REG-Anglesey Mining PLC: Final Results and annual report <Origin Href="QuoteRef">AYM.L</Origin> - Part 3
31/07/2015 15:50
- Part 3: For the preceding part double click ID:nPRrV746Cb
losses for taxation purposes
which may be offset against investment income and other revenues. Accordingly
no provision has been made for Corporation Tax. There is an unrecognised
deferred tax asset at 31 March 2015 of £1.3 million (2014 - £1.3 million)
which, in view of the group's trading results, is not considered by the
directors to be recoverable in the short term. There are also capital
allowances, including mineral extraction allowances, of £12.4 million unclaimed
and available at 31 March 2015 (2014 - £12.3 million). No deferred tax asset is
recognised in respect of these allowances.
2015 2014
£ £
Current tax - -
Deferred tax - -
Total tax - -
Domestic income tax is calculated at 21% of the estimated
assessed profit for the year.
In 2014 the rate used was 23% and the change this year is due
to a change in Corporation Tax
rates. Taxation for other jurisdictions is calculated at the
rates prevailing in the relevant
jurisdictions.
The total charge for the year can be reconciled to the
accounting profit or loss as follows:
Loss for the year (1,736,610) (7,173,703)
Tax at the domestic income tax (364,688) (1,649,952)
rate of 21% (2014 - 23%)
Tax effect of:
Expenses that are not deductible
in determining taxable
result
Losses on interest in investments 364,688 1,649,952
Total tax - -
9 Earnings per ordinary share
2015 2014
£ £
Earnings
Loss for the year (1,736,610) (7,173,703)
Number of shares
Weighted average number of 160,608,051 160,608,051
ordinary shares for the purposes
of basic earnings per share
Shares deemed to be issued for no
consideration in respect of
employee options
Weighted average number of 160,608,051 160,608,051
ordinary shares
for the purposes of diluted
earnings per share
Basic earnings per share (1.1)p (4.5)p
Diluted earnings per share (1.1)p (4.5)p
As the group has a loss for the year ended 31 March 2015 the effect of the
outstanding share options is anti-dilutive and diluted earnings are reported to
be the same as basic earnings.
10 Mineral property exploration and evaluation costs - group
Parys
Mountain
Cost £
At 1 April 2013 14,753,566
Additions - site 32,661
Additions - rentals & 15,821
charges
At 31 March 2014 14,802,048
Additions - site 59,049
Additions - rentals & 16,096
charges
At 31 March 2015 14,877,193
Carrying amount
Net book value 2015 14,877,193
Net book value 2014 14,802,048
Included in the additions are mining lease expenses of £16,096 (2014 - £
15,500).
Potential impairment of mineral property
Accumulated exploration and evaluation expenditure in respect of the Parys
project is carried in the financial statements at cost, less an impairment
provision where there are grounds to believe that the discounted present value
of the future cash flows from the project is less than the carrying value or
there are other reasons to indicate that the carrying value is unsuitable.
This year the directors carried out an impairment review with an effective date
of 26 March 2015. This review was based on an estimate of discounted future
cash flows from the development and operation of the Parys Mountain project
over the initial projected mine life of 16 years. The directors have used past
experience and an assessment of future conditions, together with external
sources of information, to determine the assumptions which were adopted in the
preparation of a financial model used to estimate the cashflows.
The key assumptions utilised were:
* Capital costs were estimated at current costs when the expenditure is
planned to be incurred; neither revenues nor operating costs will take into
account any inflation.
* Metal prices (long-term estimates): zinc 1.15 US$/lb; copper 3.25 US$/lb;
lead 1.00 US$/lb; silver US$18.00 per ounce and gold US$1200 per ounce.
Exchange rate US$1.55/£.
* The discount rate of 10% applied to future cashflows is one which reflects
the directors' current market assessment of the time value of money and any
risk factors which have not been adjusted already in the preparation of the
forecast.
