| Consolidated Statements of (Loss) Earnings and Deficit
(Expressed in thousands of United States dollars, except per share amounts)
| |
|
Year ended |
|
Six months ended |
|
Year ended |
| |
|
December 31, |
|
December 31, |
|
June 30, |
| |
|
2007 |
|
2006 |
|
2006 |
| MINERAL SALES |
|
$ 39,562 |
|
$ 39,461 |
|
$ 37,953 |
| DIRECT COSTS OF MINERAL SALES |
|
(35,186) |
|
(38,681) |
|
(28,050) |
| MINE SITE ADMINISTRATION COSTS |
|
(7,613) |
|
(6,855) |
|
(8,342) |
| DEPLETION AND DEPRECIATION |
|
(8,704) |
|
(6,657) |
|
(9,762) |
| |
|
(11,941) |
|
(12,732) |
|
(8,201) |
| |
|
|
|
|
|
|
| EXPENSES |
|
|
|
|
|
|
| Administration, office and general |
|
(16,461) |
|
(8,786) |
|
(5,982) |
| Exploration |
|
(137) |
|
(1,379) |
|
(353) |
| Professional fees |
|
(1,122) |
|
(1,419) |
|
(1,437) |
| Stock compensation expense (Note 14(g)) |
|
(7,249) |
|
(1,972) |
|
(1,805) |
| |
|
(24,969) |
|
(13,556) |
|
(9,577) |
| |
|
|
|
|
|
|
| OTHER INCOME (EXPENSES) |
|
|
|
|
|
|
| Equity earnings from investment in Barberton Mines Limited |
|
- |
|
153 |
|
831 |
| Equity loss from investment in Intex Resources ASA |
|
(404) |
|
- |
|
- |
| Gain on disposals of other investments |
|
- |
|
6,664 |
|
2,824 |
| Gain on disposal of Golden Star Resources (Note 7) |
|
505 |
|
597 |
|
628 |
| Gain on disposal / dilution of investment in Intex Resources ASA (Note 5) |
|
72,231 |
|
35,205 |
|
- |
| Realized (loss) / gain on future / forward obligation contracts (Note 5) |
|
(7,574) |
|
63 |
|
214 |
| Unrealized loss on forward obligation contract (Note 5) |
|
(358) |
|
- |
|
- |
| Interest - Convertible bonds and other long-term loans |
|
(16,010) |
|
(7,367) |
|
(8,993) |
| Other finance charges - Convertible bonds and other long-term loans |
|
(5,552) |
|
(2,730) |
|
(2,945) |
| Foreign exchange loss |
|
(38,874) |
|
(644) |
|
(12,859) |
| Interest and other income - net |
|
1,088 |
|
647 |
|
708 |
| |
|
5,052 |
|
32,588 |
|
(19,592) |
| (LOSS) EARNINGS BEFORE PROVISION FOR INCOME TAXES AND |
|
|
|
|
|
|
| NON-CONTROLLING INTEREST |
|
(31,858) |
|
6,300 |
|
(37,370) |
| RECOVERY OF INCOME TAXES (Note 13) |
|
135 |
|
945 |
|
834 |
| (LOSS) EARNINGS BEFORE NON-CONTROLLING INTEREST |
|
(31,723) |
|
7,245 |
|
(36,536) |
| NON-CONTROLLING INTEREST |
|
462 |
|
31 |
|
940 |
| NET (LOSS) EARNINGS |
|
(31,261) |
|
7,276 |
|
(35,596) |
| DEFICIT, BEGINNING OF PERIOD |
|
(109,390) |
|
(116,666) |
|
(81,070) |
| DEFICIT, END OF PERIOD |
|
$ (140,651) |
|
$ (109,390) |
|
$ (116,666) |
| |
|
|
|
|
|
|
| (LOSS) EARNINGS PER SHARE - BASIC |
|
$ (0,07) |
|
$ 0.02 |
|
$ (0.13) |
| |
|
|
|
|
|
|
| (LOSS) EARNINGS PER SHARE - DILUTED |
|
$ (0,07) |
|
$ 0.02 |
|
$ (0.13) |
| |
|
|
|
|
|
|
| WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC |
|
434,147,546 |
|
394,561,832 |
|
281,543,480 |
| |
|
|
|
|
|
|
| WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - DILUTED |
|
434,147,546 |
|
397,896,557 |
|
281,543,480 |
See accompanying notes to the consolidated financial statements
|
