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KBO
KBO
KBO - Kibo Mining Plc - Half year results for the period ended 31 March 2011
Kibo Mining Plc
(Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B61XQX41
("Kibo" or "the Company")
Half year results for the period ended 31 March 2011
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX: KBO) the mineral
exploration and development company focused on gold and nickel projects in
Tanzania, is pleased to announce its unaudited half year results for the period
ended 31 March 2011.
Noel O`Keeffe, CEO of the Company, commented today:
"These interim accounts show an increase in our issued share capital following
acquisition by the Company of Morogoro Gold Limited and an accompanying equity
investment by Mzuri Gold Limited during the period. Subsequent to 31 March 2011
the Company has completed a listing on AltX of the JSE Limited ("JSE") and
completed an additional placing of ZAR12,002,200 (
GBP1.1 million) with South
African investors. I now look forward to a successful exploration programme over
the remainder of 2011 which I am confident will continue to increase value in
our Tanzanian assets."
Highlights from the Chairman, Christian Schaffalitzky`s statement:
Recently completed Kibo-Mzuri transaction represents a " significant development
for the Company";
Successful placing in South Africa raised
GBP1.1 million in new funding;
Continuing good results from the Haneti nickel project during period and
metallurgical testing of ore at the Itetemia project is now in progress;
Field exploration programmes for 2011 have commenced; and
New Tanzanian Mining Act passed during period.
Chairman`s Statement
Dear Shareholder,
I am pleased to present our accounts for the six month period ending 31 March
2011. During this period the Company signed an agreement with Cyprus based,
Mzuri Gold Limited, which represented a significant development for your Company
and provided for new investment, new projects, a dual listing on AltX of the JSE
and the appointment of new directors to the Board. I am pleased to report that
all the terms of the Kibo-Mzuri Agreement have been completed following the
Company`s listing on AltX on 30 May 2011 and a placing with South African
investors on the 1 June 2011 which raised ZAR12 million (
GBP1.1 million) in
new funding. I would like to use this opportunity to welcome Tinus Maree and
Wenzel Kerremans to the Board. I know that their experience in the mineral
resource sector particularly in finance and operations in Africa will be of
great benefit to the Company as we progress. During the reporting period, we
reduced our field exploration activity to accommodate the negotiation and
completion of the Kibo-Mzuri agreement. However, we completed some field work at
our Haneti and Itetemia projects during the period with encouraging results as
discussed under "Exploration" below. Following completion of our corporate
transaction we have commenced our 2011 field programmes and we look forward to
reporting on activities and results over the coming months.
Corporate
I believe that completion of the Kibo-Mzuri agreement marks a significant event
in the development of your Company. It has brought on board a strategic partner
with previous investment success in Tanzania and who has proven capabilities in
the areas of operations and mineral resource financing in Africa. Our expanded
ground position gives us access to one of the largest mineral licence portfolios
in Tanzania strategically located close to producing mines in the Lake Victoria
region of northern Tanzania and within the newly emerging gold areas of central
and eastern Tanzania. Our listing on AltX raises our visibility in Africa,
provides an additional market through which our projects can be funded and
facilitates acquisitions of additional assets in Africa.
Exploration
A field programme was conducted at our Haneti project during the reporting
period with results released to the market in early April 2011. The programme
comprised follow-up trenching and soil sampling on previously generated high
nickel and gold soil anomalies on prospects east of Haneti village. The
trenching confirmed anomalous nickel up to 0.4% with associated cobalt over
significant widths at the Mwaka and Mihanza hill targets. At Kwahemu Hill infill
soil sampling produced a coherent nickel and gold anomaly over 1.5 km and open
ended to the west. During 2011, an aerial geophysical survey will be undertaken
over the entire prospective nickel belt with drilling to follow on priority
targets. At Itetemia, we have continued to investigate mine development options
and conducted an on-site assessment during the period with an African mine
engineer experienced in small scale mine commissioning and operations.
Metallurgical test sampling of Itetemia ore is currently being conducted at
Mintek in South Africa and results are expected shortly. Following our
successful drilling at Luhala during 2010, we are now planning for follow up
drilling at the project during 2011.
Tanzania
The new Tanzanian Mining Act was passed in November 2011 with an increase in
mineral royalties (increase from 3% to 4% for gold) and provision for a
negotiated free carried interest on projects with capital development costs
exceeding USD100 million being the headline changes. There is on-going
discussion between the mineral exploration companies and the Government on
clarifying some of the issues arising from the transition from the old to the
new Mining Act but I believe these are being successfully addressed. There is
discussion in Tanzanian Government circles of imposing a super-profit tax on
mining companies similar to what is being implemented in Australia. This
reflects recent moves by many countries both developed and developing to higher
state participation and levying of higher taxes on mining companies encouraged
by rising commodity prices. Kibo together with its peers in Tanzania continue to
advocate to the Tanzanian Government the implications of endangering foreign
investment in the country`s mineral resource sector by progressive increases in
mining taxes. I am optimistic that the Tanzanian authorities will be sensitive
to not compromising the country`s status as one of the most attractive mineral
exploration destinations in Africa and consider all the issues carefully before
implementing further tax increases.
