Interim Results for the six months ended 30 June 2009
(Thomson Reuters ONE) - PRESS RELEASE - 22nd September 2009SERABI MINING plc ("Serabi" or "the Company")Announcement of Interim Financial Results for the 6 months to 30 June2009Highlights* Production for the first six months of the year was 3,775 ounces* Operating profit of US$539,000* Results impacted by strong gold price and relative weakness of the Brazilian Real* Drill programme underway to identify additional oxide ore sourcesThe continuing modest success of the oxide mining operations atPalito has made a valuable contribution to the Company's cash flowthis year, potentially allowing us the opportunity to benefit fromthe improved markets and investor sentiment, compared with thoseprevailing in the earlier part of this year. The oxide ores had notpreviously formed a significant part of our production strategy forPalito because of processing issues when being treated together withthe sulphide ore. For this reason we had never focused before onestablishing significant oxide resources; what resources had beenidentified were an incidental consequence of exploration targetedtowards the underlying sulphide mineral deposits.Production for the first six months of the year was 3,775 ounces withan average head grade of 3.42 g/t gold. Whilst this represents ahigh grade for an open pit operation, the nature of the ore bodiesmeans that ore volumes are limited and thus by necessity each pit isfairly small. From this production we have recorded a smalloperating profit for the six months ended 30 June 2009 of $539,000,although after taking account of administration costs anddepreciation charges the Group recorded an overall loss of $2.02million (before impairment charges), compared with $3.33 million forthe corresponding period of 2008.We have benefited during the period from a strong gold price and therelative weakness of the Brazilian Real. The gold price for thefirst six months averaged US$915 per ounce and traded in a range ofUS$813 to US$990, whilst the average exchange rate of the BrazilianReal to the US Dollar was 2.208. However, the Brazilian Real hasbeen strengthening throughout this year as inward flows of foreignmoney have helped rebuild the country's currency reserves. Theseinward flows are a mixture of direct infrastructure and manufacturinginvestments driven by a renewed confidence in the long-term globaleconomic recovery, the expectation that the stronger emerging marketeconomies will again drive demand, institutional investment into therecovering stock market, equity issues by the largest Braziliancorporations and finally the restoration of the "carry trade"attracted by the high prevailing interest rates available in Brazil.At the end of June 2009 the exchange rate stood at 1.95 and hasappreciated further over the last two months, at times appearing totest but not break the 1.80 barrier. The gold price has meanwhileshowed signs of further strengthening and has traded in a rangebetween US$908 and US$1004 per ounce. These conditions clearly havean effect on the on-going profitability of the operation and wecontinue to seek ways of reducing the cost base to mitigate anypotential adverse effects of currency fluctuations.Administration charges for the period include a one-off charge foremployment terminations of personnel in Brazil amounting of$189,000. Combined with cost reduction initiatives that are alreadyin hand, we would expect to see a reduction in administration costsfor the remainder of the year. Additionally the Directors haveagreed to defer a proportion of salary payments in order to conservecash. Administration costs include an amount of $126,000 that hasbeen accrued but not paid in respect of remuneration of theDirectors. The half year depreciation expense on plant and equipmentincludes some one-off charges totaling $215,000; we would alsotherefore expect charges for the remainder of the year to be reducedaccordingly. No amortisation expense has been made in respect of thecarrying cost of the Palito underground mine itself on the basis thatduring the period there has been no exploitation of the undergroundreserves and resources which underpin this asset value. Whenproduction is recommenced from underground operations the Group willagain amortise this cost over the remaining anticipated useful life.An effect of the appreciation of the Brazilian Real has been toincrease the carrying value of all assets that are owned by our 100%owned Brazilian subsidiary company, Serabi Mineracao Ltda, whichmaintains its accounting records in Real. This has resulted in anincrease in the carrying value of Property Plant