TIDMBKY
RNS Number : 9478C
Berkeley Resources Limited
15 March 2011
BERKELEY RESOURCES LIMITED
Interim Financial Report for the Half Year Ended 31 December
2010
( )
abn 40 052 468 569
CORPORATE DIRECTORY
Directors Share Registry
Dr James Ross - Non Executive Chairman Australia
Mr Henry Horne - Acting Managing Computershare Investor Services
Director Pty Ltd
Mr Scott Yelland - Chief Operating Level 2
Officer 45 St George's Terrace
Mr Ian Stalker - Non Executive Perth WA 6000
Director Telephone: +61 8 9323 2000
Mr Matthew Syme - Non Executive Facsimile: +61 8 9323 2033
Director United Kingdom
Mr Jose Ramon Esteruelas - Non Computershare Investor Services
Executive Director Plc
Company Secretary PO Box 82
Mr Sam Middlemas The Pavillions
Registered Office Bridgwater Road
Level 2, 91 Havelock Street Bristol BS99 7NH
West Perth, WA, 6005 Telephone: +44 870 889 3105
Telephone: +61 8 9214 7580 Stock Exchange Listing
Facsimile: +61 8 9214 7575 Australia
Spanish Office Australian Securities Exchange
Berkeley Minera Espana, S.A. Home Branch - Perth
Carretera de Madrid, 13-1a 2 The Esplanade
Santa Marta de Tormes Perth WA 6000
37900 - Salamanca United Kingdom
Spain London Stock Exchange - AIM
Telephone: +34 923 193 903 10 Paternoster Square
Auditor London EC4M 7LS
Stantons International ASX Code
Website BKY - Fully paid ordinary shares
www.berkeleyresources.com.au BKYO - $0.75 Listed Option
Email AIM TIDM
info@berkeleyresources.com.au BKY - Fully paid ordinary shares
CONTENTS
Page
Directors' Report 1 - 5
Condensed Consolidated Statement of Comprehensive
Income 6
Condensed Consolidated Statement of Financial
Position 7
Condensed Consolidated Statement of Changes in
Equity 8 - 9
Condensed Consolidated Statement of Cash Flows 10
Notes to the Financial Statements 11 - 13
The following sections are available in the full version of the
Annual Financial Report on Berkeley Resources Limited's
website:
www.berkeleyresources.com.au
Directors' Declaration
Auditor's independence Declaration
Independent Auditor's Report
DIRECTORS' REPORT
The Board of Directors of Berkeley Resources Limited present
their report on the consolidated entity of Berkeley Resources
Limited ("the Company" or "Berkeley") and the entities it
controlled during the half year ended 31 December 2010
("Consolidated Entity").
DIRECTORS
The names of the Directors of Berkeley in office during the half
year and until the date of this report are:
Dr James Ross
Mr Henry Horne (appointed 11 October 2010)
Mr Scott Yelland
Mr Jose Ramon Esteruelas
Mr Ian Stalker
Mr Matthew Syme
Dr Robert Hawley (resigned 19(th) January 2011)
Mr Sean James (resigned 1(st) October 2010)
Unless otherwise disclosed, Directors were in office from the
beginning of the half year until the date of this report.
REVIEW AND RESULTS OF OPERATIONS
Review of Operations
During the half year period ended 31(st) December 2010, the
Company's primary focus was advancing it's Salamanca Uranium
Project in Spain by upgrading the Mineral Resources and advancing
the first phase of the Feasibility Study.
Phase 1 of the Feasibility Study commenced at the start of 2010
and continued throughout the year. The study is focusing on a tank
leach scenario using the Quercus Plant to produce 2.1Mlbs U(3) 0(8)
per annum, processing ore from the Sageras, Palacios North and
Alameda South deposits.
Phase 2 of the Feasibility Study also commenced during the
period and is scheduled to be completed in the second half of 2011.
It concentrates on the potential to use heap leaching at the
satellite deposits.
A comprehensive Reverse Circulation (RC) campaign consisting of
98 holes for 7,054 metres was completed in September 2010. The
drilling successfully upgraded the confidence levels in the Mineral
Resources at Sageras and Alameda South and discovered an extension
to the mineralisation at Sageras which remains open to the
north-west.
