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FOCUS MINERALS LTD Interim / Quarterly Report 2012

Mar 14, 2012

64932_rns_2012-03-14_fc559793-e414-488b-b312-96c0961530d3.pdf

Interim / Quarterly Report

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ABN 56 005 470 799 and Controlled Entities

Financial Report for the Half-Year to 31 December 2011

This document should be read in conjunction with the annual report of Focus Minerals Ltd for the year ended 30 June 2011

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Corporate Directory
ACN 005 470 799
DIRECTORS: Donald Taig (Chairman)
Phillip Lockyer
Gerry Fahey
Bruce McComish
CHIEF EXECUTIVE
OFFICER Campbell Baird
COMPANY
SECRETARY:		 K Jon Grygorcewicz
REGISTERED OFFICE: Level 30, St Martins Tower
44 St Georges Terrace
Perth WA 6000
HEAD OFFICE: Level 30, St Martins Tower
44 St Georges Terrace
Perth WA 6000
PO Box Z5422
Perth WA 6831
Tel:
+61 (0)8 9215 7888
Fax: +61 (0)8 9215 7889
Internet: http://www.focusminerals.com.au
SITE OFFICE: Three Mile Hill Office
Great Eastern Highway
Coolgardie WA 6429
Tel:
+61 (0)8 9022 0222
Fax:
+61 (0)8 9022 0230
AUDITORS: Grant Thornton Audit Pty Ltd
Level 2, 10 Kings Park Rd
West Perth WA 6005
Tel:
+61 (0)8 9320 2888
Fax:
+61 (0)8 9320 2999
SHARE REGISTRY: Computershare Investor Services Pty Ltd
Level 2, Reserve Bank Building
45 St Georges Terrace
Perth, WA 6000
GPO Box D182
Perth, WA 6840
Tel:
+61 1300 557 010
Fax:
+61 (0)8 9323 2033

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DIRECTORS’ REPORT

The directors present the financial report of Focus Minerals Limited (“Parent Entity”) including the consolidated financial statements of the Parent Entity and its controlled entities (“Consolidated Entity”) for the half-year ended 31 December 2011.

Gold production from the Three Mile Hill facility for the six months ended 31 December 2011 increased 19% to 43,340ozs (2010 36,339ozs).

Total ore throughput for the period was 590,196 ore tonnes (574,566 ore tonnes).

DIRECTORS

The names of the directors of the Parent Entity who held office during or since the end of the half year are:-

Donald J Taig (Chairman) Phillip Lockyer Gerry Fahey Bruce McComish

REVIEW OF OPERATIONS

Operating Result for the Half-year

The consolidated Group profit, attributable to members of the Company, for the financial period ended 31 December 2011 was $2,362,000 (2010 $6,230,000).

The result includes the operating profit of Crescent from 1 October 2011, being the attributed date of control, totalling $943,000. After allowing for minority interests share of Crescent profits of $174,000, the Group’s share of Crescent’s profits totals $769,000.

The Group net profit was reported after deducting $3,516,000 being the costs incurred in the takeover of Crescent Gold Limited (“Crescent”) and were expensed in the period.

Total production at Laverton for the 3 months to December 2011 was 15,666ozs derived from the sale of ore of 411,012 tonnes at an average grade of 1.19g/t.

Mine Development

Mine development activities at the new underground operation at The Mount and new open pit operations at Tindals continued through the period. By the end of the period The Mount had developed three levels. The Tindals Open pits progressed to have three pits operating with mining in December hitting the targeted 30,000tpm run rate.

Development at Laverton saw mining operations undertaken at Mary Mac Hill, Fish, Apollo and Eclipse with four excavator fleets fully productive by the end of December 2011. In total 3.2m BCM’s of ore and waste were mined to generate 660,000 tonnes of high grade ore grading 2.5g/t with 445,000 tonnes grading 2.5g/t being generated in the December 2011 quarter.

Sales

Gold sales in the period totalled 41,504ozs at an average gold price of $1,625 per oz. (2010 34,335 ozs at average price A$1,385).

Production

Mine production continued from the Group’s three operating mining areas in Coolgardie: the Tindals Mining Centre, the Mount mine and Tindals Open Pit operations and also at Laverton.

Gold on hand and available for sale at period end was 4,708ozs.

At Laverton receipts for sales of ore in the three months to December 2011 were $33,188,000.

In Coolgardie, production from the Tindals Mining Centre was 280,328 tonnes for 29,161ozs gold at an average grade of 3.24 g/t. Production from the Mount mine totalled 76,592 tonnes for 10,834 ozs gold at an average grade of 4.4g/t. Production from the Tindals Open Pit operations totalled 124,324 tonnes at 1.99g/t for 7,935oz produced.

1

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DIRECTORS’ REPORT

Exploration

Exploration activities continued on the Lake Cowan tenements with results from an inaugural 23 hole drilling program around Treasure Island showing the high-grade mineralised vein structures mapped on the island extending at depth under the salt lake. Fine visible gold was identified in most mineralised veins and accompanied the discovery of multiple new vein systems under the lake. In addition a reconnaissance aircore programme 3km to the east across the lake has identified a new 4km gold system.

Exploration at the Apollo deposit on Laverton saw the addition of 100,000oz of resource ounces from just a few months drilling.

EVENTS SUBSEQUENT TO BALANCE DATE

There has not been any matter or circumstance that has arisen since balance date that has significantly affected, or may significantly affect, the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity in future financial periods.

AUDITOR’S INDEPENDENCE DECLARATION

The auditor’s independence declaration under section 307C of the Corporations Act 2001 is set out on page 21 for the half-year ended 31 December 2011.

Corporate

On 20 June 2011 the Company jointly announced, with Crescent Gold Limited, an off-market bid by the Company to acquire the issued ordinary shares of Crescent Gold Limited (Crescent). The Bidder’s Statement was lodged with the Australian Investments and Securities Commission on 29 June 2011.

