TIDMZIOC
RNS Number : 1440L
Zanaga Iron Ore Company Ltd
29 September 2016
29 September 2016
INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2016
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 2016.
Highlights
-- Mining Convention ratified by the Parliament of the Republic
of Congo ("RoC"), promulgated by the President of the Republic as a
law, and published in the Official Gazette of the RoC
-- Work programme and budget for 2016 together with the 2016
Funding Agreement agreed with Glencore
-- Additional cost reductions implemented at the Zanaga Project,
as well as across ZIOC's corporate costs, to align the cost base
with current market conditions
-- Cash balance of US$6.0m as at 30 June 2016 and US$5.7m at 31 August 2016
Clifford Elphick, Non-Executive Chairman of ZIOC, commented:
"During the first half of 2016 the Zanaga Project achieved a
major milestone in the receipt of its Mining Convention. The Mining
Convention was ratified by the Parliament of the Republic of Congo,
promulgated as a law, and published in the Official Gazette of the
RoC on 28 June 2016; this establishes the fiscal and legal
framework for the Project.
We feel encouraged by signs of improvement in the Chinese
economy and greater levels of profitability in the Chinese steel
industry during 2016. This has led to high levels of iron ore
consumption being maintained from the industry's cornerstone
customer. On the supply side, we are pleased to see a degree of
restraint from the major iron ore producers in their production
forecasts. This should ultimately assist in creating an improved,
and more sustainable, long term iron ore price environment.
As part of the Zanaga Project team's prudent approach to its
operations, further steps have been taken to reduce costs. We have
been impressed with the management team's ability to deliver
substantial savings while maintaining the ability to pursue the key
workstreams that are required to advance the project through the
next phase of development.
Finally, the Zanaga Project's significant iron ore Reserve and
Resource base has been signed off, and entirely maintained, in
accordance with a lower long term iron ore price forecast. This
continues to demonstrate that the Project is capable of attracting
development finance in the long term."
Copies of the unaudited interim results for the six months ended
30 June 2016 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 Richard Crawley
Adviser and Corporate Broker and Neil Elliot
+44 20 3100 2000
Bell Pottinger
Financial PR Marianna Bowes
and Daniel Thole
+44 20 7861 3232
About us:
Zanaga Iron Ore Company Limited (AIM ticker: ZIOC) is the owner
of 50% less one share in the Zanaga Iron Ore Project based in the
Republic of Congo (Congo Brazzaville) through its joint venture
partnership with Glencore. The Zanaga Iron Ore Project is one of
the largest iron ore deposits in Africa and has the potential to
become a world-class iron ore producer.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
Business Review - Operations
Cost Reduction Programme, Cash Reserves and Project Funding
As part of the Zanaga Project management team's prudent approach
to its operations, further steps have been taken to reduce costs
within the Jumelles group, including MPD Congo. We have been
impressed with the management team's ability to deliver substantial
savings while maintaining the ability to pursue the key workstreams
that are required to advance the project through the next phase of
work.
ZIOC has also taken further steps to reduce corporate overheads.
We expect to deliver these additional cost reductions in the second
half of this year, and are pleased with our reduced budget
expectations for 2017.
Following the reduction of the cost base at the Zanaga Project,
as well as the additional cost reductions associated with the
management of ZIOC, we are well positioned to support our
operations going forward. As at 30 June 2016, we had cash reserves
of US$6.0m and continue to take a very prudent approach to the
management of the business.
Mining Convention for the Zanaga Project
With effect from 20 May 2016, the Zanaga Mining Convention has
been promulgated as a law of the RoC (Law No 15-2016 of 29 April
2016), following ratification by the Parliament of the RoC and
publication in the Official Gazette on 28 June 2016. The
confirmation of the Mining Convention as a law further secures the
stability the Project's fiscal and legal regime for the life of the
mine. (For further details, and key terms of the Mining Convention
please refer to ZIOC's announcement on 29 June 2016 and also to
page 14 of the 2015 Annual Report which refers to the ratification
of the Mining Convention)
The ratification of the Mining Convention demonstrates the
Government of the RoC's firm commitment to developing the country's
mining sector, is testament to the Project's strong stakeholder
relations, and is a major step forward for the Project.
