Wrap Text
VIL - Village Main Reef Limited - Report for the three months ended 30 June 2011
Village Main Reef Limited
(formerly known as Village Main Reef Gold Mining Company (1934) Limited)
(Registration number 1934/0057034/06)
Share Code: VIL
ISIN: ZAE000154761
("Village" or the "company")
REPORT FOR THE THREE MONTHS ENDED 30 JUNE 2011
* The results presented below are in accordance with IFRS3, and deals
essentially with the results of Buffelsfontein Gold Mines Limited ("BGM"),
consisting of Buffelsfontein Mine ("Buffels") and Tau Lekoa Mine ("Tau"). These
operations were owned and managed by Simmers and Jack Mines Limited ("Simmers")
for the majority of the quarter as Village only owned the assets for 3 days
during the quarter
Highlights
- Acquisition of the majority of the Simmers assets successfully completed
and the Village consideration shares distributed to Simmers shareholders on
27 June 2011.
- Acquisition of Consolidated Murchison Mine (Proprietary) Limited ("Cons
Murch") from To The Point Growth Specialists (Proprietary) Limited,
completion effective 7 March 2011. Village successfully raised R22.5
million via a private placement, which funds are to be used for the
expansion and upgrade of operations at Cons Murch.
- Village transforms itself from an exploration holding company with a very
exciting brownfields platinum project into a mining company, with operating
assets in the form of two gold operations, Buffels and Tau, an
antimony/gold producer in Cons Murch, as well as a gold processing plant at
Buffels.
- Cons Murch operations benefitted from strong antimony and gold prices,
showing positive impact of management intervention and operating profitably
since acquisition. At current commodity prices, payback is expected within
12 months.
- Lesego Platinum Project ("Lesego") current drill program progresses on
schedule with well mineralised reef intersected at depths from 325m.
- Restructuring program at Buffels announced with intention to restore
Buffels to profitability.
- Cash operating profit of R 27.7 million (Q4 R48.4 million).
- Gold production inclusive of gold produced at Cons Murch of 41 366 oz.
Post period end
- Village disposed of 19.78% of its 25.5% interest in the equity of First
Uranium Corporation ("FIU") to AngloGold Ashanti Limited ("AngloGold") for
a cash consideration of R205 million. Village entered into a lock-up
agreement with AngloGold providing AngloGold a first right to acquire the
remainder of the FIU equity held by Village and all of the Mine Waste
Solution Rand Notes ("MWS Notes"), with a face value of R393 million, held
by Village.
- 50% upgrade in the Lesego inferred resource from infill drilling undertaken
during the year to 41.8 Moz from the previous declared 27.8 Moz, with 4.6
Moz ounces classified in the measured category and 6.5 Moz at shallower
depths (up to 700m below surface) than the previous declaration.
- A seismic event caused a fall of ground at Tau, which regrettably resulted
in the loss of life of an employee.
Prospects
The table below, provides guidance as to the expected performance of the
operations for Q1 FY2012, the first quarter that all the Simmers assets and Cons
Murch assets will be owned and managed by Village.
Description Current Q5 - Forecast Q1 -
under Simmers under Village
Gold produced - kg 1 228 1 300 to 1 350
Cash cost/kg 308 445 285 000
Realised gold price 326 817 385 000
Cash operating profit - R/kg 18 372 100 000
Cons Murch Forecast Q1 -
Current Q5 - under Village 12
under Village 16 weeks weeks
Gold produced - kg 86 70 to 80
Antimony produced - tons 1 563 1 580 to 1620
Cash cost - R/t 1 080 1 000 to 1 050
Realised antimony price 45 456 45 987
Production at Tau has been impacted by the stoppage resulting from the fatality;
in addition, 4 out of the current 68 panels will not be accessible during
September 2011, whilst crews re-establish these panels for future production.
Notwithstanding the above, production at Tau has returned to levels of around
320kg per month. It is anticipated that Tau will produce some 900 to 930 kg of
gold for Q1 2012. Costs remain very well controlled and combined with the
substantially better realised rand gold price, cash operating profits at Tau
will improve materially.
At Buffels, the benefit of reduced costs as a result of the implementation of
the restructuring plan should be evident from September 2011. The reduced costs
and improved production, combined with the higher gold price achieved should
result in Buffels returning to profit at a cash operating level for the quarter.
