TIDMICMI
RNS Number : 8266U
International Consolidated Min. Inc
30 June 2009
30 June 2009
International Consolidated Minerals Inc.
("ICMI" or "the Company")
FINAL
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2008
International Consolidated Minerals Inc. (AIM & BVL: ICMI), the South American
focused mineral exploration and development company, announces its final results
for the year ended 31 December 2008.
ICMI owns and operates, through a wholly owned Peruvian subsidiary, 100 per
cent. of the Pachapaqui property, on which is situated the past-producing base
metals (zinc, lead and copper) and precious metals (silver and gold) mine
located in the Central Mineral Belt of Peru.
HIGHLIGHTS:
* During 2008, the Company received approval for its environmental impact study
("EIS") and governmental permits to upgrade the Pachapaqui concentrator to 1,500
tonnes per day ('tpd'), having already passed through the public consultation
process in 2007 and satisfactorily addressing all issues raised. The Company
also commenced the environmental studies to prepare an EIS and permits
applications for the construction of additional new facilities with a proposed
mill feed capacity of 6,700 tpd, with a view to increasing the eventual
Pachapaqui project mill feed production within four years to 8,200 tpd.
* In August 2008, the Company's shares were admitted to trading in the risk
capital segment of the Bolsa de Valores de Lima (Lima Stock Exchange) and
subsequently was elevated to the main board of the BVL in November 2008.
* In March 2009, following an operational review, it was announced that all
operations at Pachapacqui had been suspended and the mine placed on care and
maintenance due to the uncertain global macro-economic environment and weak
commodity prices, in order to preserve the group's limited cash resources,
whilst continuing to pursue a number of options to secure a long term financing
solution. The reduced loss for the year was US$19.2m (2007: loss of US$63.3m).
* Several key modifications to the Company's capital structure also occurred in
2008. Notably, Platinum Partners Value Arbitrage Fund, L.P. agreed to extend
the redemption date of its 2,063,528 "For and Redeem" shares to 7 November 2009
subject to modified terms. Details on this event are detailed in the ICMI
announcement dated 10 November 2008. As of the close of the 2008 Company
accounts, and as of the date of this report, the Company sought, and continues
to seek, an agreement from holders of the remaining 1,500,192 shares and
therefore liabilities amounting to $13.8m for these shares are currently
overdue.
* Several senior management changes occurred in March 2009, partly as a result of
a group wide cost reduction programme. Jesse Rodriguez stepped into the role of
interim CEO and Daniel Small joined the Board of Directors as a non-executive
director. Greg Smith relinquished his role as CEO, but remains as a
non-executive director. Marvin Pelley has stepped down from his role as
President and Chief Operating Officer, but remains on the board as a
non-executive director. Alfonso Brazzini, Howard Crosby and Luis Carlos Rodrigo
Prado have all stepped down from the board to pursue other interests.
Jesse Rodriguez, Interim Chief Executive Officer of ICMI, commented:
"ICMI has undergone a corporate transformation over the past year. There have
been a number of changes to the Board and we believe that we have in place a
management team that could re-commence production when the global economic
environment and financial markets improve. To this end, we are currently
exploring opportunities for raising additional financing to fund the Company's
operations and growth. Despite the Company's current liquidity issues, we remain
positive about the Pachapaqui project's ultimate potential which we hope to
realise subject to the availability of funding and a recovery in demand for base
metals."
