TIDMMIR
RNS Number : 5476D
Mining Investments Resources PLC
31 March 2014
31 March 2014
MINING INVESTMENTS RESOURCES PLC
Company number 03744133.
("MIR" or the "Company")
Interim Report for the six months ended 31 December 2013
Chairman's review
Dear Shareholders,
The six month period to 31 December 2013 was one of
implementation of the Company's strategy to make investments in
mining companies in Russia. As a result of these efforts, post
period end MIR entered into a preliminary agreement (the
"Agreement") which provides it with a legally binding option to
invest in a project to rehabilitate the Taezhny Silver Mine in the
Primorsky region of Russia. Under the Agreement MIR has undertaken
to carry out a detailed sampling program including sampling of the
tailings at Taezhny and metallurgical test work of the tailings and
main ore body. The detailed tailings sampling program which
included 21 drill holes has been carried out and assaying and
metallurgical testing will commence shortly. As announced
previously MIR believes that the Taezhny mine provides an
opportunity to place a high grade silver deposit with potentially
re-treatable tailings back into production as the processing
facilities and infrastructure are largely in place.
Primorsky Silver Project
The Taezhny Silver Mine was the first silver mine in the region
to be placed into production during the Soviet times and is one of
a large number of silver and gold discoveries contained within the
Primorsky Silver belt. The transaction to rehabilitate the Taezhny
Silver Mine is accompanied by three exploration licences with
identified exploration targets and thereby provides a strategic
entry into the Primorsky silver belt which MIR believes will
provide many opportunities.
The Agreement enables the Company to conduct further due
diligence and reduce technical risk by undertaking additional
metallurgical testing and sampling of the existing tailings at the
mine (the "Tests"), prior to committing to the project
rehabilitation (the "Main Transaction"). If the results of the
Tests are positive then it is envisaged that MIR will proceed with
the Main Transaction, subject to raising the necessary funds. The
Main Transaction involves MIR investing up to US$10 million in
consideration for a controlling shareholding of 60 per cent of a
new holding company ("HoldCo") that will own the project. The
remaining 40 per cent of HoldCo will be owned by Ruspacific Group
LLC ("Ruspacific"), the current majority owner of the Taezhny
mine.
Since entering into the Agreement, MIR has undertaken a
programme of sampling of the tailings pond including the drilling
of 21 drill holes. The samples from the tailing drill holes and
additional samples from the underground ore body of the mine will
be assayed and metallurgical tests carried out. The total cost of
the programme is expected to be around US$200,000.
Strategic Alliance with Artel Vostok
The Company's strategy has also resulted in MIR entering into a
Strategic Alliance Agreement with Artel Vostok, a company which is
one of the main gold alluvial mining companies in the northern
region of Khabarovsk. Artel Vosotk has applied for an exploration
licence for one of the areas surrounding its alluvial gold rivers
which is believed to contain substantial gold resources which are
the source of gold for the rivers.
Russian Investment Outlook
At the current time, there is uncertainty created by the
political situation between Russia and Ukraine. To date the
situation has not affected the mining industry in the Russian Far
East, except to the extent that the rouble has fallen around 10%
since January which we believe should decrease costs. The board
continues to monitor the situation and assess the impact this may
have on any investment decision in the region.
Financial results for the six months ended 31 December 2013
The financial results for 6 months ended 31 December 2013
resulted in a loss of GBP276,000. Of this, GBP45,000 was lost due
to the fall in MIR's investment portfolio, in line with the general
fall in junior mining company stocks. At the period end, short term
quoted investments still held showed a market value of GBP240,000.
At the period end the Company had cash of GBP179,000 which, as at
today's date has reduced to GBP75,000.
Trading in the shares of the Company on AIM remain suspending
pending the publication of an Admission Document in respect of the
proposed acquisition of the Taezhny Silver Mine or until such time
as the Company decides not to proceed with the transaction.