Updated Mineral Resources Estimates were announced in September
2010 for the Sageras and Alameda South deposits. The combined
Mineral Resources at these two deposits increased by 10% to
29.8Mlbs U(3) 0(8) with over 93% now in the Measured and Indicated
categories.
Mineral Resources within Berkeley's projects in Spain now total
84.6Mt at 446ppm for 83.2Mlbs (37.7Kt) U(3) 0(8) , with 46% in the
Measured and Indicated categories.
A tabulation of Berkeley's Mineral Resources by area is shown in
Table 1.
U(3) U(3) U(3) U(3)
Deposit Resource Tonnes O(8) O(8) O(8) Category Berkeley O(8)
Name Category (Mt) (ppm) (t) (Mlbs) (%) (%) (Mlbs)
============ =========== ======= ====== ======= ======= ========= ========= =======
Measured 5.6 400 2,240 4.9 22% 90% 4.4
------------------------ ------- ------ ------- ------- --------- --------- -------
Indicated 8.7 463 4,031 8.9 40% 90% 8.0
------------------------ ------- ------ ------- ------- --------- --------- -------
Subtotal
M+I 14.3 439 6,271 13.8 62% 90% 12.4
------------------------ ------- ------ ------- ------- --------- --------- -------
Inferred 9.8 387 3,794 8.4 38% 90% 7.5
------------------------ ------- ------ ------- ------- --------- --------- -------
Aguila
Area Total 24.1 418 10,065 22.2 100% 90% 20.0
============ =========== ======= ====== ======= ======= ========= ========= =======
Indicated 18.5 446 8,251 18.2 75% 90% 16.4
------------------------ ------- ------ ------- ------- --------- --------- -------
Inferred 5.8 482 2,798 6.2 25% 90% 5.6
------------------------ ------- ------ ------- ------- --------- --------- -------
Alameda
Area Total 24.3 455 11,049 24.4 100% 90% 21.9
============ =========== ======= ====== ======= ======= ========= ========= =======
Villar
Area Inferred 5.0 446 2,239 4.9 100% 90% 4.4
============ =========== ======= ====== ======= ======= ========= ========= =======
Indicated 5.2 531 2,759 6.1 27% 100% 6.1
------------------------ ------- ------ ------- ------- --------- --------- -------
Inferred 14.7 505 7,430 16.4 73% 100% 16.4
------------------------ ------- ------ ------- ------- --------- --------- -------
Retortillo
Area Total 19.9 512 10,190 22.5 100% 100% 22.5
============ =========== ======= ====== ======= ======= ========= ========= =======
Gambuta
Area Inferred 11.3 371 4,192 9.2 100% 100% 9.2
============ =========== ======= ====== ======= ======= ========= ========= =======
Measured 5.6 400 2,240 4.9 6% 4.4
------------------------ ------- ------ ------- ------- --------- -------
Indicated 32.4 464 15,041 33.2 40% 30.4
------------------------ ------- ------ ------- ------- --------- -------
Subtotal
M+I 38.0 455 17,282 38.1 46% 34.9
------------------------ ------- ------ ------- ------- --------- -------
Inferred 46.6 439 20,453 45.1 54% 43.1
------------------------ ------- ------ ------- ------- --------- -------
Berkeley Total 84.6 446 37,735 83.2 100% 78.0
------------ ----------- ------- ------ ------- ------- --------- --------- -------
Berkeley has agreed to acquire 90% of the ENUSA State Reserves
and any deposits therein by, inter alia, completing
a feasibility study and paying EUR20 million. For full details
of the Agreement, see Berkeley's announcement 10.12.08.
Figure 1: Mineral Resource Inventory at a 200ppm U(3) 0(8) cut
off
The new and updated Mineral Resource Estimates are based on a
combination of chemical and e-grades from historical drilling,
supplemented by Berkeley diamond and RC drilling with both chemical
and e-grades.
The geological models and Mineral Resource estimates have been
developed by a team of in-house and consulting geoscientists
following a rigorous programme to verify the historical data.