Enquiries:
+-----------------------+------------------------+--------------------------+
| International Consolidated Minerals |
+---------------------------------------------------------------------------+
| Jesse Rodriguez | Chief Executive | Tel: +1 305 455 3980 |
| | Officer | |
+-----------------------+------------------------+--------------------------+
| Pawan Sharma | Executive Vice | Tel: +44 (0)20 7766 0085 |
| | President - Corporate | |
| | Affairs | |
+-----------------------+------------------------+--------------------------+
| Strand Partners Limited (Nominated Adviser) |
+---------------------------------------------------------------------------+
| Simon Raggett | | Tel: +44 (0)20 7409 3494 |
+-----------------------+------------------------+--------------------------+
| Matthew Chandler | | Tel: +44 (0)20 7409 3494 |
+-----------------------+------------------------+--------------------------+
| Fox-Davies Capital Limited (Broker, London) |
+---------------------------------------------------------------------------+
| Daniel Fox-Davies | | Tel: +44 (0)20 7936 5203 |
+-----------------------+------------------------+--------------------------+
| David | | Tel: +44 (0)20 7936 5226 |
| Poraj-Wilczynski | | |
+-----------------------+------------------------+--------------------------+
| Credibolsa (Broker, Lima, Peru) |
+---------------------------------------------------------------------------+
| Jorge Monsante | | Tel: +511 313 2922 |
+-----------------------+------------------------+--------------------------+
| Pelham (Public Relations) |
+---------------------------------------------------------------------------+
| Charles Vivian | | Tel: +44 (0)20 7337 1538 |
+-----------------------+------------------------+--------------------------+
| Klara Kaczmarek | | Tel: +44 (0)20 7337 1524 |
+-----------------------+------------------------+--------------------------+
Additional information on International Consolidated Minerals Inc.
International Consolidated Minerals Inc. (AIM & BVL: ICMI) was formed in 2005 to
pursue mineral exploration, development and production with its initial
attention in Latin America. ICMI's strategy is to focus on high-quality mining
assets at an advanced stage of development. In early 2006, ICMI acquired the
Pachapaqui mining property in central Peru which contains appreciable high grade
zinc, lead, copper, silver and gold mineral reserves and resources. The property
consists of 32 mining concessions of 2,105 hectares and one beneficiation
concession of 65 hectares on which is located mining infrastructure and
equipment, hydro-electrical generating stations, offices and accommodations, and
concentrating plant facilities. In 2007, while conducting upgrades of the
facilities, ICMI embarked on a drilling and exploration geology programme,
initially in one area on the Pachapaqui property, from which the Company has had
tremendous success in locating, and is confident of proving up significant
additional mineral reserves and resources. The Company briefly commenced start
up production in 2008, representing a significant milestone in its development.
Further information is available from the Company's website at:
http://www.icmi-inc.com.
Availability of Annual Report and Financial Statements
Copies of the Company's full Report and Financial Statements are being posted to
all shareholders of the Company today and are available to download from the
Company's website at www.icmi-inc.com.
The Annual Report and Financial Statements will also be made available for
inspection at the Company's London corporate office during normal business hours
on any weekday. ICMI is registered and incorporated in the Cayman Islands with
Company number CD-160817. The London corporate office is at Suite 2.3, 2nd
Floor, Stanmore House, 29-30 St. James's Street, London SW1A 1HB.
Annual General Meeting
Formal Notice of AGM will be sent shortly.
Chief Executive Officer's Statement
We present the Annual Report of International Consolidated Minerals Inc. ("the
Company" or "ICMI") for the financial year ended 31 December 2008. We remain
focused on targeting and developing advanced stage mining opportunities in Latin
America, with a particular focus on our poly-metallic Pachapaqui project.
The collapse of the equity markets and base metals prices in late 2008 presented
challenges to ICMI that, while not unique to the mining sector, forced
modifications in strategy for our enterprise, at least in the near term. Most
notably, until a major fund-raising event occurs that could provide the
financial resources necessary to enter into production, the Pachapaqui mine has
been placed on a care-and-maintenance basis to preserve Company liquidity.
Our Pachapaqui project is located in one of the most prolific mining belts of
the world, and hosts a major geological system. Prior to its acquisition by
ICMI, there had been limited systematic exploration conducted on the property
and its potential was perhaps not yet fully appreciated.
