Avocet Mining PLC - Interim Results
1997年12月15日 - 4:30PM
ＲＮＳを含む英国規制内ニュース （英語）
RNS No 6448p
AVOCET MINING PLC
15th December 1997
Interim results for the six months ended 30 September 1997
* Gold production over 41,000 ounces
* Increased productivity in tungsten operations
* Penjom gold mine debt free
Further information:
Avocet Mining PLC
Nigel McNair Scott (Chairman) 0171-629 0113
Jocelyn Waller (Chief Executive) 0171-834 1811
Walter Judd Public Relations 0171-236 4541
Charles Wyatt
CHAIRMAN'S STATEMENT
Financial Results
The group made an operating profit for the half year to 30
September 1997 of #0.3 million (1996: loss #2.0 million).
After interest, tax and minority interests this equates to a
loss for the period of #0.9 million (1996: loss #2.8 million).
Turnover doubled to #17.6 million (1996: #8.7 million)
reflecting revenue from the gold mine in Malaysia. At 30
September 1997 equity shareholders' funds were #30.7 million
(31 March 1997: #23.8 million).
Gold
The Penjom Gold Mine in Malaysia produced over 41,000 oz for
the period at a cash cost, including royalties, of US$196/oz.
All gold produced was delivered against the Company's hedged
position, realising an average price of US$395/oz. The
treatment plant throughput was 400,000 tonnes of mainly oxide
ore at a feed grade of 3.5 g/t Au with plant recovery of 91 per
cent.
Strong cash flow has paid for stripping in the main production
pit and financed plant modifications, currently being
commissioned. These include the upgrade of the gravity circuit
and the de-sliming plant to treat carbonaceous ore.
As envisaged, a revised resource estimate, incorporating
drilling results to September 1997, is now available. Based on
the original estimation methodology, the total resource
contained 7.57 million tonnes at 2.97 g/t Au (723,000 oz) at a
cut-off grade of 0.8 g/t Au, compared to the previous October
1996 resource of 5.26 million tonnes at 3.38 g/t Au (571,000
oz). By recognising the effect of the higher grade core to the
mineralisation, a preliminary estimate of the remaining
resource from the end of September 1997 is 3.94 million tonnes
at 3.49 g/t Au (442,000 oz). This estimate is considered to
best reflect current production and mining experience.
Diamond drilling continues to test further down dip extensions
of the main ore zone where, as previously announced, thick and
high grade intersections had been encountered in earlier
drilling. Assays are not yet available, however cores show
that the target structures extend at least 400 m from the
current ore zone, which augurs well for increasing the
resource. The first reverse circulation drilling in the
recently acquired and prospective Damar tenements to the west
of Penjom is about to begin.
Tungsten
Beralt produced 63,000 metric tonne units of tungsten trioxide
(WO3) contained (1996: 43,000 mtus) at the lowest average cost
under Avocet's ownership. The Malaga mine in Peru was
reopened, after a rehabilitation programme, and produced 16,000
mtus (1996: 6,000 mtus). The Regina mine, also in Peru, and
the Pine Creek mine in the USA remain under care and
maintenance. Bishop's APT production in the period was a record
at 143,000 mtus (1996: 133,000 mtus).
The Group sold 161,000 mtus of WO3 contained (1996: 149,000
mtus) in various concentrate and intermediate forms. Of these,
half were produced by the Group's mines with the balance from
inventory drawdown or acquired externally.
The major capital expenditure programme undertaken to lower
unit costs is nearing completion. The key components are
measures to increase throughput at the Bishop APT plant in
California, USA, and the construction of a new sub-vertical
shaft at the Beralt mine in Portugal, being commissioned in
December 1997, to facilitate mining the extensive higher grade
deeper reserves. This makes possible two shift working of the
mine and continuous plant operation which, once implemented in
better market conditions, should make Beralt the world's
biggest tungsten mine.
We estimate that world consumption of primary tungsten in 1997
increased by some 5 per cent. The market has been more than
adequately supplied by the continued availability of material
from the strategic reserves of the former Soviet Union. Since
1994 supplies from former Soviet stockpile sources have been of
the order of 25,000 tonnes of tungsten metal, equivalent to
about one year's Western demand. Prices have remained weak
although they have risen some 7 per cent since August 1997.
