TIDMZIOC
RNS Number : 3926N
Zanaga Iron Ore Company Ltd
28 September 2012
28 September 2012
INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2012
Zanaga Iron Ore Company Limited ("ZIOC" or the "Company")
(AIM:ZIOC) is pleased to announce its unaudited interim results for
the six months ended 30 June 2012.
Highlights
Zanaga Project, Republic of Congo
-- Pre-Feasibility Study to examine slurry pipeline
transportation option ("Pipeline PFS") nearing completion
- Publication of key outcomes expected October 2012
-- 57% increase in JORC Mineral Resource to 6.8 billion tonnes
at 32.0% Fe, with 69% in the Measured & Indicated resource
category
- Drilling programme to Feasibility Study standard completed
- 74% increase in Measured and Indicated resource category to
4.69 billion tonnes with an average grade of 32.5% Fe
- More than 176,000 metres drilled across only 25km of the 47km orebody
Corporate
-- Cash balance of US$42.5m as at 30 June 2012
Clifford Elphick, Non-Executive Chairman of ZIOC, commented:
"I am pleased to report substantial progress on the Zanaga
Project during the first half of the year. Following the positive
results of the Value Engineering Exercise on a slurry pipeline
transportation option, a Pre-Feasibility Study was initiated to
further refine this option, with the potential for improved
economics and a higher grade product. The Pipeline PFS is nearing
completion and we expect to announce the results in October 2012.
This will assist in determining which transport option to take
through to final Feasibility Study.
In addition, an extensive drilling campaign has been conducted
to Feasibility Study standards, resulting in a 57% increase in the
size of the JORC Mineral Resource, as well as further improvements
in the understanding of our large orebody, The JORC Mineral
Resource has now increased to 6.8 billion tonnes at 32% Fe, with
69% contained in the Measured & Indicated resource
category."
Copies of the unaudited interim results for the six months ended
30 June 2012 are available on the Company's website at
www.zanagairon.com.
For further information please contact:
Zanaga Iron Ore
Corporate Development and Andrew Trahar
Investor Relations Manager +44 20 7399 1105
Liberum Capital Limited
Nominated Adviser, Financial Chris Bowman, Christopher
Britton
Adviser and Joint Corporate Broker and Christopher Kololian
+44 20 3100 2000
Citigroup Global Markets Limited
Joint Corporate Broker Alex Carter
+44 20 7986 4000
Pelham Bell Pottinger
Financial PR James MacFarlane and Daniel Thöle
+44 20 7861 3232
Business Review - Operations
Mineral Resource
Work during the first half of the year was aimed at increasing
the geology and mineralogical understanding of the Zanaga Iron Ore
deposit. The project team successfully completed an extensive
drilling programme on the Project's orebody, delivering a
substantial resource increase and upgrade in September 2012.
The scale and definition of the Mineral Resource Estimate,
reported in accordance with JORC, has now expanded to 6.8 billion
tonnes ("Bt") at a grade of 32% Fe,further supporting the large
scale, long life potential of the Project. Approximately 69% of the
resource is now in the Measured and Indicated categories. This
mineral resource has been defined from drilling conducted over only
25 kilometres of the 47-kilometre strike length of magnetic
mineralisation.
Data used in the preparation of the Mineral Resource Estimate
was sourced from all available information collected from diamond
and RC drilling completed at the Zanaga Project, to a cut-off date
of 15 July 2012. This includes an additional 49,125 metres (39%
increase) of drilling since the previous resource statement
announced on 26 October 2011. A total of 176,109 metres (1,213
holes) have been drilled to date, with 79,288 assays (XRF analyses
and Niton analyses) used to model the mineral resource.
Drilling completed Metres
---------------------------------------------------------- --------
At 26 Aug 2011 (previous resource estimate, announced 26
Oct 2011) 126,984
---------------------------------------------------------- --------
26 Aug 2011 - 15 July 2012 (cut-off for updated resource
estimate, announced 4 Sept 2012) 49,125
---------------------------------------------------------- --------
Total to date 176,109
---------------------------------------------------------- --------
Note: The Mineral Resource referred to above, announced by ZIOC
on 4 September 2012, is consistent with the terms and definitions
included in the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves (JORC Code 2004
edition)
Pipeline Pre-Feasibility Study
The Value Engineering Exercise ("VEE") results, presented in Q4
2011, confirmed two viable transport options for the development of
the Zanaga Project, with a slurry pipeline demonstrating the
potential to be the more economically attractive option. Following
this, a Pipeline Pre-Feasibility Study ("Pipeline PFS") commenced
with the objective of further refining this option and its
costing.
