RNS Number:1536P
Mincorp Plc
03 March 2008



                                  MINCORP PLC


                    Interim Report For the six months ended

                               30th November 2007


                              CHAIRMAN'S STATEMENT


Dear shareholders,


BOARD CHANGES


The company's board has undergone no changes since the release of the annual
report for 2007.


INVESTMENTS


ATPK Resources Tbk.

The board is currently considering entering into a strategic relationship with
ATPK Resources Tbk which would see Mincorp becoming a Joint Venture partner
while remaining as a shareholder. Given the growing demand throughout Asia and
the current supply side constraints, the coal market is expected to continue to
tighten throughout 2008.


Moreover Indonesian coal is at a significant cost / freight advantage to either
Australian or South African suppliers both of which have their own particular
infrastructural challenges being port congestion at Newcastle for Australian
producers and a disrupted power supply for their South African counterparts.


Coal remains a particularly important commodity in emerging markets being
responsible for over 70% of power generation in China, the devastating impact of
a disruption in coal supply to China was evidenced recently following unseasonal
storms that prevented coal extraction and distribution resulting in power
outages in over fifteen (15) provinces.


Exploration Projects

The company is confident of a positive ruling on the Mt Cadig case during 2008
in the Supreme Court and has undertaken a review of the board of Mincorp Asia as
well as appointing specialist legal counsel in the Philippines to both assess
the strength of the respective arguments and assist the company in achieving a
favourable outcome.


The company has been successful in securing the services of a team of highly
experienced specialist consultants based in Western Australia and is currently
completing the analysis and valuation of the New Waverly Tenements based on the
drilling program that has been completed thus far.


We expect the results to be delivered during 2008 and expect demand for gold to
remain strong in the short to medium term, supported by geo-political tensions
that are driving the price of oil to record levels.



FUTURE FUNDING


The company plans to complete a fundraising during 2008 in order to support the
further development of the company's existing assets as well as raising funds
for the implementation of our obligations under the terms of any joint venture
agreed to with ATPK Resources Tbk.


The company is seeking opportunities with the potential of delivering positive
earnings within the short to medium term, such as off take agreements or similar
arrangements, rather than having exploration as its sole focus.



CONCLUSION


The company looks forward to the receipt of results and a comprehensive
valuation of the New Waverly tenements as well as achieving a positive outcome
in the Mt Cadig appeal. Moreover, we are confident of agreeing terms with ATPK
Resources Tbk which would allow Mincorp PLC to enter the tightening Asian coal
market.



On behalf of the board I would like to thank our shareholders for their
continued support.



Mohd. Noordin bin Abdullah

Chairman

29 February 2008









                        CHIEF EXECUTIVE OFFICER'S REPORT


It is my pleasure to present a report on the progress of Mincorp PLC and its
subsidiaries for the period ended 30 November 2007.



Mt Cadig Nickel Deposit, Philippines.


The Mt Cadig nickel deposit covers approximately 9,400 hectares and is located
250 km east of Manila on the Philippine island of Luzon and was first tested in
1970 by way of a shallow pitting program consisting of 103 shallow test pits
covering approximately 65% of the total concession. Conclusions subsequently
drawn from this exploration inferred reserves in the vicinity of 120 million
tons.


The current Exploration Permit Application has been made by Bonaventure Mining
Corporation (BMC), a wholly owned subsidiary of Mincorp Asia. However, title to
Mt Cadig is subject to an ongoing dispute with another Philippine corporation.
We remain confident of a favourable judgment on Mt Cadig during 2008 and look
forward to making material progress with this asset in the coming year.


Moreover, we have engaged a legal counsel with considerable tenement experience
within the Philippines to provide an independent opinion on the strength of the
respective arguments.


Furthermore, Mincorp PLC is currently reviewing the board of its subsidiary
Mincorp Asia.



New Waverly Gold Mine, Western Australia


The New Waverly mine is within close proximity of Norseman which is
approximately 200 kilometres south of Kalgoorlie in Western Australia's
goldfields. Mincorp PLC controls New Waverly through its wholly owned
subsidiary, Procnima Exploration Pty Ltd.


New Waverly is located on a similar structure to that which has produced over
1,800,000 ounces of gold, however the under-wall of the structure, which is
similar location to other proven quartz reefs is yet to be tested.


