Supporting your global
PRECISE. PROVEN. PERFORMANCE.
Our clients include mining businesses operating in gold,
silver, oil and gas. They include:
• Adira Energy Ltd. – Israel
• Amarillo Gold Corporation – Brazil
• Amerix Precious Metals Corporation – Brazil
• APO Energy Inc. – Colombia
• Auryx Gold Corp. – Namibia
• Browstones Ventures Barbados Inc.
• Delavaco Energy Colombia Inc.
• Eco Oil & Gas
• EMED Mining Ltd. – Spain and Slovakia
• Energizer Resources Inc. (Vanadium – Madagascar)
• Golden Amera Resources
• Golden Grassland Limited – China
• Infinity Oil
• Instrumentos & Servicios S.A.
• Kappa Resources Colombia Ltd
• Laramide Resources Ltd. – Australia
• Metallum Resources Inc. – Argentina
Supporting your global
Depleting resources. Increasing prices. Intensifying competition.
World economy. Rising costs. There are numerous opportunities
and pitfalls for mining companies – how they are tackled will
determine future success.
We know this because we are there, helping our clients meet – and
profit from – the challenges they face. We understand that making
Moore Stephens International Limited has grown to be the 13th
key decisions on daily basis is normal for businesses within the
largest international accounting and consulting network worldwide.
mining sector, meaning our services to the sector reflect the
Offering a range of integrated services to help you grow, we aim to
dynamism and complexity of our clients.
add real commercial value to your mining business.
Moore Stephens are able to provide both UK and multi–jurisdiction
Our objective is simple: to provide our clients with the support they
audits and advice in most key sector locations, working with
require to meet their objectives. This strategy has not only proved
member firms in the Russian Far East, South Africa, Asia, the Middle
beneficial to our clients, but has been one of the driving forces
East, Canada, America and Australia.
behind our growth over the last few years. Our aim is to react
quickly to our clients’ needs.
We provide clients with the advice and support required to tackle
compliance, improve performance and access capital markets. Our
With member firms in over 630 locations across the globe, clients
team is able to respond quickly to client needs, offer the full range
can feel confident that there is a Moore Stephens expert in close
of assurance and advisory services, and all at a sensible cost. And as
proximity to them. And as Moore Stephens International grows, so
one of the few ‘mid–tier’ accountants specialising in the mining
does our global reach.
sector, Moore Stephens provides a real alternative to the larger firms.
We provide clients with the advice and support required to
tackle compliance, improve performance and access capital
markets. Our team is able to respond quickly to client
needs, offer the full range of assurance and advisory
services, and all at a sensible cost.
Accounting for gold exploration
Auryx Gold Corp.
Golden Grassland Limited
Auryx Gold Corp. is a Canadian resource company engaged in the
Golden Grassland Limited is a Chinese mining and exploration
acquisition and exploration of gold projects in Namibia. The company
company engaged in the mining and exploration of Gold in Inner
holds a 92% interest in 5 contiguous exclusive exploration licenses to
Mongolia with offices in Beijing. The company has one of the most
explore for gold in the Otavi area of Namibia. The licenses cover a
highly developed mines and concentrate smelter, and is developing
surface area of approximately 3,080 square kilometres in the north
revenues in the mining of gold while continuing to explore and
central part of the country.
develop a major gold resource proximate to it’s mining operation.
The Moore Stephens International Limited member firm in Toronto,
When looking to access the Canadian public markets, Golden
MSCM LLP, were initially engaged to assist with a takeover
Grassland engaged MSCM LLP as auditors, as a first step in the
transaction and a 3 cornered amalgamation that was the “go
process of listing on the Toronto Venture Stock Exchange (TSXV). Our
public” transaction for Auryx Gold. We provided the expertise to
depth of experience in the resource sector and in China, allowed us
develop the filing statement contents in the areas of audited,
to assist the company in providing input on the conversion of their
unaudited and pro forma financial information. As a result, Auryx
financial statements from PRC Gaap to Canadian Gaap.
Gold Corp. commenced trading it’s common shares on the Toronto
Stock Exchange (TSX) under the symbol “AYX” on July 9, 2010. On
In addition to providing audit and assurance services to Golden
February 1, 2011, the company’s share capital was dual-listed on the
Grassland, MSCM LLP has assisted in pursuing a “go public”
Namibian Stock Exchange (NSX).
transaction, exposing the company to the Canadian marketplace,
whilst providing an insight into the exchange requirements for
Since June 2010, the Auryx Gold Corp. has raised in excess of $80M
in capital, with the funds being used to advance the exploration and
drilling activities of the company’s mineral properties. As well as
being the company’s auditors, MSCM LLP also assisted with the
prospectus filings related to the financings completed in 2010. The
team in Toronto are currently assisting the company with
documentation of their internal controls over financial reporting and
will be involved in their IFRS transition occurring in 2011.
reserve report studies and quantification.
• New Horizon Exploration, Inc.
• Northbrook Energy LLC – US
• Oleoducto de los Llanos Orientales
• Omega Energy Colombia
• P1 Energy Corp. – Colombia
• Petroleum Equipment International Ltd
• Quality Services and Investors S.A
• Quetzal Energy Ltd
• Royal Standard Minerals Inc. (Gold – Nevada, United States)
• San Lucas Gold
• Shona Energy (Colombia) Ltd
• Sinopec International Petroleum Services Colombia Ltd
• Sillenger Exploration Corp. – Equatorial Guinea
• Takara Resources Inc. - Guyana
• Virgin Metals Inc. - Mexico
Full scope of auditing for
P1 Energy Corp.