Buffels is expected to produce between 400 and 420 kg of gold for the quarter.
The strategy to focus on antimony production at Cons Murch has started to yield
positive results during July and August, with higher antimony grade being mined
and plant recoveries further increasing. Cons Murch also benefits from the
stronger gold price whilst antimony prices have remained at levels similar to
that achieved during the current period. It is anticipated that Cons Murch will
produce between 1580 and 1620 tons of antimony and between 70 and 80 kg of gold
over the next quarter.
At Lesego, Village has approved a R24m shallow resource delineation program
which commenced in August 2011, consisting of 14 holes totalling 17,000 m of
exploration drilling. This program will test the presence of a resource between
the depths of 700 m and surface, and should be completed by December 2011.
Simmers transaction
Village concluded the acquisition of the majority of the assets of Simmers with
effect from 27 June 2011 (the "Simmers transaction"). The Simmers transaction
resulted in Village acquiring 100% of Simmer and Jack Investments (Pty) Limited,
the owner of BGM, BGM in turn owns 100% of both the Buffels and Tau operations,
Simmers` equity shareholding in FIU and the 392,874 ZAR denominated convertible
MWS Notes, for a total consideration of R1.3 billion. The consideration was
settled through the issue of 598 million Village shares at an effective price of
R2.20 per Village share.
Accounting treatment
The Simmers transaction resulted in a reverse take-over by Simmers of Village
for accounting purposes and requires Village to account for the Simmers
transaction on a consolidated group basis, in compliance with the guidelines
provided by IFRS3, business combinations. As a result the group consolidated
financial statements presented deal with the results of operations of the
acquired Simmers assets for a 15 month period and do not reflect the results of
Cons Murch since acquisition thereof at all. In addition, recognition in the
statement of Financial Position requires that all Village assets be fair valued,
i.e. Cons Murch and Lesego and either goodwill or a profit on bargain purchase
be realised on the transaction.
In order to provide Village shareholders with meaningful information as to the
performance of the assets acquired, this set of results provides detail of the
results of BGM for the period April 2011 to 30 June 2011, an effective fifth
quarter (Q5) post Simmers changing its year end to June from March, as
comparative figures the Q4 results reported by Simmers in relation to Buffels
and Tau were used. Cons Murch has no comparative production figures as this is
the first time Village reports on the results of this operation. The acquisition
of Cons Murch was completed on 7 March 2011, and although this is more than a
quarter, we believe it prudent to provide shareholders with the results for Cons
Murch for the full period it has been under Village control. Accordingly the
results of all Village operations are reported as Q5 in this report.
Statement by Chief Executive Officer
The management and Board extends its heartfelt condolences to the family and
friends of Mr M Mokoena, who died tragically in a fall of ground incident
following an unprecedented seismic event at Tau on 23 August 2011. The
inspectors of the Department of Mineral Resources ("DMR") halted operations at
Tau for 14 shifts during which period extensive audits were conducted. Village
is in the process of adopting applicable leading best practice processes being
promoted towards the zero harm concept within the South African mining industry.
Prior to the seismicity-related fatal accident at Tau all of our operations had
shown improvements in safety trends. More specifically Tau achieved 500 000
fatality free shifts in July 2011 and the lost time injury frequency rate
(LTIFR) had shown a 40% decrease year-on-year. Cons Murch as of August 2011 had
achieved 1 700 000 fatality free shifts. Over the past 3 months we have seen an
improving trend in LTIFR at Buffels.
At all Village operations initiatives and programs have been put in place to
address the health aspects related to the 2013 Health and Safety milestones and
also to continuously create awareness around HIV/AIDS and assisting those that
are infected. The most recent event was at Cons Murch where an HIV Awareness
campaign led by union leadership and management saw about 80% of the workforce
participating, with many of them attending with their spouses.
The highlight for the quarter was undoubtedly the conclusion of both the Simmers
transaction and the Cons Murch transaction. The conclusion of these transactions
gives credence to Village`s strategy of creating self sustaining mining
companies from the distressed mines acquired. Village does not intend building
a typical mining house and to that effect intends to optimize the assets
acquired, lock in the value Village believes it can create and find effective
ways to return the value created to Village shareholders.