Mincorp PLC has appointed a team of independent specialist consultants to
complete a co-ordinated analysis of the completed drilling program in order to
ascertain the value and options with New Waverly at a time when the price of
gold is approaching all time highs.


Given the current outlook for gold prices, the board is excited about the
potential of New Waverly and will be in a position to make an informed decision
regarding the property's future during 2008.



ATPK Resources TBK


Mincorp PLC made a strategic acquisition (5.5%) of ATPK Resources TBK (hereafter
ATPK) and maintains its view that ATPK is an undervalued company with
approximately 78 million tons of coal reserves predominantly in East Kalimantan.
The coal market has tightened considerably since the writing of the annual
report due to both demand from China and disruptive supply side factors
including adverse climatic conditions and infrastructure unable to cope with the
increased volumes.



Project Development


Mincorp PLC has taken a different perspective to its investment in ATPK, and as
such the company's relationship with ATPK is likely to enter a new phase during
the first quarter of 2008 with Mincorp PLC in advanced negotiations with ATPK to
enter into a joint venture agreement granting Mincorp PLC the exclusive mining
rights to selected tenement(s) over a period of five (5) years upon the
understanding that Mincorp PLC pay an agreed price per metric tonne that
reflects an attractive discount to that currently being achieved in the market.


Consequently, in its plan to deliver value and earnings to shareholders, Mincorp
PLC is making a strategic change in direction in no longer being a company
solely focused on exploration. The potential earnings from a five (5) year
agreement with ATPK will have a profound impact on the future and capabilities
of Mincorp PLC. Moreover Mincorp PLC is exploring other resource opportunities.


Mincorp PLC is planning a fundraising to be completed within 2008 to further
develop the potential of the Company's existing assets and provide the necessary
funding to fulfil any obligations ensuing from the agreement with ATPK.



Matthew Steptoe

Chief Executive Officer

29 February 2008





Consolidated Income Statement (Unaudited)

For the 6 months ended 30 November 2007



               Notes                   �                     �               �
                      Six months ended 30   Six months ended 30   Year ended 31
                         November 2007         November 2006        May 2007
                          (Unaudited)           (Unaudited)         (Audited)

Exploration
costs                                  -                     -         (46,397)
Administrative
expenses                         (90,080)              (45,097)       (164,722)
                                ----------            ----------      ----------
OPERATING LOSS                   (90,080)              (45,097)       (211,119)

Interest
received                               -                   370             370
Share of
associate loss                   (46,522)                    -         (37,430)
                                ----------            ----------      ----------
LOSS BEFORE
TAXATION                        (136,602)              (44,727)       (248,179)

Taxation         2                     -                     -               -
                                ==========            ==========      ==========
LOSS ON
ORDINARY                        (136,602)              (44,727)       (248,179)
ACTIVITIES
AFTER TAXATION                  ==========            ==========      ==========

Loss per share
:
Basic            4                 (0.04)p               (0.04)p         (0.15)p










Consolidated Balance Sheet (Unaudited)

At 30 November 2007



               Notes                     �                 �                 �
                       Six months ended 30   Six months ended  Year ended 31 May
                          November 2007      30 November 2006   2007 (Audited)
                           (Unaudited)
                                                 (Unaudited)

FIXED ASSETS
Intangible
Assets                             184,698           164,393           127,234
Tangible                             3,695                 -             1,947
Assets
Investments      6               1,446,171                 -         1,046,171
                                   ---------         ---------         ---------
TOTAL FIXED
ASSETS                           1,634,564           164,393         1,175,352
                                   ---------         ---------         ---------

CURRENT
ASSETS
Debtors                            437,681           309,361           432,138
Cash at bank
and in hand                         23,774           105,293           552,337
                                   ---------         ---------         ---------
TOTAL CURRENT
ASSETS                             461,455           414,654           984,475
                                   ---------         ---------         ---------

CURRENT
LIABLILITES
Creditors:
Amounts
falling due
within one
year                              (175,769)          (71,391)         (107,571)
                                   ---------         ---------         ---------
TOTAL CURRENT
LIABLITIES                        (175,769)          (71,391)         (107,571)

NET CURRENT
ASSETS                             285,686           343,263           876,904
                                   ---------         ---------         ---------
NET ASSETS                       1,920,250           507,656         2,052,256
                                   =========         =========         =========

