Emerging Metals Limited (EML), the British Virgin Islands company focused on mining minor and emerging metals, has announced its interim results for the six month period ended September 30, 2008. According to the consolidated financial statement, the company received interest in the amount of £193,591. The reported net loss made £490,855, the amount of total assets was £16,152,403.
According to cash flow statement, in the period from April 1 to September 30, 2008 operating loss including interest was £490,885. The company reported increase in cash and cash equivalents in the amount of £2,172,957.
Total share capital for the six months period was £14,560,530. A number of share options are in issue as at 30 September 2008, but no additional options were issued in the period from 1 April to 30 September 2008.
The financial statements of the company published are compared to the results for the period from 7 July 2007 to 31 March 2008, which are available in full at the BVI office of the company.
Chairmen’s Statement published along with the financial statement of Emerging Metals Limited informs that the BVI company has invested US$5.85 million in the acquisition of 6.28% of Kalahari Minerals Plc. – an AIM-listed exploration and development company whose principal asset is a 39.1% interest in Extract Resources Ltd, an ASX listed uranium exploration and development company having significant uranium assets in Namibia.
It was assumed in the statement that the coming year should provide “excellent opportunities for the company to acquire holdings at unprecedented low cost with outstanding prospects for the future. With the extensive industry knowledge and contacts of the Board and of major shareholders EML is well placed to capitalize on the current situation, and to build the basis for the future of the company.”