The Pipeline PFS has progressed well and is nearing completion,
with the key outcomes expected to be announced during October 2012.
The PFS has been conducted to Xstrata's rigorous standards, in
conjunction with a consortium of top-tier consultants based in
France and Australia, and has included a detailed metallurgical
test work campaign at SGA's laboratories in Germany to determine
the product specifications.
Feasibility Study
Under the terms of the joint venture, Xstrata must use
reasonable efforts to ensure a feasibility study ("FS") on the
Zanaga Project is completed by no later than three months prior to
the expiration of the exploration licences in August 2014 or any
subsequent renewal and subject to there being no material adverse
change. Xstrata is also obliged to fund the costs of the FS which
must comply with international best practice and Xstrata's internal
FS guidelines.
Outlook
The investment case for ZIOC continues to be supported by strong
industry fundamentals, while the scale and high quality of the
Project offer value and world-class potential.
Project milestones for H2 2012 are the announcement of the key
outcomes of the Pipeline PFS, advancement of the Project's FS and
ESIA work streams, as well as ongoing interaction with the
government of the Republic of Congo on the Project's development.
This will include discussions on terms for a definitive Mining
Convention (Convention d'Etablissement) which will secure the
legal, commercial and regulatory aspects required for the Project's
development.
Under the management of Xstrata, the Project continues to
progress as it moves towards the development and construction of a
world-class iron ore project. Xstrata's funding obligations in
relation to the Project and the FS means ZIOC does not currently
foresee any substantial near-term spending obligations until
completion of the FS. The cost of ZIOC personnel, financial
advisors and technical experts engaged or appointed by ZIOC in
relation to the Project are currently the only budgeted
expenditures for the Project during the FS phase of work. ZIOC
expects the substantial investment programme being undertaken on
the Project to continue to build shareholder value.
Financial review
Results from operations
The financial statements contain the results for ZIOC for the
first half of 2012. ZIOC made a loss in the half-year of US$7.4m
compared to a loss of US$22.9m in the year to 31 December 2011. The
loss for the half-year comprised:
1 January to 1 January to 1 January to
30 June 30 June 31 December
2012 2011 2011
Unaudited Unaudited Audited
US$000 US$000 US$000
-------------------------------------------------------------------- ------------ ------------ ------------
General expenses (2,499) (1,781) (4,570)
Net foreign exchange profit 417 1,593 274
Share-based payments (343) (707) (2,425)
Share of loss of associate (21) (2,996) (7,803)
Interest income 83 87 173
-------------------------------------------------------------------- ------------ ------------ ------------
Loss before tax (2,363) (3,804) (14,351)
Tax (20) - (28)
Currency translation 1 - 38
Share of other comprehensive income of associate - foreign exchange (5,037) 2 (8,517)
-------------------------------------------------------------------- ------------ ------------ ------------
Total comprehensive loss (7,419) (3,802) (22,858)
-------------------------------------------------------------------- ------------ ------------ ------------
General expenses of US$2.5m consist of staff costs of US$0.3m,
Directors fees of US$0.3m, professional fees of US$1.4m and US$0.5m
of other general operating expenses.
The foreign exchange profit of US$0.4m can be attributed to the
impact of the weakening of the US Dollar against UK Sterling during
the half-year on the cash balances that are held in UK
Sterling.
The share-based payment charge reflects the expense associated
with the grant of options under ZIOC's long-term incentive plan
("LTIP") and other options to ZIOC's directors, two key employees
and one of ZIOC's consultants.
The share of loss of associate reflected above relates to ZIOC's
investment in Jumelles Limited, the joint venture company in
respect of the Zanaga Project, which generated a loss of US$0.002m
in the six months to 30 June 2012, together with a charge of
US$0.019m made for equity accounting purposes for share options
provided to employees of Jumelles Limited.
During the half year period, Jumelles Limited spent US$28.2m on
exploration, increasing its capitalised exploration assets to
US$195.0m.
Financial position
ZIOC's net asset value ("NAV") of US$220.2m comprises of a
US$178.5m investment in Jumelles Limited, US$42.5m of cash balances
and US$0.8m of other net current liabilities.
