| Thu 23 Aug 2007, 7:00 | | MTX - Metorex Limited - Consolidated reviewed prov |
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MTX
MEMTX
MTX - Metorex Limited - Consolidated reviewed provisional results for the
financial year ended 30 June 2007
Metorex Limited
Registration number: 1934/005478/06
Incorporated in the Republic of South Africa
JSE code: MTX & ISIN: ZAE000022745
Issue code: MEMTX
Listed on the JSE Limited and London Stock Exchange
Highlights
Earnings per share up 238%
Headline earnings per share up 132%
EBITDA up 147%
Significant corporate activity
Ruashi/Sable commissioned
Ruashi Phase II plant construction on target
Consolidated reviewed provisional results for the financial year ended
30 June 2007
Consolidated Income Statement
R000`s Year ended Year ended
30 June 2007 30 June 2006
(Reviewed) (Audited)
Revenue:
Mineral sales
Copper 867 916 295 313
Cobalt 18 787 -
Fluorspar 225 959 156 546
Gold 446 509 395 544
Antimony 144 586 165 925
Gross revenue 1 703 757 1 013 328
Realisation costs 162 753 111 668
On-mine revenue 1 541 004 901 660
Cost of production 954 571 626 545
Stock movement (11 593) 2 980
Depreciation 102 799 53 598
Mining profit 495 227 218 537
Other (expenses)/income (7 259) 6 141
Impairment reversal - Chibuluma 48 932 -
Operating income before finance costs 536 900 224 678
Finance income 10 713 6 307
Finance costs (11 920) (7 640)
Profit before taxation 535 693 223 345
Taxation - normal and STC 36 480 15 408
Taxation - deferred 96 229 48 467
Profit after taxation from continuing 402 984 159 470
operations
Profit after tax on disposal of Wakefield 191 768 -
Income after tax from Wakefield operations 50 987 50 186
Profit for the year 645 739 209 656
Attributable to:
Equity holders of the parent 555 713 155 394
Minority interests 90 026 54 262
645 739 209 656
From continuing and discontinued
operations:
Earnings per share (cents) 183,5 54,3
Diluted earnings per share (cents) 177,5 53,1
From continuing operations:
Earnings per share (cents) 107,9 39,7
Diluted earnings per share (cents) 104,4 38,8
Weighted average number of shares in issue 302 810 286 147
(000`s)
Diluted number of shares in issue (000`s) 313 101 292 455
Headline earnings per share is calculated
using the following:
Income attributable to ordinary 555 713 155 394
shareholders
Profit after tax on disposal of Wakefield (191 768) (20 152)
Profit on sale of fixed assets, net of tax (71) (1 014)
Impairment reversal, net of tax and (31 159) -
minorities
Discontinued operations - O`Okiep 1 998 2 244
Headline earnings (R000`s) 334 713 136 472
Headline earnings per share (cents) 110,5 47,7
Diluted headline earnings per share (cents) 106,9 46,7
Condensed Consolidated Balance Sheet
R000`s Year ended Year ended
30 June 2007 30 June 2006
(Reviewed) (Audited)
ASSETS
Non-current assets
Property, plant and equipment 1 389 668 797 887
Mineral rights 1 160 751 302 385
Goodwill 11 514 11 514
Investments 929 929
Rehabilitation trust funds 35 340 33 864
Deferred tax asset 1 887 262
2 600 089 1 146 841
Current assets
Inventories 81 118 42 952
Trade and other receivables 395 087 206 807
Wakefield proceeds receivable 338 575 -
Bank balances and cash 54 558 75 531
869 338 325 290
Assets held for sale, net 12 423 145 902
Total assets 3 481 850 1 618 033
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 1 326 187 802 038
Hedging and translation reserve (115 130) (145 202)
Retained income 834 537 278 824
Share option equity 10 340 7 536
Equity reserve (121 922) (128 066)
Equity attributable to equity holders of 1 934 012 815 130
parent
Minority interest 69 691 153 438
Total equity 2 003 703 968 568
Non-current liabilities
Long-term liabilities - interest bearing 379 250 58 002
Long-term provisions 93 461 71 029
Deferred tax liabilities 416 050 125 072
888 761 254 103
Current liabilities
Trade and other payables 393 214 158 669
Short-term borrowings - interest bearing 22 228 32 602
Short-term provisions 29 122 33 005
Derivative instruments 91 764 161 479
Taxation 53 058 9 607
589 386 395 362