and Equipment ofUS$5.4 million compared with the value as at 31 December 2008. Thisincrease in carrying value has impacted on the impairment review thatthe Directors are required to undertake. The uplift in value hasresulted in the carrying value of the Palito mine and its relatedinfrastructure, being greater than the estimated net present value ofthe projected cash flows that could be derived. Further informationregarding the impairment review is set out in the notes to theInterim financial statements, but it has necessitated that the Grouprecord an impairment provision of US$2.4 million for the six monthsended 30 June 2009, in order to reduce the carrying value to theDirector's estimate of the value in use of Palito which at 30 June2009 was estimated as $34.4 million.As was noted at the time of this year's Annual General Meeting on 18August and in our June 2009 Investor Update, heavy seasonal rainsearlier this year precluded us from undertaking any systematicexploration of the oxide potential and, for this reason, productionhas so far only been derived from the limited number of knownoccurrences previously outlined. However, a drill programme is nowunderway that we hope will lead to the identification of additionaloxide ore feed and thus establish a longer term source of goldproduction. Test work is also underway to assess the viability ofreprocessing Palito's tailings as a further source of goldproduction.We consider there are now two paths that can be pursued in order togenerate returns for shareholders. Either a transaction could beundertaken that would result in value being generated through thedisposal of the projects in Brazil or we attract new funding eitherdirectly or through the introduction of a joint venture partner inorder to advance identified projects and thus enhance the underlyingvalue of those assets. As noted in our investor newsletters, theproduction level that we are likely to be able to sustain from theoxide gold sources and the resulting cash flow this will generate, isunlikely to be adequate to allow the Company to grow and so newcapital is needed for this purpose.Since the AGM on, when we detailed the strategic options that werebeing pursued, we have continued to progress all avenues but at thisstage are not in a position to provide any further updates toshareholders. The month of August is traditionally a quiet month forany corporate activity and this year the holiday effect would appearto have been exaggerated by the general malaise of the markets.However, we would hope that before the next Quarterly Investor Update(due for release at the end of October) we might be in a position toprovide some positive news on the corporate front, in addition tosome initial results from the oxide exploration drilling that is nowunderway.Our operational focus for the rest of the year will be to continue tooptimise the current oxide mining operations, adding additional oxideresources and in so doing extending the life of this activity andgiving the Group the opportunity to asses the potential forsustainable increases in production. Meanwhile, if successful inidentifying a joint venture partner or raising capital as outlinedabove, the resulting funds would be directed towards further detailedevaluation of the 18 priority targets that have been identified inclose proximity to Palito, with the objective of establishing alarger reserve and resource base that could support an expandedunderground mining operation in the future.The first six months of 2009 have been difficult but as the resultsdemonstrate, one that has been better than might have been expectedat the start of the year. The remaining six months of the year willcontinue to be challenging but we have entered the period with animproved level of optimism and a wider range of options than existedin January. There remains considerable work to be done inre-building value for shareholders and the Group is reliant on asmall group of individuals who have demonstrated their continuingbelief in the long-term potential of the Group's assets and havealready shown a substantial commitment to the Company. WhilstSerabi's future and growth is dependent on a number of factors, theircontinuing involvement will be a significant factor in the Group'son-going development and we hope that their dedication and beliefwill ultimately be realised, concurrent with the generation ofsignificant improvements in shareholder value.Palito - operating results(1) 2009 2009 2009 2008 UNIT Q1 Q2 YTD YTDMilled - total tonnes 17,580 19,151 36,731 66,506 - daily average 197 210 203 365Head-grade(2) grammes/ tonne 3.78 3.09 3.42 4.82Recovery % 92.3 94.7 93.6 89.0Gold(3) ounces 1,973 1,802 3,775 10,738(1) Provisional.