In 2007 and through 2008, ICMI undertook an exploration programme aimed at
increasing Pachapaqui's reserve and resource base, with the intent of delivering
an attendant increase in the Company's value. Please refer to the Company's
announcements made during 2008 relating to such matters. Pending the
availability of funding, we will endeavour to complete a geological report
updating the Pachapaqui property's resources and reserves, including those
resulting from the exploration programme, to a JORC-compliant standard in 2009.
We remain excited by the resource and reserve potential of the property, which
we will continue to explore and quantify as available funding permits.
In February 2008, we received governmental approval for our Environmental Impact
Study ("EIS") to operate. In July 2008, we received permits required to
construct the Pachapaqui Mine to a mill feed production level 1,500 tpd. We also
began the environmental studies to prepare an EIS and permits applications for
the construction of additional new facilities with a proposed mill feed capacity
of 6,700 tpd, which would increase the eventual Pachapaqui Project mill feed
production to 8,200 tpd.
Following permitting, the Company issued a press release in November 2008
announcing that it had rehabilitated the Pachapaqui facilities to a 400 tpd mill
feed production level. However, production operations were subsequently shut
down due to a shortage of working capital and the Pachapaqui property was put on
care and maintenance. Based upon current plans, we anticipate that within six
months of financing, we can complete the upgrade of the existing Pachapaqui
Property facilities and bring them into production at a rate of 400 - 600 tpd.
Partially in response to the events of late 2008, several key changes at the
managerial level and among the Board of Directors have occurred. These actions
are detailed in the ICMI announcement dated 17 March 2009.
Several key modifications to the Company's capital structure also occurred in
2008. Notably, Platinum Partners Value Arbitrage Fund, L.P. agreed to extend the
redemption date of its 2,063,528 "For and Redeem" shares to 7 November 2009
subject to modified terms. Details on this event are detailed in the ICMI
announcement dated 10 November 2008. In late 2008, and as of the date of this
report, the Company sought, and continues to seek, an agreement from holders of
the remaining 1,500,192 shares and therefore liabilities amounting to
approximately US$13.8m for these shares are currently overdue.
The group currently has a severe shortage of working capital and the need to
raise sufficient funds is pressing and this is management's key priority.
Several potential providers of debt and equity, sufficient to bring the mine
into production, have visited the operations and conducted due diligence. A
number have made proposals but require a restructuring of the Company's debts
(senior secured and unsecured) before injecting funds. We continue to negotiate
a restructuring plan with the Company's senior secured and unsecured creditors
on the terms that they would be prepared to swap debt for equity. If such a
restructuring or swap were to occur, it is expected that such an event would
likely be highly dilutive to existing shareholders. We will continue to seek to
execute our proper fiduciary responsibility to the Company's stakeholders,
including creditors and shareholders. Any significant dilution would of course
be subject to shareholder approval.
Despite the significant challenges the Company has faced due partially to the
unprecedented near-simultaneous meltdowns in the capital markets and the metals
markets, management remains enthusiastic about the opportunities available to
ICMI.
As stated last year, in September 2007, we completed a reverse takeover (RTO) of
Platinum Diversified Mining Inc, and re-listed as International Consolidated
Minerals Incorporated on the AIM market of the London Stock Exchange. This
afforded us approximately US$24million in cash to fund the exploration and
development works, a public listing and access to capital markets. Our original
shareholders retained 79.61% per cent of the Company. The Company was also
admitted to trading in the risk capital segment of the Bolsa de Valores de Lima
(Lima Stock Exchange) on 27 August 2008, and subsequently was elevated to the
main board of the BVL in November 2008.
As a public company, we look forward to pursuing further opportunities,
harnessing our knowledge of local conditions and the often mining-friendly
operating environment offered by the Government of Peru. We believe that 2009,
with successful financing, could become for ICMI the year of the start of a
successful transition from an exploration to a producing company.