Total equity and liabilities 3 481 850 1 618 033
Net asset value per share (cents) 596 282
Net tangible asset value per share (cents) 592 278
Condensed Consolidated Cash Flow Statement
R000`s Year ended Year ended
30 June 2007 30 June 2006
(Reviewed) (Audited)
Cash generated by operations 638 434 317 588
Dividends paid to minorities (42 131) (15 132)
Taxation paid (19 814) (6 408)
Finance costs, net (1 207) (3 418)
Cash inflows from operating activities 575 282 292 630
Cash outflows from investing activities (872 522) (428 011)
Cash inflows from financing activities 311 430 34 562
Net increase/(decrease) in cash and cash 14 190 (100 819)
equivalents
Cash at beginning of year 75 531 189 066
Effect of foreign exchange rate changes (939) (78)
Cash at end of year 88 782 88 169
Wakefield disposal (34 224) (12 638)
Cash at end of year - continuing operations 54 558 75 531
Condensed Consolidated Statement of Changes in Equity
R000`s Year ended Year ended
30 June 2007 30 June 2006
(Reviewed) (Audited)
Shareholders` equity at start of year 968 568 854 252
Ordinary shares issued 524 149 36 841
Hedging and translation reserve 30 072 (84 571)
Net income for the year 555 713 155 394
Share option equity 2 804 4 036
Minority interest (83 747) 2 616
Equity reserve 6 144 -
Total equity 2 003 703 968 568
Commentary
"We are most pleased with the results for the year. The group companies have
generally performed well and the corporate activity provides a platform from
which the group can grow both internally and through acquisitive activity.
Whilst copper is currently the major contributor to earnings and activities, the
strategy of being a mid-tier multi commodity mining group is unchanged."
Performance for the years ended 30 June (reviewed)
Financial Performance 2007 2006 2005 2004
*Gross revenue (R`000) 1 703 757 1 013 328 644 244 846 799
EBITDA (R`000) 918 296 371 304 149 981 103 179
+Cash mining profit (%) 35 25 13 7
margin
EPS (cents) 183,5 54,3 13,5 (8,6)
HEPS (cents) 110,5 47,7 12,3 2,2
Market capitalisation (R`000) 8 048 840 3 237 093 1 167 321 428 764
Shares in issue (`000) 324 550 289 026 279 933 187 233
Share price (cents) 2 480 1 120 417 229
ZAR/US$ rate - (R/$) 7,2 6,4 6,2 6,9
Average
ZAR/US$ rate - (R/$) 7,0 7,2 6,7 6,2
Closing
Denotes
* Prior years restated.
+Cash mining profit as percentage of gross revenue.
Safety and training
The Group conducts its activities with due regard for the safety and health of
its employees and runs approved training programmes through its respective
training centres.
The Group is pleased to report that it experienced no fatalities during the past
year.
Operating performance and financial review
The Group produced record results with mining profit up 127% to R495 million,
EBITDA up 147% at R918 million and headline earnings per share up 132% at 110,5
cents. The significant earnings growth is 70% attributable to robust commodity
prices and 30% to volume increases at Chibuluma and Vergenoeg, as well as new
production from the Ruashi/Sable project.
The Group`s Base Metal division, comprising Chibuluma and Ruashi/Sable, were the
main contributors to EBITDA, which is expected to further increase during the
forthcoming year with the commissioning of the Ruashi Phase II project in
January 2008. Vergenoeg produced an 88% increase in EBITDA following its
expansion announced in 2006. The Consolidated Murchison and Barberton combined
results were reasonable mainly supported by increased commodity prices. These
operations were affected by erratic grades both in antimony and gold, which
variability is a feature of the Greenstone Belt.
Excluding the new projects, the year-on-year operating costs increased by 14%,
which included volume increases at both Chibuluma and Vergenoeg.
The Group`s Balance Sheet has been strengthened by the cashflow generation from
operations and the effects of the corporate activity during the year. The
debt/equity ratio increased from 2% to 17% due to bridging finance drawdowns for
the development of the Ruashi Phase II project.
