REG - Zanaga Iron Ore - Interim Results
30/09/2022 13:15
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RNS Number : 3880B Zanaga Iron Ore Company Ltd 30 September 2022
30 September 2022
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2022
Zanaga Iron Ore Company Limited ("ZIOC" or the "Company") (AIM: ZIOC) is
pleased to announce its unaudited interim results for the six months ended 30
June 2022 and an update on post reporting period end events to September 2022.
Highlights
· Early Production Project ("EPP Project" or "EPP")
o Numerous production scenarios remain under investigation on processing
facilities and suitable logistics solutions, with a particular focus on an
export solutions through the Republic of Congo ("RoC")
o Multiple contract operators have been engaged across mining, logistics,
and processing disciplines with the objective of providing updated cost
estimates in-country
o Significant engagement underway with other mining project developers in
RoC to explore potential collaboration opportunities, especially in relation
to logistics solutions and alternatives for upgrades to existing
infrastructure
· Zanaga Iron Ore Project (the "Project" or the "Zanaga Project") 30Mtpa
staged development project (12Mtpa Stage One ("Stage One"), plus 18Mtpa Stage
Two expansion ("Stage Two"))
o The Project Team continue to engage in activity to ascertain opportunities
for optimisation and improvement of the 30Mtpa staged development project and
will update the market as these improvements develop. No material updates are
available for the H1 2022 period.
· Work programme and budget for 2022, and $1.2m Jumelles Ltd working
capital loan facility, agreed with Glencore Projects Pty Ltd ("Glencore"), a
subsidiary of Glencore plc
o Loan provides full financing for the Zanaga Project budget until 30 June
2023
Corporate
· Funding update - Shard Merchant Capital Ltd ("SMC") 21 million share
equity subscription agreement
o Proceeds of £1,141,574 has been received to date from SMC since launch,
following 18,000,000 shares being placed by SMC, with a further 3,000,000
ordinary shares remaining to be placed at 29 September 2022
o Of the total amount received to date, mentioned above, £62,628 was
received by ZIOC from the SMC facility during the first half of 2022 and no
further cash has been received since 30 June 2022 to date
o Proceeds applied to general working capital, including the provision of
further contributions to the Zanaga Project's operations
· Cash balance of US$0.3m as at 30 June 2022 and cash balance of US$0.1m
as at 29 September 2022.
o Jumelles level loan from Glencore resulted in reduced future funding for
ZIOC towards the Project
o Current available cash on hand is expected to cover ZIOC's corporate
overheads until end Q1 2023, with current SMC facility placement expected to
extend ZIOC working capital to end Q3 2023
· Annual General Meeting to be held in November 2022, and notice will be
sent to shareholders shortly.
Clifford Elphick, Non-Executive Chairman of ZIOC, commented:
"I am pleased to report that significant work is underway to evaluate options
to enable initial small scale production of iron ore from the Republic of
Congo, utilising existing infrastructure.
The iron ore market has experienced substantial underinvestment by the major
iron ore producers over the last decade. This provides an opportunity to
demonstrate that smaller scale production can be delivered initially from RoC,
with the upside potential of de-risking the larger scale potential following
infrastructure upgrades. We look forward to providing an update on our
activities in due course".
Copies of the unaudited interim results for the six months ended 30 June 2022
are available on the Company's website at www.zanagairon.com
(http://www.zanagairon.com/)
The Zanaga Iron Ore Company Limited LEI number is 21380085XNXEX6NL6L23.
For further information, please contact:
Zanaga Iron Ore
Corporate Development and
Andrew Trahar
Investor Relations Manager
+44 20 7399 1105
Liberum Capital Limited
Nominated Adviser, Financial
Scott Mathieson, Edward Thomas
Adviser and Corporate Broker +44 20
3100 2000
About us:
Zanaga Iron Ore Company Limited ("ZIOC" or the "Company") (AIM ticker: ZIOC)
is the owner of 50% less one share in the Zanaga Iron Ore Project based in the
Republic of Congo (Congo Brazzaville) through its investment in its associate
Jumelles Limited. The Zanaga Iron Ore Project is one of the largest iron ore
deposits in Africa and has the potential to become a world-class iron ore
producer.
