| Tue 30 Nov 2010, 8:00 | | MMH - Miranda Mineral Holdings Limited - Abridged audited annual financial |
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MMH
MMH
MMH - Miranda Mineral Holdings Limited - Abridged audited annual financial
results for the year ended 31 August 2010
MIRANDA MINERAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/001940/06)
Share code: MMH
ISIN: ZAE000074019
("Miranda" or "the Group")
Abridged Audited Annual Financial Results for the year ended 31 August 2010
HIGHLIGHTS
* Successful raising of R23,2 million by issue of shares
* Securing additional post-balance sheet funding of between R70,1 million and
R83,6 million by virtue of a Claw Back Offer agreement
* Significant progress made at Sesikhona Collieries:
* Resource reserves increased to 3,7 million tonnes
* Mine plan and scheduling finalised
* Redevelopment of mine site almost complete
* Provisional working capital funding secured
* Mining subject to finalisation of an off-take agreement
* Internal economic assessment study on Uithoek and Burnside open pit
indicating robust first phase project
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Audited Audited
2010 2009
R`000 R`000
ASSETS
Non-current assets 356,448 346,574
Property, plant and equipment 14,368 9,157
Intangible assets 339,612 334,753
Other financial assets 2,468 2,664
Current assets 27,458 16,323
Trade and other receivables 2,905 1,193
Cash and cash equivalents 24,553 15,130
Total Assets 383,906 362,897
EQUITY AND LIABILITIES
Equity attributable to equity holders of parent 353,326 348,778
Share capital 115,050 91,812
Reserves - 2,050
Retained earnings 239,139 255,085
Non-controlling interest (863) (169)
Non-current liabilities 11,256 11,597
Finance lease obligations 1,815 2,782
Deferred tax 221 923
Environmental rehabilitation provisions 9,220 7,892
Current liabilities 19,324 2,522
Loans from shareholders 2,928 100
Other financial liabilities - 100
Finance lease obligations 964 868
Operating lease liabilities 22 22
Trade and other payables 15,410 1,432
Total Liabilities 30,580 14,119
Total Equity and Liabilities 383,906 362,897
Closing number of shares in issue (`000) 284,511 247,400
Net asset value per share (cents) 124.2 141.0
Net tangible asset value per share (cents) 4.8 5.7
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Audited Audited
2010 2009
R`000 R`000
Revenue - -
Operating loss before interest and tax (17,593) (11,933)
Investment revenue 478 1,815
Fair value adjustment 131 -
Finance costs (319) (630)
Loss before taxation (17,303) (10,748)
Taxation (95) (126)
Loss for the year (17,398) (10,874)
Other comprehensive income:
(Loss) gain on aircraft revaluation (2,847) 2,847
Taxation related to components of other 797 (797)
comprehensive income
Other comprehensive (loss) income for the year (2,050) 2,050
net of taxation
Total comprehensive loss (19,448) (8,824)
Loss attributable to:
Equity holders of the parent (16,704) (10,868)
Non-controlling interest (694) (6)
(17,398) (10,874)
Total comprehensive loss attributable to:
Equity holders of the parent (18,754) (8,818)
Non-controlling interest (694) (6)
(19,448) (8,824)
Weighted average number of shares in issue 247,502 240,042
(`000)
Loss per share (cents) (7.03) (4.5)
Headline loss per share (cents) (6.73) (4.5)
Reconciliation between loss attributable to
ordinary shareholders and headline loss
Loss attributable to ordinary shareholders (16,704) (10,868)
Loss on sale of property, plant and equipment - 165
Impairment of property, plant and equipment 37 -
Headline loss (16,667) (10,703)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Revaluat Retained Non- Total
ion controll
ing
capita premium reserve earnings interest equity
l
Group R`000 R`000 R`000 R`000 R`000 R`000
Balance at 01 2,151 72,494 - 266,990 (56) 341,579
September 2008
Total comprehensive - - 2,050 (10,868) (6) (8,824)
income (loss) for
the year
Issue of shares 323 16,844 - - - 17,167
Business - - - (1,037) (107) (1,144)
combinations
Total changes 323 16,844 2,050 (11,905) (113) 7,199
Balance at 01 2,474 89,338 2,050 255,085 (169) 348,778
September 2009
Total comprehensive - - (2,050) (16,704) (694) (19,448)
loss for the year
Issue of shares 371 22,867 - - - 23,238
Realisation of 758 758
revaluation reserve
into equity