Permitting
The application for the Environmental Permit for the Project's
first phase of development has been lodged with the RoC Ministry of
Environment and the Project team believes that this is likely to be
received during the second half of the 2016 fiscal year.
Reserves and Resources
During the publication of ZIOC's 2015 annual report, on 30 June
2016, the Zanaga Project's significant iron ore Reserve and
Resource estimates were each signed off, and entirely maintained,
in accordance with a substantially lower long term iron ore price
forecast that previously used. We were pleased with this outcome as
it continues to demonstrate the Project is capable of attracting
development finance in the long term.
Iron Ore Market
We feel encouraged by signs of improvement in the Chinese
economy and greater levels of profitability in the Chinese steel
industry during 2016. This has led to high levels of iron ore
consumption being maintained from the industry's cornerstone
customer. On the supply side, we are pleased to see a degree of
restraint from the major iron ore producers in their production
forecasts. This should ultimately assist in creating an improved,
and more sustainable, long term iron ore price environment.
The movements in supply and demand, and the level at which price
equilibrium is ultimately reached, are difficult to predict;
however there are some signs which indicate that a point of
increased stability in the industry might be reached in the medium
term.
In addition, the product demand spectrum is increasingly showing
an appreciation in pricing of higher quality lump and pellet feed
iron ore products. This is encouraging as the Zanaga Project's
premium quality products would be well placed to benefit from this
pricing dynamic.
Outlook and next steps
At the Zanaga Project we are determined to support steps which
maintain progress and advance the Project, but at a prudent level
of project expenditure. The Project's ongoing costs have been
further reduced, while ensuring that the Project team is motivated
to pursue a number of key value adding activities. We have also
reduced ZIOC's corporate costs.
The value adding activities to be progressed will include the
establishment of port and power agreements, and receipt of the
Environmental Permit. ZIOC and Glencore continue to work closely
with the RoC's government on the conclusion of these workstreams
and are pleased to say that the Project continues to enjoy strong
support.
The Project is underpinned by a globally significant,
well-defined resource and an extensive Feasibility Study. The
Project has also been substantially de-risked through the
ratification of the Project's Mining Convention by the Parliament
of the RoC.
The Zanaga Project's forecast competitive operating costs and
premium quality product are important, particularly in a low iron
ore price environment. The Zanaga Project is expected to be able to
compete, on a benchmark 62% iron ore price equivalent basis, with
some of the lowest cost mining operations in Australia and Brazil.
This means that the Project is capable of attracting development
finance in the long term, making it attractive when compared to
many competitor projects globally.
Financial review
Results from operations
The financial statements contain the results for ZIOC for the
first half of 2016. ZIOC made a loss in the half-year of US$1.6m
compared to a loss of US$16.9m in the year to 31 December 2015. The
loss for the 2016 half-year period comprised:
1 January to 1 January to 1 January to
30 June 30 June 31 December
2016 2015 2015
Unaudited Unaudited Audited
US$000 US$000 US$000
------------------------------------------------------------------------- ------------ ------------ ---------------
General expenses (776) (1,191) (2,143)
Net foreign exchange profit/(loss) (655) 49 (534)
Share-based payments (2) (159) (325)
Share of (loss)/profit of associate (883) (2,665) (14,608)
Interest income 11 15 27
(Loss)/Gain before tax (2,305) (3,951) (17,583)
Tax (6) (11) (25)
Currency translation (23) (16) 15
Share of other comprehensive (loss)/income of associate - foreign
exchange 731 (358) 685
------------------------------------------------------------------------- ------------ ------------ ---------------
Total Comprehensive (Loss)/Gain (1,603) (4,336) (16,908)
------------------------------------------------------------------------- ------------ ------------ ---------------
General expenses of US$0.8m (2015: US$1.2m) consists of staff
costs of US$0.4m (2015: US$0.5m), Directors' fees of US$0.1m (2015:
US$0.3m), professional fees of US$0.1m (2015: US$0.1m) and US$0.2m
(2015: US$0.3m) of other general operating expenses.
The share-based payment charges reflect the expense associated
with share options granted in previous years.
