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Article

20 March 2013

Creat Resources Holdings Limited

("CRHL" or "the Company")


Interim Results for the six months ended 31 December 2012

 

Creat Resources Holdings Limited ("CRHL") (AIM: CRHL) is pleased to announce its interim results for the six months ended 31 December 2012 as shown below. The full Interim Report and Accounts will be available on the Company’s website (www.creatresources.com) shortly.

 

For further information please visit www.creatresources.com or contact:

 

Creat Resources Holdings Limited

Morris R. Hansen, Company Secretary: Tel +613 6471 6228

 

Daniel Stewart & Company

Paul Shackleton, David Hart: Tel +44 20 7776 6550

 

 

Directors’ Report

 

The directors of Creat Resources Holdings Limited (CRHL) submit herewith the financial report of Creat Resources Holdings Limited and its subsidiaries (the ‘Company’) for the half-year ended 31 December 2012. This report is intended to be read in conjunction with the 2012 Annual Report.

 

The Registered Office and principal place of business is 262 Main Street, Zeehan, Tasmania 7469 Australia.

 

In order to comply with the provisions of the Corporations Act 2001, the directors report as follows:

 

The names of the directors and company secretary in office during or since the end of the half-year and up to the date of this report are:

 

Directors and Company Secretary

 

Name

Role

Appointed

Mr Derek Leung

Executive Chairman,

Managing Director and Chief Executive Officer

10 July 2012

Mr Tad Ballantyne

Deputy Chairman and Non-Executive Director

 

Mr Philip Simpson          

Non-Executive Director

 

Mr Morris Hansen

General Manager,

Company Secretary & Executive Director

 

Ms Mei Chen

Executive Director & Chief Financial Officer

10 July 2012

 

 

 

 

The above named directors and company secretary have been in office since the start of the half-year unless otherwise stated.

 

Past Directors and Company Secretaries

 

Name

Role

   Term

Dr Yuewen Zheng

Executive Chairman,

Managing Director and Chief Executive Officer

Resigned 10 July 2012

Mr Xiaojian Ren

Non-Executive Director

Resigned 10 July 2012

 

 

Principal activities

 

The principal activities of the Consolidated Entity during the financial period were minerals exploration and the acquisition, exploration and operation of mineral properties in Australia. The Company was admitted to trading on AIM on 6 March 2007. The Company initially focused on zinc, lead and silver deposits in western Tasmania, Australia.  During the year the company entered into a sale arrangement for its Tasmanian tenement package.  Subsequent to the deal being signed the company held an Extraordinary General Meeting of its members on the 13th November, 2012 where the members passed all resolutions relating to the sale of the tenements and the adoption of a new investment policy.  The company is currently finalising the sale arrangement with the purchaser and is awaiting signing of the transfer documents in accordance with current local government policy.

 

Operating Results

 

The consolidated loss of the Company for the half-year after providing for income tax amounted to $3,995,817, (2011 restated loss: $1,963,783).

 

Review of Operations

 

Galaxy Resources Limited, Investment Asset

 

Galaxy’s Mt Cattlin Mine in Western Australia.

Galaxy Resources Limited (“Galaxy”) is a Western Australian S&P / ASX 300 Index company which plans to become one of the world’s leading producers of lithium compounds – the essential components of rechargeable batteries for powering manufactured products like the world’s fast expanding fleet of hybrid and electric cars. Galaxy’s Mt Cattlin mine plans to be the world’s second largest producer of lithium mineral concentrate globally, and through the development of its 17,000 tpa lithium carbonate plant in Jiangsu province, Galaxy expects to be one of the largest lithium compound producers in China. Lithium compounds such as lithium carbonate are forecast to be in short supply against high future demand due to advances in long life batteries and their use in sophisticated electronics including mobile phones and computers. Galaxy has positioned itself to meet this lithium demand through vertical integration, by not only mining the lithium, but also by downstream processing to supply lithium carbonate to the expanding Asian market. Galaxy is also positioning itself for growth via mergers and acquisitions and in line with this completed the merger with Lithium One of Canada early in the period.