In conclusion, I wish to thank shareholders for their support while we re-
structured the Company over the last six months as we now look forward to
getting our feet on the ground and implementing our exploration plans in order
to unlock the value in our Tanzanian assets.
Christian Schaffalitzky
Chairman
Kibo Mining plc
Unaudited condensed consolidated half yearly statement of comprehensive income
For the six months ended 31 March 2011
6 months 6 months 12 months
to to to
31 March 31 March 30
2011 2010 September
2010
Continuing Operations GBP GBP
GBP
Administrative expenses (421,132) (478,047)
(347,797)
Operating Loss (421,132) (347,797) (478,047)
Finance income - 2,947 2,957
Loss on ordinary (421,132) (344,850) (475,090)
activities before tax for
the period
Tax - - -
Loss for the period (421,132) (475,090)
(344,850)
Other comprehensive
income:
Exchange differences on (3,657) (28) (3,296)
translating foreign
operations
Other comprehensive income (3,657) (28) (3,296)
for the period, net of tax
Total comprehensive income (424,789) (344,878) (478,386)
for the period
Loss for the period (421,132) (344,850) (475,090)
attributable to
Owners of the parent
Total comprehensive income (424,789) (344,878) (478,386)
attributable to:
Owners of the parent
Loss per share (pence) 0.15 0.21 0.23
Unaudited condensed consolidated half yearly statement of financial position
As at 31 March 2011
6 months to 6 months 12
31 March to months to
2011 31 March 30
2010 September
2010
GBP GBP
GBP
Assets
Non-current assets
743 352 1,306
Land, property, plant and
equipment
Intangible assets 6,223,672 4,043,578 4,266,063
Total non-current assets 4,267,369
6,224,415 4,043,930
Current assets
Trade and other receivables 22,981
30,996 87,847
Cash and cash equivalents 421,359
568,243 877,076
Total current assets 444,340
599,239 964,923
Total assets 4,711,709
6,823,654 5,008,853
Equity
Called up share capital 2,903,439 2,132,295
2,132,295
Share premium 5,211,929 3,533,115
3,533,316
Translation reserve (14,165) (10,508)
(7,240)
Share options 32,250 32,250
-
Retained earnings (1,484,250) (1,063,118)
(932,878)
Total equity 6,649,203 4,624,034
4,725,493
Liabilities
Current liabilities
Trade and other payables 174,451 87,675
283,360
Total current liabilities 174,451 87,675
283,360
6,823,654 4,711,709
Total equity and 5,008,853
liabilities
Unaudited condensed consolidated half yearly statement of changes in equity
For the six months ended 31 March 2011
changes in Share Share Retained Total
capital premium earnings
Share
based Translation
payment reserve
reserve
GBP GBP GBP GBP
GBP GBP
Balance at 2,983,803 (588,028) 3,671,330
1 October 1,282,767 - (7,212)
2009
Other - - (28) (28)
comprehensive
income -
exchange - -
differences
on
translating
foreign
operations
Loss for the - - (344,850) (344,850)
period - -
Total - - (344,850) (344,878)
comprehensive - (28)
income
849,528 549,513 - 1,399,041
Issue of - -
share capital
(net of
expenses)
Balance at 3,533,316 (932,878) 4,725,493
31 March 2010 2,132,295 - (7,240)
Balance at 1 3,533,316 (932,878) 4,725,493
April 2010 2,132,295 - (7,240)
Other - - (3,268) (3,268)
comprehensive
income -
exchange - -
differences
on
translating
foreign
operations
Loss for the - - (130,240) (130,240)
period - -
Total - - (130,240) (133,508)
comprehensive - (3,268)
income
Share based - - - 32,250
payments 32,250 -
- (201) - (201)
Issue of - -
share capital
(net of
expenses)
Balance at 3,533,115 (1,063,118) 4,624,034
30 September 2,132,295 32,250 (10,508)
2010
Other - - - (3,657)
comprehensive
income -
exchange - (3,657)
differences
on
translating
foreign
operations
Loss for the - - (421,132) (421,132)
period - -
Total - -
comprehensive - (3,657) (421,132) (424,789)
income
771,144 1,678,814 - 2,449,958
Issue of
share capital - -
(net of
expenses)
Balance at 2,903,439 5,211,929 (1,484,250) 6,649,203
31 March 2011 32,250 (14,165)
Unaudited consolidated half yearly statement of cash flow
For the six months ended 31 March 2011
6 months to 6 12 months
31 March months to to
2011 31 March 30
2010 September
2010
GBP GBP
GBP
Operating loss for the period (421,132) (344,850) (475,090)
Adjusted for:
Depreciation 563 1,067 426
Investment revenue - (2,947) (2,957)
Foreign exchange (loss)/gain (3,657) - (3,296)
Share based payments - - 32,250
Operating income before working
capital changes
Change in trade and other (8,015) (85,788) (20,922)
receivables
Change in trade and other 86,777 56,703 (138,982)
payables
Foreign exchange differences - (28) -