Total changes 371 22,867 (2,050) (15,946) (694) 4,548
Balance at 31 2,845 112,205 - 239,139 (863) 353,326
August 2009
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Audited Audited
2010 2009
R`000 R`000
(2,562) (10,197)
Cash used in operations
Interest income 478 1,815
Finance costs (319) (630)
Net cash from operating activities (2,403) (9,012)
Net cash from investing activities (13,269) (10,895)
Net cash from financing activities 25,095 14,555
Total cash movement for the year 9,423 (5,352)
Cash and cash equivalents at the beginning of 15,130 20,482
the year
Total cash and cash equivalents at end of the 24,553 15,130
year
GROUP SEGMENTAL ANALYSIS
IFRS 8 requires operating segments to be identified on the basis of internal
reports about components of the Group that are regularly reviewed by the chief
operating decision maker in order to allocate resources to the segments and to
assess their performance. The chief operating decision-maker has been identified
as the Executive Committee that makes strategic decisions. The Group has
identified its operating segments based on its main exploration divisions and
aggregated them into coal, diamonds, gold, base metals and industrial minerals
and other.
The Group discloses its operating segments according to the entity components
regularly reviewed by the Executive Committee. The components comprise of
exploration divisions. These values have been reconciled to the consolidated
annual financial statements. The measures reported on by the Group are in
accordance with the accounting policies adopted for preparing and presenting the
consolidated annual financial statements.
Segment operating expenses comprise all operating expenses of the different
reportable segments and are either directly attributable to the reportable
segment, or can be allocated to the reportable segment on a reasonable basis.
The segment assets and liabilities comprise all assets and liabilities of the
different segments that are employed by the reportable segments and are either
directly attributable to the reportable segments, or can be allocated to the
reportable segment on a reasonable basis.
31 August 2010 Coal Diamonds Gold Base Other Group
Metals &
Industrial
Minerals
Segment result: Loss 10,373 1,576 367 659 4,328 17,303
before taxation
Taxation 80 10 2 3 - 95
Loss after taxation 10,453 1,586 369 662 4,328 17,398
Segment assets 50,245 927 155 307,256 25,323 383,906
Mining properties 9,665 - - - - 9,665
Capital work-in- 13,153 - - - - 13,153
progress
Exploration and 10,042 506 71 78 - 10,697
evaluation asset
Mineral rights 8,929 - - 306,832 - 315,761
Other assets 8,456 421 84 346 25,323 34,630
Segment liabilities (22,237) (1,025) (205) (307) (6,807) (30,580)
Other material non-
cash items included in
segment loss
Depreciation on 2,031 230 46 69 62 2,438
property, plant and
equipment
31 August 2009 Coal Diamonds Gold Base Other Group
Metals &
Industrial
Minerals
Segment result: Loss 6,377 1,500 220 213 2,438 10,748
before taxation
Taxation 113 6 2 5 - 126
Loss after taxation 6,490 1,506 222 218 2,438 10,874
Segment assets 38,731 955 161 307,411 15,639 362,897
Mining properties - - - - - -
Capital work-in- 11,541 - - - - 11,541
progress
Exploration and 6,897 440 33 80 - 7,450
evaluation asset
Mineral rights 8,929 - - 306,833 - 315,762
Other assets 11,364 515 128 498 15,639 28,144
Segment liabilities (13,019) (258) (83) (189) (570) (14,119)
Other material non-
cash items included in
segment loss
Depreciation on 1,376 92 22 52 51 1,593
property, plant and
equipment
1. BASIS OF PREPARATION AND ACCOUNTING POLICIES
The condensed annual financial statements of the Group are prepared on a
historical cost basis except for certain financial instruments, at amortised
cost or fair value, and the valuation of certain elements of property, plant and
equipment. The condensed annual financial statements has been prepared in
accordance with the framework concepts and the measurement and recognition
requirements of International Financial Reporting Standards (IFRS), the AC 500
standards as issued by the Accounting Practices Board and the information as
required by IAS 34: Interim Financial Reporting, Listing Requirements of the JSE
Limited, and the Companies Act of South Africa (Act 61 of 1973), as amended.