Coal of Africa Ltd
In 2010, P1 Energy Corp. amalgamated with APO Energy Inc. As
Domiciled in Australia, Coal of Africa Ltd (CoAL) is listed on the
individual private companies they had raised significant public
Australian Stock Exchange, the Johannesburg Stock Exchange and
financing and acquired exploration stage and operating oil and gas
the AIM Stock Exchange in London. Their principal activities are the
assets in Colombia. Now operating as P1 Energy Corp, the
exploration, development and mining of thermal and coking coal
company is now in the process of going public in Canada via a
projects in South Africa. CoAL currently has two mines in production
reverse take-over of a public company shell.
and two major coal projects in the exploration and development
MSCM LLP, a Moore Stephens International Limited member firm
based in Toronto, assisted by the Moore Stephens member firm in
Moore Stephens Perth Pty Ltd acted as statutory auditors of the
Colombia, has helped each company as they grew from their start
group. With all operations taking place in South Africa or
up phase to their current state. Key areas of involvement included
neighbouring countries, they worked closely with Moore Stephens
audit and other assurance services required in raising public funding,
Johannesburg, who report on the process of completing the group
preparation of due diligence reports in connection with the
audit and half year review.
acquisition of Colombian oil and gas assets, assistance in
preparation of financial documentation for the merger of P1 and
During 2010 CoAL moved from the AIM market to a primary listing
APO, assistance in dealing with Canadian regulators and assistance
and on to the main market of the London Stock Exchange. As part
in structuring the companies internationally so as to be best
of this process Moore Stephens Perth worked with the project
positioned from an income tax perspective.
committee headed up by JP Morgan Cazenove. The scope of work
included carrying out a full group audit, the provision of an audit
MSCM LLP continue to be involved with P1 Energy Corp. as it
report on the last three years financials for inclusion in the
completes its reverse take-over transaction that will make it a listed
prospectus, assisting the Reporting Accountant in the UK and
participation in regular meetings held by the project committee.
As Canadian publicly listed entities are now required to convert
from Canadian GAAP to IFRS for years beginning on or after January
1, 2011, MSCM LLP will also be assisting P1 with this transition,
providing more opportunities for P1 Energy Corp. in international
Peninsular Gold Ltd
Incorporated in Jersey, Peninsular Gold Ltd owns gold exploration
Cyprus-based KEFI Minerals is a dynamic exploration company
rights and conducts mining activities in the Raub District of the State
focused on exploring for world-class mineral deposits in the
of Penang in Malaysia, via its wholly owned Malaysian subsidiaries,
well-endowed and under-explored Tethyan Mineral Belt of Turkey
Raub Australian Gold Mining Sdn Bhd and SEREM Malaysia Sdn
and Arabian Shield of Saudi Arabia. In December 2006, KEFI
Bhd. In June 2005 Peninsular Gold became the first Malaysian-
Minerals listed on AIM in London, assisted by Moore Stephens
controlled gold mining company to be listed on AIM, London.
London which acted as reporting accountants. Since then Moore
Moore Stephens London acted as reporting accountants to the float
Stephens has acted as auditor to the holding company, at some
and has subsequently acted as company auditor, advising on
points with the assistance of the Moore Stephens International
accounting and related matters.
network member firm in Nicosia, Cyprus.
At flotation, Peninsular’s plans were to build a plant and begin
Following its listing in 2006, KEFI Minerals has established itself as
mining and gold production, while also exploring in its licence areas
an innovative gold and copper exploration company and has quickly
and gaining new licence areas to identify additional gold resource.
expanded its exploration portfolio. In Turkey it is primarily targeting
Since 2005 the company has built its first gold producing plant,
large low-sulphidation epithermal gold systems and porphyry-style
originally with 1.1 million tonnes per annum capacity, this being
gold-copper systems. It benefits from an extensive proprietary
expanded to 2 million tonnes capacity during 2011.
exploration database that contains information about approximately
100 prospective sites in Turkey.
Exploration activities have also continued, with additional proven
reserves within the Raub licence areas. By April 2011, proven
The company recently expanded its sphere of interest with the
reserves totalled around 218,000 ounces. A diamond drilling
formation of a new minerals exploration joint venture within the
programme is also ongoing, targeting deeper resource. The
Kingdom of Saudi Arabia, where it is exploring for mesothermal
company has also gained two new licence areas, providing 2,000
vein-hosted gold mineralisation, listwaenite-hosted gold deposits
hectares of exploration grounds. Drilling and exploration activity
and Kuroko-style volcanogenic copper-zinc mineralisation.
Moore Stephens globally
Moore Stephens International Limited is a
global accountancy and consulting association
with its headquarters in London.
For more information, contact your usual Moore Stephens partner, or log on to:
www.moorestephens.com /locations to locate your nearest Moore Stephens office.
With fees of US$2.1 billion and offices in 97
countries, you can be confident that we have
access to the resources and capabilities to meet
your needs. Moore Stephens International
independent member firms share common
values: integrity, personal service, quality,
knowledge and a global view.
By combining local expertise and experience
with the breadth of our UK and worldwide
networks, clients can be confident that,
whatever their requirement, Moore Stephens
will provide the right solution to their local,
national and international needs.
We believe the information contained herein to be correct at going to press, but we cannot accept any responsibility for any loss occasioned to any person as a result of action or refraining
from action as a result of any item herein. This brochure is not a substitute for professional advice. Printed and published by © Moore Stephens LLP, a member firm of Moore Stephens
International Limited, a worldwide association of independent firms. MSIL and its member firms are legally distinct and separate entities. Moore Stephens LLP is registered to carry on audit
work by the Institute of Chartered Accountants in England and Wales. Authorised and regulated by the Financial Services Authority for investment business. DPS16210 November 2011