LYNAS RARE EARTHS LIMITED Rule 5.5
Mining exploration entity and oil and gas exploration entity quarterly reportIntroduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/2013
Name of entity
LYNAS CORPORATION LIMITED ("the Group")
ABN Quarter ended ("current quarter")
27 009 066 648 31 March 2015
Consolidated statement of cash flowsCash flows related to operating activities
1.1 Receipts from product sales and related debtors*
1.2 Payments for (a) exploration & evaluation
(b) development
(c) production
(d) administration(i)
1.3 Dividends received
1.4 Interest and other items of a similar nature
received
1.5 Interest and other costs of finance paid
1.6 Income taxes (paid)/received
1.7 Other (provide details if material) (ii)
Net Operating Cash Flows
(i) Administration includes sales commissions.
+ See chapter 19 for defined terms.
01/05/2013 Appendix 5B Page 1
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
(ii) Royalties paid in relation to shipment of rare earth concentrate from Australia to
Malaysia.
(iii) Payments include amounts for property, plant and equipment and intangibles.
1.13 Total operating and investing cash flows (brought forward) | (26,050) | (48,002) |
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings (refer to item 3.1 (i)) 1.18 Dividends paid 1.19 Other: a. Interest & other costs of finance paid(i) b. Interest & other items of a similar nature received Net financing cash flows | 4 (707) 135 | 82,977 (11,371) (20,116) 339 |
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings (refer to item 3.1 (i)) 1.18 Dividends paid 1.19 Other: a. Interest & other costs of finance paid(i) b. Interest & other items of a similar nature received Net financing cash flows | (568) | 51,829 |
Net (decrease)/increase in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Net exchange rate adjustments 1.22 Cash at end of quarter | (26,618) 70,780 283 | 3,827 38,144 2,474 |
Net (decrease)/increase in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Net exchange rate adjustments 1.22 Cash at end of quarter | 44,445 | 44,445 |
(i) Total year to date interest and other costs of finance paid include, interest on convertible bonds of A$4.2M, interest on Sojitz facility of A$8.2M, underwriting fees on shares placement and rights issue of A$5.1M and funding and debt restructuring related costs of A$2.6M.
*Year to date FX translation has been adjusted from a period end to a month end conversion in line with the treatment for the Profit and Loss statement.
1.23 Aggregate amount of payments to the parties included in item 1.2
1.24 Aggregate amount of loans to the parties included in item 1.10
Current quarter
$A'000
541
Nil
1.25 Explanation necessary for an understanding of the transactions
Nil
2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
+ See chapter 19 for defined terms.
Appendix 5B Page 2 01/05/2013
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
Nil
2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest
Nil
Add notes as necessary for an understanding of the position.
3.1 Loan facilities (i)
3.2 Credit standby arrangements
(i) The Group has a US$225M fully drawn facility from a SPC established by Sojitz and JOGMEC (the "Sojitz Facility"). Principal repayments of US$10M each were made on January 19, 2014 and October 2, 2014 reducing the principal outstanding to US$205M.
In addition, the Group has a US$225M Convertible Bond facility on issue.
Pursuant to a binding term sheet dated March 12, 2015, the Senior Lender under the Group's Sojitz loan facility and Lynas agreed to reduce the cash flow burden of the Sojitz loan facility on Lynas, including by deferring the repayments previously due on 31 March
2015 and 30 June 2015 until 30 June 2016. The Senior Lender and Lynas also agreed that each interest payment that is due in calendar year 2015 will be deposited into a restricted bank account, with the payments available, at the lender's discretion, for reuse in the Lynas business in the coming 12 month period.
In addition, pursuant to a binding term sheet dated March 12, 2015, Lynas and the Convertible bondholders led by Mount Kellett agreed to reduce the cash flow burden of the Convertible Bonds on Lynas by agreeing that each interest payment that is due in calendar year 2015 will be deposited into a restricted bank account, with the payments available, at the lender's discretion, for reuse in the Lynas business in the coming 12 month period
$A'000
+ See chapter 19 for defined terms.
01/05/2013 Appendix 5B Page 3
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
4.1 Exploration and evaluation
4.2 Development
4.3 Production
4.4 Administration (including interest payments and sales commissions)(i)
(i) The total forecast cash outflow for the next quarter does not include the transfer of funds of approximately A$9M to fund the interest payment due to Sojitz and Convertible Bondholders in March 2016. The amount will be deposited into restricted accounts but no payout is scheduled until 31 March 2016.
Reconciliation of cashReconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.
Changes in interests in mining tenements and petroleum tenements
6.1 Interests in mining tenements and petroleum tenements relinquished, reduced or lapsed
6.2 Interests in mining tenements and petroleum tenements acquired or increased
+ See chapter 19 for defined terms.
Appendix 5B Page 4 01/05/2013
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report Issued and quoted securities at end of current quarterDescription includes rate of interest and any redemption or conversion rights together with prices and dates.
7.5 +Convertible debt securities (description)
7.6 Changes during quarter
(a) Increases through issues (b) Decreases through securities matured, converted
+ See chapter 19 for defined terms.
01/05/2013 Appendix 5B Page 5
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
7.12 Unsecured notes (totals only)
+ See chapter 19 for defined terms.
Appendix 5B Page 6 01/05/2013
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report Compliance statement1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).
2 This statement does give a true and fair view of the matters disclosed.
Sign here: Date: 24 April 2015 (Company secretary)
Print name: Andrew Arnold
+ See chapter 19 for defined terms.
01/05/2013 Appendix 5B Page 7
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly reportAppendix A - Schedule of interests in mining tenements held as at 31 March 2015
Tenement Reference | Holder | Location | % Interest at beginning of Quarter | % Interest at end of Quarter | Notes |
M 38/58 | Mt Weld Mining Pty Ltd* | Mt Weld, Western Australia | 100 | 100 | Nil |
M 38/59 | Mt Weld Mining Pty Ltd | Mt Weld, Western Australia | 100 | 100 | Nil |
M 38/326 | Mt Weld Mining Pty Ltd | Mt Weld, Western Australia | 100 | 100 | Nil |
M 38/327 | Mt Weld Mining Pty Ltd | Mt Weld, Western Australia | 100 | 100 | Nil |
ML 38/98 | Mt Weld Mining Pty Ltd | Mt Weld, Western Australia | 100 | 100 | Nil |
E 38/2224 | Mt Weld Mining Pty Ltd | Mt Weld, Western Australia | 100 | 100 | Nil |
E 38/2359 | Mt Weld Mining Pty Ltd | Mt Weld, Western Australia | 100 | 100 | Nil |
E 38/2558 | Mt Weld Mining Pty Ltd | Mt Weld, Western Australia | 100 | 100 | Nil |
L 38/224 | Mt Weld Mining Pty Ltd | Mt Weld, Western Australia | 100 | 100 | Nil |
E 38/3333 | Mt Weld Mining Pty Ltd | Mt Weld, Western Australia | 0 | 100 | Nil |
ML 0122/2003 | Lynas Africa Limited** | Kangankunde, Malawi | 100 | 100 | Nil |
* Mt Weld Mining Pty Ltd is a wholly owned subsidiary of Lynas Corporation Limited
** Lynas Africa Limited is a wholly owned subsidiary of Lynas Corporation Limited
+ See chapter 19 for defined terms.
Appendix 5B Page 8 01/05/2013
|
distributed by
|