On behalf of the Company I would like to thank our employees, shareholders, the
local communities of the Town of Pachapaqui and the Community of Aquia, and the
Country of Peru for their cooperation and assistance. We view the strong
commitment and dedication of our people and all our stakeholders as a crucial
factor in delivering value to the Company.
Jesse M. Rodriguez
Chief Executive Officer
Consolidated Income Statement
+---------------------------------------------+------+--------------+--+--------------+
| | | Year ended | | Year ended |
| | | 31 December | | |
| | | 2008 | | 31 |
| | | | | December |
| | | | | 2007 |
+---------------------------------------------+------+--------------+--+--------------+
| | | US$ | | US$ |
+---------------------------------------------+------+--------------+--+--------------+
| | | | | |
+---------------------------------------------+------+--------------+--+--------------+
| Other administrative costs | | (13,416,730) | | (24,368,365) |
+---------------------------------------------+------+--------------+--+--------------+
| Provision against intangible assets | | | | (36,521,513) |
+---------------------------------------------+------+--------------+--+--------------+
| Total administration costs | | (13,416,730) | | (60,889,878) |
+---------------------------------------------+------+--------------+--+--------------+
| | | | | |
+---------------------------------------------+------+--------------+--+--------------+
| Finance income | | 446,474 | | 519,516 |
+---------------------------------------------+------+--------------+--+--------------+
| Finance expense | | (6,215,813) | | (2,964,117) |
+---------------------------------------------+------+--------------+--+--------------+
| | | | | |
+---------------------------------------------+------+--------------+--+--------------+
| Loss before income tax | | (19,186,069) | | (63,334,479) |
+---------------------------------------------+------+--------------+--+--------------+
| | | | | |
+---------------------------------------------+------+--------------+--+--------------+
| Income tax expense | | - | | - |
+---------------------------------------------+------+--------------+--+--------------+
| | | | | |
+---------------------------------------------+------+--------------+--+--------------+
| Loss for the year attributable to equity | | (19,186,069) | | (63,334,479) |
| holders of the parent | | | | |
+---------------------------------------------+------+--------------+--+--------------+
| | | | | |
+---------------------------------------------+------+--------------+--+--------------+
| Loss per share | | | | |
+---------------------------------------------+------+--------------+--+--------------+
| Basic and diluted loss per share | | (0.56) | | (2.68) |
+---------------------------------------------+------+--------------+--+--------------+
| | | | | |
+---------------------------------------------+------+--------------+--+--------------+
All the activities of the Group are classified as continuing.
Consolidated Balance Sheet
+--------------------------------------+-------+--------------+--+--------------+
| | | At 31 | | At 31 |
| | | December | | December |
| | | 2008 | | 2007 |
+--------------------------------------+-------+--------------+--+--------------+
| ASSETS | | US$ | | US$ |
+--------------------------------------+-------+--------------+--+--------------+
| Non-current assets | | | | |
+--------------------------------------+-------+--------------+--+--------------+
| Property, plant and equipment | | 2,481,171 | | 1,389,683 |
+--------------------------------------+-------+--------------+--+--------------+
| Intangible assets | | 48,565,907 | | 40,325,723 |
+--------------------------------------+-------+--------------+--+--------------+
| Other receivables | | 3,421,001 | | 1,748,760 |
+--------------------------------------+-------+--------------+--+--------------+
| | | 54,468,079 | | 43,464,166 |
+--------------------------------------+-------+--------------+--+--------------+
| | | | | |
+--------------------------------------+-------+--------------+--+--------------+
