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PZG
PZG
PZG - Pamodzi Gold Limited - Preliminary Condensed Consolidated Results For The
Quarter And Year Ended 31 December 2007
PAMODZI GOLD LIMITED
(Formerly Bema Gold South Africa (Proprietary) Limited)
(Incorporated in the Republic of South Africa)
Registration number: 2002/013039/06
Share code: PZG & ISIN: ZAE000088563
("Pamodzi Gold" or "the Company")
PRELIMINARY CONDENSED CONSOLIDATED RESULTS FOR THE QUARTER AND YEAR ENDED
31 DECEMBER 2007
Highlights
- Quarter on quarter cash cost reduced by 16% on the East Rand Operations
- 3rd consecutive fatality free quarter
- Continued improved safety performance
- Visible impact of new management deployed at current operations
- Turnaround on current operations to achieve improved and consistent
erformance by 2nd quarter in 2008
- cquisition of Orkney and President Steyn finalised
- ransaction on uranium potential on East Rand operations concluded
Income statement
International Financial Reporting Standards Basis
Quarter Quarter Six months
ended ended ended
31 December 30 September 30 June
2007 2007 2007
(Unaudited) (Unaudited) (Unaudited)
Continuing operations Note (R`000) (R`000) (R`000)
Revenue 4 96 333 97 630 175 366
Cost of sales (137 696) (133 581) (208 391)
Gross loss (41 363) (35 951) (33 025)
Other income 4 707 4 238 9 631
Administration
expenses (15 896) (10 677) (14 222)
Foreign exchange
gain/(loss) 5 803 11 186 (6 377)
Revaluation of
financial derivative (40 709) (67 184) 31 445
Unwinding of
rehabilitation
provision (4 021) - -
Finance costs (4 075) (1 819) (361)
Finance income 1 303 106 2 030
Share based payment
charge (3 210) - -
Share of profit in
associate 22 - -
Net loss before
taxation (97 441) (100 101) (10 879)
Taxation (67) - -
Net loss after
taxation (97 508) (100 101) (10 879)
Basic loss per share
(cents) 5 (224) (243) (2 6)
Diluted loss per
share (cents) 5 (224) (243) (26)
Headline loss per
share (cents) 5 (224) (243) (26)
12 months 16 months
ended ended
31 December 31 December
2007 2006
(Reviewed) (Audited)
Continuing operations (R`000) R`000)
Revenue 369 329 38 515
Cost of sales (479 670) (41 504)
Gross loss (110 341) (2 989)
Other income 18 576 1 102
Administration expenses (40 795) (6 539)
Foreign exchange gain/(loss) 10 612 (2 271)
Revaluation of financial derivative (76 448) -
Unwinding of rehabilitation
provision (4 021) -
Finance costs (6 255) (2 224)
Finance income 3 439 123
Share based payment charge (3 210) -
Share of profit in associate 22 5
Net loss before taxation (208 421) (12 793)
Taxation (67) (1 125)
Net loss after taxation (208 488) (13 918)
Basic loss per share (cents) (500) (65)
Diluted loss per share (cents) (500) (65)
Headline loss per share (cents) (500) (65)
Balance sheet
International Financial Reporting Standards Basis
Note 31 December 2007 31 December 2006
(Reviewed) (Audited)
(R`000) (R`000)
ASSETS
Non-current assets
Property, plant and
equipment 747 289 546 729
Tangibles/intangibles in
process of being
identified 3 - 100 230
Intangible assets 733 329
Other investments 20 622 18 815
Non-current prepayments 27 365 -
Goodwill 3 2 004 -
798 013 666 103
Current assets
Inventories 20 053 17 151
Trade and other
receivables 28 421 30 678
Deferred stripping 3 894 2 495
Cash and cash equivalents - 58 400
52 368 108 724
Non-current asset held
for sale 11 700 11 700
Total assets 862 081 786 527
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 6&7 255 820 220 423
Share based payment
reserve 3 210 -
Accumulated losses (223 714) (15 226)
Total shareholders` equity 35 316 205 197
Non-current liabilities
Long-term liabilities 10 7 982 4 381
Provisions
- Close-down and
restoration costs 88 489 71 340
- Post retirement medical
benefits 1 887 1 723
Deferred taxation 40 120 1 584
