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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