Capital expenditure and commitments
Group capital expenditure totalled R788 million (2006: R479 million), largely
related to the Ruashi Phase II project and the Chibuluma South decline
development. The acquisitions of minority interests in Chibuluma, Barberton and
Ruashi minority interests, net of an impairment reversal on Chibuluma South,
accounted for an increase of R730 million in Mineral Rights.
Contracted capital commitments at 30 June 2007 amount to R717 million (2006: R33
million), whilst uncontracted commitments amount to R31 million (2006: R38
million).
Operating lease commitments, which fall due within the next year, amount to R10
million (2006: R9 million), whilst commitments of R10 million (2006: R8 million)
fall due during the next four years.
Corporate activity
The following corporate activity occurred during the 2007 financial year
*Acquisition of Crew`s 20% interest in Barberton Mines (Pty) Ltd for R84
million;
*Acquisition of the Industrial Development Corporation`s 35% interest *Disposal
of entire 74% interest in Wakefield for R338 million;
*Reverse acquisition of Pan African Resources Plc, with an effective date of 24
July 2007; and
*Acquisition of Sentinelle`s 16% interest in Ruashi Holdings (Pty) Ltd for R327
million.
Subsequent to year-end, agreement had been reached for the acquisition of a
38,7% interest in Copper Resources Corporation ("CRC") and a 5% interest in
Miniere de Mushoshi et Kinsenda SARL ("MMK") ("the transaction"). Details of the
transaction are contained in an announcement to shareholders dated 4 July 2007.
The transaction will trigger a mandatory offer to the minority shareholders of
CRC and requires South African Reserve Bank approval, which is being pursued.
Shares issued
(1) 31 August 2006: 7,5 million shares at R11,25/share - Acquisition of
minority interests from Crew in Barberton.
(2) 27 March 2007: 12,7 million shares at R13,10/share - Acquisition of
minority interests from IDC in Chibuluma South.
(3) 3 April 2007: 12,5 million shares at R21,35/share - Acquisition of minority
interests from Sentinelle in Ruashi Holdings.
(4) July 2006 - June 2007: 2,9 million shares at average R2,52/share - Share
option implementations.
Base Metals Division (unreviewed)
Copper
Chibuluma Mines Plc 2007 2006*
Tons milled (t) 503 880 363 311
Headgrade (%) 2,5 2,7
Overall recovery (%) 86,1 81,6
Copper produced (t) 10 770 8 002
Copper sold (t) 10 761 8 017
Average copper price ($/t) 7 148 5 427
Total cash cost/ton sold ($/t) 2 787 2 984
EBITDA (R`000) 323 022 125 521
Capital expenditure (R`000) 78 791 62 017
Depreciation (R`000) 36 011 16 916
Chibuluma South Mine operated 5% above its design capacity of 40 000 tons per
month of ore milled. The grade has continued to be affected by the waste
parting, but the headgrades are improving with depth. The concentrator operated
efficiently with an improvement in recovery from the previous year. The first
full year at capacity resulted in a 35% increase in copper production. The
operating costs were well controlled with the resultant EBITDA increasing by
157%, which was assisted by robust copper prices.
Capital expenditure was spent primarily on the continued decline shaft
development required for access to the lower levels of the orebody.
The Company is planning to increase its monthly milled tonnage from 40 000 tons
per month to 50 000 tons per month, which requires limited capital expenditure.
This increase in tonnage throughput will occur during the forthcoming year.
Copper/Cobalt
Ruashi/Sable 2007*
Tons milled (t) 473 090
Headgrade - Copper (%) 2,9
Recovery - Copper (%) 46
Copper produced (t) 6 361
Copper sold (t) 6 346
Cobalt produced (t) 132
Cobalt sold (t) 129
Total cash cost/ton of copper, net of ($/t) 4 957
cobalt
EBITDA (R`000) 83 624
Capital expenditure (R`000) 642 421
Depreciation (R`000) 21 805
*First year of production.
The treatment of the Ruashi stockpiles and commissioning of the Ruashi
Concentrator and Sable Processing Facility commenced during the current
financial year. The average headgrade of the stockpiles treated exceeded
original expectations, but the ramp-up in tons milled was slower than expected.