The directors estimated the sensitivity of the assumptions used in the cashflow
model which would significantly affect the discounted net present value of the
projected Parys cashflows. The figures which follow are the variation expressed
in percent of each specific assumption which would, on its own, reduce the
calculated net present value to the carrying value of the intangible asset in
the accounts: copper price -24%, zinc price -10%, lead price -21%, capital
expenditure +13%, mining costs +19%, all operating costs including mining +10%
and the discount rate +16%.
Based on the above parameters the directors believe that no impairment
provision is necessary or appropriate. However estimates of the net present
value of any project, and particularly one like Parys Mountain, are always
subject to many factors and wide margins of error. The directors believe that
the estimates and calculations supporting their conclusions have been carefully
considered and are a fair representation of the projected financial performance
of the project.
Based on the review set out above the directors have determined that no
impairment provision is required in the financial statements in respect of the
carrying value of the Parys property.
11 Property, plant and equipment
Company Freehold Plant & Office Total
land and equipment equipment
property
Cost £ £ £ £
At 1 April 2013 - 17,434 5,487 22,921
At 31 March 2014 and - 17,434 5,487 22,921
2015
Depreciation
At 1 April 2013 - 17,434 5,487 22,921
At 31 March 2014 and - 17,434 5,487 22,921
2015
Carrying amount
At 31 March 2014 and - - - -
2015
12 Subsidiaries - company
The subsidiaries of the company at 31 March 2015 and 2014 were as follows:
Name of company Country of Percentage Principal activity
incorporation owned
Labrador Iron plc Isle of Man 100% Holder of the
company's investment
in Labrador Iron
Mines Holdings
Limited
Anglo Canadian Exploration England & 100% Dormant
(Ace) Limited Wales
Parys Mountain Mines Limited England & 100% Development of the
Wales Parys Mountain
mining property
Parys Mountain Land Limited England & 100% Holder of part of
Wales the Parys Mountain
property
Parys Mountain Heritage England & 100% Holder of part of
Limited Wales the Parys Mountain
property
The following subsidiary was set up on 29 April 2014:
Angmag Limited Sweden 100% Holder of the
company's investment
in GIAB
13 Investments - company
Shares at Loans Total
cost
£ £ £
At 1 April 2013 100,103 13,856,577 13,956,680
Advanced - 20,884 20,884
At 31 March 2014 100,103 13,877,461 13,977,564
Advanced 3,922 135,540 139,462
Repaid - - -
At 31 March 2015 104,025 14,013,001 14,117,026
The realisation of investments is dependent on finance being available for
development and on a number
of other factors. No interest was charged in the year on inter-company loans.
14 Investments - group
Labrador Grangesberg Total
£ £ £
At 31 March 2013 7,964,532 - 7,964,532
Impairment resulting from adjustment to (5,451,267) - (5,451,267)
fair value
Exchange difference arising on (1,255,280) - (1,255,280)
adjustment above
At 31 March 2014 1,257,985 - 1,257,985
Addition during period - 86,659 86,659
Impairment resulting from adjustment to (1,231,218) - (1,231,218)
nominal value
Exchange difference arising on (26,766) - (26,766)
adjustment above
At 31 March 2015 1 86,659 86,660
LIM
On 2 April 2015, LIM instituted proceedings in the Ontario Superior Court of
Justice for a financial restructuring by means of a plan of compromise or
arrangement under the Canadian Companies' Creditors Arrangement Act in order to
facilitate a restructuring and refinancing of its business operations. In
February 2015, to save the substantial costs associated with a stock exchange
listing and to maintain restructuring flexibility, LIM voluntarily delisted its
common shares and warrants from the Toronto Stock Exchange, effective 23
February 2015, and the group's investment in LIM is now classified as
'unquoted'. Based on these factors and the difficulty of determining a fair
market value the directors have decided to write down the value of the LIM
shares at 31 March 2015 to a nominal value of £1. Consequent upon these changes
this investment is reclassified as Level 3 rather than Level 1 under the IFRS
fair value hierarchy. The company's policy is to recognise these transfers on
the effective date of the event or change in circumstances that caused the
transfer.
