Sable Mining Africa Ltd, British Virgin Islands-registered company engaged in mining business, announced the unaudited results for the six months ended 30 September 2010. According to the statement of company’s Chairman, during this period the company has focused on the acquisition of resource assets primarily centred on coal and iron ore in sub-Saharan Africa. The company has initiated development programmes across the portfolio to prove up resource numbers and advance the assets up the value curve towards production.
Regarding financial results, for the six months period Sable Mining reported pre-tax loss on continuing activities in the amount of US$3.7 mln – as compared to profit on continuing activities of US$1.3 mln in 2009). Cash balance was US$132.2 mln as at 30 September 2010, following the fundraising of US$125 mln in April 2010.
As of 30 September 2010, total assets of the BVI company were US$173,8 mln, as compared to US$11,9 mln as of 30 September 2009. Company’s total equity in the reported period was US$171,8 mln (US$11,8 mln in 2009). At 30 September 2010, share capital of the company was US$240,97 mln. At the end of the period, cash and cash equivalents of Sable Mining Africa Ltd were US$132,17 mln.