The principal accounting policies, which comply with IFRS, have been
consistently applied in all material respects in the current and comparative
years. All new interpretations and standards were assessed and adopted with no
material impact. In the current year additional disclosure were added with
respect to IFRS 8: Operating Segments.
2. AUDIT REPORT
The consolidated annual financial statements for the year have been audited by
the Company`s independent auditors, Deloitte & Touche, whose unqualified audit
report is available for inspection at the Group`s registered address. Any
reference to future financial performance included in this announcement has not
been reviewed or reported on by the Group`s auditors.
PKF (Pretoria) Inc was not reappointed as auditors of the Group. Deloitte &
Touche was appointed in accordance with section 270(2) of the Companies Act.
3. CORPORATE GOVERNANCE
The Company subscribes to and complies in all material aspects with the Code on
Corporate Governance Practices and Conduct as contained in the King II Report on
Corporate Governance.
4. BEE
It is a primary thrust of Miranda to achieve empowerment at project level, in
order to establish an enabling environment, as envisaged by the Mining Charter
and the Minerals and Petroleum Resources Development Act of 2002 (MPRDA).
Miranda`s Sesikhona coal project remains a prime example of the Group`s approach
in this regard. Leveraging the Sesikhona Community Trust, which holds a 12%
stake in the Sesikhona project, the Company consults with the local Verdriet
community on all related socio-economic development initiatives. Our
contribution to the Verdriet community includes technical skills development and
training, combined with social development initiatives. It is our goal to ensure
that each community impacted by our work reaps the resulting financial and
skills development benefits.
At holding company level, Miranda remains empowered to the extent of more than
30%, which complements the Group`s broad-based BEE initiatives and structures at
operational subsidiary level.
5. SUSTAINABILITY AND TRANSFORMATION
Miranda believes that sustainability requires a multi-faceted commitment. This
commitment must extend from business practices, through to involvement with
communities affected by mining operations and continue after mining operations
have reached the end of their lives and operations cease. A programme that is
based on "once-off" donations to good causes, or a programme that exclusively
benefits a small group of people, is not appropriate. In the KwaZulu-Natal (KZN)
coal fields, presently Miranda`s primary operational base, the Group undertakes
projects that are designed to promote the development of sustainable projects
that will benefit the local population for years to come.
6. BOARD OF DIRECTORS
There were no changes to the board during the year under review up to the date
of this report.
7. OPERATIONAL REVIEW
Challenging financial market conditions continued during the period under
review. As a consequence, Miranda has maintained its narrow operational focus on
developing its KZN coal prospects, whilst re-scheduling and conserving cash in
the Group`s other business divisions of diamonds, gold, and base and industrial
minerals.
7.1 Coal Division
Miranda`s KZN portfolio of coal prospecting and mining rights (including
applications in process) is held through its wholly-owned subsidiary, Miranda
Coal (Pty) Ltd, and has expanded to approximately 105,500 hectares (ha) of land
mostly in the Klip River coal field. The Company is presently putting together a
focused management team with the appropriate technical expertise that will
direct Miranda Coal through its next development phase and bring its coal mining
and development projects in KZN to realisation. The management team`s initial
focus will be to further combine Miranda`s existing prospecting right areas into
commercially-viable projects, to further consolidate Miranda`s presence in KZN
and on building Miranda Coal into a stand-alone corporate entity.
Mining Project: Sesikhona Collieries
Sesikhona is the holder of a mining right and its adjoining and nearby project
areas hold a further four prospecting rights. Miranda`s lease area in the
Dannhauser project area covers approximately 7 900 ha (including rights under
application) and holds South African Mineral Resource Committee (SAMREC) and
reconnaissance resources of about 9,1 and 22,4 million tonnes, respectively.
The period under review was one of mixed fortunes for Sesikhona, Miranda Coal`s
pioneering first mining project. Although mining operations at Sesikhona were
originally scheduled to get underway during the latter part of 2009, unexpected
delays saw re-development of the site only commencing during May 2010 with
production now expected in early-2011. On the constructive side, the last 12 to
15 months have seen Miranda taking a number of important steps to significantly
de-risk the project. These include the finalisation of the mine plan and
scheduling, upgrading of the resource classification and completion of an
internal pre-feasibility study.