At 31 March 2014 LIM was treated as an investment in listed equity securities
that present the group with opportunity for return through dividend income and
trading gains. These shares were not held for trading and accordingly were
classified as 'available for sale' which was deemed to be the most appropriate
classification under IFRS. The LIM investment was measured subsequent to
initial recognition at fair value as 'Level 1' AFS based on the degree to which
the fair value is observable. Level 1 fair value measurements are those derived
from quoted priced (unadjusted) in active markets. At 31 March 2014 the value
of the LIM investment was deemed to be impaired given the decline in the share
price.
Grangesberg
As explained in more detail in the strategic report, the group has, through its
Swedish subsidiary Angmag AB, acquired a 6% ownership interest in GIAB, a
Swedish company which holds rights over the Grangesberg iron ore deposits. This
investment has been initially recognised and subsequently measured at cost, on
the basis that the shares are not quoted and a reliable fair value is not able
to be estimated. However the group also had, between May 2014 and 30 March
2015, an option over a further 51% of GIAB together with management direction
of the activities of GIAB subject to certain restrictions during the term of
the option. The option has been replaced by a right of first refusal expiring
on 30 June 2018, while operational management continues largely unaltered.
The board determined that it did not have the relevant control over GIAB
within the meaning of the provisions of IFRS 10 during the term of the option,
which would have required consolidation of GIAB into the group's financial
statements with a 6% shareholding and a 94% minority interest.
Although the group did not have control during the option period it did have
significant influence over certain relevant activities of GIAB. The group has
not applied equity accounting for the period during the year when it had
significant influence as the directors consider this would not have any
material affect.
The income statement and statement of financial position of Grangesberg Iron at
31 December 2014, the latest date on which such accounts have been prepared,
converted into sterling at the rate in effect at the applicable year end have
been included below as an aid to disclosure. There are no material adjustments
in respect of significant transactions or events in the period from 31 December
2014 and 31 March 2015 which affect these statements. These statements are
filed at the Bolagsverket: Swedish Companies Registration Office and have been
externally audited by a firm other than Mazars.
Grangesberg Iron AB
Profit and loss statement Amounts in SEK Amounts in sterling
1 Jan 2014- 1 Jan 2013- 1 Jan 1 Jan
2014- 2013-
31-Dec-14 31-Dec-13 31-Dec-14 31-Dec-13
Net turnover - 18,000 - 1,684
Other operating income 7,042,520 - 579,631 -
7,042,520 18,000 579,631 1,684
Operating expenses
Other external expenses (99,745)
(1,211,902) (1,447,574) (135,414)
Personnel costs - -
(2,079,389) (194,517)
Amortisation/depreciation - (3,098) - (290)
or write-down of tangible
and intangible fixed
assets
Other operating expenses (241,837) (48,609) (19,904) (4,547)
Operating profit or 5,588,781 459,982
(loss) (3,560,670) (333,084)
Profit/(loss) from
financial items
Profit from other - 8,127 - 760
securities and
receivables which are
fixed assets
Interest and similar 19,367 1,812
expenses (5,239,969) (431,273)
Profit/(loss) after 348,812 28,709
financial items (3,533,176) (330,512)
Profit/(loss) before tax 348,812 28,709
(3,533,176) (330,512)
Net profit/(loss) for the 348,812 28,709
year (3,533,176) (330,512)
Grangesberg Iron AB
Balance sheet Amounts in SEK Amounts in sterling
31-Dec-14 31-Dec-13 31-Dec-14 31-Dec-13
ASSETS
Fixed assets
Intangible fixed assets
Exploration and 57,985,731 53,151,181 4,772,488 4,972,047
evaluation assets