Business Review - Operations
Iron Ore Market
The iron ore market has experienced substantial underinvestment by the major
iron ore producers over the last decade, with no notable iron ore mine project
approvals to report. Iron ore prices remain relatively stable as China
continues to demonstrate robust demand in spite of the impact of Covid on
industrial activity in China. Furthermore, given the current geopolitical
environment, it is clear that resource independence is more important than
ever and strategic investors are starting to consider iron ore development
options outside of the usual territories of Australia and Brazil. In this
respect, the quality of the Zanaga Project, and Republic of Congo's iron ore
resources, has the potential to deliver substantial iron ore production to
strategic customers looking to secure positions in the commodity.
EPP Project
The Project Team continue to undertake a process to evaluate the potential
development of an EPP Project that would be quicker to construct than the
larger 30Mtpa staged development project and would utilise existing road, rail
and port infrastructure.
Engagement with other mining project developers in RoC has been increased in
order to explore potential collaboration opportunities, especially in relation
to logistics solutions and alternatives for upgrades to existing
infrastructure. Multiple contract operators have been engaged across mining,
logistics, and processing disciplines with the objective providing updated
cost estimates in-country.
The Project Team continue to advance study work in an effort to improve their
understanding of the viability of the EPP Project. The Project Team continue
to evaluate the potential for the EPP Project to operate as a standalone
project, or as an initial pathway to production during the construction period
of the flagship 30Mtpa Staged Development Project.
30Mtpa staged development project
The Project Team's ultimate objective remains to develop the flagship 30Mtpa
staged development mining project. As a reminder, the Stage One project plans
to produce 12Mtpa of premium quality 66% Fe content iron ore pellet feed
product at bottom quartile operating costs for more than 30 years on a
standalone basis.
The Stage Two expansion of 18Mtpa is nominally scheduled to suit the project
mine development, construction timing and forecast cash flow generation, and
would increase the Project's total production capacity to 30Mtpa. The product
grade would increase to an even higher premium quality 67.5% Fe content due to
the addition of 18Mtpa of 68.5% Fe content iron ore pellet feed production, at
an even lower operating cost. The capital expenditure for the additional
18Mtpa production, including contingency, could potentially be financed from
the cash flows from the Stage One phase.
The Zanaga Project Team has continually taken steps to monitor evolving
improvements into its strategy for assessing the options available for the
development of the Zanaga Project. The Project Team maintained its view that
high quality products will continue to achieve significant price premiums in
the future and has sought to lock in this additional revenue benefit into the
Project's development plan.
The Project Team will continue to engage in activity to ascertain
opportunities for optimisation and improvement of the 30Mtpa staged
development project and will update the market as these improvements develop.
Cash Reserves and Project Funding
As reported in the Company's annual results published on 30 June 2022,
Glencore and ZIOC agreed a 2022 Project Work Programme and Budget for the
Zanaga Project of US$1.3m plus US$0.1m of discretionary spend, dependent on
certain workstreams requiring capital. ZIOC agreed to contribute towards this
work programme and budget an amount comprising US$0.09m; the remaining budget
amount will be funded via a loan facility provided directly to Jumelles Ltd by
Glencore thus requiring less funding by ZIOC over the subsequent 12 months
compared to the historical levels observed. On 29 June 2022, Glencore and the
group signed a side letter to the Jumelles loan facility confirming that there
will be no dilution of the group's holding in Jumelles as a result of this
change in funding structure.
We are pleased to report that the Zanaga Project's activities are currently
running in line with the 2022 budget forecast.
As at 29 September 2022, ZIOC had cash reserves of US$0.1m and the Board
continues to take a very prudent approach to the management of the business
and its cash reserves.
ZIOC is pleased that a financing structure is in place at the Jumelles level
which ensures sufficient capital in place to cover all in-country costs
associated with the Project until end June 2023. Furthermore, the SMC facility
remains in place and has given, and continues to give, the Company access to
funding through a relatively low cost structure which minimises dilution to
shareholders. Going forward ZIOC's operating costs have been reduced to a low
level with no contributions at a project level until at least end Q2 2023 and
no board or management remuneration in place (as announced previously).