During the period, approximately 11.5 tonnes of "representative"
core samples were selected and dispatched to the SGS laboratories
in Perth, Australia for a variety of ore preparation tests
including comminution, scrubbing and gravity floatation and tank
leach testwork.
Tank leach metallurgical tests produced very encouraging results
with 93% uranium extraction achieved in acid batch leach tests for
bulk samples from Palacios North and Alameda South and 87.5% at
Sageras. Very low acid consumptions were achieved at Sageras (7 -
12kg/t), increasing slightly to 15 - 18Kg/t at Alameda South and 23
- 25Kg/t at the smaller Palacios North deposit.
The Tank Leach testwork results are summarised in Table 2.
REVIEW AND RESULTS OF OPERATIONS (Continued)
Material Units Palacios Sageras Alameda
------------- ------ ---------- ---------- ----------
Recovery % 93% 87% 93%
------------- ------ ---------- ---------- ----------
Leach Time Hours 8 - 12 12 - 14 10 - 12
------------- ------ ---------- ---------- ----------
Sulphuric
Acid Kg/t 23 - 25 7 - 12 15 - 18
------------- ------ ---------- ---------- ----------
Pyrolusite Kg/t 1,7 - 2.2 2.0 - 2.5 1.4 - 1.8
------------- ------ ---------- ---------- ----------
Temperature (0) c 20 20 20
------------- ------ ---------- ---------- ----------
Slurry SG - 1.7 - 1.8 1.7 - 1.8 1.7 - 1.8
------------- ------ ---------- ---------- ----------
Figure 2: Tank Leach Testwork Results
Heap leach testwork was also completed during the period and
average recoveries from four 50 day column leach tests were similar
to the tank leach results, although with slightly higher acid
consumption.
Feasibility Study mining studies continued through the period.
Updated open pit optimisations were completed for Palacios North,
Sageras and Alameda South, incorporating updated costs provided by
Spanish mining contractors, updated geotechnical parameters and
revised uranium prices.
Detailed pit design and mining schedules for Palacios North,
Sageras and Alameda South have been generated based on the new pit
optimisation shells.
A review of the potential waste and tailing management
facilities was completed by Golder Associates, who have also been
working on a comprehensive waste characterisation programme. A
number of waste samples were sent to the SGS Laboratories in
Vancouver for geochemical characterisation tests.
The water management programme continued with a significant
amount of field work undertaken during the second half of 2010. The
long term groundwater monitoring at Alameda South, Sageras and
Palacios is continuing and the short term low rate hydraulic
testing and ground water tracer tests was completed at Sageras,
Palacios North and Alameda South.
Environmental responsibility, radiological protection and
community awareness, engagement and support are paramount
considerations for the success of Berkeley's Salamanca Uranium
Project. Berkeley has put together a strong Health, Safety,
Environment & Community and Radiological team supported by a
number of external consultants.
At the start of the year an environmental baseline study was
commissioned for the Salamanca Uranium Project, which included
reconnaissance field work, desktops reviews of the available
historical documentation provided by ENUSA and the development and
implementation of a new baseline monitoring programme at Aguila and
Alameda. The study continued during the second half of the year and
a comprehensive database was compiled.
Safety, Environmental and Radiological inspections were
performed regularly by the Berkeley HSEC team during drilling
operations to confirm that Berkeley is in full compliance with all
of their commitments to safety, environment and radiological
management.
REVIEW AND RESULTS OF OPERATIONS (Continued)
Operating Results
Net operating loss after tax attributable to members for the
half year ended 31 December 2010 was $11,735,602 (31 December 2009:
$4,956,939).
This result included the following significant items:
-- Exploration costs associated with the Company's Spanish
uranium projects of $9,262,071 (31 December 2009: $3,377,303);
and
-- Share based payments expense of $1,332,972 relating to the
vesting of employee incentive options (31 December 2008:
$191,107).
CORPORATE
The following material corporate events occurred during or since
the end of the half year ended 31 December 2010:
-- Robert (Sam) Middlemas was appointed as the Company Secretary
to replace Mr Clint McGhie on the 30(th) June 2010.
-- A non-binding MOU was signed with the Korea Power Corporation
(KEPCO) to finance and develop the Salamanca Uranium Project on the
10(th) August 2010. KEPCO then completed a technical and legal due
diligence.
