TIDMSTGR
RNS Number : 1777P
Stratmin Global Resources PLC
30 September 2013
30 September 2013
StratMin Global Resources Plc
("StratMin" or the "Company")
Unaudited Half Year Results for the Six Months to 30 June
2013
StratMin (AIM: STGR), the graphite production and exploration
company with assets in Madagascar, announces half year results for
the six months to 30 June 2013.
Summary
-- Management team in London and Madagascar strengthened
-- Production of graphite commenced on 9(th) September 2013
-- A complete metallurgy review is underway
-- Path being identified to increase carbon content and overall
production levels
-- Loss after tax for the period was GBP1.0m, reflecting
no production during the first half
-- Cash at period end was GBP0.15m, with additional funding
of GBP0.75m since 30 June
Manoli Yannaghas, Managing Director commented, "We have made a
good start on overcoming the management and operational challenges
we faced in developing the Company's graphite assets. I believe we
now have a solid base - in terms of team, plant and commercial
arrangements - from which to move forward."
For further information please visit www.stratminglobal.com or
contact:
StratMin Global Resources Plc
Gobind Sahney (Chairman) / Manoli Yannaghas +44 (0) 20 7467
(Managing Director) 1700
Peel Hunt LLP (Nomad & Broker) +44 (0) 20 7418
Matthew Armitt / Harry Florry 8900
Tavistock Communications (Financial PR &
IR)
+44 (0) 20 7920
Simon Hudson / Conrad Harrington 3150
Statement
In the Operations Update announced on 6(th) September 2013, we
said that the calibration of the plant, including the drying plant,
was complete and that the plant was ready to produce with ore feed
capacity of 30 tonnes per hour on a nine hour shift per day basis.
Production commenced on 9(th) September and we can confirm that the
plant is now in production on a modified schedule which takes into
account a production ramp up in line with mechanical best practice
as well as economic considerations around short term grade and
recovery improvement.
At the beginning of the period under review, we completed the
acquisition of the Graphmada company, which owned and operated two
graphite mining licenses in Madagascar, and saw our shares admitted
to trading on the AIM market of the London Stock Exchange. Much of
the rest of the first half of 2013 was spent addressing, and
resolving, legacy issues of management, oversight and modelling at
the acquired operations. In June we announced, that we had
appointed two key new in-country managers - Wilhelm Reitz as Mine
& Plant Manager and Olivier de la Barre as Country Manager.
Following the installation of these two experienced managers, we
appointed Manoli Yannaghas, who was then a non-executive Director,
as the full time executive Managing Director of StratMin.
As previously announced, a complete metallurgy review is
underway at SGS and recently appointed Mintek, both under the
guidance of Promet Dadi, the Company's technical partner. The
Company's technical team will, through the result led solutions
from the test-work, continue to identify and upgrade plant
performance.
The first metallurgical test work was carried out on 20kgs of
material from Mining Block 1 of the Lohorano property. Bench scale
flotation test-work (simulating the existing Lohorano plant)
achieved a maximum product grade of 86% carbon and an average grade
of 82%. At the time additional gravity separation test-work was
conducted on this concentrate in the laboratory using technology
not currently available at the Lohorano plant and achieved a
product with 92% carbon with 90% of the flakes at +70 mesh. These
preliminary results are subject to further test work. It is
anticipated that the results of the further test work which will
include details of the potential recovery rates will be announced
shortly.
It is anticipated that any plant upgrades to achieve a 90%
carbon content or higher, will be relatively low-cost and that the
additional processes required can be retrofitted to the existing
plant without significant interruption to production. A first
purchase order for 200 tonnes has been announced of 70+% carbon
content to Grafitbergbau Kaisersberg.
Finally, we also announced in September 2013 that the Company
had raised GBP750,000 in an equity placing to provide working
capital and funds to carry out the result led plant improvements.
The Directors assure shareholders that the Board and management are
committed to enhancing value. We appreciate their continued
support.