57,985,731 53,151,181 4,772,488 4,972,047
Total fixed assets 57,985,731 53,151,181 4,772,488 4,972,047
Current assets
Current receivables
Trade debtors 22,500 22,500 1,852 2,105
Other receivables 140,666 9,117 11,577 853
Deferred charges and 9,201 18,218 757 1,704
accrued income
172,367 49,835 14,187 4,662
Cash and bank 4,295,807 145,977 353,564 13,655
Total current assets 4,468,174 195,812 367,751 18,317
TOTAL ASSETS 62,453,905 53,346,993 5,140,239 4,990,364
EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital (0 shares) 204,000 100,000 16,790 9,355
204,000 100,000 16,790 9,355
Non-restricted equity
Share premium reserve 8,176,750 - 672,984 -
Profit brought forward 10,647,348 14,180,524 876,325 1,326,522
Net profit/(loss) for the 348,812 28,709
year (3,533,176) (330,512)
19,172,910 10,647,348 1,578,017 996,010
Total equity 19,376,910 10,747,348 1,594,807 1,005,365
Long-term liabilities
Liabilities to associated 6,235,742 5,753,565 513,230 538,219
companies
Other long-term 35,962,910 25,502,318 2,959,910 2,385,624
liabilities
42,198,652 31,255,883 3,473,140 2,923,843
Current liabilities
Trade creditors 415,321 3,281,493 34,183 306,968
Liabilities to group - 72,107 - 6,745
companies
Other current liabilities 21,364 6,158 1,758 576
Accrued expenses and 441,658 7,984,004 36,350 746,867
deferred income
878,343 11,343,762 72,292 1,061,156
TOTAL EQUITY AND 62,453,905 53,346,993 5,140,239 4,990,364
LIABILITIES
15 Deposit
Group Company
2015 2014 2015 2014
£ £ £ £
Site re-instatement deposit
122,806 122,596 - -
This deposit was required and made under the terms of a Section 106 Agreement
with the Isle of Anglesey County Council which has granted planning permissions
for mining at Parys Mountain. The deposit is refundable upon restoration of the
permitted area to the satisfaction of the Planning Authority. The carrying
value of the deposit approximates to its fair value.
16 Other receivables
Group Company
2015 2014 2015 2014
£ £ £ £
Other 30,977 17,017 13,945 13,793
The carrying value of the receivables approximates to their fair value.
17 Cash
Group Company
2015 2014 2015 2014
£ £ £ £
Held in sterling 72,571 269,044 72,088 267,045
Held in Canadian dollars 19,816 20,053 - -
Held in US dollars 2,167 - - -
Held in Swedish Krona 2,319 - - -
96,873 289,097 72,088 267,045
The carrying value of the cash approximates to its fair value.
18 Trade and other payables
Group Company
2015 2014 2015 2014
£ £ £ £
Trade creditors (71,538) (34,863)
(58,142) (28,224)
Taxes (1,848) (11,029) (1,848) (11,029)
Other accruals (48,171) (53,755) (42,670)
(46,754)
(99,647) (102,660) (86,007)
(121,557)
The carrying value of the trade and other payables approximates to their fair
value.
19 Loan
Group Company
2015 2014 2015 2014
£ £ £ £
Loan from Juno (2,659,916)
Limited (2,659,916) (2,418,873) (2,418,873)
Loan from Eurmag AB (222,586) -
- -
(2,882,502) (2,659,916)
(2,418,873) (2,418,873)
Juno: Apart from an advance of £125,000 made in December 2014 there has been no
change in the loan principal during the year. The loan is provided under a
working capital agreement, denominated in sterling, unsecured and carries
interest at 10% per annum on the principal only. It is repayable from any
future financing undertaken by the company, or on demand following a notice
period of 367 days. The terms of the facility were approved by an independent
committee of the board. The carrying value of the loan approximates to its fair
value.
Eurmag: The loan arose during the year in connection with the acquisition of
the investment in Grangesberg. It is the subject of a letter agreement,
denominated in Swedish Krona, is unsecured and carries interest at 6.5% per
annum on the principal only. It is repayable from any future financing
undertaken by the company, or on demand following a notice period of 367 days.
The terms of the facility were approved by an independent committee of the
board. The carrying value of the loan approximates to its fair value.