Furthermore, no future contributions to project-level costs will be considered
until ZIOC has first built up cash reserves capable of funding longer term
corporate overheads at the current reduced level.
Outlook
During 2022 the Project Team have made a number of significant steps in
advancing solutions to unlock the key logistical challenges associated the EPP
Project. The Project Team are engaging with other mining project developers in
RoC to explore potential collaboration opportunities, especially in relation
to logistics solutions and alternatives for upgrades to existing
infrastructure. We look forward to updating our shareholders on the outcome of
these initiatives.
Financial review
Results from operations
The financial statements contain the results for ZIOC for the first half of
2022. ZIOC made a loss in the half-year of US$0.5m compared to a loss of
US$1.9m in the full year ended December 2021. The loss for the 2022 half-year
period comprised:
1 January to 1 January to 1 January to
30 June
30 June
31 December
2022
2021
2021
Unaudited Unaudited Audited
US$000
US$000 US$000
General expenses (160) (383) (1,214
Net foreign exchange (loss)/gain (32) 3 (12)
Share of loss of associate (334) (353) (672)
Interest income - - -
(Loss)/Gain before tax (526) (733) (1,898)
Currency translation - - -
Share of other comprehensive income of associate - foreign exchange 37 3 (17)
Total Comprehensive income (489) (730) (1,915)
General expenses of US$0.2m (2021: US$0.4m), consisting of: Directors' fees of
US$Nil (2021: US$Nil), professional fees of US$Nil (2021: US$Nil), LTIP charge
of US$0.1m (2021 US$0.3m) and US$0.1m (2021: US$0.1m) of other general
operating expenses.
The share of loss of associate of US$0.3m (2021: US$0.4m) relates to ZIOC's
investment in Jumelles Limited ("Jumelles"), the joint venture company in
respect of the Zanaga Project. From May 2014, as a result of the completion of
the Feasibility Study and thus consideration to complete the Glencore share
option, only 50% (less one share) of the Jumelles results are now included
above.
During the half year period, the Company's share of Jumelles' project
expenditure was US$0.3m including the effects of currency translation of
$0.04m gain. Capitalised exploration assets remain at US$80.0m.
Financial position
ZIOC's net asset value ("NAV") of US$37.5m is comprised of a US$37.1m
investment in Jumelles, US$0.3m of cash balances and US$0.1m net current
assets.
30 June 2022 30 June 2021 31 December 2021
Unaudited Unaudited Audited
US$m
US$m
US$m
Investment in associate 37.1 37.3 37.3
Fixed assets -
Cash 0.3 0.8 0.4
Other net current assets/(liabilities) 0.1 0.6 0.1
Net assets 37.5 38.7 37.8
Cost of investment
The investment in associate relates to the carrying value of the investment in
Jumelles, which as at 30 June 2022 owned 50% less one share of the Project.
The carrying value of this investment decreased in 2022 due to:
· Company funding per the Funding Agreement of US$0.1m; and
· The Company's US$0.3m share of the comprehensive loss US$0.6m made by
Jumelles during the half-year.
As at 30 June 2022, Jumelles had aggregated assets of US$81.0m (June 2021:
US$81.3m) and aggregated liabilities of US$0.9m (June 2021: US$0.7m).
Non-current assets consisted of US$80.0m (June 2021: US$80.0m) of capitalised
exploration assets and US$0.8m (June 2021: US$1.0m) of other fixed assets
including property, plant and equipment. Cash balances amounted to US$0.2m
(June 2021: US$0.3m) and other current assets were US$Nil (June 2021: US$Nil).
Cash flow
Cash balances have decreased by US$0.1m since 31 December 2021. Additional
investment in Jumelles required under the Funding Agreement (details set out
in note 1 to the financial statements) utilised US$0.1m, operating activities
US$0.1m. The Shard facility provided funds of US$0.1m.