Unaudited Group Income Statement
For the 6 months ended 30 June 2013
6 months 12 months
6 months to to to
30 Jun 2013 30 Jun 2012 31 Dec 2012
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
----------------------------- ------------ ------------ ------------
Revenue 8 - -
Cost of sales (85) - -
----------------------------- ------------ ------------ ------------
Gross margin (77) - -
Administrative expenses (908) (369) (847)
Other operating income - - -
Other operating expenses - - (389)
Operating loss (985) (369) (1,236)
Finance costs (61) (8) (8)
(Loss)/gain on disposal - (330) -
of investments
Finance income - - -
----------------------------- ------------ ------------ ------------
Loss before taxation (1,046) (707) (1,244)
Taxation expense - - -
Loss for the period (1,046) (707) (1,244)
Pence Pence Pence
----------------------------- ------------ ------------ ------------
Loss per share attributable
to owners of the Company
for the period:
Basic and diluted (2.0)p (10.3)p (16.0)p
----------------------------- ------------ ------------ ------------
Unaudited Group Statement of Comprehensive Income
For the 6 months ended 30 June 2013
6 months 6 months 12 months
to to to
30 Jun 2013 30 Jun 2012 31 Dec 2012
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
--------------------------------------- ----------- ----------- -----------
Loss for the period (1,046) (707) (1,244)
Other comprehensive income/(expense):
Exchange differences on translation -
of foreign operations - -
Market value adjustment to investments (15) 215 189
Other comprehensive income/(expense)
for the period (15) 215 189
Total comprehensive expense for
the period attributable to equity
holders of the parent (1,061) (492) (1,055)
Unaudited Group Statement of Financial Position
As at 30 June 2013
30 Jun 30 Jun 31 Dec 2012
2013 2012
Notes Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
-------------------------------- ------ ---------- ---------- ------------
NON-CURRENT ASSETS
Goodwill 4,402 - -
Fixed assets 1,012 - -
Available for sale investments 5 23 1,084 859
Loans to associates - - 118
-------------------------------- ------ ---------- ---------- ------------
5,437 1,084 977
-------------------------------- ------ ---------- ---------- ------------
CURRENT ASSETS
Trade and other receivables 105 14 60
Prepaid expenses & accrued
income 27 - -
Cash and cash equivalents 151 124 185
-------------------------------- ------ ---------- ---------- ------------
283 138 245
-------------------------------- ------ ---------- ---------- ------------
TOTAL ASSETS 5,720 1,222 1,222
-------------------------------- ------ ---------- ---------- ------------
EQUITY
Share capital 6 2,421 327 362
Share premium 28,227 27,804 28,170
Shares to be issued 7 1,564 - -
Investment reserve (682) (641) (667)
Merger reserve 750 - -
Other reserve 116 2,372 2,372
Retained earnings (27,087) (28,741) (29,163)
-------------------------------- ------ ---------- ---------- ------------
Equity attributable to owners
of the Company and total
equity 5,309 1,121 1,074
-------------------------------- ------ ---------- ---------- ------------
CURRENT LIABILITIES
Trade and other payables 411 101 148
411 101 148
-------------------------------- ------ ---------- ---------- ------------
5,720 1,222 1,222
-------------------------------- ------ ---------- ---------- ------------
Notes to the interim statement
For the 6 months ended 30 June 2013
1. General information
StratMin Global Resources plcis a company incorporated in the
United Kingdom under the Companies Act 2006. The Company's main
activity is that of an investment company.
The Company's functional currencies are Sterling and US dollar.
The Company's financial statements are presented in Sterling, which
is the Company's presentational currency.
2. Basis of preparation
The financial information set out in this interim report for the
six months ended 30 June 2013 are unaudited and do not constitute
statutory accounts as defined in Section 434 of Companies Act
(2006). The group's statutory financial statements for the period
ended 31 December 2012, prepared under International Financial
Reporting Standards (IFRS), have been filed with the Registrar of
Companies. The auditor's report on those financial statements was
unqualified and did not contain a statement under section 498 (2)
or (3) of the Companies Act 2006.