Metallurgical balancing problems resulted in recoveries below budgeted levels,
with the resultant copper production being 64% of design capacity. Focus has
been on copper production with the result that the cobalt production for the
financial year of 132 tons was well below design capacity. The operating cost
per unit of copper produced exceeded expectation during this first year of
production due to the low volumes treated. The contribution to EBITDA for the
year amounted to R83,6 million.
Capital expenditure of R642 million was largely attributable to the construction
of the Ruashi II processing facility due for commissioning in January 2008.
Production for the forthcoming year is expected to increase with the
contribution from the Ruashi II project for a six-month build-up period to June
2008, which will increment production from the Ruashi Phase I concentrator.
DRC - copper/cobalt
Ruashi Phase II Project
The construction of the Ruashi II Copper/Cobalt SX/EW treatment facility is
progressing according to plan with first copper expected to be produced in
January 2008. The total expenditure on this project is estimated to be US$180
million, which includes working capital of US$8,2 million. Stripping of the
orebodies has commenced and the first level of mineralisation has been exposed.
Production from the open pits is planned for October 2007. The financing of the
Ruashi II programme has had approval from the Standard Corporate and Merchant
Bank of South Africa, backed by ECIC cover for an amount of US$155 million. The
balance is to be provided by internal resources. Staffing for the new project is
gaining momentum and the design capacity of 120 000 tons per month milled at a
copper headgrade of approximately 3,5% will yield 45 000 tons of copper and 3
500 tons of cobalt per annum. A strategic planning session is to be held
regarding the continued operation of the Phase I plant together with the Phase
II plant provided dispensation is granted by the Katangan government for the
continued export of copper/cobalt concentrate. This would increment the Phase II
production by 10 000 tons of copper and 1 000 tons of cobalt per annum.
Copper Resources Corporation ("CRC")
Metorex has reached agreement with the Forrest Group of companies to acquire
their 38,7% interest in Copper Resources Corporation and 5% interest in MMK for
an amount of GBP43 million. This purchase consideration is to be settled by way
of an issue of Metorex shares and triggers a Minorities Offer. A Minorities
Offer document is being prepared for distribution to minority shareholders by
late August or early September. The Articles of Association of Copper Resources
Corporation require that any offer to minorities be underpinned by a cash offer.
The Board of Metorex has submitted a circular to shareholders requesting
authority for a general issue of shares for cash, which requires underwriting by
local institutions.
The CRC assets comprise the Kinsenda Mine, placed on care and maintenance, the
Mushoshi Mine, placed on care and maintenance and the Lubembe copper deposit. In
addition to this, CRC has rights to the Hinoba-An deposit in the Philippines and
the Haib copper resource in Namibia. Independent Australian consultants have
prepared a Bankable Feasibility Study on the reopening of the Kinsenda Mine,
which has been released to the public by CRC in various press releases. On
completion of the transaction Metorex will revisit the Bankable Feasibility
Study with regard to the capital cost and timing of commissioning the Kinsenda
Mine and concentrator. A phased approach will be adopted whereby the Kinsenda
Mine is the primary target to be followed by exploratory work on the Lubembe
deposit and a further review of re-establishing the Mushoshi Mine.
DRC - Musonoi/Sokoroshi Exploration
A drilling programme has been completed on Sokoroshi II with limited success but
a comprehensive drilling programme is underway on the Musonoi exploration
programme with 3 000 metres having been completed. The results to date on
Musonoi have been encouraging but further confirmatory drilling, sampling and
assay work is required.
Zambia - copper and zinc
Chibuluma production expansion
The Chibuluma South Mine is increasing its monthly mill throughput from 40 000
tons to 50 000 tons reaching steady state by December 2007. This should increase
the Chibuluma copper production by a further 25%, the full effect of which will
be felt in the 2008/2009 financial year and partially in the 2007/2008 financial
year.
Chifupu
The Chifupu deposit situated less than 5 km south of Chibuluma Mine, being a
copper oxide deposit, has been drilled to establish the ore resource and a
feasibility study is being prepared on the establishment of a mining operation
at Chifupu. The ore can be treated at the Chibuluma Mine concentrator and will
provide feed for the Sable Processing Facility. This feasibility study should be
complete by the end of the 2007 calendar year.
Kasempa
Exploration drilling and evaluation has commenced. The programme is in its early
stages and should be complete within six months at a capital cost of
approximately US$1,3 million.
