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"value": "\n\nNotes to the Annual Financial Statements
\nCorporate Information
\nCapital Limited (the \u201cCompany\u201d) is incorporated in
\nBermuda. The Company and its subsidiaries (the
\n\u201cGroup\u201d) provide drilling, mining (load and haul),
\nmineral assaying and surveying services. The
\nGroup also has a portfolio of investments in listed
\nand unlisted exploration and mining companies.
\nDuring the year ended 31 December 2022,
\nthe Group provided drilling services in C\u00f4te
\nd\u2019Ivoire, Guinea, Egypt, Kenya, Mauritania, Mali,
\nSaudi Arabia and Tanzania. Mining services are
\nprovided in Egypt and mineral analysis services
\nare provided in Canada, Guyana, Mauritania,
\nNigeria, C\u00f4te d\u2019Ivoire, Mali, Tanzania, Kenya and
\nDemocratic Republic of the Congo. The Group\u2019s
\nadministrative office is located in Mauritius.
\n
\n\n\n1. SIGNIFICANT ACCOUNTING POLICIES
\nThe principal accounting policies applied in
\nthe preparation of the Group\u2019s annual financial
\nstatements are set out below.
\n\n1.1 Basis of preparation and going concern
\nThe Group Annual Financial Statements have
\nbeen prepared in accordance with International
\nFinancial Reporting Standards (IFRS) issued by
\nthe International Accounting Standards Board and
\nare presented in United States Dollars since that is
\nthe currency in which the majority of the Group\u2019s
\ntransactions are denominated. Where additional
\ninformation has been presented in the current
\nyear Annual Financial Statements, the prior year
\namounts have been presented to be consistent
\nwith the presentation in the current year.
\nThe Group Annual Financial Statements have
\nbeen prepared on the historical cost basis
\nexcept for certain financial instruments which are
\nmeasured at fair value.
\nHistorical cost is based on the fair value of the
\nconsideration given in exchange for the assets.
\nFair value is the price that would be received to
\nsell an asset or paid to transfer a liability in an
\norderly transaction between market participants
\nat the measurement date, regardless of whether
\nthat price is directly observable or estimated
\nusing another valuation technique. In estimating
\nthe fair value of an asset or liability, the Group
\ntakes into account the characteristics of the
\nasset or liability if market participants would take
\nthose characteristics into account when pricing
\nthe asset or liability at the measurement date.
\nFair value for measurement and/or disclosure
\npurposes in these Financial Statements is
\ndetermined on such a basis, except for share-
\nbased payment transactions that are in the scope
\nof IFRS 2, leasing transactions which are within
\nthe scope of IFRS 16 and measurements that
\nhave some similarities to fair value but are not
\nfair value, such as net realisable value in IAS 2 or
\nvalue in use in IAS 36.
\nIn addition, for financial reporting purposes, fair
\nvalue measurements are categorised into Level
\n1, 2 or 3 based on the degree to which the inputs
\nto the fair value measurements are observable
\nand the significance of the inputs to the fair value
\nmeasurement in its entirety, which are described
\nas follows:
\n\u2022 Level 1 inputs are quoted prices (unadjusted)
\nin active markets for identical assets or
\nliabilities that the entity can access at the
\nmeasurement date;
\n\u2022 Level 2 inputs are inputs, other than quoted
\nprices included within Level 1, that are
\nobservable for the asset or liability, either directly
\nor indirectly; and
\n\u2022 Level 3 inputs are unobservable inputs for the
\nasset or liability.
\n\nGoing Concern
\nAs at 31 December 2022, the Group had a robust
\nbalance sheet with a low debt gearing with equity
\nof US$239.9 million and loans and borrowings of
\nUS$75.6 million. Cash as at 31 December 2022
\nwas US$28.4 million, with net debt of US$47.2
\nmillion. Investments in listed entities at the end
\nof December 2022 amounted to US$30.4 million
\nwhich provided additional flexibility as these
\ninvestments could be converted into cash.
\nThis robustness is underpinned by stable revenues
\ngenerated on long-term contracts. Revenues
\ngenerated on mine sites and longer-term contracts
\nmake up over 85% of Group revenues. Revenues
\ncontinued to perform strongly in 2022 with
\nincreased revenue of 28% compared to 2021.
\nCommercially, the Group continues to secure
\nand extend long-term mining contracts with
\nhigh quality customers, including the significant
\ncontract win at B2Gold\u2019s Fekola gold mine and
\nmajor extensions at the AngloGold Ashanti\u2019s Geita
\ngold mine and Barrick\u2019s Bulyanhulu gold mine.
\nIn addition, there are no major contracts due to
\nexpire in 2023 which provides strong support for
\nearnings over the coming year.
\n
\n\n
\n
\n\n
\n
\n\n
\n
\n\n
\nNotes to the Annual Financial Statements (continued)
\n\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n
\n1.1 Basis of preparation and going concern
\n(continued)
\n\nIn determining the going concern status of the
\nbusiness, the Board has reviewed the Group\u2019s
\nforecasts for the 18 months to June 2024,
\nincluding both forecast liquidity and covenant
\nmeasurements. In the assessment, management
\ntook into consideration the principal risks of the
\nbusiness that are most relevant to the going
\nconcern assessment and reverse stressed the
\nforecast model to identify the magnitude of
\nsensitivity required to cause a breach in covenants
\nor risk the going concern of the business,
\nalongside the Group\u2019s capacity to mitigate. The
\nmost relevant sensitivity was considered to be
\ndecrease in EBITDA through loss of contracts,
\nwith no redeployment of equipment. EBITDA
\nwould need to fall over 70% for a 12-month period
\nto breach the covenant test. Given the strong
\nmarket demand from existing clients and across
\na large tendering pipeline, the Group\u2019s increased
\nservice\u2005diversification\u2005and\u2005the\u2005limited\u2005contract\u2005
\nexpiries due during the year, management
\nconsider the risk of a deep demand correction to
\nbe low.
\nGiven the Group\u2019s exposure to high quality mine
\nsite operations, we consider a decrease of such
\nmagnitude to be remote.
\nBased on its assessment of the forecasts,
\nprincipal risks and uncertainties and mitigating
\nactions considered available to the Group in
\nthe event of downside scenarios, the Board
\nconfirms\u2005that\u2005it\u2005is\u2005satisfied\u2005the\u2005Group\u2005will\u2005be\u2005able\u2005
\nto continue to operate and meet its liabilities as
\nthey fall due over the going concern period to
\nJune 2024. Accordingly, the Board has concluded
\nthat the going concern basis in the preparation of
\nthe Financial Statements is appropriate and that
\nthere are no material uncertainties that would cast
\ndoubt on that basis of preparation.
\n
\n\n
\n\n\n
\n1.2 Consolidation
\nBasis of consolidation
\nThe\u2005consolidated\u2005annual\u2005financial\u2005statements\u2005
\nincorporate\u2005the\u2005annual\u2005financial\u2005statements\u2005of\u2005the\u2005
\nCompany and all subsidiaries. Subsidiaries are
\nentities (including structured entities) which are
\ncontrolled by the Group.
\nThe Company controls an investee if all three of
\nthe following elements are present: power over
\nthe investee, exposure to variable returns from
\nthe investee, and the ability of the investor to use
\nits\u2005power\u2005to\u2005affect\u2005those\u2005variable\u2005returns.\u2005Control\u2005
\nis reassessed whenever facts and circumstances
\nindicate that there may be a change in any of
\nthese elements of control.
\nThe results of subsidiaries are included in the
\nconsolidated\u2005annual\u2005financial\u2005statements\u2005from\u2005the\u2005
\neffective\u2005date\u2005of\u2005acquisition\u2005to\u2005the\u2005effective\u2005date\u2005
\n
\nof disposal.
\nAdjustments are made when necessary to the
\nannual\u2005financial\u2005statements\u2005of\u2005subsidiaries\u2005to\u2005
\n
\nbring their accounting policies in line with those
\nof the Group.
\nAll inter-company transactions, balances, and
\nunrealised gains on transactions between group
\ncompanies are eliminated in full on consolidation.
\nUnrealised losses are also eliminated unless the
\ntransaction provides evidence of an impairment of
\nthe asset transferred.
\nNon-controlling interests in the net assets of
\nconsolidated\u2005subsidiaries\u2005are\u2005identified\u2005and\u2005
\nrecognised separately from the group\u2019s interest
\ntherein and are recognised within equity. Losses
\nof subsidiaries attributable to non-controlling
\ninterests are allocated to the non-controlling
\ninterest even if this results in a debit balance
\n
\nbeing recognised for non-controlling interest.
\nTransactions with non-controlling interests that do
\nnot result in loss of control are accounted for as
\nequity transactions and are recognised directly in
\nthe Statement of Changes in Equity.
\nThe\u2005difference\u2005between\u2005the\u2005fair\u2005value\u2005of\u2005
\nconsideration paid or received and the movement
\nin non-controlling interest for such transactions is
\nrecognised in equity attributable to the owners of
\nthe company.
\nWhere a subsidiary is disposed of and a non-
\ncontrolling shareholding is retained, the remaining
\ninvestment is measured to fair value with the
\nadjustment\u2005to\u2005fair\u2005value\u2005recognised\u2005in\u2005profit\u2005
\nor loss as part of the gain or loss on disposal
\nof the controlling interest. The fair value is the
\ninitial carrying amount for the purposes of
\nsubsequently accounting for the retained interest
\nas\u2005an\u2005associate,\u2005joint\u2005venture\u2005or\u2005financial\u2005asset.\u2005
\nIn addition, any amounts previously recognised
\nin other comprehensive income in respect of
\nthat entity are accounted for as if the group
\nhad directly disposed of the related assets or
\nliabilities. This may mean that amounts previously
\nrecognised in other comprehensive income are
\nreclassified\u2005to\u2005profit\u2005or\u2005loss.
\n1.2 Consolidation (continued)
\n\n
\n\n
\n
\nBusiness combinations
\nThe Group accounts for business combinations
\nusing the acquisition method of accounting.
\nThe cost of the business combination is measured
\nas the aggregate of the fair values of assets
\ngiven, liabilities incurred or assumed, and equity
\ninstruments issued. Costs directly attributable
\nto the business combination are expensed as
\nincurred, except the costs to issue debt which
\nare\u2005amortised\u2005as\u2005part\u2005of\u2005the\u2005effective\u2005interest\u2005and\u2005
\ncosts to issue equity which are included in equity.
\nAny contingent consideration is included in the cost
\nof the business combination at fair value as at the
\ndate of acquisition. Subsequent changes to the
\nassets, liability or equity which arise as a result of the
\ncontingent\u2005consideration\u2005are\u2005not\u2005affected\u2005against\u2005
\ngoodwill, unless they are valid measurement period
\nadjustments. Otherwise, all subsequent changes
\nto the fair value of contingent consideration that
\nis deemed to be an asset or liability is recognised
\nin\u2005either\u2005profit\u2005or\u2005loss\u2005or\u2005in\u2005other\u2005comprehensive\u2005
\nincome, in accordance with relevant IFRSs.
\nContingent\u2005consideration\u2005that\u2005is\u2005classified\u2005as\u2005equity\u2005
\nis not remeasured, and its subsequent settlement is
\naccounted for within equity.
\nThe\u2005acquiree\u2019s\u2005identifiable\u2005assets,\u2005liabilities\u2005and\u2005
\ncontingent liabilities which meet the recognition
\nconditions of IFRS 3 Business combinations are
\nrecognised at their fair values at acquisition date,
\nexcept for non-current assets (or disposal groups)
\nthat\u2005are\u2005classified\u2005as\u2005held\u2005for\u2005sale\u2005in\u2005accordance\u2005
\nwith IFRS 5 Non-current assets Held for Sale and
\nDiscontinued Operations, which are recognised at fair
\nvalue less costs to sell.
\nOn acquisition, the acquiree\u2019s assets and liabilities
\nare\u2005reassessed\u2005in\u2005terms\u2005of\u2005classification\u2005and\u2005are\u2005
\nreclassified\u2005where\u2005the\u2005classification\u2005is\u2005inappropriate\u2005
\nfor group purposes.
\n\nNon-controlling interests in the acquiree are measured
\non an acquisition-by-acquisition basis either at fair
\nvalue or at the non-controlling interests\u2019 proportionate
\nshare in the recognised amounts of the acquiree\u2019s
\nidentifiable\u2005net\u2005assets.\u2005This\u2005treatment\u2005applies\u2005to\u2005
\nnon-controlling interests which are present ownership
\ninterests and entitle their holders to a proportionate
\nshare of the entity\u2019s net assets in the event of
\nliquidation. All other components of non-controlling
\ninterests are measured at their acquisition date fair
\nvalues unless another measurement basis is required
\nby IFRSs.
\nIn cases where the Group held a non-controlling
\nshareholding in the acquiree prior to obtaining control,
\nthat interest is measured to fair value as at acquisition
\ndate. The measurement to fair value is included
\nin\u2005profit\u2005or\u2005loss\u2005for\u2005the\u2005year.\u2005Where\u2005the\u2005existing\u2005
\nshareholding\u2005was\u2005classified\u2005as\u2005an\u2005available-for-sale\u2005
\nfinancial\u2005asset,\u2005the\u2005cumulative\u2005fair\u2005value\u2005adjustments\u2005
\nrecognised previously to other comprehensive
\nincome and accumulated in equity are recognised in
\nprofit\u2005or\u2005loss\u2005as\u2005a\u2005reclassification\u2005adjustment.
\n
\n
\n\n\nGoodwill is determined as the consideration paid,
\nplus the fair value of any shareholding held prior
\nto obtaining control, plus non- controlling interest
\nand\u2005less\u2005the\u2005fair\u2005value\u2005of\u2005the\u2005identifiable\u2005assets\u2005and\u2005
\nliabilities of the acquiree. If, in the case of a bargain
\npurchase, the result of this formula is negative, then
\nthe\u2005difference\u2005is\u2005recognised\u2005directly\u2005in\u2005profit\u2005or\u2005loss.
\nGoodwill is not amortised but is tested on
\nan annual basis for impairment. If goodwill is
\nassessed to be impaired, that impairment is not
\nsubsequently reversed.
\n
\n\nAsset acquisition
\nIn the event of an asset acquisition, the cost
\nof the acquisition is assigned to the individual
\nassets and liabilities based on their relative fair
\nvalues. Contingent consideration is accrued for
\nwhen these amounts are considered probable
\nand are discounted to present value based on
\nthe expected timing of payment.
\n
\n
\n\n
\n
\n\n
\n
\n
\n
\n\nNotes to the Annual Financial Statements (continued)
\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n
\n1.3 Significant judgements and sources of
\nestimation uncertainty
\nThe preparation of the Annual Financial Statements
\nin conformity with IFRS requires management, from
\ntime to time, to make judgements, estimates and
\nassumptions\u2005that\u2005affect\u2005the\u2005application\u2005of\u2005policies\u2005
\nand reported amounts of assets, liabilities, income
\nand expenses. These estimates and associated
\nassumptions are based on experience and various
\nother factors that are believed to be reasonable
\nunder\u2005the\u2005circumstances.\u2005Actual\u2005results\u2005may\u2005differ\u2005
\nfrom these estimates. The estimates and underlying
\nassumptions are reviewed on an ongoing basis.
\nRevisions to accounting estimates are recognised
\nin the period in which the estimates are revised and
\nin\u2005any\u2005future\u2005periods\u2005affected.
\n\n1.3.1 Critical judgements in applying
\naccounting policies
\nThe critical judgements made by management
\nin applying accounting policies, apart from
\nthose involving estimations, that have the most
\nsignificant\u2005effect\u2005on\u2005the\u2005amounts\u2005recognised\u2005
\nin\u2005the\u2005annual\u2005financial\u2005statements,\u2005are\u2005outlined\u2005
\nas follows:
\n
\n\n
\n\n
\n\n
\n\n
\nNotes to the Annual Financial Statements (continued)
\n\n
\n
\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n
\n1.3 Significant judgements and sources of
\nestimation uncertainty (continued)
\n\n1.3.1 Critical judgements in applying
\naccounting policies (continued)
\nImpairment of Property, Plant & Equipment
\nAt the end of every year, management uses
\njudgement to review the indicators of impairment
\nof Property, Plant & Equipment. Depending on
\nthose indicators, management will determine if
\nan impairment review needs to be done. Refer
\nto Note 12 for details on external indicators and
\nmanagement assessment on the impairment of
\nProperty, Plant & Equipment.
\nGoing concern
\nThere is an element of judgement involved in
\ndetermining\u2005the\u2005financial\u2005forecasts\u2005and\u2005availability\u2005
\nof cash and headroom over banking
\nfacilities and covenants in the context of a macro
\ndownturn, major political unrest and non-renewal
\nof contracts. Refer to Note 1.1 for the detailed
\nassessment on going concern.
\nRecoverability of trade receivables and
\naccrued income
\nThe Group has material amounts of billed and
\nunbilled services outstanding at 31 December
\n2022. Receivables are recognised initially at cost
\n(being the same as fair value) and subsequently at
\namortised cost less any allowance for impairment,
\nto ensure that amounts recognised represent the
\nrecoverable amount. The Group recognises a loss
\nallowance for expected credit losses (ECLs) on
\nall receivable balances from customers using a
\nlifetime\u2005credit\u2005loss\u2005approach\u2005and\u2005includes\u2005specific\u2005
\nallowance for impairment where there is evidence
\nthat the Group will not be able to collect amounts
\ndue from customers, subsequent to initial
\nrecognition. Management applies judgement on
\nspecific\u2005allowances\u2005for\u2005impairment\u2005based\u2005on\u2005the\u2005
\ninformation available at each reporting date which
\nincludes information about past events, current
\nconditions and forecasts of the future economic
\ncondition of customers.
\nContingent liabilities
\nManagement applies its judgement to the fact
\npatterns and advice it receives from its attorney,
\nadvocates and other advisors in assessing if an
\nobligation, including taxation related claims, is
\nprobable, more likely than not, or remote. This
\njudgement application is used to determine if the
\nobligation is recognised as a liability or disclosed
\nas a contingent liability (Note 38).
\nUncertain taxation provisions
\nThe Group operates internationally in territories
\nwith\u2005different\u2005and\u2005complex\u2005tax\u2005codes.
\nManagement exercises judgement in relation to
\nthe level of provision required for uncertain tax
\noutcomes. There are a number of tax positions not
\nyet\u2005agreed\u2005with\u2005the\u2005tax\u2005authorities\u2005where\u2005different\u2005
\ninterpretation of legislation and commercial
\narrangements could lead to a range of outcomes.
\nThe tax positions under review covers Corporate
\nIncome Tax, VAT, Minimum Income Tax, WHT and
\nPayroll. Judgements are made for each position
\nhaving regard to the particular circumstances
\nand advice obtained. Refer to Notes 9 and 38
\nuncertain tax positions.
\nManagement also exercises judgement in
\nassessing the availability of suitable future taxable
\nprofits\u2005to\u2005support\u2005deferred\u2005tax\u2005asset\u2005recognition.
\nFurther details of the Group\u2019s tax position are
\nprovided in Note 9.
\nClassification of spare parts and servicing
\nequipment
\nManagement exercises judgement in assessing
\nspare\u2005parts\u2005and\u2005servicing\u2005equipment\u2005classification.\u2005
\nSpare parts and servicing equipment are carried
\nas inventory and recognised as an expense
\nwhen consumed. However major spares stand-
\nby\u2005equipment\u2005qualifies\u2005as\u2005property,\u2005plant\u2005and\u2005
\nequipment when an entity expects to use them
\nduring more than one period and if spare parts
\nand servicing equipment can be used only in
\nconnection with an item of property, plant and
\nequipment, they are accounted for as property,
\nplant and equipment.
\nInvestments at fair value
\nThe Group holds investments classed as Level 3.
\nThe Group has assessed the fair value of these
\ninvestments based on a market-based approach
\nusing multiples of a set of peer companies. This
\nrequires Directors\u2019 estimates to be used and
\njudgements to be made with any gain or loss in
\nfair\u2005value\u2005recognised\u2005in\u2005the\u2005statement\u2005of\u2005profit\u2005or\u2005
\nloss. Further details are provided in Note 21
\nValue added tax (\u201cVAT\u201d)
\nIncluded in trade and other receivables are
\nrecoverable VAT balances owing mainly by the
\nfiscal\u2005authorities\u2005in\u2005a\u2005number\u2005of\u2005jurisdictions.\u2005The\u2005
\nGroup is following the relevant process in each
\ncountry to recoup the VAT balances owing and
\ncontinues to engage with authorities to estimate if
\nall amounts are recoverable and to accelerate the
\nrefund of the outstanding VAT balances. Refer to
\nNote 20
\n
\n
\n\n1.3 Significant judgements and sources of
\nestimation uncertainty (continued)
\n1.3.2 Key sources of estimation uncertainty
\nUseful lives of property, plant and equipment
\nManagement assesses the appropriateness of the
\nuseful lives of property, plant and equipment at the
\nend of each reporting period. The useful economic
\nlives of drilling rigs were reviewed during the year
\nassessed as appropriate. When the estimated
\nuseful\u2005life\u2005of\u2005an\u2005asset\u2005differs\u2005from\u2005previous\u2005
\nestimates, the change is applied prospectively in
\nthe determination of the depreciation charge.
\nHeavy mining equipment (\u201cHME\u201d) is depreciated
\nusing the unit of production method based on
\nthe estimated production hours. The estimated
\nproduction hours for each type of equipment is
\nbased on the original equipment manufacturers
\n(OEM) standards, together with an assessment by
\nthe Group\u2019s technical team.
\nThe useful lives of property, plant and equipment
\ncould be reduced by climate-related matters,
\nfor example as a result of physical risks,
\nobsolescence or legal restrictions. The change
\nin useful lives would have a direct impact on the
\namount of depreciation or amortisation recognised
\neach year from the date of reassessment.
\nThe Directors\u2019 review of useful lives has taken
\ninto consideration the impacts of the Group\u2019s
\ndecarbonisation commitments and has not had a
\nmaterial impact on the results for the year.
\nShare-based payments
\nIn calculating the share-based payment charge
\nfor the year under IFRS 2 Share-based payments,
\ncertain assumptions have been made surrounding
\nthe future performance of the Capital Limited
\nshare price and the number of employees likely to
\nremain employed during the duration of the option
\nlife period. In addition, in order to arrive at a fair
\nvalue for each of the grants, certain parameters
\nhave been assumed for the grants and these have
\nbeen disclosed in Note 25.
\nTransportation costs \u2013 Freight and customs
\nThe\u2005Group\u2005has\u2005significant\u2005inventory\u2005which\u2005is\u2005
\npurchased across the world and is moved across
\nmultiple borders. In order to allocate freight and
\ncustoms incurred to inventories management
\nmakes use of the inventory consumption during
\nthe year to determine the percentage of freight
\nand customs costs which are attributable to
\ninventory and cost of sales. Refer to Note 18 on
\ndetails of inventories.
\nInventory provisions
\nInventories are valued at the lower of cost and
\nnet realisable value. At year end, management
\nestimates the net realisable value of inventories
\nin order to decide whether to make provision
\nfor obsolescence. Factors which are considered
\ninclude\u2005the\u2005ageing\u2005profile\u2005of\u2005inventories,\u2005storage\u2005
\nconditions\u2005as\u2005well\u2005as\u2005the\u2005shelf\u2005life\u2005of\u2005specific\u2005
\ninventories. Refer to Note 6 and Note 18 for
\ndetails on the amount of inventory provision
\nfor obsolescence.
\nIncremental borrowing rate
\nThe Group used estimates of its incremental
\nborrowing rate to calculate the present value of
\nfuture\u2005lease\u2005payments\u2005at\u2005the\u2005date\u2005of\u2005adoption/
\ncommencement of the leases. The Group
\ncalculated its incremental borrowing rate based on
\nexisting loan facility arrangements. The weighted
\naverage incremental borrowing rate applied to
\nlease arrangements entered into during the year
\nwas 7.0% (2021: 7.0%). (Note 13)
\n
\n
\n
\n
\n\nNotes to the Annual Financial Statements (continued)
\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n
\n1.4 Property, plant and equipment
\nProperty, plant and equipment are tangible assets
\nwhich the Group holds for its own use or for rental
\nto others and which are expected to be used for
\nmore than one year.
\nImpairment tests are performed on property, plant
\nand equipment when there is an indicator that they
\nmay be impaired. When the carrying amount of an
\nitem of property, plant and equipment is assessed
\nto be higher than the estimated recoverable
\namount, an impairment loss is recognised
\nimmediately\u2005in\u2005profit\u2005or\u2005loss\u2005to\u2005bring\u2005the\u2005carrying\u2005
\namount in line with the recoverable amount.
\nAn item of property, plant and equipment is
\nrecognised as an asset when it is probable that
\nfuture\u2005economic\u2005benefits\u2005associated\u2005with\u2005the\u2005item\u2005
\nwill\u2005flow\u2005to\u2005the\u2005Group,\u2005and\u2005the\u2005cost\u2005of\u2005the\u2005item\u2005can\u2005
\nbe measured reliably.
\nProperty, plant and equipment is initially
\nmeasured at cost. Cost includes all of the
\nexpenditure which is directly attributable to
\nthe acquisition or construction of the asset,
\nincluding the capitalisation of borrowing costs on
\nqualifying assets.
\n\nDepreciation of an asset commences when
\nthe asset is available for use as intended by
\nmanagement. Depreciation is charged to write
\noff\u2005the\u2005asset\u2019s\u2005carrying\u2005amount\u2005over\u2005its\u2005estimated\u2005
\nuseful life to its estimated residual value, using
\na\u2005method\u2005that\u2005best\u2005reflects\u2005the\u2005pattern\u2005in\u2005which\u2005
\nthe\u2005asset\u2019s\u2005economic\u2005benefits\u2005are\u2005consumed\u2005
\nby the group. Leased assets are depreciated
\nin a consistent manner over the shorter of their
\nexpected useful lives and the lease term.
\n
\n\n
\n\n
\n\n
\n\n
\nNotes to the Annual Financial Statements (continued)
\n\n
\n
\n
\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n
\n
\n1.4 Property, plant and equipment (continued)
\n\nDepreciation is not charged to an asset if its
\nestimated residual value exceeds or is equal to its
\ncarrying amount. Depreciation of an asset ceases
\nat\u2005the\u2005earlier\u2005of\u2005the\u2005date\u2005that\u2005the\u2005asset\u2005is\u2005classified\u2005
\nas held for sale or derecognised.
\nDepreciation\u2005is\u2005recognised\u2005in\u2005profit\u2005or\u2005loss\u2005so\u2005as\u2005
\nto\u2005write-off\u2005the\u2005cost\u2005of\u2005assets,\u2005less\u2005their\u2005residual\u2005
\nvalues, over their expected useful lives using the
\nstraight-line method.
\nFor Heavy Mining Equipment (HME), equipment
\nhours are most closely linked with the economic
\nbenefits\u2005of\u2005the\u2005asset.\u2005On\u2005this\u2005basis,\u2005the\u2005unit\u2005of\u2005
\nproduction method using equipment hours is the
\npreferred method of depreciation for HME.
\nThe useful lives of items of property, plant and
\nequipment have been assessed as follows:
\nItem
\nDepreciation
\nmethod
\nAverage
\nuseful life
\nDrilling Rigs Straight line 5\u201320 years
\nAssociated
\ndrilling
\nequipment
\nStraight line 2\u20137 years
\nHeavy Mining
\nequipment
\nProduction
\nHours
\n6,000\u201380,000
\nhours
\nMotor vehicles Straight line 4\u20137 years
\nCamp and
\nAssociated
\nEquipment
\nStraight line 3\u20135 years
\nLeasehold
\nimprovements
\nStraight line 10 years
\nThe residual value, useful life and depreciation
\nmethod of each asset are reviewed at the end of
\neach reporting year. There have been no changes
\nin the residual values of assets during the year.
\nIf\u2005the\u2005expectations\u2005differ\u2005from\u2005previous\u2005estimates,\u2005
\nthe change is accounted for prospectively as a
\nchange in accounting estimate.
\n
\n\nImpairment tests are performed on property, plant
\nand equipment when there is an indicator that they
\nmay be impaired. When the carrying amount of an
\nitem of property, plant and equipment is assessed
\nto be higher than the estimated recoverable
\namount, an impairment loss is recognised
\nimmediately\u2005in\u2005profit\u2005or\u2005loss\u2005to\u2005bring\u2005the\u2005carrying\u2005
\namount in line with the recoverable amount.
\nAn item of property, plant and equipment
\nis derecognised upon disposal or when no
\nfuture\u2005economic\u2005benefits\u2005are\u2005expected\u2005from\u2005its\u2005
\ncontinued use or disposal. Any gain or loss arising
\nfrom the derecognition of an item of property,
\nplant\u2005and\u2005equipment,\u2005determined\u2005as\u2005the\u2005difference\u2005
\nbetween the net disposal proceeds, if any, and the
\ncarrying\u2005amount\u2005of\u2005the\u2005item,\u2005is\u2005included\u2005in\u2005profit\u2005or\u2005
\nloss when the item is derecognised.
\n\nCapital spares
\nCapital spares are spare parts that are regularly
\nreplaced, usually as part of a general replacement
\nprogramme. The parts removed are often
\nrepaired or overhauled and used in the next
\nreplacement cycle.
\nThe Group carries these spare parts and servicing
\nequipment as inventories and recognises them as
\nan expense when consumed. However spare parts
\nand servicing equipment that can only be used in
\nconnection\u2005with\u2005a\u2005specific\u2005item\u2005of\u2005property,\u2005plant\u2005
\nand equipment and they are expected to be used
\nmore than 1 year are recognised as property, plant
\nand equipment.
\nDepreciation of spares that are capitalised
\ncommences when the asset has been installed
\nand is capable of being used. The depreciation
\ncharge is based on the expected useful life of the
\nspare while it is being used, which may be shorter
\nthan the useful life of the asset to which it relates.
\nWhen the spare is itself replaced, the asset
\nis derecognised.
\n
\n\n
\n
\n\n\n
\n\n1.5 Intangible assets
\nAn intangible asset is recognised when:
\n\u2022\u2005 It is probable that the expected future economic
\nbenefits\u2005that\u2005are\u2005attributable\u2005to\u2005the\u2005asset\u2005will\u2005
\nflow\u2005to\u2005the\u2005entity;\u2005and
\n\u2022\u2005 The cost of the asset can be measured reliably.
\nIntangible assets are initially recognised at cost.
\nIntangible assets are carried at cost less any
\naccumulated amortisation and any impairment
\nlosses. For intangible assets, amortisation is
\nprovided on a straight-line basis over their useful
\nlife once the development of the software has
\nbeen completed.
\nThe amortisation period and the amortisation
\nmethod for intangible assets are reviewed every
\nperiod-end.
\nReassessing the useful life of an intangible asset
\nwith\u2005a\u2005finite\u2005useful\u2005life\u2005after\u2005it\u2005was\u2005classified\u2005as\u2005
\n1.5 Intangible assets (continued)
\nindefinite\u2005is\u2005an\u2005indicator\u2005that\u2005the\u2005asset\u2005may\u2005be\u2005
\nimpaired. As a result, the asset is tested for
\nimpairment and the remaining carrying amount is
\namortised over its useful life.
\nAmortisation is provided to write down the
\nintangible assets, on a straight-line basis, to their
\nresidual value as follows:
\nItem
\nDepreciation
\nmethod
\nAverage
\nuseful life
\nComputer
\nsoftware
\nStraight line 10 Years
\n
\n
\n\n
\n
\n\nNotes to the Annual Financial Statements (continued)
\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n
\n
\n
\n
\n1.6 Financial instruments
\nFinancial instruments held by the Group are
\nclassified\u2005in\u2005accordance\u2005with\u2005the\u2005provisions\u2005
\nof IFRS 9 Financial Instruments. Broadly, the
\nclassification\u2005possibilities,\u2005which\u2005are\u2005adopted\u2005by\u2005
\nthe Group, as applicable, are as follows:
\n\nFinancial assets which are equity instruments:
\n\u2022\u2005 Mandatorily\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss.
\nFinancial assets which are debt instruments:
\n\u2022\u2005 Amortised cost. (This category applies only
\nwhen the contractual terms of the instrument
\ngive\u2005rise,\u2005on\u2005specified\u2005dates,\u2005to\u2005cash\u2005flows\u2005that\u2005
\nare solely payments of principal and interest
\non principal, and where the instrument is held
\nunder a business model whose objective is met
\nby holding the instrument to collect contractual
\ncash\u2005flows);\u2005or
\n\u2022\u2005 Fair value through other comprehensive income.
\n(This category applies only when the contractual
\nterms\u2005of\u2005the\u2005instrument\u2005give\u2005rise,\u2005on\u2005specified\u2005
\ndates,\u2005to\u2005cash\u2005flows\u2005that\u2005are\u2005solely\u2005payments\u2005
\nof principal and interest on principal, and
\nwhere the instrument is held under a business
\nmodel whose objective is achieved by both
\ncollecting\u2005contractual\u2005cash\u2005flows\u2005and\u2005selling\u2005the\u2005
\ninstruments); or
\n\u2022\u2005 Mandatorily\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss.\u2005
\n(This\u2005classification\u2005automatically\u2005applies\u2005to\u2005all\u2005
\ndebt instruments which do not qualify as at
\namortised cost or at fair value through other
\ncomprehensive income); or
\n\u2022\u2005 Designated\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss.\u2005
\n(This\u2005classification\u2005option\u2005can\u2005only\u2005be\u2005applied\u2005
\nwhen\u2005it\u2005eliminates\u2005or\u2005significantly\u2005reduces\u2005an\u2005
\naccounting mismatch).
\n
\n\n\n
\n\nDerivatives which are not part of a hedging
\nrelationship:
\n\u2022\u2005 Mandatorily\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss.
\n
\n
\n\n
\n
\n\n\nFinancial liabilities:
\n\u2022\u2005 Amortised cost; or
\n\u2022\u2005 Mandatorily\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss.\u2005
\n(This applies to contingent consideration in a
\nbusiness combination or to liabilities which are
\nheld for trading); or
\n\u2022\u2005 Designated\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss.\u2005
\n(This\u2005classification\u2005option\u2005can\u2005be\u2005applied\u2005when\u2005it\u2005
\neliminates\u2005or\u2005significantly\u2005reduces\u2005an\u2005accounting\u2005
\nmismatch; the liability forms part of a group of
\nfinancial\u2005instruments\u2005managed\u2005on\u2005a\u2005fair\u2005value\u2005
\nbasis; or it forms part of a contract containing
\nan embedded derivative and the entire contract
\nis\u2005designated\u2005as\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005
\nloss).
\n
\n\nNote\u200533\u2005presents\u2005the\u2005financial\u2005instruments\u2005held\u2005by\u2005
\nthe\u2005Group\u2005based\u2005on\u2005their\u2005specific\u2005classifications.
\n\n1.6.1 Trade and other receivables
\nThe\u2005specific\u2005accounting\u2005policies\u2005for\u2005the\u2005
\nclassification,\u2005recognition\u2005and\u2005measurement\u2005of\u2005
\neach\u2005type\u2005of\u2005financial\u2005instrument\u2005held\u2005by\u2005the\u2005
\nGroup are presented below:
\nClassification
\nTrade\u2005and\u2005other\u2005receivables\u2005are\u2005classified\u2005as\u2005
\nfinancial\u2005assets\u2005(Note\u200519).
\nThey\u2005have\u2005been\u2005classified\u2005in\u2005this\u2005manner\u2005because\u2005
\ntheir\u2005contractual\u2005terms\u2005give\u2005rise,\u2005on\u2005specified\u2005
\ndates\u2005to\u2005cash\u2005flows\u2005that\u2005are\u2005solely\u2005payments\u2005of\u2005
\nprincipal and interest on the principal outstanding,
\nand the Group\u2019s business model is to collect
\nthe\u2005contractual\u2005cash\u2005flows\u2005on\u2005trade\u2005and\u2005other\u2005
\nreceivables.
\nRecognition and measurement
\nTrade and other receivables are recognised when
\nthe Group becomes a party to the contractual
\nprovisions of the receivables. They are measured,
\nat initial recognition, at fair value plus transaction
\ncosts, if any.
\nThey are subsequently measured at amortised
\ncost.
\nThe amortised cost is the amount recognised on
\nthe receivable initially, minus principal repayments,
\nplus cumulative amortisation (interest) using
\nthe\u2005effective\u2005interest\u2005method\u2005of\u2005any\u2005difference\u2005
\nbetween the initial amount and the maturity
\namount, adjusted for any loss allowance.
