| Fri 1 Dec 2006, 12:17 | | Thabex - Unaudited interim results for the six mon |
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Thabex - Unaudited interim results for the six months ended 31 August 2006
Thabex Exploration Limited
("Thabex" or "the Company")
Registration No 1988/000763/06
(Incorporated in the Republic of South Africa)
Young Lions Exploring Africa
JSE share code: TBX
ISIN Code: ZAE000013686
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2006
CONSOLIDATED BALANCE SHEET Six months Six months Year
ended ended ended
31 August 31 August 28 February
2006 2005 2006
Unaudited Unaudited Audited
R"000 R"000 R"000
Assets Note
Non-current assets 1,070 95 927
Mining assets and equipment 1,070 95 927
Current assets 10,699 16,523 13,476
Inventories 1,521 592 1,559
Trading investments 1,226 742 782
Trade and other receivables 3,216 987 2,290
Taxation refundable 1 4,285 - 4,285
Cash and cash equivalents 451 14,202 4,561
Total assets 11,769 16,618 14,403
Equity and liabilities
Capital and reserves
Share capital 1,701 1,701 1,701
Share premium reserve 17,203 17,203 17,203
Treasury shares (241) - (241)
Accumulated loss (7,510) (2,464) (4,657)
Total equity attributable to 11,153 16,439 14,005
equity of the parent
Minority interest - - -
Total equity 11,153 16,439 14,005
Non-current liabilities
Non interest bearing Long-term - - -
Liabilities
Current liabilities 617 179 398
Trade and other payables 617 69 398
Provisions - 110 -
Total equity and liabilities 11,769 16,618 14,403
Shares in issue 17,006,887 17,006,887 17,006,887
Net asset value per share 1 65.58 96.66 82.35
(cents)
Net tangible asset value per 65.58 96.66 82.35
share(cents)
CONSOLIDATED INCOME STATEMENT
Revenue 54 32 46
Cost of sales (49) (29) (43)
Gross Income 5 3 2
Other operating income 169 - 131
Administration expenditure (1,256) (1,324) (1,731)
Other operating expenses (1,999) (494) (2,887)
Operating loss (3,080) (1,815) (4,486)
Income from investments 227 586 1,027
Loss before taxation (2,853) (1,229) (3,459)
Taxation - - -
Loss for the period (2,853) (1,229) (3,459)
Attributable to:
Equity holders of the parent (2,853) (1,218) (3,438)
Minority interest - (11) (146)
Weighted average number of 17,006,887 17,006,887 17,006,887
shares in issue
Basic loss per share (cents) (16.77) (7.23) (20.34)
Diluted loss per share (cents) (16.77) (7.23) (20.34)
Headline loss per share (cents) (5.21) (6.63) (17.99)
RECONCILIATION OF HEADLINE LOSS
Reconciliation between loss and
headline loss
Loss attributable to ordinary (2,853) (1,229) (3,459)
shareholders
Provision for losses in - 101 -
subsidiaries
Impairment of goodwill - - 400
Impairment of loans in 1,967 - -
subsidiaries
Headline loss (885) (1,128) (3,059)
CONSOLIDATED CASHFLOW STATEMENT
Cash utilised in operating (3,967) (5,594) (13,560)
activities
Cash outflow from investing (143) (52) (1,763)
activities
Cash outflow from financing - (61) -
activities
Net decrease in cash resources (4,110) (5,707) (15,322)
Cash at beginning of period 4,561 19,909 19,883
Cash at end of period 451 14,202 4,561
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
Equity 18,663 18,903 18,663
Share Capital 1,701 1,701 1,701
Share Premium 17,203 17,203 17,203
Treasury shares (241) - (241)
Accumulated Loss (7,510) (2,427) (4,657)
Accumulated Loss at the (4,657) (1,198) (1,199)
beginning of period
Net loss for period (2,853) (1,229) (3,459)
Minority interest - - -
Minority interest at the - - 10
beginning of year
Minority interest in loss of - - (10)
subsidiary
Note 1: Taxation on the sale of subsidiaries was previously incorrectly recorded
as revenue in nature in the tax computation. The calculations have been revised
to calculate the Capital Gains on the transactions and the tax charge adjusted
accordingly. The adjustment increased the net asset value per share and tangible
net asset value per share at 31 August 2005 from 71.49 cents per share to 96.66
cents per share.
