South American Ferro Metals Limited: Annual Report for the Year Endet 30 June 2013
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South American Ferro Metals Limited: Annual Report for the Year Endet 30 June 2013
•Revenue of $19.59 million for the year ended 30 June 2013 (FY2012: $17.69million) representing sales of 598,202 tonnes of beneficiated product (FY2012: 523,378 tonnes)
•Annual beneficiated production increased from 506,632 tonnes in FY2012 to 626,134 tonnes in FY2013 from its Ponto Verde Iron Ore Project in Brazil
•Net profit before tax of $2.48 million for FY2013 (FY2012: $3.79 million)
•Cash generated from operating activities of $2.7 million has been utilised to fund the Company’s expansion plans.
South American Ferro Metals Limited (ASX: SFZ) (“SAFM” or the “Company”) presents its Annual Report for the year ended 30 June 2013.
Summary of income statement
To view the entire press release please follow the link:
http://clients2.weblink.com.au/clients/safm/article.asp?view=6648035
Results of operation
SAFM has reported a net profit before tax of $2.48 million for the year ended 30 June 2013 (FY2012: profit: $3.79 million), on a Turnover of $19.59 million (FY2012: $17.69 million).
Production of beneficiated product experienced unexpected set backs between April 2013 and June 2013 which negatively impacted the financial results for the year. These difficulties were caused by a combination of factors including a late, prolonged and heavy rainy season that resulted in water reticulation problems, as well as poor water quality that impacted the performance of the Cone crusher. The operations also experienced longer than expected impediments to output of Concentrate 1 during commissioning of the Concentrator 2 plant.
SAFM has implemented effective and sustainable water management improvements and has installed additional maintenance programmes. Production has steadily improved after year end, with record monthly beneficiated production achieved in August 2013 and it is expected to continue to increase in the coming months.
Earnings before Interest, Depreciation and Amortisation (“EBITDA”) for the period amounted to $3.1 million (FY2012:$4.0 million) which fully funded the Concentrator Two construction that was completed on 26 April 2013.
The Group’s balance sheet remains strong with shareholder equity of $22.4 million. In June 2013, SAFM raised a two year loan of US$15 million from Deutsche Bank which was fully drawn down after year end. The loan facility, together with forecast cash to be generated from operations is expected to provide SAFM with the necessary funds to complete its Bankable Feasibility Study (“BFS”) for the proposed expansion to 8 million ROM tonnes during the current financial year.
SAFM Managing Director Stephen Turner said:
“During the financial year ended 30 June 2013, SAFM achieved significant milestones in its goals of becoming an 8 million tonne ROM iron ore producer. These included the upgrade of its Ponto Verde JORC resource to 301.06 Mt, entering into a memorandum of understanding with MRS to develop a rail transportation logistics solution, as well as concluding an agreement with Logicamms Consultants Pty Ltd for the final scope of work of its BFS.
The company successfully completed construction of its second Concentrator which has significantly increased the production capacity and total mass recovery of its operation, as well as providing SAFM with sustainable operating cash flow to fund its growth plans.
I would like to acknowledge the efforts of our Management and Staff for achieving the result during a difficult year as well as significantly progressing its BFS.”
For more information:
South American Ferro Metals (SAFM)
Stephen Turner (Managing Director)
Australia: +6141844 0844
About South American Ferro Metals:
South American Ferro Metals Limited owns 100% of the mineral rights and property of the Ponto Verde Iron Ore Project in Brazil. Ponto Verde is located in the heart of the Iron Ore Quadrilateral, 55 kilometres from the town of Belo Horizonte in the state of Minas Gerais. The Iron Ore Quadrilateral is a prolific iron ore mining area, and the Project is located proximate to established mining operations, iron and steel plants and existing infrastructure.
SAFM currently sells three iron ore products from its Ponto Verde mine to local steel producers in Brazil. The Company is currently completing its Bankable Feasibility Study (“BFS”) to expand Ponto Verde to a capacity of 8 Mtpa ROM throughput, from its current 1.5 Mtpa licenced capacity.
SAFM has a JORC Resource at Ponto Verde of 301.06 million tonnes at 40.65% Fe, including Measured Resources of 72.76 Mt at 41.06% Fe, Indicated Resources of 101.96 Mt at 40.68% and Inferred Resources of 126.3 Mt at 40.45% Fe.
Competent Persons
Information in this statement that relates to the JORC resource at Ponto Verde is based on information compiled by Mr Bernardo Hurta de C Viana (Phase I) and Mr Porfirio Cabaleiro (Phase II) both of Coffey Mining (Brazil). Both are Members of the Australasian Institute of Mining and Metallurgy. Mr Viana and Mr Cabaleiro have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they have each undertaken to qualify as a “Competent Person” as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore reserves (the JORC Code). Mr Viana and Mr Cabaleiro have consented to the inclusion in this announcement of the statements based on their information in the form and context in which they appear.
Forward Looking Statements
This announcement contains certain forward looking statements which by nature, contain risk and uncertainty because they relate to future events and depend on circumstances that occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements.
Website: www.safml.com
Leseranfragen:
Datum: 09.09.2013 - 08:52 Uhr
Sprache: Deutsch
News-ID 294457
Anzahl Zeichen: 6528
contact information:
Town:
Wien
Kategorie:
Business News
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