Riversdale Mining Limited [ASX RIV] - HALF YEAR RESULTS TO 31 DECEMBER 2010
RIVERSDALE MINING LIMITED (ASX: RIV) HALF YEAR RESULTS TO 31 DECEMBER 2010
Financial result for the half year:
• Net loss after tax of $11.5 million (2009: Loss $4.2 million)
• Cash from operations of $7.1 million (2009: $4.1 million)
• Cash on hand of $493.6 million (Jun10: $247.3 million)
24 Feb 2011, Sydney: Riversdale Mining Limited (ASX: RIV) reported a net loss after tax and minority interest for the half year to 31 December 2010 amounting to $11.5 million (2009: Loss $4.2m). The result is impacted by write off of exploration expenditure, foreign exchange losses and cost of share options and rights.
Zululand Anthracite Colliery (‘ZAC’) operating profit before income tax and minority interests in the current half year was $2.4 million (2009: $4.0m).
The Company has a strong cash position, with cash on hand of $493.6 million at the end of December 2010, compared to $247.3 million at 30 June 2010. Cash on hand increased significantly due to the capital raising which raised $337 million at $9.40 per share to facilitate accelerated development of the Benga Coal Project and exploration on other Mozambique tenements.
RIV recorded significant progress at its projects in Mozambique including:
• The mining contractor for Benga Stage I has assembled and commissioned the mining equipment on site.
• Construction work on the coal handling and processing plant is continuing with the completion date scheduled for September 2011.
• Civil works for mining facilities have commenced with the first 1.2km of the conveyor and secondary haul roads being completed.
• Engineering design for berth 8 terminal is continuing at the Beira port and the project is being fast tracked with construction work overlapping the design work.
• Orders for locomotives and wagons have been placed to accommodate the movement of product from Moatize to Beira port.
• Work on the Zambeze Project has been focused on mine development drilling and completion of the draft Pre-Feasibility Study.
At ZAC, production from the Western Extension and Deep E shafts was affected during the half year by difficult geological conditions. The Run of Mine (ROM) decreased 19,107 tonnes to 377,663 tonnes. Saleable production was also affected as the ROM coal production and average yield declined.
Total product sales for ZAC for the half year were 327,819 tonnes, a decrease of 60,700 tonnes or 15.6% on the previous half year. Demand for product is strong but stockpiles are currently at low levels.
RIVERSDALE MINING LIMITED (ASX: RIV) HALF YEAR RESULTS TO 31 DECEMBER 2010
Financial result for the half year:
• Net loss after tax of $11.5 million (2009: Loss $4.2 million)
• Cash from operations of $7.1 million (2009: $4.1 million)
• Cash on hand of $493.6 million (Jun10: $247.3 million)
24 Feb 2011, Sydney: Riversdale Mining Limited (ASX: RIV) reported a net loss after tax and minority interest for the half year to 31 December 2010 amounting to $11.5 million (2009: Loss $4.2m). The result is impacted by write off of exploration expenditure, foreign exchange losses and cost of share options and rights.
Zululand Anthracite Colliery (‘ZAC’) operating profit before income tax and minority interests in the current half year was $2.4 million (2009: $4.0m).
The Company has a strong cash position, with cash on hand of $493.6 million at the end of December 2010, compared to $247.3 million at 30 June 2010. Cash on hand increased significantly due to the capital raising which raised $337 million at $9.40 per share to facilitate accelerated development of the Benga Coal Project and exploration on other Mozambique tenements.
RIV recorded significant progress at its projects in Mozambique including:
• The mining contractor for Benga Stage I has assembled and commissioned the mining equipment on site.
• Construction work on the coal handling and processing plant is continuing with the completion date scheduled for September 2011.
• Civil works for mining facilities have commenced with the first 1.2km of the conveyor and secondary haul roads being completed.
• Engineering design for berth 8 terminal is continuing at the Beira port and the project is being fast tracked with construction work overlapping the design work.
• Orders for locomotives and wagons have been placed to accommodate the movement of product from Moatize to Beira port.
• Work on the Zambeze Project has been focused on mine development drilling and completion of the draft Pre-Feasibility Study.
At ZAC, production from the Western Extension and Deep E shafts was affected during the half year by difficult geological conditions. The Run of Mine (ROM) decreased 19,107 tonnes to 377,663 tonnes. Saleable production was also affected as the ROM coal production and average yield declined.
Total product sales for ZAC for the half year were 327,819 tonnes, a decrease of 60,700 tonnes or 15.6% on the previous half year. Demand for product is strong but stockpiles are currently at low levels.
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