28th Nov 2016 13:00
28 November 2016
Asa Resource Group plc
("Asa Resource", "the Group" or "the Company")
Bindura Nickel Corporation - Release of Interim Financial Results forsix months ended 30 September 2016
The Company wishes to announce that Bindura Nickel Corporation ("BNC"), a 74.73% owned subsidiary, has released for publication its unaudited interim results for the six months ended 30 September 2016. The results show that BNC made a profit after taxation of US$1,184,245 (2015: loss of US$3,359,512) during the period on turnover of US$ 22 457 659 (2014: US$20,559,956).
Financial highlights
· Ni sales tonnage increased to 3,464t (H1 FY16:2,762t)
· Revenue increased by 9% to US$22.5 million (H1 FY16 US$20.6 million)
· 19% reduction in the achieved average nickel in concentrate C3 price received per tonne to $6,198/t (H1 FY16: $7,654/t)
· Capital expenditure of US$4.2 million incurred during the period mainly smelter project
Operational highlightsTrojan
· Nickel production increased by 23% year on year to 3,420 tonnes
· Head grade increased to 1.89% (H1FY16: 1.41%) following the adoption of the new mining plan
· No fatalities were recorded during the period under review
Smelter restart
· Upgrade and refurbishment of the smelter project on course (above 71% complete)
Half Year-end Results - 30 Sept 2016 - Income statement ($m)
$'000 | H1 FY2015 | H1 FY2016 | Variance |
Six months ended | Six months ended | % | |
30-Sep-16 | 30-Sep-15 | ||
Revenue | 22,458 | 20,560 | 9 |
Cost Of Sales | -14,319 | -18,305 | 22 |
Gross Profit | 8,139 | 2,255 | 261 |
Operating Profit | 2,235 | -3,990 | 156 |
EBITDA | 3,190 | -2,915 | 209 |
Profit/(loss) before tax | 1,184 | (4,260) | 128 |
Figures shown are unaudited and may vary upon final audit.
Cautionary statementThis announcement has been prepared solely to provide additional information to enable shareholders to assess the Group's strategy and business objectives and the potential for them to be fulfilled. It should not be relied upon by any other party or for any other purpose. It may contain certain forward-looking statements and has been made by the Directors in good faith based on information available to them at the time of their approval of this update. These statements should therefore be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying such forward-looking information.
Contact
For more detailed information please visit http://www.asaukplc.com/ or contact us below:
London
Asa Resource Group plc.
One Fleet Place, London EC4M 7W
Niall Henry, non-Executive Director (Investor Relations)
communications@asaukplc.com
Hong Kong
Yim Kwan, Finance Director
Asa Resource Group plc.
Units 509-510, Level 5, Core E, Cyberport 3, 100 Cyberport Road, Hong Kong
communications@asaukplc.com
Nominated Adviser and Joint Broker
SP Angel Corporate Finance LLP
Prince Frederick House, 35-39 Maddox Street, London W1S 2PP
John Mackay, Jeff Keating, Caroline Rowe
Tel: +44 (0) 20 3470 0470
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