Further deposits of anthracite were identified during this period, which more
than doubled the probable reserve to 3,7 million tonnes. At an envisaged
targeted production rate of 70 000 tonnes per month, this has resulted in
lengthening the life of Sesikhona`s first phase open pit operation to at least
50 months, and yields increasing accordingly.
Prospective buyers of Sesikhona`s anthracite are both local and international,
with the pricing benefits of export-destined output having to be considered
relative to its more complicated logistical challenges. The anthracite market
has seen a resurgence in recent months, accompanied by an increase in the number
of trade enquiries from interested parties both locally and abroad. Following
protracted offtake discussions with various entities, the Company is inviting a
shortlist of interested, potential counter-parties to make representations to
the Group. The objective is to secure an offtake agreement for anthracite
deliveries to commence as soon as possible in the new calendar year. It is
anticipated that the new Miranda Coal management team will drive this process.
When mining on Sesikhona phase one gets underway, management will target the
extension of Sesikhona`s existing three defined open pits through a focused
drilling programme. The Group will also be able to consider the development and
mining options available on the adjacent Dwala and nearby Majestic projects. The
first port of call is to confirm the westward extension of the Sesikhona deposit
in to the Dwala prospecting right area. Initial results are extremely
encouraging; with drilling on the south western perimeter of Sesikhona`s lease
area indicating the continuance of coal seams. Dwala`s coal will most likely be
accessed by following the seams from Sesikhona via decline shafts.
Development Project: Glencoe Collieries
In line with the intention to consolidate existing lease areas, Miranda is
planning the development of the Uithoek, Burnside, Boschhoek and Wasbank
prospecting right areas as one combined project. The consolidated project area
covers 10 farms and almost 16 000 ha for an identified SAMREC resource of 94,5
million tonnes. If Sesikhona is Miranda Coal`s pioneer project, Glencoe
Collieries has the potential to become its flagship for the foreseeable future.
The development of Glencoe Collieries will commence with the contiguous open-pit
sections of the Uithoek and Burnside prospecting right areas. Following the
completion of its application for a mining right and the required environmental
impact assessment study, the Company is looking forward to approval of the
Uithoek mining right. The Burnside environmental impact assessment was also
completed and submitted during the first half of 2010. It is expected that the
granting of the Burnside mining right should follow that of Uithoek by
approximately six months.
The current open pit resource on these two areas constitutes a combined 13,5
million tonnes. An internal pre-feasibility investigation has been concluded,
which indicated that around 10,5 million tonnes should be commercially
exploitable over the project`s anticipated seven year life of mine. Delivering a
PCI-equivalent quality primary product for the export steel market and a
secondary, domestic power station coal product, management`s internal assessment
was extremely encouraging and indicative of a robust first phase mining project.
Miranda Coal has decided to commence with a formal feasibility study to provide
investors with greater certainty of the extent and viability of the project. The
feasibility study is targeted for completion after mid-2011, with production set
to commence in the first half of 2012. The new Miranda Coal team will also take
responsibility for this process.
Exploration Projects: KZN
Miranda Coal has divided its prospecting interests in KZN into nine project
areas. Of these, the Dannhauser (Sesikhona) and Glencoe project areas have
advanced furthest in terms of the coal value curve. However, Miranda Coal`s
growing pipeline of exploration projects contain a number of promising
prospects, extending from the Klip River coalfield into the Vryheid and Utrecht
coal fields.
These include the contiguous lease areas of Yarl and Learydale, which form the
core of the Company`s interests in the Newcastle project area. The initial
result of Miranda`s own, limited, first stage field exploration on Yarl has
resulted in a SAMREC inferred resource of 16,9 million tonnes being identified
on the property. Possible combined reconnaissance resources have been estimated
at more than 100 million tonnes on these two properties. The second stage of the
exploration programme has planned a further 30 boreholes on the two properties
to both extend and upgrade the resource classification, as well as to assist in
determining coal qualities.
The coal on Yarl and Learydale is mostly deep and will make for underground
mining. The Miranda Coal management team will be focusing on developing the most
efficient manner in which to gain access to the coal. One possible solution is
that access to Yarl may be obtained via Learydale by using decline shafts. These
matters will be dealt with in a feasibility study for an underground mine, which
is scheduled to commence when drilling is completed on the two properties.