30 June 2012 30 June 2011 31 December 2011
Unaudited Unaudited Audited
US$000 US$000 US$000
------------------------------ ------------ ------------ ----------------
Investment in associate 178.5 195.8 183.0
Cash 42.5 48.5 45.0
Other net current liabilities (0.8) (0.2) (0.8)
------------------------------ ------------ ------------ ----------------
Net assets 220.2 244.1 227.2
------------------------------ ------------ ------------ ----------------
Cost of investment
The investment in associate relates to the value of the
investment in Jumelles which as at 30 June 2012 owned 100% of the
Project. The carrying value of this investment has decreased by
US$4.5m due to the US$5.0m comprehensive loss made by Jumelles
Limited during the half-year which resulted from a $5.0m currency
translation adjustment, and by a US$0.5m additional investment,
funded jointly (50/50) with Xstrata, for the survey of an
additional land area. Though Jumelles acquired the non-exclusive
prospecting licence for this area, it does not form part of the
existing ZIOC Xstrata joint venture agreement.
As at 30 June 2012, Jumelles Limited had aggregated assets of
US$219.5m (June 2011: US$228.1m) and aggregated liabilities of
US$48.0m (June 2011: US$16.0m). Assets consisted of US$195.0m (June
2011: US$126.6m) of capitalised exploration assets and US$15.2m
(June 2011: US$15.1m) of other fixed assets including property,
plant and equipment. A total of US$28.2m (2011: US$47.6m) of
exploration costs were capitalised during the half year period.
Cash balances totalled US$6.3m (June 2011: US$7.1m) and other
current assets decreased from US$10.3m to US$2.9m during the
half-year.
Cash flow
Cash balances have decreased by US$2.5m since 31 December 2011.
Operating activities utilised US$2.4m, the additional land area
investment in associate US$0.5m and foreign exchange differences
generated a cash profit of US$0.4m as the value of the US Dollar
weakened against the UK Sterling thereby increasing the US Dollar
value of the UK Sterling denominated cash balances.
Statement of comprehensive income
for the six months ended 30 June 2012
1 January 1 January 1 January
to to to
30 June 30 June 31 December
2012 2011 2011
Unaudited Unaudited Audited
Note US$000 US$000 US$000
-------------------------------------------------- ---- ---------- ---------- ------------
Administrative expenses (2,425) (895) (6,721)
Share of loss of associate (21) (2,996) (7,803)
-------------------------------------------------- ---- ---------- ---------- ------------
Operating loss (2,446) (3,891) (14,524)
Interest income 83 87 173
-------------------------------------------------- ---- ---------- ---------- ------------
Loss before tax (2,363) (3,804) (14,351)
Taxation 5 (20) - (28)
-------------------------------------------------- ---- ---------- ---------- ------------
Loss for the period (2,383) (3,804) (14,379)
Foreign exchange translation - foreign operations 1 - 38
Share of other comprehensive income of associate
- foreign exchange translation (5,037) 2 (8,517)
-------------------------------------------------- ---- ---------- ---------- ------------
Other comprehensive loss (5,036) 2 (8,479)
-------------------------------------------------- ---- ---------- ---------- ------------
Total comprehensive loss (7,419) (3,802) (22,858)
-------------------------------------------------- ---- ---------- ---------- ------------
Loss per share (basic and diluted) (Cents) 7 (0.9) (1.4) (5.2)
The loss for the period is attributable to the equity holders of
the parent company.
