| |
2005 |
2004 |
| OPERATING ACTIVITIES |
|
|
| Net loss |
$ (8,965) |
$ (2,859) |
| Add (deduct) items not affecting cash: |
|
|
| Depletion, amortization and depreciation |
5,651 |
67 |
| Equity loss (earnings) from investment in Barberton Mines Ltd (Note 5) |
221 |
(2,068) |
| Gain on investment in Metorex Ltd (Note 6) |
(230) |
(180) |
| Gain on investment in Asia Pacific Resources Ltd |
(24) |
(601) |
| Gain on disposal of Seqi Olivine I/S (Note 6 (b)) |
(9,686) |
- |
| Gain on sale of geothermal asset (Note 6 (f)) |
- |
(985) |
| Stock option expense (Note 11(g)) |
326 |
308 |
| Other |
1,259 |
- |
| Non-controlling interest |
(1,916) |
(72) |
| Change in non-cash operating working capital items (Note 15(a)) |
(1,943) |
1,907 |
| |
$ (15,307) |
$ (4,483) |
| |
| FINANCING ACTIVITIES |
|
|
| Net proceeds on new bonds |
23,380 |
- |
| Net proceeds on convertible bonds |
- |
16,659 |
| Issuance of share purchase warrants (Note 11 (e)) |
- |
78 |
| Issuance of common share for cash |
22,306 |
2,104 |
| Repayments of amount due from Metorex Ltd |
422 |
76 |
| Others |
343 |
- |
| Dividends received |
389 |
40 |
| |
46,840 |
18,957 |
| |
| INVESTING ACTIVITIES |
|
|
| Proceeds on disposal of investment in Metorex Ltd |
2,139 |
1,326 |
| Proceeds on disposal of investment in Asia Pacific resources Ltd |
66 |
1,846 |
| Proceeds on disposal of Seqi Olivine I/S (Note 6 (b)) |
9,686 |
- |
| Proceeds on disposal of geothermal asset (Note 6 (f)) |
- |
173 |
| Expenditures on Nalunaq mineral property, plant & equipment (Note 3) |
(7,117) |
(20,343) |
| Security deposit for mine closure costs (Note 3) |
(12) |
(442) |
| Expenditures on other mineral property interests (Note 6) |
(312) |
(742) |
| Other |
(341) |
729 |
| |
4,109 |
$ (17,453) |
| |
| EFFECT OF FOREIGN EXCHANGE TRANSLATION ON CASH AND CASH EQUIVALENTS |
163 |
- |
| NET CASH INFLOW (OUTFLOW) |
35,805 |
(2,979) |
| CASH, BEGINNING OF YEAR |
1,994 |
4,973 |
| |
| CASH, END OF YEAR |
$ 37,799 |
$ 1,994 |
| |
| SUPPLEMENTAL CASH FLOW INFORMATION (Note 15) |
|
|
| |
| See accompanying Notes to the Consolidated Financial Statements. |