7.2 Other Divisions
The decision taken in 2009 to downscale exploration activities of the diamond
division remained in effect during 2010, as the unfavourable trading and
investment environment for diamonds persisted during the year under review.
Nonetheless, Miranda maintained its interests in the diamond sector in Botswana,
the North West Province (Turffontein project) and the Northern Cape (Lauraville
project) with a view on a possible recovery in the diamond market.
In Botswana, Miranda`s Jwaneng joint venture with Bowa Africa (Pty) Ltd holds
the right to prospect for and mine kimberlite diamonds over an area of 101 930
ha in the Kweneng Province. It is located about two kilometres from the Jwaneng
Diamond mine in an area that is rich with kimberlite pipes. Miranda plans to
continue with a more detailed, second phase desktop analysis of the available
information on the Jwaneng North block, in order to investigate the possible
occurrence of diamonds within the kimberlites.
The Group holds various explorations rights for gold, platinum, base and
industrial minerals. Whilst these prospecting rights will be maintained in the
interim, it is envisaged that the projects will only be developed once the coal
division is operational. They include the Syferbult-Boons gold project, where
the DMR recently issued a new prospecting right to Miranda until 2013 over three
contiguous farms of 4 831 ha in the Ventersdorp district (North West Province).
The results of the planned prospecting works programme over the next 18 months
will determine whether the project will move into the evaluation and mining
feasibility stage.
8. FINANCIAL REVIEW
8.1 Financial results
As at 31 August 2010, the net asset value and net tangible asset value of the
Group amounted to R353.3 million and R13,7 million, respectively (2009: R348,8
million and R14,0 million). This was equivalent to 124,2 cents per share (cps)
and 4,8 cps (2009: 141,0 cps and 5,7 cps).
With no projects yet in production, the Group showed no revenue for the year
(2009: Rnil). Operating expenses amounted to R17,6 million (2009: R11,9
million). The resultant net loss for the year increased to R17,4 million (2009:
R10,9 million), equivalent to a loss of 7,0 cps (2009: loss of 4,5 cps). These
results are consistent with management`s increased focus on developing, in
particular, the Group`s coal project portfolio.
8.2 General share issue
During the current financial period 37 110 074 new ordinary shares were issued
at a cash issue price of 62,62 cps to Global PS Telecom Investment Company
Limited (Global PS). The Group intends to utilise the funds raised through the
Cash Issue in the following manner:
* To fund a possible corporate action at the Miranda Coal level and to ensure
an optimal trade-off between value and timing for Miranda shareholders;
* To provide working capital flexibility for Sesikhona during the early
stages of its first phase open pit anthracite mining operation;
* To fund a feasibility study of the open pit sections of the Group`s Uithoek
and Burnside lease areas; and
* Capital will be allocated to the ongoing development of Miranda`s pipeline
of exploration projects.
9. GROUP PROSPECTS
The Board is satisfied with the manner in which the Group has managed its cash
resources at a time when the financial market participants have been mostly
unaccommodating towards junior mining and exploration companies` capital
requirements. To this extent, the investment by Global PS (see also post-balance
sheet events) will go a long way towards securing the Group`s short- to medium-
term cash requirements. Following the new capital injection into the Group, the
immediate urgency of a corporate action on the Miranda Coal asset portfolio has
dissipated. Whilst a corporate transaction that creates a "see-through" value
of the coal assets is still being anticipated, the immediate focus will now be
on first bringing Sesikhona to production and on completing a feasibility study
and detailed mine plan on the open-pit sections of Uithoek and Burnside. This
will strengthen the value creation process for existing Miranda shareholders.
The board looks forward to a 2011 that will be characterised by major
developments within Miranda as the Group moves steadily towards achieving its
set goals of maturing its projects. The directors are of the opinion that the
delays in meeting some objectives will be overcome in 2011.
