2009 Annual Report and Financial Statements
21.04.2010
SUNKAR RESOURCES PLC
("Sunkar" or the "Company")
FINAL RESULTS FOR THE YEAR TO 31 DECEMBER 2009
Sunkar Resources plc (AIM:SKR) is pleased to announce its results for the year ended 31 December 2009. A full version of the Report & Accounts can be found on the Company website www.sunkarresources.com.
Highlights:
- Mining operations have grown as planned to a scale capable of meeting 2009 ore extraction obligations of one million tonnes per annum
- Beneficiation process development continued, achieving sustained rates of production of a consistent grade of concentrate, confirming the simple dry crushing and screening concept as envisaged at IPO
- Construction of mine support facilities was completed on budget and all fully functioning
- Full compliance with the subsoil use contract for 2009
- To achieve planned early product sales, the Group has commenced construction of milling and rail-loading facilities to enable the Group to start selling direct application phosphate rock to domestic farmers in 2010
- Pilot phosphoric acid plant tests in 2009 have proven that Chilisai concentrate can produce international grade fertilizer, which has significantly derisked the project
- The Company began the selection of engineering consultants for a bankable feasibility study ("BFS") and post year end has appointed SNC-Lavalin, with preliminary results of the BFS being available in H2 2010
- $14.5 million loss before tax during the year, reflecting the costs associated with the development of the Project and foreign exchange losses
- Cash balance as at 31 December 2009 - $18.6 million.
The Company is today sending to shareholders the Annual Report and Financial Statements for the year ended 31 December 2009, together with the Notice of Annual General Meeting ("AGM") to be held at the offices of Maclay Murray & Spens LLP, 12th Floor, One London Wall, EC2Y 5AB on 14 May 2010 at 10.00am and the form of proxy for the AGM.
Copies of these documents are available free of charge from the Company's Registered Office at 29-30 St. James Street, London, SW1A 1HB for a period of at least one month, and on the Company's website at www.sunkarresources.com
Teck Soon Kong, Chairman, commented:
"This year has been one of significant achievement for your Company. Sunkar has significantly derisked the project with the success of the pilot plant testing programme and has delivered the progress envisaged at the time of the IPO in June 2008. The Board is determined that this progress is sustained through the recent commissioning of the Company's BFS and the planned sale of Direct Application Rock from the third quarter of 2010."
For further information please contact:
Sunkar Resources
Serikjan Utegen, CEO Tel: +44 20 7930 8678
Donald Sinclair, CFO
Canaccord Adams Limited
Andrew Chubb Tel: +44 20 7050 6500
Bhavesh Patel
GMP Securities Europe LLP
James Cassley Tel: +44 20 7647 2800
Bankside Consultants
Simon Rothschild Tel: +44 20 7367 8888
Louise Mason