Statement of changes in equity
for the six months ended 30 June 2012
Foreign
currency
Share Retained translation Total
capital earnings reserve equity
US$000 US$000 US$000 US$000
-------------------------------------------------------- ------- -------- ----------- --------
Balance at 1 January 2011 256,070 (15,422) 536 241,184
Consideration for share-based payments - other services 6,674 - - 6,674
Loss for the period - (3,804) - (3,804)
Other comprehensive income - - 2 2
-------------------------------------------------------- ------- -------- ----------- --------
Total comprehensive loss - (3,804) 2 (3,802)
-------------------------------------------------------- ------- -------- ----------- --------
Balance at 30 June 2011 262,744 (19,226) 538 244,056
-------------------------------------------------------- ------- -------- ----------- --------
Consideration for share-based payments - other services 2,249 - - 2,249
Loss for the period - (10,575) - (10,575)
Other comprehensive income - - (8,481) (8,481)
-------------------------------------------------------- ------- -------- ----------- --------
Total comprehensive loss - (10,575) (8,481) (19,056)
-------------------------------------------------------- ------- -------- ----------- --------
Balance at 31 December 2011 264,993 (29,801) (7,943) 227,249
-------------------------------------------------------- ------- -------- ----------- --------
Consideration for share-based payments - other services 362 - - 362
Loss for the period - (2,383) - (2,383)
Other comprehensive income - - (5,036) (5,036)
-------------------------------------------------------- ------- -------- ----------- --------
Total comprehensive loss - (2,383) (5,036) (7,419)
-------------------------------------------------------- ------- -------- ----------- --------
Balance at 30 June 2012 265,355 (32,184) (12,979) 220,192
-------------------------------------------------------- ------- -------- ----------- --------
Balance sheet
as at 30 June 2012
30 June 31 December
30 June 2011 2011
2012 Unaudited Unaudited Audited
Note US$000 US$000 US$000
----------------------------------------- ---- --------------- ---------- -----------
Non-current asset
Property, plant and equipment 74 - 13
Investment in associate 6 178,452 195,771 182,977
----------------------------------------- ---- --------------- ---------- -----------
178,526 195,771 182,990
----------------------------------------- ---- --------------- ---------- -----------
Current assets
Other receivables 160 96 104
Cash and cash equivalents 42,529 48,471 45,047
----------------------------------------- ---- --------------- ---------- -----------
42,689 48,567 45,151
----------------------------------------- ---- --------------- ---------- -----------
Total Assets 221,215 244,338 228,141
----------------------------------------- ---- --------------- ---------- -----------
Current liabilities
Trade and other payables (1,023) (282) (892)
----------------------------------------- ---- --------------- ---------- -----------
Net assets 220,192 244,056 227,249
----------------------------------------- ---- --------------- ---------- -----------
Equity attributable to equity holders of
the parent
Share capital 265,355 262,744 264,993
Retained earnings (32,184) (19,226) (29,801)
Foreign currency translation reserve (12,979) 538 (7,943)
----------------------------------------- ---- --------------- ---------- -----------
Total equity 220,192 244,056 227,249
----------------------------------------- ---- --------------- ---------- -----------
These financial statements set out on pages 7 to 14 were
approved by the Board of Directors on 27 September 2012 and were
signed on its behalf by:
Mr D Elzas
Director
Mr C Elphick
Director
Cash flow statement
for the six months ended 30 June 2012
1 January 1 January 1 January
to to to
30 June 30 June 31 December
2012 2011 2011
Unaudited Unaudited Audited
Note US$000 US$000 US$000
------------------------------------------------- ----- ---------- ---------- -----------
Cash flows from operating activities
Total comprehensive loss for the period (7,419) (3,802) (22,858)
Adjustments for:
Depreciation 8 - 3
Interest received (83) - (173)
Taxation expense 20 - 28
Increase in other receivables (56) (16) (24)
(Decrease)/ Increase in trade and other payables 134 (731) (65)
Net exchange profit (417) (1,593) (274)
Share of loss of associate 5,058 2,996 16,320
Share-based payments 343 706 2,425
-------------------------------------------------------- ---------- ---------- -----------
Net cash from operating activities (2,412) (2,440) (4,618)
Cash flows from financing activities
Proceeds from the issue of share capital - - -
Share issue costs - - -
Net cash from financing activities - - -
------------------------------------------------- ----- ---------- ---------- -----------
Cash flows from investing activities
Interest received 83 - 173
Acquisition of property, plant and equipment (69) - (16)
Investment in associate (515) - -
Net cash from investing activities (501) - 157
Net decrease in cash and cash equivalents (2,913) (2,440) (4,461)
Cash and cash equivalents at beginning of period 45,047 49,318 49,318
Effect of exchange rate difference 395 1,593 190
-------------------------------------------------------- ---------- ---------- -----------
Cash and cash equivalents at end of period 42,529 48,471 45,047
-------------------------------------------------------- ---------- ---------- -----------
The notes on pages 11 to 14 form an integral part of the
financial statements.
Notes to the financial statements
1 Business information and going concern basis of
preparation
In common with many exploration and development companies in the
mining sector, the Company raises funding in phases as its projects
develop.
