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Mvelaphanda Resources - reviewed annual results for the year ended 30 June 2005
MVELAPHANDA RESOURCES LIMITED
(Registration number 1980/001395/06)
(Incorporate in the Republic of South Africa)
(Share code: MVL & ISIN number: ZAE000050266)
Reviewed Annual Results For the Year ended 30 June 2005
Highlights
- Significant increase in headline earnings per share. Positive 108 cents in
FY 2005 compared with 96 cents loss in FY2004.
- Finalisation of Exchange Agreement with Gold Fields retains upside leverage
to rand gold price, while protecting downside in GFI-SA transaction.
- Mvela resources facilitates successful application for new-order
prospecting licenses at Ndowana and Booysendal projects.
- Mvelaphanda Exploration earns 50% stake in Tirisano Mine by funding
expansion.
- Balance sheet robust - cash balance of R161 million at year-end.
Net Asset Value*
Asset % Value Value % of
Total
Rm cps
Gold Fields (1) 9% 2,545 1,529 58%
Northam 22% 652 392 15%
Trans Hex (2) 22% 303 182 7%
Total listed assets 3,500 2,103 80%
Booysendal (3) 446 268 10%
Unlisted assets 252 151 6%
Cash and cash equivalents 161 97 4%
Total 4,358 2,619 100%
MVL Share Price 1,525
Discount to NAV (42%)
* Market value of listed assets and management valuation of
unlisted assets at 30 June 2005. The contents of this table has
not been reviewed by the group`s auditors
1. Assumes 15% of GFI-SA exchanged for 50 million GFI shares,
adjusted for PV of mezzanine debt and management estimate of
dividends foregone until March 2009
2. Assumes conversion of forward purchased shares, adjusted for
contingent liability of R52 million
3. Assumes sale to Northam: 20.4 million NHM shares, 18 million
deferred shares and cash of R90 million less R20 million owing to
Khumama consortium
Group Balance Sheet
Reviewed Audited
As at 30 June 30 June
R`000 Notes 2005 2004
Assets
Non-current assets
Investment in associate companies 532,523 538,077
Northam Platinum Limited 418,717 417,150
Trans Hex Group Limited 113,806 120,927
GFI-SA loan 3,986,000 3,407,000
Loan advanced to GFI-SA 4,139,000 4,139,000
Unrealised fair value adjustment (153,000) (732,000)
Derivative financial instruments 2 211,332 241,302
Booysendal Platinum project 315,892 315,892
Tirisano Mine project 26,131 -
Non-strategic listed investments 3,008 2,151
Goodwill arising from reverse 113,995 120,869
acquisition
Office equipment 794 235
Total non-current assets 5,189,675 4,625,526
Current assets
Inventories 3,234 -
Accounts receivable and prepayments 7,776 6,718
Cash and cash equivalents 161,023 218,716
Total Current Assets 172,033 225,434
TOTAL ASSETS 5,361,708 4,850,960
Equity and liabilities
Share capital and reserves 3,168,794 2,985,884
Total shareholders equity 3,168,794 2,985,884
Non-current liabilities
Senior Bank Loan (GFI-SA) 809,625 1,064,432
Mezzanine finance (GFI-SA) 3 1,044,875 435,320
Deferred taxation 17,439 21,430
Total non-current liabilities 1,871,939 1,521,182
Current liabilities
Accounts payable and provisions 14,304 9,283
Booysendal Platinum Project accrual 20,000 50,000
Short-term portion of interest-bearing 254,807 281,443
borrowings
Senior bank loan (GFI - SA) 254,807 234,374
Standard Corporate Merchant Bank - 47,069
Current taxation payable 4 31,864 3,168
Total current liabilities 320,975 343,894
TOTAL EQUITY AND LIABILITIES 5,361,708 4,850,960
Group Income Statement
Reviewed Audited
12 months 9 months
to 30 June to 30 June
R`000 Notes 2005 2004
Income
Earnings from associate companies 43,402 48,742
Northam Platinum Limited 40,061 44,315
Trans Hex Group Limited 3,341 4,427
Interest earned on GFI-SA loan 4 437,405 126,174
advanced
Interest earned on cash and cash 13,624 6,269
equivalents
Dividends received from non- 8 5
strategic investments
Amortisation of negative goodwill relating 16,107 12,080
to investment in associates
