Friday 28 June, 2013
Final Results Year End 2012
Corporate Highlights
- Transition from an exploration and development company into a copper producer
- Yerlan Aliyev appointed as CEO and Chairman.
Operational Highlights - Benkala
- Commencement of mining operations, full commissioning of the crushing circuit, agglomeration and conveyor systems
- Two leach pads completed, with additional two under construction at the end of 2012
- 1,730,000 tonnes of waste mined; 435,000 tonnes of ore mined; 292,200 tonnes of ore processed containing 3,300 tonnes of Copper
- 3,894 metres (20 holes) of drilling completed at Benkala; 1,062 metres (8 holes) of drilling completed at South Benkala
- Benkala SX-EW plant was launched in August 2012 with 692 tonnes of LME Grade A copper cathode produced
- In September 2012 the first shipment of copper cathode was made.
Operational Highlights - Baitemir
- Exploration programmes progressed as planned, with 8,032 metres of drilling and 30,056 cubic metres of trenching completed in 2012
- Successful assay results, revealing a significant new copper mineralised footprint (with associated gold, silver and molybdenum) of a total length of 2,000 metres and a width of 400 metres.
Financial Highlights
- Revenue $5.4 million (2011: $3.2 million)
- Profit (Loss) Before Tax of $(11.4) million loss (2011: $(17.0) million loss before revaluation gain and income tax )
- Earnings (Loss) per Share of $(0.01) (2011: $0.02 earnings)
- Net Asset Value of $150.0 million (2011: $161.2 million)
- Successful refinancing of the group providing further financial stability:
- Sberbank debt facility of $35.0 million
- Raised $6.6 million in loan notes
- Repaid $2.6 million of debt.
Post-Period Highlights
- Sberbank debt facility increased by $17.9 million, with term of the entire facility extended till October 2018
- DAMU, Entrepreneurship Development Fund, interest rate subsidy of 5% on more than 50% of the existing Sberbank loan secured
- Operations restarted following winter shut down, first shipments made in June 2013 as planned.
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