Zinc plant in Kabwe
The Zinc leach and electrowinning plant is nearing completion and is planned to
be commissioned during October 2007. This plant is designed to produce 5 000
tons of zinc per annum at a cash cost of US$1 500/ton of zinc produced. The
capital cost of this plant is estimated at US$5 million.
Industrial Minerals Division (unreviewed)
Fluorspar
Vergenoeg 2007 2006 2005 2004
Tons milled (t) 561 366 470 623 428 976 455 032
CaF2 grade (%) 42,6 43,3 42,6 40,7
CaF2 recovery (%) 70,9 73,7 70,8 68,8
Fluorspar produced (dmt) 183 199 156 692 143 086 128 660
(all grades)
Fluorspar sold (all (dmt) 181 286 158 285 141 438 139 946
grades)
Average price (all (R/dmt) 1 246 989 868 797
grades)
Total cash cost/ton (R/t) 811 755 776 701
EBITDA (R`000) 83 683 44 600 22 642 15 932
Capital expenditure (R`000) 20 813 19 774 5 352 4 440
Depreciation (R`000) 9 002 8 171 7 130 6 526
The plant expansion at Vergenoeg completed in the previous financial year
resulted in a 17% increase in production of fluorspar for the year. The plant
performed efficiently and the unit cost of production increased largely in line
with the inflation rate. The EBITDA for the year of R84 million increased by
88%, which was assisted by an increase in the fluorspar prices in Rand terms.
The capital expenditure for the year was largely applied to the plant
improvements and to earth-moving equipment upgrades.
A study is in progress with regard to increasing the fluorspar production by a
further 40% to position Vergenoeg as a supplier to a proposed hydrofluoric acid
and aluminium fluoride plant to be located and erected in South Africa.
Vergenoeg is involved in a feasibility study with two partners regarding the
establishment of this plant. The fluorspar feed to this plant will be
approximately 70 000 tons of acid-grade fluorspar per annum.
Antimony
Cons Murch 2007 2006 2005 2004
Tons milled (t) 420 381 447 547 437 798 475 601
Produced: Sb (mtu) 377 998 576 317 502 194 522 238
Au (kg) 548 675 672 718
Sold: Sb (mtu) 371 061 585 600 500 021 520 976
Au (kg) 546 669 671 706
Average price: Sb ($/mtu) 44,7 44,2 30,7 24,9
Au ($/oz) 597 560 416 386
Total cash (R/mtu) 276 209 194 191
cost/mtu sold
EBITDA (R`000) 16 991 43 829 (6 117) (12 892)
Capital (R`000) 23 155 10 124 2 877 1 133
expenditure
Depreciation (R`000) 5 800 3 769 3 420 3 730
Net of gold revenue.
Consolidated Murchison had a disappointing year with the gold and antimony
grades having temporarily declined, resulting in reduced production. These
grades resulted in an increase in unit costs of production and a reduction in
the EBITDA from R44 million to R17 million for the year.
Capital expenditure for the year was applied to plant improvements and
underground development to expose additional ore reserves.
Gold Division (unreviewed)
Barberton 2007 2006 2005 2004
Tons milled (t) 330 367 313 779 316 094 349 219
Headgrade (g/t) 9,2 10,7 11,1 10,4
Overall recovery (%) 92 92 92 91
Produced (kg) 2 800 3 088 3 230 3 305
Sold (kg) 2 786 3 108 3 201 3 321
Average price: Spot (R/kg) 148 230 108 683 86 265 88 133
Hedge (R/kg) 96 088 90 047 101 890 100 900
Total cash cost/kg (R/kg) 107 656 88 177 85 073 75 460
sold
EBITDA (R`000) 79 965 58 291 56 494 129 132
Capital expenditure (R`000) 22 834 12 487 11 796 12 633
Depreciation (R`000) 30 056 24 452 23 432 22 886
The tonnage milled for the year increased by 5%, however the headgrade declined
by 14%, which is a function of mining in the Greenstone Belt. The processing
plants operated efficiently and the company produced 2 800 kg of gold for the
year. The cash cost per kilogram of gold sold increased by 22%, which was
largely the result of the lower headgrade. Should the headgrade have been
maintained at the same level as the previous year the increase in cost per
kilogram sold would have amounted to 7% for the year.