\n
\n\n
\n
\n\n
\n\n
\n\n
\nNotes to the Annual Financial Statements (continued)
\n\n
\n
\n
\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n
\n
\n
\n
\n
\n1.6 Financial instruments (continued)
\n\nImpairment
\nThe group recognises a loss allowance for
\nExpected Credit Losses (ECL) on trade and other
\nreceivables. When considering ECL, the Group
\nreviews historical and forward-looking information.
\nThe amount of expected credit losses is updated
\nat each reporting date.
\nThe Group measures the allowance for credit
\nlosses for trade and other receivables at an
\namount equal to lifetime expected credit losses,
\nwhich represents the expected credit losses that
\nwill result from all possible default events over the
\nexpected life of the receivable.
\nA default event means when the Group deems
\nthat\u2005funds\u2005are\u2005irrecoverable\u2005and\u2005written\u2005off.
\n
\n\n\n 1.6.2 VAT recoverability
\nThe Group\u2019s subsidiaries are subject to value
\nadded tax (VAT) in the jurisdictions in which they
\noperate. The amount of VAT liability is determined
\nby applying the applicable tax rate to the amount
\ninvoiced less VAT paid on purchases. When VAT
\npaid on purchases exceed VAT charged on sales
\nof goods and services, the excess is regarded
\nas recoverable upon the submission of VAT
\nreturns and the acceptance of these VAT returns
\nby the relevant tax authorities. VAT recoverable
\nis reviewed for impairment at the end of each
\nreporting date. (Note 20)
\n
\n\n\n1.6.3 Investments in equity instruments
\nClassification
\nInvestments in equity instruments are presented
\nin\u2005Note\u200521.\u2005They\u2005are\u2005classified\u2005mandatorily\u2005at\u2005fair\u2005
\nvalue\u2005through\u2005profit\u2005or\u2005loss.
\nRecognition and measurement
\nInvestments in equity instruments are recognised
\nwhen the Group becomes a party to the
\ncontractual provisions of the instrument. The
\ninvestments are measured, at initial recognition, at
\nfair value. Transaction costs are added to the initial
\ncarrying amount for those investments which have
\nbeen designated as at fair value through other
\ncomprehensive income. All other transaction costs
\nare\u2005recognised\u2005in\u2005profit\u2005or\u2005loss.
\nInvestments in equity instruments are
\nsubsequently measured at fair value with changes
\nin\u2005fair\u2005value\u2005recognised\u2005either\u2005in\u2005profit\u2005or\u2005loss.\u2005
\nDetails of the valuation policies and processes are
\npresented in Note 34.
\n
\n\n\n
\n\n1.6.4 Cash and cash equivalents
\nCash and cash equivalents are stated at carrying
\namount which is deemed to be fair value. For the
\npurpose of the Statement of Cash Flows, cash
\nand cash equivalents comprise cash on hand and
\ndeposits held on call with banks.
\n
\n\n
\n\n\n1.6.5 Financial Liabilities
\nAll\u2005financial\u2005liabilities\u2005are\u2005measured\u2005subsequently\u2005
\nat\u2005amortised\u2005cost\u2005using\u2005the\u2005effective\u2005interest\u2005
\nmethod or at FVTPL.
\nFinancial liabilities measured subsequently at
\namortised cost
\nFinancial liabilities that are not (i) contingent
\nconsideration of an acquirer in a business
\ncombination, (ii) held-for-trading, or (iii) designated
\nas at FVTPL, are measured subsequently at
\namortised\u2005cost\u2005using\u2005the\u2005effective\u2005interest\u2005method.
\nThe\u2005effective\u2005interest\u2005method\u2005is\u2005a\u2005method\u2005of\u2005
\ncalculating\u2005the\u2005amortised\u2005cost\u2005of\u2005a\u2005financial\u2005liability\u2005
\nand of allocating interest expense over the relevant
\nperiod.\u2005The\u2005effective\u2005interest\u2005rate\u2005is\u2005the\u2005rate\u2005that\u2005
\nexactly discounts estimated future cash payments
\n(including all fees and points paid or received that
\nform\u2005an\u2005integral\u2005part\u2005of\u2005the\u2005effective\u2005interest\u2005rate,\u2005
\ntransaction costs and other premiums or discounts)
\nthrough\u2005the\u2005expected\u2005life\u2005of\u2005the\u2005financial\u2005liability,\u2005
\nor (where appropriate) a shorter period, to the
\namortised\u2005cost\u2005of\u2005financial\u2005liability.
\n
\n\n
\n
\n\n\n
\n1.7 Tax
\nCurrent tax assets and liabilities
\nCurrent tax for current and prior periods is, to
\nthe extent unpaid, recognised as a liability. If the
\namount already paid in respect of current and
\nprior periods exceeds the amount due for those
\nperiods, the excess is recognised as an asset.
\nCurrent tax liabilities (assets) for the current
\nand prior periods are measured at the amount
\nexpected to be paid to (recovered from) the tax
\nauthorities, using the tax rates (and tax laws) that
\nhave been enacted or substantively enacted in
\ncountries where the Company and its subsidiaries
\noperate at the end of the reporting period.
\n\nDeferred tax assets and liabilities
\nA deferred tax liability is recognised for all taxable
\ntemporary\u2005differences,\u2005except\u2005to\u2005the\u2005extent\u2005that\u2005
\nthe deferred tax liability arises from the initial
\nrecognition of an asset or liability in a transaction
\nwhich\u2005at\u2005the\u2005time\u2005of\u2005the\u2005transaction,\u2005affects\u2005neither\u2005
\naccounting\u2005profit\u2005nor\u2005taxable\u2005profit\u2005(tax\u2005loss).
\nA deferred tax asset is recognised for all
\ndeductible\u2005temporary\u2005differences\u2005to\u2005the\u2005extent\u2005
\nthat\u2005it\u2005is\u2005probable\u2005that\u2005taxable\u2005profit\u2005will\u2005be\u2005
\navailable against which the deductible temporary
\ndifference\u2005can\u2005be\u2005utilised.\u2005A\u2005deferred\u2005tax\u2005asset\u2005
\nis not recognised when it arises from the initial
\nrecognition of an asset or liability in a transaction
\nat\u2005the\u2005time\u2005of\u2005the\u2005transaction,\u2005affects\u2005neither\u2005
\naccounting\u2005profit\u2005nor\u2005taxable\u2005profit\u2005(tax\u2005loss).
\nA deferred tax asset is recognised for the carry
\nforward of unused tax losses to the extent that it is
\nprobable\u2005that\u2005future\u2005taxable\u2005profit\u2005will\u2005be\u2005available\u2005
\nagainst which the unused tax losses can be utilised.
\nThis is not applicable for the Group as there are no
\ndeferred tax assets at the end of the reporting date.
\nDeferred tax assets and liabilities are measured
\nat the tax rates that are expected to apply to the
\nperiod when the asset is realised or the liability
\nis settled, based on tax rates (and tax laws) that
\nhave been enacted or substantively enacted by
\nthe end of the reporting period.
\n
\n
\n\n1.7 Tax (continued)
\nTax expenses
\nCurrent\u2005and\u2005deferred\u2005tax\u2005are\u2005recognised\u2005in\u2005profit\u2005
\nor loss, except when they relate to items that
\nare recognised in other comprehensive income
\nor directly in equity, in which case the current
\nand deferred tax are also recognised in other
\ncomprehensive income or directly in equity
\nrespectively.
\nWhen current tax or deferred tax arises from the
\ninitial accounting for a business combination, the
\ntax\u2005effect\u2005is\u2005included\u2005in\u2005the\u2005accounting\u2005for\u2005the\u2005
\nbusiness combination.
\nUncertainty over Income Tax Treatments
\nWhen considering the appropriate accounting
\nfor current and deferred tax liabilities and assets
\nin circumstances in which there is uncertainty
\nover income tax treatments, the Group considers
\nwhether it is probable that the relevant tax
\nauthority will accept the position adopted,
\nassuming that the tax authority has full knowledge
\nof all related information. If the assessed
\nprobability is that the tax authority will not accept
\nthe income tax treatment adopted, in accounting
\nfor the current and deferred tax asset or liability,
\nthe Group makes an assessment of the probable
\noutcome of the uncertain tax position.
\n
\n
\n\nNotes to the Annual Financial Statements (continued)
\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n1.8 Leases
\nThe Group assesses whether a contract is, or
\ncontains a lease, at the inception of the contract.
\nA contract is or contains a lease if the contract
\nconveys the right to control the use of an
\nidentified\u2005asset\u2005for\u2005a\u2005period\u2005of\u2005time\u2005in\u2005exchange\u2005
\nfor consideration.
\nIn order to assess whether a contract is, or
\ncontains a lease, management determine whether
\nthe\u2005asset\u2005under\u2005consideration\u2005is\u2005\u201cidentified\u201d,\u2005
\nwhich means that the asset is either explicitly
\nor\u2005implicitly\u2005specified\u2005in\u2005the\u2005contract\u2005and\u2005that\u2005
\nthe supplier does not have a substantial right of
\nsubstitution throughout the period of use. Once
\nmanagement has concluded that the contract
\ndeals\u2005with\u2005an\u2005identified\u2005asset,\u2005the\u2005right\u2005to\u2005control\u2005
\nthe use thereof is considered. To this end, control
\nover\u2005the\u2005use\u2005of\u2005an\u2005identified\u2005asset\u2005only\u2005exists\u2005
\nwhen the Group has the right to substantially all of
\nthe\u2005economic\u2005benefits\u2005from\u2005the\u2005use\u2005of\u2005the\u2005asset\u2005as\u2005
\nwell as the right to direct the use of the asset.
\nIn circumstances where the determination of
\nwhether the contract is or contains a lease
\nrequires\u2005significant\u2005judgement,\u2005the\u2005relevant\u2005
\ndisclosures\u2005are\u2005provided\u2005in\u2005the\u2005significant\u2005
\njudgments and sources of estimation uncertainty
\nsection of these accounting policies.
\nGroup as lessee
\nA lease liability and corresponding right-of-use
\nasset are recognised at the lease commencement
\ndate, for all lease agreements for which the
\nGroup is a lessee, except for short-term leases
\nof 12 months or less, or leases of low value
\nassets. For these leases, the Group recognises
\nthe lease payments as an operating expense
\n(Note 6) on a straight-line basis over the term
\nof the lease unless another systematic basis
\nis more representative of the time pattern in
\nwhich\u2005economic\u2005benefits\u2005from\u2005the\u2005leased\u2005asset\u2005
\nare consumed.
\nDetails of leasing arrangements where the Group
\nis a lessee are presented in Note 13 Leases
\n(Group as lessee).
\nLease liability
\nThe lease liability is initially measured at the
\npresent value of the lease payments that are not
\npaid at the commencement date, discounted
\nby using the rate implicit in the lease. If this rate
\ncannot be readily determined, the Group uses its
\nincremental borrowing rate.
\nThe\u2005definition\u2005of\u2005the\u2005lessee\u2019s\u2005incremental\u2005
\nborrowing rate states that the rate should
\nrepresent what the lessee \u2018would have to pay
\n
\n
\n\n
\n\n
\n\n
\nNotes to the Annual Financial Statements (continued)
\n\n
\n
\n
\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n1.8 Leases (continued)
\nto borrow over a similar term and with similar
\nsecurity, the funds necessary to obtain an asset of
\nsimilar value to the right-of-use asset in a similar
\neconomic environment. In practice, judgement
\nmay be needed to estimate an incremental
\nborrowing rate.
\nLease payments included in the measurement of
\nthe lease liability comprise the following:
\n\u2022\u2005 Fixed lease payments, including in-substance
\nfixed\u2005payments,\u2005less\u2005any\u2005lease\u2005incentives;
\n\u2022\u2005 Variable lease payments that depend on an
\nindex or rate, initially measured using the index
\nor rate at the commencement date;
\n\u2022\u2005 The amount expected to be payable by the
\nGroup under residual value guarantees;
\n\u2022\u2005 The exercise price of purchase options,
\nif the Group is reasonably certain to exercise
\nthe option;
\n\u2022\u2005 Lease payments in an optional renewal period
\nif the Group is reasonably certain to exercise an
\nextension option; and
\n\u2022\u2005 Penalties for early termination of a lease, if the
\nlease\u2005term\u2005reflects\u2005the\u2005exercise\u2005of\u2005an\u2005option\u2005to\u2005
\nterminate the lease.
\nVariable rents that do not depend on an index or
\nrate are not included in the measurement of the
\nlease liability (or right-of-use asset). The related
\npayments are recognised as an expense in the
\nperiod incurred and are included in operating
\nexpenses (Note 13).
\nThe lease liability is presented as a separate line
\nitem on the Statement of Financial Position.
\nThe lease liability is subsequently measured by
\nincreasing\u2005the\u2005carrying\u2005amount\u2005to\u2005reflect\u2005interest\u2005
\non\u2005the\u2005lease\u2005liability\u2005(using\u2005the\u2005effective\u2005interest\u2005
\nmethod) and by reducing the carrying amount to
\nreflect\u2005lease\u2005payments\u2005made.\u2005Interest\u2005charged\u2005
\non\u2005the\u2005lease\u2005liability\u2005is\u2005included\u2005in\u2005finance\u2005costs\u2005
\n(Note 7).
\nThe Group has applied judgement to determine
\nthe lease term for some lease contracts in which
\nit is a lessee that include renewal options. The
\nassessment of whether the Group is reasonably
\ncertain to exercise such options impact the
\nlease\u2005terms,\u2005which\u2005significantly\u2005affects\u2005the\u2005
\namount of lease liabilities and rights of use of
\nassets recognised.
\nThe Group remeasures the lease liability (and
\nmakes a corresponding adjustment to the related
\nright-of-use asset) when:
\n\u2022\u2005 There has been a change to the lease term, in
\nwhich case the lease liability is remeasured by
\ndiscounting the revised lease payments using a
\nrevised discount rate;
\n\u2022\u2005 There has been a change in the assessment
\nof whether the Group will exercise a purchase,
\ntermination or extension option, in which case
\nthe lease liability is remeasured by discounting
\nthe revised lease payments using a revised
\ndiscount rate;
\n\u2022\u2005 There has been a change to the lease payments
\ndue to a change in an index or a rate, in
\nwhich case the lease liability is remeasured
\nby discounting the revised lease payments
\nusing the initial discount rate (unless the lease
\npayments change is due to a change in a
\nfloating\u2005interest\u2005rate,\u2005in\u2005which\u2005case\u2005a\u2005revised\u2005
\ndiscount rate is used);
\n\u2022\u2005 There has been a change in expected payment
\nunder a residual value guarantee, in which case
\nthe lease liability is remeasured by discounting
\nthe revised lease payments using the initial
\ndiscount rate; and
\n\u2022\u2005 A\u2005lease\u2005contract\u2005has\u2005been\u2005modified\u2005and\u2005the\u2005
\nlease\u2005modification\u2005is\u2005not\u2005accounted\u2005for\u2005as\u2005a\u2005
\nseparate lease, in which case the lease liability
\nis remeasured by discounting the revised
\npayments using a revised discount rate.
\nWhen the lease liability is remeasured in this
\nway, a corresponding adjustment is made to the
\ncarrying amount of the right-of-use asset, or is
\nrecognised\u2005in\u2005profit\u2005or\u2005loss\u2005if\u2005the\u2005carrying\u2005amount\u2005
\nof the right-of-use asset has been reduced
\nto\u2005zero.
\nLease payments included in the measurement of
\nthe lease liability comprise the following:
\n\u2022\u2005 The initial amount of the corresponding
\nlease liability;
\n\u2022\u2005 Any lease payments made at or before the
\ncommencement date;
\n\u2022\u2005 Any initial direct costs incurred;
\n\u2022\u2005 A
\nny estimated costs to dismantle and
\nremove the underlying asset or to restore
\nthe underlying asset or the site on which it is
\nlocated, when the Group incurs an obligation
\nto do so, unless these costs are incurred to
\nproduce inventories; and
\n\u2022\u2005 Less any lease incentives received.
\n1.8 Leases (continued)
\nThe Group presents the part of the lease payment
\nthat represents interest portion of the lease
\nliability\u2005as\u2005a\u2005financing\u2005cash\u2005flow\u2005in\u2005Consolidated\u2005
\nStatement of Cash Flows in accordance with IAS
\n7 \u201cStatement of Cash Flows\u201d.
\nRight-of-use assets
\nRight-of-use assets are presented as a separate
\nline item on the Statement of Financial Position.
\nRight-of-use assets are subsequently measured
\nat cost less accumulated depreciation and
\nimpairment losses.
\nRight-of-use assets are depreciated over the
\nshorter period of lease term and useful life of the
\nunderlying asset. However, if a lease transfers
\nownership of the underlying asset or the cost
\nof\u2005the\u2005right-of-use\u2005asset\u2005reflects\u2005that\u2005the\u2005Group\u2005
\nexpects to exercise a purchase option, the related
\nright-of-use asset is depreciated over the useful
\nlife of the underlying asset. Depreciation starts at
\nthe commencement date of a lease.
\nFor right-of-use assets which are depreciated
\nover their useful lives, the useful lives are
\ndetermined consistently with items of the same
\nclass of property, plant and equipment. Refer
\nto the accounting policy for property, plant and
\nequipment for details of useful lives.
\nThe residual value, useful life and depreciation
\nmethod of each asset are reviewed at the end of
\neach\u2005reporting\u2005year.\u2005If\u2005the\u2005expectations\u2005differ\u2005from\u2005
\nprevious estimates, the change is accounted for
\nprospectively as a change in accounting estimate.
\nEach part of a right-of-use asset with a cost that is
\nsignificant\u2005in\u2005relation\u2005to\u2005the\u2005total\u2005cost\u2005of\u2005the\u2005asset\u2005
\nis depreciated separately.
\nThe depreciation charge for each year is
\nrecognised\u2005in\u2005profit\u2005or\u2005loss\u2005unless\u2005it\u2005is\u2005included\u2005in\u2005
\nthe carrying amount of another asset.
\n
\n
\n
\n\nNotes to the Annual Financial Statements (continued)
\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n1.9 Inventories
\nInventories relates to spare parts, servicing
\nequipment and consumables. They are measured
\nat the lower of cost and net realisable value.
\nCost is determined on the weighted average cost
\nbasis. Redundant and slow-moving inventory
\nare\u2005identified\u2005and\u2005written\u2005down\u2005to\u2005their\u2005net\u2005
\nrealisable value.
\nNet realisable value is the estimated selling
\nprice in the ordinary course of business less the
\nestimated costs of completion and the estimated
\ncosts necessary to make the sale.
\nThe cost of inventories comprises of all costs of
\npurchase, costs of conversion and other costs
\nincurred in bringing the inventories to their present
\nlocation and condition.
\nWhen inventories are sold, the carrying amount of
\nthose inventories are recognised as an expense
\nin the period in which the related revenue is
\nrecognised. The amount of any write-down of
\ninventories to net realisable value and all losses of
\ninventories are recognised as an expense in the
\nperiod the write-down or loss occurs. The amount
\nof any reversal of any write-down of inventories,
\narising from an increase in net realisable value,
\nare recognised as a reduction in the amount
\nof inventories recognised as an expense in the
\nperiod in which the reversal occurs.
\n
\n
\n\n\n
\n\n1.10 Impairment of assets
\nThe Group assesses at the end of each reporting
\nperiod whether there is any indication that an
\nasset may be impaired. If any such indication
\nexists, the Group estimates the recoverable
\namount of the asset. When it is not possible to
\nestimate the recoverable amount for an individual
\nasset, the recoverable amount is determined
\nfor the cash-generating unit to which the
\nasset belongs.
\nThe recoverable amount of an asset or a cash-
\ngenerating unit is the higher of its fair value less
\ncosts to sell and its value in use. In assessing
\nvalue\u2005in\u2005use,\u2005the\u2005estimated\u2005future\u2005cash\u2005flows\u2005are\u2005
\ndiscounted to their present value using a pre-
\ntax\u2005discount\u2005rate\u2005that\u2005reflects\u2005current\u2005market\u2005
\nassessments of the time value of money and the
\nrisks\u2005specific\u2005to\u2005the\u2005asset\u2005for\u2005which\u2005the\u2005estimates\u2005
\nof\u2005future\u2005cash\u2005flows\u2005have\u2005not\u2005been\u2005adjusted.
\nIf the recoverable amount of an asset is less than
\nits carrying amount, the carrying amount of the
\nasset is reduced to its recoverable amount. That
\nreduction is an impairment loss.
\nAn impairment loss of assets carried at cost less
\nany accumulated depreciation or amortisation is
\nrecognised\u2005immediately\u2005in\u2005profit\u2005or\u2005loss.\u2005Where\u2005
\nan impairment loss subsequently reverses, the
\ncarrying amount of the asset (cash-generating
\nunit) is increased to the revised estimate of its
\nrecoverable amount, but so that the increased
\ncarrying amount does not exceed the carrying
\namount that would have been determined had no
\nimpairment loss been recognised for the asset
\n(cash-generating unit) in prior years. A reversal
\nof an impairment loss is recognised as income in
\nprofit\u2005or\u2005loss\u2005immediately.
\n
\n\n
\n\n
\n\n
\n\n
\nNotes to the Annual Financial Statements (continued)
\n\n
\n
\n
\n
\n
\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n1.11 Share capital and equity
\nOrdinary\u2005shares\u2005are\u2005classified\u2005as\u2005equity.
\nOrdinary shares are recognised at par value and
\nclassified\u2005as\u2005\u2018share\u2005capital\u2019\u2005in\u2005equity.\u2005Any\u2005amounts\u2005
\nreceived from the issue of shares in excess of par
\nvalue\u2005is\u2005classified\u2005as\u2005\u2018share\u2005premium\u2019\u2005in\u2005equity.\u2005
\nDividends are recognised as a liability when they
\nare declared.
\nCost of raising equity
\nThere are two elements to consider in determining
\nthe accounting treatment of transaction costs.
\n\u2022\u2005 Transactions costs related to an equity
\ntransaction.
\n\u2022\u2005 Transaction costs that are directly attributable to
\nan equity transaction.
\nTransactions costs that meet the criteria above are
\naccounted for as a deduction from equity.
\nTreasury shares
\nTreasury shares represent the shares of the
\nparent company, Capital Limited, that are held in
\ntreasury. Treasury shares are recorded at cost and
\ndeducted from equity.
\n
\n\n\n1.12 Share based payments
\nEquity-settled share-based payments to
\nemployees and others providing similar services
\nare measured at the fair value of the equity
\ninstruments at the grant date.
\nThe fair value determined at the grant date
\nof the equity-settled share-based payments
\nis expensed on a straight-line basis over the
\nvesting period, based on the Group\u2019s estimate
\nof equity instruments that will eventually vest.
\nAt each reporting date, the Group revises its
\nestimate of the number of equity instruments
\nexpected to vest. The impact of the revision of the
\noriginal\u2005estimates,\u2005if\u2005any,\u2005is\u2005recognised\u2005in\u2005profit\u2005
\nor loss over the remaining vesting period, with a
\ncorresponding adjustment to the equity-settled
\nemployee\u2005benefits\u2005reserve.
\nMarket conditions and non-vesting conditions are
\ntaken into account when estimating the fair value
\nof the equity-settled share-based payment.
\nAs an exception, when the Group is obligated, in
\nterms of tax legislation, to withhold an amount of
\nemployees\u2019 tax associated with an equity-settled
\nshare-based payment transaction (thus creating a
\nnet settlement feature), the full transaction is still
\naccounted for as an equity-settled share-based
\npayment transaction.
\n
\n\n\n1.13 Employee benefits
\nShort-term employee benefits
\nA\u2005liability\u2005is\u2005recognised\u2005for\u2005benefits\u2005accruing\u2005to\u2005
\nemployees in respect of salaries, wages and leave
\nentitlements in the period the related services
\nis rendered. Liabilities recognised in respect of
\nshort-term\u2005employee\u2005benefits\u2005are\u2005measured\u2005at\u2005the\u2005
\nundiscounted\u2005amount\u2005of\u2005the\u2005benefits\u2005expected\u2005to\u2005
\nbe paid in exchange for the related service.
\nRetirement Benefits
\nThe Group does not have a legal obligation to
\nprovide\u2005for\u2005retirement\u2005benefits,\u2005however\u2005each\u2005
\nsubsidiary\u2005makes\u2005defined\u2005contributions\u2005for\u2005
\nretirement\u2005benefits\u2005as\u2005per\u2005the\u2005country\u2019s\u2005statutory\u2005
\nobligations\u2005and\u2005charged\u2005to\u2005Profit\u2005and\u2005Loss\u2005as\u2005
\npayment falls due.
\n
\n\n\n
\n1.14 Revenue recognition
\nThe core principle of IFRS 15 is that an entity
\nshould recognise revenue to depict the transfer
\nof promised goods or services to customers in an
\namount\u2005that\u2005reflects\u2005the\u2005consideration\u2005to\u2005which\u2005
\nthe entity expects to be entitled in exchange
\nfor\u2005those\u2005goods\u2005or\u2005services.\u2005Specifically,\u2005the\u2005
\nStandard introduces a 5-step approach to
\nrevenue recognition:
\nStep 1: Identify the contract(s) with a customer;
\nStep 2: Identify the performance obligations in
\nthe contract;
\nStep 3: Determine the transaction price;
\nStep 4: Allocate the transaction price to the
\nperformance obligations in the contract; and
\nStep 5: Recognise revenue when (or as) the entity
\nsatisfies\u2005a\u2005performance\u2005obligation.
\nUnder IFRS 15, an entity recognises revenue when
\n(or\u2005as)\u2005a\u2005performance\u2005obligation\u2005is\u2005satisfied,\u2005i.e.\u2005
\nwhen \u2018control\u2019 of the goods or services underlying
\nthe particular performance obligation is transferred
\nto the customer.
\nRevenue is measured at the fair value of the
\nconsideration received or receivable. Revenue is
\nreduced for estimated customer returns, rebates
\nand other similar allowances.
\nRendering of services
\nRevenue from a contract to provide services
\nis recognised by reference to either the stage
\nof completion (over time) or at a point in
\ntime. The Group recognises revenue from the
\nfollowing streams:
\n1.14 Revenue recognition (continued)
\n\u2022\u2005 Revenue from drilling and mining contracts
\nis recognised at the contractual rates as the
\ndrilling and mining services are delivered.
\nRevenue for mobilisation of mining equipment
\nand associated resources is recognised over the
\nterm of the contract;
\n\u2022\u2005 Revenue from surveying is recognised at the
\ncontractual rates as the survey services are
\ndelivered; and
\n\u2022\u2005 Laboratory analysis of drilling samples relates to
\nsample analysis by MSA Laboratories provided
\nto\u2005customers.\u2005Transfer\u2005of\u2005benefits\u2005occurs\u2005when\u2005
\ntesting is completed for each sample received
\nand results communicated to customers.
\nSamples are received in batches from customers
\nand processed continuously. Revenue is
\nrecognised when testing of a batch is completed
\nand when results are communicated.
\n\n
\n\nDividend and interest income
\nDividend income from investments is recognised
\nwhen the shareholder\u2019s right to receive payment
\nhas been established (provided that it is probable
\nthat\u2005the\u2005economic\u2005benefits\u2005will\u2005flow\u2005to\u2005the\u2005Group\u2005
\nand the amount of income can be measured
\nreliably). Dividend income was only recognised
\nwhen all the above criteria was met.
\nInterest\u2005income\u2005from\u2005a\u2005financial\u2005asset\u2005is\u2005
\nrecognised when it is probable that the economic
\nbenefits\u2005will\u2005flow\u2005to\u2005the\u2005Group\u2005and\u2005the\u2005amount\u2005of\u2005
\nincome can be measured reliably. Interest income
\nis accrued on a time basis, by reference to the
\nprincipal\u2005outstanding\u2005and\u2005at\u2005the\u2005effective\u2005interest\u2005
\nrate applicable, which is the rate that exactly
\ndiscounts estimated future cash receipts through
\nthe\u2005expected\u2005life\u2005of\u2005the\u2005financial\u2005asset\u2005to\u2005that\u2005
\nasset\u2019s net carrying amount on initial recognition.
\n
\n\n
\n\n
\n
\n
\n\nNotes to the Annual Financial Statements (continued)
\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n
\n1.15 Translation of foreign currencies
\n\nFunctional and presentation currency
\nThe individual Financial Statements of each
\nGroup Company are presented in the currency
\nof the primary economic environment in which
\nit operates (its functional currency). For the
\npurpose of the Group Financial Statements, the
\nresults\u2005and\u2005financial\u2005statements\u2005of\u2005each\u2005Group\u2005
\nCompany are translated to United States Dollars,
\nwhich is the functional currency of the Group,
\nand the presentation currency for the Group
\nFinancial Statements.
\n
\n\nForeign currency transactions
\nIn preparing the Financial Statements of the
\nindividual Group companies, transactions in
\ncurrencies other than the entity\u2019s functional
\ncurrency (foreign currencies) are recognised at the
\nrates of exchange prevailing on the dates of the
\ntransactions. At each reporting date, monetary
\nitems that are denominated in foreign currencies
\nare retranslated at the rates prevailing at that date.
\nNon-monetary items that are measured in terms
\nof historical cost in a foreign currency shall be
\ntranslated using the exchange rate at the date of
\nthe transaction.
\nExchange\u2005differences\u2005are\u2005recognised\u2005in\u2005profit\u2005or\u2005
\nloss in the period in which they arise except for:
\n\u2022\u2005 Exchange\u2005differences\u2005on\u2005foreign\u2005currency\u2005
\nborrowings relating to assets under construction
\nfor future productive use, which are included in
\nthe cost of those assets when they are regarded
\nas an adjustment to interest costs on those
\nforeign currency borrowings;
\n\u2022\u2005 Exchange\u2005differences\u2005on\u2005transactions\u2005entered\u2005
\ninto to hedge certain foreign currency risks; and
\n\u2022\u2005 Exchange\u2005differences\u2005on\u2005monetary\u2005items\u2005
\nreceivable from or payable to a foreign operation
\nfor which settlement is neither planned nor
\nlikely to occur (therefore forming part of the
\nnet investment in the foreign operation), which
\nare recognised initially in other comprehensive
\nincome\u2005and\u2005reclassified\u2005from\u2005equity\u2005to\u2005profit\u2005or\u2005
\nloss on repayment of the monetary items.
\nFor the purpose of presenting Group Financial
\nStatements, the assets and liabilities of the
\nGroup\u2019s foreign operations are translated into
\nUnited States Dollars at exchange rates prevailing
\non the reporting date. Income and expense items
\nare translated at the average exchange rates
\nfor\u2005the\u2005period,\u2005unless\u2005exchange\u2005rates\u2005fluctuate\u2005
\nsignificantly\u2005during\u2005that\u2005period,\u2005in\u2005which\u2005case\u2005
\nthe exchange rates at the date of transactions
\nare\u2005used.\u2005Exchange\u2005differences\u2005arising,\u2005if\u2005any,\u2005
\nare recognised in other comprehensive income
\nand accumulated in equity (attributed to non-
\ncontrolling interests as appropriate).
\nOn disposal of a foreign operation, all of the
\nexchange\u2005differences\u2005accumulated\u2005in\u2005equity\u2005
\nin respect of that operation attributable to the
\nowners\u2005of\u2005the\u2005Company\u2005are\u2005reclassified\u2005to\u2005Profit\u2005
\nor Loss.
\n
\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\nNotes to the Annual Financial Statements (continued)
\n\n
\n
\n
\n
\n
\n
\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n1.16 Contingent Liabilities
\nA Contingent Liability is a possible obligation from
\npast\u2005events\u2005that\u2005will\u2005be\u2005confirmed\u2005by\u2005some\u2005future\u2005
\nevent or a present obligation from a past event,
\nbut either:
\n\u2022\u2005 The\u2005outflow\u2005of\u2005economic\u2005benefits\u2005to\u2005satisfy\u2005
\nthis obligation is not probable, or
\n\u2022\u2005 The amount of obligation cannot be
\nreliably measured.
\nIn\u2005events\u2005where\u2005firm\u2005indications\u2005of\u2005a\u2005possible\u2005
\nobligation exist the Group will use judgements
\nbased on estimates from expert advice to provide
\nfor the portion of the possible expense.
\n
\n\n\n1.17 Provisions
\nProvisions are recognised when the Group has
\na present (legal or constructive) obligation as a
\nresult of a past event, if it is probable the Group
\nwill be required to settle the obligation, and a
\nreliable estimate can be made of the amount
\nof the obligation. The amount recognised as a
\nprovision is the best estimate of the consideration
\nrequired to settle the obligation at the reporting
\ndate, taking into account the risks and
\nuncertainties surrounding the obligation. If the
\ntime value of money is material, provisions are
\ndiscounted using a current pre-tax discount rate
\nspecific\u2005to\u2005the\u2005liability.
\n
\n\n\n
1.18 Consideration of climate change
\n
In\u2005preparing\u2005the\u2005financial\u2005statements,\u2005the\u2005Directors\u2005
\n
have considered the impact of climate change,
\n
particularly\u2005in\u2005the\u2005context\u2005of\u2005the\u2005risks\u2005identified\u2005in\u2005
\n
the TCFD disclosure on pages 52 to 54 this
\n
\n
year.\u2005There\u2005has\u2005been\u2005no\u2005material\u2005impact\u2005identified\u2005
\n
on\u2005the\u2005financial\u2005reporting\u2005judgements\u2005and\u2005
\n
estimates. In particular, the Directors considered
\n
the impact of climate change in respect of the
\n
following areas:
\n
\u2022\u2005 going concern and viability of the Group over
\n
the next three years;
\n
\u2022\u2005 cash\u2005flow\u2005forecasts\u2005used\u2005in\u2005the\u2005impairment\u2005
\n
assessments of non-current assets including
\n
goodwill and infrastructure investments assets;
\n
and
\n
\u2022\u2005 carrying value and useful economic lives of
\n
property, plant and equipment.
\n
Whilst there is currently no medium-term impact
\n
expected from climate change, the Directors are
\n
aware of the ever-changing risks attached to
\n
climate change and will regularly assess these
\n
risks against judgements and estimates made in
\n
preparation\u2005of\u2005the\u2005Group\u2019s\u2005financial\u2005statements.
\n
\n
\n
\n\n\n
\nNotes to the Annual Financial Statements (continued)
\n2. NEW STANDARDS AND INTERPRETATIONS
\n\n2.1 New standards, interpretations and amendments effective from 1 January 2022
\nIn the current year, the Group has applied a
\nnumber of amendments to IFRS accounting
\nstandards issued by the International Accounting
\nStandards Board (IASB) that are mandatorily
\neffective\u2005for\u2005an\u2005accounting\u2005period\u2005that\u2005begins\u2005
\non or after 1 January 2022. Their adoption
\nhas not had any material impact on the
\ndisclosures or on the amounts reported in these
\nfinancial\u2005statements.
\nProperty, Plant and Equipment: Proceeds before
\nIntended Use (Amendments to IAS 16)
\nThe amendment to IAS 16 prohibits an entity
\nfrom deducting from the cost of an item of
\nPP&E any proceeds received from selling items
\nproduced while the entity is preparing the asset
\nfor its intended use (for example, the proceeds
\nfrom selling samples produced during the testing
\nphase of a manufacturing facility after it is being
\nconstructed but before start of commercial
\nproduction). The proceeds from selling such
\nsamples, together with the costs of producing
\nthem,\u2005are\u2005now\u2005recognised\u2005in\u2005profit\u2005or\u2005loss.
\nThese amendments had no impact on the year-
\nend\u2005consolidated\u2005financial\u2005statements\u2005of\u2005the\u2005
\nGroup as there were no sales of such items
\nproduced by property, plant and equipment made
\navailable for use on or after the beginning of the
\nearliest period presented.
\nOnerous Contracts \u2013 Cost of Fulfilling a Contract
\n(Amendments to IAS 37)
\nIAS\u200537\u2005defines\u2005an\u2005onerous\u2005contract\u2005as\u2005a\u2005contract\u2005
\nin which the unavoidable costs (costs that the
\nGroup has committed to pursuant to the contract)
\nof meeting the obligations under the contract
\nexceed\u2005the\u2005economic\u2005benefits\u2005expected\u2005to\u2005be\u2005
\nreceived under it.