The share of loss of associate of US$0.9m (2015: US$2.7m)
relates to ZIOC's investment in Jumelles Limited ("Jumelles"), the
joint venture company in respect of the Zanaga Project. From May
2014, as a result of the completion of the Feasibility Study and
thus consideration to complete the Glencore share option, only 50%
(less one share) of the Jumelles results are now included
above.
During the half year period, Jumelles' project expenditure was
US$0.3 including the effects of currency translation of $1.5m gain.
Capitalised exploration assets however, remain at US$80.0m.
Financial position
ZIOC's net asset value ("NAV") of US$44.1m is comprised of a
US$38.1m investment in Jumelles and US$6.0m of cash balances.
30 June 2016 30 June 2015 31 December 2015
Unaudited Unaudited Audited
US$m US$m US$m
--------------------------------------- ------------ ------------ ----------------
Investment in associate 38.1 48.4 37.8
Fixed assets - - -
Cash 6.0 9.7 7.6
Other net current assets/(liabilities) - - 0.3
--------------------------------------- ------------ ------------ ----------------
Net assets 44.1 58.1 45.7
--------------------------------------- ------------ ------------ ----------------
Cost of investment
The investment in associate relates to the carrying value of the
investment in Jumelles, which as at 30 June 2016 owned 50% less one
share of the Project. The carrying value of this investment is
unchanged in 2016 due to:
-- Company funding per the Supplemental Agreements of US$0.5m
-- The Company's US$0.1m share of the comprehensive loss US$
0.3m made by Jumelles during the half-year.
As at 30 June 2016, Jumelles had aggregated assets of US$82.9m
(June 2015: US$106.1m) and aggregated liabilities of US$1.3m (June
2015: US$3.4m). Non-current assets consisted of US$80.0m (June
2015: US$100.0m) of capitalised exploration assets and US$2.0m
(June 2015: US$3.2m) of other fixed assets including property,
plant and equipment. Cash balances totalled US$0.7m (June 2015:
US$2.7m) and other current assets were US$0.1m (June 2015:
US$0.2m).
Cash flow
Cash balances have decreased by US$1.6m since 31 December 2015.
Additional investment in Jumelles required under Funding Agreements
(details set out in note 1 to the financial statements) utilised
US$0.2m, operating activities US$0.7m, and foreign exchange losses
were US$0.7m as the value of UK Sterling weakened against the US
Dollar, thus decreasing the US Dollar value of the UK Sterling
denominated cash balances.
30 June 2016 30 June 2015 31 December 2015
Unaudited Unaudited Audited
US$000 US$000 US$000
------------------------------ ------------ ------------ ----------------
GBP Balances 4.5 6.2 5.1
USD value of GBP balances 6.0 9.7 7.3
USD value of other currencies - - -
USD balances - - 0.3
------------------------------ ------------ ------------ ----------------
Cash Total 6.0 9.7 7.6
------------------------------ ------------ ------------ ----------------
Consolidated Statement of Comprehensive Income for the six
months ended 30 June 2016
1 January 1 January 1 January
to to to
30 June 30 June 31 December
2016 2015 2015
Unaudited Unaudited Audited
Note US$000 US$000 US$000
------------------------------------------- ---- ---------- ---------- ------------
Administrative expenses (1,433) (1,301) (3,002)
Share of (loss)/profit associate (883) (2,665) (14,608)
------------------------------------------- ---- ---------- ---------- ------------
Operating loss (2,316) (3,966) (17,610)
Interest Income 11 15 27
Change in investment carrying - -
value from gain on dilution of
shares
Impairment of investment in Associate - -
------------------------------------------- ---- ---------- ---------- ------------
(Loss) before tax (2,305) (3,951) (17,583)
Taxation 5 (6) (11) (25)
------------------------------------------- ---- ---------- ---------- ------------
(Loss) for the period (2,311) (3,962) (17,608)
Foreign exchange translation -
foreign operations (23) (16) 15
Share of other comprehensive (loss)/income
of associate - foreign exchange
translation 731 (358) 685
------------------------------------------- ---- ---------- ---------- ------------
Other comprehensive (loss)/gain 708 (374) 700
------------------------------------------- ---- ---------- ---------- ------------
Total comprehensive (loss)/gain (1,603) (4,336) (16,908)
------------------------------------------- ---- ---------- ---------- ------------
(Loss)/Earnings per share (Cents)
Basic 7 (0.5) (1.4) (6.4)
Diluted 7 (0.5) (1.4) (6.4)
The loss for the period is attributable to the equity holders of
the parent company. All other comprehensive income may be
classified as profit and loss in the future.
