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BARNATO EXPLORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1988/003756/06)
REPORT FOR THE YEAR ENDED 31 DECEMBER 2000
INCOME STATEMENT
COMPANY Year to 18 mnths to
31 Dec 2000 31 Dec 1999
R000 R000
MINING OPERATIONS
Revenue from gold and silver
Working costs
Operating loss - mining
operations
EXPLORATION OPERATIONS
Provision against loan (3) (268)
Exploration expenditure (18 349) (124 813)
Total exploration expenditure (18 352) (125 081)
FINANCING AND ADMINISTRATION
OF OPERATIONS
Net interest received/(paid) 12 616 3 546
Sundry revenue - -
Cost of administration (1 829) (4 228)
Foreign exchange conversion
adjustment - -
Total financing and
administration costs 10 787 (682)
Profit/(loss) before abnormal
item (7 565) (125 763)
Abnormal item (907) (1 012)
LOSS BEFORE TAXATION (8 472) (126 775)
Taxation (1 201) -
LOSS FOR THE YEAR (9 673) (126 775)
Loss per share (cents) 0.9 153.4
Headline loss per share (cents) 0.8 152.2
GROUP Year to 18 mnths to
31 Dec 2000 31 Dec 1999
R000 R000
MINING OPERATIONS
Revenue from gold and silver - 7 619
Working costs (7 945) (47 049)
Operating loss - mining
operations (7 945) (39 430)
EXPLORATION OPERATIONS
Provision against loan (3) (268)
Exploration expenditure (3 602) (21 931)
Total exploration expenditure (3 605) (22 199)
FINANCING AND ADMINISTRATION
OF OPERATIONS
Net interest received/(paid) 11 875 (3 828)
Sundry revenue 2 121 -
Cost of administration (1 953) (4 358)
Foreign exchange conversion
adjustment - 599
Total financing and
administration costs 12 043 (7 587)
Profit/(loss) before abnormal
item 493 (69 216)
Abnormal item (907) (1 012)
LOSS BEFORE TAXATION (414) (70 228)
Taxation (1 201) -
LOSS FOR THE YEAR (1 615) (70 228)
Loss per share (cents) 0.2 85.0
Headline loss per share (cents) 0.1 83.8
BALANCE SHEET
COMPANY at 31 Dec at 31 Dec
2000 1999
Note R000 R000
Assets
Current assets 40 630 312 434
Cash and short-term
investment 40 630 1
Accounts receivable - 86
Short term loan 1 - 312 347
Inventory - -
Loan 2 19 493 19 493
Total assets 60 123 331 927
Liabilities and
shareholder's equity
Current liabilities 1 631 263 762
Short-term loan unsecured 1 - 263 523
Accounts payable 1 631 239
Shareholder's equity 58 492 68 165
Total liabilities and
shareholders equity 60 123 331 927
GROUP at 31 Dec at 31 Dec
2000 1999
Note R000 R000
Assets
Current assets 45 042 321 746
Cash and short-term
investment 40 807 1 129
Accounts receivable 111 282
Short term loan 1 - 312 347
Inventory 4 124 7 988
Loan 2 19 493 19 493
Total assets 64 535 341 239
Liabilities and
shareholder's equity
Current liabilities 7 818 281 528
Short-term loan unsecured 1 - 263 523
Accounts payable 7 818 18 005
Shareholder's equity 56 717 59 711
Total liabilities and
shareholders equity 64 535 341 239
Notes:
1. The short term loan represented cash advanced to Randgold Resources Limited
and accumulated interest, which was repaid in full on 3 July 2000. The receipts
were used to repay the unsecured short-term loan from Western Areas Limited.
2. This represents an amount owing by Randfontein Estates Limited, the purpose
of which is to meet its exploration and mineral rights costs from 1 July 1998,
in terms of a gold prospecting agreement with Western Areas Limited.
CASH FLOW STATEMENT
COMPANY Year to 18 mnths to
31 Dec 2000 31 Dec 1999
R000 R000
CASH FLOWS GENERATED BY/
(APPLIED TO) OPERATING
ACTIVITIES
Cash generated by/(applied to)
operations 46 365 (91 502)
Interest received 12 616 16 132
Interest paid - (12 586)
Cash inflow/(outflow) from
operating activities 58 981 (87 956)
CASH FLOWS FROM INVESTING
ACTIVITIES
Increase in loan (3) (268)
Increase in amounts owing by
subsidiary (18 349) (124 813)
Net cash outflow from investing
activities (18 352) (125 081)
CASH FLOWS FROM FINANCING
ACTIVITIES
Increase in share capital - 805
Increase in share premium - 220 696
Share issue expenses - (8 464)
Increase in foreign exchange
translation reserve - -
Net cash (applied to)/generated by
financing activities - 213 037
NET INCREASE/(DECREASE) IN
CASH AND CASH EQUIVALENTS 40 629 -
Cash and cash equivalents at
beginning of the period 1 1
CASH AND CASH EQUIVALENTS AT
END OF THE PERIOD 40 630 1
GROUP Year to 18 mnths to
31 Dec 2000 31 Dec 1999
R000 R000
CASH FLOWS GENERATED BY/
(APPLIED TO) OPERATING
ACTIVITIES
Cash generated by/(applied to)
operations 29 186 (210 594)
Interest received 12 616 3 546
Interest paid (742) (7 374)
Cash inflow/(outflow) from
operating activities 41 060 (214 422)
CASH FLOWS FROM INVESTING
ACTIVITIES
Increase in loan (3) (268)
Increase in amounts owing by
subsidiary - -
Net cash outflow from investing
activities (3) (268)
CASH FLOWS FROM FINANCING
ACTIVITIES
Increase in share capital - 805
Increase in share premium - 220 696
Share issue expenses - (8 464)
Increase in foreign exchange
translation reserve (1 379) -
Net cash (applied to)/generated
by financing activities (1 379) 213 037
NET INCREASE/(DECREASE) IN
CASH AND CASH EQUIVALENTS 39 678 (1 653)
Cash and cash equivalents at
beginning of the period 1 129 2 782
CASH AND CASH EQUIVALENTS AT
END OF THE PERIOD 40 807 1 129
COMMENTS
Shareholders are referred to the cautionary announcement dated 15 November 2000
whereby the Ghanaian Government advised the company that it was seeking to
abrogate the company's rights in Ghana. The company has reserved its legal
rights, and is currently in discussion with the new Government in Ghana.
Exploration costs reflect the close-out work required following the completion
of the drilling program for the Prestea concession area.
J F Brownrigg R B Kebble
Chairman Director
Johannesburg
14 February 2001
BARNATO EXPLORATION LIMITED
Registration Number 1988/003756/06
Incorporated in the Republic of South Africa
PO Box 61719, Marshalltown 2107
Telephone: +27(11) 688-5000 - Fax: +27(11) 838-3393
Investor and media relations: For further information contact Kathy du Plessis
on: Tel: +27(11) 728 4701
Fax: +27(11) 728 2547 - e-mail: gold@dpa.co.za.
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