CAPITAL AND
RESERVES
Called up
share capital    7                 366,001           130,001           366,001
Share premium                    2,063,664           555,279         2,063,664
Foreign
exchange
reserve                               (617)           (8,880)           (5,213)
Profit and
loss account                      (508,798)         (168,744)         (372,196)
                                   ---------         ---------         ---------
EQUITY
SHAREHOLDERS'
FUNDS            8               1,920,250           507,656         2,052,256
                                   =========         =========         =========









Consolidated Cash Flow Statement (Unaudited)

For the 6 months ended 30 November 2007




                   Notes                 �                   �              �
                         Six months ended 30 Six months ended 30 Year ended 31
                            November 2007       November 2006       May 2007
                             (Unaudited)         (Unaudited)       (Audited)

CASH OUTFLOW FROM
OPERATING
ACTIVITIES

Operating loss                     (90,080)            (45,097)      (211,119)
Depreciation
charge                                 973                   -            973
Exploration
costs
written-off                              -                   -         46,397
Currency
gain/(loss)                          4,596               (1640)          (321)
(Increase)/Dec
rease in other
receivables
and
prepayments                         (5,543)            (53,908)      (176,685)
Increase/(Decr
ease) in trade
and other
payables                            21,676             (21,584)       (22,834)

CASH OUTFLOW FROM
OPERATING                         ----------          ----------      ---------
ACTIVITIES                         (68,378)           (122,229)      (363,589)

Returns on
investments
and servicing
of finance                               -                 370            370
Capital
expenditure
and investment                    (460,185)             (1,276)    (1,057,257)
                                  ----------          ----------      ---------
CASH OUTFLOW
BEFORE
FINANCING                         (528,563)           (123,135)    (1,420,476)

Financing                                -              95,000      1,839,385
                                  ==========          ==========      =========
NET CASH
(DECREASE)/INC
REASE IN             5            (528,563)            (28,135)       418,909
THE PERIOD
                                  ==========          ==========      =========







Notes to the Interim Report

For the 6 months ended 30 November 2007


1.             ACCOUNTING POLICIES


(a)            Presentation of interim results

This interim report was approved by the Directors on 29 February 2008. The
interim results have not been audited. Their review confirmed that the figures
were prepared using applicable accounting policies and practices consistent with
those to be adopted in the annual report. The financial information contained in
this interim report does not constitute statutory accounts as defined by Section
240 of the Companies Act 1985.


(b)            Basis of preparation

The interim financial statements have been prepared on the basis of the
recognition and measurement requirements of International Financial Reporting
Standards (IFRS) as adopted by the European Union (EU) and implemented in the
UK. Previously, Mincorp PLC prepared financial statements in accordance with UK
Generally Accepted Accounting Principles (UK GAAP). As the 2007 interim
financial statements include comparatives for 2006, the Group's date of
transition to IFRS was 1 June 2007.


The IFRS interim financial statements do not include all the information
required for full IFRS annual financial statements.


The financial information for the six months ended 30 November 2007 and 30
November 2006 is unaudited. The comparative figures for the year ended 31 May
2007 were derived from the Group's audited financial statements for that period
as filed with the Registrar of Companies.


(c)            Basis of consolidation

The financial statements of controlled entities are included in the consolidated
financial statements from the date control commences until the date control
ceases.


The Group profit and loss account and balance sheet combine the accounts of the
Company and its subsidiaries, using the acquisition method of accounting.


(d)            Goodwill

Goodwill on consolidation is capitalised and shown within fixed assets. Positive
goodwill is subject to annual impairment review with movements charged in the
profit and loss account. Negative goodwill is reassessed by the Directors and
attributed to the relevant assets to which it relates.


(e)            Going concern

The financial statements have been prepared on the going concern basis, with no
adjustments in respect of the concern of the Group's ability to continue to
trade under that assumption as set out below.


The Group's cash flow forecast for the 12 months ending 30 November 2008,
highlights the fact that Company is expected to be in negative cash flow by the
end of that period. The board of Directors, are evaluating all the options
available including through the realization of the investment in the publicly
traded shares of ATPK Resources Tbk. as well as the injection of funds into the
Group during the next 12 months, and are confident that the necessary funds to
remain cash positive for the whole period will be raised in order for the Group
to continue its exploration activities.