Consolidated Statement of changes in equity
for the six months ended 30 June 2016
Foreign
currency
Share Retained translation Total
capital earnings reserve Equity
US$000 US$000 US$000 US$000
-------------------------------------------------------- ------------- --------------- ----------- --------------
Balance at 1 January 2015 266,685 (207,094) 2,718 62,309
-------------------------------------------------------- ------------- --------------- ----------- --------------
Consideration for share-based payments - other services 159 - - 159
Share buy backs - - - -
Loss for the period - (3,962) - (3,962)
Other comprehensive (loss)/ income - - (374) (374)
-------------------------------------------------------- ------------- --------------- ----------- --------------
Total comprehensive (loss)/income - (3,962) (374) (4,336)
-------------------------------------------------------- ------------- --------------- ----------- --------------
Balance at 30 June 2015 266,844 (211,056) 2,344 58,132
-------------------------------------------------------- ------------- --------------- ----------- --------------
Consideration for share-based payments - other services 166 - - 166
Share buy backs - - - -
Loss for the period - (13,646) - (13,646)
Other comprehensive (loss)/income - - 1,074 1,074
-------------------------------------------------------- ------------- --------------- ----------- --------------
Total comprehensive (loss)/income - (13,646) 1,074 (16,908)
-------------------------------------------------------- ------------- --------------- ----------- --------------
Balance at 31 December 2015 267,010 (224,702) 3,418 45,726
-------------------------------------------------------- ------------- --------------- ----------- --------------
Consideration for share-based payments - other services 2 - - 2
Share buy backs - - - -
Loss for the period - (2,311) - (2,311)
Other comprehensive (loss)/income - - 708 708
-------------------------------------------------------- ------------- --------------- ----------- --------------
Total comprehensive loss - (2,311) 708 (1,603)
-------------------------------------------------------- ------------- --------------- ----------- --------------
Balance at 30 June 2016 267,012 (227,013) 4,126 44,125
-------------------------------------------------------- ------------- --------------- ----------- --------------
Consolidated Balance sheet
as at 30 June 2016
30 June 30 June 31 December
2016 2015 2015
Unaudited Unaudited Audited
Note US$000 US$000 US$000
------------------------------------- ---- ---------- ---------- -----------
Non-current asset
Property, plant and equipment 1 5 3
Investment in associate 6 38,146 48,427 37,809
------------------------------------- ---- ---------- ---------- -----------
38,147 48,432 37,812
------------------------------------- ---- ---------- ---------- -----------
Current assets
Other receivables 95 149 458
Cash and cash equivalents 6,025 9,728 7,602
------------------------------------- ---- ---------- ---------- -----------
6,120 9,877 8,060
------------------------------------- ---- ---------- ---------- -----------
Total Assets 44,267 58,309 45,872
------------------------------------- ---- ---------- ---------- -----------
Current liabilities
Trade and other payables (142) (177) (146)
------------------------------------- ---- ---------- ---------- -----------
Net assets 44,125 58,132 45,726
------------------------------------- ---- ---------- ---------- -----------
Equity attributable to equity
holders of the parent
Share capital 267,012 266,844 267,010
Retained earnings (227,013) (211,056) (224,702)
Foreign currency translation reserve 4,126 2,344 3,418
------------------------------------- ---- ---------- ---------- -----------
Total equity 44,125 58,132 45,726
------------------------------------- ---- ---------- ---------- -----------
These financial statements set out on pages 6 to 15 were
approved by the Board of Directors on 28 September 2016.
