Business
Audited Annual Results for the year to 31 Dec 2015
Audited Annual Results for the year to 31 Dec 2015.
About this update from Aterian Plc
[{"type":"text","content":"\n \nRNS Number : 7796Z Equatorial Mining & Exploration PLC 31 May 2016 \n\n31st May 2016\nGB00B63R0322\n \nEquatorial Mining and Exploration Plc \n(\"EME\" or the \"Company\")\nAudited Annual Results for the year ended 31 December 2015\n \nEquatorial Mining and Exploration Plc (ISDX: EM.P) is pleased to report its audited annual results for the twelve months ended 31 December 2015. \n \nChairman's statement\nEME made excellent progress during the year in the face of testing conditions in Nigeria and limited available funding from UK investors. As a result of multiple Nigeria trips to Abuja and Edo State, the directors oversaw the renewal of the exploration licences (ELs) owned by Desert Rock Exploration Limited (Desert Rock), EME's operating company. \nThe Company also invested considerable time in developing relationships with potential coal customers such as Lafarge Holcim, Dangote Cement and multiple smaller players. In the production of cement, which is formed from limestone and other materials baked at an extremely high temperature in ovens heated by electricity, the power consumption is enormous and typically, each factory has its own coal or gas fired power station. At present most coal is imported and consequently discussions with EME continue. \nLast August, a limited exploration programme, including the drilling of five core holes across about 5% of a single 25 km² EL (EL7729) close to the town of Auchi was completed. The Directors, faced with an extremely tight budget, believed that with old coal mine workings in this EL, it would be a natural starting point for exploration and could lead to coal production in the short term. The resulting exploration report was extremely encouraging.\nAccordingly, in anticipation that production could start in 2016, the directors placed the role of Contract Miner out to tender and following exhaustive interviews, agreed provisional terms with a local Chinese mining and quarrying company which had its own machinery and strong connections within the expansive Chinese mining community in West Africa. The directors felt that this placed EME in a strong position for the future.\nAs part of a mining lease (ML) application, it is necessary to complete an environmental impact assessment and a \"community development agreement\" with the commun...