Other income 241 -
Total income 510,787 193,270
Expenses
Exploration and project 5,721 14,667
development costs
Corporate expenses 21,732 12,993
Finance costs 328,913 96,433
Senior bank loan (GFI-SA) 4 129,836 40,556
Mezzanine finance (GFI-SA) 4 191,764 51,512
Standard Corporate Merchant Bank 1,946 2,808
Amortisation of capitalised 5,137 1,557
transaction costs
Other 230 -
Total expenses 356,366 124,093
PROFIT BEFORE OTHER 154,421 69,177
(INCOME)/EXPENSES
Other (income)/expenses
Amortisation of goodwill arising 6,874 5,155
on reverse acquisition
Provision for impairment 8,000 -
Participation rights purchased - 59,925
from Mvelaphanda Holdings
Other expenses 3,584 4,224
Net (Gain)/Loss on revaluation of (73,029) 117,650
financial instruments
GFI-SA loan advanced (578,999) 732,000
Mezzanine finance (GFI-SA) 476,000 (664,000)
Trans Hex Group Limited forward 29,970 65,030
purchased shares
Trans Hex Group Limited share - (15,380)
options
Total other (income)/expenses (54,571) 186,954
PROFIT/(LOSS) BEFORE TAXATION 208,992 (117,777)
Taxation (27,383) 20,513
Normal 4 (31,374) (2,669)
Deferred 3,991 23,182
ATTRIBUTABLE INCOME/(LOSS) 181,609 (97,264)
Basic earnings/(loss) per ordinary 109.14 (89.75)
share (cents)
Headline earnings/(loss) per 5 108.40 (96.14)
ordinary share (cents)
Diluted earnings/(loss) per 109.14 (89.04)
ordinary share (cents)
Adjusted earnings/(loss) per 5 63.35 64.74
ordinary share (cents)
Segmental Results
Reviewed Audited
12 months 9 months
to 30 June to 30 June
R`000 2005 2004
Net profit/(loss) after taxation
- Gold 181,484 (49,178)
- Platinum 52,118 46,832
- Diamonds (33,403) (23,119)
- Other (18,590) (71,799)
ATTRIBUTABLE INCOME/(LOSS) 181,609 (97,264)
Group Statement of Changes in Equity
R`000 Share Share Accumulated Acquisition Other Total
Capital Premium Profit Equity Reserves
Adjustment
Opening 690 86,115 467,637 (421,947) (2,662) 129,833
Balance at
30 Sept
2003
Scheme of 690 792,794 793,484
arrangement
Mvelaphanda 51 59,874 59,925
Holdings
share issue
Booysendal 185 224,814 224,999
Platinum
project
share issue
Shares 1,556 1,788,443 1,789,999
issued for
cash (GFI-
SA)
Shares 156 178,828 178,984
issued for
cash over
allotment
option
Share issue (93,370) (93,370)
expenses
Equity (576) (576)
portion of
foreign
currency
translation
reserve
Equity (103) (103)
portion of
fair value
adjustment
on
available-
for-sale
financial
assets
Unrealised (27) (27)
loss on
revaluation
of listed
investments
Attributabl (97,264) (97,264)
e loss for
the period
Balance at 3,328 3,037,498 370,373 (421,947) (3,368) 2,985,884
30 June
2004
Unrealised 857 857
loss on
revaluation
of listed
investment
Equity (432) (432)
portion of
foreign
currency
translation
reserve
Equity (94) (94)
portion of
fair value
adjustment
on
available-
for-sale
financial
assets
Profit on 970 970
disposal of
treasury
shares
Attributabl 181,609 181,609
e profit
for the
year
Closing 3,328 3,037,498 552,952 (421,947) (3,037) 3,168,794
Balance at
30 June
2005
Group Cash Flow Statement
Reviewed Audited
12 months 9 months
to 30 June to 30 June
R`000 2005 2004
Cash flows from operating activities
Cash utilised in operations (27,122) (31,754)
Interest received 451,029 132,443
Interest paid (187,696) (58,732)
Taxation paid (2,678) (657)
Movement in working capital (2,748) (6,672)
NET CASH GENERATED BY OPERATING ACTIVITIES 230,785 34,628
Cash flows from investing activities
Dividends received from associated 46,190 26,719
companies
Northam Platinum Limited 43,978 23,282
Trans Hex Group Limited 2,212 3,437
Capital repayment by associate companies 10,348 18,108
Payment in respect of projects (56,131) (40,893)
Booysendal Platinum project (30,000) (40,893)
Tirisano Mine project (26,131) -
Dividends received from non-strategic 8 5
investments
Acquisition of office equipment (758) (55)
Loan advanced to GFI-SA - (4,139,000)
