Monthly Archives: June 2012

MDM Engineering Group announced annual financial results

MDM Engineering Group Limited, the British Virgin Islands-registered company working in the mining industry and focused on mineral process engineering and project management, announced its audited results for the financial year ending 31 March 2012. For this period, revenue of the company increased 428% – from US$20.8 million in 2011 to US$89.1 million in the year ended 31 March 2012. Profit before tax is US$7.8 million in 2012, as compared to loss before tax of US$ 2.1 million in the previous year. Also, company’s profit before tax in the second half of 2012 was 36.4% higher than in the first half of the reported period.

In the reported year, the BVI company increased the cash from US$17.8 million in the previous financial year to US$29.1 million in 2012. Basic earnings are US 15.37 cents per share, as compared to previous year’s loss of US 3.89 cents per share.

In the reported period ended 31 March 2012, MDM Engineering has declared final cash dividend of US 5.20 cents per share (US 3.00 cents in 2011), and the full year dividend is US 7.70 cents per share (US 3.50 cents in 2011). Minimum 50% of after-tax profits will be paid as a dividend to shareholders of the company.

MDM Engineering Chief Executive Officer, Martin Smith noted in his comments that the strong financials of this year have been brought about by strong business platform of the company over the past years. In April, the company won additional orders, which also gave confidence for the current financial year.

West African Minerals announces issue of equity

BVI-registered West African Minerals Corporation (formerly known as Emerging Metals Limited), focused on iron ore exploration in Cameroon and Sierra Leone, made an announcement that it has issued and allotted 238,667 new ordinary shares of no par value, pursuant to the exercise of 238,667 options at an exercise price of 13.62p each. The new shares will rank equally with the existing ordinary shares.

These new shares will be applied for admission to trading on AIM, which is expected to take place on 14 June 2012.

Following the exercise of the options, the issued share capital of the BVI corporation consists of 259,188,246 ordinary shares with voting rights.

Next week, West African Minerals Corporation expects to complete on the acquisition of the minority interest in Compagnie Miniere du Cameroun SA, and issue the 18.5 million consideration shares.

Orca Exploration reported financial results for the quarter ended 31 March 2012

British Virgin Islands-registered company Orca Exploration Group Inc. announced its financial results for the quarter ended 31 March 2012. In Q1 2012, company’s operating revenue grew by 78% to US$17.2 million – as compared to US$9.6 million in Q1 2012. The revenue increase was added by strong Additional Gas sales by 45%. Funds from operations before working capital changes increased by 100% to US%9.9 million. With significant expenditure on drilling programmes available working capital decreased from US$56.0 million at 31 December 2011 to US$47.1 million at 31 March 2012.

Working capital decreased by 16% in the last quarter to US$47.1 ( US$56.0 million as at 31 December 2011), as a consequence of significant capital expenditure on drilling operations. Increased funds from operations before working capital changes by 100% to US$9.9 million, compared to US$4.9 million in the first quarter of 2011.

Orca continues to experience significant cash flow challenges due to delays in payments owed by TANESCO. The state electric utility currently owes the BVI company US$22.9 million. Now Orca Exploration is in the process of finalising a short-term US$10 million bank facility in Tanzania. Further funding will be required if TANESCO continues to be significantly in arrears with its payments.