Business
Half-Year Financial Report - 31 December 2015
Half-Year Financial Report - 31 December 2015.
About this update from Harvest Minerals Limited
[{"type":"text","content":"\n \nRNS Number : 0065S Harvest Minerals Limited 14 March 2016 \n \n\n \n \n \n14 March 2016\nHarvest Minerals Limited\n \n(\"Harvest\" or the \"Company\")\n \nHalf-Year Financial Report - 31 December 2015\n\n\n\n\nContents\n\n\n\n\n\n\n\nDirectors' Report\n\n\n\n\n\n\n\nAuditor's Independence Declaration\n\n\n\n\n\n\n\nCondensed Consolidated Statement of Comprehensive Income\n\n\n\n\n\n\n\nCondensed Consolidated Statement of Financial Position\n\n\n\n\n\n\n\nCondensed Consolidated Statement of Changes in Equity\n\n\n\n\n\n\n\nCondensed Consolidated Statement of Cash Flows\n\n\n\n\n\n\n\nNotes to the Condensed Consolidated Financial Statements\n\n\n\n\n\n\n\nDirectors' Declaration\n\n\n\n\n\n\n\nIndependent Auditor's Review Report\n\n\n\n\n\n\n\n\n\n \n\n\n\n \n \nDIRECTORS' REPORT\nThe Directors of Harvest Minerals Limited and its subsidiaries ('Harvest' or 'the Company') submit the financial report of the Company for the half-year ended 31 December 2015. In order to comply with the provisions of the Corporations Act 2001, the Directors report as follows:\n \nDirectors\nThe names of Directors who held office during or since the end of the half-year and until the date of this report are as below. Directors were in office for this entire period unless otherwise stated.\n \n\n\n\n\nMr Brian McMaster\n\n\nExecutive Chairman\n\n\n\n\nMr Luis Azevedo\n\n\nExecutive Director\n\n\n\n\nMr Matthew Wood\n\n\nExecutive Director\n\n\n\n\nMr Mark Reilly\n\n\nNon-Executive Director\n\n\n\n\nMr Frank Moxon\n\n\nNon-Executive Director (appointed 6 October 2015)\n\n\n\n\n \nResults\nThe loss after tax for the half-year ended 31 December 2015 was $1,528,238 (2014: loss of $370,082).\n \nReview of Operations\n \nSergi Potash Project\nIn April 2015, the Company acquired 100% of the Sergi Potash Project ('Sergi') which is strategically located next to Brazil's only producing potash mine (refer to Figure 1).\n \nDuring the half-year, Coffey Consultoria e Serviços Ltda completed an Independent Inferred Mineral Resource estimate ('the Estimate') for Sergi using all available historical drilling data up to 2014 as well as other available technical information. The Estimate is classified as an Inferred Mineral Resource, in accordance with the Australasian Code for Reporting...