The Offer opened on 30 June 2011 and consisted of one Focus share for every 1.18 Crescent shares and was conditional, among other conditions, on achieving ownership of 90% of the issued shares of Crescent.

On 18 August 2011 the Company declared the Offer unconditional.

The Offer closed on 5 October 2011 and the Company received acceptances totalling 81.57% of Crescent issued ordinary shares.

Signed in accordance with a resolution of the directors.

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Don Taig Director

15 March 2012 Perth, Western Australia

The Company issued 880,258,270 Focus shares in consideration for acceptances received.

During December 2011 the Company extended its Finance Facilities with inclusion of a $10 million revolving loan facility. At balance date $2 million had been drawn on the loan facility.

At 31 December 2011 the Company does not have any outstanding hedging commitments.

2

DIRECTORS’ DECLARATION

The directors of the company declare that:

  1. The financial statements and notes, as set out on pages 4 to 20 are in accordance with the Corporations Act 2001 , including:

  2. a. complying with Accounting Standard AASB 134: Interim Financial Reporting; and

  3. b. giving a true and fair view of the consolidated entity’s financial position as at 31 December 2011 and of its performance for the half-year ended on that date.

  4. In the directors’ opinion there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors.

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Don Taig Director

15 March 2012 Perth, Western Australia

3

FOCUS MINERALS LIMITED

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

Note
Revenue
Royalties paid
Cost of sales
Gross profit
Other revenue
3
Depreciation
Amortisation
3
Finance charges
3
Employee expenses
Takeover costs
Other expenses from ordinary business
3
Profit before income tax
Income tax expense
Profit after income tax expense
Other comprehensive income, net of tax
Total comprehensive income for the period, net of tax
Total comprehensive income attributable to:
Members of the parent entity
Minority interest
Earnings per share
Earnings per share (cents per share) for (loss)/profit attributable to
the ordinary equity holders of the Company:
Basic earnings per share (cents)
6
Diluted earnings per share (cents)
6		 Consolidated Entity
31 Dec 2011
31 Dec 2010
$’000
$’000
104,486
48,888
(3,803)
(978)
(77,821)
(31,671)
22,862
16,239
778
1.318
(4,670)
(2,287)
(6,388)
(6,085)
(455)
(4)
(1,988)
(1,270)
(3,516)
-
(4,087)
(1,681)
2,536
6,230
-
-
2,536
6,230
-
-
2,536
6,230
2,362
6,230
174
-
2,536
6,230
0.06
0.22
0.06
0.21

The accompanying notes form part of this financial report

4

FOCUS MINERALS LIMITED

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2011

CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Inventories
Other assets
Financial assets
Total current assets
NON-CURRENT ASSETS
Property, plant and equipment
Development expenditure
Exploration and evaluation assets
Total non-current assets
Total assets
CURRENT LIABILITIES
Trade and other payables
Financial liabilities
Total current liabilities
NON-CURRENT LIABILITIES
Financial liabilities
Provisions
Total Non-current liabilities
Total liabilities
Net Assets
EQUITY
Issued capital
Reserves
Retained earnings
Minority Interest
Total equity		 Consolidated Entity
31 Dec 2011
31 Dec 2010
$’000
$’000
18,252
31,521
5,086
1,378
16,929
7,717
533
560
1,000
4,195
41,800
45,371
93,332
52,349
1,411
2,700
131,871
77,667
226,614
132,716
268,414
178,087
41,244
22,206
3,455
1,445
44,699
23,651
3,260
4,454
8,334
1,750
11,594
6,204
56,293
29,854
212,121
148,233
203,910
145,010
(1,732)
123
5,462
3,100
4,481
-
212,121
148,233

The accompanying notes form part of this financial report.

5

FOCUS MINERALS LIMITED

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts form customers
Payments to suppliers and employees
Royalties paid
Interested received
Sundry income
Interest & finance costs paid
Net cash from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment
Proceeds from sale of investments
Purchase of investments
Purchase of exploration tenements
Bond secured deposits
Mine development expenditure
Exploration expenditure
Net cash used in operating activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from equity
Proceeds from borrowings
Net cash (used in)/from operating activities
Net decrease in cash held
Cash at the beginning of period
Cash at end of period		 Consolidated Entity
31 Dec 2011
31 Dec 2010
$’000
$’000
94,788
49,516
(70,005)
(36,142)
(3,803)
(977)
244
81
534
250
(455)
(3)
21,303
12,724
(6,218)
(1,298)
-
47
-
(1,000)
(480)
(150)
-
(184)
(19,638)
(7,742)
(10,236)
(7,521)
(36,572)
(17,849)
-
150
2,000
-
2,000
150
(13,269)
(4,974)
31,521
6,383
18,252
1,409

The accompanying notes form part of this financial report.

6

FOCUS MINERALS LIMITED

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2010

Consolidated
Note
Balance as at 30 June 2011
Total comprehensive income for the
period
Shares issued in the period
Minority interest created on partial
takeover of Crescent Gold Limited
Acquisition reserve recognised on con
13
Balance at 31 December 2011
Consolidated
Balance as at 30 June 2010
Total comprehensive income for the
period
Shares issued in the period
Option reserve transferred to Retained
Earnings on lapsed and cancelled
options
Option reserve on recognition of equity
based payments
Balance at 31 December 2010		 Ordinary
Shares
Retained
Earnings
Reserves
Asset
Acquisition
Reserve
Minority
Interest
Total
$’000
$’000
$’000
$’000
$’000
$’000
145,010
3,100
123
-
-
148,233
-
2,362
-
-
174
2,536
58,900
-
-
-
58,900
-
-
-
-
4,307
4,307
-
-
-
(1,855)
-
(1,855)
203,910
5,462
123
(1,855)
4,481
212,121
Ordinary
Shares
Retained
Earnings
Reserves
Asset
Acquisition
Reserve
Minority
Interest
Total
$’000
$’000
$’000
$’000
$’000
$’000
102,770
(5,109)
2,026
-
-
99,687
-
6,230
-
-
-
6,230
150
-
-
-
-
150
-
564
(564)
-
-
-
-
-
42
-
-
42
102,920
1,685
1,504
-
-
106,109

The accompanying notes form part of this financial report

7

FOCUS MINERALS LIMITED

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

NOTE 1: BASIS OF PREPARATION

These general purpose financial statements for the interim half-year reporting period ended 31 December 2011 have been prepared in accordance with requirements of the Corporations Act 2001 and Australian Accounting Standards including AASB 134: Interim Financial Reporting. Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply with International Financial Reporting Standards.