Following exercise of the Xstrata First Call Option, Xstrata is
required to fund and implement the FS in accordance with the
Xstrata Joint Venture Agreement. Xstrata has undertaken to use its
reasonable endeavours to complete the FS at least three months
prior to the expiration of the Zanaga Exploration Licences in
August 2014 or any subsequent renewal, subject to there being no
adverse change. The directors have a reasonable expectation that
the Company has adequate financial resources to continue in
operational existence for the foreseeable future. For these
reasons, the financial statements of the Company have been prepared
on a going concern basis.
In the event that a decision is taken to develop a mine at
Zanaga (and assuming that Xstrata Projects has not exercised its
call option to acquire the Company's interest in JumellesLimited)
the Company will need to raise further funds.
2 Accounting policies
The principal accounting policies applied in the preparation of
these financial statements are set out below. These policies have
been consistently applied to all the periods presented, unless
otherwise stated.
3 Basis of preparation
The condensed set of financial statements has been prepared in
accordance with IAS 34 Interim Financial Reporting as adopted by
the EU.
In accordance with the AIM Rules for Companies, the condensed
set of financial statements has been prepared in applying the
accounting policies and presentation that were applied in the
preparation of the Company's published consolidated financial
statements for the year ended 31 December 2011. The comparative
figures for the financial year ended 31 December 2011 are not the
Company's statutory accounts for that financial year. The accounts
have been reported on by the Company's auditors. The report of the
auditors was (i) unqualified and (ii) did not include a reference
to any matter to which the auditors drew attention by way of
emphasis without qualifying their report.
4 Segmental reporting
The Company has one operating segment, being its investment in
the Zanaga Project, held through Jumelles Limited. Financial
information regarding this segment is provided in note 6.
5 Taxation
The Company is exempt from most forms of taxation in the British
Virgin Islands ("BVI"), provided the Company does not trade in the
BVI and does not have any employees working in the BVI. All
dividends, interest, rents, royalties and other expense amounts
paid by the Company, and capital gains realised with respect to any
shares, debt obligations or other securities of the Company, are
exempt from taxation in the BVI.
The tax charge in the period relates to the Company's subsidiary
Zanaga UK Services Limited.
30 June 2012 30 June 2011 31 December 2011
Unaudited Unaudited Audited
US$000 US$000 US$000
--------------------------------------------------------------- ------------ ------------ ----------------
Recognised in other comprehensive income:
Current year (20) - (28)
Reconciliation of effective tax rate
Loss before tax (2,363) (3,804) (14,351)
Income tax using the BVI corporation tax rate of 0% (2011: 0%) - - -
Effect of tax rate in foreign jurisdictions (20) - (28)
--------------------------------------------------------------- ------------ ------------ ----------------
(20) - (28)
--------------------------------------------------------------- ------------ ------------ ----------------
The effective tax rate for the Group is 0.9% (December 2011:
0.2%).
6 Investment in associate
US$000
------------------------------ --------
Balance at 1 January 2011 192,799
Additions 5,968
Share of comprehensive income (2,996)
------------------------------ --------
Balance at 30 June 2011 195,771
------------------------------ --------
Additions 530
Share of comprehensive income (13,324)
------------------------------ --------
Balance at 31 December 2011 182,977
------------------------------ --------
Additions 533
Share of comprehensive income (5,058)
------------------------------ --------
Balance at 30 June 2012 178,452
------------------------------ --------
The investment represents a 100% holding in Jumelles for the
entire share capital of 2,000,000 shares. The shares were acquired
in exchange for shares in the Company and have been recorded at
fair value of the interest acquired.
The additions to the investment during 2012 are due to the Group
granting awards under the LTIP and other options to employees of
Jumelles ($19k), and a US$0.5m additional investment funded jointly
(50/50) with Xstrata for the survey of an additional land area.
Though Jumelles acquired the non-exclusive prospecting licence for
this area, it does not form part of the existing ZIOC Xstrata joint
venture agreement.
From its acquisition and up to 11 February 2011, the investment
in Jumelles did not represent an investment in a subsidiary due to
the call option held by Xstrata described in Note 1 above which
throughout that period gave Xstrata Projects potential voting
rights which would have been sufficient for Xstrata Projects to
control Jumelles. Following exercise of the Xstrata Call Option,
the residual rights retained by the Group are sufficient in the
view of the Directors to provide the Group with the power to
participate significantly in the financial and operating decisions
affecting Jumelles. As a consequence the Group's interest is
accounted for as an associate using the equity method of
accounting.