138 478 79 034
Current liabilities
Trade and other payables 169 270 100 388
Bank overdraft 8 5 236 3 115
Taxation 1 768 3 239
Derivative financial
instruments 9 454 384 388 518
Current portion of long-
term liabilities 10 57 629 7 036
688 287 502 296
Total liabilities 826 765 581 330
Total equity and
liabilities 862 081 786 527
Statement of changes in equity
for the year ended 31 December 2007
International Financial Reporting Standards Basis
Share based
Share Share payment
capital premium reserve
(R`000) (R`000) (R`000)
Balance at 1 September 2005 300 9 -
Cost of business combination - 220 114 -
Loss for the period - - -
Balance at 31 December 2006 300 220 123 -
Loss for the year - - -
Share based payment - - 3 210
Shares issued 2 35 395 -
Balance at 31 December 2007 302 255 518 3 210
Accumulated
loss Total
(R`000) (R`000)
Balance at 1 September 2005 (1 308) (999)
Cost of business combination - 220 114
Loss for the period (13 918) (13 918)
Balance at 31 December 2006 (15 226) 205 197
Loss for the year (208 488) (208 488)
Share based payment - 3 210
Shares issued - 35 397
Balance at 31 December 2007 (223 714) 35 316
Cash flow statement
International Financial Reporting Standards Basis
Quarter Quarter
ended ended
31 December 30 September
2007 2007
(Unaudited) (Unaudited)
Note (R`000) (R`000)
Cash flows from operating activities
Cash utilised by operations 8 (27 587) (12 315)
Interest received 1 303 106
Interest paid (4 075) (1 819)
Taxation paid (3 122) -
Net cash flows from operating
activities (33 481) (14 028)
Cash flows from investing activities
Increase in other investments (875) (6)
Purchase of property, plant and
equipment (17 144) (18 608)
Acquisition of Pamodzi Gold - -
Net cash flows from investing
activities (18 019) (18 614)
Cash flows from financing
activities
Increase in short-term borrowings 30 307 20 000
Increase/(decrease) in long-term
borrowings (6 042) -
Shares issued - 35 397
Net cash flows from financing
activities 24 265 55 397
Net (decrease)/increase in cash and
cash equivalents (27 235) 22 755
Cash and cash equivalents at
beginning of period 21 999 (756)
Cash and cash equivalents at
end of period (5 236) 21 999
Six months 12 months 16 months
ended ended ended
30 June 31 December 31 December
2007 2007 2006
(Unaudited) (Reviewed) (Audited)
(R`000) (R`000) R`000)
Cash flows from operating activities
Cash utilised by operations (24 016) (63 918) (4 056)
Interest received 2 030 3 439 123
Interest paid (361) (6 255) (2 224)
Taxation paid - (3 122) -
Net cash flows from operating
activities (22 347) (69 856) (6 157)
Cash flows from investing activities
Increase in other investments (904) (1 785) (448)
Purchase of property, plant and
equipment (31 934) (67 686) (5 648)
Acquisition of Pamodzi Gold - - 53 325
Net cash flows from investing
activities (32 838) (69 471) 47 229
Cash flows from financing
activities
Increase in short-term
borrowings 286 50 593 661
Increase/(decrease) in long-term
borrowings (1 142) (7 184) 13 283
Shares issued - 35 397 -
Net cash flows from financing
activities (856) 78 806 13 944
Net (decrease)/increase in cash
and cash equivalents (56 041) (60 521) 55 016
Cash and cash equivalents at
beginning of period 55 285 55 285 269
Cash and cash equivalents at
end of period (756) (5 236) 55 285
Notes to the condensed consolidated financial results for the quarter and year
ended 31 December 2007
1. udit review
The year-end financial results have been reviewed in terms of paragraph 3.22
of the Listing Requirements of the JSE by the group`s auditor,
PricewaterhouseCoopers Inc. The unqualified review opinion is available on
request from the Company secretary. The results for the half year ended 30
June 2007 and for the 3rd and 4th quarters presented in this report have not
been reviewed.