_______ _______ ________
Cash generated from Group (345,464) (375,843) (608,571)
operations
_______
__________ _________
__
Cash flows from investing
activities
Purchase of intangible assets (1,957,609) (215,569) (438,367)
Interest received - 2,957
2,947
Net cash used in investing (435,410)
activities (1,957,609) (212,622)
Cash flows from financing
activities
Proceeds from issue of share 2,449,957 1,398,840
capital 1,399,041
Net cash proceeds from 1,398,840
financing activities 2,449,957 1,399,041
Net increase in cash and cash 146,884 354,859
equivalents 810,576
Cash and cash equivalents at
beginning of period 421,359 66,500 66,500
568,243 421,359
Cash and cash equivalents at 877,076
end of period
Notes to the unaudited consolidated half yearly financial statements
For the six months ended 31 March 2011
General information
Kibo Mining Plc ("the Company") is a public limited company incorporated in
Ireland. The Group financial statements consolidate those of the Company and its
subsidiaries (together referred to as the "Group"). The Company`s shares are
listed on the Alternative Investment Market ("AIM") of the London Stock Exchange
and from the 30 May 2011 on the AltX of the JSE. The principal activities of
the Company and its subsidiaries are related to the exploration for and
development of gold and other minerals in Tanzania.
Statement of Compliance and basis of preparation
The Financial Statements are for the six months ended 31 March 2011. They do
not include all the information required for full annual financial statements
and should be read in conjunction with the audited consolidated financial
statements of the Group for the year ended 30 September 2010, which were
prepared under International Financial Reporting Standards ("IFRS") as adopted
by the European Union ("EU").
The financial information is prepared under the historical cost convention and
in accordance with the recognition and measurement principles contained within
IFRS as endorsed by the EU.
The comparative amounts in the Financial Statements include extracts from the
Company`s consolidated financial statements for the year ended 30 September
2010. These extracts do not constitute statutory accounts in accordance with
the Irish Companies Acts 1963 to 2009.
Basic and headline loss per share
Basic earnings per share
The basic and weighted average number of ordinary shares used in the calculation
of basic earnings per share are as follows:
6 months to 6 months to 12 months
31 March 31 March to
2011 2010 30
September
2010
GBP
GBP GBP
Loss for the year
attributable to equity (421,132) (344,850) (475,090)
holders of the parent
Weighted average number of
ordinary shares for the 279,596,711 167,179,947 210,675,850
purposes of basic earnings
per share
Basic and headline loss per 0.15 0.21 0.23
ordinary share (pence)
___________ ___________ ___________
____ ____ ____
Called up share capital and share premium
Authorised share capital of the company is 800,000,000 ordinary shares of 0.01
euro each.
Details of issued capital are as follows:
Number of Nominal Share
Shares Value Premium
Ordinary GBP GBP
shares of
Euro0.01
each
At 1 October 2009 159,477,696 1,282,767 2,983,803
Shares issued in the period
(net of expenses) 94,448,178 849,528 549,513
for cash
Balance at 31 March 2010 253,925,874 2,132,295 3,533,316
Shares issued in period (net - - (201)
of expenses) for cash
Balance at 30 September 2010 253,925,874 2,132,295 3,533,115
Shares issued in period (net 30,666,667 269,491 480,466
of expenses) for cash
Shares issued in period for
acquisition of 56,666,667 501,653 1,198,348
Morogoro Gold Limited
Balance at 31 March 2011 341,259,208 2,903,439 5,211,929
Post Balance Sheet events
During May 2011, subsequent to the period end,, Kibo Mining plc was admitted to
the ALTX of the JSE ,where it also completed a placing and raised ZAR 12m.
Enquiries:
Noel +353 91 Kibo Mining plc Chief
O`Keeffe 384562 Executive
Officer
John 020 7776 Daniel Stewart & Nominated
Simpson 6550 Company Plc Adviser
Andrew +27 83 44 River Group Designated
Lianos 083 65 Adviser - JSE
Fiona 020 7448 Alexander David Joint Broker
Kinghorn 9820 Securities Limited
Anthony 020 7628 Loeb Aron & Company Joint Broker
Kluk 1128 Limited
Updates on the Company`s activities are regularly posted on its website
www.kibomining.com
29 June 2011
Pretoria
Sponsor
River Group
Date: 29/06/2011 14:00:02 Produced by the JSE SENS Department.
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