Review of operations and future prospects
Coal
The Company has disposed of its 40% interest in Black Economic Empowerment
("BEE") company, Abarawaki Investments (Pty) Ltd ("Abarawaki"), at cost and
repayment of Thabex"s loan account in the amount of R250 000, to the present BEE
shareholders of Abarawaki. The Company does not intend to become involved in
lengthy litigation between Anglo Operations Ltd"s and the Department of Mineral
and Energy ("DME") relating to some applications for new order prospecting
rights applied for by Abarawaki and accepted by the DME (Case 10536/2006).
Diamonds
Lesotho
Angel Diamonds (Pty) Ltd, 80% held subsidiary of Thabex, commenced repairing a
4,23km gravel road to the Kolo kimberlite prospect in order to move plant and
equipment to the site. It is expected that processing kimberlitic material will
commence during the first quarter of 2007.
South Africa
As announced on SENS on 29 November 2006, the Company has agreed to acquire the
entire issued share capital of Minnex Exploration Ltd ("Minnex") for R8 million.
Minnex has several diamond exploration projects and one base mineral project in
South Africa and a kimberlite exploration project in Namibia, where it has a
joint venture with Namdeb. A New Order Prospecting Right on Portion 1 of farm
the Middelwater 18 has been granted by the DME.
Gold
Thabex has entered into a Heads of Agreement with Uganda based exploration
company, Devex Ltd ("Devex"), to form a 50/50 Joint Venture in Uganda to explore
and possibly develop the gold potential of the Mafuga Forest Exclusive License
(EL 0103,) covering 178 km2, held by Devex.
Base Minerals
Wholly owned subsidiary Thaba Egoli Mining & Exploration Ltd ("Thaba Egoli") has
been granted a New Order Prospecting Right on the farm Adjoining Geelvloer 197
in the Northern Cape Province, where its Salt River Base Mineral project is
situated. Thaba Egoli"s application of a Prospecting Right on the adjacent
properties Graafwater 198 and Southputs North, substantially increasing the
potential of the Salt River Project, has been accepted by the DME. A total of 28
diamond core boreholes were drilled on the area. The second phase of drilling
has been completed and the results of the balance of 11 boreholes will published
as soon as the same have been received. The mineral resource of the project will
be updated to include these results. Two of the above boreholes have been
drilled at an incline (45 and 60 degrees) through the mineralized zones to
obtain sufficient sulphide material to conduct a bench scale metallurgical tests
at SGS Lakefield laboratory.
Mining Charter and BEE
In terms of the requirements of the Mining Charter the Company is 26.7% BEE
owned.
Beneficiation
The new ABSA International Trade Bureau being constructed opposite the
International Arrivals Terminal at the OR Tambo International Airport is
expected to be operational at the end of January 2007. Thabex will have a long
term exhibition stand at this prestige business venue.
Proposed secondary listing on the Alternative Investment Market ("AIM")
On completion of the Salt River Base Mineral Project pre-feasibility, the
Company intends to apply for a secondary listing on the AIM market in London to
raise sufficient funds to complete a bankable feasibility on the Salt River
Project.
Dividend
No dividend has been declared for the period.
Basis of accounting
These consolidated interim results have been prepared in accordance with
International Financial Reporting Standards (IFRS).
Accounting policies
The principal accounting policies of the Group are consistent with those applied
in the audited financial statements for the year ended 28 February 2006.
Review of results
The financial information contained in this interim statement has not been
reviewed and reported on by the auditors of the Company.
On behalf of the board
JR Rapoo Marius Welthagen
Chairman Chief Executive
Johannesburg 1 December 2006
Registered office:
KPMG Forum, 1226 Schoeman Street, Hatfield, Pretoria, 0083
Auditors:
KPMG Inc.
KPMG Forum, 1226 Schoeman Street, Hatfield, Pretoria, 0083
Company secretaries:
SA Mineral Investments (Pty) Ltd
51 Austin Street, Northcliff, Johannesburg, 2195
Company transfer secretaries:
Link Market Services South Africa Pty) Ltd
11 Diagonal Street, Johannesburg, 2001
Explore our website: www.thabex.com
E-mail: info@thabex.com
Telephone number: +27 11 459 6600 or 0860 THABEX (0860 842239)
Sponsor:
PSG Capital Limited
Directorate:
JR Rapoo, M Welthagen*, JL Bosch, Prof DL Reid**, AP Roux
*Executive director, ** New Zealand
Date: 01/12/2006 12:17:10 PM Produced by the JSE SENS Department
