TIDMTXR
RNS Number : 3878S
Titanium Resources Group Ltd
09 September 2010
Titanium Resources Group
Interim Results
9 September 2010: Titanium Resources Group Ltd. ("TRG" or "the Company)
announces its unaudited interim results for the six months ended June 30, 2010
("the Period")
Highlights
· Profit after tax of US$3.88 million (H1 2009: loss after tax of US$4.95
million)
· Sales of US$18.63 million (H1 2009: US$19.79 million)
· EBITDA of US$0.4 million* (H1 2009: US$0.4 million)
· Administrative and marketing expenses decreased by 35% to US$2.1 million
(H1 2009: US$3.2 million)
· Cash generated from operations increased 100% to US$4.8 million (H1 2009
US$2.4 million)
· Final insurance settlement of US$5.3 million (net of associated costs)
received in relation to the capsize of Dredge D2
· Rutile production of 30,650 tonnes (H1 2009: 31,418 tonnes)
· Dispute with Government of Sierra Leone over interest repayments on loan
ongoing, capital funding from TRG to Sierra Rutile remains suspended
· Full year rutile production target of 64,000 - 70,000 tonnes.
· Strategic review to examine all areas of the business
· Cash and cash equivalents of US$27.3 million at June, 30 2010 (H1 2009:
US$4.5 million)
* Before exceptional items
Titanium Resources Group
Wayne Malouf, Executive Chairman
John Sisay, Chief Executive
Tel: +44 (0) 207 321 0000
Nominated Advisor and Broker
Arbuthnot Securities
Richard Johnson / Hugh Field
Tel: +44 (0) 207 012 2000
Aura Financial
Michael Oke / Andy Mills
Tel: +44 (0) 207 321 0000
Executive Chairman's Review
TRG recorded a profit before taxes of US$3.8 million in the first half of 2010.
This was primarily due to the receipt in the Period of the US$5.3 million final
insurance settlement (net of associated costs)(US$7.5 million before associated
costs) for the capsize of Dredge D2, as well as net and unrealised foreign
exchange gains of US$4.8 million.
Lower sales revenues of some 6% were offset by continued tighter cost controls.
The Company recorded a pre-exceptional EBIT loss of US$4.7 million, slightly
higher than the prior year (US$4.2 million), primarily due to reduced sales
revenues and increased depreciation charges. Rutile shipments of 27,648 tonnes
in the Period were lower than the corresponding period in 2009 due to the delay
in the docking of a vessel due at the end of June.
Disruptions to production in H1 2010 caused the loss of approximately 15,675
tonnes of rutile. As announced in the recent update, the causes of those
disruptions have been addressed, but rutile production for the full year is now
expected to be between 64,000 and 70,000 tonnes. Zircon production has also been
revised down and is estimated to be approximately 6,500 tonnes for the full
year. Ilmenite production for the year is estimated to be approximately 15,000
tonnes. Despite these reduced production targets, the Company still expects to
record a positive EBITDA for the full year.
The Company reached a final settlement of US$7.5 million before associated costs
with its insurers in April in relation to the capsize of Dredge D2. In total,
TRG received US$5.65 million, net of associated costs, from insurers in relation
to the capsize of Dredge D2.
In November 2009, the Company raised US$25 million (before expenses) to fund
increased production at Sierra Rutile through the construction of Dredge D3,
upgrades to the Dredge D1 wet plant and completion of an upgrade to Sierra
Rutile's dry plant.
In March 2010 the Company announced that to improve wet plant recoveries, Dredge
D3 would be constructed with a separate floating wet plant rather than with an
integrated plant as previously planned. The design change will increase
construction costs for Dredge D3. As part of the comprehensive review announced
in the August update, the Company is considering ways to reduce capital costs
while at the same time achieving the same production increase.