20 Provision
Group Company
2015 2014 2015 2014
£ £ £ £
Provision for site (50,000) (42,000) - -
reinstatement
The provision for site reinstatement covers the estimated costs of
reinstatement at the Parys Mountain site of the work done and changes made by
the group up to the date of the accounts. These costs would be payable on
completion of mining activities (which is estimated to be more than 20 years'
after mining commences) or on earlier abandonment of the site. There are
significant uncertainties inherent in the assumptions made in estimating the
amount of this provision, which include judgements of changes to the legal and
regulatory framework, magnitude of possible contamination and the timing,
extent and costs of required restoration and rehabilitation activity. The
provision has been increased by £8,000 during the year.
21 Share capital
Ordinary shares Deferred shares Total
of 1p of 4p
Issued and fully paid Nominal Number Nominal Number Nominal
value £ value £ value £
At 31 March 2013, 2014 1,606,081 160,608,051 5,510,833 137,770,835 7,116,914
and 31 March 2015
The deferred shares are non-voting, have no entitlement to dividends and have
negligible rights to return of capital on a winding up.
22 Equity-settled employee benefits
2004 Unapproved share option plan
This group plan provides for a grant price equal to or above the average quoted
market price of the ordinary shares for the three trading days prior to the
date of grant. All options granted to date have carried a performance
criterion, namely that the company's share price performance from the date of
grant must exceed that of the companies in the top quartile of the FTSE 100
index. The vesting period for any options granted since 2004 has been one year.
If the options remain unexercised after a period of 10 years from the date of
grant, they expire. Options are forfeited if the employee leaves employment
with the group before the options vest.
2015 2014
Options Weighted Options Weighted
average average
exercise exercise
price in price in
pence pence
Outstanding at beginning 11,550,000 10.90 11,550,000 10.90
of period
Granted during the - - - -
period
Forfeited during the - - - -
period
Exercised during the - - - -
period
Expired during the 5,500,000 4.13 - -
period
Outstanding at the end 6,050,000 17.06 11,550,000 10.90
of the period
Exercisable at the end 6,050,000 17.06 11,550,000 10.90
of the period
The plan has now closed and no options were granted or forfeited in the year.
Options over 5,500,000 shares expired during the year. The options outstanding
at 12H31 March 2015 had a weighted average exercise price of 17.06 pence (2014
- 10.90 pence), and a weighted average remaining contractual life of 2 years
(2014 - 2 years). As all options had vested by 31 March 2010, the group
recognised no expenses in respect of equity-settled employee remuneration in
respect of the years ended 31 March 2014 and 2015.
2014 Unapproved share option plan
This group plan, approved on 30 September 2014, has very similar terms and
conditions to the 2004 plan. No option grants have yet been made under this
plan.
A summary of options granted and outstanding, all of which are over ordinary
shares of 1 pence, is as follows:
Scheme Number Nominal Exercise Exercisable Exercisable
value £ price from until
2004 Unapproved 1,550,000 15,500 10.625p 15 January 14 January
2007 2016
2004 Unapproved 3,800,000 38,000 21.90p 26 November 26 November
2008 2017
2004 Unapproved 700,000 7,000 5.00p 27 March 2010 27 March 2019
Total 6,050,000 60,500
23 Results attributable to Anglesey Mining plc
The loss after taxation in the parent company amounted to £313,039 (2014 loss £
475,676). The directors have taken advantage of the exemptions available under
section 408 of the Companies Act 2006 and not presented an income statement for
the company alone.
24 Financial instruments
Capital risk management
There have been no changes during the year in the group's capital risk
management policy.
The group manages its capital to ensure that entities in the group will be able
to continue as going concerns while optimising the debt and equity balance. The
capital structure of the group consists of debt, which includes the borrowings
disclosed in note 19, the cash and cash equivalents and equity comprising
issued capital, reserves and retained earnings.
The group does not enter into derivative or hedging transactions and it is the
group's policy that no trading in financial instruments be undertaken. The main
risks arising from the group's financial instruments are currency risk and
interest rate risk. The board reviews and agrees policies for managing each of
these risks and these are summarised below.