-- Sean James resigned as a Non-Executive Director of the
Berkeley Board on the 1(st) October 2010.
-- Henry Horne was appointed to the Berkeley Board as Executive
Director on 11(th) October 2010.
-- A potential takeover bid was announced by OAO Severstal
(Severstal) on the 29(th) October 2010 subject to financial,
technical and legal due diligence. By the 29(th) December 2010,
Berkeley and Severstal were unable to agree terms upon which
Severstal may make an agreed bid for the company, and the
exclusivity granted to Severstal on the 29(th) October 2010 expired
on the 29(th) December 2010, however Severstal's right to subscribe
to shares in Berkeley remained in force until the 14(th) January
2011. On the 14(th) January 2011 Berkeley announced that
Severstal's right to subscribe for shares in Berkeley expired.
Discussions between both parties are continuing in respect of other
possible arrangements.
-- On the 26(th) November 2010, 3.5 million shares were issued
to Resource Capital Fund at AUD$1.45 per share for gross proceeds
of approximately AUD$4.8 million.
-- With reference to the notice given to ENUSA during October
2010 to extend the completion of the feasibility study by one year
to 26 November 2011, the Euro 1 million payment was made to ENUSA
at the end of December 2010.
-- On the 30(th) December 2010 it was announced that Ian Stalker
has resigned as Managing Director due to personal reasons but will
stay on the Board as a Non-Executive Director. Henry Horne was
appointed Acting Managing Director until a suitable replacement is
found.
-- On the 14(th) January 2011 Berkeley announced the appointment
of Dr James Ross AM as Chairman, following the retirement of Dr
Robert Hawley CBE from the Board due to health reasons.
-- Berkeley has advised ENUSA of its decision to progress to the
exploitation phase when the decision to exploit was announced on
the 17(th) January, 2011. Negotiations regarding the formation of
Newco, a joint venture company between Berkeley (90%) and ENUSA
(10%), started in the first week in February 2011.
-- In March 2011, the Company completed an equity raising of
AUD$55 million at a price of AUD$1.70 per share for the issue of
32,360,000 new shares, via a placement to institutional investors,
following shareholder approval for the second tranche of the issue.
These funds will be utilised to meet the cost of the EUR20 million
payment to ENUSA, to fund further feasibility work including a
1,200 hour pilot plant to be carried out in a reputable laboratory
located in Australia, and to enable exploration drilling of high
quality targets within the State Reserves and adjacent Berkeley
fully owned tenements.
-- The Company announced the appointment of Mr Brendan James as
Managing Director with effect from 30 May 2011.
AUDITOR'S INDEPENDENCE DECLARATION
Section 307C of the Corporations Act 2001 requires our auditors,
Stantons International, to provide the Directors of Berkeley
Resources Limited with an Independence Declaration in relation to
the audit of the half year financial report.
Signed in accordance with a resolution of Directors.
HENRY HORNE
Acting Managing Director
15 March 2011
The information in this report that relates to Exploration
Results, Mineral Resources or Ore Reserves is based on information
compiled by Mr. Ross Corben, who is a Member of The Australian
Institute of Mining and Metallurgy and an employee of Berkeley
Resources Limited. Mr. Corben has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2004 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. Mr. Corben consents to the inclusion
in the report of the matters based on his information in the form
and context in which it appears.
CONDENSED CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
FOR THE HALF YEAR ENDED 31 DECEMBER 2010
Half Year Ended Half Year Ended
31 December 2010 31 December 2009
Note $ $
Revenue from continuing
operations 4 129,000 412,568
Administration costs (1,269,559) (826,299)
Business development costs - (54,966)
Exploration costs (9,262,071) (3,377,303)
Royalty termination - (920,884)
Share based payments expense (1,332,972) (191,107)
Loss before income tax (11,735,602) (4,957,991)
Income tax expense - -
Loss for the half year (11,735,602) (4,957,991)
Other comprehensive income
Exchange differences arising
on translation of foreign
operations (524,731) (828,656)
Income tax on other
comprehensive income - -
Other comprehensive
income/(loss) for the half
year (524,731) (828,656)
Total comprehensive loss for
the half year (12,260,333) (5,786,647)
Loss attributable to:
Non controlling interest - (1,052)
Members of Berkeley Resources
Limited (11,735,602) (4,956,939)
Loss for the half year (11,735,602) (4,957,991)
Total comprehensive loss
attributable to:
Non controlling interest - (1,098)
Members of Berkeley Resources
Limited (12,260,333) (5,785,549)
Comprehensive loss for the
half year (12,260,333) (5,786,647)
Earnings per share
Basic earnings per share
(cents per share) (8.49) (4.01)
Diluted earnings per share
(cents per share) (8.49) (4.01)
The above Statement of Comprehensive Income should be read in
conjunction with the accompanying notes.