In August 2010, the Company suspended funding to SRL, including for D1 spiral
upgrades, pending the successful resolution of a dispute between the Company's
subsidiary, Sierra Rutile Limited ("SRL") and the Government of Sierra Leone
("GOSL") over certain interest payments on the loan from the GOSL to SRL. The
GOSL claims that SRL failed to make certain interest payments when due and
therefore all principal and accrued interest under the GOSL Loan is technically
due. SRL disputes the claim on the basis that during and after an agreed
moratorium on loan payments, the GOSL and SRL were in discussions regarding the
GOSL Loan. SRL has paid the amount of outstanding interest immediately requested
by the GOSL. The parties have agreed to meet to discuss settling the dispute and
a range of other matters of mutual interest (see note 8 below).
Strategic Review
The Company is undertaking a thorough review of all elements of the business.
The Sierra Rutile mine is a world-class resource and it is incumbent upon the
Company's management team to unlock this potential for the benefit of the
shareholders and the Sierra Leonean community. The review will be completed
within the next 90 days.
Production
Production in the Period was negatively impacted by reduced dredge availability
as a result of a fire on Dredge D1, longer than anticipated downtime following a
planned move of the Dredge D1 wet plant and problems with slimes in the dredge
pond prior to the commissioning of the Versi Dredge. While rutile production is
steadily increasing, with production in July and August up on levels recorded in
both H1 2010 and the corresponding periods of 2009 (6,516 tonnes in July 2010 vs
4,010 tonnes in July 2009; and 6,442 tonnes in August 2010 vs. 3,807 tonnes in
August 2009), the increase will not be enough to make up the production lost
earlier in the year.
The Versi Dredge, which was commissioned in March 2010, is operating in the
Dredge D1 pond and is currently removing slimes at its full capacity.
For the Period, the Company produced 30,650 tonnes of rutile, 8,836 tonnes of
ilmenite and 2,786 tons of zircon concentrate compared to 31,418 tonnes rutile
and 8,658 of ilmenite in the same period in 2009. There was no zircon production
for the same period in 2009. The average rutile grade in the first eight months
of this year was 1.82%, with the last three months averaging 1.93%.
Exploration
The Company continued its exploration programme in the first half of 2010, and
will update on its progress in due course.
Financials
The Company achieved a profit before taxation of US$3.8 million in the Period
compared with a loss before taxation of US$4.9 million in H1 2009. A net
exceptional gain of US$5.3 million following the receipt of the Company's final
settlement with the remaining insurers in relation to the capsize of Dredge D2
and a net US$4.8 million unrealised foreign exchange gain contributed to
achieving this profit in the Period.
Net cash generated from operating activities was US$4.8 million, in comparison
to US$2.4 million in the first half of 2009. Sales revenues declined 6% to
US$18.6 million due to a higher proportion of sales being scheduled in H2 than
in H1. The impact on revenue of the decreased production levels was partially
offset by the higher average sales prices the Company has achieved in the Period
in comparison to H1 2009.
During the Period, the Company kept costs broadly in line with the reduced
levels achieved in 2009. The slight increase in cost of sales for the Period
over 2009 is principally a result of increased depreciation costs.
Following the November 2009 placing and final insurance settlement reached in
April 2010, the Company had cash and cash equivalents of US$27.3 million as at
June, 30 2010. Borrowings (all related to the GOSL loan) of US$47.35 million
(including due, but unpaid interests reclassified as current liabilities) were
8% lower than at December 31, 2009, due to the weakening of the Euro against the
US dollar.
Markets & Outlook
Demand for TRG's products remains robust with high demand combined with
production shortfalls across the sector contributing to a growing supply deficit
and, as a result, rising prices.
Demand for titanium feedstocks has rebounded more strongly than expected.
Production shortfalls across the industry have contributed to this positive
pricing environment, and as a result TZ Minerals International, the
international consulting firm, has reported prices for bulk rutile rising as
high as US$600 per tonne in H1 compared to an average FY 2009 price of US$546
per tonne.
As we begin to negotiate contracts for 2011, we expect that the factors set out
above will enable us to capture higher prices for both our standard and
industrial grade rutile. However, to some extent this will be offset by some
volume at 2010 contract prices being rolled over into 2011 due to the production
shortfall in 2010. The average price for rutile in 2011 is expected to be higher
than the 2010 average. Prices for the Company's ilmenite and zircon concentrate
are expected to remain relatively stable.