\nThe amendments to IAS 37.68A clarify, that the
\ncosts relating directly to the contract consist
\nof both:
\n\u2022\u2005 The\u2005incremental\u2005costs\u2005of\u2005fulfilling\u2005that\u2005contract-\u2005
\ne.g., direct labour and material; and
\n\u2022\u2005 An allocation of other costs that relate directly
\nto\u2005fulfilling\u2005contracts:\u2005e.g.,\u2005Allocation\u2005of\u2005
\ndepreciation charge on property, plant and
\nequipment\u2005used\u2005in\u2005fulfilling\u2005the\u2005contract.
\nThe Group, prior to the application of the
\namendments, did not have any onerous contracts.
\nThese amendments had no impact on the Group\u2019s
\nconsolidated\u2005financial\u2005statements.
\nAmendments to IFRS 3 Reference to the
\nConceptual Framework
\nIn May 2020, the IASB issued amendments
\nto IFRS 3, which update a reference to the
\nConceptual Framework for Financial Reporting
\nwithout changing the accounting requirements for
\n
\nbusiness combinations.
\nAnnual Improvements to IFRS Accounting
\nStandards 2018 \u2013 2020 Cycle
\nThe Group has adopted the amendments included
\nin the Annual Improvements to IFRS Accounting
\nStandards\u20052018\u2005\u2013\u20052020\u2005Cycle\u2005for\u2005the\u2005first\u2005time\u2005
\nin the current year. The Annual Improvements
\ninclude amendments to four standards.
\n\u2022\u2005 IFRS 1: Subsidiary as a First-time Adopter (FTA)
\n\u2022\u2005 IFRS 9: Fees in the \u201810 per cent\u2019 Test for
\nDerecognition of Financial liabilities
\n\u2022\u2005 IFRS 16: Reimbursement of
\nleasehold improvements
\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\nNotes to the Annual Financial Statements (continued)
\n\n
\n2. NEW STANDARDS AND INTERPRETATIONS (continued)
\n\n
2.2 Standards and interpretations not yet effective
\n
There are a number of standards, amendments to standards, and interpretations which have been issued
\n
by\u2005the\u2005IASB\u2005that\u2005are\u2005effective\u2005in\u2005future\u2005accounting\u2005periods\u2005that\u2005the\u2005Group\u2005has\u2005decided\u2005not\u2005to\u2005adopt\u2005early.
\n
Standard/Interpretation Effective\u2005Date
\n
Expected Impact
\n
Years beginning
\n
on or after
\n
Disclosure of Accounting Policies (Amendments to IAS 1
\n
and IFRS Practice Statement 2)
\n
January 1, 2023
\n
Unlikely there will
\n
be a material impact
\n
Definition\u2005of\u2005Accounting\u2005Estimates\u2005(Amendments\u2005to\u2005IAS\u20058) January 1, 2023
\n
Unlikely there will
\n
be a material impact
\n
Deferred Tax Related to Assets and Liabilities arising from a
\n
Single Transaction (Amendments to IAS 12).
\n
January 1, 2023
\n
Unlikely there will
\n
be a material impact
\n
IFRS 16 Leases (Amendment \u2013 Liability in a Sale and
\n
Leaseback)
\n
January 1, 2024
\n
Unlikely there will
\n
be a material impact
\n
IAS 1 Presentation of Financial Statements (Amendment \u2013
\n
Classification\u2005of\u2005Liabilities\u2005as\u2005Current\u2005or\u2005Non-current)
\n
January 1, 2024
\n
Unlikely there will
\n
be a material impact
\n
IAS 1 Presentation of Financial Statements (Amendment \u2013
\n
Non-current Liabilities with Covenants)
\n
January 1, 2024
\n
Unlikely there will
\n
be a material impact
\n
\n
\n\n\n
\n\n3. REVENUE
\nRevenue from the rendering of services comprises:
\n2022 2021
\nUS$ US$
\nDrilling and associated revenue 208,562,447 172,537,359
\nMining and associated revenue 49,763,175 33,300,731
\nLaboratory services revenue 27,304,685 15,651,317
\nRevenue from surveying 4,654,061 5,303,859
\nTotal revenue 290,284,368 226,793,266
\nThe Group has four revenue streams:
\n\u2022\u2005 Drilling revenue relates to drilling services
\nrevenue where the terms of the contract with
\ncustomers\u2005requires\u2005the\u2005Group\u2005to\u2005drill\u2005a\u2005specified\u2005
\nnumber\u2005of\u2005meters\u2005at\u2005a\u2005specified\u2005drilling\u2005rate.\u2005
\nUnder IFRS 15 it has been concluded that the
\nGroup has an enforceable right to payment
\nfor performance completed. The transaction
\nprice for drilling is price per meter drilled times
\nnumber of meters drilled. The e-plod system is
\na day-by-day tracker of the meters drilled per
\nrig. This takes into account the meters, relevant
\nrate per meter and leads to the revenue number.
\nRevenue recognition occurs when the relevant
\ngeologist/mine\u2005manager\u2005signs\u2005and\u2005accepts\u2005the\u2005
\ne-plod\u2005report\u2005which\u2005is\u2005converted\u2005monthly/bi-
\nmonthly into invoices.
\n\u2022\u2005 Mining revenue relates to earth moving
\nand equipment rental services provided at
\ncustomers\u2019 mine sites.
\nRevenue for the earth moving services is
\ngenerated based on the bank cubic metres
\n(BCM) moved multiplied by the rates per bank
\ncubic metre as per the contract. Recognition is
\nat a point in time as the load and haul service is
\nprovided,\u2005which\u2005in\u2005turn\u2005fulfils\u2005the\u2005performance\u2005
\nobligations. Invoices are raised monthly after
\ncustomer\u2005sign\u2005off\u2005and\u2005acceptance\u2005of\u2005the\u2005
\nprogress claim that details tonnage of earth
\nmoved at the contracted rates.
\nThe equipment rental contract consists of both
\nthe\u2005variable\u2005and\u2005fixed\u2005fee\u2005rates.\u2005Revenue\u2005is\u2005
\ngenerated\u2005based\u2005on\u2005the\u2005fixed\u2005fee\u2005per\u2005equipment\u2005
\nplus the variable rate multiplied by the number
\nof hours the equipment worked for the month.
\nInvoices are raised monthly with customer sign
\noff\u2005on\u2005equipment\u2005engine\u2005hours.\u2005Customers\u2005
\nare given 30 days credit periods for services
\nrendered.
\nNotes to the Annual Financial Statements (continued)
\n3. REVENUE (continued)
\nRevenue for mobilisation of mining equipment
\nand associated resources is recognised over the
\nterm of the contract.
\n\u2022\u2005 Laboratory analysis of drilling samples relates
\nto sample analysis by MSA Laboratories
\nprovided to customers. Samples are analysed
\nand invoiced as and when the results are
\nobtained and communicated to customers.
\nThe turnaround time for a sample from collection
\nis between 14 and 20 days from receipt to
\ninvoice. Under IFRS 15 it has been concluded
\nthat the Group has an enforceable right to
\npayment for performance completed.
\n\u2022\u2005 Revenue from surveying relates to short
\nterm hire of down hole surveying equipment.
\nUnder IFRS 15 it has been concluded that the
\nGroup has an enforceable right to payment
\nfor performance completed. Meeting of
\nperformance\u2005obligations\u2005and\u2005transfer\u2005of\u2005benefits\u2005
\nis continuous.
\n
\n
\n
\n\n
\n
\n
\n\n\n4. COST OF SALES
\n2022 2021
\nUS$ US$
\nEmployee cost (Note 6) 63,236,358 50,592,673
\nConsumables 18,299,835 13,399,813
\nRepairs and maintenance 24,249,689 16,859,411
\nFuel 7,483,682 3,707,324
\nCamp operational cost 5,397,497 4,042,900
\nOther cost of sales 11,696,754 8,349,937
\nFreight and customs 9,487,234 10,557,625
\nEquipment hire 1,785,865 1,497,625
\nTravel and accommodation 4,382,909 3,877,335
\nSafety gear and equipment 2,614,371 2,109,610
\nEstablishment cost 944,805 1,099,407
\nOthers 6,273,596
\n4,397,586
\nTotal cost of sales 155,852,595 120,491,246
\n
\n\n\n5. ADMINISTRATION EXPENSES
\n2022 2021
\nUS$ US$
\nEmployee cost (Note 6) 16,324,024 14,962,199
\nProfessional fees 3,848,105 3,747,479
\nInsurance 1,886,037 1,412,108
\nRental cost 1,549,375 1,268,795
\nShare based payment expenses 2,774,331 1,989,277
\nBad\u2005debts\u2005written\u2005off 1,457,548 \u2013
\nExpected credit loss provision 2,980,656 \u2013
\nTravel and accommodation 2,499,292 825,399
\nBank charges 1,277,475 730,294
\nForeign exchange loss 1,711,081 1,586,329
\nSoftware costs 1,104,203 535,765
\nOther expenses 6,918,435 5,969,701
\nTotal administration expenses 44,330,562 33,027,346
\n
\n\n
\n\nNotes to the Annual Financial Statements (continued)
\n\n
\n
\n
\n6. PROFIT FROM OPERATIONS
\nThe\u2005following\u2005items\u2005have\u2005been\u2005recognised\u2005as\u2005expenses\u2005in\u2005determining\u2005profit\u2005from\u2005operations:
\n\n2022 2021
\nDepreciation, amortisation and impairments
\nUS$ US$
\nRights of use assets 3,457,633
\n880,871
\nComputer software 4,178
\n4,179
\nDrilling rigs 10,373,050
\n7,959,524
\nAssociated drilling equipment 3,134,579
\n2,022,454
\nVehicles and trucks 3,180,506
\n1,870,873
\nCamp and associated equipment 1,389,635
\n1,207,651
\nMining equipment 8,876,658
\n7,451,803
\nTotal depreciation,
\n amortisation and impairments 30,416,239 21,397,355
\n
\n\n\nOperating lease expense
\nShort term equipment rental
\n6,457,446 7,601,916
\n
\n\n\nEmployee costs
\nSalaries,\u2005wages,\u2005bonuses\u2005and\u2005other\u2005benefits 79,560,382
\n65,554,872
\nShare based compensation expense 2,774,331 1,989,277
\nTotal employee costs 82,334,713
\n67,544,149
\n
\n\nOther
\nLoss on disposal of property, plant and equipment 668,817
\n453,869
\nLegal and professional fees 3,848,105
\n3,747,479
\nStock\u2005write\u2005off\u2005and\u2005provision 945,103
\n313,250
\nAllowance for credit losses 2,980,656
\n\u2013
\nBad\u2005debts\u2005written\u2005off 1,457,548
\n\u2013
\nOther taxes 333,257
\n278,487
\n(Decrease)/\u2005increase\u2005in\u2005provisions\u2005for\u2005other\u2005taxes\u2005 (287,678)
\n856,692
\n
\n\n\n
\n\n7. FINANCE COSTS
\n2022 2021
\nUS$ US$
\nLease liabilities 818,249 177,962
\nInterest on bank loans 4,219,977 2,517,390
\nInterest on supplier credit facilities 1,005,158 699,865
\nAmortised debt arrangement costs 438,663 -
\nOther\u2005finance\u2005costs 873,663 438,549
\nTotal finance costs 7,355,710 3,833,766
\n
\n\n
\n\n\nNotes to the Annual Financial Statements (continued)
\n8. FAIR VALUE (LOSS)/ GAIN ON INVESTMENTS AT FAIR VALUE
\nFair\u2005value\u2005(loss)/gain\u2005on\u2005investments\u2005recognised\u2005during\u2005the\u2005year\u2005consists\u2005of:
\n2022 2021
\nUS$ US$
\nValuation\u2005of\u2005equity\u2005investments\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss (19,534,702) 33,054,048
\nValuation\u2005of\u2005derivative\u2005financial\u2005assets\u2005through\u2005profit\u2005or\u2005loss (554,903) 554,903
\nRealised gain on disposal of equity investments 291,636 107,805
\nFair value (loss)/gain on investments at fair value (19,797,969)
\n33,716,756
\n
\n\n\n
\n
\n\n9. TAXATION
\nMajor components of the tax expense
\n2022 2021
\nCurrent
\nUS$ US$
\nIncome tax \u2013 current period 6,281,949 8,074,306
\nIncome tax \u2013 recognised in current tax for prior periods 204,943 224,385
\nWithholding tax \u2013 current period 3,349,077 3,397,396
\nTotal current taxation 9,835,969 11,696,087
\nDeferred
\nCurrent year \u2013 20,442
\nTotal deferred taxation \u2013 20,442
\nTotal taxation 9,835,969 11,716,529
\nCapital Limited is incorporated in Bermuda. No taxation is payable on the results of the Bermuda
\nbusiness. Taxation for other jurisdictions is calculated in terms of the legislation and rates prevailing in the
\nrespective jurisdictions.
\nReconciliation of the tax expense
\nThe taxation charge for the year can be reconciled to the theoretical amount that would arise using the
\nbasic\u2005tax\u2005rate\u2005on\u2005the\u2005profit\u2005or\u2005loss\u2005per\u2005the\u2005statement\u2005of\u2005comprehensive\u2005income\u2005as\u2005follows:
\n2022 2021
\nUS$ US$
\nAccounting\u2005profit\u2005before\u2005tax 32,566,128 82,005,307
\nTax\u2005at\u2005domestic\u2005rates\u2005applicable\u2005to\u2005profits\u2005and\u2005losses\u2005
\nin the jurisdictions in which the Group operates
\n4,189,998 8,100,344
\nTax effect of adjustments on taxable income
\nForeign withholding taxes paid 3,349,077 3,397,396
\nPermanent\u2005differences 623,182 (542,467)
\nPrior\u2005year\u2005under\u2005/(over)\u2005provision 204,943 224,385
\nLosses not recognised 1,468,769 536,872
\nTotal taxation 9,835,969 11,716,529
\nThe\u2005Group\u2019s\u2005consolidated\u2005income\u2005tax\u2005expense\u2005is\u2005affected\u2005by\u2005the\u2005varying\u2005tax\u2005laws\u2005and\u2005income\u2005tax\u2005rates\u2005in\u2005
\neffect\u2005in\u2005the\u2005various\u2005countries\u2005in\u2005which\u2005it\u2005operates,\u2005which\u2005are\u2005mainly\u2005in\u2005Africa,\u2005Middle\u2005East\u2005and\u2005Americas.
\n
\n\n
\n\n
\n\nNotes to the Annual Financial Statements (continued)
\n\n
\n\n9. TAXATION (continued)
\nUncertain income tax positions
\nThe Group operates in multiple jurisdictions with complex legal and tax regulatory environments. In
\ncertain of these jurisdictions, the Group has taken income tax positions that management believes are
\nsupportable and are intended to withstand challenge by tax authorities. Some of these positions are
\ninherently uncertain and relate to the interpretation of income tax laws. The Group periodically reassesses
\nits\u2005tax\u2005positions.\u2005Changes\u2005to\u2005the\u2005financial\u2005statement\u2005recognition,\u2005measurement,\u2005and\u2005disclosure\u2005of\u2005tax\u2005
\npositions is based on management\u2019s best judgment given any changes in the facts, circumstances,
\ninformation available and applicable tax laws. Considering all available information and the history of
\nresolving income tax uncertainties, the Group believes that the ultimate resolution of such matters will not
\nlikely\u2005have\u2005a\u2005material\u2005effect\u2005on\u2005the\u2005Group\u2019s\u2005financial\u2005position,\u2005statements\u2005of\u2005income\u2005or\u2005cash\u2005flows.
\n
\n\n
\n\n\n10. EARNINGS PER SHARE
\nBasic earnings per share
\nThe earnings and weighted average number of ordinary shares used in the calculation of basic earnings
\nper share are as follows:
\n2022 2021
\nEarnings for the year, used in the calculation of basic
\nearnings per share ($)
\n20,990,137 70,174,784
\nAdjusted for:
\nFair\u2005value\u2005loss/\u2005(gain)\u2005on\u2005investments 19,797,969 (33,716,756)
\nEarnings for the year, used in the calculation of basic
\nearnings per share (adjusted) ($)
\n40,788,106 36,458,028
\nWeighted average number of ordinary shares for the
\npurposes of basic earnings per share (No.)
\n189,653,369 189,765,149
\nBasic earnings per share ($c) 11.07 36.98
\nBasic earnings per share (adjusted) ($c) 21.51 19.21
\nDiluted earnings per share
\nThe earnings used in the calculation of diluted earnings per share measures are the same as those used
\nin the equivalent basic earnings per share measures, as outlined above.
\nNotes to the Annual Financial Statements (continued)
\n10. EARNINGS PER SHARE (continued)
\nDiluted earnings per share (continued)
\n2022 2021
\nReconciliation of weighted average number of
\nordinary shares used for earnings per share to
\nweighted average number of ordinary shares used for
\ndiluted
\nWeighted average number of ordinary shares used for
\nbasic earnings per share
\n189,653,369 189,765,149
\nAdjusted for:
\nEffect\u2005of\u2005STIP\u2005and\u2005LTIP\u2005shares 6,263,799 3,021,654
\nWeighted average number of ordinary shares used in
\nthe calculation of diluted earnings per share
\n195,917,168 192,786,803
\n2022 2021
\nDiluted earnings per share ($c) 10.71 36.40
\nDiluted earnings per share (adjusted) ($c) 20.82 18.91
\n
\n
\n\n\n11. DIVIDENDS PAID
\n2022 2021
\nUS$
\nUS$
\nDividends 7,089,184
\n4,751,372
\nDuring the 12 months ended 31 December 2022, a dividend of 2.4 cents (2021: 1.3 cents) per ordinary
\nshare,\u2005totalling\u2005to\u2005US$4,607,599\u2005(2021:\u2005US$2,470,713)\u2005was\u2005declared\u2005as\u2005the\u2005final\u2005dividend\u2005for\u20052021\u2005and\u2005
\npaid to the shareholders on 10 May 2022 (2021: 04 May 2021) followed by a further dividend of 1.3 cents
\n(2021: 1.2 cents) per share which was declared as interim dividend for 2022 totalling US$2,481,586
\n(2021: US$2,280,658) and paid on 3 October 2022 (2021: 24 September 2021). The total dividend paid is
\nUS$7,089,184 (2021: US$4,751,372).
\nIn\u2005respect\u2005of\u2005the\u2005year\u2005ended\u200531\u2005December\u20052022,\u2005the\u2005Directors\u2005propose\u2005that\u2005a\u2005final\u2005dividend\u2005of\u20052.6\u2005cents\u2005
\n(2021:\u20052.4\u2005cents)\u2005per\u2005share\u2005be\u2005paid\u2005to\u2005shareholders\u2005on\u20059\u2005May\u20052023\u2005(2021:\u200510\u2005May\u20052022).\u2005This\u2005final\u2005
\ndividend has not been included as a liability in these Consolidated Financial Statements. The proposed
\nfinal\u2005dividend\u2005is\u2005payable\u2005to\u2005all\u2005shareholders\u2005on\u2005the\u2005Register\u2005of\u2005Members\u2005on\u200514\u2005April\u20052023\u2005(2021:\u20058\u2005
\nApril\u20052022).\u2005The\u2005total\u2005estimated\u2005final\u2005dividend\u2005to\u2005be\u2005paid\u2005is\u2005US$5.0\u2005million\u2005(2021:\u2005US$4.59\u2005million).\u2005The\u2005
\npayment\u2005of\u2005this\u2005final\u2005dividend\u2005will\u2005not\u2005have\u2005any\u2005tax\u2005consequences\u2005for\u2005the\u2005Group.
\n
\n\n
\n\nNotes to the Annual Financial Statements (continued)
\n\n
\n12. PROPERTY, PLANT AND EQUIPMENT
\n\nDrilling Rigs
\nHeavy mining
\nequipment
\nAssociated
\ndrilling
\nequipment
\nVehicles
\nand trucks
\nCamp and
\nassociated
\nequipment
\nComputer
\nsoftware
\nLeasehold
\nimprovements
\nTotal
\nCost
\nUS$ US$ US$ US$ US$ US$ US$ US$
\nAt 1 January 2021
\n103,540,898 26,511,913 20,326,737 21,979,021 12,037,844 38,361 1,653,952 186,088,726
\nAdditions 23,814,358 29,918,725 7,009,849 12,439,323 2,483,930 \u2013 \u2013 75,666,185
\nDisposal (3,103,550) (19,520) (831,773) (824,132) (644,637) \u2013 \u2013 (5,423,612)
\nTransfers from Associated drilling equipment \u2013 2,813,654 (2,813,654) \u2013 \u2013 \u2013 \u2013 \u2013
\nAt 31 December 2021
\n124,251,706 59,224,772 23,691,159 33,594,212 13,877,137 38,361 1,653,952 256,331,299
\nAdditions 21,873,207 12,309,225 12,133,884 5,617,520 4,772,198 \u2013 \u2013 56,706,034
\nDisposal (6,755,226) (89,983) (4,426,158) (1,425,910)
\n(479,718)
\n\u2013 \u2013 (13,176,995)
\nAt 31 December 2022
\n139,369,687 71,444,014 31,398,885 37,785,822 18,169,617 38,361 1,653,952 299,860,338
\nDrilling Rigs
\nHeavy mining
\nequipment
\nAssociated
\ndrilling
\nequipment
\nVehicles and
\ntrucks
\nCamp and
\nassociated
\nequipment
\nComputer
\nsoftware
\nLeasehold
\nimprovements
\nTotal
\nAccumulated Depreciation
\nUS$ US$ US$ US$ US$ US$ US$ US$
\nAt 1 January 2021
\n70,806,074 \u2013 7,159,802 12,641,891 6,407,935 5,042 97,299 97,118,043
\nDepreciation 7,959,524 7,451,803 2,022,454 1,870,873 1,207,651 4,179 \u2013 20,516,484
\nDisposal (2,940,714) \u2013 (700,176) (751,640) (509,097) \u2013 \u2013 (4,901,627)
\nTransfers from Associated drilling equipment \u2013 528,416 (528,416) \u2013 \u2013 \u2013 \u2013 \u2013
\nAt 31 December 2021
\n75,824,884 7,980,219 7,953,664 13,761,124 7,106,489 9,221 97,299 112,732,900
\nDepreciation 10,373,050 8,876,658 3,134,579 3,180,506 1,389,635 4,178 \u2013 26,958,606
\nDisposal (6,409,664) (81,176) (4,345,182) (1,245,572) (407,682) \u2013 \u2013
\n(12,489,276)
\nAt 31 December 2022
\n79,788,270 16,775,701 6,743,061 15,696,058 8,088,442 13,399 97,299 127,202,230
\nCarrying amount at 31 December 2021 48,426,822 51,244,553 15,737,495 19,833,088 6,770,648 29,140 1,556,653 143,598,399
\nCarrying amount at 31 December 2022 59,581,417 54,668,313 24,655,824 22,089,764 10,081,175 24,962 1,556,653 172,658,108
\n
\n\nBank\u2005borrowings\u2005are\u2005secured\u2005on\u2005the\u2005Group\u2019s\u2005drilling\u2005and\u2005mining\u2005fleet\u2005\u2013\u2005see\u2005Note\u200527.\u2005
\nThe Group\u2019s property plant and equipment includes assets not yet commissioned totalling US$24.6
\nmillion (2021: US$19.9 million). The assets will be depreciated once commissioned and available for use.
\nImpairment and reversal of impairment
\nThe Group reviews the carrying amounts of its tangible assets at the end of each reporting period
\nto determine whether there is any indication that those assets may be impaired. Property, plant and
\nequipment was tested for impairment at the reporting date. As at this date, Management did not identify
\nany impairment indicators to warrant a detailed impairment review.
\nA checklist is made against both the external and internal sources of impairment. These indicators include:
\n\u2022\u2005 Unexpected decline in market value of the asset;
\n\u2022\u2005 Adverse technological changes, market or legal environment;
\n\u2022\u2005 Impact of climate change transitions;
\n\u2022\u2005 Changes in customer demands which Capital Limited fails to respond to; and
\n\u2022\u2005 Visual inspections of the asset during scheduled maintenance.
\nNo indication of the above has been noted with regards to the Group\u2019s property, plant and equipment.
\nMarket Values are still stable and in line with the carrying values on the assets. Routine maintenance is
\ncarried out on the assets as required, including parts change out and service.
\n
\n\n\nNotes to the Annual Financial Statements (continued)
\n13. LEASES (GROUP AS LESSEE)
\nDetails pertaining to leasing arrangements, where the Group is lessee are presented below:
\nMachinery Land & Buildings Total
\nRight of use assets
\nUS$ US$ US$
\nAt 1 January 2021 \u2013 629,657 629,657
\nAdditions 8,332,484 1,773,126 10,105,610
\nDepreciation (340,101) (543,823)
\n(883,924)
\nAt 31 December 2021 7,992,383 1,858,960
\n9,851,343
\nAdditions 7,735,707 2,522,297 10,258,004
\nDepreciation (2,641,117) (815,912) (3,457,029)
\nAt 31 December 2022 13,086,973 3,565,345
\n16,652,318
\nLease liabilities
\nAt 1 January 2021 \u2013 673,299 673,299
\nAdditions 8,332,484 1,354,344 9,686,828
\nInterest expense 96,385 81,577 177,962
\nLease payments (380,882) (566,038) (946,920)
\nAt 31 December 2021 8,047,987 1,543,182 9,591,169
\nAdditions 7,068,932 2,522,296 9,591,228
\nInterest expense 651,492 166,757 818,249
\nLease payments (2,897,410) (836,388) (3,733,798)
\nAt 31 December 2022 12,871,001 3,395,847
\n16,266,848
\nThe weighted average incremental borrowing rate applied to lease liabilities during the year was 7%
\n(2021: 7%).
\nLease liabilities
\nThe maturity analysis of lease liabilities is as follows:
\n2022 2021
\nUS$ US$
\nWithin one year 4,139,464
\n2,236,424
\nTwo\u2005to\u2005five\u2005years 12,127,384
\n7,354,745
\n 16,266,848 9,591,169
\nCurrent liabilities 4,139,464
\n2,236,424
\nNon-current liabilities 12,127,384
\n7,354,745
\n 16,266,848
\n9,591,169
\nThe Group\u2019s machinery leases mainly relate to the Chrysos PhotonAssay
\nTM
\n units for the laboratory
\nbusiness. The Group recognises lease liabilities and right of use assets once the units have been
\ncommissioned for use on site. As at 31 December 2022, 4 Chrysos units had been commissioned (2021:
\n1 unit).
\n
\n\n
\n\nNotes to the Annual Financial Statements (continued)
\n\n
\n\n14. GOODWILL
\n2022 2021
\nGroup Cost
\nAccumulated
\nimpairment
\nCarrying
\nvalue
\nCost
\nAccumulated
\nimpairment
\nCarrying
\nvalue
\nUS$ US$ US$ US$ US$ US$
\nGoodwill
\n1,296,387 \u2013
\n1,296,387
\n1,252,348 \u2013
\n1,252,348
\nGoodwill arose from the business combination
\nwith the acquisition of control in MSA Mineral
\nServices Analytical (Canada) Inc. (MSALABS)
\nin 2019 and International Apprenticeship &
\nCompetency Academy Limited (\u201cIACA\u201d) during the
\nyear (see Note 16).
\nAt 31 December 2022 the group owns 76.65%
\nof the share capital in MSA and 75% of the
\nshare capital in IACA. The consideration paid,
\nassets acquired and goodwill arising on the IACA
\nacquisition are not considered to be material to
\nthese\u2005financial\u2005statements.
\nGoodwill Impairment
\nThe Group is required to test, on an annual basis
\nwhether\u2005goodwill\u2005has\u2005suffered\u2005any\u2005impairments.\u2005
\nDiscounted\u2005cash\u2005flows\u2005were\u2005used\u2005to\u2005assess\u2005
\nthe goodwill as at 31 December 2022 and no
\nimpairment was found. The discount rate used
\nwas 20% (2021: 16.7%) with growth rate of 5%
\n(2021:\u20053%).\u2005Cash\u2005flow\u2005forecast\u2005was\u2005performed\u2005
\nfor 5 years up to 31 December 2027 with terminal
\nvalues estimated thereafter at a growth rate of 0%
\n(2021: 1.5%).
\nKey assumptions
\nThe Group regards MSALABS as a single Cash
\nGenerating Unit (CGU) for the purpose of testing
\nfor goodwill impairment. The recoverable amount
\nfor this CGU is based on value in use which is
\nderived\u2005from\u2005discounted\u2005cashflow\u2005calculations.\u2005
\nThe key assumptions applied in value in use
\ncalculations are those regarding Earnings Before
\nInterest Tax & Depreciation (EBITDA), growth rates
\nand discount rates.
\nForecasting EBITDA
\nFor\u2005MSALABS,\u2005the\u2005Group\u2005prepared\u2005cashflow\u2005
\nprojections for the 5 years to 31 December
\n2027 as noted above, based on the most recent
\nforecasts for the year ending 31 December 2023
\nand the Group\u2019s outlook on the health of the
\nmetals and mining sector over that period.
\nGrowth rates
\nRevenue growth rates applied to the value in use
\ncalculations\u2005for\u2005MSALABS\u2005reflect\u2005management\u2019s\u2005
\nstrategy and outlook on the metals and mining
\nsector and particularly over the gold mining sector
\nwhere a growth rate of 5% per year has been used
\nas a base case scenario with sensitivity analysis
\napplied to growth rates ranging from 1 % to 10%.
\nDiscount rates
\nThe pre-tax discount rates used to assess the
\nforecast\u2005cashflows\u2005for\u2005MSALABS\u2005was\u2005based\u2005on\u2005
\nestimates of the risk-free rate and uplifted by
\nmanagement\u2019s own assessment of business risks
\nand\u2005specific\u2005risks\u2005of\u2005operating\u2005in\u2005the\u2005metals\u2005and\u2005
\nmining sector. This was estimated at 20% at 31
\nDecember 2022. Sensitivity analysis was applied
\nto discount rates ranging from 12% to 25%.
\nSensitivity analysis
\nA sensitivity analysis was performed, and
\nmanagement concluded that changes in the key
\nassumptions did not result in an impairment of
\nthe goodwill in MSALABS. Discount rates of up to
\n25% and growth rates as low as 1% were used
\nin the value in use workings. Even at such level
\nmanagement concluded that no impairment was
\nrequired.
\n
\n
\n\n
\n
\n\n\n
\n\nNotes to the Annual Financial Statements (continued)
\n15. INTANGIBLE ASSETS
\nReconciliation of intangible assets
\nCOMPUTER SOFTWARE
\n2022 2021
\nCost US$ US$
\nAt 1 January
\n1,282,269 276,248
\nAdditions 633,921 1,006,021
\nAt 31 December 1,916,190 1,282,269
\nThe intangible assets have not yet been amortised as they were still in the development stage at the
\nreporting\u2005date.\u2005No\u2005impairment\u2005indicators\u2005have\u2005been\u2005identified\u2005in\u2005respect\u2005of\u2005the\u2005intangible\u2005assets.
\nThe additions to computer software during the year consist of expenditure on the Group\u2019s Laboratory
\nInformation Management System (LIMS) and the new ERP system which, as at 31 December 2022, was
\nstill in the development stage. Management expects the ERP software to be commissioned during 2023.
\n
\n\n
\n\n\n16. NON-CONTROLLING INTEREST
\nMSALABS Ltd, a 76.65% (2021: 76.93%) owned subsidiary of the Company, has material non-controlling
\ninterests (NCI). MSALABS Ltd is incorporated in Mauritius and has operations globally.
\nCMS\u2005(Tanzania)\u2005Ltd\u2005is\u2005a\u200589.8%\u2005(80%\u2005direct,\u20058.9%\u2005indirect)\u2005owned\u2005subsidiary\u2005of\u2005the\u2005company.\u2005
\nSummarised\u2005financial\u2005information\u2005in\u2005relation\u2005to\u2005MSALABS\u2005Ltd,\u2005before\u2005intra-group\u2005eliminations,\u2005and\u2005CMS\u2005
\n(Tanzania)\u2005Ltd\u2005is\u2005presented\u2005below\u2005together\u2005with\u2005amounts\u2005attributable\u2005to\u2005NCI.
\nSummarised statement of financial position
\nMSALABS LTD CMS (TANZANIA) LTD
\n2022 2021 2022
\n2021
\nUS$ US$ US$ US$
\nAssets
\nNon-current assets 24,138,781 7,481,076 32,569,310
\n18,438,320
\nCurrent assets 11,231,985 9,792,814 22,577,986
\n22,049,074
\nTotal assets 35,370,766 17,273,890 55,147,296
\n40,487,394
\nLiabilities
\nNon-current liabilities 12,299,594 347,638 15,823,091
\n12,880,968
\nCurrent liabilities 11,559,300 4,777,698 11,009,312
\n16,908,847
\nTotal liabilities 23,858,894 5,125,336 26,832,403
\n29,789,815
\nTotal net assets 11,511,872 12,148,554 28,314,893 10,697,579
\nCarrying amount of non-
\ncontrolling interest
\n2,688,022 2,673,353 2,891,202
\n1,094,236
\n
\n\n
\n\nNotes to the Annual Financial Statements (continued)
\n\n16. NON-CONTROLLING INTEREST (continued)
\nSummarised statement of profit or loss and other comprehensive income
\nMSALABS LTD CMS (TANZANIA) LTD
\n2022 2021 2022
\n2021
\nUS$ US$ US$ US$
\nRevenue
\n26,657,058 12,247,313 64,537,043
\n23,641,827
\nOther income and expenses (25,672,018) (12,491,928) (44,859,082)
\n(14,665,399)
\nProfit/(Loss) before tax
\n985,040 (244,615) 19,677,961
\n8,976,428
\nTax expense (1,156,429) (301,408) (2,060,647) (784,029)
\n(Loss)/ profit for the year (171,389) (546,023) 17,617,314 8,192,399
\nTotal comprehensive
\n(loss)/ income for the year
\n(171,389) (546,023) 17,617,314
\n8,192,399
\n(Loss)/ profit allocated to
\nnon-controlling interest
\n(39,939) (133,764) 1,796,966
\n479,546
\nSummary of movement in non-controlling interest during the year:
\nMSALABS Ltd
\nCMS (Tanzania)
\nLtd
\nInternational
\nApprenticeship
\n& Competency
\nAcademy Limited
\nTotal
\nUS$ US$ US$ US$
\nBalance at
\n1 January 2022
\n2,673,353 1,094,236 \u2013
\n3,767,589
\nAcquisitions during the year \u2013 \u2013 10,321
\n10,321
\nProfit\u2005or\u2005(loss) (39,939) 1,796,966 (17,005)
\n1,740,022
\nChange in ownership 54,608 \u2013 \u2013
\n54,608
\nBalance at
\n31 December 2022
\n2,688,022 2,891,202 (6,684) 5,572,540
\nMSALABS Ltd
\nCMS (Tanzania) Ltd
\nTotal
\nUS$ US$ US$
\nBalance at 1 January 2021
\n1,389,315 \u2013 1,389,315
\nProfit\u2005or\u2005loss (133,764) 247,758 113,994
\nAdjustment arising from change in non-
\ncontrolling interest:
\nRights issue 875,968 \u2013 875,968
\nImpact of change in ownership percentage 541,834 846,478 1,388,312
\nBalance at 31 December 2021 2,673,353 1,094,236 3,767,589
\nOn 25 March 2022 the Group acquired 75% of the voting equity instruments of International
\nApprenticeship & Competency Academy Limited (\u201cIACA\u201d) for a consideration of $75,000.
\nIACA\u2019s principal activity is developing a network of technical training centres across the country, to
\nsupport industrial development with apprenticeship programmes and skills assessment.
\nIACA incurred a loss of US$0.07 million during the period since acquisition.
\n
\n\nNotes to the Annual Financial Statements (continued)
\n\n
\n\n17. DEFERRED TAX
\n2022 2021
\nUS$ US$
\nDeferred tax liability
\nExcess of capital allowances over depreciation (34,196) (34,196)
\nTotal deferred tax liability (34,196) (34,196)
\nDeferred tax asset
\nExcess of capital allowances over depreciation \u2013 \u2013
\nThe summarised position is as per below:
\nDeferred tax liability (34,196) (34,196)
\nDeferred tax asset \u2013 \u2013
\nTax losses recognised (34,196) (34,196)
\nReconciliation of deferred tax asset / (liability)
\nAt beginning of year (34,196) (13,755)
\nTaxable\u2005/\u2005(deductible)\u2005temporary\u2005difference\u2005movement\u2005on\u2005
\ntangible\u2005fixed\u2005assets
\n\u2013 (20,441)
\nAt end of year (34,196) (34,196)
\nDuring 2022 the Group undertook an assessment of the likelihood of utilising older tax losses. At the
\nreporting date, the Group has estimated tax losses carried forward of US$6.6 million (2021: US$8.8
\nmillion)\u2005with\u2005a\u2005tax\u2005value\u2005of\u2005US$1.5\u2005million\u2005(2021:\u2005US$1.7\u2005million)\u2005available\u2005for\u2005offset\u2005against\u2005future\u2005profits.\u2005
\nAll losses will expire between 1\u20134 years. No deferred tax asset has been recognised in relation to these
\ncarried\u2005forward\u2005tax\u2005losses\u2005due\u2005to\u2005uncertainty\u2005as\u2005to\u2005the\u2005realisation\u2005of\u2005future\u2005taxable\u2005profits\u2005against\u2005which\u2005
\nthe\u2005losses\u2005can\u2005be\u2005offset.
