Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Indochine Mining Limited(ASX:IDC)Half Yearly Report and Accounts  Join our daily free Newsletter

MENAFN - ABN Newswire - 29/02/2012

No. of Ratings : 0
Add to Mixx!


(MENAFN - ABN Newswire)(MENAFN - ABN Newswire)

Indochine Mining Limited (ASX:IDC) directors are pleased to submit the financial report of the consolidated group for the half-year ended 31 December 2011. In order to comply with the provisions of the Corporations Act 2001, the Directors report as follows:


The names of Directors who held office during or since the end of the interim and until the date of this report are noted below. Directors were in office for this entire period unless otherwise stated.

Ian W Ross
Gavan H Farley
Stephen G Gemell
John T Shaw (Appointed: 5 December 2011)

Review of Operations

Indochine Mining Limited (IDC), closed out the acquisition of Mt Kare EL 1093 in Papua New Guinea ("PNG") through its 100% owned subsidiary Summit Development Limited ("Summit") by satisfying all the conditions precedent of the transaction and has now embarked on a concerted drilling programme leading to a Pre- Feasibility Study (PFS) and is continuing with the exploration programme in Cambodia.

On a consolidated basis, the Company made a loss of 1,000,000 for the period. Net assets increased from 41,858,000 on 30 June 2011 to 59,008,000 on 31 December 2011.

Mt Kare - Papua New Guinea

George Niumataiwalu, a prominent mining engineer, was appointed as Country Manager Papua New Guinea and Project Director, to drive the development of the Mt Kare Project. George brings a wealth of experience in PNG through his previous assignments as Country Manager and head of Morobe Consolidated Goldfields Ltd, the owners of Hidden Valley and Wafi-Golpu projects, which were successfully advanced to full feasibility study. In addition, the Company was also successful in assembling an experienced technical development team.

A JORC - compliant resource statement was released during December 2011. The new resource statement confirmed the previously estimated size and tenor of gold/silver mineralisation at Mt Kare. The total Indicated and Inferred Mineral Resources were estimated at 2.1 million ounces gold equivalent (or 1.8 million ounces gold and 20 million ounces silver) in 28.3 million tonnes at 2.3 g/t gold equivalent or 1.9 g/t and 22 g/t silver. A cut off grade of 0.5g/t was used.

Three drill rigs are currently operating as part of a PFS stage drilling programme of up to 10,000m to improve and increase the current resource. Large diameter drill core is also being collected, as part of the first phase of 2,000 metre drilling for metallurgical test work as part of the PFS, scheduled for completion in August 2012. These drill holes will provide additional "value-adding" with new information on hydrology and geotechnical data and improve the quality of past drill data as part of the PFS.

A new camp was completed in January 2012. This has provided much needed quality accommodation for the site staff, drilling and helicopter crews. Accordingly, drilling, helicopter and camp support has improved markedly, as have Community Affairs issues.


Indochine holds the largest package of exploration leases in Cambodia in two large project areas - Kratie and Ratanakiri - spanning approximately 4000km2. Most of these (14 leases) were renewed during the September quarter for a further two years of exploration. Until recently Cambodia had undergone very limited modern exploration. As widely reported in the media, this year the wet season was substantially larger in Cambodia and Thailand, which hampered exploration in the half year.


Recently a substantial rockchip sampling (90 samples) and mapping program was completed of outcropping quartz veins which occur in 5 areas, partly identified by new areas of prospecting activity. A summary of the mapping and assay results will be released soon. The exploration was conducted after the wet season. Artisanal mining areas continue to expand in the Kratie area which indicates the potential for a significant source of gold mineralisation in the area.


At Ratanakiri, in northern Cambodia, on the border with Laos and Vietnam, field crews have been conducting detailed follow-up on the best three gold-copper anomalies. The Ratanakiri area hosts geological settings favourable for large-scale island-arc style copper-gold deposits and gold veins. Two targets, Pong Peay and Tapok, in the south-west and south-east respectively of the Ratanakiri leases were mapped and rock chip sampled, with a detailed soil grid completed over Tapok (250 samples). Results are awaited.

Board Appointments

Mr John Shaw was appointed to the Indochine Board as a Non-Executive Director. John has over 40 years' experience as a geologist, operating manager, senior executive and independent Non-Executive Director of mining enterprises in diverse cultural and political regimes in North America, Australia, Papua New Guinea, Africa and South East Asia. He is currently a Non-Executive Director of Discovery Metals Limited, Quadra Australia Pty Ltd and IAMGOLD Corporation.

John's experience as Vice-President of Australian Operations of Placer Pacific and Managing Director of Kidston Gold Mines, during which time he was involved in setting-up and organising six PNG and Australian mines, including as a member of the management committee of the successful Porgera Joint Venture in PNG, adjacent to the Mt Kare project, will be of great benefit in driving forward the Mt Kare project.

Other Activities and Company Strategy

The Company continues to focus on the exploration of its projects with the aim of finding and developing world class deposits. The Company continues to monitor resource exploration opportunities both locally and internationally.

Auditor's Independence Declaration

Section 307C of the Corporations Act 2001 requires our auditors, RSM Bird Cameron, to provide the Directors of the Company with an Independence Declaration in relation to the review of the interim financial report. This Independence Declaration is set out on page 12 and forms part of this Directors' Report for the half-year ended 31 December 2011.