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| TITANIUM RESOURCES GROUP LTD AND ITS SUBSIDIARIES |
| UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION - JUNE 30, 2010 |
+-----------------------------------------------------------------------------------------------------------------+
| | | | | | | | | |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| | | | | | | | | |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| | |Note | | June | | December | | June |
| | | | | 30, 2010 | | 31, 2009 | | 30, 2009 |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| ASSETS | | | | USD'000 | | USD'000 | | USD'000 |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| Non-current assets | | | | | | | | |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| Property, plant and equipment | | | | 120,941 | | 123,933 | | 126,596 |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| Intangible assets | | | | 13,209 | | 13,243 | | 13,277 |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| Non-current receivables | | | | 753 | | 753 | | 753 |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| | | | | 134,903 | | 137,929 | | 140,626 |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| | | | | | | | | |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| Current assets | | | | | | | | |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| Inventories | | | | 16,876 | | 16,088 | | 14,211 |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| Trade and other receivables | | | | 15,817 | | 16,806 | | 20,933 |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| Cash in hand and bank balance | | | | 27,446 | | 25,902 | | 4,556 |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| | | | | 60,139 | | 58,796 | | 39,700 |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| | | | | | | | | |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| Total assets | | | | 195,042 | | 196,725 | | 180,326 |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| | | | | | | | | |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| EQUITY AND LIABILITIES | | | | | | | | |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| Capital and reserves | | | | | | | | |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| Share capital | | | | 251,963 | | 251,963 | | 238,026 |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| Revenue deficit | | | | (127,117) | | (130,995) | | (128,081) |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| Owners' interest | | | | 124,846 | | 120,968 | | 109,945 |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| | | | | | | | | |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| LIABILITIES | | | | | | | | |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| Non-current liabilities | | | | | | | | |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| Borrowings | |6(b) | | 45,141 | | 51,638 | | 48,180 |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| Retirement benefit obligations | | | | 450 | | 659 | | 539 |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| Provision for liabilities and | | | | 3,261 | | 3,261 | | 3,261 |
| charges | | | | | | | | |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| | | | | 48,852 | | 55,558 | | 51,980 |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| | | | | | | | | |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| Current liabilities | | | | | | | | |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| Trade and other payables | | | | 21,041 | | 20,014 | | 18,329 |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| Current tax liabilities | | | | 122 | | 175 | | 29 |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| Borrowings | | | | 181 | | 10 | | 43 |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| | | | | 21,344 | | 20,199 | | 18,401 |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| Total liabilities | | | | 70,196 | | 75,757 | | 70,381 |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
| Total equity and liabilities | | | | 195,042 | | 196,725 | | 180,326 |
+----------------------------------+----------+------+----------+-----------+----------+-----------+--+-----------+
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
| FOR THE SIX MONTHS ENDED JUNE 30, 2010 |
+-----------------------------------------------------------------------------------------------+
| | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | Note | | 6 | | Year | | 6 |
| | | | | months | | ended | | months |
| | | | | to | |December | | to |
| | | | | June | |31, 2009 | | June |
| | | | |30, 2010 | | | |30, 2009 |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | USD'000 | | USD'000 | | USD'000 |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Sales | | | | 18,633 | | 36,849 | | 19,792 |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Cost | | | | (21,639) | | (38,443) | | (20,751) |
| of | | | | | | | | |
| sales | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Gross | | | | (3,006) | | (1,594) | | (959) |