Interest rate risk
The amounts advanced under the Juno loans are at a fixed rate of interest of
10% per annum and as a result the group is not exposed to interest rate
fluctuations. Interest received on cash balances is not material to the group's
operations or results.
The company (Anglesey Mining plc) is exposed to minimal interest rate risks.
Liquidity risk
The group has ensured continuity of funding through a mixture of issues of
shares and the working capital agreement with Juno Limited.
Trade creditors are payable on normal credit terms which are usually 30 days.
The loans due to Juno and Angmag carry a notice period of 367 days. Juno, in
keeping with its practice since drawdown commenced more than 10 years ago, has
indicated that it has no current intention of demanding repayment. No such
notice had been received by 16 July 2015 in respect of either of the loans and
they are classified as having a maturity date between one and two years from
the period end.
Currency risk
The functional currency of the group and company is pounds sterling. The loan
from Juno Limited is denominated in pounds sterling. As a result, the group has
no currency exposure in respect of this loan. Currency risk in respect of the
investment in LIM is no longer significant.
In respect of the investment in Grangesberg in Sweden if the rate of exchange
between the Swedish Krona and sterling were to weaken against sterling by 10%
there would be a loss to the group of £8,300 and if it were to move in favour
of sterling by a similar amount there would be a gain of £10,100. Regarding
liabilities denominated in Krona if the rate of exchange between the Swedish
Krona and sterling were to weaken against sterling by 10% there would be a gain
to the group of £20,600 and if it were to move in favour of sterling by a
similar amount there would be a loss of £25,200.
In respect of the group's Canadian dollar holding, if the rate of exchange
between the Canadian dollar and sterling were to weaken against sterling by 10%
there would be a loss to the group of £1,800 and if it were to move in favour
of sterling by a similar amount there would be a gain of £2,200.
Potential exchange variations in respect of other foreign currencies are not
material.
Credit risk
The directors consider that the entity has limited exposure to credit risk as
the entity has immaterial receivable balances at the year-end on which a third
party may default on its contractual obligations. The carrying amount of the
group's financial assets represents its maximum exposure to credit risk. Cash
is deposited with BBB or better rated banks.
Group Available for sale Loans &
assets receivables
31 March 31 March 31 March 31 March
2015 2014 2015 2014
£ £ £ £
Financial
assets
Investments 1 1,257,985 - -
Deposit - - 122,806 122,596
Other debtors - - 30,977 17,017
Cash and cash - - 96,873 289,097
equivalents
- -
1 1,257,985 250,656 428,710
31 March 31 March
2015 2014
£ £
Financial
liabilities
Trade (71,538) (34,863)
creditors
Other (100,019) -
creditors
Loans
(2,882,502) (2,418,873)
(3,054,059) (2,453,736)
Company
Loans & Financial liabilities
receivables
31 March 31 March 31 March 31 March
2015 2014 2015 2014
£ £ £ £
Financial
assets
Other debtors 13,945 13,793 - -
Cash and cash 72,088 267,045 - -
equivalents
Financial
liabilities
Trade - - (102,660) (28,224)
creditors
Loan - -
(2,659,916) (2,418,873)
86,033 280,838
(2,762,576) (2,447,097)
25 Related party transactions
Transactions between Anglesey Mining plc and its subsidiaries are summarised in
note 13.
Juno Limited
Juno Limited (Juno) which is registered in Bermuda holds 36.1% of the company's
issued ordinary share capital. The group has the following agreements with
Juno: (a) a controlling shareholder agreement dated September 1996 and (b) a
consolidated working capital agreement of 12 June 2002. Interest payable to
Juno is shown in note 7 and the balance due to Juno is shown in note 19. Except
as set out in note 19, there were no transactions between the group and Juno or
its group during the year. Danesh Varma is a director and, through his family
interests, a significant shareholder of Juno.
Grangesberg
In May 2014 Bill Hooley and Danesh Varma were appointed as directors of
Grangesberg Iron AB and of the special purpose vehicle Eurmag AB; further
information concerning these appointments is included in the strategic report.