As explained in Note 1, on 11 February 2011, Xstrata Projects
exercised the Xstrata Call Option and from that date owns 50% plus
one share of Jumelles and Jumelles is controlled at both a
shareholder and director level by Xstrata Projects. However, as the
shares issued on exercise of the option are not considered to vest
until provision of the services relating to the PFS and the FS has
been completed, the Group will continue to account for a 100%
interest in Jumelles Limited until the FS has been completed. Only
at that time will the Group account for a reduction in its interest
in Jumelles.
The Group financial statements account for the Xstrata Projects
transaction as an in-substance equity-settled share-based payment
for the provision of services by Xstrata Projects to Jumelles in
relation to the PFS and the FS. These services largely are provided
through third party contractors and are measured at the cost of the
services provided.
As at 30 June 2012, Jumelles Limited had aggregated assets of
US$219.5m (June 2011: US$228.1m) and aggregated liabilities of
US$48.0m (June 2011: US$16.0m). For the 6 months ended 30 June
2012, it incurred administrative expenses of US$21k (June 2011:
US$3.1m) and incurred no taxation charge (June 2011: US$26k). A
summarised consolidated balance sheet of Jumelles Limited for the 6
months ended 30 June 2012, including adjustments made for equity
accounting, is included below:
30 June 30 June 31 December
2012 2011 2011
Unaudited Unaudited Audited
US$000 US$000 US$000
---------------------------------------- ---------- ---------- ------------
Non-current assets
Property, plant and equipment 15,089 15,095 12,704
Exploration and other evaluation assets 195,024 126,588 166,815
Intangible assets 146 - 145
---------------------------------------- ---------- ---------- ------------
210,259 141,683 179,664
---------------------------------------- ---------- ---------- ------------
Current assets 9,235 86,434 20,732
Current liabilities (47,982) (15,998) (37,461)
---------------------------------------- ---------- ---------- ------------
Net current assets/(liabilities) (38,747) 70,436 (16,729)
---------------------------------------- ---------- ---------- ------------
Net assets 171,512 212,119 162,935
---------------------------------------- ---------- ---------- ------------
Share capital 9,580 9,031 9,561
Share option reserve 203,324 227,131 190,738
Capital Contribution 1,030 - -
Translation reserve (13,606) (55) (8,569)
Retained earnings (28,816) (23,988) (28,795)
---------------------------------------- ---------- ---------- ------------
171,512 212,119 162,935
---------------------------------------- ---------- ---------- ------------
30 June 30 June 31 December
2012 2011 2011
7 Loss per share Unaudited Unaudited Audited
----------------------------------------------------------- ---------- ---------- -----------
Loss (Basic and diluted) (2,383) (3,804) (14,379)
Weighted average number of shares (thousands)
Basic and diluted
Issued shares at beginning of period 280,416 280,416 280,416
Effect of shares issued - - -
Effect of share repurchase - - -
Effect of own shares (5,010) (5,574) (5,574)
Effect of share split - - -
----------------------------------------------------------- ---------- ---------- -----------
Weighted average number of shares at end of period - basic 275,406 274,842 274,842
----------------------------------------------------------- ---------- ---------- -----------
Loss per share (cent)
Basic and diluted (0.9) (1.4) (5.2)
----------------------------------------------------------- ---------- ---------- -----------
8 Related parties
The following transactions occurred with related parties during
the period:
Transactions for the period Closing balance
---------- ----------------------------- ----------- -----------------------
30 June 30 June 31 December 30 June 30 June 31 December
2012 2011 2011 2012 2011 2011
Unaudited Unaudited Audited Unaudited Unaudited Audited
US$000 US$000 US$000 US$000 US$000 US$000
------------------------------------- ---------- ------------- -------------- ----------- ---------- -----------
Intercompany payable Jumelles Limited - 234 234 64 64 64
Intercompany payable Jumelles
Technical Services UK Limited - 27 (17) 21 11 21
Strata Capital UK LLP 170 57 52 175 - 5
------------------------------------- ---------- ------------- -------------- ----------- ---------- -----------
In addition to the transactions above, the Company has also
issued share options to Strata Capital UK LLP. In this regard see
page 54, note 15 in the Company's 2011 Annual Report. A further
award was granted in March 2012. These options have a weighted
average price of GBP1.06 (US$1.40), a weighted average fair value
of GBP0.37 (US$0.49) and a weighted average contractual life of 821
days.
