Trading Statement
22 Septembre 2009 - 3:00PM
UK Regulatory
TIDMBRR
RNS Number : 4710Z
Braemore Resources PLC
22 September 2009
AIM: BRR/ JSE: BRE
Braemore Resources Plc
("Braemore" or "the Company")
Trading Statement
In terms of the Listing Requirements of JSE Limited, a listed company is
required to publish a trading statement as soon as it becomes reasonably certain
that the financial results for the period to be reported on will vary by more
than 20% from that of the previous corresponding period.
Shareholders of Braemore are advised that the Company expects its loss per share
and headline loss per share for the year ending 30 June 2009 to be 0.94p loss
per share, based on an expected after-tax loss for the period under review
of approximately GBP7.4m, as opposed to a loss per share of 0.21p, based an
after-tax loss of GBP1.408 million, in the corresponding period to 30 June 2008.
The loss per share and headline loss per share for the half year period that
ended 31 December 2008 was 0.56p (loss after tax of GBP4.4m).
Specific events that contributed to the increase in the basic and headline loss
include:
* the shutdown and commissioning of the expanded demonstration smelter;
* the conclusion of various smelter trials to demonstrate and prove the robustness
of the Con-Roast process;
* a subsequent brief shutdown with a minor smelter runout;
* sharp falls in metal prices during the first half of the year with only a modest
recovery during the latter part of the year;
* the sharp appreciation in the Rand / US $ exchange rate in a period of flat
platinum group metal prices, which resulted in the smelter margin contracting;
* the smelter being put on temporary shutdown upon the conclusion of the
development programme; and
* merger activity and associated legal and compliance expenses;
* Costs and associated legal and compliance expenditure incurred on the listing of
Braemore on the JSE;
* The finalisation and conclusion of old order smelting contracts.
During this period Braemore has advanced the development of the ConRoast process
with the conclusion of development work on both the smelting and refining
processes.
Braemore has also advanced the restructuring of the Company ahead of the merger
with Jubilee Platinum plc ("Jubilee") to realise a significant reduction in
overhead costs which will flow through into the next reporting period. The cash
position of the Company as at the end of the period was GBP0.30
million, excluding PGM concentrate and smelted alloy inventory valued at GBP0.90
million. In addition, as part of the merger with Jubilee , and as previously
announced, the Company entered into an implementation agreement with Jubilee on
3 July 2009, whereby Jubilee made available to Braemore a working capital
facility whilst the merger is being implemented.
Braemore has also just successfully fully contracted the demonstration facility
which is in the process of being re-commissioned under a smelting agreement.
The financial information on which this trading statement is based has not been
reviewed or reported on by Braemore's external auditors.
The Company's results for the year ended 30 June 2009 will be published on 30
September 2009.
Enquiries:
+----------------------------------------------+-------------------------+
| Braemore Resources Plc | |
+----------------------------------------------+-------------------------+
| Leon Coetzer, Chief Executive Officer | +27 11 557 6413 |
+----------------------------------------------+-------------------------+
| | |
+----------------------------------------------+-------------------------+
| WH Ireland: (Nomad and Joint Broker) | |
+----------------------------------------------+-------------------------+
| James Joyce | +44 20 7220 1666 |
+----------------------------------------------+-------------------------+
| | |
+----------------------------------------------+-------------------------+
| Mirabaud Securities: (Joint Broker) | |
+----------------------------------------------+-------------------------+
| Rory Scott | +44 207878 3360 |
+----------------------------------------------+-------------------------+
| | |
+----------------------------------------------+-------------------------+
| Qinisele Resources: (RSA Corporate Advisers) | |
+----------------------------------------------+-------------------------+
| Dennis Tucker | +27 82 492 4957 |
+----------------------------------------------+-------------------------+
| | |
+----------------------------------------------+-------------------------+
| Russell and Associates: (RSA Public | |
| Relations) | |
+----------------------------------------------+-------------------------+
| Nicola Taylor/Charmane Russell | +27 11 880 3924 |
+----------------------------------------------+-------------------------+
| | |
+----------------------------------------------+-------------------------+
| Walbrook PR: (UK Public Relations) | |
+----------------------------------------------+-------------------------+
| Louise Goodeve/Leah Kramer | +44 20 7933 8780 |
+----------------------------------------------+-------------------------+
| | |
+----------------------------------------------+-------------------------+
| Sasfin: (RSA Corporate Sponsor) | |
+----------------------------------------------+-------------------------+
| Sharon Owens | +27 11 809 7762 |
+----------------------------------------------+-------------------------+
Notes to Editors:
Braemore Resources offers investors an attractive opportunity to enter into the
PGMs and nickel business, initially through the mid-stream processing of these
metals and, in time, through mine-to-market production opportunities.
Braemore Resources is principally involved in evaluating, establishing and
operating independent facilities for the roasting, smelting and refining of
concentrates containing PGM and associated base metals and for the reclamation
and processing of sulphide nickel tailings. Diversified both geographically and
in terms of product, the company is located in two key mining regions - Braemore
Nickel in Western Australia and Braemore Platinum in South Africa. Braemore's
access to proprietary technology, and in particular the Mintek ConRoast
technology, which has successfully operated at test plant level, makes the
company well-positioned to become a significant player in the burgeoning South
African PGMs sector, offering a more cost-effective, environmentally friendly
and accessible smelting option to many junior mining companies. Unlike
conventional smelters, ConRoast is unaffected by the high-chrome
This information is provided by RNS
The company news service from the London Stock Exchange
END
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