This interim financial report is intended to provide users with an update on the latest annual financial statements of Focus Minerals Ltd and its controlled entities (the Group). As such, it does not contain information that represents relatively insignificant changes occurring during the half-year within the Group. It is therefore recommended that this financial report be read in conjunction with the annual financial statements of the Group for the year ended 30 June 2011, together with any public announcements made during the half-year.

The same accounting policies and methods of computation have been followed in this interim financial report as were applied in the most recent annual financial statements except for the adoption of the following new and revised Accounting Standards.

Comparatives

Comparative information has been reclassified where appropriate to enhance comparability.

Accounting Standards not previously applied

8

FOCUS MINERALS LIMITED

Effective Example disclosure of impact
date
New/revised
Superseeded		 Explanation of amendments (i.e. annual
reporting
i		 of new standard on the
financial report (if standard is
Likely impact
pronouncement
pronouncement
perods
ending		 not adopted early)

on or after)
AASB 9 Financial
Instruments
AASB 139
Financial
Instruments:
Recognition and
Measurement
(part)		 AASB 9 introduces new
requirements for the classification
and measurement of financial
assets and liabilities. It was further
amended by AASB 2010-7 to
reflect amendments to the
accounting for financial liabilities.
These requirements improve and
simplify the approach for
classification and measurement of
financial assets compared with the
requirements of AASB 139. The
main changes are described below.
(a)
Financial assets that are
debt instruments will be classified
based on (1) the objective of the
entity’s business model for
managing the financial assets; (2)
the characteristics of the
contractual cash flows.
(b)
Allows an irrevocable
election on initial recognition to
present gains and losses on
investments in equity instruments
that are not held for trading in other
comprehensive income. Dividends
in respect of these investments that
are a return on investment can be
recognised in profit or loss and
there is no impairment or recycling
on disposal of the instrument.
(c)
Financial assets can be
designated and measured at fair
value through profit or loss at initial
recognition if doing so eliminates or
significantly reduces a
measurement or recognition
inconsistency that would arise from
measuring assets or liabilities, or
recognising the gains and losses on
them, on different bases.
(d)
Where the fair value
option is used for financial liabilities
the change in fair value is to be
accounted for as follows:
(1)
The change attributable
to changes in credit risk are
presented in other comprehensive
income (OCI).
(2)
The remaining change is
presented in profit or loss.		 31
December
2013		 AASB 9 amends the
classification and measurement
of financial assets; the effect on
the entity will be that more
assets are held at fair value and
the need for impairment testing
has been limited to assets held
at amortised cost only.
Minimial changes have been
made in relation to the
classification and measurement
of financial liabilities, except
‘own credit risk’ instruments. The
effect on the entity will be that
the volatility in the profit or loss
will be moved to the OCI, unless
there is an accounting
mismatch.
Depending on
assets held, there
may be significant
movement of assets
between fair value
and cost categories
and ceasing of
impairment testing
on available for sale
assets.
If the entity holds
any ‘own credit risk’
financial liabilities,
the fair value gain or
loss will be
incorporated in the
OCI, rather than
profit or loss, unless
accounting
mismatch.

If this approach creates or enlarges

9

FOCUS MINERALS LIMITED

Effective
New/revised
pronouncement		 Superseeded
pronouncement		 Explanation of amendments date
(i.e. annual
reporting
periods
ending		 Example disclosure of impact
of new standard on the
financial report (if standard is
not adopted early)		 Likely impact
on or after)
an accounting mismatch in the
profit or loss, the effect of the
changes in credit risk are also
presented in profit or loss.
Consequential amendments were
also made to other standards as a
result of AASB 9, introduced by
AASB 2009-11.
AASB 1054 None This standard is as a consequence of 30 June 2012 This Standard sets out the Not expected to have
Australian
Additional
Disclosures		 phase 1 of the joint Trans-Tasman
Convergence project of the AASB and
FRSB.		 Australian-specific disclosures for
entities that have adopted
Australian Accounting Standards.
This Standard contains disclosure		 significant impact, as
only relocating
Australian specific
disclosures from
This standard, with AASB 2011-01, requirements that are additional to existing standards to
relocates all Australian specific IFRSs. this new standard.
disclosures from other standards to
one place and revises disclosures in
the following areas:
(a) Compliance with Australian
Accounting Standards
(b) The statutory basis or reporting
framework for financial
statements
(c) Whether the financial statements
are general purpose or special
purpose
(d) Audit fees
(e) Imputation credits
(f)reconciliation of net operating cash
flow to profit (loss).
AASB 2010-6 None The Standard amends the disclosures
30 June 2012		 The Amendments will introduce More extensive and
Amendments to required, to help users of financial more extensive and onerous onerous quantitative
Australian statements evaluate the risk quantitative and qualitative and qualitative
Accounting
Standards –		 exposures relating to more complex
transfers of financial assets (eg.		 disclosure requirements for de-
recognition of financial assets.		 disclosure
requirements for de-
Disclosures on securitisations) and the effect of those recognition of financial
Transfers of risks on an entity’s financial position. assets.
Financial Assets .
(AASB 1 & AASB 7)
AASB 2011-3
Amendments to
Australian
Accounting
Standards – Orderly
Adoption of
Changes to the
ABS GFS Manual
and Related
None		 The Standard makes amendments to
AASB 1049 so as to clarify the
definition of the ABS GFS Manual,
facilitate the orderly adoption of
changes to the ABS GFS Manual and
related disclosures.		 30 June 2013 The Standard makes amendments
to AASB 1049 in relation to the
Whole of Government and General
Government Financial Reporting so
as to clarify the definition of the
ABS GFS Manual, and to facilitate
the orderly adoption of changes to
the ABS GFS Manual and related
disclosures.
Unlikely to have
significant impact in
Australia, unless entity
is in the Government
industry.
Amendments
[AASB 1049]