 

The Company’s shareholding in Galaxy at the start of the half-year was 38,091,616 shares or 10.56% of issued shares. During the term the company made the decision to sell up to 1,000,000 Galaxy shares to fund operations until the completion of the tenement sale transaction.  To date the company has affected the sale of 506,704 shares.  The company shareholding in Galaxy Resources now stands at 37,584,912 shares or 6.43% of issued shares.  Substantial changes in the companies percentage of total issued shares has occurred throughout the year due to Galaxy’s various placements completed during the period but had no effect on the number so shares held by the company. CRHL still retains 2 director positions on Galaxy’s board.

 

The market value of the Company’s investment in Galaxy has dropped during the half-year. The fair value for the investment in Galaxy Resources Limited based on the Australian Stock Exchange share price at 31 December 2012 is $14,846,040 (30 June 2012: $22,283,595).

 

Galaxy’s Jiangsu Lithium Carbonate Project in Jiangsu, PRC.

Galaxy Jiangsu is 100% owned by Galaxy and is intended to provide lithium to the China market as well as internationally to address the increasing demand for green energy. The Jiangsu plant has continued to progress with its twelve month ramping process to full production.  During the period a serious incident occurred at the Jiangsu plant which caused the plant to be shut down for investigation, rectification and re-commissioning.  The plant is expected to be back in operation by early March 2013.

 

Galaxy’s Sal De Vida Project

Sal De Vida was acquired through the Lithium One merger and is a lithium brine deposit located in Argentina in the Lithium Triangle in South America.  Work has commenced on this project and is expected to be a source of high grade low cost lithium for the company and will become the company’s flagship deposit.

 

Galaxy’s Mt Cattlin Project

On the 12th July, the company announced a temporary closure of the Mt Cattlin operations in Western Australia due to high levels of internal stockpiles.  The operations are to be shut down on a temporary basis until the Jiangsu plant is operating at full capacity and reduces existing stockpiles at which time Mt Cattlin will recommence operations.

 

 

Mineral Assets,  Zeehan, Western Tasmania

 

Exploration Activities

 

During the half year, the company entered into an agreement to sell all of its Tasmanian mineral interests to Australian Hualong Pty Ltd.  These interests consist of four exploration licences and three retention licences;

 

Exploration Licences                                                     Retention Licences

EL18/2003                                                                     RL1/2008

EL20/2002                                                                     RL3/2009

EL21/2004                                                                     RL4/2009

EL30/2002

 

At an Extraordinary General Meeting of the members all resolutions relating to the sale of the tenements was passed.  The company has since taken the necessary steps to progress the deal which is expected to be finalised in or shortly after the first quarter of 2013.

 

The company continues to maintain the licences and meet its commitments with regard to exploration and rehabilitation.

 

Proposed sale of the Company's mining assets

On 17 October 2012, the Company and its wholly owned subsidiary ZZ Exploration Pty Limited, entered into a conditional agreement with an unrelated third party to dispose of all the existing mining assets, including all exploration and retention licences currently held by the Group in Tasmania, Australia together with all associated plant and equipment for a total consideration of AUD $4million in cash.  All commitments and obligations attaching to the licences, including the decommissioning and rehabilitation provision, transfer with the mining assets.

 

Events Subsequent to Balance Date

Proposed sale of the Company's mining assets

The sale of mining tenements was finalised on 21 December 2012 pending ministerial approval. Approval is expected in or shortly after the first quarter of 2013.

 

Auditor’s Independence Declaration

The auditor’s independence declaration, as required under section 307C of the Corporations Act 2001, is included on page 16 of the half-year report.

 

Signed in accordance with a resolution of directors made pursuant to s.306(3) of the Corporations Act 2001.

 

On behalf of the Directors

 

 

 

 

Derek Leung

Executive Chairman, Managing Director

and Chief Executive Officer

 

 

Dated this 15th day of March 2013

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE HALF-YEAR ENDED 31 DECEMBER 2012

 

 

 

 

Consolidated

Half-year Ended

 

Note

 

31 Dec 2012

 

31 Dec 2011

 

 

 

$

 

$

Continuing Operations

 

 

 

 

 

Restated

 

Revenue

 

 

87,704

 

 

112,743

 

Other Gains and Losses

3

 

(7,747,200)

 

 

5,734,845

 

Gain on reversal of impairment

 

 

6,081,651

 

 

-

 

