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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.
The Company is pleased to advise that it is expecting a profit
for the six month period ended 31 August 2014. This is due to
a combination of (i) revenue from the coal fines processing
activities which commenced commercially in February 2014, as
well as (ii) the reversal of a loan provided to the Company by
the Development Bank of South Africa (“DBSA”).
In the previous accounting period, 12 months ended 28 February
2014, the Company took the decision to fully impair the assets
relating to the Acid Mine Drainage (AMD) project, which led to
a significant loss for the Company. At the time, the Company
was in the process of terminating the loan with the DBSA,
which was non-recourse in nature, but had to reflect it on the
statement of financial position as it was only formally
terminated on 28 May 2014 (“Loan Reversal”). As a result, the
Loan Reversal is being accounted for during the financial
period ended 31 August 2014, leading to an extraordinary
profit.
Accordingly, the Company anticipates to report an increase in
earnings and headline earnings per share of between 337% and
357% (between 2.16 cents and 2.34 cents per share) for the six
month period ended 31 August 2014 in comparison to a loss and
headline loss per share of 0.91 cents for the six month period
ended 31 August 2013 as published on SENS on 18 November 2013.
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 six month period ended 31 August
2014 are expected to be released on SENS on or before 28
November 2014.
25 November 2014
Designated Adviser
AfrAsia Corporate Finance (Pty) Ltd
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