JOHANNESBURG (Business Day) -- Diversified minerals prospector Miranda Minerals Holdings [JSE:MMH] planned to improve the definition of at least another three deposits in its portfolio in the current financial year, it said on Friday.
It has identified about 74 potentially viable projects on farms originally explored by Gold Fields [NYSE:GFI] and has submitted 54 applications to convert old order prospecting rights on these properties to new order rights.
Echoing what has become a common complaint in the mining industry, Miranda said: "The conversion process represents one of the major challenges for the company and the industry as a whole.
"The conversion process has been considerably more prolonged than originally anticipated," the company said.
It has completed competent person's reports and internal pre-feasibility studies on its Rozynenbosch base metals deposit and Turffontein clay deposits, which have increased confidence in their value.
These studies enabled Miranda to boost intangible assets on its balance sheet to R307.8 million ($42.9 million) at the end of August from zero a year ago and brought net asset value to 199.70 cents a share from a negative 1.50 cents a year ago.
Miranda held R25,000 ($3,486) in cash at the end of its financial year. It said it was managing its cash resources very carefully and had a commitment from its major shareholders to extend interest-free loans, if required.
The group has acquired its first exploration property outside South Africa through taking 40% of Firefox Investments.
Firefox owns a prospecting right in the Mochudi diamond district in Botswana.