Exploration and Evaluation Costs Expensed

 

 

-

 

 

(290,787)

 

Depreciation Expense

 

 

(71,672)

 

 

(137,944)

 

Finance Costs

 

 

(1,669,121)

 

 

(3,548,123)

 

Administration Expenses

 

 

(163,025)

 

 

(432,154)

 

Gain on Disposal of Assets

 

 

14,221

 

 

30,569

 

Employee Expenses

 

 

(345,545)

 

 

(887,665)

 

Site Operations

 

 

(132,001)

 

 

(746,773)

 

Other Expenses                                                       

 

 

(50,829)

 

 

(84,374)

 

 

 

 

 

 

 

 

 

Loss before Tax

 

 

(3,995,817)

 

 

(249,663)

 

Income Tax Benefit

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

Loss for the Period

 

 

(3,995,817)

 

 

(249,663)

 

 

 

 

 

 

 

 

 

Other Comprehensive Income

 

 

 

 

 

 

 

Share of other comprehensive income of associate

 

 

-

 

 

-

 

Reserve – AFS Investment

 

 

-

 

 

(1,714,123)

 

Other Comprehensive Income for the Period

(net of tax)

 

 

-

 

 

(1,714,123)

 

Total Comprehensive Loss for the Period

 

 

(3,995,817)

 

 

(1,963,783)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic (cents per share)

 

 

     (0.60)

 

 

     (0.29)

 

Diluted (cents per share)

 

 

     (0.60)

 

 

     (0.29)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes form part of these condensed consolidated financial statements which must also be read in conjunction with the 2012 Annual Report.

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2012

 

 

 

 

Consolidated

 

Note

 

31 Dec 2012

 

30 June 2012

 

 

 

$

 

$

Assets

 

 

 

 

 

Restated

 

Current Assets

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

 

126,086

 

 

92,797

 

Trade and Other Receivables

 

 

34,120

 

 

61,269

 

Other Current Assets

 

 

113,106

 

 

103,497

 

Other Financial Assets

 

 

2,500,000

 

 

-

 

 

 

 

2,773,312

 

 

257,563

 

Asset held for sale

 

7

6,854,474

 

 

-

 

Total Current Assets

 

 

9,627,786

 

 

257,563

 

 

 

 

 

 

 

 

 

Non-Current Assets

 

 

 

 

 

 

 

Property, Plant and Equipment

 

 

265,295

 

 

867,598

 

Exploration and Evaluation Asset

 

 

-

 

 

250,000

 

Other Non-Current Assets

 

 

14,846,040

 

 

22,283,595

 

Other Financial Assets

 

 

-

 

 

2,500,000

 

Total Non-Current Assets

 

 

15,111,335

 

 

25,901,193

 

 

 

 

 

 

 

 

 

Total Assets

 

 

24,739,121

 

 

26,158,756

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

Trade and Other Payables

 

 

725,447

 

 

396,857

 

Financial Liabilities

 

4

41,695,958

 

 

39,448,365

 

Provisions

 

 

35,041

 

 

1,279,380

 

 

 

 

42,456,446

 

 

41,124,602

 

Liabilities held for sale

 

7

2,854,474

 

 

-

 

Total Current Liabilities

 

 

45,310,920

 

 

41,124,602

 

 

 

 

 

 

 

 

 

Non-Current Liabilities

 

 

 

 

 

 

 

Provisions

 

 

-

 

 

1,610,136

 

Total Non-Current Liabilities

 

 

-

 

 

1,610,136

 

 

 

 

 

 

 

 

 

Total Liabilities

 

 

45,310,920

 

 

42,734,738

 

 

 

 

 

 

 

 

 

Net Liabilities

 

 

(20,571,799)

 

 

(16,575,982)

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

Issued Capital

 

 

69,408,416

 

 

69,408,416

 

Reserves

 

 

344,531

 

 

344,531

 

Accumulated Losses

 

 

(90,324,746)

 

 

(86,328,929)

 

Total Deficit

 

 

(20,571,799)

 

 

(16,575,982)

 

 

 

 

 

 

 

 

 

The accompanying notes form part of these condensed consolidated financial statements which must also be read in conjunction with the 2012 Annual Report.