10. LITIGATION STATEMENT AND POST-BALANCE SHEET EVENTS
10.1 Litigation Statement
Miranda had applied for the conversion to "new order" rights of certain mineral
titles and rights previously acquired from Goldfields Limited, in the manner
prescribed by the MPRDA. The Group was subsequently advised by the DMR that
certain of these applications had been refused. Consequently, the board of
Miranda exercised its right in terms of the MPRDA to appeal against these
decisions, which the board believes to be without foundation. The appeals were
lodged with the DMR and are at various stages in the legal process. Some appeals
are still being evaluated, during which time the DMR may not grant any of the
affected rights to third parties.
The Board has recently received confirmation from the DMR that its appeal
against the refusal of a prospecting right for its Rozynenbosch is part of a
large inherited backlog and is receiving urgent attention. As a consequence, the
Company has put its legal action against Government on hold pending the outcome
of its appeal. At present, the Board remains firmly of the opinion that Miranda
will be awarded a "new order" prospecting right on Rozynenbosch. The Board is
monitoring the situation on an ongoing basis and will make further announcements
to shareholders as soon as any of the substantive facts related to the matter
change. In the unlikely event of this right not being granted to Miranda, it
could result in an impairment of up to R284 million.
10.2 Post-Balance Sheet Events
The Group is in the process of implementing its agreement with Global PS in
terms of which it has secured further equity funding of a minimum amount of
R70,1 million. The salient features and terms and conditions of the Claw Back
Offer agreement with Global PS provide, inter alia, as follows:
* The remaining authorised but unissued share capital of the Company has been
partially pre-placed with Global PS;
* The Claw Back Offer is being structured so as to ensure that Global PS will
hold no more than 34,99% of the issued share capital of Miranda after its
implementation;
* The Claw Back Offer will take place at a subscription price of 73 cents per
share; and
* The Claw Back Offer is subject to the usual regulatory approvals, including
that of the JSE and the South African Reserve Bank to the extent required.
In terms of the Claw Back Offer, shareholders of the Company will be able to
participate in the Claw Back Offer by exercising their pre-emptive rights at the
Claw Back Offer price of 73 cents per share. The maximum possible amount to be
raised in terms of the Claw Back Offer is R83,6 million. The exact terms and
shareholder documentation related to the Claw Back Offer are being finalised.
11. STATEMENT ON GOING CONCERN
The financial statements have been prepared on the going-concern basis since the
Directors have every reason to believe that the Group has adequate resources in
place to continue in operation for the foreseeable future. The Group will
continue with its strategy of "just-in-time" capital raising as and when
required to fund the exploration programme until such time as cash flow
requirements are being met from internally generated funds.
12. DIVIDENDS
No dividends were recommended or declared for the financial year under review
(2009: nil).
13. ANNUAL GENERAL MEETING
The notice of the annual general meeting will be included in the annual report
that will be posted to shareholders in due course.
For and on behalf of the Board
AR Thompson RJ Nel AM Botha
Chairman Chief Executive Officer Financial Director
30 November 2010
Centurion
CORPORATE INFORMATION: www.mirandaminerals.com
Sponsor:
PricewaterhouseCoopers Corporate Finance (Proprietary) Ltd, 2 Eglin Road,
Sunninghill, 2157
(Private Bag X36, Sunninghill, 2157)
Corporate adviser:
Touchstone Capital (Proprietary) Ltd, Ground Floor, Pecanwood Building, The
Greens Office Park, Charles de Gaulle Crescent, Highveld Techno Park, Centurion
(PO Box 36254, Menlo Park, 0102)
Transfer secretaries:
Computershare Investor Services (Pty) Limited, 70 Marshall Street, Johannesburg,
2001
(PO Box 61051, Marshalltown, 2107)
Telephone number: 011 370 5000
Company secretary and place where registers are kept:
Fusion Corporate Secretarial Services (Pty) Ltd, represented by Melinda van den
Berg, Nr 56 Regency Road, Route 21 Corporate Park, Nellmapius Drive, Irene,
Centurion
(PO Box 68528, Highveld, 0169)
Telephone number: 082 896 0548
Company registered office:
Ground Floor, Pecanwood Building, The Greens Office Park, Charles de Gaulle
Crescent, Highveld Techno Park, Centurion
Company Postal Address:
PO Box 1045, North Riding, 2162
Company Contact Numbers:
Telephone: 012 665 4200
Fax: 012 665 4258
Email: info@mirandaminerals.com
Date: 30/11/2010 08:00:04 Produced by the JSE SENS Department.
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