Altona Energy (LON:ANR) swung into the black in the year to the end of June posting a profit of £38,000 compared with a loss of £1,312,000 last time.
The group said this was principally created by two non-cash credits to the income statement. The first followed the confirmation from HMRC that its enquires, in relation to potentially underpaid tax estimated at approximately £790,000 concerning fees paid on a gross basis to a company controlled by a previous board member, have concluded with the company having no outstanding liabilities to HMRC in the matter. Accordingly the company has released the provision in full resulting in a non-cash credit to the income statement.
Eliminating this non-cash entry results in an adjusted loss for the year ended 30 June 2016 of £765,000 (2015: loss of £1,312,000).
This was in line with expectations having initiated cost cutting initiatives during the year that were planned to ensure shareholder’s funds stretch as far as possible.
As at 30 June 2016, the Group had cash of £362,000 (2015: £543,000).
In addition to the cost cutting initiatives undertaken in the year, the Group has reviewed its cost base and has cut further cost from the business in order to allow the Group to continue to meet its obligations whilst it secures the necessary PEL. The impact of these cost cutting measures is expected to result in a business that is appropriately structured to continue to control and influence its interest in the activities of the joint venture project.
Chairman Qinfu Zhang said: “The 12 months under review was a period of mixed fortunes for the Company, with a number of important milestones reached, offset against the delay caused by the need for the JV Company to obtain a Petroleum Exploration Licence before work can commence at the Arckaringa Project. The JV Company submitted the relevant application after the year end on 17 October 2016.
“The Company’s main investment in the Arckaringa Basin, South Australia, remains a world class coal asset, exceeding 7.8 billion tonnes of coal (1.3 billion tonnes JORC compliant) and the Company, along with Sino-Aus and Wintask continue to have the support of The Honourable Tom Koutsantonis MP, the South Australian Minister for Mineral Resources and Energy, and Minister for State Development.
“The past 12 months have been focused on securing adequate funding for the project and by engaging with the appropriate experts who will work alongside the JV Company to ensure a timely delivery of the test drilling programme and bankable feasibility study, once all approvals are received from the South Australian Government.”
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Churchill Mining’s (LON:CHL) says its shares will be suspended from trading on AIM with effect from 6 December.
The company says its lawyers, Clifford Chance LLP, have been provided with notice of the ICSID tribunal’s intention to issue its decision on the Republic of Indonesia’s forgery dismissal application on that day.
Restoration of trading will take place following the company’s RNS notification of the tribunal’s decision. The company will release its notification as soon as possible after it has had the opportunity to review the decision.
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Kibo Mining (LON:KIBO) has issued an update on the acquisition by Opera of the Imweru and Lubando gold projects.
Kibo – which announced on 23 September that a heads of terms had been agreed for Opera to acquire the projects – says the proposed acquisition is progressing well and is at an advanced stage.
Both Kibo and Opera have been working hard alongside their professional advisers to process the considerable and appropriate transaction documentation and are pleased with progress to date. It is likely that the fundraising required to complete the proposed acquisition will take place early in the new year and every effort is being made to complete the transaction as soon as possible.
It adds: “Shareholders should note that there remain a number of matters that the Proposed Acquisition is conditional upon which are expected to be successfully completed in due course.”
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The sector’s biggest risers were Amur Minerals (LON:AMC) and Herencia Resources (LON:HER) – up by more than 22% and over 16.6% respectively in late trading. The biggest fallers were Scotgold (LON:SGZ) and Ariana Resources (LON:AAU) – down by 12.5% and over 8.9% respectively.
(LON:AMC) Amur Minerals Corporation share price was +2.25p at 13p
(LON:ANR) Altona Energy PLC share price was +0.05p at 0.5p
(LON:BEM) Beowulf Mining PLC share price was 0p at 5.38p
(LON:BKY) Berkeley Energia Ltd share price was 0p at 46p
(LON:CEY) Centamin PLC share price was +1.35p at 129.95p
(LON:CHL) Churchill Mining PLC share price was +0.88p at 38p
(LON:CZA) Coal of Africa Ltd share price was -0.04p at 3.48p
(LON:FDI) Firestone Diamonds PLC share price was +0.75p at 50.75p
(LON:FRES) Fresnillo PLC share price was +20.5p at 1202.5p
(LON:GEMD) Gem Diamonds Ltd share price was +0.63p at 107.88p
(LON:HER) Herencia Resources PLC share price was +0p at 0.02p
(LON:HOC) Hochschild Mining PLC share price was +10.9p at 224.3p
(LON:KIBO) Kibo Mining share price was 0p at 6.88p
(LON:KMR) Kenmare Resources PLC share price was -4.5p at 250.5p
(LON:VED) Vedanta Resources PLC share price was -2.5p at 847p
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