Riversdale Mining Limited has released its Annual Report for the year ended June 30th 2010. Key points:
1. Net loss after tax for FY 2010 of USD 779,000
2. Strong sales performance at ZAC
3. Operating cash flow of USD 28 million
4. Cash on hand of over half a billion (including Capital Raising)
5. Major project milestones achieved in Mozambique
6. Development underway on Benga Coal Project
7. Project partners secured for Zambeze Coal Project
Riversdale Mining Limited Corporate Presentation from 18th March 2010. Report focusing on the Corporate profile, Share price perfomance, Mozambique investment, Riversdale in Mozambique (Benga coal, Moatize coal), Zululand Anthracite Colliery in South Africa...
Riversdale Mining Limited (ASX: RIV) reported a net loss after tax and minority interest for the half year to 31 December 2009 amounting to $4.2 million (2008: Profit $80,000). The loss was due to lower interest income, lower coal production and higher mining costs at Zululand Anthracite Colliery. Zululand Anthracite Colliery (‘ZAC’) operating profit before income tax and minority interests in the current half year was $4.0 million, compared with $9.6 million in 2008.
The financial world has changed significantly since the last annual report. Despite these challenging times, Riversdale is positioned for growth, well funded with $290.3 million cash and progressing with the Benga and Ngwabe developments.
Riversdale achieved a number of significant milestones during the 2008 financial year, and is well positioned for growth.
An inferred Coal Resource of 1.94 billion tonnes was identified on the Benga licence in Mozambique, a joint venture with Tata Steel was established to develop this project and significant funds have been raised. These are all important steps toward bringing the Benga project to fruition.
Following continued strengthening of the Riversdale share price the Company was included in the Standard & Poors ASX 100 index.