2. Basis of preparation and accounting policies
The condensed consolidated financial information for the year ended 31 December
2007 has been prepared in compliance with the South African Companies Act, No
61 of 1973, as amended, the Listing requirement of the JSE Limited and
International Accounting Standard 34, Interim Financial Reporting. The
financial statements have been prepared under the historical cost convention,
as modified by financial assets and financial liabilities (including derivative
instruments) at fair value. The accounting policies applied in preparation of
the condensed consolidated financial information are consistent with those
applied for the period ended 31 December 2006, which comply with International
Financial Reporting Standards (IFRS).
The preliminary condensed consolidated financial results do not include all the
information and disclosures required in the annual financial statements, and
should be read in conjunction with the Group`s annual financial statements as
at 31 December 2006. The Group has applied all new standards and these had no
major impact other than disclosure which will be included in the annual
financial statements.
The comparative financial statements cover the 16-month period ended 31
December 2006, due to the fact that Pamodzi Gold West Rand (Proprietary)
Limited ("PGWR") (Previously Impafa Resources (Proprietary) Limited ) has been
identified as the acquirer for accounting purposes in accordance with IFRS 3.
The consolidated financial statements for 2006 are therefore a continuation of
PGWR.
3. Business combination and consolidation in 2006 financial year
Bema Gold South Africa (Proprietary) Limited ("Bema SA") concluded an agreement
on 9 October 2006 with Pamodzi Resources (Proprietary) Limited ("PR"),
Middelvlei Gold Investments (Proprietary) Limited ("MGI") and Bema Gold
Corporation, whereby MGI exchanged its wholly owned subsidiary, PGWR to the
value of R208 million in exchange for 103 new shares to be issued in Bema
SA. The agreement furthermore entitled PR to subscribe for a further 44 shares
at a subscription price of R75 million ("the transaction").
PGWR was identified as the accounting acquirer. The transaction was therefore
accounted for as a reverse acquisition ("the reverse acquisition"). PGWR held
more than half of the voting rights (50.17%).
As a result of the reverse acquisition, the comparative income statement for
the 16 months ended 31 December 2006 is the consolidated income statement of
PGWR for the total 16 months consolidated with the operational results of the
legal parent company, Pamodzi Gold Limited and its subsidiaries, for the period
11 to 31 December 2006.
As disclosed under the heading "Tangibles/intangibles in the process of being
identified" in 2006, the accounting of the business combination that was
effected during the period ended 31 December 2006 was determined only
provisionally, due to the fact that the acquisition date was on 11 December
2006.
During 2007 a complete purchase price allocation was done, and the excess
between the purchase price and the net asset value has been recorded as
undeveloped properties and goodwill.
4. Revenue
Quarter Quarter Six months
ended ended ended
31 December 30 September 30 June
2007 2007 2007
(Unaudited) (Unaudited) (Unaudited)
(R`000) (R`000) (R `000)
Gold sales at spot 136 293 118 722 215 690
Hedge loss (40 218) (21 263) (40 600)
Silver sales 258 169 276
Revenue 96 333 97 630 175 366
Year 16 months
ended ended
31 December 31 December
2007 2006
(Reviewed) (Audited)
(R`000) (R`000)
Gold sales at spot 470 707 42 292
Hedge loss (102 081) (3 777)
Silver sales 703 -
Revenue 369 329 38 515
5. Loss per share attributable to the equity holders
Quarter Quarter Six months
ended ended ended
31 December 30 September 30 June
2007 2007 2007
(Unaudited) (Unaudited) (Unaudited)
Loss attributable to equity holders
of the company (R`000) (97 508) (100 101) (10 879)
Weighted average number of
shares 43 465 665 41 179 500 41 020 000
Basic, diluted and headline
loss per share (cents) (224) (243) (2 6)
Year 16 months
ended ended
31 December 31 December
2007 2006
(Reviewed) (Audited)
Loss attributable to equity holders
of the company (R`000) (208 488) (13 918)
Weighted average number of shares 41 676 644 21 419 425
Basic, diluted and headline loss
per share (cents) (500) (65)
6. Share capital and premium
As a result of the business combination being accounted for as a reverse
acquisition, the amount recognised as issued equity instruments in these
condensed consolidated financial statements is the issued share capital (R300
000) of the legal subsidiary ("PGWR") immediately before the business
combination.
