MINE RESTORATION INVESTMENTS LTD - Trading Statement

Trading Statement

Mine Restoration Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/004821/06)
Share Code: MRI
ISIN Code: ZAE000164562
("MRI" or the “Company")


TRADING STATEMENT


In accordance with paragraph 3.4(b) of the JSE Limited
Listings Requirements, companies are required to inform
shareholders as soon as there is a reasonable degree of
certainty that the results to be reported on next are likely
to vary by more than 20% in comparison to the previous
corresponding period.

Shareholders are referred to the SENS announcement published
on 4 April 2014 which set out restated financial information
regarding the 14 months ended 28 February 2013 (“Restated 2013
Results”) and the interim results for the six months ended
31 August 2013.

Shareholders are advised that the Company expects to report:

-   a group loss before taxation of between R64.6 million and
    71.4 million for the year ended 28 February 2014;
-   a loss after taxation attributable to owners of the
    parent of between R56.0 million and R62.3 million for the
    year ended 28 February 2014;
-   total assets of between R68.4 million and R75.6 million
    as at 28 February 2014;
-   a loss per share of between 11.78 cents and 13.09 cents
    in comparison to a restated loss per share of 6.55 cents
    for the 14 months ended 28 February 2013 as published in
    the Restated 2013 Results; and
-   a headline loss per share of between 3.14 cents and 4.45
    cents in comparison to a restated headline loss per share
    of 6.55 cents for the 14 months ended 28 February 2013 as
    published in the Restated Results.

The expected loss includes an impairment of the acid mine
drainage (“AMD”) project in terms of IAS 36. The impairment
amounts to R45.9 million before taxation, effectively reducing
the carrying value of the project in the Company’s wholly-
owned subsidiary, Western Utilities Corporation Proprietary
Limited, to zero. Notwithstanding this, the AMD project will
remain a strategic focus of the group going forward.
The financial information on which this trading statement is
based has not been reviewed or reported on by the Company’s
auditors.

The Company’s results for the year ended 28 February 2014 are
expected to be released on SENS on or before 13 June 2014.

28 May 2014

Designated Advisor
Sasfin Capital (a division of Sasfin Bank Limited)

Date: 28/05/2014 04:59:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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