10

FOCUS MINERALS LIMITED

Effective
New/revised
pronouncement		 Superseeded
pronouncement		 Explanation of amendments date
(i.e. annual
reporting
periods
ending		 Example disclosure of impact
of new standard on the
financial report (if standard is
not adopted early)		 Likely impact
on or after)
AASB 2011-4 None 30 June 2014 The Standard makes amendments This will result in the
Amendments to
Australian
Accounting
Standards to		 The Standard makes amendments to
AASB 124 Related Party Disclosures
to remove individual key management
personnel disclosure requirements.		 to remove the individual key
management personnel disclosure
requirements, as these are
considered to be more in the nature
removal of various key
management personnel
disclosures relating to
disclosing entities
Remove Individual of corporate governance and are within the financial
Key Management
Personnel		 generally covered in the
Corporations Act and disclosed		 report.
Disclosure within the Directors and/or
Requirements Remuneration Report.
[AASB 124]
AASB 2011-9 None This Standard requires entities to 30 June 2013 The main change will be the Impacts on separating
group items presented in other separation and classification of components in other
Amendments to comprehensive income on the basis of components within the other comprehensive income
Australian whether they are potentially comprehensive income between between
reclassifiable to profit or loss in reclassification adjustments to profit
reclassification and
Accounting
Standards –		 subsequent periods (reclassification
adjustments).		 or loss and those that will not be
reclassified.		 non-reclassification
adjustments.
Presentation of
Other
Comprehensive
Income
[AASB 101]
AASB 10 AASB 127 AASB 10 establishes a new control 31 December It introduces a new, principle-based
Entities most likely to
Consolidated model that applies to all entities.It 2013 definition of control which will apply be impacted are those
Financial replaces parts of AASB 127 to all investees to determine the that:
Statements Consolidated and Separate Financial
_Statements_dealing with the
accounting for		 scope of consolidation. - have significant, but
not a majority equity
interests in other
entities;
consolidated financial statements and
SIC-12_Consolidation – Special_
Purpose Entities.		 Traditional control assessments
based on majority ownership of
voting rights will very rarely be
affected. However, 'borderline'		 - hold potential voting
rights over investments
, such as options or
convertible debt.
consolidation decisions will need to
The new control model broadens the be reviewed and some will need to
situations when an entity is considered
to be controlled by another entity and
includes new guidance for applying		 be changed taking into
consideration potential voting rights
and substantive rights.
the model to specific situations,
including when acting as a manager
may give control, the impact of
potential voting rights and when
holding less than a majority voting
rights may give control. This is likely to
lead to more entities being
consolidated into the group.
Consequential amendments were also
made to other standards via AASB
2011-7 and amendments to AASB
127.

11

FOCUS MINERALS LIMITED

Effective
New/revised
pronouncement		 Superseeded
pronouncement		 Explanation of amendments date
(i.e. annual
reporting
periods
ending		 Example disclosure of impact
of new standard on the
financial report (if standard is
not adopted early)		 Likely impact
on or after)
AASB 12 AASB 127 AASB 12 includes all disclosures 31 December AASB 12 combines the disclosure There are some
Disclosure of AASB 128 relating to an entity’s interests in 2013 requirements for subsidiaries, joint additional enhanced
Interests in Other
Entities		 AASB 131 subsidiaries, joint arrangements,
associates and structures		 arrangements, associates and
structured entities within a		 disclosures centred
around significant
comprehensive disclosure judgements and
entities. New disclosures have been standard. assumptions made
introduced about the judgements around determining
made by management to determine control, joint control
whether control and significant
exists, and to require summarised It aims to provide more influence.
information about joint arrangements, transparency on 'borderline'
associates and structured entities and consolidation decisions and
subsidiaries with non-controlling enhance disclosures about
interests. unconsolidated structured entities
in which an investor or sponsor has
involvement.
AASB 13 Fair Value
None		 AASB 13 establishes a single source 31 December AASB 13 has been created to: For financial assets,
Measurement of guidance under AASB for 2013 AASB 13's guidance is
determining the fair value of assets broadly consistent with
and liabilities.AASB 13 does �
establish a single source of		 existing practice. It will
guidance for all fair value however also apply to
not change when an entity is required measurements; the measurement of
to use fair value, but rather, provides �
clarifyi the definition of fair		 fair value for non-
guidance on how to determine fair value and related guidance; financial assets and will
value under AASB when fair value is and make a significant
required or permitted by AASB. �
enhance disclosures about		 change to existing
Application of this definition may result fair value measurements guidance in the
in different fair values being (new disclosures increase applicable standards.
determined for the relevant assets. transparency about fair
value measurements,
including the valuation
techniques and inputs used
AASB 13 also expands the disclosure to measure fair value).
requirements for all assets or liabilities
carried at fair value. This includes
information about
the assumptions made and the
qualitative impact of those
assumptions on the fair value
determined.
Consequential amendments were also
made to other standards via AASB
2011-8.