30 June 2022 30 June 2021 31 December 2021
Unaudited Unaudited Audited
US$000 US$000 US$000
GBP Balances 0.2 0.6 0.3
USD value of GBP balances 0.3 0.8 0.4
USD value of other currencies - - -
USD balances - - -
Cash Total 0.3 0.8 0.4
Consolidated Statement of Comprehensive Income for the six months ended 30
June 2022
Note 1 January 1 January 1 January
to
to
to
30 June 2022 30 June 2021
31 December 2021
Unaudited Unaudited Audited
US$000 US$000 US$000
Administrative expenses (192) (380) (1,226)
Share of (loss)/profit associate (334) (353) (672)
Operating loss (526) (733) (1,898)
Interest Income - - -
(Loss) before tax (526) (733) (1,898)
Taxation 5 - -
(Loss) for the period (526) (733) (1,898)
Foreign exchange translation - foreign operations - - (17)
Share of other comprehensive (loss)/income of associate - foreign exchange -
translation
37 3
Other comprehensive (loss)/gain 37 3 (17)
Total comprehensive (loss)/gain (489) (730) (1,915)
(Loss)/Earnings per share (Cents)
Basic 7 (0.2) (0.2) (0.6)
Diluted 7 (0.2) (02) (0.6)
All other comprehensive income may be classified as profit and loss in the
future.
Consolidated Statement of changes in equity
for the six months ended 30 June 2022
Foreign
currency
Share Retained translation Total
capital earnings reserve Equity
US$000 US$000 US$000 US$000
Balance at 1 January 2021 268,864 (234,617) 3,333 37,580
Consideration for share-based payments - other services 278 - - 278
Issued Capital 1,525 - - 1,525
Loss for the period - (733) - (733)
Other comprehensive (loss)/ income - - 3 3
Total comprehensive (loss)/income - (733) 3 (730)
Balance at 30 June 2021 270,667 (235,350) 3,336 38,653
Consideration for share-based payments - other services 268 - - 268
Issued Capital - - - -
Loss for the period - (1,166) - (1,166)
Other comprehensive (loss)/income - - (19) (19)
Total comprehensive (loss)/income (1,166) (19) (1,185)
Balance at 31 December 2021 270,935 (236,516) 3,3317 37,736
Consideration for share-based payments - other services 82 - - 82
Issue of shares - - - -
Loss for the period - (525) - (525)
Other comprehensive (loss)/income - - 37 37
Total comprehensive loss - (525) 3 (406)
7
Balance at 30 June 2022 271,017 (237,041) 3,354 37,330
Consolidated Balance sheet
as at 30 June 2022
30 June 2022 Unaudited 30 June 2021 31 December 2021
Unaudited Audited
Note US$000 US$000 US$000
Non-current asset
Property, plant and equipment - -
Investment in associate 6 37,067 37,285 37,269
37,067 37,285 37,269
Current assets
Other receivables 157 787 233
Cash and cash equivalents 250 765 387
407 1,552 620
Total Assets 37,473 38,837 37,889
Current liabilities
Trade and other payables (144) (184) (153)
Net assets 37,330 38,653 37,736
Equity attributable to equity holders of the parent
Share capital 271,017 270,667 270,935
Retained earnings (237,041) (235,350) (236,516)
Foreign currency translation reserve 3,354 3,336 3,317
Total equity 37,330 38,653 37,736
These financial statements were approved by the Board of Directors on 30
September 2022.
Consolidated Cash flow statement
for the six months ended 30 June 2022
1 January 1 January 1 January
to to To
30 June 30 June 31 Dec
2022 2021 2021
Unaudited Unaudited Audited
US$000 US$000 US$000
Cash flows from operating activities
Loss for the year (526) (733) (1,898)
Adjustments for:
Share based payments 82 278 547
Interest received - - -
Decrease in other receivables 76 (729) (31)
Decrease in trade and other payables (9) - (175)
Net exchange (profit)/loss 32 (3) 12
Share of Total Comprehensive income of associate 334 353 672
Net cash from operating activities (11) (834) (873)
Cash flows from financing activities
Issue of shares - 1,525 1,524
Net cash from financing activities - 1,525 1,524
Cash flows from investing activities
Interest received - -
Acquisition of property, plant and equipment -
Investment in associate (95) (284) (604)
Net cash from investing activities (95) (284) (604)
Net decrease in cash and cash equivalents (106) 407 47
Cash and cash equivalents at beginning of period 387 352 352
Effect of exchange rate difference (31) 4 (12)
Cash and cash equivalents at end of period 250 765 387
Notes to the financial statements
1. Business information and going concern basis of preparation
At 30 June 2022 the Company had cash reserves of US$0.3m. On 29 June 2022,
Glencore and ZIOC agreed a 2022 Project Work Programme and Budget for the
Project of up to US$1.3m plus US$0.1m of discretionary spend. ZIOC agreed to
contribute towards this work programme and budget an amount comprising
US$0.09m; the remaining budget amount will be funded via a loan facility
provided directly to Jumelles Ltd by Glencore thus requiring less funding by
ZIOC over the subsequent 12 months compared to the historical levels observed.