| loss | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Other | | | | 402 | | 2,187 | | 19 |
| income | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Administrative | | | | (2,091) | | (4,342) | | (3,227) |
| and marketing | | | | | | | | |
| expenses | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | (4,695) | | (3,749) | | (4,167) |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Exceptional | | 5 | | 5,336 | | 3,698 | | 2,320 |
| item | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Finance | | 6(a) | | 3,199 | | (7,514) | | (3,007) |
| income/(costs) | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Profit/(Loss) | | | | 3,840 | | (7,565) | | (4,854) |
| before | | | | | | | | |
| taxation | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Taxation | | | | 38 | | (302) | | (99) |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Profit/(Loss) | | | | 3,878 | | (7,867) | | (4,953) |
| for the | | | | | | | | |
| period/year | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Other | | | | - | | - | | - |
| Comprehensive | | | | | | | | |
| Income | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Total | | | | 3,878 | | (7,867) | | (4,953) |
| comprehensive | | | | | | | | |
| income for | | | | | | | | |
| the | | | | | | | | |
| period/year | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Profit/(Loss) | | | | | | | | |
| attributable | | | | | | | | |
| to: | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Owners | | | | 3,878 | | (7,867) | | (4,953) |
| of the | | | | | | | | |
| parent | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Minority | | | | - | | - | | - |
| interest | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | 3,878 | | (7,867) | | (4,953) |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Total | | | | | | | | |
| comprehensive | | | | | | | | |
| income | | | | | | | | |
| attributable | | | | | | | | |
| to: | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Owners | | | | 3,878 | | (7,867) | | (4,953) |
| of the | | | | | | | | |
| parent | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Minority | | | | - | | - | | - |
| interest | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | 3,878 | | (7,867) | | (4,953) |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Earnings/(Loss) | | | | | | | | |
| per share (USD) | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| - | | 3(a) | | 0.010 | | (0.03) | | (0.02) |
| basic | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
| - | | 3(b) | | 0.010 | | (0.03) | | (0.02) |
| diluted | | | | | | | | |
+-----------------+--------+--------+--------+----------+--------+----------+--------+----------+
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE SIX MONTHS ENDED JUNE 30, 2010 |
+----------------------------------------------------------------------------------------------+
| | | | | | | | | |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| | | | | | | | | |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| | | | | Share | | Revenue | | |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| | | | | capital | | deficit | | Total |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| | | | | USD'000 | | USD'000 | | USD'000 |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| | | | | | | | | |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| Balance | | | | 251,963 | | (130,995) | | 120,968 |
| at | | | | | | | | |
| January | | | | | | | | |
| 1, 2010 | | | | | | | | |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| Total | | | | - | | 3,878 | | 3,878 |
| comprehensive | | | | | | | | |
| income for | | | | | | | | |
| the period | | | | | | | | |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| At | | | | 251,963 | | (127,117) | | 124,846 |
| June | | | | | | | | |
| 30, 2010 | | | | | | | | |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| | | | | | | | | |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| | | | | | | | | |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| | | | | Share | | Revenue | | |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| | | | | capital | | deficit | | Total |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| | | | | USD'000 | | USD'000 | | USD'000 |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| | | | | | | | | |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| Balance | | | | 238,026 | | (123,128) | | 114,898 |
| at | | | | | | | | |
| January | | | | | | | | |
| 1, 2009 | | | | | | | | |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| Total | | | | - | | (7,867) | | (7,867) |
| comprehensive | | | | | | | | |
| income for | | | | | | | | |
| the year | | | | | | | | |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| Adjustment | | | | (11,282) | | - | | (11,282) |
| for | | | | | | | | |
| employee | | | | | | | | |
| share | | | | | | | | |
| options | | | | | | | | |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| Issue | | | | 25,219 | | - | | 25,219 |
| of | | | | | | | | |
| share | | | | | | | | |