12

FOCUS MINERALS LIMITED

Effective
New/revised
pronouncement		 Superseeded
pronouncement		 Explanation of amendments date
(i.e. annual
reporting
periods
ending		 Example disclosure of impact
of new standard on the
financial report (if standard is
not adopted early)		 Likely impact
on or after)
AASB 119 AASB 119 31 December The main change for accounting for
Only impacts entity’s
Employee Benefits The main change introduced by this 2013 defined benefit plans is: which have any defined
standard is to revise the accounting for
defined benefit plans. The amendment
removes the options for accounting for
the liability, and requires that the
liabilities arising from such plans is
recognized in full with actuarial gains
and losses being recognized in other
comprehensive income. It also revised


(1) the removal of the option to
defer the full recognition of
gains and losses under the
corridor approach: and
(2) the revised method of
calculating the return on plan
assets.		 benefit plans, and the
removal of the deferral
of gains and losses
under the corridor
approach.
the method of calculating the return on
plan assets.
Consequential amendments were also
made to other standards via AASB
2011-10.
Interpretation None This Interpretation clarifies when 31 This interpretation provides Only impacts
20 production stripping costs should December guidance on entities that are
Stripping
Costs in the
Production
Phase of
Surface Mining		 lead to the recognition of an
asset and how that asset should
be initially and subsequently
measured.		 2013 (1)
recognition of
production stripping costs as
an asset;
(2)
initial measurement of
the stripping activity asset;		 incurring stripping
costs within the
production phase
of surface mining
Consequential amendments were and
also made to other standards via
AASB 2011-12.		 (3)
subsequent
measurement of the stripping
activity asset.
The company has not
assessed the impact, however
this may result in either
recognising or derecognising a
strippingasset.

13

FOCUS MINERALS LIMITED

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

NOTE 3 REVENUE AND EXPENSES
The following revenue and expense items are relevant in explaining
the financial performance for the interim period
(i) Revenue
Gold sales
Ore sales
Silver sales
Toll milling income
Total revenue
(ii) Other revenue
Interest received
Profit on sale of investments
Profit on sale of mining tenements
Other
Total other revenue
(iii) Expenses
Amortisation
Amortisation of development expenditure
Amortisation of mine development costs
Total amortisation
Finance charges
Finance charges payable on finance leases
Other
ASX listing fees
Bank Charges
Consulting fees
Directors’ fees
Insurance
Legal fees
Operating lease expenses
Employee option cost
Investor relations expenses
Other expenses
Other expenses from ordinary activities		 Consolidated Entity
31 Dec 2011
31 Dec 2010
$’000
$’000
70,972
47,478
33,188
-
326
78
-
1,332
104,486
48,888
273
81
-
24
-
961
505
251
778
1,317
1,289
2,333
5,099
3,752
6,388
6,085
455
4
130
57
256
73
615
95
218
98
553
107
71
8
98
62
-
42
584
383
1,562
756
4,087
1,680

14

FOCUS MINERALS LIMITED

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

Consolidated Entity
31 Dec 2011
31 Dec 2010
$’000
$’000
NOTE 4 DIVIDENDS PAID AND PROPOSED
There were no dividends proposed or paid during the half-year ended
31 December 2011.
NOTE 5 ISSUED CAPITAL
Ordinary shares
31 December 2011
30 June 2011
$’000
$’000
Issued and fully paid
203,910
145,010
Number of Shares
$
Movements in ordinary shares on issue
Balance at 1 July 2011
Issued under off market bid for Crescent Gold Limited
3,440,515,431
880,258,270
145,010
58,900
Balance at 31 December 2011
4,320,773,701
203,910
Options
Movements in issued options
Balance at 1 July 2011
Number of
options
75,580,000
Balance at 31 December 2011
75,580,000
Total options on issue comprise:
Exercise price – 7.5 cents per share
Exercise price – 7.8 cents per share
Exercise price – 12.3 cents per share
Balance at 31 December 2011
Expiry date
31/12/2012
31/12/2012
30/06/2014
Number
issued
21,040,000
21,040,000
33,500,000
75,580,000		 Consolidated Entity
31 Dec 2011
31 Dec 2010
$’000
$’000
NOTE 4 DIVIDENDS PAID AND PROPOSED
There were no dividends proposed or paid during the half-year ended
31 December 2011.
NOTE 5 ISSUED CAPITAL
Ordinary shares
31 December 2011
30 June 2011
$’000
$’000
Issued and fully paid
203,910
145,010
Number of Shares
$
Movements in ordinary shares on issue
Balance at 1 July 2011
Issued under off market bid for Crescent Gold Limited
3,440,515,431
880,258,270
145,010
58,900
Balance at 31 December 2011
4,320,773,701
203,910
Options
Movements in issued options
Balance at 1 July 2011
Number of
options
75,580,000
Balance at 31 December 2011
75,580,000
Total options on issue comprise:
Exercise price – 7.5 cents per share
Exercise price – 7.8 cents per share
Exercise price – 12.3 cents per share
Balance at 31 December 2011
Expiry date
31/12/2012
31/12/2012
30/06/2014
Number
issued
21,040,000
21,040,000
33,500,000
75,580,000		 Consolidated Entity
31 Dec 2011
31 Dec 2010
$’000
$’000
NOTE 4 DIVIDENDS PAID AND PROPOSED
There were no dividends proposed or paid during the half-year ended
31 December 2011.
NOTE 5 ISSUED CAPITAL
Ordinary shares
31 December 2011
30 June 2011
$’000
$’000
Issued and fully paid
203,910
145,010
Number of Shares
$
Movements in ordinary shares on issue
Balance at 1 July 2011
Issued under off market bid for Crescent Gold Limited
3,440,515,431
880,258,270
145,010
58,900
Balance at 31 December 2011
4,320,773,701
203,910
Options
Movements in issued options
Balance at 1 July 2011
Number of
options
75,580,000
Balance at 31 December 2011
75,580,000
Total options on issue comprise:
Exercise price – 7.5 cents per share
Exercise price – 7.8 cents per share
Exercise price – 12.3 cents per share
Balance at 31 December 2011
Expiry date
31/12/2012
31/12/2012
30/06/2014
Number
issued
21,040,000
21,040,000
33,500,000
75,580,000		 Consolidated Entity
31 Dec 2011
31 Dec 2010
$’000
$’000
NOTE 4 DIVIDENDS PAID AND PROPOSED
There were no dividends proposed or paid during the half-year ended
31 December 2011.
NOTE 5 ISSUED CAPITAL
Ordinary shares
31 December 2011
30 June 2011
$’000
$’000
Issued and fully paid
203,910
145,010
Number of Shares
$
Movements in ordinary shares on issue
Balance at 1 July 2011
Issued under off market bid for Crescent Gold Limited
3,440,515,431
880,258,270
145,010
58,900
Balance at 31 December 2011
4,320,773,701
203,910
Options
Movements in issued options
Balance at 1 July 2011
Number of
options
75,580,000
Balance at 31 December 2011
75,580,000
Total options on issue comprise:
Exercise price – 7.5 cents per share
Exercise price – 7.8 cents per share
Exercise price – 12.3 cents per share
Balance at 31 December 2011
Expiry date
31/12/2012
31/12/2012
30/06/2014
Number
issued
21,040,000
21,040,000
33,500,000
75,580,000
$
145,010
58,900
4,320,773,701 203,910
Expiry date
31/12/2012
31/12/2012
30/06/2014		 Number of
options
75,580,000
75,580,000
Number
issued
21,040,000
21,040,000
33,500,000
75,580,000

