TIDMSTGR
RNS Number : 5316A
Stratmin Global Resources PLC
29 September 2015
29 Septemebr 2015
StratMin Global Resources Plc
("StratMin" or the "Company")
Unaudited Half Year Results for the Six Months to 30 June
2015
StratMin (AIM: STGR), London's only listed graphite production
and exploration company, announces its unaudited half year results
for the six months to 30 June 2015.
Summary of events for the six months to 30 June 2015
-- New Chief Executive Officer, Brett Boynton, appointed
-- Joint Venture with Tirupati signed following which Shishir
Poddar was appointed Technical Executive Director and Head of
Marketing
-- 94% Total Graphitic Carbon grade achieved in flake concentrate production
-- Completion of a GBP900,000 fundraising at 4.75p per share
-- Management team in London and Madagascar strengthened
Summary of post Balance Sheet Events
-- GBP2 million farm in deal announced with ASX listed Bass
Metals Ltd to fund expansion of operations
-- Completion of a GBP625,000 fundraising at 4p per share
Brett Boynton, CEO, commented, "The Company has come through a
transformational period to the half year with significant progress
at an operational and corporate level. There is now a clear pathway
to sustained profitable production at Loharano and with this, we
are looking ahead to expansion both within the portfolio and with
our Joint Venture partner, Tirupati. The graphite industry
continues to command headlines with discussion on renewable energy
and battery storage as well as a growing number of applications in
industry. Stratmin is leading the pack of a new generation of
graphite companies, with actual production and sales and an
exciting growth story. Our recent announcement on the partnership
with ASX listed Bass Metals Ltd provides funding to accelerate this
strategy and ongoing access to the very active Australian graphite
market."
For further information please visit www.stratminglobal.com or
contact:
+44 (0) 20
StratMin Global Resources Plc 7467 1700
Laurie Hunter (Chairman) / Brett
Boynton (CEO)
Strand Hanson (Nominated and Financial
Adviser) +44 (0) 20
James Spinney / Ritchie Balmer 7409 3494
Beaufort Securities (Broker)
Jon Belliss
+44 (0) 20
Blytheweigh (Financial PR) 7382 8300
+44 (0) 20
Camilla Horsfall/Megan Ray 7138 3204
CEO's Statement
Management has been focused on stabilisation, optimisation and
expansion at both an operational and corporate level since the
beginning of the year with non essential items being streamlined.
Non-operational subsidiaries are being closed, with the Jersey
subsidiary company Stratmin Global Graphite Limited dissolved on 1
June 2015 and the Singapore subsidiary currently being wound up.
The reported operating loss for the period includes a non-cash one
time write off of GBP680,000 for items historically capitalised to
the Jersey subsidiary. The normalised loss for the period is
therefore reduced to (GBP1,024,000) versus the comparable prior
period loss of (GBP1,231,000).
Stratmin's operational team in Madagascar has worked tirelessly
on achieving production grades of 94%+ Total Graphitic Carbon (TGC)
flake graphite concentrate and increasing output volumes for sale
to our off take partner. This program was accelerated in the last
quarter of the reporting period with the introduction of technical
expertise from Tirupati Carbons and Chemicals (P) Ltd, an
experienced graphite mining, processing and marketing team
co-founded by the Company's new Technical Executive Director and
Head of Marketing, Mr Shishir Poddar.
Mr Poddar joined the Board of the Company and also brought
Tirupati into a Joint Venture partnership with Stratmin in June
2015. He has worked with the team on a constant optimisation
program that has led to the introduction of twenty-four hour
operations in August 2015 which will extract increased efficiencies
and value from the capital investment in the Loharano plant.
Constant optimisation continues and all of the lessons learned in
building Loharano are being taken into the design and development
of our expansion projects.
The effort by the operational team has positioned Stratmin to be
a sustainable low cost graphite producer with exciting growth
opportunities over the next two years.
At a corporate level, the Company appointed Mr Brett Boynton to
the role of CEO. Mr Boynton is working closely with the operational
team to ensure they are sufficiently capitalised to deliver on the
production and growth strategy and is evaluating a number of
opportunities for cost cutting and corporate growth.
The Company has recently been introduced to the very large
graphite investor base in Australia through a farm in deal with ASX
listed Bass Metals Ltd. This transaction will see Bass invest in
Stratmin's subsidiary holding company, Graphmada Mauritius, in
stages, earning up to a 35% interest in the company. This
collaboration significantly strengthens the financial support for
the Stratmin group. The initial investment of up to GBP2 million
will fund further work at Loharano and Mahefedok, the Joint Venture
investment with Tirupati at Vatomaina and the growing working
capital requirements for increased production.
The Board is confident that the measures undertaken this year
and plans in place for continued performance improvement will yield
sustained shareholder value. We appreciate the ongoing support from
shareholders and look forward to delivering further news flow.
Unaudited Group Income Statement
For the 6 months ended 30 June 2015
6 months 6 months 12 months
to to to
30 Jun 31 Dec
30 Jun 2015 2014 2014
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
----------------------------- ------------ ---------- ----------
Revenue 152 - 153
Cost of sales (182) - (185)
----------------------------- ------------ ---------- ----------
Gross margin (30) - (32)
Administrative expenses (888) (1,220) (2,298)
Other operating income 8 - -
Other operating expenses (105) (11) (15)
Operating loss (1,015) (1,231) (2,345)
Finance costs (9) (153) (35)
(Loss)/gain on disposal
of investments (684) (13) -
Finance income - - -
----------------------------- ------------ ---------- ----------
Loss before taxation (1,708) (1,397) (2,380)
Taxation expense (1) - (4)
Loss for the period (1,709) (1,397) (2,384)
Pence Pence Pence
----------------------------- ------------ ---------- ----------
Loss per share attributable
to owners of the
Company for the period:
Basic and diluted (1.32p) (1.55p) (2.47p)
----------------------------- ------------ ---------- ----------
Unaudited Group Statement of Comprehensive Income
For the 6 months ended 30 June 2015
6 months 6 months 12 months
to to to
30 Jun 30 Jun 31 Dec
2015 2014 2014
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
-------------------------------------- --------- --------- ---------
Loss for the period (1,709) (1,397) (2,507)
Other comprehensive income/(expense):
Exchange differences on
translation of foreign operations (34) - (49)
Market value adjustment
to investments (11) (20)
Other comprehensive income/(expense)
for the period (34) (11) (69)
Total comprehensive expense
for the period attributable
to equity holders of the
parent (1,743) (1,408) (2,453)
Unaudited Group Statement of Financial Position
As at 30 June 2015
30 Jun 30 Jun 31 Dec
2015 2014 2014
Notes Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
----------------------------- ------ ---------- ---------- ---------
NON-CURRENT ASSETS
Goodwill 5,012 5,012 5,012
Fixed assets 1,242 1,124 1,230
Available for sale
investments 6 15 6
6,260 6,151 6,248
----------------------------- ------ ---------- ---------- ---------
CURRENT ASSETS
Inventories 230 252 242
Trade and other receivables 307 219 357
Prepaid expenses &
accrued income 34 70 -
Cash and cash equivalents 43 369 91
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