\n
\n\n
\n\n\n18. INVENTORIES
\n2022
\n2021
\nUS$ US$
\nConsumables 58,310,073 36,303,937
\nGoods in transit 1,035,386 2,197,983
\nGross carrying value of inventory 59,345,459 38,501,920
\nLess impairment of inventory (650,480) (566,808)
\n
\n58,694,979 37,935,112
\nThe cost of inventories recognised as an expense in the current year amounts to US$18.3 million (2021:
\nUS$13.4\u2005million).\u2005During\u2005the\u2005year,\u2005the\u2005Group\u2005wrote\u2005off\u2005US$0.2\u2005million\u2005(2021:\u2005US$1.3\u2005million)\u2005of\u2005inventory.\u2005
\nA provision of US$0.7 million (2021: US$1.0 million \u2013 reversal of provision) was made during the year,
\nresulting in an increase in the carrying amount of the provision. Refer to Note 6 for details of the amount
\nof write-down of inventories recognised as an expense in the period.
\n
\n\n
\n\nNotes to the Annual Financial Statements (continued)
\n\n
\n
\n19. TRADE RECEIVABLES
\n2022
\n2021
\nUS$ US$
\nTrade receivables 44,522,523 42,212,147
\nLess: Allowance for credit losses (2,980,656) \u2013
\nTotal trade and other receivables 41,541,867 42,212,147
\nTrade receivables have credit periods of between 30 to 45 days. The ageing of trade receivables is
\ndetailed below:
\nCurrent 29,298,139 31,548,218
\nPast due 1\u201330 days 6,504,565 7,011,229
\nPast due 31\u201360 days 1,299,056 1,329,602
\nPast due 61\u201390 days 740,146 886,293
\nPast due over 90 days 6,680,617 1,436,805
\n44,522,523 42,212,147
\nBefore accepting any new customer, the Group assesses the potential customer\u2019s credit quality and
\ndefines\u2005credit\u2005limits\u2005for\u2005each\u2005customer.\u2005Customers\u2005credit\u2005limits\u2005are\u2005reviewed\u2005annually.\u2005The\u2005Group\u2019s\u2005credit\u2005
\nrisk is concentrated as the Group currently provides drilling services to a limited number of major and
\nmid-tier mining companies as well as junior explorers.
\nThe\u2005Group\u2005applies\u2005the\u2005IFRS\u20059\u2005simplified\u2005approach\u2005to\u2005measuring\u2005expected\u2005credit\u2005losses\u2005using\u2005a\u2005lifetime\u2005
\nexpected loss provision for trade receivables and contract assets. To measure expected credit losses
\non a collective basis, trade receivables and contract assets are grouped based on similar credit risk. The
\ncontract assets have similar risk characteristics to the trade receivables for similar types of contracts.
\nAs the Group does not have historical credit losses, the expected loss rates have been based on current
\nand\u2005forward-looking\u2005information\u2005on\u2005micro\u2005macroeconomic\u2005factors\u2005affecting\u2005the\u2005Group\u2019s\u2005customers.\u2005
\nThe\u2005Group\u2005has\u2005identified\u2005the\u2005metals\u2005and\u2005mining\u2005sector\u2019s\u2005credit\u2005loss\u2005probability\u2005rates\u2005as\u2005the\u2005key\u2005
\nmacroeconomic factor in countries where the Group operates.
\n\nThe lifetime expected loss provision for trade receivables is as follows:
\n31 December 2022
\nCurrent
\nMore than
\n30 days
\npast due
\nMore than
\n60 days
\npast due
\nMore than
\n120 days
\npast due
\nTotal
\nUS$ US$ US$ US$ US$
\nExpected loss rate 1% 6% 13% 38% 7%
\nGross carrying amount 35,802,704 1,299,057 740,146 6,680,616 44,522,523
\nLoss provision 232,820 80,441 99,522 2,567,873 2,980,656
\nMovements in the impairment allowance for trade receivables are as follows:
\n2022 2021
\nUS$ US$
\nOpening provision for impairment of trade receivables \u2013 \u2013
\nIncrease during the year 4,438,204 \u2013
\nReceivables\u2005written\u2005off\u2005during\u2005the\u2005year\u2005as\u2005uncollectible (1,457,548) \u2013
\nAt 31 December 2,980,656 \u2013
\n
\n\nThe Directors consider that the carrying amount of trade and other receivables approximate their
\nfair values.
\n\nNotes to the Annual Financial Statements (continued)
\n20. OTHER RECEIVABLES
\n2022 2021
\nUS$ US$
\nPrepayments 4,334,239 4,134,418
\nCapitalised contract costs 1,584,888 2,608,530
\nVAT recoverable 6,484,855 6,050,210
\nAccounts receivable - Sundry 8,584,473 7,778,654
\nPrepayment\u2005for\u2005fixed\u2005assets 5,542,523 3,548,794
\nOthers 2,030 21,017
\n26,533,008 24,141,623
\nCurrent 20,073,008 17,681,623
\nNon-current 6,460,000 6,460,000
\n 26,533,008 24,141,623
\nNon-current receivable of US$6.5 million (2021: US$6.5 million) relates to the consideration due from the
\nnon-controlling interest in CK Washirika Limited. The consideration will be settled against future dividends
\nin CK Washirika Limited. In assessing the receivable for impairment, the Group has considered the future
\ncash\u2005flows\u2005to\u2005be\u2005generated\u2005by\u2005CK\u2005Washirika\u2005Limited\u2005through\u2005its\u2005investments\u2005in\u2005CMS\u2005Tanzania\u2005Ltd\u2005and\u2005
\nMSA Laboratories (T) Ltd, the provisions of the shareholder agreement and the credit worthiness of the
\nnon-controlling interest.
\nThe Directors have assessed the expected credit loss allowance in respect of the non-current receivable
\nto be immaterial.
\n
\n\n
\n
\n\n\n21. INVESTMENTS AT FAIR VALUE
\nEquity\u2005investments\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss
\n2022
\n2021
\nUS$ US$
\nMandatorily at fair value through profit or loss:
\nLevel 1 shares 30,434,599 51,958,649
\nLevel 3 shares 8,292,442 8,193,018
\n38,727,041 60,151,667
\n
\n\n
\n\nNotes to the Annual Financial Statements (continued)
\n\n21. INVESTMENTS AT FAIR VALUE (continued)
\nThe reconciliation of the investment valuations from 1 January 2022 to 31 December 2022 is as follows:
\nLevel 1 Level 3 Total
\nDetails
\nUS$ US$ US$
\nAt 1 January 2022 51,958,649 8,193,018 60,151,667
\nAdditions 8,713,205 297,316 9,010,521
\nDisposal (10,345,543) \u2013 (10,345,543)
\nFair\u2005value\u2005gain/(loss) (19,891,712) (197,892) (20,089,604)
\nAt 31 December 2022 30,434,599 8,292,442 38,727,041
\nDetails
\nLevel 1 Level 3 Total
\nUS$ US$ US$
\nAt 1 January 2021 16,233,516 10,933,579 27,167,095
\nAdditions 9,025,943 124,141 9,150,084
\nDisposal (6,377,163) \u2013 (6,377,163)
\nFair\u2005value\u2005gain/(loss) 31,042,850 (831,199) 30,211,651
\nTransfer from level 3 2,033,503 (2,033,503) \u2013
\nAt 31 December 2021 51,958,649 8,193,018 60,151,667
\nFair value information
\nLevel 1 shares
\nMarket approach \u2013 Listed share price.
\nThe Company\u2019s interests in various listed shares are valued at the 31 December 2022 closing prices. No
\nsecondary valuation methodologies have been considered as the Company\u2019s Level 1 investments are
\nlisted on active markets.
\nLevel 3 shares
\nMarket Approach \u2013 Market comparables applying Directors\u2019 estimate.
\nThe Directors have reviewed the valuation methodology at 31 December 2022 and considered the most
\nappropriate valuation methodology is a multiples-based approach based on comparing the enterprise
\nvalues\u2005of\u2005a\u2005peer\u2005group\u2005with\u2005their\u2005respective\u2005consensus\u2005forecast\u2005EBITDA\u2005(EV/EBITDA)\u2005for\u20052023\u2005and\u20052024.\u2005
\nThe peer average multiple for 2023 was 3.9x and the multiple for 2024 was 3.8x. The peer group average
\nmultiples are then applied to the forecast EBITDA of the level 3 investment, supplied by the level 3
\ncompany.
\nFor the purposes of the disclosures required by IFRS 13, if the average EBITDA multiples increased
\nby 25% across all the level 3 companies, with all other indicators unchanged, in aggregate the level 3
\ninvestment value included in the balance sheet would increase from USD7.6 million to US$10.0 million.
\nThe\u2005related\u2005fair\u2005value\u2005increase\u2005of\u2005US$2.4\u2005million\u2005would\u2005be\u2005recognised\u2005in\u2005profit\u2005and\u2005loss\u2005statement.\u2005
\nAlternatively, if the average multiples used decrease by 25%, with all other indicators unchanged, in
\naggregate the level 3 investment value included in the balance sheet would decrease from US$7.6 million
\nto\u2005US$5.5\u2005million.\u2005The\u2005related\u2005fair\u2005value\u2005decrease\u2005of\u2005US$2.1\u2005million\u2005would\u2005be\u2005recognised\u2005in\u2005profit\u2005and\u2005loss\u2005
\nstatement. An adjustment to forecast gold prices would have an impact on the Enterprise Values of the
\npeer companies. The Directors do not have the information available to accurately determine the impact
\nsuch a change would have on the valuation of the level 3 companies.
\nIn line with 31 December 2021 the Directors have continued to use a multiples-based approach based
\non comparing the enterprise values of a peer group with their EBITDA however have rolled the valuation
\nforward to be based on forward looking estimates for 2023 and 2024.
\nThe\u2005Directors\u2005also\u2005considered\u2005the\u2005suitability\u2005of\u2005the\u2005peers,\u2005with\u2005specific\u2005consideration\u2005to\u2005the\u2005mine\u2005lives\u2005of\u2005
\nthe peer group. A full comparison of the same peer group of West African producing peers was performed
\nand noted that mine lives were comparable taking into account recent additions in mining portfolio.
\n
\n\n\nNotes to the Annual Financial Statements (continued)
\n22. CASH AND CASH EQUIVALENTS
\nCash and cash equivalents consist of:
\n2022 2021
\nUS$ US$
\nCash on hand 104,130 119,533
\nBank balances 28,275,477 30,457,716
\nTotal cash and cash equivalents 28,379,607 30,577,249
\n
\n\n\n
\n
\n\n23. SHARE CAPITAL AND PREMIUM
\n2022
\n2021
\nUS$ US$
\nAuthorised
\n2,000,000,000 (2021: 2,000,000,000) Ordinary shares of
\n$0.0001 (2021: $0.0001) each
\n200,000 200,000
\nNumber of ordinary shares
\nBalance at beginning of period 190,054,838 188,780,903
\nNumber of shares issued 2,809,900 1,273,935
\nBalance at end of period 192,864,738 190,054,838
\nNo of shares reserved for issue under options 1,973,551 \u2013
\nIn March and April 2022, the Company issued 2,809,900 new common shares (valued at US$1,490,379)
\npursuant to the Company\u2019s employee short and long term. The shares rank pari passu with the existing
\nordinary shares. Fully paid ordinary shares which have a par value of 0.01 cents, carry one vote per share
\nand carry rights to dividends.
\n2022
\n2021
\nIssued share capital
\n$ $
\nBalance at beginning of period 19,006 18,878
\nShare issued 281 128
\nBalance at end of period 19,287
\n19,006
\nThe holders of ordinary shares have the same rights. They are entitled to receive dividends as declared
\nfrom time to time and to one vote per share at the shareholders\u2019 meeting.
\n2022
\n2021
\nShare premium
\n$
\n$
\nBalance at beginning of period 60,900,119 60,169,426
\nShare issue 1,490,098 730,693
\nBalance at end of period 62,390,217 60,900,119
\n
\n\n\n24. TREASURY SHARES
\n2022
\n2021
\nUS$ US$
\nBalance at 1 January \u2013 \u2013
\nAcquired in the year 2,474,964 \u2013
\nBalance at 31 December 2022 2,474,964
\n\u2013
\nThe treasury shares reserve represents the cost of shares in Capital Limited purchased in the market and
\nheld by the Company to satisfy options under the Group\u2019s share options plans.
\nThe number of ordinary shares held by the Company at 31 December 2022 was 1,973,551 (2021: nil).
\n
\n\n
\n\n
\n\n
\nNotes to the Annual Financial Statements (continued)
\n
\n\n25. EQUITY-SETTLED EMPLOYEE BENEFITS RESERVE
\nAll employees of the Group are eligible to
\nparticipate in the discretionary bonus incentive
\nscheme approved by the Remuneration
\nCommittee. The scheme incentivises the
\nachievement of a range of short-term and
\nlong-term performance targets that are key to
\nthe success of the Group. The Remuneration
\nCommittee grants at its discretion options or
\nshare awards at no costs to the employee based
\non individual performance. Employees to whom
\noptions\u2005or\u2005share\u2005awards\u2005are\u2005offered\u2005are\u2005required\u2005to\u2005
\naccept\u2005the\u2005offer\u2005prior\u2005to\u2005issuance\u2005of\u2005the\u2005certificate.
\nGrant terms are determined by the Remuneration
\nCommittee on the date of the grant. These include
\nthe number of options or share awards, vesting
\nterms, exercise price and expiry date which are
\ncommunicated\u2005to\u2005employees\u2005in\u2005the\u2005offer\u2005notice.\u2005
\nOptions or share awards are forfeited if the
\nemployee leaves the Group before the vesting
\ndate. If options are not exercised by the expiry
\ndate, they are cancelled. Details of the share
\noptions or share awards outstanding during the
\nyear are as follows:
\n2021 & 2022 Short Term Incentive Plan
\nShare awards were granted under the 2021 Short
\nTerm Incentive Plan (STIP). The total value of
\nthe grant in shares was US$1,336,921. The total
\nnumber of shares granted was 967,441 and the
\nshare price used in the calculation was GBP 1.04
\nwhich was the quoted price of the shares as at 31
\nMarch 2022. Vesting date is 31 March 2023 and
\nvesting is contingent on continued employment to
\nthat date. The Group has expensed US$668,461
\nin 2022 (2021: US$668,461).
\nShare awards were granted under the 2022 Short
\nTerm Incentive Plan (STIP). The total value of
\nthe grant in shares was US$1,548,599. The total
\nnumber of shares to be awarded will be based
\nupon the closing share price after the March 2023
\nclosing period. Vesting date is 31 March 2024 and
\nvesting is contingent on continued employment to
\nthat date. The Group has expensed US$774,299
\nin 2022 (2021: US$ nil).
\n2020, 2021 & 2022 Long-Term Incentive Plan
\nVesting conditions for 2020, 2021 and 2022 LTIP
\nshares are contingent upon:
\ni) the compound annual growth rate (CAGR)
\nof the earnings per share (EPS) over the
\nvesting period
\nii) the Total Shareholder Return (TSR) over the
\nvesting period
\n50% of the share awards are contingent on
\ncondition 1 (EPS CAGR), while the other 50% are
\ncontingent on condition 2 (TSR).
\nThe share awards are valued separately due to the
\nindependent vesting conditions. Condition 1 being
\na non-market related condition while condition 2 is
\na market-related condition.
\nDuring 2022, a second LTIP (\u201cLTIP 2\u201d) was
\nintroduced with vesting conditions 100%
\ncontingent upon the TSR over the vesting period
\n(3 years).
\nCondition 1: (EPS CAGR)
\nCondition 1 is a non-market condition with a
\nvariable number of equity instruments. Valuation
\nof\u2005condition\u20051\u2005is\u2005done\u2005using\u2005the\u2005modified\u2005grant\u2005
\nmethod which utilises a value method and a
\nnumber component.
\ni) Value component: The value component is the
\ngrant date fair value of the share award based
\non the share price observed in the market on
\ngrant date. This value remains constant during
\nthe life of the instrument.
\nii) Number component: The number of equity
\ninstruments expected to vest is based on
\nthe EPS CAGR estimate at year end. Linear
\ninterpolation is performed between upper and
\nlower bound targets to obtain an estimate of
\nthe number of shares vesting. The estimated
\nnumber of shares vesting is revised at
\nyear end.
\nCondition 2: (TSR)
\nCondition 2 is a market condition with a variable
\nnumber of equity instruments. The grant date
\nfair\u2005value\u2005should\u2005therefore\u2005reflect\u2005the\u2005probability\u2005
\nof satisfying the market condition. The binomial
\nmodel is an appropriate valuation model as it
\nconsiders\u2005the\u2005different\u2005possible\u2005outcomes\u2005while\u2005
\nallowing the adjustment of intrinsic value for the
\nvesting conditions. The share-based payment
\nshould not be adjusted for stock price changes
\nrelated to the market condition on subsequent
\nvaluation dates.
\n25. EQUITY-SETTLED EMPLOYEE BENEFITS RESERVE (continued)
\nThe second condition utilised a binomial model with the following inputs for the 2020, 2021 and
\n2022 LTIP:
\n2020 LTIP
\n2021 LTIP
\n2022 LTIP 1 2022 LTIP 2
\nVolatility 37.06% 41.56% 39.80% 39.80%
\nFair value at grant date GBP 0.3950 GBP 0.3283 GBP 0.4404 GBP 0.2979
\nShare price at grant date GBP 0.5988 GBP 0.6101 GBP 0.8036 GBP 0.8036
\nRisk Free Rate 1.88% 1.52% 1.52% 1.52%
\nDividend yield 1.79% 3.28% 4.39% 4.39%
\nExercise price USD 0.0001 USD 0.0001 USD 0.0001 USD 0.0001
\nVolatility periods 1,301 1,264 1,261 1,261
\nVesting date 31 Dec 2022 31 Dec 2023 31 Dec 2024 31 Dec 2024
\n* Volatility for the LTIPs was calculated using the daily share price movement from the 4 respective
\npreceding years.
\nLong-Term Incentive
\nPlans
\nVesting Date
\nRemaining
\nOptions
\nRemaining
\nOptions
\nExpected total
\nexpense
\nExpected total
\nexpense
\n31/12/2022 31/12/2021 31/12/2022 31/12/2021
\nUS$ US$
\n2020 LTIP 31/12/2022 1,645,908 1,645,908 1,019,616 1,016,405
\n2021 LTIP 31/12/2023 1,555,968 1,748,241 1,030,952
\n1,107,460
\n2022 LTIP 1 31/12/2024 1,948,692 \u2013 1,466,841 \u2013
\n2022 LTIP 2 31/12/2024 1,113,232 \u2013 401,319 \u2013
\nDuring the year 583,525 options were forfeited (2021: nil).
\n
\n
\n
\n\nNotes to the Annual Financial Statements (continued)
\n\n
\n\n26. OTHER RESERVES
\nOther reserves consist of $190,056 (2021: $190,056) which arose upon the acquisition of shares in MSA
\nin 2019.
\n
\n\n
\n\n\n27. LOANS AND BORROWINGS
\n2022 2021
\n$ $
\nBank loans 57,944,781 48,735,961
\nSupplier credit facilities 17,674,372 13,719,399
\n75,619,153 62,455,360
\nLess: Unamortised debt arrangement costs (717,531) \u2013
\nTotal loans and borrowings 74,901,622 62,455,360
\nCurrent 18,036,811 16,887,692
\nNon-current 56,864,811 45,567,668
\nTotal loans and borrowings
\n 74,901,622 62,455,360
\nLong-term liabilities consist of:
\n(a) $25 million revolving credit facility (\u201cRCF\u201d) provided by Standard Bank (Mauritius) Limited
\nThe RCF was renewed on 19 July 2022 for a further term of 3 years. The interest rate on the RCF is the
\nprevailing three-month SOFR (payable in arrears) plus a margin of 5.75%, and an annual commitment fee
\nof 2.275% is charged on any undrawn balances. The amount utilised on the RCF is US$25 million as at
\n31 December 2022 (2021: US$15 million).
\n
\n\n
\n\nNotes to the Annual Financial Statements (continued)
\n\n27. LOANS AND BORROWINGS (continued)
\nUnder the terms of the RCF, the Group is required
\nto\u2005comply\u2005with\u2005certain\u2005financial\u2005covenants\u2005
\nrelating to:
\n\u2022\u2005 Interest Cover Ratio
\n\u2022\u2005 Debt EBITDA Ratio
\n\u2022\u2005 Debt Equity Ratio
\n\u2022\u2005 Total Tangible Net Worth
\nIn addition, CAPD (Mauritius) Limited, as borrower,
\nis also required to comply with the Total Tangible
\nNet Worth covenant.
\nSecurity for the Standard Bank (Mauritius) Limited
\nfacility comprises:
\nThe RCF is secured by various pledges over the
\nshares and claims of the Group\u2019s entities in Cote
\nd\u2019Ivoire\u2005and\u2005Tanzania\u2005together\u2005with\u2005the\u2005assignment\u2005
\nof material contracts and their collection accounts
\nin these jurisdictions and a debenture over the rigs
\nin\u2005Tanzania.
\nAs at the reporting date and during the period
\nunder review, the Group has complied with all
\ncovenants attached to the loan facilities.
\n(b) $32.5 million term loan provided by
\nMacquarie Bank Limited (London Branch)
\nOn\u200515\u2005September\u20052022,\u2005the\u2005Group\u2005refinanced\u2005the\u2005
\nsenior secured, asset backed term loan facility
\nwith Macquarie Bank Limited. The term of the loan
\nis three years repayable in quarterly instalments
\nwith an interest rate on the facility of the prevailing
\nthree-month SOFR plus a margin of 6.5% per
\nannum (payable quarterly in arrears). The loan is
\nsecured over certain assets owned by the Group
\nand currently located in Egypt together with
\nguarantees provided by Capital Limited, Capital
\nDrilling Egypt LLC and Capital Mining Services.
\nThe Group drew an additional US$10.6 million in
\n2022. As at 31 December 2022, the term loan was
\nfully drawn.
\nDuring the year under review, the Group has
\ncomplied with all covenants attached to the term
\nloan.
\n(c) Epiroc Financial Solutions AB credit
\nagreements
\nThe Group has a number of credit agreements
\nwith Epiroc, drawn down against the purchase
\nof rigs. The term of the agreements is four years
\nrepayable in 46 monthly instalments. The rate of
\ninterest on some of the agreements is three-month
\nUS\u2005LIBOR\u2005plus\u2005a\u2005margin\u2005of\u20054.8%,\u2005with\u2005a\u2005fixed\u2005rate\u2005
\nof interest of the remaining agreements of 8.25%.
\nAs at 31 December 2022, the total drawn under
\nthese credit agreements was US$11.7m (2021:
\nUS$6.1 million).
\nNo covenants are attached to this facility.
\n(d) $8.5 million term loan facility with Sandvik
\nFinancial Services AB (PUBL)
\nThe Group has term loan facility agreement with
\nSandvik Financial Services AB (PUBL). The facility
\nis for the purchase of equipment from Sandvik AB,
\navailable in not more than four tranches. Interest is
\npayable quarterly in arrears at 5.45% per annum
\non the drawn amount. The facility is no longer
\navailable to drawn on and as at 31 December
\n2022 the balance outstanding was US$5.9 million
\n(2021: US$7.5 million).
\nNo covenants are attached to this facility.
\n
\n
\n\nNotes to the Annual Financial Statements (continued)
\n\n
\n28. TRADE AND OTHER PAYABLES
\n2022 2021
\nUS$ US$
\nFinancial instruments:
\nTrade payables 25,510,128 22,137,469
\nOther payables \u2013 Accrued expenses 8,785,662 11,107,425
\nOther payables \u2013 Employee related liabilities 8,167,230 9,033,748
\nNon-financial instruments:
\nDeferred income 2,474,660 4,221,480
\nTotal trade and other payables 44,937,680 46,500,122
\n\nDeferred income
\nCurrent 989,864 1,688,592
\nNon-current 1,484,796 2,532,888
\nTotal deferred income 2,474,660 4,221,480
\n
\n\nTrade payables comprise liabilities for the purchase of goods and services and have terms ranging from
\n60\u2005to\u200590\u2005days.\u2005The\u2005Group\u2005has\u2005financial\u2005risk\u2005management\u2005policies\u2005in\u2005place\u2005to\u2005ensure\u2005that\u2005all\u2005payables\u2005are\u2005
\npaid within an appropriate credit time frame.
\nThe deferred income refers to amounts received in advance for the Sukari project.
\n
\n\n\n29. PROVISIONS
\n2022 2021
\nUS$ US$
\nCurrent
\nAt 1 January \u2013 \u2013
\nCharge to profit or loss 2,636,640 \u2013
\nAt 31 December 2,636,640 \u2013
\nProvisions relate to project closure (redundancy costs) in respect of contracts concluded during the year
\nand various operational claims and disputes that are expected to be settled during 2023. The provisions
\nrepresent management\u2019s best estimate of the Group\u2019s liability as at 31 December 2022.
\n
\n\n
\n\n
\nNotes to the Annual Financial Statements (continued)
\n\n30. CURRENT TAX PAYABLE /RECEIVABLE
\n2022 2021
\nUS$ US$
\nCurrent tax receivable
\nNormal tax 98,851 95,179
\nWithholding tax 300,832 404,182
\nTotal current tax receivable 399,683 499,361
\nCurrent tax payable
\nNormal tax 7,180,351 7,814,794
\nWithholding tax payable 1,949,767 2,164,456
\nTotal current tax payable 9,130,118 9,979,250
\nThe taxation paid for the period under review can be
\nreconciled as follows:
\nNet amount payable at the beginning of the year 9,479,889 6,814,779
\nAmounts charged to the statement of comprehensive
\nincome (excluding deferred tax)
\n 9,835,969 11,696,087
\nNet amount payable at the end of the year (8,730,435) (9,479,889)
\nTotal Taxation Paid 10,585,423 9,030,977
\n
\n\n
\n\n31. NOTES SUPPORTING STATEMENT OF CASH FLOWS
\n31.1 CASH GENERATED FROM OPERATIONS
\n2022 2021
\nUS$ US$
\nProfit\u2005before\u2005taxation
\n32,566,128 82,005,307
\nAdjustments for:
\nDepreciation, amortisation and impairments 26,958,606 20,516,484
\nLoss on disposals 668,817 453,869
\nDepreciation of Right of use assets 3,457,029 883,923
\nShare-based payment 2,774,331 1,989,277
\nFair\u2005value\u2005loss/\u2005(gain)\u2005on\u2005investments 19,797,969 (33,716,756)
\nInterest income (34,835) (244,998)
\nFinance costs 7,355,710 3,833,766
\nUnrealised foreign exchange loss on foreign cash held 1,355,242 918,723
\nIncrease in expected credit loss provision 2,980,656 \u2013
\nBad\u2005debt\u2005write\u2005offs 1,457,548 \u2013
\nChanges in working capital:
\nIncrease in inventories (20,759,867) (13,246,010)
\nIncrease in trade and other receivables (4,883,111) (26,879,489)
\n(Decrease)/\u2005increase\u2005in\u2005trade\u2005and\u2005other\u2005payables (2,797,406) 6,093,468
\nIncrease in provisions 2,636,640 \u2013
\nCash generated from operations 73,533,457 42,607,564
\n31. NOTES SUPPORTING STATEMENT OF CASH FLOWS (continued)
\n31.2 RECONCILIATION OF BORROWINGS AND LEASES
\nLoans and
\nborrowings
\nLeases
\nliabilities
\nTotal
\nUS$ US$ US$
\nAt 1 January 2022
\n62,455,360 9,591,169
\n72,046,529
\nCash\u2005flows (1,143,924) (3,733,798) (4,877,722)
\nNon-cash\u2005flows:
\nSupplier credit facility received 9,082,582 \u2013
\n9,082,582
\nInterest accruing in the period 5,225,135 818,249
\n6,043,384
\nUnamortised debt arrangement costs (717,531) \u2013
\n(717,531)
\nAdditions to leases \u2013 9,591,228
\n9,591,228
\nAt 31 December 2022 74,901,622 16,266,848
\n91,168,470
\nLoans and
\nborrowings
\nLeases
\nliabilities
\nTotal
\nUS$ US$ US$
\nAt 1 January 2021
\n30,693,713 673,299 31,367,012
\nCash\u2005flows 17,727,781 (946,920) 16,780,861
\nNon-cash\u2005flows:
\nSupplier credit facility received 10,834,144 \u2013
\n10,834,144
\nInterest accruing in the period 3,217,253 177,962
\n3,395,215
\nCommitment fees expensed (17,531) \u2013
\n(17,531)
\nAdditions to leases \u2013 9,686,828
\n9,686,828
\nAt 31 December 2021 62,455,360 9,591,169
\n72,046,529
\n
\n
\n\nNotes to the Annual Financial Statements (continued)
\n\n
\n32. SEGMENTAL INFORMATION
\n\nOperating\u2005segments\u2005are\u2005identified\u2005on\u2005the\u2005basis\u2005of\u2005internal\u2005management\u2005reports\u2005regarding\u2005components\u2005of\u2005
\nthe Group. These are regularly reviewed by the Chair in order to allocate resources to the segments and
\nto\u2005assess\u2005their\u2005performance.\u2005Operating\u2005segments\u2005are\u2005identified\u2005based\u2005on\u2005the\u2005regions\u2005of\u2005operations.\u2005For\u2005
\nthe purposes of the segmental report, the information on the operating segments have been aggregated
\ninto the principal regions of operations of the Group.
\nThe Group\u2019s reportable segments under IFRS 8 are therefore:
\nAfrica
\n Derives revenue from the provision of drilling and mining services, surveying, IT
\nsupport services and mineral assaying.
\nRest of world
\nDerives revenue from the provision of drilling services, surveying, IT support services
\nand mineral assaying. The segment relates to jurisdictions which contribute a
\nrelatively small amount of external revenue to the Group. These include Saudi Arabia
\nand Canada.
\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\n
\nNotes to the Annual Financial Statements (continued)
\n\n32. SEGMENTAL INFORMATION (continued)
\nSegmental revenue and results
\nThe following is an analysis of the Group\u2019s revenue and results by reportable segment:
\n2022 Africa Rest of world Consolidated
\nUS$ US$ US$
\nExternal revenue:
\nDrilling services 202,201,283 6,361,164 208,562,447
\nMining services 49,763,175 \u2013 49,763,175
\nLaboratory services 13,803,750 13,500,935 27,304,685
\nSurveying services 4,333,017 321,044 4,654,061
\nTotal external revenue 270,101,225 20,183,143 290,284,368
\nSegment\u2005profit\u2005(loss) 91,428,320 (31,302,839) 60,125,481
\nCentral administration costs and
\ndepreciation
\n(440,508)
\nProfit\u2005from\u2005operations 59,684,973
\nInterest income
\n34,835
\nFinance charges (7,355,711)
\nFair value loss on investments at fair
\nvalue
\n(19,797,969)
\nProfit before tax 32,566,128
\nThe following customers from the Africa segment contributed 10% or more to the Group\u2019s revenue.
\n2022
\n2021
\n%
\n%
\nCustomer A 15
\n16
\nCustomer B 39
\n37
\n2021 Africa Rest of world Consolidated
\nUS$ US$ US$
\nExternal revenue:
\nDrilling services 167,104,052 5,433,307 172,537,359
\nMining services 33,300,731 \u2013 33,300,731
\nLaboratory services 7,384,006 8,267,311 15,651,317
\nSurveying services 4,941,973 361,886 5,303,859
\nTotal external revenue 212,730,762 14,062,504 226,793,266
\nSegment\u2005profit\u2005(loss) 84,884,225 (31,732,012) 53,152,213
\nCentral administration costs and
\ndepreciation
\n(1,274,894)
\nProfit\u2005from\u2005operations 51,877,319
\nInterest income
\n 244,998
\nFinance charges (3,833,766)
\nFair value loss on investments at fair
\nvalue
\n 33,716,756
\nProfit before tax 82,005,307
\n
\n\n\nNotes to the Annual Financial Statements (continued)
\n32. SEGMENTAL INFORMATION (continued)
\nThe accounting policies of the reportable segments are the same as the Group\u2019s accounting policies.
\nSegment\u2005profit\u2005(loss)\u2005represents\u2005the\u2005profit\u2005(loss)\u2005earned\u2005by\u2005each\u2005segment\u2005without\u2005allocation\u2005of\u2005central\u2005
\nadministration\u2005costs,\u2005depreciation,\u2005interest\u2005income,\u2005share\u2005of\u2005losses\u2005from\u2005associate,\u2005finance\u2005charges,\u2005
\nlosses of investment recognised at FVTPL, and income tax. This is the measure reported to the Chair for
\nthe purpose of resource allocation and assessment of segment performance.
\nSegment assets and liabilities
\nThe following is an analysis of the Group\u2019s assets and liabilities by reportable segment:
\n2022 2021
\nUS$ US$
\nSegmental assets:
\nAfrica 506,043,094 421,186,192
\nRest of world 59,642,347 75,429,655
\nTotal segmental assets 565,685,441 496,615,847
\nHead\u2005Office\u2005companies 280,828,362 278,034,723
\n846,513,803 774,650,570
\nEliminations (459,714,615) (423,149,052)
\nTotal Assets 386,799,188 351,501,518
\nSegmental liabilities:
\nAfrica 239,012,484 226,314,805
\nRest of world 31,752,437 28,407,677
\nTotal segmental assets 270,764,921 254,722,482
\nHead\u2005Office\u2005companies 315,694,862 269,589,374
\n586,459,783 524,311,856
\nEliminations (438,552,679) (395,751,759)
\nTotal Liabilities 147,907,104 128,560,097
\n
\n\n
\n\n
\n
\n
\n
\n
\nNotes to the Annual Financial Statements (continued)
\n\n32. SEGMENTAL INFORMATION (continued)
\nFor the purposes of monitoring segmental performance and allocating resources between segments, the
\nChair\u2005monitors\u2005the\u2005tangible,\u2005intangible\u2005and\u2005financial\u2005assets\u2005attributable\u2005to\u2005each\u2005segment.\u2005All\u2005assets\u2005are\u2005
\nallocated to reportable segments with the exception of property, plant and equipment used by the head
\noffice\u2005companies\u2005and\u2005investment\u2005amounts\u2005totalling\u2005US$18.9\u2005million\u2005(2021:\u2005US$15.2\u2005million)\u2005included\u2005in\u2005
\nother receivables, and US$5.7 million (2021: US$10.1 million) in cash and cash equivalents held by the
\nHead\u2005Office\u2005companies.
\nAs part of the segmental reporting, all the liabilities have been allocated to the respective segments with
\nthe exception of the long-term liabilities of US$57.0 million (2021: US$47.1 million) and part of the trade
\npayables\u2005and\u2005intercompany\u2005balances\u2005held\u2005at\u2005the\u2005level\u2005of\u2005the\u2005head\u2005office\u2005which\u2005is\u2005eliminated\u2005at\u2005the\u2005Group\u2005
\nlevel.