15

FOCUS MINERALS LIMITED

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

NOTE 6: EARNINGS PER SHARE

NOTE 6: EARNINGS PER SHARE
Basic earnings per share:
Total Basic EPS
Diluted earnings per share
Total Diluted EPS
Basic Earnings per share
The earnings and weighted average number of ordinary shares used
in the calculation of basic earnings per share is as follows:
Weighted average number of ordinary shares for the purposes of
basic earnings per share
Diluted Earnings per share
The earnings and weighted average number of ordinary shares used
in the calculation of diluted earnings per share:
Weighted average number of ordinary shares for the purposes of
diluted earnings per share
NOTE 7 RECONCILIATION OF CASH
For the purposes of the Condensed Cash Flow Statement, cash and
cash equivalents comprise the following at 31 December 2011:
Current Assets
Cash at bank and in hand
Short term deposits - unsecured
Term deposits - secured
Cash at end of period		 31 December 2011
Centsper Share
31 December 2010
Centsper Share
0.06
0.22
0.06
0.21
$2,535,876
$6,230,173
4,038,380,174
2,865,429,080
$2,535,876
$6,230,173
4,113,960,174
2,971,545,381
Note
(a)		 Consolidated Entity
31 Dec 2011
31 Dec 2010
$’000
$’000
6,656
2,290
-
28,419
6,656
30,709
11,596
812
18,252
31,521

(a) The Group has indemnified issuing banks against any loss arising from performance bonds issued on behalf of the Group to secure mining tenement obligations and as guarantees for payment performance under various supply agreements. The indemnities are secured against cash held in short term deposits.

Term deposits totalling $11,596,000 (30 June 2011 - $812,000) have been secured to issuing banks as security for performance bonds issued in respect of Western Australian mining tenements and various supply agreements.

16

FOCUS MINERALS LIMITED

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

NOTE 8 BUSINESS COMBINATION

Merger with Crescent Gold Limited

On 20 June 2011 the Company jointly announced, with Crescent Gold Limited, an off-market bid by the Company to acquire the issued ordinary shares of Crescent Gold Limited (Crescent). The Bidder’s Statement was lodged with the Australian Investments and Securities Commission on 29 June 2011.

The Offer opened on 30 June 2011 and consisted of one Focus share for every 1.18 Crescent share and option on issue and was conditional, among other conditions, on achieving ownership of 90% of the issued shares of Crescent.

On 18 August 2011 the Company declared the Offer unconditional, this for accounting purposes was considered the date control was passed in accordance with AASB3.

The Offer closed on 5 October 2011 and the Company received acceptances totalling 81.57% of Crescent issued ordinary shares.

The Company issued 880,258,270 Focus shares in consideration for acceptances received.

Crescent is a gold producer with extensive landholdings in Laverton within the Eastern Goldfields of Western Australia

The merger of Focus Minerals Ltd and Crescent Gold Limited has been accounted as a business acquisition and has been calculated in accordance with the proportional interest method.

The purchase price allocation is as follows:

Note
Identifiable assets acquired and liabilities assumed
Cash and cash equivalents
Restricted deposits
Other receivable and prepayments
Inventories
Property, plant and equipment
Exploration and evaluation expenditure
Trade and other payables
Provisions
Loans and borrowings
Net Assets
Less : Minority Interest
Net Assets Acquired
Consideration paid
Excess purchase price allocated to evaluation and exploration
assets recognised on acquisition
(a)		 August 2011
$’000
1,910
9,078
3,417
2,606
18,558
16,128
(9,938)
(7,027)
(11,366)
23,368
(4,307)
23,368
58,900
37,983

(a) The purchase price allocation has been determined on a provisional basis for a period up to 12 months from the transaction date in accordance with AASB 3.

17

FOCUS MINERALS LIMITED

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

Note
NOTE 9 FINANCIAL LIABILITIES
Bank loan – refer Note a
Lease liabilities
Non- Current Liabilities
Lease liabilities		 Consolidated Entity
31 Dec 2011
31 Dec 2010
$’000
$’000
2,000
-
1,455
1,455
3,455
1,455
3,260
4,454

Note a – Banking Facility

At balance date, the Group has an established multi-faceted Credit Facility with Investec Bank (Australia) Limited.

During the period the Group expanded the Facility to include a Revolving Loan Facility to provide working capital on a revolving basis. The facility also contains a Contingent Instrument Facility which provides bankers’ guarantees to meet tenement security requirements and to secure services supply contracts.