| capital | | | | | | | | |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| At | | | | 251,963 | | (130,995) | | 120,968 |
| December | | | | | | | | |
| 31, 2009 | | | | | | | | |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| | | | | | | | | |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| | | | | | | | | |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| | | | | Share | | Revenue | | |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| | | | | capital | | deficit | | Total |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| | | | | USD'000 | | USD'000 | | USD'000 |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| | | | | | | | | |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| Balance | | | | 238,026 | | (123,128) | | 114,898 |
| at | | | | | | | | |
| January | | | | | | | | |
| 1, 2009 | | | | | | | | |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| Total | | | | - | | (4,953) | | (4,953) |
| comprehensive | | | | | | | | |
| income for | | | | | | | | |
| the period | | | | | | | | |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
| At | | | | 238,026 | | (128,081) | | 109,945 |
| June | | | | | | | | |
| 30, 2009 | | | | | | | | |
+---------------+--------+--------+--------+----------+--------+-----------+--------+----------+
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS |
| FOR THE SIX MONTHS ENDED JUNE 30, 2010 |
+---------------------------------------------------------------------------------------------------+
| | | | | | | | | |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | Note | | 6 | | Year | | 6 |
| | | | | months | | ended | | months |
| | | | | to | |December | | to |
| | | | | June | |31, 2009 | | June |
| | | | |30, 2010 | | | |30, 2009 |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | USD'000 | | USD'000 | | USD'000 |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Operating | | | | | | | | |
| activities | | | | | | | | |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Cash | | 7 | | 4,842 | | 2,000 | | 2,351 |
| generated | | | | | | | | |
| from | | | | | | | | |
| operations | | | | | | | | |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Interest | | | | 32 | | 16 | | 7 |
| received | | | | | | | | |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Interest | | | | (9) | | (12) | | (10) |
| paid | | | | | | | | |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Tax | | | | (15) | | (57) | | - |
| paid | | | | | | | | |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Net | | | | 4,850 | | 1,947 | | 2,348 |
| cash | | | | | | | | |
| from | | | | | | | | |
| operating | | | | | | | | |
| activities | | | | | | | | |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Investing | | | | | | | | |
| activities | | | | | | | | |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Purchase | | | | (2,081) | | (8,658) | | (5,220) |
| of | | | | | | | | |
| property, | | | | | | | | |
| plant and | | | | | | | | |
| equipment | | | | | | | | |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Proceeds | | | | - | | 30 | | 30 |
| from | | | | | | | | |
| disposal | | | | | | | | |
| of | | | | | | | | |
| plants | | | | | | | | |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Net | | | | (2,081) | | (8,628) | | (5,190) |
| cash | | | | | | | | |
| used | | | | | | | | |
| in | | | | | | | | |
| investing | | | | | | | | |
| activities | | | | | | | | |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Financing | | | | | | | | |
| activities | | | | | | | | |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Proceeds | | | | - | | 25,219 | | - |
| from | | | | | | | | |
| issue of | | | | | | | | |
| shares | | | | | | | | |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Net | | | | - | | 25,219 | | - |
| cash | | | | | | | | |
| from | | | | | | | | |
| financing | | | | | | | | |
| activities | | | | | | | | |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Net | | | | 2,769 | | 18,538 | | (2,842) |
| increase/(decrease) | | | | | | | | |
| in cash and cash | | | | | | | | |
| equivalents | | | | | | | | |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Movement | | | | | | | | |
| in cash | | | | | | | | |
| and cash | | | | | | | | |
| equivalents | | | | | | | | |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| At | | | | 25,892 | | 7,354 | | 7,354 |
| January | | | | | | | | |
| 1 | | | | | | | | |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Increase/(Decrease) | | | | 2,769 | | 18,538 | | (2,842) |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| Effect | | | | (1,396) | | - | | - |
| of | | | | | | | | |
| foreign | | | | | | | | |
| exchange | | | | | | | | |
| rate | | | | | | | | |
| changes | | | | | | | | |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
| At | | | | 27,265 | | 25,892 | | 4,512 |
| June | | | | | | | | |
| 30 / | | | | | | | | |
| December | | | | | | | | |
| 31 | | | | | | | | |
+---------------------+--------+--------+--------+----------+--------+----------+--------+----------+