Danesh Varma has been associated with the Grangesberg project since 2007 when
he became a director of Mikula Mining Limited, a company subsequently renamed
Eurang Limited, previously involved in the Grangesberg project. He did not
take part in the decision to enter into the Grangesberg project when this was
approved by the board. The group has a liability to Eurmag AB a subsidiary of
Eurang amounting to £226,857 at the year end (2014 - nil) - see note 19.
Key management personnel
All key management personnel are directors and appropriate disclosure with
respect to them is made in the directors' remuneration report. There are no
other contracts of significance in which any director has or had during the
year a material interest.
26 Mineral holdings
Parys
(a) Most of the mineral resources delineated to date are under the western
portion of Parys Mountain, the freehold and minerals of which are owned by the
group. A royalty of 6% of net profits after deduction of capital allowances, as
defined for tax purposes, from production of freehold minerals is payable. The
mining rights over and under this area, and the leasehold area described in (b)
below, are held in the Parys Mountain Mines Limited subsidiary.
(b) Under a lease from Lord Anglesey dated December 2006, the subsidiary Parys
Mountain Land Limited holds the eastern part of Parys Mountain, formerly known
as the Mona Mine. An annual certain rent of £10,350 is payable for the year
beginning 23 March 2015; the base part of this rent increases to £20,000 when
extraction of minerals at Parys Mountain commences; this rental is
index-linked. A royalty of 1.8% of net smelter returns from mineral sales is
also payable. The lease may be terminated at 12 months' notice and otherwise
expires in 2070.
(c) Under a mining lease from the Crown dated December 1991 there is an annual
lease payment of £5,000. A royalty of 4% of gross sales of gold and silver from
the lease area is also payable. The lease may be terminated at 12 months'
notice and otherwise expires in 2020.
Lease payments
All the group's leases may be terminated with 12 months' notice. If they are
not so terminated, the minimum payments due in respect of the leases and
royalty agreement are analysed as follows: within the year commencing 1 April
2015 - £16,131; between 1 April 2016 and 31 March 2021 - £85,635. Thereafter
the payments will continue at proportionate annual rates, in some cases with
increases for inflation, so long as the leases are retained or extended.
27 Material non cash transactions
There were no material non-cash transactions in the year.
28 Commitments
Other than commitments under leases (note 26) there is no capital expenditure
authorised or contracted which is not provided for in these accounts (2014 -
nil).
29 Contingent liabilities
There are no contingent liabilities (2014 - nil).
30 Events after the period end
On 2 April 2015 LIM instituted proceedings in the Ontario Superior Court of
Justice for a financial restructuring by means of a plan of compromise or
arrangement under the Canadian Companies' Creditors Arrangement Act in order to
facilitate a restructuring and refinancing of its business operations.
Otherwise there are no events after the period end to report.
Anglesey Mining plc
Parys Mountain, Amlwch, Anglesey, LL68 9RE
Phone 01407 831275
mail@angleseymining.co.uk
London office
Painters' Hall
9 Little Trinity Lane, London, EC4V 2AD
Phone 020 7653 9881
Registered office
Tower Bridge House,
St. Katharine's Way,
London,
E1W 1DD
www.angleseymining.co.uk
Company registered number 1849957
- end -
END
Copyright © 2015 PR Newswire Association, LLC. All Rights ReservedRecent news on Anglesey Mining
See all newsREG-Anglesey Mining Plc: Issuance of Share Options to Directors and Employees
AnnouncementREG-Anglesey Mining Plc: Anglesey Mining Announces Publication of a Conceptual Study of a High-Density Fluid Hydro-Power Energy Storage Project
AnnouncementREG-Anglesey Mining Plc: Anglesey Mining plc and RheEnergise Partner to Explore Underground Energy Storage at Parys Mountain Mine, through the Rehabilitation of the Existing 300m Deep Morris Shaft.
AnnouncementREG-Anglesey Mining Plc: Parys Mountain Mine Environmental Impact Assessment (EIA) Scoping Report Approved
AnnouncementREG-Anglesey Mining Plc: Half-year Report
Announcement