South Boulder Mines Ltd. (ASX:STB) announced the release of its annual report for the transitional financial year for the 6 months ended on December 31, 2014. The report provides the financial performance over the 6 months to December 2014 and gives further information regarding the Colluli Potash Project in Eritrea, East Africa.
South Boulder Mines Ltd. (ASX:STB) announced the release of its annual report for the transitional financial year for the 6 months ended on December 31, 2014. The report includes the company’s financial performance and provides further information regarding the Colluli Potash project in Eritrea, East Africa.
As quoted in the press release:
The Group recorded a net loss after tax of $4.4 million for the six months to 31 December 2014 compared to a net
loss of $5.7 million in the previous financial year, ending 30 June 2014. Included in the loss for the period was
exploration expenditure of $3.3 million (full year to 30 June 2014: $4.2 million). In line with the Group’s
accounting policies, all exploration expenditure is written off in the period incurred.
Total consolidated cash on hand at the end of the period was $7,525,450 (30 June 2014: $9,275,251).
No significant changes in the state of affairs of the Group occurred during the six months to 31 December
2014 other than:
- Allotment of 10,000,000 fully paid ordinary shares at $0.185 per share to raise $1,850,000. In conjunction with this placement, 8,000,000 unlisted options with an exercise price of $0.35 per share and an expiry date to be six months from the ASX release of the pre-feasibility study results in relation to the Colluli potash Project were issued free.
- On 21 November 2014, the Company announced the change of its financial year end, from 30 June to 31 December.
Paul Donaldson, CEO and managing director of South Boulder, commented:
2014 has been a positive and productive year for South Boulder Mines (STB). The company significantly advanced the prefeasibility study for the production of potassium sulphate from the Colluli resource, and successfully completed two above market share placements, which was particularly significant given 2014 market conditions. The Colluli resource is positively unique. Our confidence in the resource has grown tremendously over the past few years. Located in the Danakil Depression region of Eritrea, East Africa, Colluli is in close proximity to the Red Sea coast, hosts over one billion tonnes of potassium bearing salts, is shallow, amenable to open cut mining, and located in an environment with low precipitation and high evaporation rates. These positive differentiators combine to make Colluli a unique, unrivaled and unsurpassed resource with an exceptionally promising future.