Albidon Limited, a BVI-registered exploration and development company with an emphasis on nickel, has published Annual report 2008, for the year when the company reported it has largely completed transformation from junior explorer to nickel mining company. Now, the company is planning to become an independent producer of high quality nickel concentrates from new mining projects.
The accompanying Financial Report of Albidon Limited and the entities it controls (including the BVI-registered 100% subsidiary Albidon Africa Limited) for the year period ended December 31, 2007 comprises the consolidated balance sheet and income statement, consolidated sheet of equity changes and cash flow statement for the year ended on December 31, as well as summary of accounting policies, other explanatory notes and directors’ declaration.
The company informed on the operating loss after the income tax in the amount of US$2,205,075 (in 2006 it was US$2,667,634). Total assets amount in 2007 was US$128,107,168 (compared to US$60,742,436 in 2006), while total liabilities were US$68,106,220 – compared to US$1,677,036 in 2006. The reported amount of share capital made US$73,736,062 (US$66,040,152 in 2006), total shareholders’ equity for the period of the year 2007 was US$60,000,948. The company reported on the loss per share (basic or diluted) in the amount of US$1.44 (US$2.46 in 2006).
Concerning the Munali Nickel Project in Zambia, which is the primary focus of the company, Albidon Limited informed that in February 2007 it signed the agreement with ZESCO Limited (the Zambian state energy company) to cover the total power requirements of the Project for the 10-year period. In April 2007, the BVI company entered into forward contracts for 9,020 tons of nickel over the period from June 2009 to December 2013.