of GBP24,000. The contract will end on 30 |
| September 2010. |
| |
| Subsequent events |
| On 7 July 2010 the Company entered into an agreement with |
| Macquarie Bank Limited for a US$20 million loan facility. In |
| July 2010, US$7.5 million of this facility was drawn with |
| US$2.5 million being used to repay the existing loan from |
| Macquarie Bank. In consideration for this drawdown and under |
| the terms of the agreement, the Company issued to Macquarie |
| Bank an option over 6,944,444 shares of Minera IRL Limited. |
| This option is exercisable at a price of US$1.08 per share up |
| to and including 28 June 2013. The previous options issued to |
| Macquarie Bank over a total of 4,861,048 shares have been |
| cancelled. |
+-----------------------------------------------------------------+
The Directors of Minera IRL are listed in the Group's Annual report for the year
ended 31 December 2009.
By order of the Board
C Chamberlain
Executive Chairman
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BLGDIUGBBGGX
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