ASX Release 26 February 2014 Financial Results for 2013 Year ? Underlying net profit of US$11.3 million - with MDL's 50% share of TiZir's underlying profit being US$14.2 million ? Tyssedal delivered underlying EBITDA of US$52.2 million in a difficult trading environment ? Grande C?te construction now complete - on track for production commencement late-March ? MDL in a strong cash position following A$40 million equity placement in December and US$20 million of proceeds from disposal of an investment Mineral Deposits Limited (ASX: MDL) has today announced an underlying net profit of US$11.3 million for the year ending 31 December 2013, compared to US$27.1 million in 2012. The result reflects a lower contribution from the Tyssedal ilmenite upgrading facility in Norway, primarily due to lower titanium slag prices, and a negative contribution from the Grande C?te mineral sands project in Senegal as construction neared completion. After recognition of non-cash impairment charges of US$15.5 million against the investment in Teranga Gold Corporation (which was subsequently sold in January 2014) and US$5.7 million against the investment in World Titanium Resources, to reflect market value at 31 December 2013, together with MDL's share of amortisation of assets recognised on the establishment of TiZir Limited of US$6.7 million (after tax), a net loss after tax of US$16.6 million has been reported. To read today's full announcement click here. To download the full 2013 Annual Report click here. |