Exercise of Remgro options on Trans Hex - (54,021)
shares
Proceeds on disposal of Trans Hex shares - 53,710
NET CASH UTILISED IN INVESTING ACTIVITIES (343) (4,135,427)
Cash flows from financing activities
Loans raised - 2,384,595
Loans repaid (281,443) -
Proceeds on issue of shares - 1,968,983
Proceeds on disposal of treasury shares 11,874 -
Purchase of treasury shares (10,904) -
Transaction costs (GFI-SA) (7,662) (117,542)
NET CASH (UTILISED IN)/GENERATED BY FINANCING (288,135) 4,236,036
ACTIVITIES
Net (decrease)/increase in cash and cash (57,693) 135,237
equivalents
Cash and cash equivalents at beginning of 218,716 83,479
the period
CASH AND CASH EQUIVALENTS AT END OF PERIOD 161,023 218,716
Notes
1. Basis of preparation
The financial information has been prepared in accordance with South
African Statements of Generally Accepted Accounting Practice and
incorporate accounting policies which are consistent with the previous
year. In terms of the JSE Listings Requirements, the group is required
to produce IFRS compliant financial interim results for the six months
ending 31 December 2005 and compliant financial statements for the year
ending 30 June 2006 together with restated comparatives. Management is
currently assessing the impact of adopting IFRS on the group`s
financial statements.
The Company has no material operating leases.
2. Derivative financial
instruments
The fair value is based on the market price of Trans Hex Group Limited
shares as at year end and the contingent liability of R52,5 million
(2004:R64,3 million) relating to the debenture coupon.
Reviewed Audited
3. Mezzanine finance (R`000) 30 June 30 June 2004
2005
Loan advanced to Mvela Gold 1,086,000 1,086,000
Net interest capitalised at 36,100 -
beginning of year
Net interest capitalised 136,080 36,100
during the year
1,258,180 1,122,100
Unrealised fair value (188,000) (664,000)
adjustment at year end
Mezzanine finance at fair 1,070,180 458,100
value
Capitalised transaction (25,305) (22,780)
costs (net of amounts
amortised)
1,044,875 435,320
The mezzanine finance was advanced to Mvela Gold by a special purpose
vehicle (spv) on a back-to-back arrangement (the same arrangements
which are applicable to the spv are applicable to Mvela Gold). The spv
on-charges all of its costs to Mvela Gold, who treats these collective
charges as finance costs for the mezzanine finance. Mvela Resources
pledged its shares in Mvela Gold as security for the mezzanine finance.
4. Impact of the GFI-SA
Transaction
The significant increase in interest received, finance costs, and
normal taxation is attributable to the full year`s impact of the GFI-SA
transaction (3,5 months for 2004) as discussed in the financial
commentary.
Reviewed Audited
5. Earnings per share 30 June 30 June 2004
reconciliation 2005
(a) Headline earnings/(loss) per 108.40 (96.14)
share (cents)
(R`000)
Attributable earnings/(loss) 181,609 (97,264)
Net negative goodwill (9,233) (6,925)
amortised
Impairment provision 8,000 -
Headline earnings/(loss) 180,376 (104,189)
Weighted average number of 166,403,140 108,367,958
shares in issue
(b) Adjusted earnings per share 63.35 64.74
(cents)
(R`000)
Attributable earnings/(loss) 181,609 (97,264)
`Other expenses` per income (54,571) 186,954
statement
Amortisation of negative (16,107) (12,080)
goodwill
Taxation relating to other (5,518) (7,447)
expenses
Adjusted earnings 105,413 70,163
Weighted average number of 166,403,140 108,367,958
shares in issue
6. Post balance sheet events
Northam Platinum Limited declared a final dividend of 45 cents per
share. This was paid on
29 August 2005. This represents an attributable dividend payment of
R23,3 million to Mvela Resources.
7. Audit review opinion
The results have been reviewed by the group`s auditors,
PricewaterhouseCoopers Inc., and their unqualified review opinion is
available for inspection at the company`s registered office.