\nOther segmental information
\nNon-Cash\u2005items\u2005included\u2005in\u2005profit\u2005or\u2005loss:
\n2022
\n2021
\nUS$ US$
\nDepreciation
\nAfrica 28,554,181 20,124,602
\nRest of world 1,477,138 880,559
\nTotal segmental depreciation 30,031,319 21,005,161
\nHead\u2005Office\u2005companies 384,920 392,194
\nTotal depreciation 30,416,239 21,397,355
\nLoss on disposal of property, plant and equipment
\nAfrica 661,920 343,275
\nRest of world 6,897 97,015
\nTotal segmental loss on disposal of property, plant and
\nequipment
\n668,817 440,290
\nHead\u2005Office\u2005companies \u2013 13,579
\n668,817 453,869
\nImpairment on Inventory
\nAfrica
\nStock Provision 744,948 (1,010,503)
\nStock\u2005Write\u2005Offs
\n202,057 1,324,318
\nRest of world
\nStock\u2005Write\u2005Offs (1,902) (565)
\nTotal segmental impairment 945,103 313,250
\nHead\u2005Office\u2005companies \u2013 \u2013
\n945,103 313,250
\n
\n\n\nNotes to the Annual Financial Statements (continued)
\n32. SEGMENTAL INFORMATION (continued)
\nSegmental reporting summary by region:
\nREVENUE NON-CURRENT ASSETS
\n2022 2021 2022
\n2021
\nUS$ US$ US$ US$
\nMiddle\u2005East\u2005/\u2005North\u2005Africa 121,287,573 89,307,774 77,014,240 75,919,256
\nSouth and East Africa 70,266,325 52,055,578 36,970,552 34,338,287
\nWest Africa 78,854,825 78,186,571 56,262,245 39,508,301
\nOthers 19,875,645 7,243,343 28,735,966 12,678,515
\n290,284,368 226,793,266 198,983,003
\n162,444,359
\nThe business has considered this segmental distribution to be appropriate as it represents the discrete
\nareas of operations that make up the Group\u2019s revenue stream.
\n
\n\n\n
\n\n
\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
\n\nCapital risk management
\nThe Group manage their capital to ensure that entities in the Group will be able to continue as a going
\nconcern while maximising the return to stakeholders through the optimisation of the debt and equity
\nbalance. The Group\u2019s overall strategy remains unchanged from 2021.
\nThe capital structure of the Group consists of debt (refer to Note 27), cash and cash equivalents (refer to
\nNote 22) and equity attributable to equity holders of the parent, comprising issued capital, reserves and
\nretained earnings and the statement of changes in equity.
\nThe Group\u2019s capital structure and going concern are dependent on the Company\u2019s ability to obtain cash
\nresources from its subsidiaries. There are currently no severe long-term restrictions in place which impairs
\nthe Company\u2019s ability to repatriate funds from its subsidiaries.
\nUnder the terms of the Revolving Credit Facility (\u201cRCF\u201d) from Standard Bank (Mauritius) Limited and
\nterm\u2005loan\u2005provided\u2005by\u2005Macquarie\u2005Bank\u2005Limited,\u2005the\u2005Group\u2005is\u2005required\u2005to\u2005comply\u2005with\u2005certain\u2005financial\u2005
\ncovenants relating to:
\n\u2022\u2005 Interest coverage
\n\u2022\u2005 Gross debt to EBITDA ratio
\n\u2022\u2005 Debt to Equity ratio
\n\u2022\u2005 Tangible net worth
\n\u2022\u2005 Loans to value ratio (applicable only to loan from Macquarie Bank Limited)
\nIn\u2005order\u2005to\u2005meet\u2005Capital\u2005Risk\u2005Management\u2005objectives,\u2005the\u2005Group\u2005aims\u2005to\u2005ensure\u2005it\u2005meets\u2005these\u2005financial\u2005
\ncovenants\u2005attached\u2005to\u2005the\u2005loans.\u2005There\u2005have\u2005been\u2005no\u2005breaches\u2005of\u2005the\u2005financial\u2005covenants\u2005during\u2005the\u2005
\nreporting period.
\nRisk Management is conducted within a framework of policies and guidelines that are continuously
\nmonitored by Management and the Board of Directors. The objective is to minimise exposure to market
\nrisks (interest rate risk, foreign currency risk and price risk), credit risk and liquidity risk.
\n
\n\n
\n\n
\n\n
\n\n
\nNotes to the Annual Financial Statements (continued)
\n\n
\n\n
\n
\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)
\nGearing
\nThe gearing ratio at the end of the reporting period was as follows:
\n2022 2021
\nNote(s) US$ US$
\nLease liabilities 13 16,266,848 9,591,169
\nTotal loans and borrowings 27 75,619,153 62,455,360
\nTotal debt 91,886,001 72,046,529
\nCash & cash equivalents 22 (28,379,607) (30,577,249)
\nNet debt 63,506,394 41,469,280
\nLess: lease liabilities (16,266,848) (9,591,169)
\nAdjusted net debt 47,239,546 31,878,111
\nEquity 238,892,084 222,941,421
\nAdjusted debt to equity ratio
\n19.8% 14.3%
\nCategories of financial instruments
\nThe\u2005following\u2005table\u2005details\u2005the\u2005categories\u2005of\u2005financial\u2005instruments\u2005and\u2005their\u2005carrying\u2005values\u2005in\u2005the\u2005
\nStatement of Financial Position for the Group.
\nCategories of financial assets
\nGroup \u2013 2022 Note(s)
\nFair value
\nthrough\u2005profit\u2005or\u2005
\nloss - Mandatory
\nAmortised
\ncost Total
\nUS$ US$ US$
\nInvestments at fair value 21 38,727,041 \u2013 38,727,041
\nTrade receivables 19 \u2013 41,541,867 41,541,867
\nNon-current receivables 20 \u2013 6,460,000 6,460,000
\nCash and cash equivalents 22 \u2013 28,379,607 28,379,607
\n38,727,041 76,381,474 115,108,515
\nGroup \u2013 2021 Note(s)
\nFair value
\nthrough\u2005profit\u2005or\u2005
\nloss - Mandatory
\nAmortised
\ncost
\nTotal
\nUS$ US$ US$
\nInvestments at fair value 21 60,151,667 \u2013 60,151,667
\nTrade receivables 19 \u2013 42,212,147 42,212,147
\nNon-current receivable 20 \u2013 6,460,000 6,460,000
\nCash and cash equivalents 22 \u2013 30,577,249 30,577,249
\n60,151,667 79,249,396 139,401,063
\nIn\u2005addition,\u2005for\u2005financial\u2005reporting\u2005purposes,\u2005fair\u2005value\u2005measurements\u2005are\u2005categorised\u2005into\u2005Level\u20051,\u20052\u2005
\nor 3 based on the degree to which the inputs to the fair value measurements are observable and the
\nsignificance\u2005of\u2005the\u2005inputs\u2005to\u2005the\u2005fair\u2005value\u2005measurement\u2005in\u2005its\u2005entirety,\u2005which\u2005are\u2005described\u2005as\u2005follows:
\n\u2022\u2005 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity
\ncan access at the measurement date;
\n\u2022\u2005 Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the
\nasset or liability, either directly or indirectly; and
\n\u2022\u2005 Level 3 inputs are unobservable inputs for the asset or liability. For further categorisation, refer to
\nnote 21.
\nNotes to the Annual Financial Statements (continued)
\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONTINUED)
\nCategories of financial liabilities
\nGroup \u2013 2022 Note(s) Amortised cost Total
\nUS$ US$
\nTrade and other payables 28 42,463,020 42,463,020
\nLoans and borrowings 75,619,153 75,619,153
\n118,082,173 118,082,173
\nGroup \u2013 2021 Note(s) Amortised cost Total
\nTrade and other payables 28 42,278,642 42,278,642
\nLoans and borrowings 62,455,360 62,455,360
\n104,734,002 104,734,002
\nAt\u200531\u2005December\u20052022,\u2005the\u2005Group\u2005did\u2005not\u2005have\u2005any\u2005financial\u2005liabilities\u2005measured\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005
\nor loss or other comprehensive income (2021: US$nil).
\nThe\u2005carrying\u2005values\u2005of\u2005financial\u2005assets\u2005and\u2005financial\u2005liabilities\u2005in\u2005the\u2005statement\u2005of\u2005financial\u2005position\u2005for\u2005the\u2005
\nGroup approximate their fair values.
\nFinancial risk management
\n\nForeign currency risk
\nThe\u2005Group\u2019s\u2005activities\u2005expose\u2005it\u2005to\u2005the\u2005financial\u2005risks\u2005of\u2005fluctuations\u2005in\u2005foreign\u2005currency\u2005exchange\u2005rates.\u2005In\u2005
\norder\u2005to\u2005manage\u2005the\u2005Group\u2019s\u2005risk\u2005to\u2005foreign\u2005currency\u2005fluctuations,\u2005the\u2005Group\u2005tries\u2005to\u2005match\u2005the\u2005currency\u2005
\nof\u2005operating\u2005costs\u2005with\u2005the\u2005currency\u2005of\u2005revenue\u2005as\u2005well\u2005as\u2005the\u2005currency\u2005of\u2005financial\u2005assets\u2005with\u2005currency\u2005of\u2005
\nfinancial\u2005liabilities.\u2005Financial\u2005assets\u2005and\u2005liabilities\u2005denominated\u2005in\u2005foreign\u2005currencies\u2005are\u2005reviewed\u2005regularly\u2005
\nby Management to ensure that the Group is not unduly exposed to foreign currency risk.
\nFurther to this, the Group manages its exposure on foreign cash balances by converting excess local
\ncurrency cash to United States Dollar to minimise local currency cash balances maintained.
\nThe carrying amounts of the Group\u2019s foreign currency denominated monetary assets, cash and cash
\nequivalents, trade receivables, monetary liabilities, and trade payables at 31 December 2022 are as
\nfollows:
\n2022
\n2021
\n$ $
\nFinancial assets
\nMauritanian Ouguiya (2022: MRU 42,848,179; 2021: MRU
\n120,562,360)
\n1,160,883 3,303,983
\nWest African CFA (2022: XOF 10,994,012,757; 2021: XOF
\n8,878,480,112)
\n17,286,183
\n15,176,889
\nGuinea Franc (2022: GNF 39,725,121,620; 2021: GNF
\n12,153,465,757)
\n4,644,431 1,372,974
\nAll other currencies 3,550,844 8,604,246
\n26,642,341 28,458,092
\nFinancial liabilities
\nEuro (2022: EUR 1,579,467; 2021: EUR 3,978,532) 1,681,000 4,500,602
\nCanadian Dollar (2022: CAD 2,427,308; 2021: CAD 236,435) 1,791,504 185,789
\nAll other currencies 4,383,417 5,243,214
\n7,855,921 9,929,605
\n
\n\n
\n\n
\n\n
\n\n
\nNotes to the Annual Financial Statements (continued)
\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)
\nFinancial risk management (continued)
\n\nForeign currency risk (continued)
\nThe following table details the Group\u2019s sensitivity to a 10% change in the United States Dollar against the
\nrelevant foreign currencies. The sensitivity analysis includes the outstanding foreign currency denominated
\nmonetary items at year end and adjusts their translation for a 10% change in foreign currency rates. A
\npositive\u2005number\u2005below\u2005indicates\u2005an\u2005increase\u2005in\u2005profit\u2005before\u2005tax\u2005where\u2005the\u2005United\u2005States\u2005Dollar\u2005strengthens\u2005
\nby 10% against the relevant currency. For a 10% weakening of the United States Dollar against the
\nrelevant\u2005currency,\u2005there\u2005would\u2005be\u2005an\u2005equal\u2005and\u2005opposite\u2005impact\u2005on\u2005the\u2005profit\u2005before\u2005tax.
\n2022
\n2021
\nUS$ US$
\nMauritanian Ouguiya 111,858 320,274
\nWest African CFA 1,784,144 1,924,979
\nGuinea Franc 439,868 116,246
\nEuro (139,049) (424,271)
\nCanadian Dollar (93,687) 73,885
\nAll other currencies (224,482) (158,264)
\n1,878,652 1,852,849
\n
\n\n\nInterest rate risk management
\nAs a result of changes in interest rates, the Group
\nis exposed to interest rate risk as entities in the
\nGroup borrow funds at variable interest rates and
\ntherefore borrowing costs could increase with
\nrate increases. The risk is managed by the Group
\nby maintaining a conservative gearing ratio. The
\nGroup\u2019s\u2005exposure\u2005to\u2005interest\u2005rates\u2005on\u2005financial\u2005
\nliabilities are detailed below.
\nInterest rate sensitivity analysis:
\nThe sensitivity analysis below has been
\ndetermined based on the exposure to interest
\nrates at the date of the Statement of Financial
\nPosition.\u2005For\u2005floating\u2005rate\u2005liabilities,\u2005the\u2005
\nanalysis is prepared using the average balance
\noutstanding for the year. A 200 basis point
\nincrease or decrease (2021: 50 basis points) is
\nused when reporting interest rate risk internally
\nto key Management personnel and represents
\nManagement\u2019s assessment of the reasonably
\npossible change in interest rates.
\nIf interest rates had been 200 basis points higher
\nand all other variables were held constant,
\nthe\u2005Group\u2019s\u2005profit\u2005before\u2005taxation\u2005for\u2005the\u2005year\u2005
\nended 31 December 2022 would decrease by
\nUS$0.5 million (2021: US$0.2 million). This is
\nmainly attributable to the Group\u2019s exposure to
\ninterest rates on its variable rate borrowings. The
\ndecrease in the Group\u2019s sensitivity to interest
\nrates, is directly attributable to the variable
\ninterest\u2005rate\u2005long-term\u2005debt\u2005facilities,\u2005offset\u2005by\u2005
\nthe settlements that occurred during the year, as
\ndisclosed in Note 27.
\nEquity price risk management
\nThe Group holds equity investments and is
\nexposed to equity price risk. Equity investments
\nare held for strategic purposes rather than trading
\npurposes and the Group does not actively trade
\nthese investments. The investments are actively
\nmonitored and proactively managed. New
\ninvestments are required to satisfy a number of
\ncriteria with non-executive oversight. If equity
\nprices had been 5% higher and all other variables
\nwere\u2005held\u2005constant,\u2005the\u2005Group\u2019s\u2005profit\u2005before\u2005
\ntaxation for the year ended 31 December 2022
\nwould increase by US$1.6 million (2021: US$2.6
\nmillion).
\n
\n
\n\n\nCredit risk management
\nCredit risk refers to the risk that a counterparty will
\ndefault on its contractual obligations resulting in
\nfinancial\u2005loss\u2005to\u2005the\u2005Group.\u2005Credit\u2005risk\u2005relates\u2005to\u2005
\npotential exposure on trade and other receivables
\nand bank balances.
\nBefore accepting any new customer, the Group
\nassesses the potential customer\u2019s credit quality
\nand\u2005defines\u2005credit\u2005limits\u2005for\u2005each\u2005customer.\u2005
\nCustomers credit limits are reviewed annually.
\nThe Group\u2019s credit risk is concentrated as the
\nGroup currently provides mining and drilling
\nservices to a limited number of major and
\nmid-tier mining companies as well as junior
\nexploration companies.
\n
\n\nNotes to the Annual Financial Statements (continued)
\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)
\n\nCredit risk management (continued)
\nThe\u2005Group\u2019s\u2005exposure\u2005to\u2005credit\u2005risk\u2005is\u2005minimized\u2005as\u2005customers\u2005are\u2005given\u200530\u2005to\u200545\u2005days\u2005credit\u2005periods\u2005for\u2005
\nservices rendered. As at 31 December 2022, 3 customers individually contributed 10% or more to the
\nGroup\u2019s trade receivables (2021: 3 customers).
\nThere\u2005was\u2005a\u2005significant\u2005increase\u2005in\u2005the\u2005credit\u2005risk\u2005that\u2005has\u2005been\u2005identified\u2005in\u2005respect\u2005of\u2005the\u2005Group\u2019s\u2005
\ncustomers during the year and as at 31 December 2022, an expected credit loss allowance of US$2.8
\nmillion has been recognised (2021: US$nil).
\nFurther disclosures regarding trade and other receivables, which are neither past due nor impaired, are
\nprovided in Note 19.
\nCredit\u2005risk\u2005also\u2005arises\u2005from\u2005cash\u2005and\u2005cash\u2005equivalents\u2005with\u2005banks\u2005and\u2005financial\u2005institutions.\u2005For\u2005banks\u2005and\u2005
\nfinancial\u2005institutions,\u2005only\u2005independently\u2005rated\u2005parties\u2005with\u2005minimum\u2005rating\u2005\u201cA\u201d\u2005are\u2005accepted.\u2005
\n
\n\n\nLiquidity risk management
\nUltimate responsibility for Liquidity Risk Management rests with the Board of Directors. The Group
\nmanages liquidity risk by maintaining adequate reserves, banking and reserve borrowing facilities,
\ncontinuously\u2005monitoring\u2005forecast\u2005and\u2005actual\u2005cash\u2005flows\u2005and\u2005by\u2005matching\u2005the\u2005maturity\u2005profiles\u2005of\u2005financial\u2005
\nassets and liabilities
\nLiquidity risk tables:
\nThe\u2005following\u2005table\u2005details\u2005the\u2005Group\u2019s\u2005remaining\u2005contractual\u2005maturity\u2005for\u2005its\u2005financial\u2005assets\u2005and\u2005liabilities\u2005
\nwith agreed repayment periods. The tables for assets have been drawn up based on the undiscounted
\ncontractual\u2005maturities\u2005of\u2005the\u2005financial\u2005assets\u2005including\u2005interest\u2005that\u2005will\u2005be\u2005earned\u2005on\u2005those\u2005assets.\u2005
\nThe\u2005tables\u2005for\u2005liabilities\u2005represent\u2005undiscounted\u2005cash\u2005flows\u2005of\u2005financial\u2005liabilities\u2005based\u2005on\u2005the\u2005earliest\u2005
\nrepayment date on which the Group can be required to pay at the reporting date:
\n2022
\n1
\nmonth
\n1\u20133
\nmonths
\n3 months \u2013
\n1 year
\n1\u20135
\nyears
\nUS$ US$ US$ US$
\nFinancial assets
\nFinancial Assets under
\nAmortised Cost
\n27,997,194 6,250,425 6,587,037 7,167,211
\nFinancial liabilities
\nNon-interest bearing -
\nFinancial Liabilities at
\nAmortised Cost
\n23,856,804 15,042,479 6,536,340 2,138,697
\nVariable interest rate
\ninstruments
\n1,007,050 4,037,240 13,430,835 56,426,497
\nLease liability 332,096 670,009 3,137,360 12,127,383
\n25,195,950 19,749,728 23,104,535 70,692,577
\n2021 1 month 1\u20133 months 3 months \u2013 1 year 1\u20135years
\nUS$ US$ US$ US$
\nFinancial assets
\nFinancial Assets under
\nAmortised Cost
\n35,087,344 4,835,352 2,159,412 6,590,039
\nFinancial liabilities
\nNon-interest bearing -
\nFinancial Liabilities at
\nAmortised Cost
\n21,187,328 16,550,484 6,123,628 2,638,682
\nVariable interest rate
\ninstruments
\n1,247,470 2,350,262 13,300,009 45,557,619
\nLease liabilities 182,089 356,695 1,697,640 7,354,745
\n22,616,887 19,257,441 21,121,277 55,551,046
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\nNotes to the Annual Financial Statements (continued)
\n
\n\n
\n\n
\n\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)
\nFinancing facilities
\nThe following table details the Group\u2019s secured loan facilities (undiscounted) at the reporting date.
\n2022
\n2021
\nUS$ $
\nAvailable
\n amount 86,800,000 70,100,000
\nUnutilised amount \u2013 (3,000,000)
\nUtilised amount 86,800,000 67,100,000
\n
\n
\n\n
\n
\n\n
\n
\n\n\n
\n\n34. FAIR VALUE MEASUREMENTS
\nFair value adjustment on financial assets through profit and loss (investments)
\nThe\u2005Group\u2019s\u2005fair\u2005value\u2005adjustment\u2005on\u2005financial\u2005assets\u2005through\u2005profit\u2005and\u2005loss\u2005are\u2005listed\u2005and\u2005unlisted\u2005equity\u2005
\nsecurities in the mining industry and are measured at fair value at the end of each reporting period. The
\nlisted\u2005equity\u2005securities\u2005are\u2005designated\u2005as\u2005Level\u20051\u2005financial\u2005assets\u2005in\u2005the\u2005fair\u2005value\u2005hierarchy.\u2005Their\u2005fair\u2005value\u2005
\nis\u2005determined\u2005using\u2005quote\u2005bid\u2005prices\u2005in\u2005an\u2005active\u2005market.\u2005The\u2005fair\u2005value\u2005of\u2005these\u2005financial\u2005assets\u2005FVPTL\u2005
\namounted to US$30,434,599 (2021: US$51,958,649).
\nThe\u2005fair\u2005values\u2005of\u2005financial\u2005instruments\u2005that\u2005are\u2005not\u2005traded\u2005in\u2005an\u2005active\u2005market\u2005are\u2005determined\u2005using\u2005
\nstandard valuation techniques. These valuation techniques maximise the use of observable market data
\nwhere\u2005available\u2005and\u2005rely\u2005as\u2005little\u2005as\u2005possible\u2005on\u2005Group\u2005specific\u2005estimates.\u2005The\u2005Directors\u2005consider\u2005that\u2005
\nthe\u2005carrying\u2005value\u2005amounts\u2005of\u2005financial\u2005assets\u2005and\u2005financial\u2005liabilities\u2005recorded\u2005at\u2005amortised\u2005cost\u2005in\u2005the\u2005
\nConsolidated Financial Statements are approximately equal to their fair values. The fair values disclosed
\nfor\u2005the\u2005financial\u2005assets\u2005and\u2005financial\u2005liabilities\u2005are\u2005classified\u2005in\u2005level\u20053\u2005of\u2005the\u2005fair\u2005value\u2005hierarchy\u2005have\u2005been\u2005
\nassessed to approximate their carrying amounts based on a peer group analysis.
\n
\n\n
\n\n\n35. AUDITOR\u2019S REMUNERATION
\nThe\u2005Group\u2005auditors\u2005are\u2005BDO\u2005LLP\u2005(\u201cBDO\u201d).\u2005The\u2005Group\u2005has\u2005engaged\u2005BDO\u2005and\u2005other\u2005audit\u2005firms\u2005to\u2005provide\u2005
\nboth audit and non-audit services to its various subsidiaries.
\n2022
\n2021
\nUS$ US$
\nFees paid to the Group\u2019s auditor
\nThe audit of the Group\u2019s annual Financial Statements 507,761 429,324
\nNon-audit services \u2013 Group 91,626 85,460
\nFees paid to associates of the Group\u2019s auditor
\nThe audit of the Group\u2019s subsidiaries 86,860 78,000
\nNon-audit services \u2013 subsidiaries \u2013 12,151
\n686,247 604,935
\n
\n\n
\n\n
\n\nNotes to the Annual Financial Statements (continued)
\n36. RELATED PARTIES
\nDuring the year, the Company and its subsidiaries, in the ordinary course of business, entered into various
\nsale and purchase transactions. All transactions are entered into at amounts negotiated between the
\nparties.
\n2022
\n2021
\nUS$ US$
\nDirectors\u2019 emoluments
\nShort\u2005Term\u2005Benefits 1,920,608 1,266,000
\nShare Based Payments 562,000 486,000
\n2,482,608 1,752,000
\nThe Group considers the Key Management Personnel to be limited to the Board of Directors as they are
\nresponsible for planning and directing the Group\u2019s activities.
\n
\n\n
\n\n
\n
\n\n
\n\n37. COMMITMENTS
\nThe Group has the following commitments:
\n2022
\n2021
\nUS$ US$
\nCommitted capital expenditure 18,685,619 13,424,141
\nThe Group had outstanding purchase orders amounting to $29.7 million (2021: $30.3 million) at the end of
\nthe reporting period of which $18.7 million (2021: $13.4 million) were for capital expenditure.
\n
\n\n
\n\n\n
\n\n38. CONTINGENCIES
\nAs a result of the multiple jurisdictions in which the Group operates, there are a number of ongoing tax
\naudits.\u2005In\u2005the\u2005opinion\u2005of\u2005Management,\u2005with\u2005the\u2005exception\u2005of\u2005the\u2005matters\u2005identified\u2005below,\u2005none\u2005of\u2005these\u2005
\nongoing audits represent a reasonable possibility of a material settlement and as such, no contingent
\nliability disclosure is required.
\n38.1. Zambia tax
\nCapital Drilling (Zambia) Limited (\u201cCDZ\u201d), a subsidiary of Capital Limited, is a party to various tax claims
\nmade by the Zambian Revenue Authority (ZRA) for the tax years 2007 to 2013, totalling Zambian Kwacha
\n150 million (US$ $8.2 million).
\nNo subsequent communication has been received from the ZRA regarding this matter since June 2016.
\nAs\u2005CDZ\u2005is\u2005in\u2005the\u2005final\u2005stages\u2005of\u2005a\u2005court\u2005approved\u2005liquidation,\u2005the\u2005provision\u2005of\u2005US$1.6\u2005million\u2005previously\u2005
\nrecognised has been released during the year.
\n38.2. Tanzania tax
\n2009\u201315 tax audit
\nCapital Drilling (T) Ltd (\u201cCDT\u201d), was party to a payroll tax claim (US$9.8 million including interest) made by
\nthe\u2005Tanzanian\u2005Revenue\u2005Authority\u2005(\u201cTRA\u201d)\u2005for\u2005the\u2005tax\u2005years\u20052009-2015.
\nDuring\u2005the\u2005year,\u2005CDT\u2005reached\u2005a\u2005final\u2005agreement\u2005with\u2005the\u2005TRA\u2005and\u2005the\u2005deed\u2005of\u2005settlement\u2005was\u2005lodged\u2005
\nwith\u2005the\u2005Tax\u2005Revenue\u2005Appeals\u2005Tribunal\u2005on\u200529\u2005June\u20052022.\u2005The\u2005final\u2005payment\u2005of\u2005US$0.7\u2005million\u2005was\u2005made\u2005
\nin August 2022, bringing the total paid to $1.8m. As part of the settlement, the TRA waived penalties and
\ninterest in full.
\n2016\u201318 tax audit
\nThe TRA issued an initial assessment to CDT of US$4.5 million for 2016\u201318 in December 2019. Through
\nnegotiation, the tax claim was reduced to US$2.4 million in May 2020 and a payment of US$0.7 million
\nwas made in order to proceed with lodging formal objections.
\nDuring\u2005the\u2005year,\u2005the\u2005audit\u2005was\u2005formally\u2005closed\u2005with\u2005a\u2005further\u2005US$0.1\u2005million\u2005payment\u2005as\u2005final\u2005settlement,\u2005
\nbring the total tax paid to US$0.8 million.
\n
\n\n
\n\n
\n\n
\n
\n
\nNotes to the Annual Financial Statements (continued)
\n\n
\n\n38. CONTINGENCIES (continued)
\n38.3 Cote D\u2019Ivoire tax
\n2018\u201319 tax audit
\nA tax audit of Capital Drilling Cote D\u2019Ivoire (CDCI) for the two years ended 31 December 2019 is currently
\nunderway. Through negotiations, the total tax claimed has been reduced from US$1.5 million to US$0.4
\nmillion.
\nThe\u2005underlying\u2005facts\u2005would\u2005not\u2005trigger\u2005any\u2005additional\u2005tax\u2005liability\u2005and\u2005the\u2005tax\u2005authorities\u2005verbally\u2005confirmed\u2005
\nthey would undertake a full review. However, a demand for payment was issued in February 2023 and
\naccordingly the exposure of US$0.4 million has been provided in full as at 31 December 2022.
\n
\n\n
\n\n\n39. EVENTS AFTER THE REPORTING DATE
\nThere\u2005have\u2005been\u2005no\u2005significant\u2005events\u2005affecting\u2005the\u2005Group\u2005since\u2005the\u2005year\u2005end.
\n
\n\n\n40. APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS
\nThe Annual Financial statements set out on pages 116 to 168 were approved by the Board of Directors on
\n24 March 2023 in London.
\n
\n\n
\n",
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"value": "\nNotes to the Annual Financial Statements
\nCorporate Information
\nCapital Limited (the \u201cCompany\u201d) is incorporated in
\nBermuda. The Company and its subsidiaries (the
\n\u201cGroup\u201d) provide drilling, mining (load and haul),
\nmineral assaying and surveying services. The
\nGroup also has a portfolio of investments in listed
\nand unlisted exploration and mining companies.
\nDuring the year ended 31 December 2022,
\nthe Group provided drilling services in C\u00f4te
\nd\u2019Ivoire, Guinea, Egypt, Kenya, Mauritania, Mali,
\nSaudi Arabia and Tanzania. Mining services are
\nprovided in Egypt and mineral analysis services
\nare provided in Canada, Guyana, Mauritania,
\nNigeria, C\u00f4te d\u2019Ivoire, Mali, Tanzania, Kenya and
\nDemocratic Republic of the Congo. The Group\u2019s
\nadministrative office is located in Mauritius.
\n
\n",
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"Tag325": {
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"Tag324": {
"value": "are provided in Canada, Guyana, Mauritania,the Group provided drilling services in C\u00f4teSaudi Arabia and Tanzania. Mining services areDemocratic Republic of the Congo.d\u2019Ivoire, Guinea, Egypt, Kenya, Mauritania, Mali,provided in Egypt and mineral analysis servicesDuring the year ended 31 December 2022,Nigeria, C\u00f4te d\u2019Ivoire, Mali, Tanzania, Kenya and",
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"Tag341": {
"value": "\n1. SIGNIFICANT ACCOUNTING POLICIES
\nThe principal accounting policies applied in
\nthe preparation of the Group\u2019s annual financial
\nstatements are set out below.
\n\n1.1 Basis of preparation and going concern
\nThe Group Annual Financial Statements have
\nbeen prepared in accordance with International
\nFinancial Reporting Standards (IFRS) issued by
\nthe International Accounting Standards Board and
\nare presented in United States Dollars since that is
\nthe currency in which the majority of the Group\u2019s
\ntransactions are denominated. Where additional
\ninformation has been presented in the current
\nyear Annual Financial Statements, the prior year
\namounts have been presented to be consistent
\nwith the presentation in the current year.
\nThe Group Annual Financial Statements have
\nbeen prepared on the historical cost basis
\nexcept for certain financial instruments which are
\nmeasured at fair value.
\nHistorical cost is based on the fair value of the
\nconsideration given in exchange for the assets.
\nFair value is the price that would be received to
\nsell an asset or paid to transfer a liability in an
\norderly transaction between market participants
\nat the measurement date, regardless of whether
\nthat price is directly observable or estimated
\nusing another valuation technique. In estimating
\nthe fair value of an asset or liability, the Group
\ntakes into account the characteristics of the
\nasset or liability if market participants would take
\nthose characteristics into account when pricing
\nthe asset or liability at the measurement date.
\nFair value for measurement and/or disclosure
\npurposes in these Financial Statements is
\ndetermined on such a basis, except for share-
\nbased payment transactions that are in the scope
\nof IFRS 2, leasing transactions which are within
\nthe scope of IFRS 16 and measurements that
\nhave some similarities to fair value but are not
\nfair value, such as net realisable value in IAS 2 or
\nvalue in use in IAS 36.
\nIn addition, for financial reporting purposes, fair
\nvalue measurements are categorised into Level
\n1, 2 or 3 based on the degree to which the inputs
\nto the fair value measurements are observable
\nand the significance of the inputs to the fair value
\nmeasurement in its entirety, which are described
\nas follows:
\n\u2022 Level 1 inputs are quoted prices (unadjusted)
\nin active markets for identical assets or
\nliabilities that the entity can access at the
\nmeasurement date;
\n\u2022 Level 2 inputs are inputs, other than quoted
\nprices included within Level 1, that are
\nobservable for the asset or liability, either directly
\nor indirectly; and
\n\u2022 Level 3 inputs are unobservable inputs for the
\nasset or liability.
\n\nGoing Concern
\nAs at 31 December 2022, the Group had a robust
\nbalance sheet with a low debt gearing with equity
\nof US$239.9 million and loans and borrowings of
\nUS$75.6 million. Cash as at 31 December 2022
\nwas US$28.4 million, with net debt of US$47.2
\nmillion. Investments in listed entities at the end
\nof December 2022 amounted to US$30.4 million
\nwhich provided additional flexibility as these
\ninvestments could be converted into cash.
\nThis robustness is underpinned by stable revenues
\ngenerated on long-term contracts. Revenues
\ngenerated on mine sites and longer-term contracts
\nmake up over 85% of Group revenues. Revenues
\ncontinued to perform strongly in 2022 with
\nincreased revenue of 28% compared to 2021.
\nCommercially, the Group continues to secure
\nand extend long-term mining contracts with
\nhigh quality customers, including the significant
\ncontract win at B2Gold\u2019s Fekola gold mine and
\nmajor extensions at the AngloGold Ashanti\u2019s Geita
\ngold mine and Barrick\u2019s Bulyanhulu gold mine.
\nIn addition, there are no major contracts due to
\nexpire in 2023 which provides strong support for
\nearnings over the coming year.
\n
\n\n
\n
\n\n
\n
\n\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n
\n1.1 Basis of preparation and going concern
\n(continued)
\n\nIn determining the going concern status of the
\nbusiness, the Board has reviewed the Group\u2019s
\nforecasts for the 18 months to June 2024,
\nincluding both forecast liquidity and covenant
\nmeasurements. In the assessment, management
\ntook into consideration the principal risks of the
\nbusiness that are most relevant to the going
\nconcern assessment and reverse stressed the
\nforecast model to identify the magnitude of
\nsensitivity required to cause a breach in covenants
\nor risk the going concern of the business,
\nalongside the Group\u2019s capacity to mitigate. The
\nmost relevant sensitivity was considered to be
\ndecrease in EBITDA through loss of contracts,
\nwith no redeployment of equipment. EBITDA
\nwould need to fall over 70% for a 12-month period
\nto breach the covenant test. Given the strong
\nmarket demand from existing clients and across
\na large tendering pipeline, the Group\u2019s increased
\nservice\u2005diversification\u2005and\u2005the\u2005limited\u2005contract\u2005
\nexpiries due during the year, management
\nconsider the risk of a deep demand correction to
\nbe low.
\nGiven the Group\u2019s exposure to high quality mine
\nsite operations, we consider a decrease of such
\nmagnitude to be remote.
\nBased on its assessment of the forecasts,
\nprincipal risks and uncertainties and mitigating
\nactions considered available to the Group in
\nthe event of downside scenarios, the Board
\nconfirms\u2005that\u2005it\u2005is\u2005satisfied\u2005the\u2005Group\u2005will\u2005be\u2005able\u2005
\nto continue to operate and meet its liabilities as
\nthey fall due over the going concern period to
\nJune 2024. Accordingly, the Board has concluded
\nthat the going concern basis in the preparation of
\nthe Financial Statements is appropriate and that
\nthere are no material uncertainties that would cast
\ndoubt on that basis of preparation.
\n
\n\n
\n\n\n
\n1.2 Consolidation
\nBasis of consolidation
\nThe\u2005consolidated\u2005annual\u2005financial\u2005statements\u2005
\nincorporate\u2005the\u2005annual\u2005financial\u2005statements\u2005of\u2005the\u2005
\nCompany and all subsidiaries. Subsidiaries are
\nentities (including structured entities) which are
\ncontrolled by the Group.
\nThe Company controls an investee if all three of
\nthe following elements are present: power over
\nthe investee, exposure to variable returns from
\nthe investee, and the ability of the investor to use
\nits\u2005power\u2005to\u2005affect\u2005those\u2005variable\u2005returns.\u2005Control\u2005
\nis reassessed whenever facts and circumstances
\nindicate that there may be a change in any of
\nthese elements of control.
\nThe results of subsidiaries are included in the
\nconsolidated\u2005annual\u2005financial\u2005statements\u2005from\u2005the\u2005
\neffective\u2005date\u2005of\u2005acquisition\u2005to\u2005the\u2005effective\u2005date\u2005
\n
\nof disposal.
\nAdjustments are made when necessary to the
\nannual\u2005financial\u2005statements\u2005of\u2005subsidiaries\u2005to\u2005
\n
\nbring their accounting policies in line with those
\nof the Group.
\nAll inter-company transactions, balances, and
\nunrealised gains on transactions between group
\ncompanies are eliminated in full on consolidation.
\nUnrealised losses are also eliminated unless the
\ntransaction provides evidence of an impairment of
\nthe asset transferred.
\nNon-controlling interests in the net assets of
\nconsolidated\u2005subsidiaries\u2005are\u2005identified\u2005and\u2005
\nrecognised separately from the group\u2019s interest
\ntherein and are recognised within equity. Losses
\nof subsidiaries attributable to non-controlling
\ninterests are allocated to the non-controlling
\ninterest even if this results in a debit balance
\n
\nbeing recognised for non-controlling interest.
\nTransactions with non-controlling interests that do
\nnot result in loss of control are accounted for as
\nequity transactions and are recognised directly in
\nthe Statement of Changes in Equity.
\nThe\u2005difference\u2005between\u2005the\u2005fair\u2005value\u2005of\u2005
\nconsideration paid or received and the movement
\nin non-controlling interest for such transactions is
\nrecognised in equity attributable to the owners of
\nthe company.
