19 December 2002
Interim Report - 30 September 2002
Since publication of the annual report in August metal prices have remained low and the company has continued to minimize its activities in order to conserve its funds. Expenses during the period have been kept to a bare minimum and work on the development of Parys Mountain as a base metal mine was very limited. Other possible opportunities at Parys are receiving attention.
The financial results for the period show a loss of £68,773 compared to a loss of £51,116 in the same period last year. The increase is attributable to last years figures being somewhat below normal and to higher administration and share quotation expenses being incurred this year.
The outlook for base metal mining remains poor. Chinese production continues to influence the market, China now being the worlds largest producer of zinc. It is to be hoped that the recent admission of China to the World Trade Organisation will result in higher local consumption and better safety standards in Chinese mines both of which may have positive effects on the metal price.
In June 2002 a new working capital agreement was concluded with Juno Limited, the companys largest shareholder, in order to provide funding for the companys routine expenses. Negotiations continued with the lessor of the eastern part of the Parys Mountain property with regard to the settlement of outstanding rent and a reduction of the ongoing rent payable; no conclusion has yet been reached. Recently the company opened discussions with Intermine Limited, the holder of a 4% net profits royalty on base metal production, in an effort to seek alternatives to advance payments due until production commences and on the settlement of outstanding amounts payable.
The company has an important geological resource of 6.5 million tonnes at Parys Mountain which has been identified and described in independent geological reports. This resource is beyond and separate from the old workings and has a combined average grade for zinc, copper and lead of over 10%. There are also estimated to be 60,000 ounces of gold and 250 tonnes (8 million ounces) of silver in this resource. Parys Mountain will continue to be held, awaiting development in accordance the 1990 feasibility study, until metal prices improve.
Further exploration in planned at Parys Mountain with the objective of developing a significantly larger deposit which should support a higher production rate. A larger deposit would be economic at lower metal prices and would also result in a longer mine life than anticipated in the feasibility study. A drilling programme would form a major part of such exploration. New financing is essential for the companys planned exploration and other programmes.
On behalf of the board of directors
John F Kearney
19 December 2002
Unaudited consolidated balance sheet
30 September 2002
30 September 2001
Fixed assets £ £ Intangible assets 7,126,666 9,255,884 Tangible assets 185,136 185,407 Total fixed assets 7,311,802 9,441,291 Current assets Debtors 103,535 100,938 Cash 2,271 9,288 Total current assets 105,806 110,226 Current liabilities (note 1) Creditors - amounts due within one year (1,188,873) (998,847) Net current liabilities (1,083,067) (888,621) Net assets 6,228,735 8,552,670 Shareholders funds Share capital 6,673,247 6,673,247 Share premium 5,737,146 5,737,346 Profit & loss account deficit (6,181,658) (3,857,923) Total shareholders funds 6,228,735 8,552,670
Equity shareholders funds 717,977 3,041,837 Non equity shareholders funds 5,510,833 5,510,833
Notes : -
1 Current liabilities include £936,677 (2001 - £807,332) due to Juno Limited, the ultimate parent company.
2 The half year figures are unaudited. The accounts have been prepared on a basis consistent with that of the accounts for the year ended 31 March 2002. The auditors' report on those accounts was not qualified (but contained reference to fundamental uncertainties) and did not contain a statement under section 237 of the Companies Act 1985.
3 This interim statement is being posted to all shareholders and is displayed on the companys website at www.angleseymining.co.uk. Copies are available on request from the company's registered office.
Unaudited consolidated profit and loss account
Six months to 30
Six months to 30
Net operating expenses
- continuing operations
Loss on ordinary activities before and after taxation
Loss per share basic
Loss per share - fully diluted
The directors are unable to recommend a dividend.
There are no minority interests or extraordinary items.
Unaudited consolidated cash flow statement
Six months to 30 September 2002
Six months to 30 September 2001
£ £ Net cash outflow from continuing
(23,380) (28,962) Returns on investments and servicing of finance Interest paid (2) (68) Capital expenditure and financial investment Payments to acquire intangible fixed assets (7,513) (13,356) Net cash outflow from capital investment
and financial investment
(7,513) (13,356) Net cash outflow before financing (30,895) (42,386) Financing Increase in loans 20,000 50,930 Expenses of share issues in year - - 20,000 50,930 (Decrease) / increase in cash (10,895) 8,544
Corporate office telephone - 01248 361333 fax - 01248 361419
Email - email@example.com Web www.angleseymining.co.uk
Registered office - Parys Mountain, Amlwch, Anglesey, LL68 9RE
Contacts : Ian Cuthbertson John F. Kearney Company Secretary Chairman (44)1248 361333 (1)416 362 6686
|Anglesey Mining plc
Parys Mountain, Amlwch,
Anglesey, LL68 9RE, UK
|Phone +44 1248 361333