 

 

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE HALF-YEAR ENDED 31 DECEMBER 2012

 

 

 

Issued

Capital

 

Accumulated

Losses

 

Other

Reserves

 

Total

 

 

         $        

 

         $        

 

         $        

 

         $        

 

 

 

 

 

 

 

 

 

 

Balance at 1 July 2011

69,408,416

 

(76,812,378)

 

344,531

 

(7,059,431)

 

Loss for the Period (restated)

  - 

 

(249,663)

 

  - 

 

(249,663)

 

Total comprehensive income for the period

  - 

 

(249,663)

 

  - 

 

(249,663)

 

Reserve - AFS Investment

  - 

 

  - 

 

(1,714,123)

 

(1,714,123)

 

Balance at 31 December 2011 (restated)

69,408,416

 

(77,062,041)

 

(1,369,592)

 

(9,023,217)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 1 July 2012 (restated)

69,408,416

 

(86,328,929)

 

344,531

 

(16,575,982)

 

Loss for the Period

  - 

 

(3,995,817)

 

  - 

 

(3,995,817)

 

Total comprehensive income for the period

  - 

 

(3,995,817)

 

  - 

 

(3,995,817)

 

Reserve - AFS Investment

  - 

 

  - 

 

-

 

-

 

Balance at 31 December 2012

69,408,416

 

(90,324,746)

 

344,531

 

(20,571,799)

 

 

 

The accompanying notes form part of these condensed consolidated financial statements which must also be read in conjunction with the 2012 Annual Report.

 

 

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2012

 

 

 

Consolidated

Half-year Ended

 

 

31 Dec 2012

 

31 Dec 2011

 

 

      $

 

 

      $

 

Cash Flows from Operating Activities

 

 

 

 

 

 

 

 

 

 

 

Receipts from Customers

61,801

 

 

39,464

 

Payments to Suppliers and Employees

(561,331)

 

 

(2,559,700)

 

 

 

 

 

 

 

Net Cash used in Operating Activities

(499,530)

 

 

(2,520,236)

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities

 

 

 

 

 

 

 

 

 

 

 

Purchase of Property, Plant & Equipment

-

 

 

(5,294)

 

Purchase of Exploration Licence

(10,000)

 

 

-

 

Proceeds from the sale of Property, Plant & Equipment

14,221

 

 

80,000

 

Proceeds from Deposit

200,000

 

 

-

 

Proceeds from Sale of Shares

225,551

 

 

-

 

Interest Received

53,052

 

 

76,961

 

 

 

 

 

 

 

Net Cash provided by Investment Activities

482,824

 

 

151,667

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flows from Financing Activities

 

 

 

 

 

 

 

 

 

 

 

Interest Paid

(5)

 

 

(9,529)

 

Proceeds from Borrowings

50,000

 

 

2,300,000

 

 

 

 

 

 

 

Net Cash provided by Financing Activities

49,995

 

 

2,290,471

 

 

 

 

 

 

 

Net  increase / (decrease) in Cash and Cash Equivalents

33,289

 

 

(78,098)

 

Cash and Cash Equivalents at Beginning of the Half-Year

92,797

 

 

263,714

 

 

 

 

 

 

 

Cash and Cash Equivalents at the End of the Half-Year

126,086

 

 

185,616

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes form part of these condensed consolidated financial statements which must also be read in conjunction with the 2012 Annual Report.

 

 

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF-YEAR ENDED 31 DECEMBER 201
2

 

Note 1: Significant Accounting Policies

 

Statement of Compliance

The half-year financial report is a general purpose financial report prepared in accordance with the Corporations Act 2001 and AASB 134 Interim Financial Reporting. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 Interim Financial Reporting. The half-year report does not include notes of the type normally included in an annual financial report and shall be read in conjunction with the most recent annual financial report and the public announcements made during the half-year in accordance with the continuous disclosure requirements of the Corporations Act 2001.

 

Basis of Preparation

The condensed consolidated financial statements have been prepared on the basis of historical cost, except for the revaluation of certain non-current assets and financial instruments. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars, unless otherwise noted.

 

The accounting policies and methods of computation adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the company’s 2012 annual financial report for the financial year ended 30 June 2012, except for the impact of the Standards and Interpretations described below. These accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards.