(2) Ore feed to the process plant.(3) For 2008 includes copper and silver credits.Graham Roberts Mike HodgsonChairman Chief Executive21 September 2009EnquiriesSerabi Mining plcGraham Roberts Tel: 01737 773691Chairman Mobile: 07768 902475Clive Line Tel: 020 7246 6830Finance Director Mobile: 07710 151 692Email: contact(at)serabimining.comWebsite: www.serabimining.comBeaumont Cornish LimitedNominated Adviser and BrokerRoland Cornish Tel: 020 7628 3396Michael Cornish Tel: 020 7628 3396STATEMENT OF COMPREHENSIVE INCOME Group For the For the For the six months six months year ended ended ended 30 June 30 June 31 December 2009 2008 2008(expressed in US$) Notes (unaudited) (unaudited) (audited)CONTINUING OPERATIONSRevenue 3,601,349 9,887,239 16,523,577Operating expenses (3,061,975) (9,499,132) (16,964,067)Gross profit/(loss) 539,375 388,107 (440,490)Administration expenses (1,178,935) (1,635,070) (3,740,134)Share-based payments (40,161) (89,926) (123,498)Write-off of past - (502,591) (1,174,269)exploration costsLoss on sale of fixed (209,661) - -assetsDepreciation of plant and (1,126,106) (983,785) (2,132,633)equipmentDepreciation of mine asset - (502,069) (997,473)Provision for impairment 8 (2,422,737) - -Operating loss (4,438,226) (3,325,334) (8,596,693)Foreign exchange gain 93,755 1,732,583 (1,629,138)Finance costs (158,936) (385,365) (1,219,107)Investment income 1,481 366,874 471,283Loss before taxation (4,501,926) (1,611,242) (10,973,655)Income tax expense - - -Loss for the period from (4,501,926) (1,611,242) (10,973,655)continuing operations (1)(2)Other comprehensive income(net of tax)Exchange differences on 6,119,656 2,033,961 (11,303,603)translating foreignoperationsTotal comprehensive 1,617,730 422,719 (22,277,258)income/(loss) for theperiod (2)Loss per ordinary share (3.21c) (1.29c) (7.83c)(basic and diluted) (1)(1) All revenue and expenses arise from continuing operations.(2) The Group has no minority interests and all income/(losses) areattributable to the equity holders of the ParentCompany.CONSOLIDATED BALANCE SHEET Group As at As at As at 30 June 30 June 31 December 2009 2008 2008(expressed in US$) Notes (unaudited) (unaudited) (audited)Non-current assetsGoodwill - 1,752,516 1,752,516Development and deferred 3 6,225,795 6,461,865 5,351,921exploration costsProperty, plant and 4 34,445,949 43,348,962 31,620,364equipmentTotal non-current assets 40.671,744 51,563,343 38,724,801Current assetsInventories 5 1,005,956 3,844,888 931,413Trade and other 264,388 1,169,402 992,698receivablesPrepayments and accrued 1,089,099 3,229,146 1,401,627incomeCash at bank and in hand 6 1,370,442 9,681,080 1,538,956Total current assets 3,729,885 17,924,516 4,864,694Current liabilitiesTrade and other payables 3,254,544 5,427,102 3,197,543Accruals 205,627 18,789 136,762Interest bearing 150,200 1,493,372 1,046,936liabilitiesTotal current liabilities 3,610,371 6,939,263 4,381,241Net current assets 119,514 10,985,253 483,453Total assets less current 40,791,258 62,548,596 39,208,254liabilitiesNon-current liabilitiesTrade and other payables 84,037 4,733 25,467Provisions 784,788 845,427 735,905Interest bearing - 771,859 182,340liabilitiesTotal non-current 868,825 1,622,019 943,712liabilitiesNet assets 39,922,433 60,926,577 38,264,542EquityCalled up share capital 7 25,285,679 25,285,679 25,285,679Share premium reserve 33,402,649 33,402,649 33,402,649Option reserve 3,101,256 3,023,153 3,061,095Translation reserve (1,684,082) 5,533,826 (7,803,738)Profit and loss account (20,183,069) (6,318,730) (15,681,143)Equity shareholders' 39,922,433 60,926,577 38,264,542fundsThe interim financial information has not been audited and does notconstitute statutory accounts within the meaning of Section 435 ofthe Companies Act 2006. The Group statutory accounts for the yearended 31 December 2008, prepared under IFRS as adopted in the EU,have been filed with the Registrar of Companies. The auditors' reporton these accounts was unqualified but did contain an Emphasis ofMatter with respect the ability of the Company and the Group tocontinue as a going concern. The auditors' report did not contain astatement under Section 498 (2) or 498 (3) of the Companies Act 2006CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY(expressed in Share Share Share Translation Profit andUS$) option(unaudited) capital premium reserve Reserve loss account Total equityEquity 25,285,679 33,402,649 2,923,543 3,499,865 (4,707,488) 60,404,248shareholders'funds at 31December 2007Foreign - - - 2,033,961 - 2,033,961currencyadjustmentsLoss for the - - - - (1,611,242) (1,611,242)periodTotal - - - 2,033,961 (1,611,242) 422,719comprehensiveincome forthe periodShare option - - 99,610 - - 99,610expenseEquity 25,285,679 33,402,649 3,023,153 5,533,826 (6,318,730) 60,926,577shareholders'funds at 30June 2008Foreign - - - (13,337,564) - (13,337,564)currencyadjustmentsLoss for the - - - - (9,362,413) (9,326,413)periodTotal - - - (13,337,564) (9,362,413) (22,699,977)comprehensiveincome forthe periodShare option - - 37,942 - - 37,942expenseEquity 25,285,679 33,402,649 3,061,095 (7,803,738) (15,681,143) 38,264,542shareholders'funds at 31December 2008Foreign - - - 6,119,656 - 6,119,656currencyadjustmentsLoss for the - - - - (4,501,926) (4,501,926)periodTotal - - - 6,119,656 (4,501,926) 1,617,730comprehensiveincome forthe periodShare option - - 40,161 - - 40,161expenseEquity 25,285,679 33,402,649 3,101,256 (1,684,082) (20,183,069) 39,922,433shareholders'funds at 30June 2009CONSOLIDATED STATEMENT OF CASH FLOWS Group For the For the For the six months six months Year ended ended Ended 30 June 30 June 31 December 2009 2008 2008(expressed in US$) (unaudited) (unaudited) (audited)Operating activitiesOperating loss (4,438,226) (3,325,334) (8,596,693)Depreciation - plant, equipment 1,126,106 1,485,854 3,130,106and mining propertiesImpairment provision 2,422,737 - -Loss on sale of plant and 209,661 - -equipmentOption costs 40,161 89,926 123,498Write-off of past exploration - 502,591 1,174,269costsInterest paid (158,936) (385,365) (1,219,107)Foreign exchange (90,224) 366,215 (1,496,018)Changes in working capital Decrease/(increase) in 104,715 (151,299) 2,024,099 inventories Decrease/(increase) in 1,290,312 (32,621) 1,049,230 receivables, prepayments and accrued income (Decrease)/increase in (394,453) 597,677 3,019 payables, accruals and provisionsNet cash inflow/(outflow) from 111,853 (852,366) (3,807,597)operating activitiesInvesting activitiesProceeds of sale of fixed assets 903,017 - 23,393Purchase of property, plant and (59,780) (3,669,452) (5,608,449)equipmentExploration and development (139,037) (3,875,826) (5,248,892)expenditureInterest received 1,481 366,874 471,283Net cash inflow/(outflow) from 705,681 (7,178,404) (10,362,665)investing activitiesFinancing activitiesCapital element of finance lease (1,057,638) (725,808) (1,402,482)paymentsNet cash outflow from financing (1,057,638) (725,808) (1,402,482)activitiesNet decrease in cash and cash (240,104) (8,756,578) (15,572,744)equivalentsCash and cash equivalents at 1,538,956 18,529,795 18,529,795beginning of periodExchange difference on cash 71,590 (92,137) (1,418,095)Cash and cash equivalents at end 1,370,442 9,681,080 1,538,956of periodNotes to the Interim Financial Statements1. Basis of preparationThese interim accounts are for the six month period ended 30 June2009. Comparative information has been provided for the unaudited sixmonth period ended 30 June 2008 and the audited twelve month periodfrom 1 January to 31 December 2008.The accounts for the period have been prepared in accordance withInternational Accounting Standard 34 "Interim Financial Reporting"and with the policies which the Group will adopt for its annualaccounts notably:* The financial statements are presented in US Dollars. They are prepared on the historical cost basis or the fair value basis where the fair valuing of relevant assets and liabilities has been applied.* The financial statements have been prepared in accordance with International Financial Reporting Standards in force at the reporting date and their interpretations issued by the International Accounting Standards Board and adopted for use within the European Union (IFRS), and those parts of the Companies Act 1985 applicable to companies reporting under IFRS.* The adoption of new accounting standards that are in effect for the calendar year ending 31 December 2009 notably , IAS1 (revised) "Presentation of financial statements". IFRS8 "Operating Segments" and IAS23 "Borrowing costs"(i) Going ConcernIn respect of the financial statements of the Company and the Groupfor the year ended 31 December 2008 and which were approved by theBoard on 25 June 2009, the Directors, following a review of theCompany's financial position and its budgets and plans, concludedthat sufficient financial resources would be available to meet theCompany's current and foreseeable working capital requirements, thisbeing a period of not less than twelve months from the date ofapproval of those financial statements. On this basis, theyconsidered it appropriate to prepare those financial statements onthe going concern basis. The Directors consider that it remainsappropriate to prepare