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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
attributable to the owners of the parent for the year ended 28
February 2015. 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 large 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 28
February 2015, leading to an extraordinary profit.
Accordingly, the Company anticipates to report an increase in
earnings per share of between 100% and 120% (between 11.84 and
14.21 cents per share) and headline earnings per share of between
40% and 60% (between 1.58 and 2.36 cents per share) for the
period ended 28 February 2015 in comparison to a loss per share
of 11.84 cents and a headline loss per share of 3.94 cents for
the year ended 28 February 2014 as published on SENS on 2 June
2014.
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 reviewed results for the year ended 28 February
2015 are expected to be released on SENS on or before 29 May
2015.
18 May 2015
Designated Adviser
AfrAsia Corporate Finance (Pty) Ltd
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