The Village Board has endorsed and implemented the Buffels management team`s
turnaround plan. The Board has also decided to continue to take Tau Lekoa Gold
Mine, Cons Murch Antimony Mine and the Lesego Platinum Project further up the
value curve, whereas the optimum way to unlock value from Village`s exposure to
FIU as well as other non-core assets like Weltevreden, Strathmore and the old
metallurgical plant at Hartebeesfontein will be evaluated and implemented. It
is intended to strengthen the Village`s balance sheet through such disposals,
and surplus cash and/or other liquid instruments will be distributed to Village
shareholders from time to time. Village achieved a first step in strengthening
its balance sheet, through the successful disposal of the majority of its equity
interest in FIU to Anglogold for R205 million.
The current high gold and antimony prices and the management actions taken at
all operations will positively impact the cash generated by Village`s businesses
during the September 2011 quarter (Q1 2012), the first quarter that Village will
own the Buffels and Tau operations. As indicated under the paragraph headed
"accounting treatment", the required accounting convention results in the
anomalous situation that Village reports on the results of both Buffels and Tau
for the full quarter, although it only owned the operations for 3 days in the
quarter.
Notwithstanding the higher gold price achieved during the quarter, Buffels did
not benefit from this as production at Buffels of 438kg was lower than that of
the previous quarter of 517kg. Production at Tau of 789kg was similar to that
achieved during Q4 of 788kg. Production at both these operations was affected by
lower than planned grade and poor plant recovery during April and May.
Corrective action was taken and production has subsequently stabilised at around
440kg per month from Buffels and Tau. Cons Murch operations have performed well
and the mine has been profitable since Village acquired ownership. A strategic
decision was taken to focus production at Cons Murch on antimony and to expand
production from underground by refocusing on increasing development and thus
creating orebody flexibility.
The company is confident that the assets it has acquired and the Village team
put in place will unlock value for all stakeholders.
Financial review
As explained earlier in this announcement, the results for Q5, includes the
results for all the operations of Village as if they were owned for the whole
quarter, and that of Cons Murch from 7 March 2011. Results for Q4 are only for
Buffels and Tau. IFRS requires that the year to date ("YTD") accounts reflect
the results of Simmers for the 15 month period. During this period Simmers
changed its accounting policy in relation to its investment in FIU, FIU is no
longer accounted for as an associate, but as an investment held for sale. An
impairment in this regard of R883 million was accounted for by Simmers.
The table below sets out the results of the operations for the quarter, on the
basis explained earlier in the document and the 15 months ended 30 June 2011.
Village Main Reef Q5 Q4 Variance YTD YTD
Limited FY2011 FY2011 Q5 vs Q4 FY2011 (IFRS)
Selected Financial R`000 R`000 R`000 FY2011
information R`000
Statement of
comprehensive income
Continuing operations
Revenue 480 310 405 640 185 1 855 066 1 755 258
Total cash cost 1 (452 633) (357 204) (27%) (1 735 (1 592
352) 702)
Total cash operating 27 676 48 437 53% 119 714 162 556
profit/(loss)
Production-related (31 783) (21 161) (50%) (96 227) (92 195)
depreciation
Rehabilitation 133 - (100%) (192) (192)
expenses
Operating (3 974) 27 276 115% 23 294 70 168
profit/(loss) from
mining activities
Non-production related (481) (2 161) 78% (8 175) (8 175)
depreciation
Other income 2 8 498 6 076 405 27 156 1 266 413
Share option costs (3 752) (963) (289%) (11 899) -
General administrative 33 125 (28 456) 216% (85 834) (101 973)
and overhead
expenditure 3
Profit/(loss) from 33 416 1 770 (1787%) (55 459) 1 226 433
operations before
interest and taxation
Fair value adjustments (24 040) (22 810) (5%) (51 431) (883 496)
Profit/(Loss) from 57 303 (167 297) 134% (391 441) (334 138)
equity-accounted
investment
Loss from partial - (24 883) 100% (24 883) (24 883)
disposal of investment
in associate
Restructuring costs (38 660) (1 964) (1868%) (10 968) (49 629)
Loss on sale of - - 0% (25 500) (25 500)
investment
Loss on non-current - - 0% - -
assets held for sale
Gain on bargain 154 532 - 0% 154 532 154 532
purchase
Net finance (112 043) (1 618) 6825% (33 887) (4731)
income/(charges)
Profit/(Loss) before 98 442 (245 991) 140% (407 278) 22 971