the financial statements for the period ended30 June 2009 on the same going concern basis. However, they wouldanticipate that the Company will, prior to the end of a twelve monthperiod ending in September 2010, need to receive additional funds tosupplement its current cash holdings. The level of such fundraising, if any, will also be dependent of the on-going results ofthe current gold mining operations in Brazil and the potential forthese to generate any cash surpluses that can be remitted to theCompany to meet its on-going working capital requirements. TheCompany has received expressions of interest regarding theexploration and mining assets of the Group and in the event that theCompany undertakes a sale of whole or part of the interests of itsoperating subsidiary this may result in an injection of liquid ortradeable assets which may significantly enhance the liquidity of theCompany. Otherwise additional funding is likely to be achievedthrough the issue of new equity.The Group as a whole has limited cash resources and, whilst its goldmining operations in Brazil have been cash generative during 2009,any disruption or significant decline in the current levels ofoperation could have a significant effect on the Group's liquidity.The viability of the Group's operations in Brazil is dependent uponthe ability to continue to manage the accrued liabilities of thesubsidiary entity, to identify additional sources of ore to maintainproduction and any operational difficulties not adversely affectingshort-term cash flow or requiring an injection of capital that isbeyond the limited capability of the Company to provide. TheDirectors are currently seeking and have held discussions regardingterms relating to new sources of finance that would provide the Groupwith a stronger financial base but there can be no guarantee thatsuch funding will be forthcoming.The use of any funds raised will be dependent on the levels offunding that are available and the Directors will determine thestrategy of the Group accordingly. In the meantime the Group willcontinue to seek to conduct its operations in a manner that willallow it to continue to at least cover the cost base of its operatingsubsidiary, will dispose of assets if such action is necessary andcontinue to exercise tight control over its available workingcapital. In the event that it is necessary to dispose of assets tosupport the activities of the Group it is possible that suchdisposals may be undertaken at values below current carrying values.Ultimately if it is not possible to raise additional funds from anysource and the Company cannot afford to provide funds to itsoperating subsidiary, it may become necessary to place the Group'sBrazilian subsidiary into administration, in order that the Companycan continue as a going concern.(ii) ImpairmentThe Directors have undertaken a review of the carrying value of themining and exploration assets of the Group and considered theimplications of the operational difficulties experienced and thecurrent operational status of Palito. Following this review they haveassessed the value of the existing assets on the basis of value inuse involving a future recommencement of underground miningoperations which is dependent on the ability of the Group to raisefuture finance and to operate the mine in line with the mine planthat forms the basis of the value in use calculation. The carryingvalues of assets have not been adjusted to reflect a failure to raisesufficient funds, only maintaining the current levels of operation orthat if a sale transaction were undertaken the proceeds may notrealise the value as stated in the accounts.(iii) InventoriesInventories - are valued at the lower of cost and net realisablevalue.(iv) Property, plant and equipmentProperty, plant and equipment is depreciated over its useful life.(v) Mining propertyThe Group commenced commercial production at the Palito mineeffective 1 October 2006. Prior to this date all revenues andoperating costs were capitalised as part of the development costs ofthe mine. Effective from 1 October 2006 the accumulated developmentcosts of the mine were re-classified as Mining Property costs andsuch cost is being amortised over the anticipated life of the mine ona unit of production basis.