UMC Energy Corporation Closure of Madagascar Uranium Operations (2901J)
December 16 2015 - 7:27AM
UK Regulatory
TIDMUEP
RNS Number : 2901J
UMC Energy Corporation
16 December 2015
16 December 2015
UMC Energy Corporation
("UMC Energy" or the "Company")
Closure of Madagascar Uranium Exploration Operations
UMC Energy today announces that following a review of the
Group's expenditure, the Board has resolved to abandon its
Madagascar uranium exploration activities forthwith.
Given the political upheaval and uncertainty which Madagascar
has experienced over an extended period, the Company has not
conducted any exploration activities in that country for a number
of years and, as a result, the Directors determined to fully impair
the carrying value of this intangible asset in the accounts for the
year ended 31 December 2012 and the Company has fully expensed all
costs incurred in relation to the Madagascar uranium exploration
project in each subsequent year.
Accordingly, the Directors believe that no material impact on
the Company's financial position or results of operations is
expected to follow from this decision.
Enquiries:
UMC Energy Corporation
Chrisilios Kyriakou, Chairman +44(0) 20 3642 1633
Strand Hanson Limited
Angela Hallett / James Spinney +44 (0) 20 7409 3494
HD Capital Partners LLP
Philip Haydn-Slater / Paul Dudley +44 (0) 20 3551 4870
This information is provided by RNS
The company news service from the London Stock Exchange
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