\nWhere a subsidiary is disposed of and a non-
\ncontrolling shareholding is retained, the remaining
\ninvestment is measured to fair value with the
\nadjustment\u2005to\u2005fair\u2005value\u2005recognised\u2005in\u2005profit\u2005
\nor loss as part of the gain or loss on disposal
\nof the controlling interest. The fair value is the
\ninitial carrying amount for the purposes of
\nsubsequently accounting for the retained interest
\nas\u2005an\u2005associate,\u2005joint\u2005venture\u2005or\u2005financial\u2005asset.\u2005
\nIn addition, any amounts previously recognised
\nin other comprehensive income in respect of
\nthat entity are accounted for as if the group
\nhad directly disposed of the related assets or
\nliabilities. This may mean that amounts previously
\nrecognised in other comprehensive income are
\nreclassified\u2005to\u2005profit\u2005or\u2005loss.
\n1.2 Consolidation (continued)
\n\n
\n\n
\n
\nBusiness combinations
\nThe Group accounts for business combinations
\nusing the acquisition method of accounting.
\nThe cost of the business combination is measured
\nas the aggregate of the fair values of assets
\ngiven, liabilities incurred or assumed, and equity
\ninstruments issued. Costs directly attributable
\nto the business combination are expensed as
\nincurred, except the costs to issue debt which
\nare\u2005amortised\u2005as\u2005part\u2005of\u2005the\u2005effective\u2005interest\u2005and\u2005
\ncosts to issue equity which are included in equity.
\nAny contingent consideration is included in the cost
\nof the business combination at fair value as at the
\ndate of acquisition. Subsequent changes to the
\nassets, liability or equity which arise as a result of the
\ncontingent\u2005consideration\u2005are\u2005not\u2005affected\u2005against\u2005
\ngoodwill, unless they are valid measurement period
\nadjustments. Otherwise, all subsequent changes
\nto the fair value of contingent consideration that
\nis deemed to be an asset or liability is recognised
\nin\u2005either\u2005profit\u2005or\u2005loss\u2005or\u2005in\u2005other\u2005comprehensive\u2005
\nincome, in accordance with relevant IFRSs.
\nContingent\u2005consideration\u2005that\u2005is\u2005classified\u2005as\u2005equity\u2005
\nis not remeasured, and its subsequent settlement is
\naccounted for within equity.
\nThe\u2005acquiree\u2019s\u2005identifiable\u2005assets,\u2005liabilities\u2005and\u2005
\ncontingent liabilities which meet the recognition
\nconditions of IFRS 3 Business combinations are
\nrecognised at their fair values at acquisition date,
\nexcept for non-current assets (or disposal groups)
\nthat\u2005are\u2005classified\u2005as\u2005held\u2005for\u2005sale\u2005in\u2005accordance\u2005
\nwith IFRS 5 Non-current assets Held for Sale and
\nDiscontinued Operations, which are recognised at fair
\nvalue less costs to sell.
\nOn acquisition, the acquiree\u2019s assets and liabilities
\nare\u2005reassessed\u2005in\u2005terms\u2005of\u2005classification\u2005and\u2005are\u2005
\nreclassified\u2005where\u2005the\u2005classification\u2005is\u2005inappropriate\u2005
\nfor group purposes.
\n\nNon-controlling interests in the acquiree are measured
\non an acquisition-by-acquisition basis either at fair
\nvalue or at the non-controlling interests\u2019 proportionate
\nshare in the recognised amounts of the acquiree\u2019s
\nidentifiable\u2005net\u2005assets.\u2005This\u2005treatment\u2005applies\u2005to\u2005
\nnon-controlling interests which are present ownership
\ninterests and entitle their holders to a proportionate
\nshare of the entity\u2019s net assets in the event of
\nliquidation. All other components of non-controlling
\ninterests are measured at their acquisition date fair
\nvalues unless another measurement basis is required
\nby IFRSs.
\nIn cases where the Group held a non-controlling
\nshareholding in the acquiree prior to obtaining control,
\nthat interest is measured to fair value as at acquisition
\ndate. The measurement to fair value is included
\nin\u2005profit\u2005or\u2005loss\u2005for\u2005the\u2005year.\u2005Where\u2005the\u2005existing\u2005
\nshareholding\u2005was\u2005classified\u2005as\u2005an\u2005available-for-sale\u2005
\nfinancial\u2005asset,\u2005the\u2005cumulative\u2005fair\u2005value\u2005adjustments\u2005
\nrecognised previously to other comprehensive
\nincome and accumulated in equity are recognised in
\nprofit\u2005or\u2005loss\u2005as\u2005a\u2005reclassification\u2005adjustment.
\n
\n
\n\n\nGoodwill is determined as the consideration paid,
\nplus the fair value of any shareholding held prior
\nto obtaining control, plus non- controlling interest
\nand\u2005less\u2005the\u2005fair\u2005value\u2005of\u2005the\u2005identifiable\u2005assets\u2005and\u2005
\nliabilities of the acquiree. If, in the case of a bargain
\npurchase, the result of this formula is negative, then
\nthe\u2005difference\u2005is\u2005recognised\u2005directly\u2005in\u2005profit\u2005or\u2005loss.
\nGoodwill is not amortised but is tested on
\nan annual basis for impairment. If goodwill is
\nassessed to be impaired, that impairment is not
\nsubsequently reversed.
\n
\n\nAsset acquisition
\nIn the event of an asset acquisition, the cost
\nof the acquisition is assigned to the individual
\nassets and liabilities based on their relative fair
\nvalues. Contingent consideration is accrued for
\nwhen these amounts are considered probable
\nand are discounted to present value based on
\nthe expected timing of payment.
\n
\n
\n\n
\n
\n\n
\n
\n
\n
\n\nNotes to the Annual Financial Statements (continued)
\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n
\n1.3 Significant judgements and sources of
\nestimation uncertainty
\nThe preparation of the Annual Financial Statements
\nin conformity with IFRS requires management, from
\ntime to time, to make judgements, estimates and
\nassumptions\u2005that\u2005affect\u2005the\u2005application\u2005of\u2005policies\u2005
\nand reported amounts of assets, liabilities, income
\nand expenses. These estimates and associated
\nassumptions are based on experience and various
\nother factors that are believed to be reasonable
\nunder\u2005the\u2005circumstances.\u2005Actual\u2005results\u2005may\u2005differ\u2005
\nfrom these estimates. The estimates and underlying
\nassumptions are reviewed on an ongoing basis.
\nRevisions to accounting estimates are recognised
\nin the period in which the estimates are revised and
\nin\u2005any\u2005future\u2005periods\u2005affected.
\n\n1.3.1 Critical judgements in applying
\naccounting policies
\nThe critical judgements made by management
\nin applying accounting policies, apart from
\nthose involving estimations, that have the most
\nsignificant\u2005effect\u2005on\u2005the\u2005amounts\u2005recognised\u2005
\nin\u2005the\u2005annual\u2005financial\u2005statements,\u2005are\u2005outlined\u2005
\nas follows:
\n
\n\n
\n\n
\n\n
\n
\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n
\n1.3 Significant judgements and sources of
\nestimation uncertainty (continued)
\n\n1.3.1 Critical judgements in applying
\naccounting policies (continued)
\nImpairment of Property, Plant & Equipment
\nAt the end of every year, management uses
\njudgement to review the indicators of impairment
\nof Property, Plant & Equipment. Depending on
\nthose indicators, management will determine if
\nan impairment review needs to be done. Refer
\nto Note 12 for details on external indicators and
\nmanagement assessment on the impairment of
\nProperty, Plant & Equipment.
\nGoing concern
\nThere is an element of judgement involved in
\ndetermining\u2005the\u2005financial\u2005forecasts\u2005and\u2005availability\u2005
\nof cash and headroom over banking
\nfacilities and covenants in the context of a macro
\ndownturn, major political unrest and non-renewal
\nof contracts. Refer to Note 1.1 for the detailed
\nassessment on going concern.
\nRecoverability of trade receivables and
\naccrued income
\nThe Group has material amounts of billed and
\nunbilled services outstanding at 31 December
\n2022. Receivables are recognised initially at cost
\n(being the same as fair value) and subsequently at
\namortised cost less any allowance for impairment,
\nto ensure that amounts recognised represent the
\nrecoverable amount. The Group recognises a loss
\nallowance for expected credit losses (ECLs) on
\nall receivable balances from customers using a
\nlifetime\u2005credit\u2005loss\u2005approach\u2005and\u2005includes\u2005specific\u2005
\nallowance for impairment where there is evidence
\nthat the Group will not be able to collect amounts
\ndue from customers, subsequent to initial
\nrecognition. Management applies judgement on
\nspecific\u2005allowances\u2005for\u2005impairment\u2005based\u2005on\u2005the\u2005
\ninformation available at each reporting date which
\nincludes information about past events, current
\nconditions and forecasts of the future economic
\ncondition of customers.
\nContingent liabilities
\nManagement applies its judgement to the fact
\npatterns and advice it receives from its attorney,
\nadvocates and other advisors in assessing if an
\nobligation, including taxation related claims, is
\nprobable, more likely than not, or remote. This
\njudgement application is used to determine if the
\nobligation is recognised as a liability or disclosed
\nas a contingent liability (Note 38).
\nUncertain taxation provisions
\nThe Group operates internationally in territories
\nwith\u2005different\u2005and\u2005complex\u2005tax\u2005codes.
\nManagement exercises judgement in relation to
\nthe level of provision required for uncertain tax
\noutcomes. There are a number of tax positions not
\nyet\u2005agreed\u2005with\u2005the\u2005tax\u2005authorities\u2005where\u2005different\u2005
\ninterpretation of legislation and commercial
\narrangements could lead to a range of outcomes.
\nThe tax positions under review covers Corporate
\nIncome Tax, VAT, Minimum Income Tax, WHT and
\nPayroll. Judgements are made for each position
\nhaving regard to the particular circumstances
\nand advice obtained. Refer to Notes 9 and 38
\nuncertain tax positions.
\nManagement also exercises judgement in
\nassessing the availability of suitable future taxable
\nprofits\u2005to\u2005support\u2005deferred\u2005tax\u2005asset\u2005recognition.
\nFurther details of the Group\u2019s tax position are
\nprovided in Note 9.
\nClassification of spare parts and servicing
\nequipment
\nManagement exercises judgement in assessing
\nspare\u2005parts\u2005and\u2005servicing\u2005equipment\u2005classification.\u2005
\nSpare parts and servicing equipment are carried
\nas inventory and recognised as an expense
\nwhen consumed. However major spares stand-
\nby\u2005equipment\u2005qualifies\u2005as\u2005property,\u2005plant\u2005and\u2005
\nequipment when an entity expects to use them
\nduring more than one period and if spare parts
\nand servicing equipment can be used only in
\nconnection with an item of property, plant and
\nequipment, they are accounted for as property,
\nplant and equipment.
\nInvestments at fair value
\nThe Group holds investments classed as Level 3.
\nThe Group has assessed the fair value of these
\ninvestments based on a market-based approach
\nusing multiples of a set of peer companies. This
\nrequires Directors\u2019 estimates to be used and
\njudgements to be made with any gain or loss in
\nfair\u2005value\u2005recognised\u2005in\u2005the\u2005statement\u2005of\u2005profit\u2005or\u2005
\nloss. Further details are provided in Note 21
\nValue added tax (\u201cVAT\u201d)
\nIncluded in trade and other receivables are
\nrecoverable VAT balances owing mainly by the
\nfiscal\u2005authorities\u2005in\u2005a\u2005number\u2005of\u2005jurisdictions.\u2005The\u2005
\nGroup is following the relevant process in each
\ncountry to recoup the VAT balances owing and
\ncontinues to engage with authorities to estimate if
\nall amounts are recoverable and to accelerate the
\nrefund of the outstanding VAT balances. Refer to
\nNote 20
\n
\n
\n\n1.3 Significant judgements and sources of
\nestimation uncertainty (continued)
\n1.3.2 Key sources of estimation uncertainty
\nUseful lives of property, plant and equipment
\nManagement assesses the appropriateness of the
\nuseful lives of property, plant and equipment at the
\nend of each reporting period. The useful economic
\nlives of drilling rigs were reviewed during the year
\nassessed as appropriate. When the estimated
\nuseful\u2005life\u2005of\u2005an\u2005asset\u2005differs\u2005from\u2005previous\u2005
\nestimates, the change is applied prospectively in
\nthe determination of the depreciation charge.
\nHeavy mining equipment (\u201cHME\u201d) is depreciated
\nusing the unit of production method based on
\nthe estimated production hours. The estimated
\nproduction hours for each type of equipment is
\nbased on the original equipment manufacturers
\n(OEM) standards, together with an assessment by
\nthe Group\u2019s technical team.
\nThe useful lives of property, plant and equipment
\ncould be reduced by climate-related matters,
\nfor example as a result of physical risks,
\nobsolescence or legal restrictions. The change
\nin useful lives would have a direct impact on the
\namount of depreciation or amortisation recognised
\neach year from the date of reassessment.
\nThe Directors\u2019 review of useful lives has taken
\ninto consideration the impacts of the Group\u2019s
\ndecarbonisation commitments and has not had a
\nmaterial impact on the results for the year.
\nShare-based payments
\nIn calculating the share-based payment charge
\nfor the year under IFRS 2 Share-based payments,
\ncertain assumptions have been made surrounding
\nthe future performance of the Capital Limited
\nshare price and the number of employees likely to
\nremain employed during the duration of the option
\nlife period. In addition, in order to arrive at a fair
\nvalue for each of the grants, certain parameters
\nhave been assumed for the grants and these have
\nbeen disclosed in Note 25.
\nTransportation costs \u2013 Freight and customs
\nThe\u2005Group\u2005has\u2005significant\u2005inventory\u2005which\u2005is\u2005
\npurchased across the world and is moved across
\nmultiple borders. In order to allocate freight and
\ncustoms incurred to inventories management
\nmakes use of the inventory consumption during
\nthe year to determine the percentage of freight
\nand customs costs which are attributable to
\ninventory and cost of sales. Refer to Note 18 on
\ndetails of inventories.
\nInventory provisions
\nInventories are valued at the lower of cost and
\nnet realisable value. At year end, management
\nestimates the net realisable value of inventories
\nin order to decide whether to make provision
\nfor obsolescence. Factors which are considered
\ninclude\u2005the\u2005ageing\u2005profile\u2005of\u2005inventories,\u2005storage\u2005
\nconditions\u2005as\u2005well\u2005as\u2005the\u2005shelf\u2005life\u2005of\u2005specific\u2005
\ninventories. Refer to Note 6 and Note 18 for
\ndetails on the amount of inventory provision
\nfor obsolescence.
\nIncremental borrowing rate
\nThe Group used estimates of its incremental
\nborrowing rate to calculate the present value of
\nfuture\u2005lease\u2005payments\u2005at\u2005the\u2005date\u2005of\u2005adoption/
\ncommencement of the leases. The Group
\ncalculated its incremental borrowing rate based on
\nexisting loan facility arrangements. The weighted
\naverage incremental borrowing rate applied to
\nlease arrangements entered into during the year
\nwas 7.0% (2021: 7.0%). (Note 13)
\n
\n
\n
\n
\n\nNotes to the Annual Financial Statements (continued)
\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n
\n1.4 Property, plant and equipment
\nProperty, plant and equipment are tangible assets
\nwhich the Group holds for its own use or for rental
\nto others and which are expected to be used for
\nmore than one year.
\nImpairment tests are performed on property, plant
\nand equipment when there is an indicator that they
\nmay be impaired. When the carrying amount of an
\nitem of property, plant and equipment is assessed
\nto be higher than the estimated recoverable
\namount, an impairment loss is recognised
\nimmediately\u2005in\u2005profit\u2005or\u2005loss\u2005to\u2005bring\u2005the\u2005carrying\u2005
\namount in line with the recoverable amount.
\nAn item of property, plant and equipment is
\nrecognised as an asset when it is probable that
\nfuture\u2005economic\u2005benefits\u2005associated\u2005with\u2005the\u2005item\u2005
\nwill\u2005flow\u2005to\u2005the\u2005Group,\u2005and\u2005the\u2005cost\u2005of\u2005the\u2005item\u2005can\u2005
\nbe measured reliably.
\nProperty, plant and equipment is initially
\nmeasured at cost. Cost includes all of the
\nexpenditure which is directly attributable to
\nthe acquisition or construction of the asset,
\nincluding the capitalisation of borrowing costs on
\nqualifying assets.
\n\nDepreciation of an asset commences when
\nthe asset is available for use as intended by
\nmanagement. Depreciation is charged to write
\noff\u2005the\u2005asset\u2019s\u2005carrying\u2005amount\u2005over\u2005its\u2005estimated\u2005
\nuseful life to its estimated residual value, using
\na\u2005method\u2005that\u2005best\u2005reflects\u2005the\u2005pattern\u2005in\u2005which\u2005
\nthe\u2005asset\u2019s\u2005economic\u2005benefits\u2005are\u2005consumed\u2005
\nby the group. Leased assets are depreciated
\nin a consistent manner over the shorter of their
\nexpected useful lives and the lease term.
\n
\n\n
\n\n
\n\n
\n
\n
\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n
\n
\n1.4 Property, plant and equipment (continued)
\n\nDepreciation is not charged to an asset if its
\nestimated residual value exceeds or is equal to its
\ncarrying amount. Depreciation of an asset ceases
\nat\u2005the\u2005earlier\u2005of\u2005the\u2005date\u2005that\u2005the\u2005asset\u2005is\u2005classified\u2005
\nas held for sale or derecognised.
\nDepreciation\u2005is\u2005recognised\u2005in\u2005profit\u2005or\u2005loss\u2005so\u2005as\u2005
\nto\u2005write-off\u2005the\u2005cost\u2005of\u2005assets,\u2005less\u2005their\u2005residual\u2005
\nvalues, over their expected useful lives using the
\nstraight-line method.
\nFor Heavy Mining Equipment (HME), equipment
\nhours are most closely linked with the economic
\nbenefits\u2005of\u2005the\u2005asset.\u2005On\u2005this\u2005basis,\u2005the\u2005unit\u2005of\u2005
\nproduction method using equipment hours is the
\npreferred method of depreciation for HME.
\nThe useful lives of items of property, plant and
\nequipment have been assessed as follows:
\nItem
\nDepreciation
\nmethod
\nAverage
\nuseful life
\nDrilling Rigs Straight line 5\u201320 years
\nAssociated
\ndrilling
\nequipment
\nStraight line 2\u20137 years
\nHeavy Mining
\nequipment
\nProduction
\nHours
\n6,000\u201380,000
\nhours
\nMotor vehicles Straight line 4\u20137 years
\nCamp and
\nAssociated
\nEquipment
\nStraight line 3\u20135 years
\nLeasehold
\nimprovements
\nStraight line 10 years
\nThe residual value, useful life and depreciation
\nmethod of each asset are reviewed at the end of
\neach reporting year. There have been no changes
\nin the residual values of assets during the year.
\nIf\u2005the\u2005expectations\u2005differ\u2005from\u2005previous\u2005estimates,\u2005
\nthe change is accounted for prospectively as a
\nchange in accounting estimate.
\n
\n\nImpairment tests are performed on property, plant
\nand equipment when there is an indicator that they
\nmay be impaired. When the carrying amount of an
\nitem of property, plant and equipment is assessed
\nto be higher than the estimated recoverable
\namount, an impairment loss is recognised
\nimmediately\u2005in\u2005profit\u2005or\u2005loss\u2005to\u2005bring\u2005the\u2005carrying\u2005
\namount in line with the recoverable amount.
\nAn item of property, plant and equipment
\nis derecognised upon disposal or when no
\nfuture\u2005economic\u2005benefits\u2005are\u2005expected\u2005from\u2005its\u2005
\ncontinued use or disposal. Any gain or loss arising
\nfrom the derecognition of an item of property,
\nplant\u2005and\u2005equipment,\u2005determined\u2005as\u2005the\u2005difference\u2005
\nbetween the net disposal proceeds, if any, and the
\ncarrying\u2005amount\u2005of\u2005the\u2005item,\u2005is\u2005included\u2005in\u2005profit\u2005or\u2005
\nloss when the item is derecognised.
\n\nCapital spares
\nCapital spares are spare parts that are regularly
\nreplaced, usually as part of a general replacement
\nprogramme. The parts removed are often
\nrepaired or overhauled and used in the next
\nreplacement cycle.
\nThe Group carries these spare parts and servicing
\nequipment as inventories and recognises them as
\nan expense when consumed. However spare parts
\nand servicing equipment that can only be used in
\nconnection\u2005with\u2005a\u2005specific\u2005item\u2005of\u2005property,\u2005plant\u2005
\nand equipment and they are expected to be used
\nmore than 1 year are recognised as property, plant
\nand equipment.
\nDepreciation of spares that are capitalised
\ncommences when the asset has been installed
\nand is capable of being used. The depreciation
\ncharge is based on the expected useful life of the
\nspare while it is being used, which may be shorter
\nthan the useful life of the asset to which it relates.
\nWhen the spare is itself replaced, the asset
\nis derecognised.
\n
\n\n
\n
\n\n\n
\n\n1.5 Intangible assets
\nAn intangible asset is recognised when:
\n\u2022\u2005 It is probable that the expected future economic
\nbenefits\u2005that\u2005are\u2005attributable\u2005to\u2005the\u2005asset\u2005will\u2005
\nflow\u2005to\u2005the\u2005entity;\u2005and
\n\u2022\u2005 The cost of the asset can be measured reliably.
\nIntangible assets are initially recognised at cost.
\nIntangible assets are carried at cost less any
\naccumulated amortisation and any impairment
\nlosses. For intangible assets, amortisation is
\nprovided on a straight-line basis over their useful
\nlife once the development of the software has
\nbeen completed.
\nThe amortisation period and the amortisation
\nmethod for intangible assets are reviewed every
\nperiod-end.
\nReassessing the useful life of an intangible asset
\nwith\u2005a\u2005finite\u2005useful\u2005life\u2005after\u2005it\u2005was\u2005classified\u2005as\u2005
\n1.5 Intangible assets (continued)
\nindefinite\u2005is\u2005an\u2005indicator\u2005that\u2005the\u2005asset\u2005may\u2005be\u2005
\nimpaired. As a result, the asset is tested for
\nimpairment and the remaining carrying amount is
\namortised over its useful life.
\nAmortisation is provided to write down the
\nintangible assets, on a straight-line basis, to their
\nresidual value as follows:
\nItem
\nDepreciation
\nmethod
\nAverage
\nuseful life
\nComputer
\nsoftware
\nStraight line 10 Years
\n
\n
\n\n
\n
\n\nNotes to the Annual Financial Statements (continued)
\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n
\n
\n
\n
\n1.6 Financial instruments
\nFinancial instruments held by the Group are
\nclassified\u2005in\u2005accordance\u2005with\u2005the\u2005provisions\u2005
\nof IFRS 9 Financial Instruments. Broadly, the
\nclassification\u2005possibilities,\u2005which\u2005are\u2005adopted\u2005by\u2005
\nthe Group, as applicable, are as follows:
\n\nFinancial assets which are equity instruments:
\n\u2022\u2005 Mandatorily\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss.
\nFinancial assets which are debt instruments:
\n\u2022\u2005 Amortised cost. (This category applies only
\nwhen the contractual terms of the instrument
\ngive\u2005rise,\u2005on\u2005specified\u2005dates,\u2005to\u2005cash\u2005flows\u2005that\u2005
\nare solely payments of principal and interest
\non principal, and where the instrument is held
\nunder a business model whose objective is met
\nby holding the instrument to collect contractual
\ncash\u2005flows);\u2005or
\n\u2022\u2005 Fair value through other comprehensive income.
\n(This category applies only when the contractual
\nterms\u2005of\u2005the\u2005instrument\u2005give\u2005rise,\u2005on\u2005specified\u2005
\ndates,\u2005to\u2005cash\u2005flows\u2005that\u2005are\u2005solely\u2005payments\u2005
\nof principal and interest on principal, and
\nwhere the instrument is held under a business
\nmodel whose objective is achieved by both
\ncollecting\u2005contractual\u2005cash\u2005flows\u2005and\u2005selling\u2005the\u2005
\ninstruments); or
\n\u2022\u2005 Mandatorily\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss.\u2005
\n(This\u2005classification\u2005automatically\u2005applies\u2005to\u2005all\u2005
\ndebt instruments which do not qualify as at
\namortised cost or at fair value through other
\ncomprehensive income); or
\n\u2022\u2005 Designated\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss.\u2005
\n(This\u2005classification\u2005option\u2005can\u2005only\u2005be\u2005applied\u2005
\nwhen\u2005it\u2005eliminates\u2005or\u2005significantly\u2005reduces\u2005an\u2005
\naccounting mismatch).
\n
\n\n\n
\n\nDerivatives which are not part of a hedging
\nrelationship:
\n\u2022\u2005 Mandatorily\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss.
\n
\n
\n\n
\n
\n\n\nFinancial liabilities:
\n\u2022\u2005 Amortised cost; or
\n\u2022\u2005 Mandatorily\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss.\u2005
\n(This applies to contingent consideration in a
\nbusiness combination or to liabilities which are
\nheld for trading); or
\n\u2022\u2005 Designated\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss.\u2005
\n(This\u2005classification\u2005option\u2005can\u2005be\u2005applied\u2005when\u2005it\u2005
\neliminates\u2005or\u2005significantly\u2005reduces\u2005an\u2005accounting\u2005
\nmismatch; the liability forms part of a group of
\nfinancial\u2005instruments\u2005managed\u2005on\u2005a\u2005fair\u2005value\u2005
\nbasis; or it forms part of a contract containing
\nan embedded derivative and the entire contract
\nis\u2005designated\u2005as\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005
\nloss).
\n
\n\nNote\u200533\u2005presents\u2005the\u2005financial\u2005instruments\u2005held\u2005by\u2005
\nthe\u2005Group\u2005based\u2005on\u2005their\u2005specific\u2005classifications.
\n\n1.6.1 Trade and other receivables
\nThe\u2005specific\u2005accounting\u2005policies\u2005for\u2005the\u2005
\nclassification,\u2005recognition\u2005and\u2005measurement\u2005of\u2005
\neach\u2005type\u2005of\u2005financial\u2005instrument\u2005held\u2005by\u2005the\u2005
\nGroup are presented below:
\nClassification
\nTrade\u2005and\u2005other\u2005receivables\u2005are\u2005classified\u2005as\u2005
\nfinancial\u2005assets\u2005(Note\u200519).
\nThey\u2005have\u2005been\u2005classified\u2005in\u2005this\u2005manner\u2005because\u2005
\ntheir\u2005contractual\u2005terms\u2005give\u2005rise,\u2005on\u2005specified\u2005
\ndates\u2005to\u2005cash\u2005flows\u2005that\u2005are\u2005solely\u2005payments\u2005of\u2005
\nprincipal and interest on the principal outstanding,
\nand the Group\u2019s business model is to collect
\nthe\u2005contractual\u2005cash\u2005flows\u2005on\u2005trade\u2005and\u2005other\u2005
\nreceivables.
\nRecognition and measurement
\nTrade and other receivables are recognised when
\nthe Group becomes a party to the contractual
\nprovisions of the receivables. They are measured,
\nat initial recognition, at fair value plus transaction
\ncosts, if any.
\nThey are subsequently measured at amortised
\ncost.
\nThe amortised cost is the amount recognised on
\nthe receivable initially, minus principal repayments,
\nplus cumulative amortisation (interest) using
\nthe\u2005effective\u2005interest\u2005method\u2005of\u2005any\u2005difference\u2005
\nbetween the initial amount and the maturity
\namount, adjusted for any loss allowance.
\n
\n\n
\n
\n\n
\n\n
\n
\n
\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n
\n
\n
\n
\n
\n1.6 Financial instruments (continued)
\n\nImpairment
\nThe group recognises a loss allowance for
\nExpected Credit Losses (ECL) on trade and other
\nreceivables. When considering ECL, the Group
\nreviews historical and forward-looking information.
\nThe amount of expected credit losses is updated
\nat each reporting date.
\nThe Group measures the allowance for credit
\nlosses for trade and other receivables at an
\namount equal to lifetime expected credit losses,
\nwhich represents the expected credit losses that
\nwill result from all possible default events over the
\nexpected life of the receivable.
\nA default event means when the Group deems
\nthat\u2005funds\u2005are\u2005irrecoverable\u2005and\u2005written\u2005off.
\n
\n\n\n 1.6.2 VAT recoverability
\nThe Group\u2019s subsidiaries are subject to value
\nadded tax (VAT) in the jurisdictions in which they
\noperate. The amount of VAT liability is determined
\nby applying the applicable tax rate to the amount
\ninvoiced less VAT paid on purchases. When VAT
\npaid on purchases exceed VAT charged on sales
\nof goods and services, the excess is regarded
\nas recoverable upon the submission of VAT
\nreturns and the acceptance of these VAT returns
\nby the relevant tax authorities. VAT recoverable
\nis reviewed for impairment at the end of each
\nreporting date. (Note 20)
\n
\n\n\n1.6.3 Investments in equity instruments
\nClassification
\nInvestments in equity instruments are presented
\nin\u2005Note\u200521.\u2005They\u2005are\u2005classified\u2005mandatorily\u2005at\u2005fair\u2005
\nvalue\u2005through\u2005profit\u2005or\u2005loss.
\nRecognition and measurement
\nInvestments in equity instruments are recognised
\nwhen the Group becomes a party to the
\ncontractual provisions of the instrument. The
\ninvestments are measured, at initial recognition, at
\nfair value. Transaction costs are added to the initial
\ncarrying amount for those investments which have
\nbeen designated as at fair value through other
\ncomprehensive income. All other transaction costs
\nare\u2005recognised\u2005in\u2005profit\u2005or\u2005loss.
\nInvestments in equity instruments are
\nsubsequently measured at fair value with changes
\nin\u2005fair\u2005value\u2005recognised\u2005either\u2005in\u2005profit\u2005or\u2005loss.\u2005
\nDetails of the valuation policies and processes are
\npresented in Note 34.
\n
\n\n\n
\n\n1.6.4 Cash and cash equivalents
\nCash and cash equivalents are stated at carrying
\namount which is deemed to be fair value. For the
\npurpose of the Statement of Cash Flows, cash
\nand cash equivalents comprise cash on hand and
\ndeposits held on call with banks.
\n
\n\n
\n\n\n1.6.5 Financial Liabilities
\nAll\u2005financial\u2005liabilities\u2005are\u2005measured\u2005subsequently\u2005
\nat\u2005amortised\u2005cost\u2005using\u2005the\u2005effective\u2005interest\u2005
\nmethod or at FVTPL.
\nFinancial liabilities measured subsequently at
\namortised cost
\nFinancial liabilities that are not (i) contingent
\nconsideration of an acquirer in a business
\ncombination, (ii) held-for-trading, or (iii) designated
\nas at FVTPL, are measured subsequently at
\namortised\u2005cost\u2005using\u2005the\u2005effective\u2005interest\u2005method.
\nThe\u2005effective\u2005interest\u2005method\u2005is\u2005a\u2005method\u2005of\u2005
\ncalculating\u2005the\u2005amortised\u2005cost\u2005of\u2005a\u2005financial\u2005liability\u2005
\nand of allocating interest expense over the relevant
\nperiod.\u2005The\u2005effective\u2005interest\u2005rate\u2005is\u2005the\u2005rate\u2005that\u2005
\nexactly discounts estimated future cash payments
\n(including all fees and points paid or received that
\nform\u2005an\u2005integral\u2005part\u2005of\u2005the\u2005effective\u2005interest\u2005rate,\u2005
\ntransaction costs and other premiums or discounts)
\nthrough\u2005the\u2005expected\u2005life\u2005of\u2005the\u2005financial\u2005liability,\u2005
\nor (where appropriate) a shorter period, to the
\namortised\u2005cost\u2005of\u2005financial\u2005liability.
\n
\n\n
\n
\n\n\n
\n1.7 Tax
\nCurrent tax assets and liabilities
\nCurrent tax for current and prior periods is, to
\nthe extent unpaid, recognised as a liability. If the
\namount already paid in respect of current and
\nprior periods exceeds the amount due for those
\nperiods, the excess is recognised as an asset.
\nCurrent tax liabilities (assets) for the current
\nand prior periods are measured at the amount
\nexpected to be paid to (recovered from) the tax
\nauthorities, using the tax rates (and tax laws) that
\nhave been enacted or substantively enacted in
\ncountries where the Company and its subsidiaries
\noperate at the end of the reporting period.
\n\nDeferred tax assets and liabilities
\nA deferred tax liability is recognised for all taxable
\ntemporary\u2005differences,\u2005except\u2005to\u2005the\u2005extent\u2005that\u2005
\nthe deferred tax liability arises from the initial
\nrecognition of an asset or liability in a transaction
\nwhich\u2005at\u2005the\u2005time\u2005of\u2005the\u2005transaction,\u2005affects\u2005neither\u2005
\naccounting\u2005profit\u2005nor\u2005taxable\u2005profit\u2005(tax\u2005loss).
\nA deferred tax asset is recognised for all
\ndeductible\u2005temporary\u2005differences\u2005to\u2005the\u2005extent\u2005
\nthat\u2005it\u2005is\u2005probable\u2005that\u2005taxable\u2005profit\u2005will\u2005be\u2005
\navailable against which the deductible temporary
\ndifference\u2005can\u2005be\u2005utilised.\u2005A\u2005deferred\u2005tax\u2005asset\u2005
\nis not recognised when it arises from the initial
\nrecognition of an asset or liability in a transaction
\nat\u2005the\u2005time\u2005of\u2005the\u2005transaction,\u2005affects\u2005neither\u2005
\naccounting\u2005profit\u2005nor\u2005taxable\u2005profit\u2005(tax\u2005loss).
\nA deferred tax asset is recognised for the carry
\nforward of unused tax losses to the extent that it is
\nprobable\u2005that\u2005future\u2005taxable\u2005profit\u2005will\u2005be\u2005available\u2005
\nagainst which the unused tax losses can be utilised.
\nThis is not applicable for the Group as there are no
\ndeferred tax assets at the end of the reporting date.
\nDeferred tax assets and liabilities are measured
\nat the tax rates that are expected to apply to the
\nperiod when the asset is realised or the liability
\nis settled, based on tax rates (and tax laws) that
\nhave been enacted or substantively enacted by
\nthe end of the reporting period.
\n
\n
\n\n1.7 Tax (continued)
\nTax expenses
\nCurrent\u2005and\u2005deferred\u2005tax\u2005are\u2005recognised\u2005in\u2005profit\u2005
\nor loss, except when they relate to items that
\nare recognised in other comprehensive income
\nor directly in equity, in which case the current
\nand deferred tax are also recognised in other
\ncomprehensive income or directly in equity
\nrespectively.
\nWhen current tax or deferred tax arises from the
\ninitial accounting for a business combination, the
\ntax\u2005effect\u2005is\u2005included\u2005in\u2005the\u2005accounting\u2005for\u2005the\u2005
\nbusiness combination.
\nUncertainty over Income Tax Treatments
\nWhen considering the appropriate accounting
\nfor current and deferred tax liabilities and assets
\nin circumstances in which there is uncertainty
\nover income tax treatments, the Group considers
\nwhether it is probable that the relevant tax
\nauthority will accept the position adopted,
\nassuming that the tax authority has full knowledge
\nof all related information. If the assessed
\nprobability is that the tax authority will not accept
\nthe income tax treatment adopted, in accounting
\nfor the current and deferred tax asset or liability,
\nthe Group makes an assessment of the probable
\noutcome of the uncertain tax position.
\n
\n
\n\nNotes to the Annual Financial Statements (continued)
\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n1.8 Leases
\nThe Group assesses whether a contract is, or
\ncontains a lease, at the inception of the contract.
\nA contract is or contains a lease if the contract
\nconveys the right to control the use of an
\nidentified\u2005asset\u2005for\u2005a\u2005period\u2005of\u2005time\u2005in\u2005exchange\u2005
\nfor consideration.