 

New and revised Standards

Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 31 December 2012. The consolidated entity has not yet assessed the impact of these new or amended Accounting Standards and Interpretations.

 

Accounting policies, changes in accounting estimates and errors

During the half year ended 31 December 2012, an assessment of the terms and valuation methodology of convertible notes on maturity resulted in a reclassification of these liabilities between unsecured convertible notes and Loans from related party: secured and unsecured.

 

The reclassification was retrospective and as such the prior period comparatives presented the Company show a balance of unsecured convertible notes of $4,482 thousand and loans from related party: secured and unsecured of $35,991 thousand at 30 June 2012. The reassessment had the effect of overstating debt by $4,157 thousand for the year ended 30 June 2012 and overstating finance costs by $888 thousand for the half year ended 31 December 2011.

 

In accordance with the requirements of AASB 134 Interim Financial Reporting, the Company has not presented a third statement of financial position which would otherwise be required by AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.

 

 

 

As Previously Reported

Restatement Adjustment

As Restated

 

 

($)

($)

($)

For the half year ended 31 December 2011

 

 

 

 

Statement of Comprehensive Income

 

 

 

 

 

 

 

 

Foreign exchange (loss)/gain arising on translation of financial liabilities

 

           (125,078)

               (2,064)

           (127,142)

Total other income

         5,736,910

               (2,064)

         5,734,845

 

 

 

 

Finance costs

 

        (4,435,966)

            887,843

        (3,548,123)

 

 

 

 

 

Loss for the period

        (1,135,441)

            885,779

           (249,673)

 

 

 

 

 

Statement of financial position as at 30 June 2012

 

 

 

Unsecured convertible notes

       35,460,977

      (30,978,742)

         4,482,235

Loans from related party: secured and unsecured

         8,133,803

       26,821,312

       34,955,115

Total Financial Liabilities

 

       43,605,795

        (4,157,430)

       39,448,365

 

 

 

 

 

Total current liabilities

 

       45,282,032

        (4,157,430)

       41,124,602

 

 

 

 

 

Net Liabilities

 

      (20,733,412)

         4,157,430

      (16,575,982)

 

 

 

 

 

Statement of changes in equity

 

 

 

Accumulated Losses

 

      (90,486,359)

         4,157,430

      (86,328,929)

Total Equity

 

      (20,733,412)

         4,157,430

      (16,575,982)

 

Going Concern

The financial report has been prepared on the going concern basis, which assumes continuity of normal business activities and the realisation of assets and the settlement of liabilities in the ordinary course of business.

In line with the consolidated entity’s revised investment policy and the disposal of the tenement package in Western Tasmania the company has substantially reduced its ongoing expenditure.  It expects to continue to incur losses for at least the next 12 months.  The consolidated entity will finance its operations primarily through cash and cash equivalents on hand, future financing from the issuance of debt or equity instruments and through the generation of revenues once a commercially viable operation is identified.  However, the consolidated entity has yet to generate any significant revenues and has no assurance of future revenues. 

As disclosed in note 6, the Company has entered into an agreement to dispose of all the existing mining assets currently held in Tasmania, together with all associated plant and equipment, for a total consideration of AUD $4 million in cash. The sale is currently awaiting ministerial approval which is expected to be finalised in or shortly after the first quarter of 2013.

On 15 March 2013 the Company received an undertaking from Creat Group in that, for the purposes of assisting the company to achieve its working capital forecast to 30 June 2014:

  • Creat Group will continue to provide further funding to CRHL as required with interest rates based on market interest rates; and
  • Creat Group will not call for or cause repayment of any loans or convertible notes, including the payment of accrued interest on such loans or convertible notes, held by Creat Group at 31 December 2012 or entered/acquired by Creat Group subsequent to that date, and interest that will be due and payable on such loans or convertible notes through to 30 June 2014.

 

At the date of this report and having considered the above factors, the directors are confident that the consolidated entity will be able to continue as a going concern.

 

Note 2: Segment Information

AASB 8 requires operating segments to be identified on the basis of internal reports about components of the Company that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segment and to assess its performance.

The chief decision maker of the company is its Board of Directors, and the system of internal reporting is such that there is only one reportable segment under AASB 8.