The EBITDA for the year increased by 37% from that of the previous year.
The capital expenditure for the year was spent on upgrading of underground
equipment and accelerated underground development to enable improved grade
controls.
The Company has commenced development into and re-equipping of previously mined
adits in order to exploit known ore resources. This programme will take place
over a period of approximately two years.
Pan African Resources
Barberton Mines is a 74% owned subsidiary of Pan African Resources, a company
listed on both the AIM Market of the London Stock Exchange and on the
Alternative Exchange of the JSE Limited. Metorex has a 55% interest in Pan
African Resources. Pan African Resources is a gold exploration company, which
through the acquisition of Barberton has a gold producer and cash flow
generator. Pan African Resources` main areas of exploration activity are
presently in Mozambique, Central African Republic and Ghana. The most advanced
of these exploration projects is the Manica project in Mozambique, which has an
independently established ore resource of 1,5 million ounces of gold in situ. A
pre-feasibility is being prepared for the establishment of a gold mine in
Mozambique at a capital cost of approximately US$68 million to produce 86 000
ounces of gold per annum for an eight year period. This pre-feasibility should
be complete by the end of calendar 2007. The Central African Republic
exploration projects being the Bogoin and Dekoa projects are presently being
evaluated to establish whether this geological region is an extension of the
Tanzanian and DRC gold-bearing Greenstone Belts. Exploration drilling has
commenced on the Bogoin exploration licence and regional soil sampling has
commenced on the Dekoa project.
The Ghanaian mining exploration licences have been secured and exploration
activities are due to commence during this year.
Future prospects
The Group remains committed to its strategy of being a leading mid-tier multi-
commodity mining group, focused on high-grade, long-life ore bodies in sub-
Saharan Africa.
Accounting policies
The reviewed provisional results have been prepared and presented in accordance
with IAS 34, Interim Financial Reporting Standards ("IFRS"). The accounting
policies and methods of computations are consistent with those adopted in the
financial year ended 30 June 2006. The application of IFRS 5: Non-current Assets
Held for Sale and Discontinued Operations resulted in prior year
reclassifications. Assets classified as held for sale should be separately
presented on the face of the balance sheet and the results thereof separately
shown in the income statement. Based on this reporting requirement, Wakefield
(Coal operations) has been classified as an asset held for sale, as the
transaction was finalised effective 30 June 2007. Both the income statement and
balance sheet as at 30 June 2006 have been reclassified to reflect the
presentational changes as required by IFRS 5.
The unmodified review report as compiled by the Group`s external auditors,
Deloitte & Touche, is available at the Group`s registered office. The Group
complies with the Companies Act and the Listing Requirements as prescribed by
the JSE Limited.
By order of the Board
A S Malone: C D S Needham
Chairman: Managing Director
23 August 2007
Contact details for Metorex Limited and Corporate Advisers
Postal: PO Box 2814, Saxonwold, 2132, South Africa
Telephone: (+27 11) 880-3155 Facsimile: (+27 11) 880-3322 Website:
www.metorexgroup.com E-mail: ir@metorexgroup.com
Investor relations
College Hill, PO Box 413187, Craighall, 2024, South Africa Telephone:
(+27 11) 447-3030
Registrars: South Africa and United Kingdom
Link Market Services (Pty) Limited, PO Box 4844, Johannesburg, 2000, South
Africa Telephone: (+27 11) 834-2266
The Capita Group PLC, The Registry, 34 Beckenham Road, Beckenham, Kent, BR34TU,
England Telephone: (+44 208) 639-2157
Company secretaries
Moore Stephens MWM, PO Box 1574, Houghton, 2041, South Africa Telephone:
(+27 11) 728-7240
Sponsor
Barnard Jacobs Mellet Corporate Finance (Pty) Ltd, PO Box 62200, Marshalltown,
2107, South Africa Telephone: (+27 11) 283-0300
Auditors
Deloitte & Touche, Private Bag X6, Gallo Manor, 2052, South Africa Telephone:
(+27 11) 806-5000
ADR Programme - North America and Canada
The Bank of New York, 101 Barclay Street, New York, NY 10286, USA Telephone:
(+1 212) 815-3326
www.metorexgroup.com
e-mail: info@metorexgroup.com
Date: 23/08/2007 07:00:02 Produced by the JSE SENS Department.
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