(vi) RevenueRevenues are recognised only at the time of sale. Any unsoldproduction and in particular concentrate is held as inventory andvalued at production cost until sold.2. TaxationTaxation represents a provision for corporate taxes due on taxableprofits arising in Brazil. No deferred tax asset arising from carriedforward losses incurred outside of Brazil has been recognised in thefinancial statements because of uncertainty as to the time periodover which this asset may be recovered.3. Exploration and development costs 30 June 31 December 2009 2008 (unaudited) (audited)CostOpening balance 5,351,921 13,254,658Exploration and development expenditure 139,037 5,248,892Write-off of past exploration costs - (1,174,269)Exchange 923,185 (1,617,946)Transfer to tangible assets (188,348) (10,359,414)Balance at end of period 6,225,795 5,351,9214. Property, plant and equipment 30 June 31 December 2009 2008 (unaudited) (audited)CostBalance at beginning of period 38,295,092 31.325,246Additions 59,780 7,063,637Transfer from intangible assets 188,348 10,359,414Exchange 6,749,819 (10,341,944)Disposals (1,524,285) 111,261Balance at end of period 43,768,754 38,295,092DepreciationBalance at beginning of period 6,674,728 5,494,240Charge for period 1,157,265 3,130,106Provision for impairment 670,221 -Exchange 1,339,822 (1,869,192)Eliminated on sale of asset (519,231) (80,426)Balance at end of period 9,322,805 6,674,728Net book value at 30 June 2009 34,445,949 31,620,3645. Inventories 30 June 30 June 31 December 2009 2008 2008 (unaudited) (unaudited) (audited)Bullion and work in progress - 1,464,835 100,821Consumables 1,005,956 2,380,053 830,592Inventories 1,005,956 3,844,888 931,4136. Cash and cash equivalents 30 June 30 June 31 December 2009 2008 2008 (unaudited) (unaudited) (audited)Cash at bank and in hand 1,370,442 9,681,080 1,538,956Bank overdraft - - -Cash and cash equivalents 1,370,442 9,681,080 1,538,9567. Share capital 30 June 30 June 31 December 31 December 2009 2009 2008 2008 (unaudited) (unaudited) (audited) (audited)Called up capital Number $ Number $Balance at beginning 140,139,065 25,285,679 140,139,065 25,285,679of periodIssue of shares for - - - -cashExercise of options - - - -Balance at end of 140,139,065 25,285,679 140,139,065 25,285,679period8. ImpairmentConsistent with the review process performed as at 31 December 2008,the Directors have undertaken an impairment review of the Group'sexploration, development and production assets. The Directors notethat as a result of changing exchange rates between 31 December 2008and 30 June 2009 the value of these assets in the accounts of theGroup has increased. The majority of the assets are held by andrecorded in the accounts of the Serabi Mineracao Limitada, theGroup's 100% owned Brazilian subsidiary, the financial statements ofwhich are denominated in Brazilian Real. Following this review andmaking estimates of the value in use, the Directors have concludedthat as a result of the variation in exchange rates the carryingvalue of the Palito mine property and its associated infrastructurehas increased to a level in excess of the valuation supported by thevalue in use calculation. As a result and in accordance with theprovisions of IAS 36 - Impairment of Assets, the Directors haveagreed to make an impairment charge of US$2,422,737 against thecarrying value of the assets of the Group relating to the Palitomine. No impairment charge has been made in respect of any of theremainder of the Group's exploration and development projects.In deriving an estimate of the value in use in respect of the Palitomine the Directors' have calculated a Net Present Value of theprojected cash flow to be derived from the exploitation of the knownreserves of 187,538 gold equivalent ounces as estimated at the end ofMarch 2008. The key assumptions underlying the Net Present Value areunchanged from those detailed in the Annual Report 2008 save thatcommencement of operations has been set as 1 July 2011 (six monthslater than previously), the exchange rate BrR$ to US$ has been set at1.9516 (previously 2.356) and the long term gold price set at US$800(previously $750). The value in use taking into account theseparameters of Palito has been estimated at US$34.4 million(previously US$34.8 million)Qualified Persons StatementAll technical information contained within this Interim Report hasbeen reviewed by and verified by Michael Hodgson as required by theAIM Guidance Note on Mining, Oil and Gas Companies dated March 2006. Michael Hodgson is an Economic Geologist by training with 20 yearsexperience in the mining industry. He holds a BSc (Hons) Geology,University of London, a MSc Mining Geology, University of Leicesterand is a Fellow of the Institute of Materials, Minerals and Miningand a Chartered Engineer of the Engineering Council of the UK.---END OF MESSAGE---http://hugin.info/137617/R/1342316/321473.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 22.09.2009 - 08:00 Uhr
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