The interim financial statements of StratMin Global Resources
plc have been prepared in accordance with the recognition and
measurement principles of International Financial Reporting
Standards (IFRS) as adopted by the European Union (EU) and on the
same basis and using the same accounting policies as used in the
Company's Annual Report and Accounts for the year ended 31 December
2012.
These financial statements have been prepared on a going concern
basis under the historical cost convention. The Directors believe
that the going concern basis is appropriate for the preparation of
these interim financial statements as the Company is in a position
to meet all its liabilities as they fall due. These interim
financial statements for the six months to 30 June 2013 were
approved by the board on 30 September 2013.
3. Loss per share
Loss per share is calculated by reference to the weighted
average of 51,800,317 ordinary shares in issue during the period
(31 December 2012 - 7,727,900 and 30 June 2012 - 6,834,736). The
prior year figures have been adjusted for comparison purposes to
reflect the share consolidation.
The diluted loss per share is the same as the basic loss per
share as the losses in each period have an anti-dilutive
effect.
4. Dividend
The board is not recommending the payment of an interim dividend
for the period ended 30 June 2013.
5. Financial assets
6 months 6 months
to to Year ended
30 Jun 2013 30 Jun 2012 31 Dec 2012
GBP'000 GBP'000 GBP'000
--------------------------------------- ------------ ------------ ------------
Cost at 1 January 859 1,435 579
Purchases of investments - 820 827
Proceeds from sale of investments - (200) (347)
Transfer to investment in subsidiaries (821)
(Loss)/gain on disposal of investments - (330) (389)
--------------------------------------- ------------ ------------ ------------
Cost of investments at period end 38 1,725 670
Market value adjustment (15) (641) 189
--------------------------------------- ------------ ------------ ------------
Net book value at period end 23 1,084 859
--------------------------------------- ------------ ------------ ------------
6. Share capital
30 Jun 2013 30 Jun 31 Dec
2012 2012
No'000 No'000 No'000
---------------------------- ------------ ----------- -----------
Issued and fully paid:
Ordinary shares of GBP0.04 60,523,666 81,789,207 90,610,472
GBP'000 GBP'000 GBP'000
Issued and fully paid:
Ordinary shares of GBP0.04 2,421 327 362
---------------------------- ------------ ----------- -----------
2,421 327 362
---------------------------- ------------ ----------- -----------
On 14 January 2013, a 1 for 10 share consolidation took place to
bring the number of shares in issue from 90,610,470 to
9,061,047.
On 29 January 2013, as a result of the acquisition of Graphmada
Equity Pte Ltd 51,000,000 new ordinary shares were issued of 4p
each at a price equivalent to 5p per share.
On 25 February 2013, 216,000 shares were issued of 4p at a price
equivalent to 50p per share to satisfy certain existing
commitments.
On 7 March 2013, 102,500 shares were issued at 4p per share as a
result of the exercise of warrants.
On 16 April 2013, 17,499 shares were issued at 4p per share as
the result of the exercise of warrants.
On 11 June 2013, 126,620 shares were issued of 4p at a price
equivalent to 30p per share to satisfy certain existing
commitments.
7. Post Balance Sheet Events
On 8 July 2013, the Company issued 5,010,970 new ordinary shares
of 4p each as a result of the conversion of the existing Loan Notes
of GBP1,503,000 plus the accrued interest.
On 17 September 2013, the Company issued 4,166,667 new ordinary
shares of 4p each as a result of a placing at 18 pence per share,
raising GBP750,000 before expenses. As part of the placing,
warrants to subscribe for 4,166,667 ordinary shares were issued to
the placees, exercisable at 20 pence per share, for a period of
nine months from the date of admission.
8. Change of Registered Address
The Company has changed the address of its registered office
to:
Stratmin Global Resources PLC
30 Percy St
London
W1T 2DB
9. Distribution
The half yearly report for the six-month period ended 30
September 2013 will shortly be available on the Company's website
(www.stratminglobal.com) or directly from the Company at its new
registered address.
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
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