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Central Asia Metals PLC Proposed acquisition of -66-

22 Sep 2017 6:01 am

The tax authorities may at any time inspect the books and records within 5 to 10 years subsequent to the reported tax year, and may impose additional tax assessments and penalties. The Lynx Group's management is not aware of any circumstances, which may give rise to a potential material liability in this respect.
   15.       Property, plant and equipment 
 
                                              Buildings       Machinery 
                                                 and             and          Mineral     Construction 
                                   Land         mining        equipment      reserves     in progress        Total 
                                            infrastructure 
                                ---------  ---------------  ------------  -------------  -------------  ------------- 
 For the 
  period from 
  19 June 
  to 31 December 
  2015 
 Opening                                -                -             -              -              -              - 
  balance...... 
 Acquisition 
  of a subsidiary 
  (Note 5)..................      603,081       25,892,374    20,698,379    135,937,575      6,840,749    189,972,158 
 Additions.................             -                -             -              -      1,297,793      1,297,793 
 Transfer 
  from construction 
  in 
  progress...................           -          498,199       822,895              -    (1,321,094)              - 
 Disposals.................             -                -      (19,223)              -              -       (19,223) 
 Depreciation 
  charge.                               -        (335,092)     (822,997)    (1,072,005)              -    (2,230,094) 
 Exchange 
  differences................. 
  ...............                 (4,653)        (225,414)     (145,180)      (137,471)       (52,770)      (565,488) 
                                ---------  ---------------  ------------  -------------  -------------  ------------- 
 Closing 
  net book 
  amount..................        598,428       25,830,067    20,533,874    134,728,099      6,764,678    188,455,146 
 At 31 December 
  2015........................ 
 Cost.........................    598,428       26,165,159    21,356,871    135,800,104      6,764,678    190,685,240 
 Accumulated 
  depreciation.............             -        (335,092)     (822,997)    (1,072,005)              -    (2,230,094) 
                                ---------  ---------------  ------------  -------------  -------------  ------------- 
 Net book 
  amount..                        598,428       25,830,067    20,533,874    134,728,099      6,764,678    188,455,146 
 Year ended 
  31 December 
  2016 
 Opening 
  balance......                   598,428       25,830,067    20,533,874    134,728,099      6,764,678    188,455,146 
 Additions.................           206        2,391,165             -              -      8,229,753     10,621,124 
 Transfer 
  from construction 
  in 
  progress...................           -        1,434,788     2,537,761              -    (3,972,549)              - 
 Write-off.................             -      (1,909,846)             -              -              -    (1,909,846) 
 Disposals.................             -                -         (222)              -              -          (222) 
 Depreciation 
  charge.                               -      (1,722,096)   (5,093,588)    (7,177,958)              -   (13,993,642) 
 Exchange 
  differences................. 
  ...............                (18,530)      (1,000,988)     (392,220)    (6,960,117)      (209,466)    (8,581,231) 
                                ---------  ---------------  ------------  -------------  -------------  ------------- 
 Closing 
  net book 
  amount..................        580,104       25,023,090    17,585,605    120,590,024     10,812,416    174,591,239 
                                ---------  ---------------  ------------  -------------  -------------  ------------- 
 At 31 December 
  2016 
 Cost.........................    580,104       26,745,186    22,679,193    127,767,982     10,812,416    188,584,881 
 Accumulated 
  depreciation.............             -      (1,722,096)   (5,093,588)    (7,177,958)              -   (13,993,642) 
                                ---------  ---------------  ------------  -------------  -------------  ------------- 
 
  Net book 
  amount..                        580,104       25,023,090    17,585,605    120,590,024     10,812,416    174,591,239 
 

The Lynx Group has pledged building and equipment with an estimated value of $11,259,660 (2015: $3,573,504) as a security for the borrowings (See Note 25).
   16.       Intangible assets 
 
                                                                                                              Total 
                                                                                                           ----------- 
 For the period from 19 June to 31 December 
  2015 
 Opening                                                                                                             - 
 balance................................................................................................. 
 ...................................... 
 Additions.............................................................................................. 
  .....................................................                                                     11,018,526 
 Amortization 
  expense................................................................................................ 
  ...............................                                                                             (97,048) 
 Exchange 
  differences............................................................................................ 
  ....................................                                                                        (82,830) 
                                                                                                           ----------- 
 Closing net book 
  amount................................................................................................. 
  .......................                                                                                   10,838,648 
                                                                                                           =========== 
 
 
 At 31 December 2015 
 Cost................................................................................................... 
  ..........................................................                                                10,935,696 
 Accumulated 
  amortization........................................................................................... 
  ............................                                                                                (97,048) 
                                                                                                           ----------- 
 Net book 
  amount................................................................................................. 
  ......................................                                                                    10,838,648 
                                                                                                           =========== 
 
 
 Year ended 31 December 2016 
 Opening 
  balance................................................................................................ 
  .......................................                                                                   10,838,648 
 Amortization 
  expense................................................................................................ 
  ...............................                                                                            (582,115) 
 Exchange 
  differences............................................................................................ 
  ....................................                                                                       (365,428) 
                                                                                                           ----------- 
 Closing net book 
  amount................................................................................................. 
  .......................                                                                                    9,891,105 
                                                                                                           =========== 
 
 
 At 31 December 2016 
 Cost................................................................................................... 
  ..........................................................                                                10,570,268 
 Accumulated 
  amortization........................................................................................... 
  ............................                                                                               (679,163) 
                                                                                                           ----------- 
 Net book 
  amount................................................................................................. 
  ......................................                                                                     9,891,105 
                                                                                                           =========== 
 

Intangible assets consist of mining rights, which are payments made to the Government of the Republic of Macedonia for the approval of the acquisition transaction in relation to the transfer of the ownership (concession right) from the previous owner under the Law on mineral resources in amount of $11,018,526 in 2015.
   17.       Deferred tax assets 

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