2. TAXATION

No taxation has been provided due to losses in the period.



3. DIVIDENDS

The Directors do not recommend the payment of a dividend.



4. LOSS PER SHARE

                                  Six months      Six months      Year ended
                                     ended           ended
                                  30 November     30 November     31 May 2007
                                     2007            2006
                                  (Unaudited)     (Unaudited)       (Audited)

Basic Loss for the period

Loss (�s)                            (136,602)        (44,727)       (248,179)
Weighted Average Number of       366.00 million  125.57 million  167.87 million
Shares

Loss Per Share - pence                  (0.04)p         (0.04)p         (0.15)p


The basic earnings per share has been calculated on a loss on ordinary
activities after taxation of �136,602 (31 May 2007: �248,179 loss) and on 366.00
million (31 May 2007: 167.87 million) ordinary shares being the average number
of shares in issue and franking for dividend during the period. No diluted loss
per share is presented as the effect of exercise of outstanding options is to
decrease the loss per share.



5.              RECONCILIATION OF NET CASHFLOW TO MOVEMENT IN NET FUNDS

                                            �                  �             �
                              Six months ended   Six months ended   Year ended
                              30 November 2007   30 November 2006   31 May 2007
                                  (Unaudited)        (Unaudited)     (Audited)

(Decrease)/Increase in
cash in the period                   (528,563)           (28,135)      133,428
Net funds at beginning of
period                                552,337            133,428       418,909
                                     ----------         ----------     ---------
Net funds at end of period             23,774            105,293       552,337
                                     ==========         ==========     =========



6.              INVESTMENTS

                                  �                        �                 �
                   Six months ended       Six months ended        Year ended
                   30 November 2007       30 November 2006        31 May 2007
                        (Unaudited)              (Unaudited)         (Audited)
Publicly traded
investments               1,446,171                        -         1,046,171
                          ===========              ===========          ========
The market value of publicly traded investments at 30 November 2007 based on the
closing mid-market price was �2,903,131 (31 May 2007: �2,711,086). The market
value of the investments based on the closing mid market price at 29 February
2008 was �2,261,369.



7.              SHARE CAPITAL


The authorised share capital of the Company and the called up and fully paid
amounts at 30 November 2007 were as follows:-
                                               �                �            �

                                  Six months ended Six months ended  Year ended
                                  30 November 2007 30 November 2006 31 May 2007
                                     (Unaudited)      (Unaudited)    (Audited)

Authorised:

1,000,000,000 ordinary
shares of 0.1p each                    1,000,000        1,000,000    1,000,000
                                        ==========       ==========    =========

Allotted, called up and fully
paid:
Beginning of the period                  366,001          130,001      130,001
Issued 31 March 2007 at a
price of 0.74p per share                       -                -      236,000
                                        ----------       ----------    ---------

                                         366,001          130,001      366,001
                                        ==========       ==========    =========




8.              RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS

                        Share       Share       Profit      Other        Total
                       capital     premium     and loss   Reserves
                                                Account
                             �            �           �         �            �

At 1 June 2007         366,001    2,063,664    (372,196)   (5,213)   2,052,256
(Loss)/Gain for the
period                       -            -    (136,602)    4,596     (132,006)
                         -------     --------     -------  --------     --------
At 30 November 2007    366,001    2,063,664    (508,798)     (617)   1,920,250
                         =======     ========     =======  ========     ========







Mincorp PLC

Company Information

Directors
Jocelyn Arreza
Matthew Steptoe
Thanggaya Munusamy
Mohd. Noordin bin Abdullah


Secretary
Stephen Ronaldson

Registered office
1 Park Place
Canary Wharf
London, E14 4HJ


Nominated Adviser
Nabarro Wells & Co Ltd
Saddlers House
Gutter Lane
London EC2V 6HS


Broker
Keith, Bayley, Rogers & Co. Ltd
Sophia House
76-80 City Road
London EC1Y 2EQ


Auditors
Chapman Davis LLP
No.2 Chapel Court
London SE1 1HH


Registrar
Share Registrars Ltd
Craven House
West Street
Farnham
Surrey GU9 7EN


Registered number
05140143






- End -






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