On 29 June 2022, Glencore and the group signed a side letter to the Jumelles
loan facility confirming that there will be no dilution of the group's holding
in Jumelles as a result of this change in funding structure.
The Company had cash reserves of US$0.1m as at 29 September 2022. In order to
raise additional funding the Company entered a Subscription Agreement with SMC
(as described above - see the Company's release of 26 June 2020.) The
financing structure with SMC enables the Company to access funding for the
costs that the Company is expected to meet in the near future. Due to the fact
that SMC have 3,000,000 shares still to be placed into the market, for
illustrative purposes only, if the average price at which SMC places the
remaining 3,000,000 shares was 2.05 pence (being ZIOC's mid-market closing
share price on 27 September 2022), the net proceeds received by ZIOC from such
sales would be approximately £0.06m. Based on the current cost base at the
Zanaga Project, the direct loan facility to Jumelles Ltd, the current low
corporate overheads of ZIOC, the agreed cash preservation plan adopted by the
Company, the Company's existing cash reserves and (on the basis of cautious
assumptions made by the Company in its funding model) the funds expected to be
obtained from the funding facility established by the Subscription Agreement
with SMC, the board of directors of ZIOC (the "Board") believes that the
Company will be adequately positioned to support its operations going forward
in the near future. As the final cash amounts to be received for each tranche
of issued shares, and the timing of this receipt, are dependent on SMC
successfully selling the shares prior to transferring funds to the Company,
the Board is of the view that the going concern basis of accounting is
appropriate. However, the Board acknowledges that there is a material
uncertainty which could give rise to significant doubt over the Company's
ability to continue as a going concern and, therefore, that the Company may be
unable to realise its assets and discharge its liabilities in the normal
course of business. Nevertheless, based on and taking into account the
foregoing factors, the Board are satisfied the Company will have sufficient
funds to meet its own working capital requirements up to, and beyond, twelve
months from the approval of these accounts.
The Company continues to review the costs of its operational activities with a
view to conserving its cash resources. As part of such ongoing review, and in
order to preserve the cash position of the Company, it has been agreed with
the Directors (since January 2019) and Management (since September 2019) that
fees are deferred. Additionally, the Directors and management have indicated
to the Company that they will assist the cash preservation plan of the
Company. The way in which this could be achieved is being progressed.
2. Accounting policies
The principal accounting policies applied in the preparation of these
financial statements are set out below. These policies have been consistently
applied to all the periods presented, unless otherwise stated.
3. Basis of preparation
The condensed set of financial statements has been prepared in accordance with
IAS 34 Interim Financial Reporting as adopted by the EU.
In accordance with the AIM Rules for Companies, the condensed set of financial
statements has been prepared in applying the accounting policies and
presentation that were applied in the preparation of the Company's published
consolidated financial statements for the year ended 31 December 2021. The
comparative figures for the financial year ended 31 December 2021 are not the
Company's statutory accounts for that financial year. The 2021 accounts have
been reported on by the Company's auditors. The report of the auditors was (i)
unqualified and (ii) did not include a reference to any matter to which the
auditors drew attention by way of emphasis without qualifying their report.
Up until 30 April 2014, the Company accounted for 100% of the Jumelles group
Comprehensive Income. From May 2014, as a result of completion of the
Feasibility Study (note 1 above) and thus consideration to complete the Call
Option, the Company has accounted for 50% less one share shareholding portion
of that Comprehensive Income.