CONDENSED CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
AS AT 31 DECEMBER 2010
31 December 2010 30 June 2010
Note $ $
------------------------------- ----- ----------------- -------------
ASSETS
Current Assets
Cash and cash equivalents 7,307,020 10,244,114
Trade and other receivables 1,069,577 193,138
------------------------------- ----- ----------------- -------------
Total Current Assets 8,376,597 10,437,252
------------------------------- ----- ----------------- -------------
Non-current Assets
Exploration expenditure 13,305,116 12,843,327
Property, plant and equipment 361,626 482,017
Other financial assets 135,506 215,076
------------------------------- ----- ----------------- -------------
Total Non-current Assets 13,802,248 13,540,420
------------------------------- ----- ----------------- -------------
TOTAL ASSETS 22,178,845 23,977,672
------------------------------- ----- ----------------- -------------
LIABILITIES
Current Liabilities
Trade and other payables 4,157,620 1,694,344
Provisions - 22,068
Other financial liabilities - 273,524
------------------------------- ----- ----------------- -------------
Total Current Liabilities 4,157,620 1,989,936
------------------------------- ----- ----------------- -------------
TOTAL LIABILITIES 4,157,620 1,989,936
------------------------------- ----- ----------------- -------------
NET ASSETS 18,021,225 21,987,736
=============================== ===== ================= =============
EQUITY
Issued capital 5 65,578,893 58,618,042
Reserves 5,642,249 4,834,009
Accumulated losses (53,199,917) (41,464,315)
------------------------------- ----- ----------------- -------------
TOTAL EQUITY 18,021,225 21,987,736
=============================== ===== ================= =============
The above Statement of Financial Position should be read in
conjunction with the accompanying notes.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEAR ENDED 31 DECEMBER 2010
Attributable to Equity Holder of the
Parent
Option Foreign
Issued Premium Currency Accumu-lated Non
Capital Reserve Translation Losses Total Controlling Total
$ $ Reserve $ $ $ Interest $ Equity $
--------------- ----------- ---------- ------------ ------------- ------------ ------------ ------------
As at 1 July
2009 49,391,245 6,551,532 (184,710) (28,501,985) 27,256,082 1,098 27,257,180
Total
comprehensive
loss for the
period:
Net loss for
the period - - - (4,956,939) (4,956,939) (1,052) (4,957,991)
Other
comprehensive
income:
Exchange
differences
arising on
translation
of foreign
operations - - (828,610) - (828,610) (46) (828,656)
--------------- ----------- ---------- ------------ ------------- ------------ ------------ ------------
Total
comprehensive
income/(loss) - - (828,610) (4,956,939) (5,785,549) (1,098) (5,786,647)
Transactions
with owners,
recorded
directly in
equity
Exercise of
Options 13,402 - - - 13,402 - 13,402
Share based
payments 885,000 191,107 - - 1,076,107 - 1,076,107
Share issue
costs (5,192) - - - (5,192) - (5,192)
As at 31
December
2009 50,284,455 6,742,639 (1,013,320) (33,458,924) 22,554,850 - 22,554,850
=============== =========== ========== ============ ============= ============ ============ ============
The above Condensed Consolidated Statement of Changes in Equity
should be read in conjunction with the accompanying notes.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEAR ENDED 31 DECEMBER 2010
(Continued)
Attributable to Equity Holder of the
Parent
Option Foreign
Issued Premium Currency Accumu-lated Non
Capital Reserve Translation Losses Total Controlling Total Equity
$ $ Reserve $ $ $ Interest $ $
--------------- ----------- ---------- ------------ ------------- ------------- ------------ -------------
As at 1 July
2010 58,618,042 6,761,551 (1,927,542) (41,464,315) 21,987,736 - 21,987,736
Total
comprehensive
loss for the
period:
Net loss for
the period - - - (11,735,602) (11,735,602) - (11,735,602)
Other
comprehensive
income:
Exchange
differences
arising on
translation
of foreign
operations - - (524,731) - (524,731) - (524,731)
--------------- ----------- ---------- ------------ ------------- ------------- ------------ -------------