Rounding off of amounts

The company is a company of the kind referred to in ASIC Class Order 98/100, dated 10 July 1998, and in accordance with that Class Order amounts in the directors' report and the half-year financial report are rounded off to the nearest thousand dollars, unless otherwise indicated.

This report is signed in accordance with a resolution of the Board of Directors made pursuant to S.306(3) of the Corporations Act 2001.

To view the complete Indochine Half Yearly Report, please refer to the following link below:


  MENA News Headlines
Apr 23 2014Omantel launches service package for youth ,MENAFN
(MENAFN) Omantel announced launching 'Ozone' plan, a new package designed especially for the youth. This comes with the company"s constant efforts to enhance the communication needs of its customers, ...

Apr 23 2014Dh154 billion for Arabtec projects ,Khaleej Times
(MENAFN - Khaleej Times) Arabtec will spend dh140 billion on building one million low-cost houses in egypt and dh14 billion on five mixed-use residential projects in abu dhabi and dubai its chief ...

Apr 23 2014?Titli? makers excited about Cannes selection ,Khaleej Times
(MENAFN - Khaleej Times) The movie about the badlands of delhi?s dystopic underbelly will be in competition as part of the un certain regard section of the 67th cannes film gala to be held may ...

Apr 23 2014Saudi- Yaroub Bashraheel: In search of peace ... underwater ,Arab News
(MENAFN - Arab News) You've heard of diving snorkeling and other water activities but rarely has anyone heard of free-diving. it's a form of diving underwater without the aid of any breathing ...

Apr 23 2014Saudi- Schneider highlights intelligent health care solutions at forum ,Arab News
(MENAFN - Arab News) Schneider electric a global specialist in energy management is set to showcase its leadership in intelligent health care solutions at the second saudi forum for planning and ...

Apr 23 2014Saudi- Divorcees can seek housing ,Arab News
(MENAFN - Arab News) The kingdom will accept applications from saudi divorced women and widows for financial and housing support said justice minister muhammad al-issa.al-issa called on applicants ...

Apr 23 2014Saudi- New passport office opens at Red Sea Mall ,Arab News
(MENAFN - Arab News) The passport department has opened a new office for citizens and residents at the red sea mall.gen. abdul rahman bin abdullah al-tuwairki deputy director general of the ...

Apr 23 2014Kowait- Police deportation powers curbed ,Arab Times
(MENAFN - Arab Times) Kuwait city april 3 (afp): kuwaiti police will no longer be able to deport expatriates without interior ministry approval under new rules published thursday after officers ...

Apr 23 2014Kowait- Amiri Diwan urges all off tape case ,Arab Times
(MENAFN - Arab Times)  kuwait city april 9 (agencies): the amiri diwan has called on everybody to steer clear of the controversial tape issue and let the public prosecution take the necessary ...

Apr 23 2014Saudi Savola Group revenue up 43 pct in Q1 ,MENAFN
(MENAFN) Saudi Arabia's Savola Group registered a 43 percent increase in profits in the first quarter, well over expectations of analysts, Arabian Business reported. According to a statement to ...

Apr 23 2014Tamouh steps up activity on projects ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi-based real-estate developer tamouh has scaled up construction activity on all of its announced reem island projects to meet the rising demand for prime spaces in ...

Apr 23 2014Dewa and GE explore collaboration opportunities ,Khaleej Times
(MENAFN - Khaleej Times) Saeed mohammed al tayer managing director and chief executive officer of the dubai electricity and water authority (dewa) recently received a ge delegation to explore ...

Apr 23 2014Sale of Gate Towers penthouses launched ,Khaleej Times
(MENAFN - Khaleej Times) Aldar properties has launched the sale of 21 exclusive duplex penthouse apartments at gate towers the penthouse collection in shams abu dhabi on al reem island. one of ...

Apr 23 2014ADCB profit grows 26% in first quarter ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi commercial bank?s profit grew 26 per cent in the first quarter of the year to dh1. however net profit rose 22 per cent year-on-year. non-interest income was 24 ...

Apr 23 2014'Piles and piles' of bodies in S. Sudan ,Arab News
(MENAFN - Arab News) Nairobi: gunmen who targeted both children and the elderly left 'piles and piles" of bodies — many of those in a mosque — in a provincial capital in south sudan the un's top ...

Apr 23 2014Local international companies come out in force ,Khaleej Times
(MENAFN - Khaleej Times) Cityscape abu dhabi has started showing stronger interest from property developers who have showcased their upcoming projects. the three-day realty show was opened by ...

Apr 23 2014Here?s your chance to share screen space with SRK ,Khaleej Times
(MENAFN - Khaleej Times) Groupon india has joined hands with srk?s red chillies entertainment to give fans a chance to feature with the superstar in his upcoming film ?happy new year?. if you ...

Apr 23 2014Saudi- Noha Al-Sharif — an expert in Islamic sculpture ,Arab News
(MENAFN - Arab News) Saudi sculptress noha al-sharif is known for her islamic inspired sculptures that reflect both religion and lifestyle. the concept of modern art attracted her to this medium ...

Apr 23 2014ADCB NIC in Dh950 million deal ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi commercial bank or adcb this week inked a dh950 million term facility to provide national investment corporation or nic the developer of the breakwater area in ...

Apr 23 2014Gitex Shopper Spring 2014 to open doors today ,Khaleej Times
(MENAFN - Khaleej Times) Gitex shopper spring 2014 is set to open doors today with best bargains on latest tech products along with millions of dirhams worth of prizes during the four-day ...


Click to Apply



Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help