2 445 664 new shares were issued on 25 September 2007 for cash. As a result,
the share capital and share premium as at 31 December 2007 can be summarised as
follows:
(R`000)
Share capital before new issue:
Share capital 300
Shares issued on 25 September 2007 2
Total share capital at 31 December 2007 302
Share premium before new issue:
Share premium 220 123
Shares issued on 25 September 2007 35 395
Total share capital at 31 December 2007 255 518
Total share capital and share premium at 31 December 2007 255 820
The cost of the business combination during 2006 has been shown
under share premium in
the condensed consolidated financial statements as determined under
IFRS 3, Appendix B and
can be summarised as follows:
The share premium comprises the following: (R`000)
Vending Middelvlei (fair value) 142 000
Cash subscription 75 000
Merger expenses 3 123
Total 220 123
7. Share capital - Pamodzi Gold Limited (legal parent)
31 December 2007 30 September 2007
Authorised 1 billion shares of 1 billion shares of
0,1 cent per share 0,1 cent per share
Issued 43 465 664 43 465 664
30 June 2007 31 December 2006
Authorised 1 billion shares of 1 billion shares of
0,1 cent per share 0,1 cent per share
Issued 41 020 000 41 020 000
8. Cash utilised by operations
Quarter Quarter Six months
ended ended ended
31 December 30 September 30 June
2007 2007 2007
(Unaudited) (Unaudited) (Unaudited)
(R`000) (R`000) (R`000)
Net loss before taxation (97 441) (100 101) (10 879)
Adjusted for merger costs
capitalised - - -
(97 441) (100 101) (10 879)
Adjustments for:
Amortisation 16 946 4 380 7 633
Interest paid 4 075 1 819 361
Interest received (1 303) (106) (2 030)
Profit from associate (22) - -
Share based payments 3 210 - -
Unwinding of rehabilitation
provision 4 021 - -
Valuation of medical liability 400 - -
Revaluation of financial derivative 40 709 67 184 (31 445)
Unrealised foreign exchange
(gain)/loss (5 803) (11 186) 6 377
Operating loss before working
capital changes (35 208) (38 010) (29 983)
Working capital changes 7 621 25 695 5 967
(Increase)/decrease in
receivables and prepayments (35 880) 10 565 207
Decrease/(increase in) deferred
stripping 2 121 - (3 520)
Increase/(decrease) in trade
and other payables 48 876 11 466 8 586
(Increase)/decrease in inventories (7 260) 3 664 694
Decrease in post retirement
medical liability (236) - -
(27 587) (12 315) (24 016)
Year 16 months
ended ended
31 December 31 December
2007 2006
(Reviewed) (Audited)
(R`000) (R`000)
Net loss before taxation (208 421) (12 793)
Adjusted for merger costs capitalised - (9)
(208 421) (12 803)
Adjustments for:
Amortisation 28 959 1 054
Interest paid 6 255 2 224
Interest received (3 439) (123)
Profit from associate (22) -
Share based payments 3 210 -
Unwinding of rehabilitation provision 4 021 -
Valuation of medical liability 400 -
Revaluation of financial derivative 76 448 -
Unrealised foreign exchange (gain)/loss (10 612) -
Operating loss before working capital changes (103 201) (9 647)
Working capital changes 39 283 5 591
(Increase)/decrease in receivables and prepayments (25 108) (1 742)
Decrease/(increase in) deferred stripping (1 399) (2 495)
Increase/(decrease) in trade and other payables 68 928 9 828
(Increase)/decrease in inventories (2 902) -
Decrease in post retirement medical
liability (236) -
(63 918) (4 056)
9. Derivative financial instruments
The Group`s revenues are sensitive to the ZAR/US$ exchange rate as all the
revenues are generated through gold sales, denominated in US$.