\nIn order to assess whether a contract is, or
\ncontains a lease, management determine whether
\nthe\u2005asset\u2005under\u2005consideration\u2005is\u2005\u201cidentified\u201d,\u2005
\nwhich means that the asset is either explicitly
\nor\u2005implicitly\u2005specified\u2005in\u2005the\u2005contract\u2005and\u2005that\u2005
\nthe supplier does not have a substantial right of
\nsubstitution throughout the period of use. Once
\nmanagement has concluded that the contract
\ndeals\u2005with\u2005an\u2005identified\u2005asset,\u2005the\u2005right\u2005to\u2005control\u2005
\nthe use thereof is considered. To this end, control
\nover\u2005the\u2005use\u2005of\u2005an\u2005identified\u2005asset\u2005only\u2005exists\u2005
\nwhen the Group has the right to substantially all of
\nthe\u2005economic\u2005benefits\u2005from\u2005the\u2005use\u2005of\u2005the\u2005asset\u2005as\u2005
\nwell as the right to direct the use of the asset.
\nIn circumstances where the determination of
\nwhether the contract is or contains a lease
\nrequires\u2005significant\u2005judgement,\u2005the\u2005relevant\u2005
\ndisclosures\u2005are\u2005provided\u2005in\u2005the\u2005significant\u2005
\njudgments and sources of estimation uncertainty
\nsection of these accounting policies.
\nGroup as lessee
\nA lease liability and corresponding right-of-use
\nasset are recognised at the lease commencement
\ndate, for all lease agreements for which the
\nGroup is a lessee, except for short-term leases
\nof 12 months or less, or leases of low value
\nassets. For these leases, the Group recognises
\nthe lease payments as an operating expense
\n(Note 6) on a straight-line basis over the term
\nof the lease unless another systematic basis
\nis more representative of the time pattern in
\nwhich\u2005economic\u2005benefits\u2005from\u2005the\u2005leased\u2005asset\u2005
\nare consumed.
\nDetails of leasing arrangements where the Group
\nis a lessee are presented in Note 13 Leases
\n(Group as lessee).
\nLease liability
\nThe lease liability is initially measured at the
\npresent value of the lease payments that are not
\npaid at the commencement date, discounted
\nby using the rate implicit in the lease. If this rate
\ncannot be readily determined, the Group uses its
\nincremental borrowing rate.
\nThe\u2005definition\u2005of\u2005the\u2005lessee\u2019s\u2005incremental\u2005
\nborrowing rate states that the rate should
\nrepresent what the lessee \u2018would have to pay
\n
\n
\n\n
\n\n
\n
\n
\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n1.8 Leases (continued)
\nto borrow over a similar term and with similar
\nsecurity, the funds necessary to obtain an asset of
\nsimilar value to the right-of-use asset in a similar
\neconomic environment. In practice, judgement
\nmay be needed to estimate an incremental
\nborrowing rate.
\nLease payments included in the measurement of
\nthe lease liability comprise the following:
\n\u2022\u2005 Fixed lease payments, including in-substance
\nfixed\u2005payments,\u2005less\u2005any\u2005lease\u2005incentives;
\n\u2022\u2005 Variable lease payments that depend on an
\nindex or rate, initially measured using the index
\nor rate at the commencement date;
\n\u2022\u2005 The amount expected to be payable by the
\nGroup under residual value guarantees;
\n\u2022\u2005 The exercise price of purchase options,
\nif the Group is reasonably certain to exercise
\nthe option;
\n\u2022\u2005 Lease payments in an optional renewal period
\nif the Group is reasonably certain to exercise an
\nextension option; and
\n\u2022\u2005 Penalties for early termination of a lease, if the
\nlease\u2005term\u2005reflects\u2005the\u2005exercise\u2005of\u2005an\u2005option\u2005to\u2005
\nterminate the lease.
\nVariable rents that do not depend on an index or
\nrate are not included in the measurement of the
\nlease liability (or right-of-use asset). The related
\npayments are recognised as an expense in the
\nperiod incurred and are included in operating
\nexpenses (Note 13).
\nThe lease liability is presented as a separate line
\nitem on the Statement of Financial Position.
\nThe lease liability is subsequently measured by
\nincreasing\u2005the\u2005carrying\u2005amount\u2005to\u2005reflect\u2005interest\u2005
\non\u2005the\u2005lease\u2005liability\u2005(using\u2005the\u2005effective\u2005interest\u2005
\nmethod) and by reducing the carrying amount to
\nreflect\u2005lease\u2005payments\u2005made.\u2005Interest\u2005charged\u2005
\non\u2005the\u2005lease\u2005liability\u2005is\u2005included\u2005in\u2005finance\u2005costs\u2005
\n(Note 7).
\nThe Group has applied judgement to determine
\nthe lease term for some lease contracts in which
\nit is a lessee that include renewal options. The
\nassessment of whether the Group is reasonably
\ncertain to exercise such options impact the
\nlease\u2005terms,\u2005which\u2005significantly\u2005affects\u2005the\u2005
\namount of lease liabilities and rights of use of
\nassets recognised.
\nThe Group remeasures the lease liability (and
\nmakes a corresponding adjustment to the related
\nright-of-use asset) when:
\n\u2022\u2005 There has been a change to the lease term, in
\nwhich case the lease liability is remeasured by
\ndiscounting the revised lease payments using a
\nrevised discount rate;
\n\u2022\u2005 There has been a change in the assessment
\nof whether the Group will exercise a purchase,
\ntermination or extension option, in which case
\nthe lease liability is remeasured by discounting
\nthe revised lease payments using a revised
\ndiscount rate;
\n\u2022\u2005 There has been a change to the lease payments
\ndue to a change in an index or a rate, in
\nwhich case the lease liability is remeasured
\nby discounting the revised lease payments
\nusing the initial discount rate (unless the lease
\npayments change is due to a change in a
\nfloating\u2005interest\u2005rate,\u2005in\u2005which\u2005case\u2005a\u2005revised\u2005
\ndiscount rate is used);
\n\u2022\u2005 There has been a change in expected payment
\nunder a residual value guarantee, in which case
\nthe lease liability is remeasured by discounting
\nthe revised lease payments using the initial
\ndiscount rate; and
\n\u2022\u2005 A\u2005lease\u2005contract\u2005has\u2005been\u2005modified\u2005and\u2005the\u2005
\nlease\u2005modification\u2005is\u2005not\u2005accounted\u2005for\u2005as\u2005a\u2005
\nseparate lease, in which case the lease liability
\nis remeasured by discounting the revised
\npayments using a revised discount rate.
\nWhen the lease liability is remeasured in this
\nway, a corresponding adjustment is made to the
\ncarrying amount of the right-of-use asset, or is
\nrecognised\u2005in\u2005profit\u2005or\u2005loss\u2005if\u2005the\u2005carrying\u2005amount\u2005
\nof the right-of-use asset has been reduced
\nto\u2005zero.
\nLease payments included in the measurement of
\nthe lease liability comprise the following:
\n\u2022\u2005 The initial amount of the corresponding
\nlease liability;
\n\u2022\u2005 Any lease payments made at or before the
\ncommencement date;
\n\u2022\u2005 Any initial direct costs incurred;
\n\u2022\u2005 A
\nny estimated costs to dismantle and
\nremove the underlying asset or to restore
\nthe underlying asset or the site on which it is
\nlocated, when the Group incurs an obligation
\nto do so, unless these costs are incurred to
\nproduce inventories; and
\n\u2022\u2005 Less any lease incentives received.
\n1.8 Leases (continued)
\nThe Group presents the part of the lease payment
\nthat represents interest portion of the lease
\nliability\u2005as\u2005a\u2005financing\u2005cash\u2005flow\u2005in\u2005Consolidated\u2005
\nStatement of Cash Flows in accordance with IAS
\n7 \u201cStatement of Cash Flows\u201d.
\nRight-of-use assets
\nRight-of-use assets are presented as a separate
\nline item on the Statement of Financial Position.
\nRight-of-use assets are subsequently measured
\nat cost less accumulated depreciation and
\nimpairment losses.
\nRight-of-use assets are depreciated over the
\nshorter period of lease term and useful life of the
\nunderlying asset. However, if a lease transfers
\nownership of the underlying asset or the cost
\nof\u2005the\u2005right-of-use\u2005asset\u2005reflects\u2005that\u2005the\u2005Group\u2005
\nexpects to exercise a purchase option, the related
\nright-of-use asset is depreciated over the useful
\nlife of the underlying asset. Depreciation starts at
\nthe commencement date of a lease.
\nFor right-of-use assets which are depreciated
\nover their useful lives, the useful lives are
\ndetermined consistently with items of the same
\nclass of property, plant and equipment. Refer
\nto the accounting policy for property, plant and
\nequipment for details of useful lives.
\nThe residual value, useful life and depreciation
\nmethod of each asset are reviewed at the end of
\neach\u2005reporting\u2005year.\u2005If\u2005the\u2005expectations\u2005differ\u2005from\u2005
\nprevious estimates, the change is accounted for
\nprospectively as a change in accounting estimate.
\nEach part of a right-of-use asset with a cost that is
\nsignificant\u2005in\u2005relation\u2005to\u2005the\u2005total\u2005cost\u2005of\u2005the\u2005asset\u2005
\nis depreciated separately.
\nThe depreciation charge for each year is
\nrecognised\u2005in\u2005profit\u2005or\u2005loss\u2005unless\u2005it\u2005is\u2005included\u2005in\u2005
\nthe carrying amount of another asset.
\n
\n
\n
\n\nNotes to the Annual Financial Statements (continued)
\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n1.9 Inventories
\nInventories relates to spare parts, servicing
\nequipment and consumables. They are measured
\nat the lower of cost and net realisable value.
\nCost is determined on the weighted average cost
\nbasis. Redundant and slow-moving inventory
\nare\u2005identified\u2005and\u2005written\u2005down\u2005to\u2005their\u2005net\u2005
\nrealisable value.
\nNet realisable value is the estimated selling
\nprice in the ordinary course of business less the
\nestimated costs of completion and the estimated
\ncosts necessary to make the sale.
\nThe cost of inventories comprises of all costs of
\npurchase, costs of conversion and other costs
\nincurred in bringing the inventories to their present
\nlocation and condition.
\nWhen inventories are sold, the carrying amount of
\nthose inventories are recognised as an expense
\nin the period in which the related revenue is
\nrecognised. The amount of any write-down of
\ninventories to net realisable value and all losses of
\ninventories are recognised as an expense in the
\nperiod the write-down or loss occurs. The amount
\nof any reversal of any write-down of inventories,
\narising from an increase in net realisable value,
\nare recognised as a reduction in the amount
\nof inventories recognised as an expense in the
\nperiod in which the reversal occurs.
\n
\n
\n\n\n
\n\n1.10 Impairment of assets
\nThe Group assesses at the end of each reporting
\nperiod whether there is any indication that an
\nasset may be impaired. If any such indication
\nexists, the Group estimates the recoverable
\namount of the asset. When it is not possible to
\nestimate the recoverable amount for an individual
\nasset, the recoverable amount is determined
\nfor the cash-generating unit to which the
\nasset belongs.
\nThe recoverable amount of an asset or a cash-
\ngenerating unit is the higher of its fair value less
\ncosts to sell and its value in use. In assessing
\nvalue\u2005in\u2005use,\u2005the\u2005estimated\u2005future\u2005cash\u2005flows\u2005are\u2005
\ndiscounted to their present value using a pre-
\ntax\u2005discount\u2005rate\u2005that\u2005reflects\u2005current\u2005market\u2005
\nassessments of the time value of money and the
\nrisks\u2005specific\u2005to\u2005the\u2005asset\u2005for\u2005which\u2005the\u2005estimates\u2005
\nof\u2005future\u2005cash\u2005flows\u2005have\u2005not\u2005been\u2005adjusted.
\nIf the recoverable amount of an asset is less than
\nits carrying amount, the carrying amount of the
\nasset is reduced to its recoverable amount. That
\nreduction is an impairment loss.
\nAn impairment loss of assets carried at cost less
\nany accumulated depreciation or amortisation is
\nrecognised\u2005immediately\u2005in\u2005profit\u2005or\u2005loss.\u2005Where\u2005
\nan impairment loss subsequently reverses, the
\ncarrying amount of the asset (cash-generating
\nunit) is increased to the revised estimate of its
\nrecoverable amount, but so that the increased
\ncarrying amount does not exceed the carrying
\namount that would have been determined had no
\nimpairment loss been recognised for the asset
\n(cash-generating unit) in prior years. A reversal
\nof an impairment loss is recognised as income in
\nprofit\u2005or\u2005loss\u2005immediately.
\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n1.11 Share capital and equity
\nOrdinary\u2005shares\u2005are\u2005classified\u2005as\u2005equity.
\nOrdinary shares are recognised at par value and
\nclassified\u2005as\u2005\u2018share\u2005capital\u2019\u2005in\u2005equity.\u2005Any\u2005amounts\u2005
\nreceived from the issue of shares in excess of par
\nvalue\u2005is\u2005classified\u2005as\u2005\u2018share\u2005premium\u2019\u2005in\u2005equity.\u2005
\nDividends are recognised as a liability when they
\nare declared.
\nCost of raising equity
\nThere are two elements to consider in determining
\nthe accounting treatment of transaction costs.
\n\u2022\u2005 Transactions costs related to an equity
\ntransaction.
\n\u2022\u2005 Transaction costs that are directly attributable to
\nan equity transaction.
\nTransactions costs that meet the criteria above are
\naccounted for as a deduction from equity.
\nTreasury shares
\nTreasury shares represent the shares of the
\nparent company, Capital Limited, that are held in
\ntreasury. Treasury shares are recorded at cost and
\ndeducted from equity.
\n
\n\n\n1.12 Share based payments
\nEquity-settled share-based payments to
\nemployees and others providing similar services
\nare measured at the fair value of the equity
\ninstruments at the grant date.
\nThe fair value determined at the grant date
\nof the equity-settled share-based payments
\nis expensed on a straight-line basis over the
\nvesting period, based on the Group\u2019s estimate
\nof equity instruments that will eventually vest.
\nAt each reporting date, the Group revises its
\nestimate of the number of equity instruments
\nexpected to vest. The impact of the revision of the
\noriginal\u2005estimates,\u2005if\u2005any,\u2005is\u2005recognised\u2005in\u2005profit\u2005
\nor loss over the remaining vesting period, with a
\ncorresponding adjustment to the equity-settled
\nemployee\u2005benefits\u2005reserve.
\nMarket conditions and non-vesting conditions are
\ntaken into account when estimating the fair value
\nof the equity-settled share-based payment.
\nAs an exception, when the Group is obligated, in
\nterms of tax legislation, to withhold an amount of
\nemployees\u2019 tax associated with an equity-settled
\nshare-based payment transaction (thus creating a
\nnet settlement feature), the full transaction is still
\naccounted for as an equity-settled share-based
\npayment transaction.
\n
\n\n\n1.13 Employee benefits
\nShort-term employee benefits
\nA\u2005liability\u2005is\u2005recognised\u2005for\u2005benefits\u2005accruing\u2005to\u2005
\nemployees in respect of salaries, wages and leave
\nentitlements in the period the related services
\nis rendered. Liabilities recognised in respect of
\nshort-term\u2005employee\u2005benefits\u2005are\u2005measured\u2005at\u2005the\u2005
\nundiscounted\u2005amount\u2005of\u2005the\u2005benefits\u2005expected\u2005to\u2005
\nbe paid in exchange for the related service.
\nRetirement Benefits
\nThe Group does not have a legal obligation to
\nprovide\u2005for\u2005retirement\u2005benefits,\u2005however\u2005each\u2005
\nsubsidiary\u2005makes\u2005defined\u2005contributions\u2005for\u2005
\nretirement\u2005benefits\u2005as\u2005per\u2005the\u2005country\u2019s\u2005statutory\u2005
\nobligations\u2005and\u2005charged\u2005to\u2005Profit\u2005and\u2005Loss\u2005as\u2005
\npayment falls due.
\n
\n\n\n
\n1.14 Revenue recognition
\nThe core principle of IFRS 15 is that an entity
\nshould recognise revenue to depict the transfer
\nof promised goods or services to customers in an
\namount\u2005that\u2005reflects\u2005the\u2005consideration\u2005to\u2005which\u2005
\nthe entity expects to be entitled in exchange
\nfor\u2005those\u2005goods\u2005or\u2005services.\u2005Specifically,\u2005the\u2005
\nStandard introduces a 5-step approach to
\nrevenue recognition:
\nStep 1: Identify the contract(s) with a customer;
\nStep 2: Identify the performance obligations in
\nthe contract;
\nStep 3: Determine the transaction price;
\nStep 4: Allocate the transaction price to the
\nperformance obligations in the contract; and
\nStep 5: Recognise revenue when (or as) the entity
\nsatisfies\u2005a\u2005performance\u2005obligation.
\nUnder IFRS 15, an entity recognises revenue when
\n(or\u2005as)\u2005a\u2005performance\u2005obligation\u2005is\u2005satisfied,\u2005i.e.\u2005
\nwhen \u2018control\u2019 of the goods or services underlying
\nthe particular performance obligation is transferred
\nto the customer.
\nRevenue is measured at the fair value of the
\nconsideration received or receivable. Revenue is
\nreduced for estimated customer returns, rebates
\nand other similar allowances.
\nRendering of services
\nRevenue from a contract to provide services
\nis recognised by reference to either the stage
\nof completion (over time) or at a point in
\ntime. The Group recognises revenue from the
\nfollowing streams:
\n1.14 Revenue recognition (continued)
\n\u2022\u2005 Revenue from drilling and mining contracts
\nis recognised at the contractual rates as the
\ndrilling and mining services are delivered.
\nRevenue for mobilisation of mining equipment
\nand associated resources is recognised over the
\nterm of the contract;
\n\u2022\u2005 Revenue from surveying is recognised at the
\ncontractual rates as the survey services are
\ndelivered; and
\n\u2022\u2005 Laboratory analysis of drilling samples relates to
\nsample analysis by MSA Laboratories provided
\nto\u2005customers.\u2005Transfer\u2005of\u2005benefits\u2005occurs\u2005when\u2005
\ntesting is completed for each sample received
\nand results communicated to customers.
\nSamples are received in batches from customers
\nand processed continuously. Revenue is
\nrecognised when testing of a batch is completed
\nand when results are communicated.
\n\n
\n\nDividend and interest income
\nDividend income from investments is recognised
\nwhen the shareholder\u2019s right to receive payment
\nhas been established (provided that it is probable
\nthat\u2005the\u2005economic\u2005benefits\u2005will\u2005flow\u2005to\u2005the\u2005Group\u2005
\nand the amount of income can be measured
\nreliably). Dividend income was only recognised
\nwhen all the above criteria was met.
\nInterest\u2005income\u2005from\u2005a\u2005financial\u2005asset\u2005is\u2005
\nrecognised when it is probable that the economic
\nbenefits\u2005will\u2005flow\u2005to\u2005the\u2005Group\u2005and\u2005the\u2005amount\u2005of\u2005
\nincome can be measured reliably. Interest income
\nis accrued on a time basis, by reference to the
\nprincipal\u2005outstanding\u2005and\u2005at\u2005the\u2005effective\u2005interest\u2005
\nrate applicable, which is the rate that exactly
\ndiscounts estimated future cash receipts through
\nthe\u2005expected\u2005life\u2005of\u2005the\u2005financial\u2005asset\u2005to\u2005that\u2005
\nasset\u2019s net carrying amount on initial recognition.
\n
\n\n
\n\n
\n
\n
\n\nNotes to the Annual Financial Statements (continued)
\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n
\n1.15 Translation of foreign currencies
\n\nFunctional and presentation currency
\nThe individual Financial Statements of each
\nGroup Company are presented in the currency
\nof the primary economic environment in which
\nit operates (its functional currency). For the
\npurpose of the Group Financial Statements, the
\nresults\u2005and\u2005financial\u2005statements\u2005of\u2005each\u2005Group\u2005
\nCompany are translated to United States Dollars,
\nwhich is the functional currency of the Group,
\nand the presentation currency for the Group
\nFinancial Statements.
\n
\n\nForeign currency transactions
\nIn preparing the Financial Statements of the
\nindividual Group companies, transactions in
\ncurrencies other than the entity\u2019s functional
\ncurrency (foreign currencies) are recognised at the
\nrates of exchange prevailing on the dates of the
\ntransactions. At each reporting date, monetary
\nitems that are denominated in foreign currencies
\nare retranslated at the rates prevailing at that date.
\nNon-monetary items that are measured in terms
\nof historical cost in a foreign currency shall be
\ntranslated using the exchange rate at the date of
\nthe transaction.
\nExchange\u2005differences\u2005are\u2005recognised\u2005in\u2005profit\u2005or\u2005
\nloss in the period in which they arise except for:
\n\u2022\u2005 Exchange\u2005differences\u2005on\u2005foreign\u2005currency\u2005
\nborrowings relating to assets under construction
\nfor future productive use, which are included in
\nthe cost of those assets when they are regarded
\nas an adjustment to interest costs on those
\nforeign currency borrowings;
\n\u2022\u2005 Exchange\u2005differences\u2005on\u2005transactions\u2005entered\u2005
\ninto to hedge certain foreign currency risks; and
\n\u2022\u2005 Exchange\u2005differences\u2005on\u2005monetary\u2005items\u2005
\nreceivable from or payable to a foreign operation
\nfor which settlement is neither planned nor
\nlikely to occur (therefore forming part of the
\nnet investment in the foreign operation), which
\nare recognised initially in other comprehensive
\nincome\u2005and\u2005reclassified\u2005from\u2005equity\u2005to\u2005profit\u2005or\u2005
\nloss on repayment of the monetary items.
\nFor the purpose of presenting Group Financial
\nStatements, the assets and liabilities of the
\nGroup\u2019s foreign operations are translated into
\nUnited States Dollars at exchange rates prevailing
\non the reporting date. Income and expense items
\nare translated at the average exchange rates
\nfor\u2005the\u2005period,\u2005unless\u2005exchange\u2005rates\u2005fluctuate\u2005
\nsignificantly\u2005during\u2005that\u2005period,\u2005in\u2005which\u2005case\u2005
\nthe exchange rates at the date of transactions
\nare\u2005used.\u2005Exchange\u2005differences\u2005arising,\u2005if\u2005any,\u2005
\nare recognised in other comprehensive income
\nand accumulated in equity (attributed to non-
\ncontrolling interests as appropriate).
\nOn disposal of a foreign operation, all of the
\nexchange\u2005differences\u2005accumulated\u2005in\u2005equity\u2005
\nin respect of that operation attributable to the
\nowners\u2005of\u2005the\u2005Company\u2005are\u2005reclassified\u2005to\u2005Profit\u2005
\nor Loss.
\n
\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n1. SIGNIFICANT ACCOUNTING POLICIES (continued)
\n\n1.16 Contingent Liabilities
\nA Contingent Liability is a possible obligation from
\npast\u2005events\u2005that\u2005will\u2005be\u2005confirmed\u2005by\u2005some\u2005future\u2005
\nevent or a present obligation from a past event,
\nbut either:
\n\u2022\u2005 The\u2005outflow\u2005of\u2005economic\u2005benefits\u2005to\u2005satisfy\u2005
\nthis obligation is not probable, or
\n\u2022\u2005 The amount of obligation cannot be
\nreliably measured.
\nIn\u2005events\u2005where\u2005firm\u2005indications\u2005of\u2005a\u2005possible\u2005
\nobligation exist the Group will use judgements
\nbased on estimates from expert advice to provide
\nfor the portion of the possible expense.
\n
\n\n\n1.17 Provisions
\nProvisions are recognised when the Group has
\na present (legal or constructive) obligation as a
\nresult of a past event, if it is probable the Group
\nwill be required to settle the obligation, and a
\nreliable estimate can be made of the amount
\nof the obligation. The amount recognised as a
\nprovision is the best estimate of the consideration
\nrequired to settle the obligation at the reporting
\ndate, taking into account the risks and
\nuncertainties surrounding the obligation. If the
\ntime value of money is material, provisions are
\ndiscounted using a current pre-tax discount rate
\nspecific\u2005to\u2005the\u2005liability.
\n
\n\n\n
1.18 Consideration of climate change
\n
In\u2005preparing\u2005the\u2005financial\u2005statements,\u2005the\u2005Directors\u2005
\n
have considered the impact of climate change,
\n
particularly\u2005in\u2005the\u2005context\u2005of\u2005the\u2005risks\u2005identified\u2005in\u2005
\n
the TCFD disclosure on pages 52 to 54 this
\n
\n
year.\u2005There\u2005has\u2005been\u2005no\u2005material\u2005impact\u2005identified\u2005
\n
on\u2005the\u2005financial\u2005reporting\u2005judgements\u2005and\u2005
\n
estimates. In particular, the Directors considered
\n
the impact of climate change in respect of the
\n
following areas:
\n
\u2022\u2005 going concern and viability of the Group over
\n
the next three years;
\n
\u2022\u2005 cash\u2005flow\u2005forecasts\u2005used\u2005in\u2005the\u2005impairment\u2005
\n
assessments of non-current assets including
\n
goodwill and infrastructure investments assets;
\n
and
\n
\u2022\u2005 carrying value and useful economic lives of
\n
property, plant and equipment.
\n
Whilst there is currently no medium-term impact
\n
expected from climate change, the Directors are
\n
aware of the ever-changing risks attached to
\n
climate change and will regularly assess these
\n
risks against judgements and estimates made in
\n
preparation\u2005of\u2005the\u2005Group\u2019s\u2005financial\u2005statements.
\n
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag370": {
"value": "\n1.1 Basis of preparation and going concern
\nThe Group Annual Financial Statements have
\nbeen prepared in accordance with International
\nFinancial Reporting Standards (IFRS) issued by
\nthe International Accounting Standards Board and
\nare presented in United States Dollars since that is
\nthe currency in which the majority of the Group\u2019s
\ntransactions are denominated. Where additional
\ninformation has been presented in the current
\nyear Annual Financial Statements, the prior year
\namounts have been presented to be consistent
\nwith the presentation in the current year.
\nThe Group Annual Financial Statements have
\nbeen prepared on the historical cost basis
\nexcept for certain financial instruments which are
\nmeasured at fair value.
\nHistorical cost is based on the fair value of the
\nconsideration given in exchange for the assets.
\nFair value is the price that would be received to
\nsell an asset or paid to transfer a liability in an
\norderly transaction between market participants
\nat the measurement date, regardless of whether
\nthat price is directly observable or estimated
\nusing another valuation technique. In estimating
\nthe fair value of an asset or liability, the Group
\ntakes into account the characteristics of the
\nasset or liability if market participants would take
\nthose characteristics into account when pricing
\nthe asset or liability at the measurement date.
\nFair value for measurement and/or disclosure
\npurposes in these Financial Statements is
\ndetermined on such a basis, except for share-
\nbased payment transactions that are in the scope
\nof IFRS 2, leasing transactions which are within
\nthe scope of IFRS 16 and measurements that
\nhave some similarities to fair value but are not
\nfair value, such as net realisable value in IAS 2 or
\nvalue in use in IAS 36.
\nIn addition, for financial reporting purposes, fair
\nvalue measurements are categorised into Level
\n1, 2 or 3 based on the degree to which the inputs
\nto the fair value measurements are observable
\nand the significance of the inputs to the fair value
\nmeasurement in its entirety, which are described
\nas follows:
\n\u2022 Level 1 inputs are quoted prices (unadjusted)
\nin active markets for identical assets or
\nliabilities that the entity can access at the
\nmeasurement date;
\n\u2022 Level 2 inputs are inputs, other than quoted
\nprices included within Level 1, that are
\nobservable for the asset or liability, either directly
\nor indirectly; and
\n\u2022 Level 3 inputs are unobservable inputs for the
\nasset or liability.
\n\nGoing Concern
\nAs at 31 December 2022, the Group had a robust
\nbalance sheet with a low debt gearing with equity
\nof US$239.9 million and loans and borrowings of
\nUS$75.6 million. Cash as at 31 December 2022
\nwas US$28.4 million, with net debt of US$47.2
\nmillion. Investments in listed entities at the end
\nof December 2022 amounted to US$30.4 million
\nwhich provided additional flexibility as these
\ninvestments could be converted into cash.
\nThis robustness is underpinned by stable revenues
\ngenerated on long-term contracts. Revenues
\ngenerated on mine sites and longer-term contracts
\nmake up over 85% of Group revenues. Revenues
\ncontinued to perform strongly in 2022 with
\nincreased revenue of 28% compared to 2021.
\nCommercially, the Group continues to secure
\nand extend long-term mining contracts with
\nhigh quality customers, including the significant
\ncontract win at B2Gold\u2019s Fekola gold mine and
\nmajor extensions at the AngloGold Ashanti\u2019s Geita
\ngold mine and Barrick\u2019s Bulyanhulu gold mine.
\nIn addition, there are no major contracts due to
\nexpire in 2023 which provides strong support for
\nearnings over the coming year.
\n
\n\n
\n
\n\n
\n1.1 Basis of preparation and going concern
\n(continued)
\n\nIn determining the going concern status of the
\nbusiness, the Board has reviewed the Group\u2019s
\nforecasts for the 18 months to June 2024,
\nincluding both forecast liquidity and covenant
\nmeasurements. In the assessment, management
\ntook into consideration the principal risks of the
\nbusiness that are most relevant to the going
\nconcern assessment and reverse stressed the
\nforecast model to identify the magnitude of
\nsensitivity required to cause a breach in covenants
\nor risk the going concern of the business,
\nalongside the Group\u2019s capacity to mitigate. The
\nmost relevant sensitivity was considered to be
\ndecrease in EBITDA through loss of contracts,
\nwith no redeployment of equipment. EBITDA
\nwould need to fall over 70% for a 12-month period
\nto breach the covenant test. Given the strong
\nmarket demand from existing clients and across
\na large tendering pipeline, the Group\u2019s increased
\nservice\u2005diversification\u2005and\u2005the\u2005limited\u2005contract\u2005
\nexpiries due during the year, management
\nconsider the risk of a deep demand correction to
\nbe low.
\nGiven the Group\u2019s exposure to high quality mine
\nsite operations, we consider a decrease of such
\nmagnitude to be remote.
\nBased on its assessment of the forecasts,
\nprincipal risks and uncertainties and mitigating
\nactions considered available to the Group in
\nthe event of downside scenarios, the Board
\nconfirms\u2005that\u2005it\u2005is\u2005satisfied\u2005the\u2005Group\u2005will\u2005be\u2005able\u2005
\nto continue to operate and meet its liabilities as
\nthey fall due over the going concern period to
\nJune 2024. Accordingly, the Board has concluded
\nthat the going concern basis in the preparation of
\nthe Financial Statements is appropriate and that
\nthere are no material uncertainties that would cast
\ndoubt on that basis of preparation.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag344": {
"value": "been prepared in accordance with InternationalFinancial Reporting Standards (IFRS) issued bythe International Accounting Standards BoardThe Group Annual Financial Statements have",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag332": {
"value": "\nGoing Concern
\nAs at 31 December 2022, the Group had a robust
\nbalance sheet with a low debt gearing with equity
\nof US$239.9 million and loans and borrowings of
\nUS$75.6 million. Cash as at 31 December 2022
\nwas US$28.4 million, with net debt of US$47.2
\nmillion. Investments in listed entities at the end
\nof December 2022 amounted to US$30.4 million
\nwhich provided additional flexibility as these
\ninvestments could be converted into cash.
\nThis robustness is underpinned by stable revenues
\ngenerated on long-term contracts. Revenues
\ngenerated on mine sites and longer-term contracts
\nmake up over 85% of Group revenues. Revenues
\ncontinued to perform strongly in 2022 with
\nincreased revenue of 28% compared to 2021.
\nCommercially, the Group continues to secure
\nand extend long-term mining contracts with
\nhigh quality customers, including the significant
\ncontract win at B2Gold\u2019s Fekola gold mine and
\nmajor extensions at the AngloGold Ashanti\u2019s Geita
\ngold mine and Barrick\u2019s Bulyanhulu gold mine.
\nIn addition, there are no major contracts due to
\nexpire in 2023 which provides strong support for
\nearnings over the coming year.
\n
\n\nIn determining the going concern status of the
\nbusiness, the Board has reviewed the Group\u2019s
\nforecasts for the 18 months to June 2024,
\nincluding both forecast liquidity and covenant
\nmeasurements. In the assessment, management
\ntook into consideration the principal risks of the
\nbusiness that are most relevant to the going
\nconcern assessment and reverse stressed the
\nforecast model to identify the magnitude of
\nsensitivity required to cause a breach in covenants
\nor risk the going concern of the business,
\nalongside the Group\u2019s capacity to mitigate. The
\nmost relevant sensitivity was considered to be
\ndecrease in EBITDA through loss of contracts,
\nwith no redeployment of equipment. EBITDA
\nwould need to fall over 70% for a 12-month period
\nto breach the covenant test. Given the strong
\nmarket demand from existing clients and across
\na large tendering pipeline, the Group\u2019s increased
\nservice\u2005diversification\u2005and\u2005the\u2005limited\u2005contract\u2005
\nexpiries due during the year, management
\nconsider the risk of a deep demand correction to
\nbe low.
\nGiven the Group\u2019s exposure to high quality mine
\nsite operations, we consider a decrease of such
\nmagnitude to be remote.
\nBased on its assessment of the forecasts,
\nprincipal risks and uncertainties and mitigating
\nactions considered available to the Group in
\nthe event of downside scenarios, the Board
\nconfirms\u2005that\u2005it\u2005is\u2005satisfied\u2005the\u2005Group\u2005will\u2005be\u2005able\u2005
\nto continue to operate and meet its liabilities as
\nthey fall due over the going concern period to
\nJune 2024. Accordingly, the Board has concluded
\nthat the going concern basis in the preparation of
\nthe Financial Statements is appropriate and that
\nthere are no material uncertainties that would cast
\ndoubt on that basis of preparation.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag260": {
"value": "\n
\n1.2 Consolidation
\nBasis of consolidation
\nThe\u2005consolidated\u2005annual\u2005financial\u2005statements\u2005
\nincorporate\u2005the\u2005annual\u2005financial\u2005statements\u2005of\u2005the\u2005
\nCompany and all subsidiaries. Subsidiaries are
\nentities (including structured entities) which are
\ncontrolled by the Group.
\nThe Company controls an investee if all three of
\nthe following elements are present: power over
\nthe investee, exposure to variable returns from
\nthe investee, and the ability of the investor to use
\nits\u2005power\u2005to\u2005affect\u2005those\u2005variable\u2005returns.\u2005Control\u2005
\nis reassessed whenever facts and circumstances
\nindicate that there may be a change in any of
\nthese elements of control.
\nThe results of subsidiaries are included in the
\nconsolidated\u2005annual\u2005financial\u2005statements\u2005from\u2005the\u2005
\neffective\u2005date\u2005of\u2005acquisition\u2005to\u2005the\u2005effective\u2005date\u2005
\n
\nof disposal.
\nAdjustments are made when necessary to the
\nannual\u2005financial\u2005statements\u2005of\u2005subsidiaries\u2005to\u2005
\n
\nbring their accounting policies in line with those
\nof the Group.
\nAll inter-company transactions, balances, and
\nunrealised gains on transactions between group
\ncompanies are eliminated in full on consolidation.
\nUnrealised losses are also eliminated unless the
\ntransaction provides evidence of an impairment of
\nthe asset transferred.
\nNon-controlling interests in the net assets of
\nconsolidated\u2005subsidiaries\u2005are\u2005identified\u2005and\u2005
\nrecognised separately from the group\u2019s interest
\ntherein and are recognised within equity. Losses
\nof subsidiaries attributable to non-controlling
\ninterests are allocated to the non-controlling
\ninterest even if this results in a debit balance
\n
\nbeing recognised for non-controlling interest.
\nTransactions with non-controlling interests that do
\nnot result in loss of control are accounted for as
\nequity transactions and are recognised directly in
\nthe Statement of Changes in Equity.
\nThe\u2005difference\u2005between\u2005the\u2005fair\u2005value\u2005of\u2005
\nconsideration paid or received and the movement
\nin non-controlling interest for such transactions is
\nrecognised in equity attributable to the owners of
\nthe company.
\nWhere a subsidiary is disposed of and a non-
\ncontrolling shareholding is retained, the remaining
\ninvestment is measured to fair value with the
\nadjustment\u2005to\u2005fair\u2005value\u2005recognised\u2005in\u2005profit\u2005
\nor loss as part of the gain or loss on disposal
\nof the controlling interest. The fair value is the
\ninitial carrying amount for the purposes of
\nsubsequently accounting for the retained interest
\nas\u2005an\u2005associate,\u2005joint\u2005venture\u2005or\u2005financial\u2005asset.\u2005
\nIn addition, any amounts previously recognised
\nin other comprehensive income in respect of
\nthat entity are accounted for as if the group
\nhad directly disposed of the related assets or
\nliabilities. This may mean that amounts previously
\nrecognised in other comprehensive income are
\nreclassified\u2005to\u2005profit\u2005or\u2005loss.