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| NOTES TO THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE SIX MONTHS ENDED JUNE 30, 2010 |
+-----------------------------------------------------------------------------------------------------------------------------+
| | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| 1. | GENERAL | | | | | | | | | |
| | INFORMATION | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| | Titanium Resources Group Ltd (TRG) is a limited liability company incorporated and |
| | domiciled in the British Virgin Islands. The address of its registered office is at |
| | P.O.Box 4301, Trinity Chambers, Road Town, Tortola, British Virgin Islands. |
+--------+--------------------------------------------------------------------------------------------------------------------+
| | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| 2. | BASIS | | | | | | | | | |
| | OF | | | | | | | | | |
| | PREPARATION | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| | The financial information presented herein does not represent statutory accounts. The |
| | Group's statutory financial statements for the year ended December 31, 2009 were |
| | prepared in accordance with International Financial Reporting Standards (IFRS) and |
| | under the historical cost convention. The auditors, BDO & Co, reported on those |
| | accounts and their report was unqualified. A copy of the 2009 Annual Report, including |
| | the auditors' report referred to above, is available on the Company's website: |
| | www.titaniumresources.com. |
| | These condensed half year financial statements have not been audited or reviewed by the |
| | independent auditors pursuant to the Auditing Practices Board guidance on the "Review |
| | of Interim Financial Information". The accounting policies used in the preparation of |
| | the interim unaudited financial statements are consistent with those used in the annual |
| | financial statements for the year ended December 31, 2009. The interim financial |
| | statements comply with IAS 34. |
+--------+--------------------------------------------------------------------------------------------------------------------+
| | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| 3. | EARNINGS/(LOSS) | | | | | | | | | |
| | PER SHARE | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| | | | | | | 6 | | Year | | 6 |
| | | | | | | months | | ended | | months |
| | | | | | | to | | December | | to |
| | | | | | | June | | 31, 2009 | | June |
| | | | | | | 30, 2010 | | | | 30, 2009 |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| | | | | | | USD | | USD | | USD |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| (a) | Basic | | | | | | | | | |
| | earnings/(loss) | | | | | | | | | |
| | per share | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| | Profit/(Loss) | | | 3,878 | | (7,867) | | (4,953) |
| | attributable to equity | | | | | | | |
| | holders of the group | | | | | | | |
| | (thousand) | | | | | | | |
+--------+-----------------------------------+--------+--------+--------------+--------+--------------+--------+--------------+
| | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| | Weighted average number | | | 385,864,075 | | 257,635,328 | | 245,342,848 |
| | of ordinary shares in | | | | | | | |
| | issue | | | | | | | |
+--------+-----------------------------------+--------+--------+--------------+--------+--------------+--------+--------------+
| | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| | Basic | | | | | 0.010 | | (0.03) | | (0.02) |
| | earnings/(loss) | | | | | | | | | |
| | per share | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| (b) | Diluted | | | | | | | | | |
| | earnings/(loss) | | | | | | | | | |
| | per share | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| | Profit/(Loss) | | | 3,878 | | (7,867) | | (4,953) |
| | attributable to equity | | | | | | | |
| | holders of the group | | | | | | | |
| | used to determine | | | | | | | |
| | diluted earnings/(loss) | | | | | | | |
| | per share (thousand) | | | | | | | |
+--------+-----------------------------------+--------+--------+--------------+--------+--------------+--------+--------------+
| | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| | Number | | | | | | | | | |
| | of | | | | | | | | | |
| | shares | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| | Weighted average number | | | 385,864,075 | | 245,621,354 | | 245,342,848 |
| | of ordinary shares in | | | | | | | |
| | issue | | | | | | | |
+--------+-----------------------------------+--------+--------+--------------+--------+--------------+--------+--------------+
| | Adjustments | | | | | - | | 483,333 | | 1,216,667 |
| | for share | | | | | | | | | |
| | options | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| | Weighted average number | | | 385,864,075 | | 246,104,687 | | 246,559,515 |
| | of ordinary shares for | | | | | | | |
| | diluted earnings/(loss) | | | | | | | |
| | per share | | | | | | | |
+--------+-----------------------------------+--------+--------+--------------+--------+--------------+--------+--------------+
| | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| | Diluted | | | | | 0.010 | | (0.03) | | (0.02) |
| | earnings/(loss) | | | | | | | | | |
| | per share | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
| | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------------+--------+--------------+--------+--------------+
+--------+----------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | | | |
+--------+----------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| 4. | CAPITAL | | | | | | | | | |
| | COMMITMENTS | | | | | | | | | |
+--------+----------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | 6 | | Year | | 6 |
| | | | | | | months | | ended | | months |
| | | | | | | to | |December | | to |
| | | | | | | June | |31, 2009 | | June |
| | | | | | |30, 2010 | | | |30, 2009 |
+--------+----------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | USD'000 | | USD'000 | | USD'000 |
+--------+----------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | | | |
+--------+----------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | Property, plant and | | | 259 | | 1,100 | | 1,100 |
| | equipment acquisition | | | | | | | |
| | contracted for at the | | | | | | | |
| | end of the reporting | | | | | | | |
| | period but not yet | | | | | | | |
| | incurred: | | | | | | | |
+--------+----------------------------------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | | | |
+--------+----------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| (a) | Sierra Rutile Limited (SRL), a subsidiary of Titanium Resources Group Ltd, entered into |
| | the above capital commitments. |
+--------+-------------------------------------------------------------------------------------------------------+
| | | | | | | | | | | |
+--------+----------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| 5. | EXCEPTIONAL | | | | | | | | | |
| | ITEMS | | | | | | | | | |
+--------+----------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | | | |
+--------+----------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | Profit before tax includes a net amount of USD 5.336 million relating to compensation |
| | received from re-insurers of Sierra Rutile Limited ("SRL") net of associated costs. |
| | This follows the final settlement agreement reached with all insurers in SRL's legal |
| | action relating to the capsize of Dredge D2 in July 2008. Under the terms of the final |
| | settlement agreement, SRL received a total of USD 7.500 million from the remaining |
| | insurers. Professional fees associated with the claim amounted to USD 2.164 million in |
| | the Period. |
+--------+-------------------------------------------------------------------------------------------------------+
| | | | | | | | | | | |
+--------+----------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| 6. | FINANCE | | | | | | | | | |
| | INCOME/(COSTS) | | | | | | | | | |
+--------+----------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | 6 | | Year | | 6 |
| | | | | | | months | | ended | | months |
| | | | | | | to | |December | | to |
| | | | | | | June | |31, 2009 | | June |
| | | | | | |30, 2010 | | | |30, 2009 |
+--------+----------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| (a) | Net | | | | | USD'000 | | USD'000 | | USD'000 |
| | finance | | | | | | | | | |
| | income/(costs) | | | | | | | | | |
+--------+----------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | | | |
+--------+----------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | Net | | | | | (1,871) | | (3,676) | | (1,773) |
| | interest | | | | | | | | | |
| | payable | | | | | | | | | |
+--------+----------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | Net | | | | | 5,070 | | (3,838) | | (1,304) |
| | foreign | | | | | | | | | |
| | exchange | | | | | | | | | |
| | gain / | | | | | | | | | |
| | (loss) | | | | | | | | | |
+--------+----------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | | | |
+--------+----------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | 3,199 | | (7,514) | | (3,077) |
+--------+----------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | | | |
+--------+----------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| (b) | Interest | | | | | | | | | |
| | on GOSL | | | | | | | | | |
| | loan | | | | | | | | | |
+--------+----------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | | | |
+--------+----------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | The interest portion of the Government of Sierra Leone (GOSL) loan falling due on the |
| | 15th of June, 2010, was not paid by SRL and reclassified as current liability in the |
| | statement of financial position. |
+--------+----------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | | | |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| 7. | NOTES | | | | | 6 | | Year | | 6 |
| | TO THE | | | | | months | | ended | | months |
| | STATEMENT | | | | | to | |December | | to |
| | OF CASH | | | | | June | |31, 2009 | | June |