4. Segmental reporting
The Company has one operating segment, being its investment in the Zanaga
Project, held through Jumelles. Financial information regarding this segment
is provided in note 6.
5. Taxation
The Company is exempt from most forms of taxation in the British Virgin
Islands ("BVI"), provided the Company does not trade in the BVI and does not
have any employees working in the BVI. All dividends, interest, rents,
royalties and other expense amounts paid by the Company, and capital gains
realised with respect to any shares, debt obligations or other securities of
the Company, are exempt from taxation in the BVI.
The effective tax rate for the Group is 0.00% (December 2021: 0.00%).
6. Investment in associate
US$000
Balance at 1 January 2021 37,354
Additions 284
Share of comprehensive loss (353)
Balance at 30 June 2021 37,285
Additions 389
Share of comprehensive loss (405)
Balance at 31 December 2021 37,269
Additions 95
Share of comprehensive loss (297)
Balance at 30 June 2022 37,067
From 30 April 2014, the investment represents a 50% less one share
shareholding (previously 100%) in Jumelles for 2,000,000 shares of 4,000,001
total shares in issue.
On 11 February 2011, Xstrata Projects (now renamed Glencore Projects)
exercised the Xstrata Call Option and from that date owns 50% plus one share
of Jumelles and Jumelles is controlled at both a shareholder and director
level by Glencore Projects. However, as the shares issued on exercise of the
option were not considered to vest until provision of the services relating to
the Preliminary Feasibility Study and the Feasibility Study had been
completed, the Group continued to account for a 100% interest in Jumelles
until the Feasibility Study was completed in April 2014. From May 2014 the
Group has accounted for the reduction of its interest in Jumelles. The Group's
interest remains accounted for as an associate using the equity method of
accounting.
The Group financial statements account for the Glencore Projects transaction
as an in-substance equity-settled share-based payment for the provision of
services by Glencore Projects to Jumelles in relation to the Preliminary
Feasibility Study and the Feasibility Study. These services largely were
provided through third party contractors and were measured at the cost of the
services provided.
As at 30 June 2022, Jumelles had aggregated assets of US$80.8m (June 2021:
US$80.9m) and aggregated liabilities of US$0.9m (June 2021: US$0.7m). For the
6 months ended 30 June 2022, Jumelles incurred no taxation charge (June 2021:
US$nil). A summarised consolidated unaudited balance sheet of Jumelles for the
6 months ended 30 June 2022, including adjustments made for equity accounting,
is included below:
30 June 30 June 31 December
2022 2021 2021
Unaudited Unaudited Audited
US$000
US$000
US$000
Non-current assets
Property, plant and equipment 764 982 828
Exploration and other evaluation assets 80,000 80,000 80,000
Total non-current assets 80,764 80,982 80,828
Current assets 196 324 202
Current liabilities (919) (748) (586)
Net current liabilities (723) (424) (384)
Net assets 80,041 80,558 80,444
Share capital 293,103 293,103 293,103
Translation reserve 41,242 40,488 41,052
Translation reserve (6,112) (4,805) (6,112)
Accumulated deficit (248,192) (248,228) (247,598)
80,041 80,558 80,44
7. Loss per share 30 June 30 June 31 December 2021
2022 2021 Audited
Unaudited Unaudited US$000
US$000 US$000
Profit/(Loss) (Basic and diluted) (US$000) (526) (733) (1,898)
Weighted average number of shares (thousands)
Basic and diluted
Issued shares at beginning of period 307,034 293,034 293,034
Effect of shares issued - 14,000 14,000
Effect of share repurchase - -
Effect of own shares - -
Effect of share split - -
Weighted average number of shares at end of period - basic 307,034 307,034 307,034
(Loss)/Earnings per share (Cents)
Basic (0.2) (0.2) (0.6)
Diluted (0.2) (0.2) (0.6)
8. Related parties
The following transactions occurred with related parties during the period:
Transactions for the period Closing balance
30 June 30 June 31 December 30 June 31 December
2022 2021 2021 30 June 2021 2021
Unaudited Unaudited Audited 2022 Unaudited Audited
Unaudited
US$000 US$000 US$000 US$000 US$000 US$000
Funding: 95 284 604 34
To Jumelles Limited 34 34
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