Commentary
Corporate Activity
The South African rand/US dollar exchange rate continues to be the primary
driver of profitability and fundable deal flow in the South African mining
sector, with revenues for most products priced in dollars, yet operating cost
inputs largely priced in rands.
This has had a significant impact on the profitability of the South African
mining industry and a slow acceptance of the reality of a period of sustained
rand strength, has resulted in a `value gap` between what vending companies
believed their assets to be worth and what empowerment companies have been
willing to pay, or able to finance, given the marginality of most South African
mining operations at or below R7/US dollar. As a result, transaction activity in
the South African mining sector and in particular, empowerment transactions,
slowed to a trickle in recent years.
Since December 2004 however, there has been a consensus shift to an outlook of
sustained rand strength and a growing acceptance by the industry of this view.
With the Mining Charter deadline of March 2009 drawing closer too, there appears
to be a renewed urgency to comply with the Charter requirements and discussions
and corporate activity - not just confined to the empowerment arena, have begun
to pick up pace over the course of calendar 2005.
Mvela Resources has utilised this period of sluggish deal flow to consolidate
its position. While few new transactions were concluded by the company in
FY2005, value has been created for shareholders through continued negotiation
with its current partners. A case in point was the finalisation of the Exchange
Agreement with Gold Fields, which, given the prevailing strength of the rand,
and the cost pressures brought to bear by wage increases and rising steel and
fuel prices, has provided Mvela Resources with a significant value underpin -
protecting its downside, yet maintaining upside leverage in the event of a
higher rand gold price. Negotiations continue with other joint venture partners,
which Mvela Resources` management believes will add further value for
stakeholders in the coming year.
The Booysendal Project
New order prospecting rights for the Booysendal project have been granted by the
South African Department of Minerals and Energy. The joint venture partners are
in the process of finalising the shareholders agreement, following which Mvela
Resources will offer its 50% interest in the project to Northam Platinum Limited
(`Northam`) as proposed. The terms of the sale are unchanged; Northam will
acquire Mvela Resources interest for R90 million in cash, 20.4 million new
ordinary shares in the company and 18 million deferred shares (which will not
qualify for dividends until the fourth anniversary of the issue) and neither
Mvela Resources nor Anglo Platinum will vote in the transaction.
FINANCIAL REVIEW
Income Statement
The financial statements for the year-ended 30 June 2005 represent twelve months
of financial performance compared to nine months in the previous period.
Attributable earnings increased from a loss of R97 million to a profit of R182
million in the current year. This increase primarily reflects the inclusion of a
full year`s interest relating to the Gold Fields South Africa (`GFI-SA`)
transaction (compared with three and a half months for the nine month period to
30 June 2004) and the net unrealised gain arising from the fair valuation
adjustments also primarily relating to the GFI-SA transaction.
Attributable equity earnings from associate companies remained under pressure
during FY2005 primarily due to the sustained strength of the rand. Furthermore,
Northam lost approximately 12% of its planned production after mining was
suspended for six-weeks following an underground fire on 20 September 2004.
Despite these factors, both Northam and Trans Hex Group Limited (`Trans Hex`)
remained profitable and continued to generated positive earnings and operating
cash flows. Northam`s attributable earnings declined marginally from R250
million to R248 million, while attributable earnings from Trans Hex fell 52%
from R191 million to R92 million year-on-year. The combined effect has been a
11% reduction in attributable earnings from associate companies to R43 million
in the current financial year.
Interest earned of R437 million reflects interest payments from GFI-SA to Mvela
Gold, a whollyowned subsidiary of Mvela Resources. Mvela Gold advanced a R4 139
million loan to GFI-SA in terms of the future acquisition of 15% of GFI-SA by
Mvela Gold. The transaction was concluded in March 2004.
Attributable income for FY2005 of R182 million also reflects a net R73 million
gain on the revaluation of financial instruments (a net R118 million loss in
FY2004). This is primarily a result of an approximate 7% weakening in the rand
and an approximate 17% increase in the Gold Fields share price year-on-year,
which resulted in a positive R579 million (negative R732 million in FY2004) fair
value adjustment on the GFI-SA loan and a negative R476 million (positive R664
million) fair value movement on the mezzanine loan. The net figure also
incorporates a negative R30 million (negative R50 million in FY 2004) fair value
adjustment on the Trans Hex forward purchased shares.