Board of Directors
Clifford Thomas Elphick
Non-Executive Chairman
51 years
Clifford Elphick is the founder and CEO of Gem Diamonds Limited,
a diamond mining company listed on the Main Market of the London
Stock Exchange. Mr Elphick joined Anglo American Corporation in
1986 and was seconded to E Oppenheimer & Son as Harry
Oppenheimer's personal assistant in 1988. In 1990 he was appointed
managing director of E Oppenheimer & Son, a position he held
until his departure from the company in December 2004. During that
time, Mr Elphick was also a director of Central Holdings, Anglo
American and DB Investments. Following the buy-out of De Beers in
2000, Mr Elphick served on the De Beers executive committee until
2004. Mr. Elphick formed Gem Diamonds Limited in July 2005.
Colin John Harris
Non-Executive Director
65 years
Colin Harris has been working as an exploration geologist for
over 40 years and has a wealth of experience in the generation,
exploration and evaluation of projects covering a variety of
commodities and deposit styles in over 25 countries mainly in
Africa and Europe. He has worked for major international mining
companies including Anglo American, Cominco and more recently Rio
Tinto. During his 18 years at Rio Tinto Mr Harris managed
multi-million dollar programmes which in the past 15 years included
the evaluation of iron ore deposits in Greenland, Scandinavia,
Mali, Mauritania, Algeria, Morocco, Liberia, Senegal and Sierra
Leone and more importantly between 1998 and 2008 heading up the
team evaluating the world-class Simandou iron ore project in the
Republic of Guinea. Mr Harris resigned from Rio Tinto in 2008 and
joined the Zanaga team later in the year as Project Director. Mr
Harris stepped down as Project Director of the Project after
Xstrata exercised its First Call Option. Mr Harris is also a
non-executive director of AIM listed Ncondezi Coal Company Limited
and AIM and Oslo AXESS listed London Mining plc.
Clinton James Dines
Non-Executive Director
54 years
Clinton Dines has been involved in business in China since 1980,
including senior positions with the Jardine Matheson Group, Santa
Fe Transport Group and Asia Securities Venture Capital. In 1988 he
joined BHP as their senior executive in China and, following the
merger of BHP and Billiton in 2001, he became president, BHP
Billiton China, a position from which he retired in 2009. Mr Dines
is currently a non-executive director of Kazakhmys plc, which is
listed on the Main Market of the London Stock Exchange.
Michael John Haworth
Non-Executive Director
46 years
Michael Haworth is a director of Strata Limited, Garbet Limited
and is the managing partner of Strata Capital UK LLP. Mr Haworth
has 12 years' investment banking experience, predominantly in
emerging markets and natural resources. Prior to establishing
Strata Limited in 2006, Mr Haworth was a Managing Director at J.P.
Morgan and Head of Mining and Metals Corporate Finance in London.
During his 10 years at J.P. Morgan, Mr Haworth held a number of
other positions, including head of M&A for Central Eastern
Europe, Middle East and Africa and, before that, head of M&A in
South Africa. Mr Haworth is also Non-Executive Chairman of AIM
listed Ncondezi Coal Company Limited.
Dave John Elzas
Non-Executive Director
46 years
Dave Elzas has over 15 years' experience in international
investment banking. Between 1994 and 2000, Mr Elzas served as a
senior executive and subsequently managing director of the Beny
Steinmetz Group. Mr Elzas is currently the senior partner and CEO
of the Geneva Management Group, an international wealth management
and financial services company. Mr Elzas has been a non-executive
director of Gem Diamonds Limited since October 2005.
Advisors
Nominated Advisor and Joint Corporate Broker
Liberum Capital Limited
Ropemaker Place, Level 12
25 Ropemaker Street
London EC2Y 9LY
Joint Corporate Broker
Citigroup Global Markets Limited
Citigroup Centre
33 Canada Square, Canary Wharf
London E14 5LB
Auditors and Reporting Accountants
KPMG Audit Plc
15 Canada Square
London E14 5GL
Legal
Berwin Leighton Paisner LLP
Adelaide House
London Bridge
London EC4R 9HA
Registrars
Computershare Investor Services (BVI) Limited
Woodbourne Hall
PO Box 3162
Road Town
Tortola
British Virgin Islands
Financial PR
Pelham Bell Pottinger
5th Floor
Holborn Gate
330 High Holborn
London WC1V 7QD
United Kingdom
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UBRARUKAKUUR
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