| Current assets | | | | |
+--------------------------------------+-------+--------------+--+--------------+
| Inventory | | 931,670 | | 419,891 |
+--------------------------------------+-------+--------------+--+--------------+
| Trade and other receivables | | 803,140 | | 793,450 |
+--------------------------------------+-------+--------------+--+--------------+
| Cash and cash equivalents | | 198,123 | | 40,596,114 |
+--------------------------------------+-------+--------------+--+--------------+
| | | 1,932,933 | | 41,809,455 |
+--------------------------------------+-------+--------------+--+--------------+
| | | | | |
+--------------------------------------+-------+--------------+--+--------------+
| Total Assets | | 56,401,012 | | 85,273,621 |
+--------------------------------------+-------+--------------+--+--------------+
| | | | | |
+--------------------------------------+-------+--------------+--+--------------+
| EQUITY AND LIABILITIES | | | | |
+--------------------------------------+-------+--------------+--+--------------+
| Non-current liabilities | | | | |
+--------------------------------------+-------+--------------+--+--------------+
| Financial liability - share | | - | | (29,381,638) |
| redemption rights | | | | |
+--------------------------------------+-------+--------------+--+--------------+
| | | - | | (29,381,638) |
+--------------------------------------+-------+--------------+--+--------------+
| | | | | |
+--------------------------------------+-------+--------------+--+--------------+
| Current liabilities | | | | |
+--------------------------------------+-------+--------------+--+--------------+
| Trade and other payables | | (8,196,527) | | (6,309,346) |
+--------------------------------------+-------+--------------+--+--------------+
| Financial liabilities | | (35,533,532) | | (20,933,770) |
+--------------------------------------+-------+--------------+--+--------------+
| | | (43,730,059) | | (27,243,116) |
+--------------------------------------+-------+--------------+--+--------------+
| | | | | |
+--------------------------------------+-------+--------------+--+--------------+
| Total Liabilities | | (43,730,059) | | (56,624,754) |
+--------------------------------------+-------+--------------+--+--------------+
| | | | | |
+--------------------------------------+-------+--------------+--+--------------+
| Net assets | | 12,670,953 | | 28,648,867 |
+--------------------------------------+-------+--------------+--+--------------+
| | | | | |
+--------------------------------------+-------+--------------+--+--------------+
| Equity | | | | |
+--------------------------------------+-------+--------------+--+--------------+
| Called up share capital | | 2,078,129 | | 2,078,129 |
+--------------------------------------+-------+--------------+--+--------------+
| Share premium account | | 73,595,721 | | 73,595,721 |
+--------------------------------------+-------+--------------+--+--------------+
| Warrant reserve | | 7,264,198 | | 6,874,320 |
+--------------------------------------+-------+--------------+--+--------------+
| Convertible loan note equity reserve | | - | | - |
+--------------------------------------+-------+--------------+--+--------------+
| Other reserve | | (393,939) | | - |
+--------------------------------------+-------+--------------+--+--------------+
| Foreign currency translation reserve | | 3,304,744 | | 92,528 |
+--------------------------------------+-------+--------------+--+--------------+
| Accumulated losses | | (73,177,900) | | (53,991,831) |
+--------------------------------------+-------+--------------+--+--------------+
| | | | | |
+--------------------------------------+-------+--------------+--+--------------+
| Total equity | | 12,670,953 | | 28,648,867 |
+--------------------------------------+-------+--------------+--+--------------+
| | | | | |
+--------------------------------------+-------+--------------+--+--------------+
| Total Equity and Liabilities | | 56,401,012 | | 85,273,621 |
+--------------------------------------+-------+--------------+--+--------------+