On behalf of the Board
Michael Nosworthy
28 March 2014
Enquiries:
Mining Investments
Michael Nosworthy Resources plc +33 675657274
Mining Investments
Steve Roberts Resources plc 07812043436
Northland Capital
Luke Cairns / Matthew Partners Limited 020 7382
Johnson (Nomad and Joint Broker) 1100
Peterhouse Corporate
Peter Greensmith Finance Limited 020 7469
/ Eran Zucker (Joint Broker) 0932
The Interim Report for the six month period ended 31 December
2013 (the "2013 Interim Report") set out below will be available
from today on MIR's web site: www.mirplc.com
Unaudited consolidated statement of comprehensive income
for the 6 month period ended 31 December 2013
6 months 6 months Year Year
ended ended
31-Dec-13 31-Dec-12 30-Jun-13 30-Jun-12
Unaudited Unaudited Audited Audited
Notes GBP000's GBP000's GBP000's GBP000's
Trading Revenue 3 7 11 0
Realised gains on
short term investments 0 74 117
Total Revenue 3 81 129 0
Cost of sales- Project
Costs -12 0 -141 -
Gross (loss) / profit -9 81 -12 0
Admin expenses -223 -148 -356 -634
Operating (loss)/profit -232 -67 -368 -634
Interest receivable 0
Pre-tax result for
the period -232 -67 -368 -634
Taxation 3 - - - -
Net result for the
period -232 -67 -368 -634
Other Comprehensive
income
Unrealised losses
/ gains on investments -45 17 -100
Total Comprehensive
income for the period -276 -50 -468 -634
(Loss)/earnings per
share
- basic 4 (00.19p) (0.12p) (00.60p) (11.48p)
- diluted 4 (00.19p) (0.09p) (00.60p) (11.48p)
Unaudited consolidated balance sheet
as at 31 December 2013
notes Year 6 months Year Year
ended ended ended
31-Dec-13 31-Dec-12 30-Jun-13 30-Jun-12
Unaudited Unaudited Audited Audited
GBP000's GBP000's GBP000's GBP000's
ASSETS
Non-current assets 0 0 0 0
Loans and receivables 0
Quoted investments
for resale 240 349
Trade and other receivables 2 2
Cash and cash equivalents 179 247 20 20
Total assets 422 598 20 20
EQUITY
Capital and reserves
attributable to the
Company's equity holders
Share capital 3767 3267 2,539 2,539
Share premium account 7633 7633 7,633 7,633
Retained earnings -11191 -10474 -10,335 -10,335
Total equity 209 426 -163 -163
LIABILITIES
Current liabilities
Trade and other payables 212 173 183 183
Non-current liabilities
Trade and other payables
Total liabilities 212 173 183 183
Total equity and liabilities 422 598 20 20
Michael Nosworthy Steven Roberts
Director Director
Company No: 03744133
Unaudited consolidated cash flow statement
for the year ended 30 June 2013
6 months 6 months Year Year
ended ended
31-Dec-13 31-Dec-12 30-Jun-13 30-Jun-12
Unaudited Unaudited Audited Audited
GBP000's GBP000's GBP000's GBP000's
Operating activities
Result for period
/ year before tax -276 -50 -468 -634
Impairment of assets 45 -17 100 454
Net (Gains) /Losses
on disposal of investments 0 -74 -117
Decrease /( Increase)
in trade and other
receivables 10 -2 -13 331
Increase / (Decrease)
in trade and other
payables -2 -47 32 14
Interest accrued on
financial assets 0 0 0
Expenses settled through
issue of equity 0 37 37
Net cash inflow from
operating activities -224 -153 -429 165
Investing activities
Purchase of listed
investments 0 -673 -709 -173
Proceeds of sale of
listed investments 0 414 592
Net cash outflow from
investing activities 0 -258 -117 -173
Financing activities
Shares issued 0 728 1041 0
Share issue costs 0 -89 -111 0
Net cash inflow from
financing activities 0 639 929 0
Net (decrease)/increase
in cash and cash equivalents -224 227 383 -8
Cash and cash equivalents,
beginning of period 403 20 20 28
Cash and cash equivalents,
end of period 179 247 403 20
Unaudited consolidated statement of changes in equity
for the period ended 31 December 201
Share Share Profit Total
&
---------------------------
capital premium loss equity
---------------------------
GBP000's GBP000's GBP000's GBP000's
--------------------------- --------- --------- --------- ---------
Balance as at 30 June
2011 2539 7633 -9701 471
--------------------------- --------- --------- --------- ---------
Loss for the period - - -201 -201
--------------------------- --------- --------- --------- ---------
Total comprehensive
income for the period 0 0 -201 -201
Balance as at 31 December
2011 2539 7633 -9902 270
--------------------------- --------- --------- --------- ---------
Loss for the period - - -433 -433
--------------------------- --------- --------- --------- ---------
Total comprehensive
income for the period 0 0 -433 -433