Consolidated Cash flow statement
for the six months ended 30 June 2016
1 January 1 January 1 January
to to to
30 June 30 June 31 Dec
2016 2015 2015
Unaudited Unaudited Audited
US$000 US$000 US$000
------------------------------------------------- ---------- ---------- ---------
Cash flows from operating activities
Total comprehensive (loss)/income for the period (1,603) (4,336) (16,908)
Adjustments for:
Depreciation 1 3 6
Interest received (11) (15) (27)
Taxation expense 6 11 25
Decrease in other receivables 363 21 (288)
Decrease in trade and other payables (4) (152) (217)
Net exchange (profit)/loss 655 (49) 535
Gain on part sale of associate - - -
Share of loss/(profit) of associate 152 3,023 13,923
Impairment to share of investment in associate - - -
Share-based payments 2 159 325
Tax paid (6) (11) (36)
-------------------------------------------------- ---------- ---------- ---------
Net cash from operating activities (445) (1,346) (2,662)
Cash flows from financing activities
Repurchase of own shares - - -
Net cash from financing activities - - -
------------------------------------------------- ---------- ---------- ---------
Cash flows from investing activities
Interest received 11 15 27
Acquisition of property, plant and equipment - - (1)
Investment in associate (488) (1,450) (1,732)
Net cash from investing activities (477) (1,435) (1,706)
Net decrease in cash and cash equivalents (922) (2,781) (4,368)
Cash and cash equivalents at beginning of period 7,602 12,480 12,480
Effect of exchange rate difference (655) 29 (510)
-------------------------------------------------- ---------- ---------- ---------
Cash and cash equivalents at end of period 6,025 9,728 7,602
-------------------------------------------------- ---------- ---------- ---------
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 completion of the Feasibility Study in April 2014,
modified to a staged development basis under the terms of the
Supplemental Agreement announced on 13 September 2013, the
consideration for the Call Option whereby Glencore owns 50% plus
one share shareholding in the project, is now satisfied. The Mining
Licence was granted in August 2014 and a Mining Convention was
signed with the Government of the Republic of Congo. This has now
been ratified by the Republic of Congo and adopted as law. Under
the 2016 funding agreement entered into by the Company and
Glencore, the Company's funding obligations for the 2016 work
programme and budget are for a sum of US$0.7m, plus a percentage
share of discretionary costs. Such share for the Company would be
US$0.4m if all the discretionary costs were approved jointly by the
Company and Glencore. On current projections, it is estimated that
the cash amounts payable by the Company to Jumelles during 2016
will be between approximately US$0.4m and US$0.6m. As regards
ZIOC's corporate costs for the 2016 financial year, it is estimated
that such costs will be of the order of US$1.1m and US$1.3m. 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.
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 2015. The comparative
figures for the financial year ended 31 December 2015 are not the
Company's statutory accounts for that financial year. The 2015
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.
Up until 30 April 2014, the company accounted for 100% of the
Jumelles group Comprehensive Income. From May 2014, as a result of
completion of the Feasibility Study (note 1 above) and thus
consideration to complete the Call Option, the Company has
accounted for 50% less one share shareholding portion of that
Comprehensive Income.
4. Segmental reporting
The Company has one operating segment, being its investment in
the Zanaga Project, held through Jumelles. 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 2016 30 June 2015 31 December 2015
Unaudited Unaudited Audited
US$000 US$000 US$000
--------------------------------------------------------------- ------------ ------------ ----------------
Recognised in other comprehensive income:
Current year (6) (11) (25)
Reconciliation of effective tax rate
(Loss)/Gain before tax (2,305) (3,951) (17,583)
Income tax using the BVI corporation tax rate of 0% (2015: 0%) - - -
Effect of tax rate in foreign jurisdictions (6) (11) (25)
--------------------------------------------------------------- ------------ ------------ ----------------
(6) (11) (25)
--------------------------------------------------------------- ------------ ------------ ----------------
The effective tax rate for the Group is 0.26% (December 2015:
0.17%).
6. Investment in associate
US$000
---------------------------- --------
Balance at 1 January 2015 50,000
Additions 1,450
Share of comprehensive loss (3,023)
---------------------------- --------
Balance at 30 June 2015 48,427
---------------------------- --------
Additions 282
Share of comprehensive loss (10,900)
Balance at 31 December 2015 37,809
---------------------------- --------
Additions 488
Share of comprehensive loss (152)
---------------------------- --------
Balance at 30 June 2016 38,145
---------------------------- --------
From 30 April 2014, the investment represents a 50% less one
share shareholding (previously 100%) in Jumelles for 2,000,000
shares of 4,000,001 total shares in issue.