Finance costs amounted to R329 million (R96 million in 2004). The substantial
increase is primarily due to the inclusion of a full-year`s interest on the
senior loan and mezzanine debt compared with the three and a half months
interest in FY2004.
Corporate expenses increased by 25% year-on-year, primarily due to organic
growth of the business and further costs incurred in respect of the GFI-SA
transaction. The group incurred exploration and project development costs of R6
million on projects like Ndowana (R3 million) and Dwaalkop (R2 million).
Exploration and project development costs in FY2004 were significantly higher at
R15 million primarily due to R6 million expenditure at the Dwaalkop project and
a further R5 million on the Phakalane joint venture.
Balance Sheet
The group`s balance sheet remained robust at year end, with cash of R161
million. As at 30 June 2005, the carrying value of the investment in Trans Hex
was higher than the market value of the Trans Hex shares owned by Mvela
Resources. Management has considered it appropriate that an impairment provision
of R8 million be raised.
Cash Flow Statement
The GFI-SA transaction has been structured to be nearly cash neutral for Mvela;
interest received of R437 million was offset by interest payments of R186
million and capital repayments of R234 million on the senior debt. Cash
dividends received from associated companies were R20 million higher than in
FY2004 at R46 million. The SCMB debt was retired in full (R47 million), R26
million was utilised to fund the group`s share of the Tirisano Mine expansion
and a R30 million advance was made in respect of the Booysendal acquisition.
Despite these cash outflows, the group was able to preserve its cash reserves,
resulting in a cash balance of R161 million at year-end. Northam declared a
final dividend of 45 cents per share for the year ended 30 June 2005. Mvela
Resources received its attributable share (R23.3 million) in August 2005.
Completion of the sale of 50% of Booysendal to Northam should result in a
further R90 million cash-injection.
OPERATIONAL REVIEW
GFI-SA
FY2005 was a challenging period, with Gold Fields not only having to cope with a
rand induced squeeze on margins, but also the distraction of the hostile bid by
Harmony.
The operating result produced was admirable, given the difficulties faced;
production at the South African operations rose 1% to 2.82 million oz as
production from surface sources was replaced by underground tonnage and the
mining focus continue to shift from loss making, marginal underground areas to
higher-grade stopes (Project 400). Cost saving initiatives also yielded positive
results, with total production costs flat at R80,963/kg, despite the impact of
above inflation wage increases and higher input costs (steel, fuel and others).
Capital expenditure of R636 million was below budget of R800 million as projects
of lesser importance were deferred due to the low rand gold price. Major capital
projects at Driefontein (1 tertiary shaft and 5 sub vertical shaft) have also
been completed and capital expenditure of R740 million has been planned for
FY2006.
Despite a firmer average dollar gold price of US$422/oz compared with US$387/oz
the previous year, the 10% appreciation in the rand to R6.22/US$ resulted in the
average rand gold price falling from R85,605/kg in FY2004 to R84,218/kg in
FY2005. Revenue from GFI-SA fell 1% but costs were flat resulting in operating
profit falling 7%. In terms of the financing structure of the GFI-SA
transaction, Mvela Gold receives fixed interest payments from GFI-SA while Gold
Fields receives 100% of the after-capex dividends until March 2009. As a result,
Mvela Gold is protected from the vagaries of the rand gold price until it takes
ownership of its 15% of GFI-SA on the subscription date.
Northam
Mining operations in the first six months of the financial year were suspended
for six-weeks following a fire in a development end in September 2004. This
resulted in a drop in planned production of some 12% during the period however,
a very good operating performance in the second half of the year during which
production was up 17.5% to 170,020 oz, resulted in total production declining
just 4.5% year-on-year to 325,214 oz (3PGE and Au). Total operating costs rose
5.7%, which, together with lower production of metals in concentrate, resulted
in cash operating costs increasing 11% to R110,267/kg (US$554/oz). Despite the
strong rand, Northam maintained a cash operating margin of 20% (24%) and a gross
operating margin of 12% (16%) again illustrating the robustness of the operation
and quality of management.
The dollar PGM basket price received rose 14.9% to US$686/oz but the strong rand
offset most of these gains to limit the received rand PGM basket price to
R137,517/oz (+5%). Operating profit fell 29.5% to R271 million due to higher
unit costs associated with lower production volumes although a R75 million
insurance payout relating to the fire kept attributable profit largely unchanged
at R249 million (107 cents per share).