| | FLOWS | | | | |30, 2010 | | | |30, 2009 |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | USD'000 | | USD'000 | | USD'000 |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | Cash | | | | | | | | | |
| | generated | | | | | | | | | |
| | from | | | | | | | | | |
| | operations | | | | | | | | | |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | | | |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | Profit | | | | | 3,840 | | (7,565) | | (4,854) |
| | /(Loss) | | | | | | | | | |
| | for the | | | | | | | | | |
| | period/year | | | | | | | | | |
| | before tax | | | | | | | | | |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | Adjustments | | | | | | | | | |
| | for: | | | | | | | | | |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | Depreciation on | | | 5,074 | | 9,675 | | 4,089 |
| | property, plant and | | | | | | | |
| | equipment | | | | | | | |
+--------+--------------------------------+--------+--------+----------+--------+----------+--------+----------+
| | Amortisation | | | | | 34 | | 68 | | 34 |
| | of | | | | | | | | | |
| | intangible | | | | | | | | | |
| | assets | | | | | | | | | |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | Interest | | | | | (32) | | (16) | | (7) |
| | income | | | | | | | | | |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | Interest | | | | | 1,871 | | 3,676 | | 1,773 |
| | expense | | | | | | | | | |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | Unrealised | | | | | (4,757) | | 2,901 | | 1,170 |
| | exchange | | | | | | | | | |
| | (gain)/loss | | | | | | | | | |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | Profit | | | | | - | | 8 | | 8 |
| | on | | | | | | | | | |
| | disposal | | | | | | | | | |
| | of plant | | | | | | | | | |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | Impairment | | | | | - | | 395 | | - |
| | of dredge | | | | | | | | | |
| | D2 | | | | | | | | | |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | Impairment of other | | | - | | 120 | | - |
| | property, plant and | | | | | | | |
| | equipment | | | | | | | |
+--------+--------------------------------+--------+--------+----------+--------+----------+--------+----------+
| | Share | | | | | - | | (6,397) | | - |
| | option | | | | | | | | | |
| | scheme | | | | | | | | | |
| | - | | | | | | | | | |
| | Employee | | | | | | | | | |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | Profit | | | | | (331) | | (1,971) | | (1,188) |
| | on | | | | | | | | | |
| | disposal | | | | | | | | | |
| | of | | | | | | | | | |
| | shares | | | | | | | | | |
| | in | | | | | | | | | |
| | subsidiary | | | | | | | | | |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | (Decrease) | | | | | (209) | | 174 | | 174 |
| | / Increase | | | | | | | | | |
| | in | | | | | | | | | |
| | provision | | | | | | | | | |
| | for | | | | | | | | | |
| | retirement | | | | | | | | | |
| | benefit | | | | | | | | | |
| | obligations | | | | | | | | | |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | 5,490 | | 1,068 | | 1,199 |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | Changes | | | | | | | | | |
| | in | | | | | | | | | |
| | working | | | | | | | | | |
| | capital | | | | | | | | | |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | -inventories | | | | | (788) | | (1,606) | | 271 |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | -trade | | | | | 989 | | 1,565 | | 2,325 |
| | and | | | | | | | | | |
| | other | | | | | | | | | |
| | receivables | | | | | | | | | |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | -trade | | | | | (849) | | 973 | | (1,444) |
| | and | | | | | | | | | |
| | other | | | | | | | | | |
| | payables | | | | | | | | | |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | Cash | | | | | 4,842 | | 2,000 | | 2,351 |
| | generated | | | | | | | | | |
| | from | | | | | | | | | |
| | operations | | | | | | | | | |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | | | |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | | | |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| 8. | EVENTS AFTER THE | | | | | | | |
| | REPORTING PERIOD | | | | | | | |
+--------+--------------------------------+--------+--------+----------+--------+----------+--------+----------+
| | | | | | | | | | | |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
| | Events after the reporting period are disclosed only to the extent that they relate |
| | directly to the interim financial statements and are material in effect. As announced |
| | on 20 August 2010, the Government of Sierra Leone (GOSL) has served SRL a notice of |
| | default for non payment of the interest. SRL has disputed the GOSL's claim. |
| | Subsequently, the parties agreed that SRL would make an interest payment of EUR |
| | 316,287. SRL has made the agreed payment. No conclusion has been reached as at the |
| | date of issuing this set of interim financial statements. |
+--------+--------------+--------+--------+--------+--------+----------+--------+----------+--------+----------+
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