The Facility is secured by:

  • fixed and floating charge over all the assets and undertakings of the Company, Austminex Pty Ltd and Focus Operations Pty Ltd,

  • an equitable mortgage over the issued shares owned by the Company in Austminex Pty Ltd and Focus Operations Pty Ltd,

  • a mining mortgage over specified mining leases owned by the Company, in Austminex Pty Ltd and Focus Operations Pty Ltd, and

  • an equitable share mortgage over all the ordinary shares the Company holds in Crescent Gold Limited.

The facility is comprised of the following:

Revolving Loan
Contingent Instruments		 31 December 2011
Drawn
Undrawn
Facility Limit
$2,000,000
$3,153,000
$8,000,000
$347,000
$10,000,000
$3,500,000

The Facility Agreement requires that the Company maintain a minimum bank balance of $3 million, net assets of the Group are not less than $85 million and to maintain an Annual Forward Cover Ratio of 1.5 times.

The Annual Forward Cover Ratio is the ratio of the Company’s budgeted cashflow available for debt servicing plus available cash that exceeds the aggregate of the scheduled repayments plus interest to be repaid under the Revolving Loan Facility.

There were no breaches of the Facility covenants during the period.

NOTE 10 EVENTS AFTER THE BALANCE DATE

There were no other changes in commitments since the last annual report.

NOTE 11 COMMITMENTS

There were no other changes in commitments since the last annual report.

18

FOCUS MINERALS LIMITED

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

NOTE 12 SEGMENT REPORTING

The Group has two reportable segments, as described below, which are the Group’s strategic business units. The business units are managed separately as they require differing processes and skills. The Chief Executive Officer reviews internal management reports on a monthly basis. The business units operate in one geographical segment being Western Australia.

The Group’s reportable segments and activities are:

  • Production

Includes mining, extraction and treatment of gold across the Group’s two geographically separate operating sites being Coolgardie and Laverton.

  • Exploration

Includes exploration for mineral resources.

The Group has no reliance on any one customer as gold produced is sold through agents at spot pricing or delivered into forward gold contracts.

Segment Financial Information
December 31
Production Coolgardie
Production Laverton
Exploration
TOTAL
2011
$’000
2010
$’000
2011
$’000
2010
$’000
2011
$’000
2010
$’000
2011
$’000
2010
$’000
Revenue
71,222
48,888
33,264
-
-
-
104,486
48,888
Interest income
-
-
-
-
-
-
-
-
Interest expense
(455)
-
-
-
-
-
(455)
-
Depreciation and
amortisation
(8,965)
(8,322)
(2,007)
-
-
-
(10,972)
(8,322)
Reportable segment profit
before income tax
9,766
7,877
1,560
-
-
-
11,326
7,877
Production Coolgardie
Production Laverton
Exploration
TOTAL
December
2011
$’000
June 2011
$’000
December
2011
$’000
June 2011
$’000
December
2011
$’000
June 2011
$’000
December
2011
$’000
June 2011
$’000
Reportable segment assets
76,795
60,612
39,116
-
132,297
80,875
248,208
141,487
Reportable segment liabilities
(27,583)
(28,224)
(24,607)
-
(1,275)
(1,255)
(53,465)
(27,479)
Capital expenditure
17,390
25,112
2,248
-
10,716
24,673
30,354
49,785		 Segment Financial Information
December 31
Production Coolgardie
Production Laverton
Exploration
TOTAL
2011
$’000
2010
$’000
2011
$’000
2010
$’000
2011
$’000
2010
$’000
2011
$’000
2010
$’000
Revenue
71,222
48,888
33,264
-
-
-
104,486
48,888
Interest income
-
-
-
-
-
-
-
-
Interest expense
(455)
-
-
-
-
-
(455)
-
Depreciation and
amortisation
(8,965)
(8,322)
(2,007)
-
-
-
(10,972)
(8,322)
Reportable segment profit
before income tax
9,766
7,877
1,560
-
-
-
11,326
7,877
Production Coolgardie
Production Laverton
Exploration
TOTAL
December
2011
$’000
June 2011
$’000
December
2011
$’000
June 2011
$’000
December
2011
$’000
June 2011
$’000
December
2011
$’000
June 2011
$’000
Reportable segment assets
76,795
60,612
39,116
-
132,297
80,875
248,208
141,487
Reportable segment liabilities
(27,583)
(28,224)
(24,607)
-
(1,275)
(1,255)
(53,465)
(27,479)
Capital expenditure
17,390
25,112
2,248
-
10,716
24,673
30,354
49,785		 Segment Financial Information
December 31
Production Coolgardie
Production Laverton
Exploration
TOTAL
2011
$’000
2010
$’000
2011
$’000
2010
$’000
2011
$’000
2010
$’000
2011
$’000
2010
$’000
Revenue
71,222
48,888
33,264
-
-
-
104,486
48,888
Interest income
-
-
-
-
-
-
-
-
Interest expense
(455)
-
-
-
-
-
(455)
-
Depreciation and
amortisation
(8,965)
(8,322)
(2,007)
-
-
-
(10,972)
(8,322)
Reportable segment profit
before income tax
9,766
7,877
1,560
-
-
-
11,326
7,877
Production Coolgardie
Production Laverton
Exploration
TOTAL
December
2011
$’000
June 2011
$’000
December
2011
$’000
June 2011
$’000
December
2011
$’000
June 2011
$’000
December
2011
$’000
June 2011
$’000
Reportable segment assets
76,795
60,612
39,116
-
132,297
80,875
248,208
141,487
Reportable segment liabilities
(27,583)
(28,224)
(24,607)
-
(1,275)
(1,255)
(53,465)
(27,479)
Capital expenditure
17,390
25,112
2,248
-
10,716
24,673
30,354
49,785
71,222
48,888
33,264
-
-
-
104,486
48,888
-
-
-
-
-
-
-
-
(455)
-
-
-
-
-
(455)
-
(8,965)
(8,322)
(2,007)
-
-
-
(10,972)
(8,322)
9,766
7,877
1,560
-
-
-
11,326
7,877
Production Coolgardie
Production Laverton
Exploration
TOTAL
December
2011
$’000
June 2011
$’000
December
2011
$’000
June 2011
$’000
December
2011
$’000
June 2011
$’000
December
2011
$’000
June 2011
$’000
76,795
60,612
39,116
-
132,297
80,875
248,208
141,487
(27,583)
(28,224)
(24,607)
-
(1,275)
(1,255)
(53,465)
(27,479)
17,390
25,112
2,248
-
10,716
24,673
30,354
49,785