Northam declared a final dividend of 45 cents per share, bringing the total
dividend for the year to 70 cents per share (105 cents per share in FY2004).
Trans Hex
Production from the mature South African land operations fell from 140,300
carats to 137,100 carats as expected. Higher production from Angola (113,700
carats compared with 95,000 carats in FY2004 - 39,264 carats attributable to
Trans Hex), as Laurica built up to full production and a contribution from the
Fucauma pilot plant, together with a significant increased in marine production
(69,900 carats compared with 37,900 carats in FY2004) enabled a 16% increase in
attributable production to 246,264 carats.
Angola continues to be a node of growth for Trans Hex. An internally funded US$6
million upgrade to the plant at the Laurica alluvial operation (35%
attributable) should boost production from current levels of around 9,000 carats
per month to about 14,000 carats per month, bringing with it, potential cost
benefits. Commissioning of the Fucauma plant is also underway; at full capacity
Fucauma is anticipated to produce about 10,000 carats per month.
Rough diamond prices have remained firm throughout FY2005, driven by a robust
global economy and dollar prices rose some 25% in the year to 31 March 2005. The
rand gained 12.6% against the dollar during this period however, negating much
of the increase. Diamond sales were 3% lower at R1,015 million but with higher
costs (+16%) associated with increased exploration activity in Angola,
attributable income decreased 52% to R92 million (R191 million).
Trans Hex declared a total dividend for the year of 40 cents (20 cents at both
the interim and final stages), down from 73 cents in FY2004. Attributable cash
flow to Mvelaphanda Resources over the period was R2.2 million (R 3.4 million)
DIVIDENDS
Further acquisitive and organic growth opportunities are likely to arise for
Mvela Resources in the coming period. As such, the Directors have elected not to
pay a final dividend for the year-ended 30 June 2005.
BOARD CHANGES
As announced in February 2005, Mr Richard Shead resigned as non-executive
director of the company and in August 2005, Ms Nthobi Angel resigned as non-
executive director of the company to pursue other opportunities.
Mr Brian Mosehla was appointed Executive Director, New Business in June 2005 and
Ms Khanyi Ntsaluba as Financial Director in August 2005.
PROSPECTS
With the difficulties of the past year behind them and further efficiency and
cost improvements expected from all Mvela Resources` associate companies, FY2006
should be much improved. The rand appears to have peaked and the outlook for
gold, platinum and diamonds appears positive - higher rand prices for all of
these commodities should feed straight through to the bottom line. Mvela
Resources expects to further consolidate its position with current partners and
further co-operation with new partners such as Lonmin at the Dwaalkop joint
venture have yet to be fully explored. Resources worldwide remain in a positive
uptrend and corporate activity in the South African mining industry appears to
be picking up after a quiet period. Despite the challenges facing high profile
empowerment companies such as Mvela Resources, we are confident that we have the
management depth and skills as well as the financial stature to be active
participants. Africa too is opening up, and there appears to be a fresh
atmosphere of co-operation, certainly among the Sub-Saharan countries which
offers some exciting opportunities.
For and on behalf of the board
TMG Sexwale (Chairman)
PC Pienaar (Chief Executive Officer)
Johannesburg
2 September 2005
Directors:
TMG Sexwale (Chairman), PC Pienaar * (CEO), N Ntsaluba * (FD), C Johnson *, KB
Mosehla *,
BR van Rooyen *, M Beckett, O Mabandla, E Molobi, N Mtshotshisa, P Ncholo, R
Ramaite, MJ Willcox, MSM Xayiya
* Executive
Company secretary: BR van Rooyen
Sponsor
PricewaterhouseCoopers
Corporate Finance (Pty) Limited
(Registration number 1970/003711/07)
Transfer Secretaries
Computershare Investor Services 2004 Limited
70 Marshall Street
Johannesburg, 2001
P O Box 61051, Marshalltown, 2107
Registered Office
1A Albury Park
Ground Floor
Magalieszicht Avenue
Dunkeld West, 2196
P O Box 413420, Craighall, 2024
Contact Details
Investor Relations & Media
James Wellsted
Tel: +27 11 325-5323
Fax: +27 11 325-5320
Mobile: +27 83 453-4014
Email: james@mvelares.co.za
Date: 02/09/2005 09:01:09 AM
Produced by the JSE SENS Department