Historically, the Group entered into forward sales to establish a ZAR/US$
exchange rate in advance for the sale of the future gold production.
As at 31 December 2007, 133 500 (30/9/2007 - 142 500, 31/6/2007 - 151 500,
31/12/2006 - 169 500) ounces were outstanding on the US$ Contingent Forwards.
The gold contingent forwards revalued at 31 December 2007 amounted to R454
million liability (30/9/2007 - R415 million, 30/6/2007 - R363 million,
31/12/2006 - R389 million).
Effect of derivative financial instrument on earnings:
Quarter ended Quarter ended
31 Dec 2007 30 Sept 2007
(Unaudited) (Unaudited)
(R`000) (R`000)
Realised hedge loss (40 218) (21 263)
Revaluation of derivatives (40 709) (67 184)
Foreign exchange gain/(loss)
on derivatives 5 803 11 186
Adjusted loss excluding hedging
and derivatives attributable to equity
holders of the company (R`000) (75 124) (77 261)
Weighted average number of shares 43 465 665 41 179 500
Effect of hedging and derivatives on
basic and diluted loss per share (173) (187)
Basic and diluted loss per
share (note 5) (224) (243)
Basic and diluted earnings/(loss) per
share excluding hedging and derivatives (51) (55)
Six months ended Year ended
30 June 2007 31 Dec 2007
(Unaudited) (Reviewed)
(R`000) (R`000)
Realised hedge loss (40 600) (102 081)
Revaluation of derivatives 31 445 (76 448)
Foreign exchange gain/(loss)
on derivatives (6 377) 10 612
Adjusted loss excluding hedging
and derivatives attributable to equity
holders of the company (R`000) (15 532) (167 917)
Weighted average number of shares 41 020 000 41 676 644
Effect of hedging and derivatives on
basic and diluted loss per share (38) (403)
Basic and diluted loss per
share (note 5) (2 6) (500)
Basic and diluted earnings/(loss) per
share excluding hedging and derivatives 11 (97)
10. Net debt position
Year ended
31 Dec 2007
(Reviewed)
(R`000)
Non-current
Kloof Gold Mining Company Carried at fair value, calculating 930
by discounting future cash
flow using prime interest rate
Finance leases Various vehicles and assets 7 052
being leased for a period between
3 to 5 years linked to prime interest rate
7 982
Current
Kloof Gold Mining Company Carried at fair value, calculating by 1 978
discounting future cash flow using
prime interest rate
Short-term loan Loan is interest free and has 4 697
no terms for repayment
Finance leases Various vehicles and assets being 3 954
leased for a period between 3 to 5 years
linked to prime interest rate
Short-term loan Interest at prime 33 000
Revolving credit facility Interest rate nominal annual 14 000
compounded monthly in arrears
57 629
Total borrowings 65 611
Cash and cash equivalents (5 236)
Net debt (70 847)
Total equity 35 316
Year ended
31 Dec 2006
(Audited)
(R`000)
Non-current
Kloof Gold Mining Company Carried at fair value, calculating 3 300
by discounting future cash
flow using prime interest rate
Finance leases Various vehicles and assets 1 081
being leased for a period between
3 to 5 years linked to prime interest rate
4 381
Current
Kloof Gold Mining Company Carried at fair value, calculating by 1 750
discounting future cash flow using
prime interest rate
Short-term loan Loan is interest free and has 4 678
no terms for repayment
Finance leases Various vehicles and assets being 608
leased for a period between 3 to 5 years
linked to prime interest rate
Short-term loan Interest at prime -
Revolving credit facility Interest rate nominal annual -
compounded monthly in arrears
7 036
Total borrowings 11 417
Cash and cash equivalents 55 285
Net debt 43 868
Total equity 205 197
The directors are in the process of reviewing various longer-term financing
options to improve the working capital position and to fund capital projects.
