26th Jul 2011 07:06
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.
Name of entity |
Metminco Limited |
ABN | Quarter ended ("current quarter") | |
43 119 759 349 | 30 June 2011 |
Consolidated statement of cash flows
Cash flows related to operating activities
| Current quarter $A'000 | Year to date 6.months $A'000 | |
1.1 | Receipts from product sales and related debtors | ||
1.2 | Payments for (a) exploration and evaluation | (1,407) | (5,063) |
(b) development | |||
(c) production | |||
(d) administration | (2,556) | (3,574) | |
1.3 | Dividends received | ||
1.4 | Interest and other items of a similar nature received | 93 | 208 |
1.5 | Interest and other costs of finance paid | (77) | (77) |
1.6 | Income taxes paid | ||
1.7 | Other (provide details if material) | ||
Net Operating Cash Flows | (3,947) | (8,506) | |
Cash flows related to investing activities | |||
1.8 | Payment for purchases of: (a)prospects (b)equity investments (c) other fixed assets | (330) (9,414) (317) | (1,112) (10,144) (348) |
1.9 | Proceeds from sale of: (a)prospects (b)equity investments (c)other fixed assets | ||
1.10 | Loans to other entities | ||
1.11 | Loans repaid by other entities | ||
1.12 | Other ( Mollacas land) | (894) | (1,807) |
Net investing cash flows | (10,955) | (13,411) | |
1.13 | Total operating and investing cash flows (carried forward) | (14,902) | (21,917) |
1.13 | Total operating and investing cash flows (brought forward) | (14,902) | (21,917) |
Cash flows related to financing activities | |||
1.14 | Proceeds from issues of shares, options, etc. | 30,400 | 30,400 |
Costs of issue | (1,639) | (1,671) | |
1.15 | Proceeds from sale of forfeited shares | ||
1.16 | Proceeds from borrowings | ||
1.17 | Repayment of borrowings | ||
1.18 | Dividends paid | ||
1.19 | Other (proceeds from equity swap) | 873 | 1,844 |
Net financing cash flows | 29,634 | 30,573 | |
Net increase (decrease) in cash held
|
14,732 |
8,656 | |
1.20 | Cash at beginning of quarter/year to date | 16,901 | 23,189 |
1.21 | Exchange rate adjustments to item 1.20 | (146) | (358) |
1.22 | Cash at end of quarter | 31,487 | 31,487 |
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related entities
Current quarter $A'000 | ||
1.23 |
Aggregate amount of payments to the parties included in item 1.2 |
652 |
1.24 |
Aggregate amount of loans to the parties included in item 1.10 | |
1.25 |
Explanation necessary for an understanding of the transactions | |
| Cash payments below are for the period 01April 11 - 30 June 11 for directors' fees and services: A Ortuzar: $25,000 director fees W Howe: $112,500 director fees + $ 225,000 bonus payment =Total $337,500 W Etheridge: $53,750 F Vergara: $18,750 P Wing: $56,750 director fess + $107,500 bonus payment = Total $164,250 T Read: $18,750 director fees + $15,000 services = Total $33,750 | |
Non-cash financing and investing activities
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 |
Fully paid ordinary shares (Shares) issued as follows: - 75,000,000 Shares to Barrick Gold Corporation as consideration for surrender of "buy back right" in respect to Los Calatos - 70,250,855 Shares to MN Ingenieros Limitada as part consideration for the purchase of 50% of SCM Ovalle - 4,845,000 Shares issued @A$0.12 per share in settlement of a $US 500,000 convertible note facility - 1,412,452 Shares issued @A$0.12 per share in settlement of interest and termination costs related to convertible note facilities. | |
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 |
|
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount available $A'000 | Amount used $A'000 | ||
3.1 | Loan facilities (Convertible Notes US$0.5 million) | ||
3.2 | Credit standby arrangements
|
Estimated cash outflows for next quarter
$A'000 | ||
4.1 | Exploration and evaluation | 7,500 |
4.2 | Development | |
4.3 | Production | |
4.4 | Administration | 1,300 |
Total |
8,800 |
Reconciliation of cash
Reconciliation 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. | Current quarter $A'000 | Previous quarter $A'000 | |
5.1 | Cash on hand and at bank | 31,487 | 16,901 |
5.2 | Deposits at call | ||
5.3 | Bank overdraft | ||
5.4 | Other (provide details) | ||
Total: cash at end of quarter (item 1.22) | 31,487 | 16,901 | |
Changes in interests in mining tenements
Tenement reference | Nature of interest (note (2)) | Interest at beginning of quarter | Interest at end of quarter | ||
6.1 | Interests in mining tenements relinquished, reduced or lapsed
| ||||
6.2 | Interests in mining tenements acquired or increased
|
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.
Total number | Number quoted | Issue price per security (see note 3) (cents) | Amount paid up per security (see note 3) (cents) | ||
7.1 | Preference +securities (description) | ||||
7.2 | Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions | ||||
7.3 | +Ordinary securities
| 1,462,616,146 | 1,462,616,146 | ||
7.4 | Changes during quarter (a) Increases through issues
(b) Decreases through returns of capital, buy-backs | 161,671
1,200,000
70,250,855
75,000,000
20,000,000
4,845,000
50,781
60,000,000
| 161,671
1,200,000
70,250,855
75,000,000
20,000,000
4,845,000
50,781
60,000,000
| A$0.12 per share in settlement of interest for the quarter ended 31 March 2011 in respect of a $US 500,000 convertible note facility. A$0.12 per share in settlement of convertible note facility. A$0.35 per share to Inversiones Em Dos Limitada forming part of the consideration for 50% of Sociedad Contractual Minera Ovalle. A$0.395 per share to Barrick surrendering its buy back right in connection with the Los Calatos Project. A$0.38 per share to selected professional and institutional investors to raise A$7,600,000 A$0.12 per share on exercise of conversion rights by convertible note holders in settlement of a US$500,000 million convertible note facility A$0.12 per share in settlement of interest to date of early repayment in respect of convertible note facility A$0.38 per share to selected professional and institutional investors to raise A$22,800,000 | Fully paid
Fully paid
Fully paid
Fully paid
Fully paid
Fully paid
Fully paid
Fully paid
|
7.5 | +Convertible debt securities (description) | ||||
7.6 | Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted |
4,845,000 |
US$0.5 million repaid by conversion at A0.12.per share | ||
7.7 | Options (description and conversion factor) | Listed: 27,217,517 Unlisted: 4,500,000 14,250,000
14,250,000
2,000,000 2,000,000
| Listed: 27,217,517 Unlisted: 4,500,000 14,250,000
14,250,000
2,000,000 2,000,000
| Exercise price A$0.25
A$ 0.30 A$ 0.44
A$ 0.525
A$ 0.44 A$ 0.525 | Expiry date: 04 Dec 2012
31 Jul 2012 No later than 06 Dec13 No later than 06 Dec13 06 Dec 2013 06 Dec 2013 |
7.8 | Issued during quarter | ||||
7.9 | Exercised during quarter | ||||
7.10 | Expired during quarter | ||||
7.11 | Debentures (totals only) | ||||
7.12 | Unsecured notes (totals only)
| ||||
Compliance statement
1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Actor other standards acceptable to ASX (see note 4).
2 This statement does give a true and fair view of the matters disclosed.
Sign here: ............................................................ Date: 26.07.2011
(Director/Company secretary)
Print name: .....Philip Killen....................................................
Notes
1 The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.
5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.
Related Shares:
Metminco