Total
comprehensive
income/(loss) - - (524,731) (11,735,602) (12,260,333) - (12,260,333)
Transactions
with owners,
recorded
directly in
equity
Exercise of
options 2,175,851 - - - 2,175,851 - 2,175,851
Share based
payments 5,075,000 1,332,971 - - 6,407,971 - 6,407,971
Share issue
costs (290,000) - - - (290,000) - (290,000)
--------------- ----------- ---------- ------------ ------------- ------------- ------------ -------------
As at 31
December
2010 65,578,893 8,094,522 (2,452,273) (53,199,917) 18,021,225 - 18,021,225
=============== =========== ========== ============ ============= ============= ============ =============
The above Condensed Consolidated Statement of Changes in Equity
should be read in conjunction with the accompanying notes.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE HALF YEAR ENDED 31 DECEMBER 2010
Half Year Ended Half Year Ended
31 December 2010 31 December 2009
$ $
-------------------------------------- ------------------ ------------------
Cash flows from operating activities
Payments to suppliers and employees (9,899,524) (2,048,371)
Interest received 89,928 156,817
Grant income received - 267,551
-------------------------------------- ------------------ ------------------
Net cash outflows from operating
activities (9,809,596) (1,624,003)
-------------------------------------- ------------------ ------------------
Cash flows from investing activities
Payments for exploration expenditure - (54,943)
Payments for plant and equipment (28,917) (45,168)
Other financial assets - (9,529)
-------------------------------------- ------------------ ------------------
Net cash outflow from investing
activities (28,917) (109,640)
-------------------------------------- ------------------ ------------------
Cash flows from financing activities
Proceeds from issue of shares 6,960,851 13,402
Share issue expenses - (96,110)
-------------------------------------- ------------------ ------------------
Net cash outflow from financing
activities 6,960,851 (82,708)
-------------------------------------- ------------------ ------------------
Net decrease in cash and cash
equivalents (2,877,662) (1,816,351)
Foreign exchange (loss)/gain on
opening cash (59,432) (247,348)
Cash and cash equivalents at the
beginning of the half year 10,244,114 11,479,554
-------------------------------------- ------------------ ------------------
Cash and cash equivalents at the
end of the half year 7,307,020 9,415,855
====================================== ================== ==================
The above Condensed Consolidated Statement of Cash Flows should
be read in conjunction with the accompanying notes.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 31 DECEMBER 2010
1. REPORTING ENTITY
Berkeley Resources Limited (the "Company") is a company
domiciled in Australia. The interim financial report of the Company
is as at and for the six months ended 31 December 2010.
The annual financial report of the Company as at and for the
year ended 30 June 2010 is available upon request from the
Company's registered office.
2. STATEMENT OF COMPLIANCE
The interim financial report is a general purpose financial
report which has been prepared in accordance with Accounting
Standard AASB 134: Interim Financial Reporting and the Corporations
Act 2001.
This interim financial report does not include all the
information of the type normally included in an annual financial
report. Accordingly, this report is to be read in conjunction with
the annual report of Berkeley Resources Limited for the year ended
30 June 2010 and any public announcements made by Berkeley
Resources Limited during the interim reporting period in accordance
with the continuous disclosure requirements of the Corporations Act
2001.
This interim financial report was approved by the Board of
Directors on 15 March 2011.
(a) Basis of Preparation of Half Year Financial Report
The principal accounting policies adopted in the preparation of
the financial report have been consistently applied to all the
periods presented, unless otherwise stated.
