BVI-registered company China Natural Resources, Inc. announced that it has completed its previously announced spin-off and listing by way of introducing on Hong Kong Stock Exchange of its wholly-owned subsidiary, Feishang Anthracite Resources Limited, which operated company’s coal mining and related businesses. After the Spin-Off, the BVI company intends to continue operating its non-ferrous metals mining and related businesses.
Based on the unaudited interim financial information of China Natural Resources and the audited interim financial information of its subsidiary as of and for the six months ended June 30, 2013: (i) the total assets and total liabilities of the BVI company as of June 30, 2013 were US$471.69 million and US$419.14 million, respectively, with the total assets and total liabilities of Feishang Anthracite as of the same date representing approximately 93.2% and 88.1% of the total assets and total liabilities of China Natural Resources; and (ii) the revenue of the Company in the six months ended June 30, 2013 was US$11.50 million, with the revenue of Feishang Anthracite in the same period representing approximately 77.6% of the revenue of the Company.
Sable Mining Africa Ltd., which is the AIM listed exploration company incorporated in the British Virgin Islands, has announced its interim financial results for the six month period ended 30 September 2013. The company reported pre-tax loss on continuing activities of US$24.7 million (US$9.9 million in 2012), which is after this year’s impairment charge of US$21.1 million on the BVI company’s coal assets in Zimbabwe and South Africa.
For the reported six month period, the post-tax loss attributable to shareholders was US$16.8 million, as compared to UUS$7.9 million in 2012. Cash balance of the BVI company was US$5.0 million as at 30 September 2013 (US$23.4 million in the same period of 2012). Since 30 September 2013, Sable Mining raised US$27.1 million before transaction costs.
In September 2013, Sable Mining was granted by the Government of the Republic of Guinea, a mining licence for Nimba which was followed in October 2013 by the export authorisation.
A.M. Best Co., a global full-service credit rating agency focused on the insurance industry, has awarded a financial strength rating of B+ (Good) and an issuer credit rating of “bbb-” with stable outlook to Active Capital Reinsurance, Ltd. (AC Re). This company, domiciled in Barbados, is owned by Active Capital Holdings Corp., – a privately owned holding company registered in the BVI jurisdiction.
The current rating assigned by A.M. Best Co. reflects Active Capital Reinsurance’s high risk-adjusted capitalization, which was enhanced in recent years due to favourable underwriting and overall earnings, and its Latin American market expertise. The company is working several years with Latin American clients, and has developed extensive knowledge of this market in which it operates and maintains effective risk management strategies.
Active Capital Reinsurance started operations in 2008, providing credit card affinity programs and reinsurance solutions to financial institutions in Latin America, and continues to evolve its profile.