The financial statements were approved and authorised for issue by the Board on
29 June 2009.
Jesse Rodriguez, Director
Consolidated Cashflow Statement
+----------------------------------------+-------+--------------+--+--------------+
| | | Year ended | | Year ended |
| | | | | |
| | | 31 | | 31 |
| | | December | | December |
| | | 2008 | | 2007 |
+----------------------------------------+-------+--------------+--+--------------+
| | | US$ | | US$ |
+----------------------------------------+-------+--------------+--+--------------+
| Cash flows from operating activities | | | | |
+----------------------------------------+-------+--------------+--+--------------+
| Loss for the year/period | | (19,186,069) | | (63,334,479) |
+----------------------------------------+-------+--------------+--+--------------+
| Depreciation | | 424,178 | | 150,084 |
+----------------------------------------+-------+--------------+--+--------------+
| Inventory impairment provision | | 100,507 | | - |
+----------------------------------------+-------+--------------+--+--------------+
| Loss on disposal of Assets | | - | | 67,161 |
+----------------------------------------+-------+--------------+--+--------------+
| Provision against intangible asset | | - | | 36,521,513 |
+----------------------------------------+-------+--------------+--+--------------+
| Effective interest charge on financial | | 3,547,833 | | 1,844,276 |
| liabilities | | | | |
+----------------------------------------+-------+--------------+--+--------------+
| Interest received | | (446,474) | | - |
+----------------------------------------+-------+--------------+--+--------------+
| Bank charges | | 39,554 | | - |
+----------------------------------------+-------+--------------+--+--------------+
| Share based payments - staff | | - | | 14,963,402 |
+----------------------------------------+-------+--------------+--+--------------+
| Share based payments - services | | - | | 527,020 |
+----------------------------------------+-------+--------------+--+--------------+
| Unrealised exchange differences | | 2,628,426 | | - |
+----------------------------------------+-------+--------------+--+--------------+
| Cash outflow from operating activities | | (12,892,045) | | (9,261,023) |
| before changes in working capital | | | | |
+----------------------------------------+-------+--------------+--+--------------+
| Decrease/(Increase) in inventory | | (612,286) | | 555,669 |
+----------------------------------------+-------+--------------+--+--------------+
| Decrease/(Increase) in trade and other | | (1,681,931) | | 238,353 |
| receivables | | | | |
+----------------------------------------+-------+--------------+--+--------------+
| (Decrease)/Increase in trade and other | | 1,430,276 | | (14,376,572) |
| payables | | | | |
+----------------------------------------+-------+--------------+--+--------------+
| Net cash outflow from operating | | (13,755,986) | | (22,843,753) |
| activities | | | | |
+----------------------------------------+-------+--------------+--+--------------+
| | | | | |
+----------------------------------------+-------+--------------+--+--------------+
| Cash flows from investing activities | | | | |
+----------------------------------------+-------+--------------+--+--------------+
| Finance income | | 446,474 | | 519,516 |
+----------------------------------------+-------+--------------+--+--------------+
| Purchase of property, plant and | | (1,606,225) | | (701,305) |
| equipment | | | | |
+----------------------------------------+-------+--------------+--+--------------+
| Purchase of intangible assets | | (7,110,395) | | (5,034,342) |
+----------------------------------------+-------+--------------+--+--------------+
| Commission paid relating to | | | | - |
| acquisition | | | | |
+----------------------------------------+-------+--------------+--+--------------+
| Loans and advances | | | | - |
+----------------------------------------+-------+--------------+--+--------------+
| Net cash outflows used in investing | | (8,270,146) | | (5,216,131) |
| activities | | | | |
+----------------------------------------+-------+--------------+--+--------------+
| | | | | |
+----------------------------------------+-------+--------------+--+--------------+
| Cash flows from financing activities | | | | |
+----------------------------------------+-------+--------------+--+--------------+
| Finance expense | | (38,089) | | (524,623) |
+----------------------------------------+-------+--------------+--+--------------+
| Issue of ordinary shares | | - | | 6,000,000 |
+----------------------------------------+-------+--------------+--+--------------+
| Issue of share and warrant units | | - | | 600,000 |
+----------------------------------------+-------+--------------+--+--------------+
| Issue of warrants | | - | | 2,336,389 |
+----------------------------------------+-------+--------------+--+--------------+
| Loan issues | | 2,600,000 | | 1,400,000 |
+----------------------------------------+-------+--------------+--+--------------+
| Loan repayments | | - | | (5,650,000) |
+----------------------------------------+-------+--------------+--+--------------+
| Cash acquired on RTO of ICM Inc | | - | | 79,555,657 |
+----------------------------------------+-------+--------------+--+--------------+
| Redemption of shares | | (20,933,770) | | (16,084,752) |
+----------------------------------------+-------+--------------+--+--------------+
| Net cash inflow from financing | | (18,371,859) | | 67,632,671 |
| activities | | | | |
+----------------------------------------+-------+--------------+--+--------------+
| | | | | |
+----------------------------------------+-------+--------------+--+--------------+
| Net (decrease)/increase in cash and | | (40,397,991) | | 39,572,787 |
| cash equivalents | | | | |
+----------------------------------------+-------+--------------+--+--------------+
| Cash and cash equivalents at beginning | | 40,596,114 | | 1,023,327 |
| of period | | | | |
+----------------------------------------+-------+--------------+--+--------------+
| Cash and cash equivalents at 31 | | 198,123 | | 40,596,114 |
| December 2008 | | | | |
+----------------------------------------+-------+--------------+--+--------------+
There were no major non-cash transactions in the year ending 31 December 2008.