11. Dividends
No dividends have been declared or paid since the incorporation of the Company.
The Company anticipates that, for the foreseeable future, earnings generated by
Pamodzi Gold and its subsidiaries will not be distributed to shareholders as
dividends but will be retained for the development of the Company and its
subsidiaries. The Directors will consider a revision to the dividend policy at
an appropriate point in time.
12. Segment reporting
East Rand West Rand
Operations Operations
Year ended 31 December 2007 (R`000) (R`000)
Segment revenue-continuing operations 415 010 56 400
Realised hedge loss (102 081) -
Net segment revenue-continuing operations 312 929 56 400
Profit/(loss) from operations before tax (205 062) 1 447
Income tax expense (1 651) 1 584
(206 713) 3 031
Other Total
Year ended 31 December 2007 (R`000) (R`000)
Segment revenue-continuing operations - 471 410
Realised hedge loss - (102 081)
Net segment revenue-continuing operations - 369 329
Profit/(loss) from operations before tax (4 806) (208 421)
Income tax expense - (67)
(4 806) (208 488)
All revenue is derived from the sale of gold and all operations are located in
the Republic of South Africa.
13. Subsequent events
(a) Orkney operations
The Company has reached an agreement with Harmony Gold Limited ("Harmony")
regarding the acquisition of Harmony`s Orkney Assets - shafts 1 to 7 as a going
concern ("the Orkney business").
The purchase consideration for the Orkney business is R300 million (three
hundred million) and will be settled by Pamodzi Gold through the issue of
30 000 000 (thirty million) Pamodzi Gold shares to Harmony ("Orkney
consideration shares") on 27 February 2008. Pamodzi Gold will assume full
control of the Orkney business on this date.
In terms of the Orkney transaction agreements, Harmony shall not be entitled to
dispose of the Orkney consideration shares for a period of twelve months after
the effective date of the Orkney transaction. Should Harmony wish to reduce its
exposure to Pamodzi Gold, it may approach Pamodzi Gold and request it to place
the Orkney consideration shares on their behalf.
(b) President Steyn Gold Mine
Pamodzi Gold and Thistle have finalised the formal transaction agreements
("President Steyn transaction agreements") in terms of which Pamodzi Gold will
acquire the entire issued ordinary share capital of and all claims on loan
account against President Steyn for R233 million.
The President Steyn acquisition consideration will be settled on 25 February
2008 by Pamodzi Gold as follows:
- the issuing of 9 084 066 (nine million eighty four thousand and sixty
six) Pamodzi Gold Shares to Thistle and 683 491 (six hundred and eighty three
thousand four hundred and ninety one) Pamodzi Gold shares to Mindserv
(Proprietary) Limited ("President Steyn consideration shares");
- the issuing of 9 259 927 (nine million two hundred and fifty nine
thousand and nine hundred and twenty seven) Pamodzi Gold shares to Clidet No
776 (Proprietary) Limited ("Clidet 776") in terms of a loan agreement between,
inter alia, Pamodzi Resources and Thistle; and
- A cash settlement of R3.5 million to Mindserv.
In terms of the President Steyn transaction agreements, Thistle and/or Mindserv
shall not be entitled to dispose of the President Steyn consideration shares
for a period of up to 30 June 2008. Should Thistle and/or Mindserv wish to
reduce its exposure to Pamodzi Gold, it may approach Pamodzi Gold and request
it to place the President Steyn consideration shares on their behalf.
Pamodzi Gold will assume full control of the President Steyn business on 26
February 2008.