taxation from
continuing operations
Loss from (796 922) (1 124 29% (1 932 (43 013)
discontinuing 951) 987)
operations
Profit/(Loss) before (698 480) (1 370 40% (2 340 (20 043)
taxation 942) 265)
Statement of financial
position
Total assets 2 976 685 2 626 470 13% 2 976 685 2 976 685
Cash and cash 170 299 132 390 29% 170 299 170 299
equivalents *
Investments in and 563 775 1 501 842 (62%) 563 775 563 775
loans to associates
Current liabilities (593 752) (545 822) (9%) (593 752)
Non-current (540 270) (373 034) 45% (540 270) (540 270)
liabilities
Total equity (1 791 (2 575 (30%) (1 791 (1 791
748) 664) 748) 748)
Notes to Table one:
1 - Total cash costs are costs directly related to the physical activities
of producing gold and include mining costs, administrative costs,
royalties, on-mine drilling expenditures that are related to
production and other direct costs. Sales of by-product metals are
deducted from the above in computing cash costs. Cash costs exclude
depreciation, depletion and amortisation, corporate general and
administrative expenses, exploration costs, finance charges, and pre-
feasibility costs and accruals for mine reclamation but include
central costs such as human resources and technical services.
2 - Other income includes the accounting movement in retained earnings as
a result of the reverse acquisition and the accounting for the
movement in retained income from the carve-out accounts as published
in the circular to the year-end position
3 - General and administrative expenditure is shown after accounting for
the impact of Duff Scott Hospital (Pty) Ltd ("Duff Scott"), Duff Scott
expenses were reversed and is now disclosed as losses from
discontinuing operations, the actual administrative expense for the
quarter was R24 million.
4 - Provisions for the impairment of balances due from the Duff Scott and
Margaret Water Company (a company registered under section 21 of the
Companies Act, 1973) amounting to R20.6 million and R3.4 million,
respectively, were raised as a result of uncertainty surrounding the
recoverability of these debts. In addition, a decision was made to
dispose of Duff Scott Hospital and Duff Scott is therefore disclosed
as an asset held for sale and its operating results included in losses
from discontinuing operations.
Loss from discontinuing operations includes the fair value adjustment in
relation to Village`s investment in FIU and the MWS Notes, as well as the
adjustment in fair value in the previous quarters. Accounting for FIU was
changed from an associate to an investment held for trade, and the required
mark-to-market impairments of R1,932 million was accounted for in the YTD
number. During the current quarter, a further R35 million impairment in
this regard was accounted for.
Operational review
The table below provides high level operational numbers for the operations
on a consolidated basis. As a result of all the accounting adjustments made
in this quarter, these numbers are not necessarily an accurate reflection
of the current operating costs at the operations.
Detail Unit Q5 FY2011 Q4 FY2011 Var %
Buffels and Tau
Gold Produced kg 1 228 1 305 -6%
oz 39 480 41 956
Tons Milled - Total mt 604 597 647 310 -7%
Revenue R`000 401 257 405 641 -1%
Cash Operating Costs R`000 378 629 357 204 -6%
Total Cash Costs R`000 388 755 368 079 6%
Capex R`000 27 596 32 718 -16%
Notional Cash Expenditure R`000 416 351 400 797 13%
Revenue R/kg 326 817 310 943 5%
Operating Cash Costs R/kg 308 330 273 720 13%
Total Cash Costs R/kg 316 576 282 053 12%
Capex R/kg 22 472 25 071 -10%
Notional Cash Expenditure R/kg 339 048 307 124 10%
Cons Murch - Antimony
Gold Produced Kg 86 - N/a
Antimony Produced Tons 1 563 - N/a
Antimony Revenue* R/t 45 456 - N/a
Total cash cost 1 R/t 795 - N/a
* - excludes gold credits
1 - inclusive of gold credits
Tau
We are pleased to report that production at Tau stabilised during June 2011 at
around 94,000 tons at a grade of 3.7 g/t, whilst development meters were ahead
of budgeted meters. This is in contrast to the lower than anticipated production
achieved during April and May as was reported in the Simmers fourth quarter
results. Notwithstanding the improved production during June, production for the
June quarter was 25 369 oz (789kg) compared to 25 330 oz (788kg) for the
previous quarter. Tau saw a 9% increase in tons milled quarter on quarter, with
a decrease in gold yield to 2.96 g/t from 3.21 g/t. Average face length mined
over the quarter increased with 22 meters to 2 311 meters of mineable available
face length. Productivity improvement initiatives with a key focus on face
advance improvement have been introduced.