Notes forming part of the financial information
For the year ended 31 December 2008
1. Basis of preparation
The Group's financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the European
Union. However this announcement does not in itself contain sufficient
information to comply with IFRS.
The audited financial information set out above does not constitute the Group's
full annual financial statements for the years ending 31 December 2008 or 2007,
as approved by the directors, but it is derived from those financial statements.
The auditors reported on the full annual financial statements for the years
ended 31 December 2008 and 2007 and their reports were unqualified but did
contain an emphasis of matter in respect of going concern to which they drew
attention without qualifying their reports.
2. Segment reporting
The directors consider that the Group has two identifiable geographical
segments, the Group operations in Peru and the head office operations in the
Cayman Islands (with a UK corporate office).
Year ended 31 December 2008
+-----------------------+--------------+------------+--------------+-------------+
| | Segmental | Segmental | Segmental | Capital |
| | Result | Assets | Liabilities |Expenditure |
+-----------------------+--------------+------------+--------------+-------------+
| | US$ | US$ | US$ | US$ |
+-----------------------+--------------+------------+--------------+-------------+
| Cayman Islands | (8,363,023) | 10,687,204 | (39,167,519) | 2,391,156 |
+-----------------------+--------------+------------+--------------+-------------+
| Peru | (10,823,046) | 45,713,808 | (4,562,540) | 6,325,464 |
+-----------------------+--------------+------------+--------------+-------------+
| Total | (19,186,069) | 56,401,012 | (43,730,059) | 8,716,620 |
+-----------------------+--------------+------------+--------------+-------------+
Year ended 31 December 2007
+-----------------------+--------------+------------+--------------+-------------+
| | Segmental | Segmental | Segmental | Capital |
| | Result | Assets | Liabilities |Expenditure |
+-----------------------+--------------+------------+--------------+-------------+
| | US$ | US$ | US$ | US$ |
+-----------------------+--------------+------------+--------------+-------------+
| Cayman Islands | (54,423,963) | 40,888,223 | (53,788,535) | 456,952 |
+-----------------------+--------------+------------+--------------+-------------+
| Peru | (8,910,516) | 44,385,398 | (2,836,219) | 5,278,695 |
+-----------------------+--------------+------------+--------------+-------------+
| Total | (63,334,479) | 85,273,621 | (56,624,754) | 5,735,647 |
+-----------------------+--------------+------------+--------------+-------------+
The segmental results reported above arise from continuing operations.