19

FOCUS MINERALS LIMITED

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

NOTE 12 SEGMENT REPORTING (CONT)

Reconciliation of reportable segment revenue
Total Revenue for reportable segments
Consolidated revenue
Reconciliation of reportable segments
Total profit for reportable segments
Interest received
Finance costs
Other corporate expenses
Takeover costs
Consolidated profit before income tax		 Consolidated
31 Dec 2011
$’000
31 Dec 2010
$’000
104,486
48,888
11,326
7,877
647
81
-
(4)
(5,921)
(1,724)
(3,516)
-
2,536
6,230

The Group has no material reconciliation items between management reports and financial statement amounts.

Reconciliation of reportable segments assets
Total assets for reportable segments
Add unallocated amounts
Cash and cash equivalents
Environmental bonds – secured short term deposits
Corporate assets
Consolidated total assets		 Consolidated
31 Dec 2011
$’000
30 June 2011
$’000
248,208
141,487
30,709
6,656
812
11,596
1,954
5,079
268,414
178,087

NOTE 13 RESERVE

Acquisition Reserve

On 5 August 2011 Focus Minerals Ltd entered into an off-market bid for the acquisition of Crescent Gold Ltd. The company recognised control in accordance with AASB 3 “Business Combinations” on 5 August 2011. The offer closed 5 October 2011 resulting in a difference to the minority interest recognised between these dates.

The reserve details the difference between the carrying value of the non-controlling interest in Crescent Gold Ltd as at the date of acquisition to the consideration paid at the date of closing the offer. The consideration paid is recognised in equity attributable to the parent. Accordingly a debit to Acquisition Reserve of $1.855m is reflected in the statement of changes in equity.

20

==> picture [206 x 39] intentionally omitted <==

Grant Thornton Audit Pty Ltd ABN 94 269 609 023

10 Kings Park Road West Perth WA 6005 PO Box 570 West Perth WA 6872

T +61 8 9480 2000 F +61 8 9322 7787 E [email protected] W www.grantthornton.com.au

Auditor’s Independence Declaration

To The Directors of Focus Minerals Ltd

In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the review of Focus Minerals Ltd for the half-year ended 31 December 2011, I declare that, to the best of my knowledge and belief, there have been:

  • a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

  • b no contraventions of any applicable code of professional conduct in relation to the review.

==> picture [115 x 31] intentionally omitted <==

GRANT THORNTON AUDIT PTY LTD Chartered Accountants

==> picture [114 x 50] intentionally omitted <==

P W Warr Partner - Audit & Assurance

Perth, 15 March 2012

Grant Thornton Australia Limited is a member firm within Grant Thornton International Ltd. Grant Thornton International Ltd and the member firms are not a worldwide partnership. Grant Thornton Australia Limited, together with its subsidiaries and related entities, delivers its services independently in Australia.

Liability limited by a scheme approved under Professional Standards Legislation

21

==> picture [206 x 39] intentionally omitted <==

Grant Thornton Audit Pty Ltd ABN 94 269 609 023

10 Kings Park Road West Perth WA 6005 PO Box 570 West Perth WA 6872

T +61 8 9480 2000 F +61 8 9322 7787 E [email protected] W www.grantthornton.com.au

Independent Auditor’s Review Report To the Members of Focus Minerals Ltd

We have reviewed the accompanying half-year financial report of Focus Minerals Ltd (“Company”), which comprises the consolidated financial statements being the statement of financial position as at 31 December 2011, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the half-year ended on that date, a statement of accounting policies, other selected explanatory notes and the directors’ declaration of the consolidated entity, comprising both the Company and the entities it controlled at the half-year’s end or from time to time during the half-year.

Directors’ responsibility for the half-year financial report

The directors of the Company are responsible for the preparation and fair presentation of the half-year financial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001. This responsibility includes establishing and maintaining internal controls relevant to the preparation and fair presentation of the half-year financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor’s responsibility

Our responsibility is to express a conclusion on the consolidated half-year financial report based on our review. We conducted our review in accordance with the Auditing Standard on Review Engagements ASRE 2410: Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the consolidated entity’s financial position as at 31 December 2011 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134: Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of Focus Minerals Ltd, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

Grant Thornton Australia Limited is a member firm within Grant Thornton International Ltd. Grant Thornton International Ltd and the member firms are not a worldwide partnership. Grant Thornton Australia Limited, together with its subsidiaries and related entities, delivers its services independently in Australia.

Liability limited by a scheme approved under Professional Standards Legislation

22

==> picture [139 x 27] intentionally omitted <==

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we complied with the independence requirements of the Corporations Act 2001.

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Focus Minerals Ltd is not in accordance with the Corporations Act 2001, including:

  • a giving a true and fair view of the consolidated entity’s financial position as at 31 December 2011 and of its performance for the half-year ended on that date; and

  • b complying with Accounting Standard AASB 134: Interim Financial Reporting and Corporations Regulations 2001.

==> picture [114 x 31] intentionally omitted <==

GRANT THORNTON AUDIT PTY LTD Chartered Accountants

==> picture [114 x 50] intentionally omitted <==

P W Warr Partner - Audit & Assurance

Perth, 15 March 2012

23

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