 

Note 3: Disclosure of additional information

Other gains and losses

 

 

31 Dec 2012

 

31 Dec 2011

 

 

$

 

$

 

 

 

 

Restated

Foreign exchange (loss)/gain arising on translation of financial liabilities

 

(527,387)

 

 

(127,142)

 

Gain/(Loss) on convertible note option valuation

 

-

 

 

5,861,987

 

Impairment of Investment

 

(7,219,813)

 

 

-

 

Total other income

 

(7,747,200)

 

 

5,734,845

 

Available for sale Investment carried at fair value

The fair value of the investment in Galaxy Resources Limited at 31 December 2012 is $14,846,040 (30 June 2012; $22,283,595).

 

Note 4: Financial liabilities

Financial liabilities include the following loans and convertible notes:

 

 

 

31 Dec 2012

 

30 Jun 2012

 

 

$

 

$

 

 

 

 

Restated

Current

 

 

 

 

 

 

Unsecured convertible notes (ii)

 

4,770,445

 

 

4,482,235

 

Loans from related party: secured and unsecured (i)

 

36,914,498

 

 

34,955,115

 

Withholding tax payable

 

11,015

 

 

11,015

 

 

 

41,695,958

 

 

39,448,365

 

 

 

 

 

 

 

 

 

The following loans and convertible notes are all held with the ultimate parent entity, Creat Group.

(i)    Six unsecured loans from a related party are currently due for repayment. One of these unsecured loans has an interest rate of 0%, four have an interest rate of 10% and one has an interest rate of 12%.  Two cash advance facilities are in place and have an interest rate of 0%.  At 31 December 2012, $100,000 of a $400,000 facility was still available to the company. 

(ii)   Six unsecured convertible notes were due to mature in February 2013 and have interest rates of 6%.

 

The above unsecured convertible notes and unsecured loans are covered by a letter of financial support from Creat Group (refer Note 1). 

 

The movement in current financial liabilities is predominantly due to movement in the fair value of convertible notes.

 

Note 5: Contingencies and commitments

There are no known contingent liabilities or contingent assets since the end of the last annual reporting period.

 

Note 6: Subsequent events

Proposed sale of the Company's mining assets

The sale of mining tenements was finalised on 21 December 2012 pending ministerial approval. Approval is expected in or shortly after the first quarter of 2013.

 

Note 7: Assets classified as held for sale                                                                     

 

31 Dec 2012

$

 

Plant and equipment held for sale

522,823

Exploration and evaluation assets held for sale

250,000

Site works and other assets held for sale (i)

6,081,651

 

6,854,474

 

(i)    In October 2012 a contract was entered into for the sale of assets associated with the mining tenements owned by the Company, as part of the agreement the purchaser acquired the mining licenses, fixed assets on the site and site works performed on the tenements in the past.

Reversal of impairment

During the year, as a result of a sale contract being entered into for the sale of mining tenements and associated assets the impairment on properties previously recognised was reassessed and the change in conditions gave rise to a reversal of this impairment.  The amount of the impairment reversal for the half year ended 31 December 2012 was $6,081,651.

 

Provision for Restoration and Rehabilitation

 

31 Dec 2012

$

 

Liabilities held for sale (ii)

2,854,474

 

(ii)            In accordance with Statement Government legislation , a provision for rehabilitation of the Comstock mine site was required to be recognised. As part of the contract for sale, the purchaser assumes the responsibility for the terms and conditions of the licences acquired which includes the responsibility for rehabilitation. The provision for rehabilitation has been classified as held for sale in accordance with the transfer of this responsibility.

FOR THE HALF-YEAR ENDED 31 DECEMBER 2012

 

DIRECTORS’ DECLARATION

 

The directors declare that:

(a)        in the directors’ opinion, there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable; and

(b)        in the directors’ opinion, the attached financial statements and notes thereto are in accordance with the Corporations Act 2001, including compliance with accounting standards and giving a true and fair view of the financial position and performance of the consolidated entity.

 

Signed in accordance with a resolution of the directors made pursuant to section 303(5) of the Corporations Act 2001.

 

On behalf of the Directors

           

 

 

 

 

 

Derek Leung

Executive Chairman, Managing Director

And Chief Executive Officer

 

Dated this 15th day of March 2013