On 11 February 2011, Xstrata Projects (now renamed Glencore
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 Glencore Projects. However, as
the shares issued on exercise of the option were not considered to
vest until provision of the services relating to the Preliminary
Feasibility Study and the Feasibility Study had been completed, the
Group continued to account for a 100% interest in Jumelles until
the Feasibility Study was completed in April 2014. From May 2014
the Group has accounted for the reduction of its interest in
Jumelles. The Group's interest remains accounted for as an
associate using the equity method of accounting.
The Group financial statements account for the Glencore Projects
transaction as an in-substance equity-settled share-based payment
for the provision of services by Glencore Projects to Jumelles in
relation to the Preliminary Feasibility Study and the Feasibility
Study. These services largely were provided through third party
contractors and were measured at the cost of the services
provided.
As at 30 June 2016, Jumelles had aggregated assets of US$82.9m
(June 2015: US$106.1m) and aggregated liabilities of US$1.3m (June
2015: US$3.4m). For the 6 months ended 30 June 2016, Jumelles
incurred no taxation charge (June 2015: US$nil). A summarised
consolidated balance sheet of Jumelles for the 6 months ended 30
June 2016, including adjustments made for equity accounting, is
included below:
30 June 30 June 31 December
2016 2015 2015
Unaudited Unaudited Audited
US$000 US$000 US$000
---------------------------------------- ---------- ---------- ------------
Non-current assets
Property, plant and equipment 2,053 3,238 2,968
Exploration and other evaluation assets 80,000 100,000 100,000
Impairment of exploration asset - - (20,000)
---------------------------------------- ---------- ---------- ------------
Total non-current assets 82,053 103,238 82,968
---------------------------------------- ---------- ---------- ------------
Current assets 859 2,849 1,126
Current liabilities (1,326) (3,418) (2,954)
---------------------------------------- ---------- ---------- ------------
Net current liabilities (467) (569) (1,828)
---------------------------------------- ---------- ---------- ------------
Net assets 81,586 102,669 81,140
---------------------------------------- ---------- ---------- ------------
Share capital 336,011 334,992 335,261
Share option reserve - - -
Translation reserve (3,280) (6,827) (4,741)
Retained earnings (251,145) (225,496) (249,380)
---------------------------------------- ---------- ---------- ------------
81,586 102,669 81,140
---------------------------------------- ---------- ---------- ------------
30 June 30 June
2016 2015 31 December 2015
Unaudited Unaudited Audited
7. Earnings per share US$000 US$000 US$000
----------------------------------------------------------- ---------- ---------- ----------------
(Loss)/Gain (Basic and diluted) (US$000) (1,603) (3,962) (17,608)
Weighted average number of shares (thousands)
Basic and diluted
Issued shares at beginning of period 278,777 278,777 278,777
Effect of shares issued - - -
Effect of share repurchase - - -
Effect of own shares (3,842) (3,842) (3,842)
Effect of share split - - -
----------------------------------------------------------- ---------- ---------- ----------------
Weighted average number of shares at end of period - basic 274,935 274,935 274,935
----------------------------------------------------------- ---------- ---------- ----------------
(Loss)/Earnings per share (Cents)
Basic (0.5) (1.4) (6.4)
Diluted (0.5) (1.4) (6.4)
----------------------------------------------------------- ---------- ---------- ----------------
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
2016 2015 2015 2016 2015 2015
Unaudited Unaudited Audited Unaudited Unaudited Audited
US$000 US$000 US$000 US$000 US$000 US$000
------------------------------ ---------- ------------- -------------- ----------- ---------- -----------
Intercompany Jumelles Limited (343) 3 5 10 41 353
Funding:
To Jumelles Limited 488 1,450 1,732 - - -
------------------------------ ---------- ------------- -------------- ----------- ---------- -----------
----------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR AKFDQCBKDCCB
(END) Dow Jones Newswires
September 29, 2016 02:01 ET (06:01 GMT)
Zanaga Iron Ore (LSE:ZIOC)
Historical Stock Chart
From Apr 2024 to May 2024
Zanaga Iron Ore (LSE:ZIOC)
Historical Stock Chart
From May 2023 to May 2024