Tau`s gold revenue increased by 5% from R245 million to R258 million. This was
mainly due to the higher gold price received for the fifth quarter of US$1
495/oz (US$ 1 378/oz Q4) and a 5% increase in the Rand basket price to
R327,077/kg.
Total cash costs increased quarter on quarter by 1% from R199 million (US$ 1
121/oz) in the fourth quarter to R201 million (US$ 1 167/oz) for the fifth
quarter. The increase in cost was as a result of labour complement increases in
critical skill areas, such as winch operators and hydro power drillers, increase
in electricity cost (winter tariffs as well as the annual Eskom increases),
higher metallurgical treatment cost as well as royalty payments due to the
increase in gold price received. These increases were partially offset by an
improvement in material and contractor efficiencies.
Total Cash Cost per kilogram of R255 359/kg is 1% above that of the fourth
quarter.
Cash operating profit at Tau was 24% higher quarter on quarter at R56,5 million.
Buffels
Good progress has been made with the implementation of the restructuring plan
announced on 20 June 2011. The required CCMA facilitated process in terms of
Section 189 of the Labour Relations Act was successfully completed during August
2011 and an extensive skills training program for the affected employees has
commenced. Total restructuring costs were somewhat lower than initially
anticipated at R38 million.
Operations at Buffels have stabilised well during July and August and production
for the two months was ahead of the guidance provided to the market during June
2011. As indicated at that stage, the restructuring plan is intended to bring
Buffels to profitability at a rand gold price of above R300,000/kg, and
production of some 120kg of gold per month ramping up to 140kg per month. During
June 2011 the Buffels plant was reconfigured around the expected combined
tonnages from the underground operations at Buffels and Tau. Surface waste rock
is only added to the extent that it is required to achieve optimum milling at
the desired cost for the tonnages mined from underground. The changes to the
plant have resulted in a much steadier operating environment, with resultant
improved recoveries during July and August 2011.
Production from Buffels at 438kg was slightly higher than the guidance provided
to the market at 430kg. On a quarter to quarter basis, Buffels produced 15% less
gold than the 517kg of Q4. Face length decreased by 13% but good progress was
made in face advanced where an increase of 26% was achieved. The better advance
resulted in a 10% increase in square meters broken to 2 381mSquared, with a
resultant 3% increase in underground tons produced to 120 000 tons for the
quarter. Underground gold grade decreased from 3.55g/t to 3.02g/t. As part of
the restructuring plans, substantial focus has been placed on ore reserve
management with a key objective of improvement of gold grade from underground
operations. Based on July and August results, both mining grade and productivity
at Buffels have improved materially as a result of the renewed focus.
Gold revenue decreased by 11% during the quarter from R161 million in Q4 to R143
million in this quarter. The decrease in revenue can be attributed to a R25.5
million decrease related to lower production volumes partially offset by a 5%
increase in the rand gold price per kilogram.
Total cash costs increased quarter on quarter by 12% from R159 million in Q4 to
R177 million this quarter. The costs increase was largely as a result of
increased labour costs, post the wage settlement reached in April 2011 and the
substantially above inflation power increase that came into effect on 1 April
2011. The impact of the power increase is further exaggerated by the impact of
winter tariffs on the power costs during this quarter.
As a result of the lower production and increased cash costs, Buffels made a
cash operating loss of R34 million for the quarter, compared to a cash operating
profit of R1.9 million during Q4.
Cons Murch
On 7 March 2011 Village took control of Cons Murch after the fulfilment and
implementation of all suspensive conditions related to the transaction.
The benefits of the restructuring and revised mining plan have started to bear
fruit with the operation generating four months of consecutive cash operating
profits. Production for the four cycle period from March to June 2011 was 88,000
tons milled, with 86 kilograms of gold produced and 1,563 tons of antimony
produced.
Revenue from antimony sales of R74.6 million was achieved during the period.