Balance as at 30 June
2012 2539 7633 -10335 -163
--------------------------- --------- --------- --------- ---------
Shares issued 728 0 -89 639
--------------------------- --------- --------- --------- ---------
Transactions with
owners 728 0 -89 639
--------------------------- --------- --------- --------- ---------
Loss for the period - - -50 -50
--------------------------- --------- --------- --------- ---------
Total comprehensive
income for the period 0 0 -50 -50
Balance as at 31 December
2012 3267 7633 -10474 425
--------------------------- --------- --------- --------- ---------
Shares issued 500 0 -22 478
--------------------------- --------- --------- --------- ---------
Transactions with
owners 500 0 -22 478
--------------------------- --------- --------- --------- ---------
Loss for the period - - -418 -418
--------------------------- --------- --------- --------- ---------
Total comprehensive
income for the period 0 0 -418 -418
Balance as at 30 June
2013 3767 7633 -10914 485
--------------------------- --------- --------- --------- ---------
Shares issued 0 0 0 0
--------------------------- --------- --------- --------- ---------
Transactions with
owners 0 0 0 0
--------------------------- --------- --------- --------- ---------
Loss for the period - - -276 -276
--------------------------- --------- --------- --------- ---------
Total comprehensive
income for the period 0 0 -276 -276
Balance as at 30 June
2013 3767 7633 -11191 209
--------------------------- --------- --------- --------- ---------
Notes to the consolidated unaudited financial statements
for the period ended 31 December 2013
1 General information
Mining Investments Resources plc is a public limited company
incorporated and domiciled in the United Kingdom. The address of
the registered office is Bridge House, London Bridge, London SE1
9QR. The shares of Mining Investments Resources plc are listed on
the AIM Market of the London Stock Exchange. Mining Investments
Resources plc has a subsidiary company Lagan Capital Investments
Limited, incorporated in the Republic of Ireland, which has not
traded to date and together these entities comprise the Group.
2 Summary of significant accounting policies
2.1 Basis of preparation
The unaudited interim financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRSs)
and on the same basis and using the same accounting policies as
used in the audited financial statements for the year ended 30 June
2013. The information set out in these interim financial statements
does not constitute statutory accounts as defined in Section 435 of
the Companies Act 2006. The figures for the year ended 30 June 2013
have been extracted from the statutory financial statements which
have been filed with the Registrar of Companies. The auditors'
report on those financial statements was unmodified. The board
approved the interim report on 28 March 2014.
2.2 Segment reporting
The Board monitors performance on a unitary basis comprising
only one segment. Consequently there is no further segmental
analysis available for disclosure.
3. Taxation
No provision for taxation has been made due to the availability
of losses
4. Earnings per share
Basic
Basic earnings per share is calculated by dividing the profit
attributable to equity holders of MIR by the weighted average
number of Ordinary Shares in issue during the year.
6 months 6 months Year Year
ended ended
----------------------------
31-Dec-13 31-Dec-12 30-Jun-13 30-Jun-12
----------------------------
Unaudited Unaudited Audited Audited
(Loss)/profit attributable
to equity -232 -67 -368 -634
holders of MIR GBP000's
---------------------------- ------------ ------------ ------------ ----------
Weighted average number
of 128,281,120 54,554,505 59,733,535 5,519,500
Ordinary Shares in
issue
----------------------------
Basic 128,281,120 78,281,120 128,281,120 5,519,500
----------------------------
Dilutive effect of
outstanding options 44,537,059 44,537,059 44,537,059 0
172,818,179 122,818,179 172,818,179 5,519,500
----------------------------
Diluted earnings/(loss)
per share:
---------------------------- ------------ ------------ ------------ ----------
Basic and diluted (00.19p) (00.12p) (00.60p) (11.48p)
---------------------------- ------------ ------------ ------------ ----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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