Due to the low prices the Group's tungsten operations continue
to operate at a loss.
Gold Hedging
On 10 December we liquidated our gold hedge realising a gain of
US$13.9 million (#8.4 million). With these proceeds and cash
on deposit all borrowings from Macquarie Bank, amounting to
US$16.0 million, have been repaid. As a result, Group gearing
will be significantly reduced. In conjunction with the
liquidation of the hedge a new forward sale of 4,500 oz per
month for 13 months has been made at US$290/oz. These
developments are not included in the interim results.
The second half result will be boosted by the profit from
closing out the gold hedge against which there are likely to be
costs and provisions, the quantum of which can only be
determined by the circumstances pertaining at the year-end.
Outlook
Gold
We expect Penjom gold production for the year to be in the
range 70,000 oz to 75,000 oz, lower than previous expectations
reflecting the change over from mining oxides to fresh rock and
lower recoveries and increased costs in the treatment of
carbonaceous ores.
Tungsten
Conditions in the second half are likely to be similar to the
first half with some improvement coming from productivity
gains, slightly better prices and a firm order book. Longer
term, the fundamental supply/demand equation continues to show
that some 30 per cent of current supply is coming from stock
drawdown, so that a tightening of the market can be expected
once the flow of material out of the former Soviet Union
subsides.
Nigel McNair Scott (Chairman)
Consolidated Profit and Loss Account
for the six months ended 30 September 1997
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 Mar
1997 1996 1997
Unaudited Unaudited Audited
#'000 #'000 #'000
Turnover 17,575 8,676 26,000
Cost of sales (16,171) (9,481) (24,632)
------ ------ ------
Gross profit 1,404 (805) 1,368
Administrative expenses (1,133) (1,214) (2,491)
------ ------ ------
Operating profit /(loss) 271 (2,019) (1,123)
Net interest (1,173) (956) (1,610)
------ ------ ------
Loss on ordinary activities
before taxation (902) (2,975) (2,733)
Tax on loss on ordinary activities (29) (68) (107)
------ ------ ------
Loss on ordinary activities
after taxation (931) (3,043) (2,840)
Equity minority interest 67 197 232
------ ------ ------
Loss for the period retained (864) (2,846) (2,608)
------ ------ ------
Loss per share (2.6p) (9.4p) (8.4p)
------ ------ ------
Notes:
1. The calculation of loss per share is based on losses of
#864,000 (1996: #2,846,000) and on the weighted average
of 32,619,000 shares in issue (1995: 30,340,000).
2. The results for the year ended 31 March 1997 are an
abridged version of the full accounts which received an
unqualified auditors' report and have been filed with
the Registrar of Companies.
3. This statement is being sent to Shareholders and will be
available from the Company's Registered Office.
Consolidated Balance Sheet
as at 30 September 1997
30 Sept 31 Mar
1997 1997
Unaudited Audited
#'000 #'000
Fixed assets
Intangible - deferred exploration costs 5,605 1,537
Tangible 42,942 42,957
Investments 493 474
------ ------
49,040 44,968
------ ------
Current assets
Stocks 11,196 9,723
Debtors 7,790 6,029
Debtors due after more than one year 999 839
Cash at bank and in hand 6,594 6,230
------ ------
26,579 22,821
------ ------
Creditors: amounts falling
due in less than one year (20,091) (14,952)
------ ------
Net current assets 6,488 7,869
------ ------
Total assets less current liabilities 55,528 52,837
Creditors: amounts falling
due in more than one year (21,583) (26,368)
Provision for liabilities and charges (2,345) (3,349)
------ ------
31,600 23,120
------ ------
Capital and reserves
Called up share capital 8,934 7,847
Reserves 27,455 21,115
Profit and loss account (5,676) (5,207)
------ ------
Equity shareholders' funds 30,713 23,755
Equity minority interests 887 (635)
------ ------
31,600 23,120
------ ------
END
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