Cons Murch produced a 58% metal content antimony concentrate. Gold revenue of
R25,1 million was achieved during the period. Total cash costs of R90.7 million
were incurred during the period. Rand per ton milled costs for antimony
production on a full cost basis, excluding gold credits were R1 026p/ton, after
gold credits antimony production costs were R742p/ton. Cash operating profit for
the period was R9.08 million.
Capital has been approved and allocated to upgrade the plant, with resultant
improved recoveries of both gold and antimony expected during the next quarter.
The management team at Cons Murch has already achieved some improvement in
antimony recoveries over the period, with recoveries improving to 80.3% from
77.6%.
The focus remains on improving ore body flexibility and to ramp up underground
development as more production areas become available over the next 18 months.
This will facilitate a phased build-up in production levels with an initial
target of 25 000 tons per month milled leading to the planned steady-state
production of about 27 000 tons per month milled. The related antimony
concentrate production is expected to be some 500 tons per month.
Exploration is being undertaken on the surrounding properties with a key focus
on antimony. Prior to two lost time injuries in June 2011, the operation had
operated injury free for a period of 6 months (4 of which was under Village
management). Efforts are ongoing to re-establish the safety focus and to exceed
the previous injury free production record.
Lesego
At Lesego the company continues to make great progress with the planned resource
infill drilling, the additional shallow drilling as well as the other technical
work associated with the pre-feasibility study ("PFS"). DRA was appointed as the
main service provider for PFS. It is worth noting that the IDC earns an
effective 23% of the project for funding of the full R142 million required for a
3 phased bankable feasibility study, which is scheduled for completion during
December 2013. To date R50 million has been spent.
A total of R16.2 million was spent on exploration activities during this
quarter, compared to R17.7 million during the previous quarter. All exploration
related costs at Lesego continues to be capatilised until a decision is taken
that the ore body will lend itself to be economically viable.
On 5 September 2011,Village announced a significant increased inferred resource
of 41.8Moz of 3 PGE`s plus gold at its Lesego Project between depths of 700m and
2,300m. The exciting results were the result of an extensive 45 000m of diamond
core infill drilling over the last 18 months, the programme included 26 holes
and 270 reef intersections (of which 40% will be used for metallurgical and
geotechnical testwork) and has increased Lesego`s 3 PGE plus gold resource by
50% from the 27.8m oz previously defined.
The upgraded 41.8Moz resource comprises a 16.8Moz resource of the shallower
Merensky Reef and 25.0 Moz of the slightly deeper UG2 Chromitite. On the
Merensky Reef, a reef thickness of 109cm and improved grade 6.79g/t was
recorded, while at the UG2 a wider reef thickness of 126cm and a grade of
6.52g/t were recorded. On average the grades of both reefs have improved to
6.65g/t from the previously reported 6.43g/t. Some 5Moz of the resource have
been categorised in the Measured Resource category, with a further 19 million
ounces in the Indicated Resource category.
The program has also resulted in numerous intersections of Merensky Reef and UG2
Chromitite at depths shallower than 700 m, with the shallowest intersection of
Merensky Reef at 325m, recording grades of 5.7 g/t over 100cm. Of the newly
declared resource, some 2.1 Moz of Merensky Reef is situated between 700m and
1100m and some 4.3 Moz of the UG2 Reef between 700m and 1,400m. Further
consolidation of mineral rights within the project area continues, with the
final piece of the puzzle (the 75% portion of the mineral right on the farm
Government Ground) awaiting final ministerial approval.
14 September 2011
Sponsor
Java Capital
Village CEO
Bernard Swanepoel 083 303 9922
Vestor Media and Investor Relations
Louise Brugman 011 787 3015
083 504 1186
CEO Tele-conference call
14 September 2011
11h00 (GMT+2)
Live Call Access Numbers
South Africa - Johannesburg 011 535 3600
UK (Toll-Free) 0 800 917 7042
South Africa - Cape Town 021 819 0900
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Australia (Toll-Free) 1 800 350 100
Other Countries (Intl Toll) +27 11 535 3600
Canada (Toll-Free) 1 866 605 3852
USA (Toll-Free) 1 800 860 2442
Playback Access Numbers (Access code 18644#)
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USA and Canada (Toll) +1 412 317 0088
Date: 14/09/2011 08:30:12 Supplied by www.sharenet.co.za
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