Historical cost convention
These financial statements have been prepared under the
historical cost convention, as modified by the revaluation of
available-for-sale financial assets, financial assets and
liabilities (including derivative instruments) at fair value
through profit or loss.
3. SIGNIFICANT ACCOUNTING POLICIES
Accounting policies applied by the Consolidated Entity in this
consolidated interim financial report are the same as those applied
by the Consolidated Entity in its consolidated financial report for
the year ended 30 June 2010, except as stated below.
In the current period, the Group has adopted all of the new and
revised Standards and Interpretations issued by the Australian
Accounting Standards Board (the AASB) that are relevant to its
operations and effective for annual reporting periods beginning on
or after 1 July 2010. The adoption of these new and revised
standards has not resulted in any significant changes to the
Group's accounting policies or to the amounts reported for the
current or prior periods.
4. REVENUE FROM CONTINUING OPERATIONS
Consolidated
31 December Consolidated
2010 31 December 2009
$ $
------------------ ------------- ------------------
Interest revenue 129,000 145,017
Grant revenue - 267,551
129,000 412,568
================== ============= ==================
5. CONTRIBUTED EQUITY
(a) Issued and Paid Up Capital
Consolidated
31 December Consolidated
2010 30 June 2010
$ $
----------------------------------------- ------------- --------------
141,935,898 (30 June 2010: 136,090,319)
fully paid ordinary shares 65,578,893 58,618,042
========================================= ============= ==============
(b) Movements in Ordinary Share Capital During the Past Six
Months:
Number of Issue Price
Date Details Shares $ $
------------- ---------------------- ------------ ------------ -----------
Half Year Ended 31 December 2010
1 Jul 2010 Opening balance 136,090,319 58,618,042
23 Dec 2010 Issue of Shares 3,500,000 1.45 5,075,000
Various Exercise of Options 678,913 0.75 509,185
Various Exercise of Options 1,666,666 1.00 1,666,666
Share issue expenses - (290,000)
------------------------------------ ------------ ------------ -----------
31 Dec 2010 Closing balance 141,935,898 65,578,893
============= ====================== ============ ============ ===========
6. CONTINGENT LIABILITIES AND COMMITMENTS
There was no material change in contingent liabilities or
commitments as previously disclosed at the last reporting
period.
7. DIVIDENDS PAID OR PROVIDED FOR
No dividend has been paid or provided for during the half
year.
8. SUBSEQUENT EVENTS AFTER BALANCE DATE
Other than the events below, there were no significant events
occurring after balance date requiring disclosure:
-- Berkeley has advised ENUSA of its decision to progress to the
exploitation phase when the decision to exploit was announced on
the 17(th) January, 2011. Negotiations regarding the formation of
Newco, a joint venture company between Berkeley (90%) and ENUSA
(10%), started in the first week in February.
-- On the 14(th) January 2011, Berkeley announced the
appointment of Dr James Ross AM as Chairman, following the
retirement of Dr Robert Hawley CBE from the Board due to health
reasons.
-- On the 14(th) January 2011, the 2,000,000 unvested options
awarded to Mr Stalker while he was Managing Director lapsed. The
impact of these options lapsing would be a writeback to the profit
and loss account in the 2(nd) half of the year of $913,868.
-- On 7 March 2011, the Company completed an equity raising of
AUD$55 million at a price of AUD$1.70 per share for the issue of
32,360,000 new shares, via a placement to institutional investors,
following shareholder approval for the second tranche of the issue.
These funds will be utilised to meet the cost of the EUR20 million
payment to ENUSA, to fund further feasibility work including a
1,200 hour pilot plant to be carried out in a reputable laboratory
located in Australia, and to enable exploration drilling of high
quality targets within the State Reserves and adjacent Berkeley
fully owned tenements.
-- On 11 March 2011, the Company announced the appointment of Mr
Brendan James as Managing Director with effect from 30 May
2011.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GRGDXRXBBGBU
Berkeley Energia (LSE:BKY)
過去 株価チャート
から 6 2024 まで 7 2024
Berkeley Energia (LSE:BKY)
過去 株価チャート
から 7 2023 まで 7 2024