The depreciation, amortisation and other significant non-cash costs included in
the segmental results shown above are as follows:
+-------------------------------------------+-------------+-------------+
| | As at 31 | As at 31 |
| | December | December |
| | 2008 | 2007 |
| | US$ | US$ |
+-------------------------------------------+-------------+-------------+
| Cayman Islands | | |
+-------------------------------------------+-------------+-------------+
| Depreciation | 2,670 | 15,477 |
+-------------------------------------------+-------------+-------------+
| Impairment | - | 36,521,513 |
+-------------------------------------------+-------------+-------------+
| Share based payments | - | 14,963,402 |
+-------------------------------------------+-------------+-------------+
| | 2,670 | 51,500,392 |
+-------------------------------------------+-------------+-------------+
| Peru: | | |
+-------------------------------------------+-------------+-------------+
| Depreciation | 424,178 | 134,608 |
+-------------------------------------------+-------------+-------------+
| | 424,178 | 134,608 |
+-------------------------------------------+-------------+-------------+
3. Loss per share
Basic loss per share is calculated by dividing the loss attributable to ordinary
shareholders by the weighted average number of ordinary shares outstanding
during the year.
Diluted earnings per share is calculated by adjusting the weighted average
number of shares in issue to assume conversion of all dilutive potential
ordinary shares. In the year ending 31 December 2008 and the period ending 31
December 2007 dilutive potential ordinary shares are considered to be
anti-dilutive and therefore there is no adjustment to the weighted average
number of shares or earnings used in the diluted EPS calculation. The total
number of potentially issuable ordinary shares is 13,031,740.
As a result of the RTO earnings per share for the year ended 31 December 2007 is
calculated in accordance with IFRS 3 Appendix B. The weighted average number
of ordinary shares was calculated as follows:
* Number of ordinary shares from beginning of period to date of RTO is the number
of shares issued by the Company to the shareholders of ICML, adjusted for the
shares issued by ICML during the period from 1 January 2007 to the RTO on 13
September 2007.
* From the date of the RTO to 31 December 2007 the number of shares is the actual
number of shares of the Company outstanding during the period.
The earnings and weighted average number of shares used in the calculations are
set out below:
+---------------------------------------------+--------------+--------------+
| | Year to 31 | Year to 31 |
| | December | December |
| | 2008 | 2007 |
| | US$ | US$ |
+---------------------------------------------+--------------+--------------+
| | | |
+---------------------------------------------+--------------+--------------+
| Loss attributable to equity holders of | (19,186,069) | (63,334,479) |
| parent used in both basic and diluted EPS | | |
+---------------------------------------------+--------------+--------------+
| | | |
+---------------------------------------------+--------------+--------------+
| Weighted average number of shares used in | 34,113,832 | 23,618,478 |
| both basic and diluted EPS | | |
+---------------------------------------------+--------------+--------------+
| | | |
+---------------------------------------------+--------------+--------------+
| Basic and diluted EPS - pence | (0.56) | (2.68) |
+---------------------------------------------+--------------+--------------+
4. Events after the balance sheet date
(a) On 8 January 2009, 1,700,000 warrants were issued exercisable into 1,700,000
shares, each with an exercise price of 30 pence (but subject to adjustment
pursuant to the terms of their respective warrant certificates). Each warrant
expires 5 days prior to 8 January 2012. These warrants were issued in connection
with the issue of $1.7m short term loan notes. The loan notes attract interest
at 12% per annum and are secured over the assets of the Company The loan notes
are repayable 12-months from the date of issue. 1,700,000 put options were also
issued in respect of 1,700,000 warrants exercisable into 1,700,000 shares. Each
option is exercisable from 7 November 2009 through to 6 November 2010.
(b) On 13 March 2009, 1,700,000 warrants were issued exercisable into 1,700,000
shares, each with an exercise price of 30 pence (but subject to adjustment
pursuant to the terms of their respective warrant certificates). Each warrant
expires 5 days prior to 8 January 2012. These warrants were issued in connection
with the issue of $1.7m short term loan notes; the terms of the loan notes are
the same as those issued during 2008 as set out above. 1,700,000 put options
were also issued in respect of 1,700,000 warrants exercisable into 1,700,000
shares. Each option is exercisable from 7 November 2009 through to 6 November
2010.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR URVSRKKRNOAR
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