COMMMENTARY (Not reviewed)
1. Operational overview for the quarter and year ended 31 December 2007
The West Rand operations were hampered by inclement weather conditions and a
low in-pit grade with no alternative mining areas available to improve
delivered grade. The development of the new No 3 pit commenced in October 2007
and first gold production commenced early in 2008. Three additional pits have
been identified from exploration drilling programme. For the quarter under
review these operations produced 90 kilograms (2 918 ounces) of gold from 41
917 tons milled at a recovered grade of 2.17g/t. For the year under review
these operations produced 361 kilograms (11 605 ounces) of gold from 133 419
tons milled at a recovered grade of 2.70 g/t. Total operating cost for the year
amounted to R130 006 per kilogram ($576/oz) and revenue received of R156 254
per kilogram.
The East Rand operations showed an excellent improvement in safety performance.
Tons milled increased from the previous quarter, but recovered grade was below
target. Shaft call factors are improving from previous quarters and significant
improvement in development has been achieved. Face length is increasing
allowing additional operational flexibility in the near future. Systems have
been established to ensure future production targets are achieved. For the
quarter these operations produced 690 kilograms (22 202 ounces) of gold from
525 078 tons milled at a recovered grade of 1.32g/t. Total operating cost for
the quarter amounted to R148 411 per kilogram (Quarter 3 - R177 994 per
kilogram) ($685/oz), a reduction of 16% from Quarter 3. Total operating cost
for the year ending 31 December 2007 amounted to R155 223 per kilogram ($687)
and revenue received before accounting for the hedge loss amounted to R156 678
per kilogram for the year. The hedge loss amounted to R39 242 per kilogram for
the year. Capital expenditure amounted to R27.9 million for the quarter (R68
million for the year).
2. Production outlook for 2008 on current operations
Operation Ounces Tons
milled
East Rand 105 000 - 115 000 1 890 000 - 2 080 000
West Rand 15 000 - 16 500 165 000 - 181 500
Orkney (from March 2008) 100 000 - 110 000 850 000 - 925 000
President Steyn
(from 1 March 2008) 120 000 - 132 000 575 000 - 630 000
Total 340 000 - 373 500 3 480 000 - 3 816 500
Operation Cash cost Capital expenditure
per ounce ($) (R`000)
East Rand 565 - 620 64 751 - 68 000
West Rand 522 - 574 5 725 - 6 000
Orkney (from March 2008) 578 - 635 128 720 - 135 000
President Steyn
(from 1 March 2008) 573 - 630 143 905 - 151 000
Total 569 - 625 343 101 - 360 000
3. Quarterly presentation
Additional information on the operational overview and the Orkney and President
Steyn acquisitions can be obtained from the quarterly presentation made to
shareholders and other interested parties available on the Pamodzi Gold
website.
Signed on behalf of the board
NA Ntsele MJ Schermers
Chairman Chief Financial Officer
Bruma
25 February 2008
Sponsors
Rand Merchant Bank
(A division of First Rand Bank Limited)
Company Secretary
GM Chemaly
Directors
NA Ntsele 1 (Chairman) KM Steenkamp1 (Deputy Chairman) JJ du Plooy 1
JG Proust 1 (Canadian) SP Radebe (Corporate Affairs) MB Mokgata 2
MI Mthenjane 2 PW Steenkamp (Chief Executive Officer)
AJ Murdoch Eaton (Chief Operating Officer) (Zimbabwean)
MJ Schermers (Chief Financial Officer)
(1 Non-executive 2 Independent Non-Executive)
Registered office
Pamodzi Gold
Eastgate Office Park
Building C, 2nd Floor
South Boulevard
Bruma, 2198
Pamodzi Gold Limited
(Formerly Bema Gold South Africa (Pty) Limited)
(Incorporated in the Republic of South Africa)
Registration number: 2002/013039/06
Share code: PZG & ISIN: ZAE000088563
("Pamodzi Gold" or "the Company")
www.pamodzigold.co.za
Date: 25/02/2008 09:26:27 Produced by the JSE SENS Department.
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