\n1.2 Consolidation (continued)
\n\n
\n\n
\n
\nBusiness combinations
\nThe Group accounts for business combinations
\nusing the acquisition method of accounting.
\nThe cost of the business combination is measured
\nas the aggregate of the fair values of assets
\ngiven, liabilities incurred or assumed, and equity
\ninstruments issued. Costs directly attributable
\nto the business combination are expensed as
\nincurred, except the costs to issue debt which
\nare\u2005amortised\u2005as\u2005part\u2005of\u2005the\u2005effective\u2005interest\u2005and\u2005
\ncosts to issue equity which are included in equity.
\nAny contingent consideration is included in the cost
\nof the business combination at fair value as at the
\ndate of acquisition. Subsequent changes to the
\nassets, liability or equity which arise as a result of the
\ncontingent\u2005consideration\u2005are\u2005not\u2005affected\u2005against\u2005
\ngoodwill, unless they are valid measurement period
\nadjustments. Otherwise, all subsequent changes
\nto the fair value of contingent consideration that
\nis deemed to be an asset or liability is recognised
\nin\u2005either\u2005profit\u2005or\u2005loss\u2005or\u2005in\u2005other\u2005comprehensive\u2005
\nincome, in accordance with relevant IFRSs.
\nContingent\u2005consideration\u2005that\u2005is\u2005classified\u2005as\u2005equity\u2005
\nis not remeasured, and its subsequent settlement is
\naccounted for within equity.
\nThe\u2005acquiree\u2019s\u2005identifiable\u2005assets,\u2005liabilities\u2005and\u2005
\ncontingent liabilities which meet the recognition
\nconditions of IFRS 3 Business combinations are
\nrecognised at their fair values at acquisition date,
\nexcept for non-current assets (or disposal groups)
\nthat\u2005are\u2005classified\u2005as\u2005held\u2005for\u2005sale\u2005in\u2005accordance\u2005
\nwith IFRS 5 Non-current assets Held for Sale and
\nDiscontinued Operations, which are recognised at fair
\nvalue less costs to sell.
\nOn acquisition, the acquiree\u2019s assets and liabilities
\nare\u2005reassessed\u2005in\u2005terms\u2005of\u2005classification\u2005and\u2005are\u2005
\nreclassified\u2005where\u2005the\u2005classification\u2005is\u2005inappropriate\u2005
\nfor group purposes.
\n\nNon-controlling interests in the acquiree are measured
\non an acquisition-by-acquisition basis either at fair
\nvalue or at the non-controlling interests\u2019 proportionate
\nshare in the recognised amounts of the acquiree\u2019s
\nidentifiable\u2005net\u2005assets.\u2005This\u2005treatment\u2005applies\u2005to\u2005
\nnon-controlling interests which are present ownership
\ninterests and entitle their holders to a proportionate
\nshare of the entity\u2019s net assets in the event of
\nliquidation. All other components of non-controlling
\ninterests are measured at their acquisition date fair
\nvalues unless another measurement basis is required
\nby IFRSs.
\nIn cases where the Group held a non-controlling
\nshareholding in the acquiree prior to obtaining control,
\nthat interest is measured to fair value as at acquisition
\ndate. The measurement to fair value is included
\nin\u2005profit\u2005or\u2005loss\u2005for\u2005the\u2005year.\u2005Where\u2005the\u2005existing\u2005
\nshareholding\u2005was\u2005classified\u2005as\u2005an\u2005available-for-sale\u2005
\nfinancial\u2005asset,\u2005the\u2005cumulative\u2005fair\u2005value\u2005adjustments\u2005
\nrecognised previously to other comprehensive
\nincome and accumulated in equity are recognised in
\nprofit\u2005or\u2005loss\u2005as\u2005a\u2005reclassification\u2005adjustment.
\n
\n
\n\n\nGoodwill is determined as the consideration paid,
\nplus the fair value of any shareholding held prior
\nto obtaining control, plus non- controlling interest
\nand\u2005less\u2005the\u2005fair\u2005value\u2005of\u2005the\u2005identifiable\u2005assets\u2005and\u2005
\nliabilities of the acquiree. If, in the case of a bargain
\npurchase, the result of this formula is negative, then
\nthe\u2005difference\u2005is\u2005recognised\u2005directly\u2005in\u2005profit\u2005or\u2005loss.
\nGoodwill is not amortised but is tested on
\nan annual basis for impairment. If goodwill is
\nassessed to be impaired, that impairment is not
\nsubsequently reversed.
\n
\n\nAsset acquisition
\nIn the event of an asset acquisition, the cost
\nof the acquisition is assigned to the individual
\nassets and liabilities based on their relative fair
\nvalues. Contingent consideration is accrued for
\nwhen these amounts are considered probable
\nand are discounted to present value based on
\nthe expected timing of payment.
\n
\n
\n\n
\n
\n\n
\n
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag257": {
"value": "\n
\n\n
\n
\nBusiness combinations
\nThe Group accounts for business combinations
\nusing the acquisition method of accounting.
\nThe cost of the business combination is measured
\nas the aggregate of the fair values of assets
\ngiven, liabilities incurred or assumed, and equity
\ninstruments issued. Costs directly attributable
\nto the business combination are expensed as
\nincurred, except the costs to issue debt which
\nare\u2005amortised\u2005as\u2005part\u2005of\u2005the\u2005effective\u2005interest\u2005and\u2005
\ncosts to issue equity which are included in equity.
\nAny contingent consideration is included in the cost
\nof the business combination at fair value as at the
\ndate of acquisition. Subsequent changes to the
\nassets, liability or equity which arise as a result of the
\ncontingent\u2005consideration\u2005are\u2005not\u2005affected\u2005against\u2005
\ngoodwill, unless they are valid measurement period
\nadjustments. Otherwise, all subsequent changes
\nto the fair value of contingent consideration that
\nis deemed to be an asset or liability is recognised
\nin\u2005either\u2005profit\u2005or\u2005loss\u2005or\u2005in\u2005other\u2005comprehensive\u2005
\nincome, in accordance with relevant IFRSs.
\nContingent\u2005consideration\u2005that\u2005is\u2005classified\u2005as\u2005equity\u2005
\nis not remeasured, and its subsequent settlement is
\naccounted for within equity.
\nThe\u2005acquiree\u2019s\u2005identifiable\u2005assets,\u2005liabilities\u2005and\u2005
\ncontingent liabilities which meet the recognition
\nconditions of IFRS 3 Business combinations are
\nrecognised at their fair values at acquisition date,
\nexcept for non-current assets (or disposal groups)
\nthat\u2005are\u2005classified\u2005as\u2005held\u2005for\u2005sale\u2005in\u2005accordance\u2005
\nwith IFRS 5 Non-current assets Held for Sale and
\nDiscontinued Operations, which are recognised at fair
\nvalue less costs to sell.
\nOn acquisition, the acquiree\u2019s assets and liabilities
\nare\u2005reassessed\u2005in\u2005terms\u2005of\u2005classification\u2005and\u2005are\u2005
\nreclassified\u2005where\u2005the\u2005classification\u2005is\u2005inappropriate\u2005
\nfor group purposes.
\n\nNon-controlling interests in the acquiree are measured
\non an acquisition-by-acquisition basis either at fair
\nvalue or at the non-controlling interests\u2019 proportionate
\nshare in the recognised amounts of the acquiree\u2019s
\nidentifiable\u2005net\u2005assets.\u2005This\u2005treatment\u2005applies\u2005to\u2005
\nnon-controlling interests which are present ownership
\ninterests and entitle their holders to a proportionate
\nshare of the entity\u2019s net assets in the event of
\nliquidation. All other components of non-controlling
\ninterests are measured at their acquisition date fair
\nvalues unless another measurement basis is required
\nby IFRSs.
\nIn cases where the Group held a non-controlling
\nshareholding in the acquiree prior to obtaining control,
\nthat interest is measured to fair value as at acquisition
\ndate. The measurement to fair value is included
\nin\u2005profit\u2005or\u2005loss\u2005for\u2005the\u2005year.\u2005Where\u2005the\u2005existing\u2005
\nshareholding\u2005was\u2005classified\u2005as\u2005an\u2005available-for-sale\u2005
\nfinancial\u2005asset,\u2005the\u2005cumulative\u2005fair\u2005value\u2005adjustments\u2005
\nrecognised previously to other comprehensive
\nincome and accumulated in equity are recognised in
\nprofit\u2005or\u2005loss\u2005as\u2005a\u2005reclassification\u2005adjustment.
\n
\n
\n\n\nGoodwill is determined as the consideration paid,
\nplus the fair value of any shareholding held prior
\nto obtaining control, plus non- controlling interest
\nand\u2005less\u2005the\u2005fair\u2005value\u2005of\u2005the\u2005identifiable\u2005assets\u2005and\u2005
\nliabilities of the acquiree. If, in the case of a bargain
\npurchase, the result of this formula is negative, then
\nthe\u2005difference\u2005is\u2005recognised\u2005directly\u2005in\u2005profit\u2005or\u2005loss.
\nGoodwill is not amortised but is tested on
\nan annual basis for impairment. If goodwill is
\nassessed to be impaired, that impairment is not
\nsubsequently reversed.
\n
\n\nAsset acquisition
\nIn the event of an asset acquisition, the cost
\nof the acquisition is assigned to the individual
\nassets and liabilities based on their relative fair
\nvalues. Contingent consideration is accrued for
\nwhen these amounts are considered probable
\nand are discounted to present value based on
\nthe expected timing of payment.
\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag255": {
"value": "\n
\n
\nBusiness combinations
\nThe Group accounts for business combinations
\nusing the acquisition method of accounting.
\nThe cost of the business combination is measured
\nas the aggregate of the fair values of assets
\ngiven, liabilities incurred or assumed, and equity
\ninstruments issued. Costs directly attributable
\nto the business combination are expensed as
\nincurred, except the costs to issue debt which
\nare\u2005amortised\u2005as\u2005part\u2005of\u2005the\u2005effective\u2005interest\u2005and\u2005
\ncosts to issue equity which are included in equity.
\nAny contingent consideration is included in the cost
\nof the business combination at fair value as at the
\ndate of acquisition. Subsequent changes to the
\nassets, liability or equity which arise as a result of the
\ncontingent\u2005consideration\u2005are\u2005not\u2005affected\u2005against\u2005
\ngoodwill, unless they are valid measurement period
\nadjustments. Otherwise, all subsequent changes
\nto the fair value of contingent consideration that
\nis deemed to be an asset or liability is recognised
\nin\u2005either\u2005profit\u2005or\u2005loss\u2005or\u2005in\u2005other\u2005comprehensive\u2005
\nincome, in accordance with relevant IFRSs.
\nContingent\u2005consideration\u2005that\u2005is\u2005classified\u2005as\u2005equity\u2005
\nis not remeasured, and its subsequent settlement is
\naccounted for within equity.
\nThe\u2005acquiree\u2019s\u2005identifiable\u2005assets,\u2005liabilities\u2005and\u2005
\ncontingent liabilities which meet the recognition
\nconditions of IFRS 3 Business combinations are
\nrecognised at their fair values at acquisition date,
\nexcept for non-current assets (or disposal groups)
\nthat\u2005are\u2005classified\u2005as\u2005held\u2005for\u2005sale\u2005in\u2005accordance\u2005
\nwith IFRS 5 Non-current assets Held for Sale and
\nDiscontinued Operations, which are recognised at fair
\nvalue less costs to sell.
\nOn acquisition, the acquiree\u2019s assets and liabilities
\nare\u2005reassessed\u2005in\u2005terms\u2005of\u2005classification\u2005and\u2005are\u2005
\nreclassified\u2005where\u2005the\u2005classification\u2005is\u2005inappropriate\u2005
\nfor group purposes.
\n\nNon-controlling interests in the acquiree are measured
\non an acquisition-by-acquisition basis either at fair
\nvalue or at the non-controlling interests\u2019 proportionate
\nshare in the recognised amounts of the acquiree\u2019s
\nidentifiable\u2005net\u2005assets.\u2005This\u2005treatment\u2005applies\u2005to\u2005
\nnon-controlling interests which are present ownership
\ninterests and entitle their holders to a proportionate
\nshare of the entity\u2019s net assets in the event of
\nliquidation. All other components of non-controlling
\ninterests are measured at their acquisition date fair
\nvalues unless another measurement basis is required
\nby IFRSs.
\nIn cases where the Group held a non-controlling
\nshareholding in the acquiree prior to obtaining control,
\nthat interest is measured to fair value as at acquisition
\ndate. The measurement to fair value is included
\nin\u2005profit\u2005or\u2005loss\u2005for\u2005the\u2005year.\u2005Where\u2005the\u2005existing\u2005
\nshareholding\u2005was\u2005classified\u2005as\u2005an\u2005available-for-sale\u2005
\nfinancial\u2005asset,\u2005the\u2005cumulative\u2005fair\u2005value\u2005adjustments\u2005
\nrecognised previously to other comprehensive
\nincome and accumulated in equity are recognised in
\nprofit\u2005or\u2005loss\u2005as\u2005a\u2005reclassification\u2005adjustment.
\n
\n
\n\n\nGoodwill is determined as the consideration paid,
\nplus the fair value of any shareholding held prior
\nto obtaining control, plus non- controlling interest
\nand\u2005less\u2005the\u2005fair\u2005value\u2005of\u2005the\u2005identifiable\u2005assets\u2005and\u2005
\nliabilities of the acquiree. If, in the case of a bargain
\npurchase, the result of this formula is negative, then
\nthe\u2005difference\u2005is\u2005recognised\u2005directly\u2005in\u2005profit\u2005or\u2005loss.
\nGoodwill is not amortised but is tested on
\nan annual basis for impairment. If goodwill is
\nassessed to be impaired, that impairment is not
\nsubsequently reversed.
\n
\n\nAsset acquisition
\nIn the event of an asset acquisition, the cost
\nof the acquisition is assigned to the individual
\nassets and liabilities based on their relative fair
\nvalues. Contingent consideration is accrued for
\nwhen these amounts are considered probable
\nand are discounted to present value based on
\nthe expected timing of payment.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag264": {
"value": "\nNon-controlling interests in the acquiree are measured
\non an acquisition-by-acquisition basis either at fair
\nvalue or at the non-controlling interests\u2019 proportionate
\nshare in the recognised amounts of the acquiree\u2019s
\nidentifiable\u2005net\u2005assets.\u2005This\u2005treatment\u2005applies\u2005to\u2005
\nnon-controlling interests which are present ownership
\ninterests and entitle their holders to a proportionate
\nshare of the entity\u2019s net assets in the event of
\nliquidation. All other components of non-controlling
\ninterests are measured at their acquisition date fair
\nvalues unless another measurement basis is required
\nby IFRSs.
\nIn cases where the Group held a non-controlling
\nshareholding in the acquiree prior to obtaining control,
\nthat interest is measured to fair value as at acquisition
\ndate. The measurement to fair value is included
\nin\u2005profit\u2005or\u2005loss\u2005for\u2005the\u2005year.\u2005Where\u2005the\u2005existing\u2005
\nshareholding\u2005was\u2005classified\u2005as\u2005an\u2005available-for-sale\u2005
\nfinancial\u2005asset,\u2005the\u2005cumulative\u2005fair\u2005value\u2005adjustments\u2005
\nrecognised previously to other comprehensive
\nincome and accumulated in equity are recognised in
\nprofit\u2005or\u2005loss\u2005as\u2005a\u2005reclassification\u2005adjustment.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag268": {
"value": "\nGoodwill is determined as the consideration paid,
\nplus the fair value of any shareholding held prior
\nto obtaining control, plus non- controlling interest
\nand\u2005less\u2005the\u2005fair\u2005value\u2005of\u2005the\u2005identifiable\u2005assets\u2005and\u2005
\nliabilities of the acquiree. If, in the case of a bargain
\npurchase, the result of this formula is negative, then
\nthe\u2005difference\u2005is\u2005recognised\u2005directly\u2005in\u2005profit\u2005or\u2005loss.
\nGoodwill is not amortised but is tested on
\nan annual basis for impairment. If goodwill is
\nassessed to be impaired, that impairment is not
\nsubsequently reversed.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag239": {
"value": "\n
\n1.3 Significant judgements and sources of
\nestimation uncertainty
\nThe preparation of the Annual Financial Statements
\nin conformity with IFRS requires management, from
\ntime to time, to make judgements, estimates and
\nassumptions\u2005that\u2005affect\u2005the\u2005application\u2005of\u2005policies\u2005
\nand reported amounts of assets, liabilities, income
\nand expenses. These estimates and associated
\nassumptions are based on experience and various
\nother factors that are believed to be reasonable
\nunder\u2005the\u2005circumstances.\u2005Actual\u2005results\u2005may\u2005differ\u2005
\nfrom these estimates. The estimates and underlying
\nassumptions are reviewed on an ongoing basis.
\nRevisions to accounting estimates are recognised
\nin the period in which the estimates are revised and
\nin\u2005any\u2005future\u2005periods\u2005affected.
\n\n1.3.1 Critical judgements in applying
\naccounting policies
\nThe critical judgements made by management
\nin applying accounting policies, apart from
\nthose involving estimations, that have the most
\nsignificant\u2005effect\u2005on\u2005the\u2005amounts\u2005recognised\u2005
\nin\u2005the\u2005annual\u2005financial\u2005statements,\u2005are\u2005outlined\u2005
\nas follows:
\n
\n\n
\n\n
\n1.3 Significant judgements and sources of
\nestimation uncertainty (continued)
\n\n1.3.1 Critical judgements in applying
\naccounting policies (continued)
\nImpairment of Property, Plant & Equipment
\nAt the end of every year, management uses
\njudgement to review the indicators of impairment
\nof Property, Plant & Equipment. Depending on
\nthose indicators, management will determine if
\nan impairment review needs to be done. Refer
\nto Note 12 for details on external indicators and
\nmanagement assessment on the impairment of
\nProperty, Plant & Equipment.
\nGoing concern
\nThere is an element of judgement involved in
\ndetermining\u2005the\u2005financial\u2005forecasts\u2005and\u2005availability\u2005
\nof cash and headroom over banking
\nfacilities and covenants in the context of a macro
\ndownturn, major political unrest and non-renewal
\nof contracts. Refer to Note 1.1 for the detailed
\nassessment on going concern.
\nRecoverability of trade receivables and
\naccrued income
\nThe Group has material amounts of billed and
\nunbilled services outstanding at 31 December
\n2022. Receivables are recognised initially at cost
\n(being the same as fair value) and subsequently at
\namortised cost less any allowance for impairment,
\nto ensure that amounts recognised represent the
\nrecoverable amount. The Group recognises a loss
\nallowance for expected credit losses (ECLs) on
\nall receivable balances from customers using a
\nlifetime\u2005credit\u2005loss\u2005approach\u2005and\u2005includes\u2005specific\u2005
\nallowance for impairment where there is evidence
\nthat the Group will not be able to collect amounts
\ndue from customers, subsequent to initial
\nrecognition. Management applies judgement on
\nspecific\u2005allowances\u2005for\u2005impairment\u2005based\u2005on\u2005the\u2005
\ninformation available at each reporting date which
\nincludes information about past events, current
\nconditions and forecasts of the future economic
\ncondition of customers.
\nContingent liabilities
\nManagement applies its judgement to the fact
\npatterns and advice it receives from its attorney,
\nadvocates and other advisors in assessing if an
\nobligation, including taxation related claims, is
\nprobable, more likely than not, or remote. This
\njudgement application is used to determine if the
\nobligation is recognised as a liability or disclosed
\nas a contingent liability (Note 38).
\nUncertain taxation provisions
\nThe Group operates internationally in territories
\nwith\u2005different\u2005and\u2005complex\u2005tax\u2005codes.
\nManagement exercises judgement in relation to
\nthe level of provision required for uncertain tax
\noutcomes. There are a number of tax positions not
\nyet\u2005agreed\u2005with\u2005the\u2005tax\u2005authorities\u2005where\u2005different\u2005
\ninterpretation of legislation and commercial
\narrangements could lead to a range of outcomes.
\nThe tax positions under review covers Corporate
\nIncome Tax, VAT, Minimum Income Tax, WHT and
\nPayroll. Judgements are made for each position
\nhaving regard to the particular circumstances
\nand advice obtained. Refer to Notes 9 and 38
\nuncertain tax positions.
\nManagement also exercises judgement in
\nassessing the availability of suitable future taxable
\nprofits\u2005to\u2005support\u2005deferred\u2005tax\u2005asset\u2005recognition.
\nFurther details of the Group\u2019s tax position are
\nprovided in Note 9.
\nClassification of spare parts and servicing
\nequipment
\nManagement exercises judgement in assessing
\nspare\u2005parts\u2005and\u2005servicing\u2005equipment\u2005classification.\u2005
\nSpare parts and servicing equipment are carried
\nas inventory and recognised as an expense
\nwhen consumed. However major spares stand-
\nby\u2005equipment\u2005qualifies\u2005as\u2005property,\u2005plant\u2005and\u2005
\nequipment when an entity expects to use them
\nduring more than one period and if spare parts
\nand servicing equipment can be used only in
\nconnection with an item of property, plant and
\nequipment, they are accounted for as property,
\nplant and equipment.
\nInvestments at fair value
\nThe Group holds investments classed as Level 3.
\nThe Group has assessed the fair value of these
\ninvestments based on a market-based approach
\nusing multiples of a set of peer companies. This
\nrequires Directors\u2019 estimates to be used and
\njudgements to be made with any gain or loss in
\nfair\u2005value\u2005recognised\u2005in\u2005the\u2005statement\u2005of\u2005profit\u2005or\u2005
\nloss. Further details are provided in Note 21
\nValue added tax (\u201cVAT\u201d)
\nIncluded in trade and other receivables are
\nrecoverable VAT balances owing mainly by the
\nfiscal\u2005authorities\u2005in\u2005a\u2005number\u2005of\u2005jurisdictions.\u2005The\u2005
\nGroup is following the relevant process in each
\ncountry to recoup the VAT balances owing and
\ncontinues to engage with authorities to estimate if
\nall amounts are recoverable and to accelerate the
\nrefund of the outstanding VAT balances. Refer to
\nNote 20
\n
\n
\n\n1.3 Significant judgements and sources of
\nestimation uncertainty (continued)
\n1.3.2 Key sources of estimation uncertainty
\nUseful lives of property, plant and equipment
\nManagement assesses the appropriateness of the
\nuseful lives of property, plant and equipment at the
\nend of each reporting period. The useful economic
\nlives of drilling rigs were reviewed during the year
\nassessed as appropriate. When the estimated
\nuseful\u2005life\u2005of\u2005an\u2005asset\u2005differs\u2005from\u2005previous\u2005
\nestimates, the change is applied prospectively in
\nthe determination of the depreciation charge.
\nHeavy mining equipment (\u201cHME\u201d) is depreciated
\nusing the unit of production method based on
\nthe estimated production hours. The estimated
\nproduction hours for each type of equipment is
\nbased on the original equipment manufacturers
\n(OEM) standards, together with an assessment by
\nthe Group\u2019s technical team.
\nThe useful lives of property, plant and equipment
\ncould be reduced by climate-related matters,
\nfor example as a result of physical risks,
\nobsolescence or legal restrictions. The change
\nin useful lives would have a direct impact on the
\namount of depreciation or amortisation recognised
\neach year from the date of reassessment.
\nThe Directors\u2019 review of useful lives has taken
\ninto consideration the impacts of the Group\u2019s
\ndecarbonisation commitments and has not had a
\nmaterial impact on the results for the year.
\nShare-based payments
\nIn calculating the share-based payment charge
\nfor the year under IFRS 2 Share-based payments,
\ncertain assumptions have been made surrounding
\nthe future performance of the Capital Limited
\nshare price and the number of employees likely to
\nremain employed during the duration of the option
\nlife period. In addition, in order to arrive at a fair
\nvalue for each of the grants, certain parameters
\nhave been assumed for the grants and these have
\nbeen disclosed in Note 25.
\nTransportation costs \u2013 Freight and customs
\nThe\u2005Group\u2005has\u2005significant\u2005inventory\u2005which\u2005is\u2005
\npurchased across the world and is moved across
\nmultiple borders. In order to allocate freight and
\ncustoms incurred to inventories management
\nmakes use of the inventory consumption during
\nthe year to determine the percentage of freight
\nand customs costs which are attributable to
\ninventory and cost of sales. Refer to Note 18 on
\ndetails of inventories.
\nInventory provisions
\nInventories are valued at the lower of cost and
\nnet realisable value. At year end, management
\nestimates the net realisable value of inventories
\nin order to decide whether to make provision
\nfor obsolescence. Factors which are considered
\ninclude\u2005the\u2005ageing\u2005profile\u2005of\u2005inventories,\u2005storage\u2005
\nconditions\u2005as\u2005well\u2005as\u2005the\u2005shelf\u2005life\u2005of\u2005specific\u2005
\ninventories. Refer to Note 6 and Note 18 for
\ndetails on the amount of inventory provision
\nfor obsolescence.
\nIncremental borrowing rate
\nThe Group used estimates of its incremental
\nborrowing rate to calculate the present value of
\nfuture\u2005lease\u2005payments\u2005at\u2005the\u2005date\u2005of\u2005adoption/
\ncommencement of the leases. The Group
\ncalculated its incremental borrowing rate based on
\nexisting loan facility arrangements. The weighted
\naverage incremental borrowing rate applied to
\nlease arrangements entered into during the year
\nwas 7.0% (2021: 7.0%). (Note 13)
\n
\n
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag253": {
"value": "\n1.3.1 Critical judgements in applying
\naccounting policies
\nThe critical judgements made by management
\nin applying accounting policies, apart from
\nthose involving estimations, that have the most
\nsignificant\u2005effect\u2005on\u2005the\u2005amounts\u2005recognised\u2005
\nin\u2005the\u2005annual\u2005financial\u2005statements,\u2005are\u2005outlined\u2005
\nas follows:
\n
\n\n1.3.1 Critical judgements in applying
\naccounting policies (continued)
\nImpairment of Property, Plant & Equipment
\nAt the end of every year, management uses
\njudgement to review the indicators of impairment
\nof Property, Plant & Equipment. Depending on
\nthose indicators, management will determine if
\nan impairment review needs to be done. Refer
\nto Note 12 for details on external indicators and
\nmanagement assessment on the impairment of
\nProperty, Plant & Equipment.
\nGoing concern
\nThere is an element of judgement involved in
\ndetermining\u2005the\u2005financial\u2005forecasts\u2005and\u2005availability\u2005
\nof cash and headroom over banking
\nfacilities and covenants in the context of a macro
\ndownturn, major political unrest and non-renewal
\nof contracts. Refer to Note 1.1 for the detailed
\nassessment on going concern.
\nRecoverability of trade receivables and
\naccrued income
\nThe Group has material amounts of billed and
\nunbilled services outstanding at 31 December
\n2022. Receivables are recognised initially at cost
\n(being the same as fair value) and subsequently at
\namortised cost less any allowance for impairment,
\nto ensure that amounts recognised represent the
\nrecoverable amount. The Group recognises a loss
\nallowance for expected credit losses (ECLs) on
\nall receivable balances from customers using a
\nlifetime\u2005credit\u2005loss\u2005approach\u2005and\u2005includes\u2005specific\u2005
\nallowance for impairment where there is evidence
\nthat the Group will not be able to collect amounts
\ndue from customers, subsequent to initial
\nrecognition. Management applies judgement on
\nspecific\u2005allowances\u2005for\u2005impairment\u2005based\u2005on\u2005the\u2005
\ninformation available at each reporting date which
\nincludes information about past events, current
\nconditions and forecasts of the future economic
\ncondition of customers.
\nContingent liabilities
\nManagement applies its judgement to the fact
\npatterns and advice it receives from its attorney,
\nadvocates and other advisors in assessing if an
\nobligation, including taxation related claims, is
\nprobable, more likely than not, or remote. This
\njudgement application is used to determine if the
\nobligation is recognised as a liability or disclosed
\nas a contingent liability (Note 38).
\nUncertain taxation provisions
\nThe Group operates internationally in territories
\nwith\u2005different\u2005and\u2005complex\u2005tax\u2005codes.
\nManagement exercises judgement in relation to
\nthe level of provision required for uncertain tax
\noutcomes. There are a number of tax positions not
\nyet\u2005agreed\u2005with\u2005the\u2005tax\u2005authorities\u2005where\u2005different\u2005
\ninterpretation of legislation and commercial
\narrangements could lead to a range of outcomes.
\nThe tax positions under review covers Corporate
\nIncome Tax, VAT, Minimum Income Tax, WHT and
\nPayroll. Judgements are made for each position
\nhaving regard to the particular circumstances
\nand advice obtained. Refer to Notes 9 and 38
\nuncertain tax positions.
\nManagement also exercises judgement in
\nassessing the availability of suitable future taxable
\nprofits\u2005to\u2005support\u2005deferred\u2005tax\u2005asset\u2005recognition.
\nFurther details of the Group\u2019s tax position are
\nprovided in Note 9.
\nClassification of spare parts and servicing
\nequipment
\nManagement exercises judgement in assessing
\nspare\u2005parts\u2005and\u2005servicing\u2005equipment\u2005classification.\u2005
\nSpare parts and servicing equipment are carried
\nas inventory and recognised as an expense
\nwhen consumed. However major spares stand-
\nby\u2005equipment\u2005qualifies\u2005as\u2005property,\u2005plant\u2005and\u2005
\nequipment when an entity expects to use them
\nduring more than one period and if spare parts
\nand servicing equipment can be used only in
\nconnection with an item of property, plant and
\nequipment, they are accounted for as property,
\nplant and equipment.
\nInvestments at fair value
\nThe Group holds investments classed as Level 3.
\nThe Group has assessed the fair value of these
\ninvestments based on a market-based approach
\nusing multiples of a set of peer companies. This
\nrequires Directors\u2019 estimates to be used and
\njudgements to be made with any gain or loss in
\nfair\u2005value\u2005recognised\u2005in\u2005the\u2005statement\u2005of\u2005profit\u2005or\u2005
\nloss. Further details are provided in Note 21
\nValue added tax (\u201cVAT\u201d)
\nIncluded in trade and other receivables are
\nrecoverable VAT balances owing mainly by the
\nfiscal\u2005authorities\u2005in\u2005a\u2005number\u2005of\u2005jurisdictions.\u2005The\u2005
\nGroup is following the relevant process in each
\ncountry to recoup the VAT balances owing and
\ncontinues to engage with authorities to estimate if
\nall amounts are recoverable and to accelerate the
\nrefund of the outstanding VAT balances. Refer to
\nNote 20
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag242": {
"value": "\n
\n1.4 Property, plant and equipment
\nProperty, plant and equipment are tangible assets
\nwhich the Group holds for its own use or for rental
\nto others and which are expected to be used for
\nmore than one year.
\nImpairment tests are performed on property, plant
\nand equipment when there is an indicator that they
\nmay be impaired. When the carrying amount of an
\nitem of property, plant and equipment is assessed
\nto be higher than the estimated recoverable
\namount, an impairment loss is recognised
\nimmediately\u2005in\u2005profit\u2005or\u2005loss\u2005to\u2005bring\u2005the\u2005carrying\u2005
\namount in line with the recoverable amount.
\nAn item of property, plant and equipment is
\nrecognised as an asset when it is probable that
\nfuture\u2005economic\u2005benefits\u2005associated\u2005with\u2005the\u2005item\u2005
\nwill\u2005flow\u2005to\u2005the\u2005Group,\u2005and\u2005the\u2005cost\u2005of\u2005the\u2005item\u2005can\u2005
\nbe measured reliably.
\nProperty, plant and equipment is initially
\nmeasured at cost. Cost includes all of the
\nexpenditure which is directly attributable to
\nthe acquisition or construction of the asset,
\nincluding the capitalisation of borrowing costs on
\nqualifying assets.
\n\nDepreciation of an asset commences when
\nthe asset is available for use as intended by
\nmanagement. Depreciation is charged to write
\noff\u2005the\u2005asset\u2019s\u2005carrying\u2005amount\u2005over\u2005its\u2005estimated\u2005
\nuseful life to its estimated residual value, using
\na\u2005method\u2005that\u2005best\u2005reflects\u2005the\u2005pattern\u2005in\u2005which\u2005
\nthe\u2005asset\u2019s\u2005economic\u2005benefits\u2005are\u2005consumed\u2005
\nby the group. Leased assets are depreciated
\nin a consistent manner over the shorter of their
\nexpected useful lives and the lease term.
\n
\n\n
\n\n
\n
\n1.4 Property, plant and equipment (continued)
\n\nDepreciation is not charged to an asset if its
\nestimated residual value exceeds or is equal to its
\ncarrying amount. Depreciation of an asset ceases
\nat\u2005the\u2005earlier\u2005of\u2005the\u2005date\u2005that\u2005the\u2005asset\u2005is\u2005classified\u2005
\nas held for sale or derecognised.
\nDepreciation\u2005is\u2005recognised\u2005in\u2005profit\u2005or\u2005loss\u2005so\u2005as\u2005
\nto\u2005write-off\u2005the\u2005cost\u2005of\u2005assets,\u2005less\u2005their\u2005residual\u2005
\nvalues, over their expected useful lives using the
\nstraight-line method.
\nFor Heavy Mining Equipment (HME), equipment
\nhours are most closely linked with the economic
\nbenefits\u2005of\u2005the\u2005asset.\u2005On\u2005this\u2005basis,\u2005the\u2005unit\u2005of\u2005
\nproduction method using equipment hours is the
\npreferred method of depreciation for HME.
\nThe useful lives of items of property, plant and
\nequipment have been assessed as follows:
\nItem
\nDepreciation
\nmethod
\nAverage
\nuseful life
\nDrilling Rigs Straight line 5\u201320 years
\nAssociated
\ndrilling
\nequipment
\nStraight line 2\u20137 years
\nHeavy Mining
\nequipment
\nProduction
\nHours
\n6,000\u201380,000
\nhours
\nMotor vehicles Straight line 4\u20137 years
\nCamp and
\nAssociated
\nEquipment
\nStraight line 3\u20135 years
\nLeasehold
\nimprovements
\nStraight line 10 years
\nThe residual value, useful life and depreciation
\nmethod of each asset are reviewed at the end of
\neach reporting year. There have been no changes
\nin the residual values of assets during the year.
\nIf\u2005the\u2005expectations\u2005differ\u2005from\u2005previous\u2005estimates,\u2005
\nthe change is accounted for prospectively as a
\nchange in accounting estimate.
\n
\n\nImpairment tests are performed on property, plant
\nand equipment when there is an indicator that they
\nmay be impaired. When the carrying amount of an
\nitem of property, plant and equipment is assessed
\nto be higher than the estimated recoverable
\namount, an impairment loss is recognised
\nimmediately\u2005in\u2005profit\u2005or\u2005loss\u2005to\u2005bring\u2005the\u2005carrying\u2005
\namount in line with the recoverable amount.
\nAn item of property, plant and equipment
\nis derecognised upon disposal or when no
\nfuture\u2005economic\u2005benefits\u2005are\u2005expected\u2005from\u2005its\u2005
\ncontinued use or disposal. Any gain or loss arising
\nfrom the derecognition of an item of property,
\nplant\u2005and\u2005equipment,\u2005determined\u2005as\u2005the\u2005difference\u2005
\nbetween the net disposal proceeds, if any, and the
\ncarrying\u2005amount\u2005of\u2005the\u2005item,\u2005is\u2005included\u2005in\u2005profit\u2005or\u2005
\nloss when the item is derecognised.
\n\nCapital spares
\nCapital spares are spare parts that are regularly
\nreplaced, usually as part of a general replacement
\nprogramme. The parts removed are often
\nrepaired or overhauled and used in the next
\nreplacement cycle.
\nThe Group carries these spare parts and servicing
\nequipment as inventories and recognises them as
\nan expense when consumed. However spare parts
\nand servicing equipment that can only be used in
\nconnection\u2005with\u2005a\u2005specific\u2005item\u2005of\u2005property,\u2005plant\u2005
\nand equipment and they are expected to be used
\nmore than 1 year are recognised as property, plant
\nand equipment.
\nDepreciation of spares that are capitalised
\ncommences when the asset has been installed
\nand is capable of being used. The depreciation
\ncharge is based on the expected useful life of the
\nspare while it is being used, which may be shorter
\nthan the useful life of the asset to which it relates.
\nWhen the spare is itself replaced, the asset
\nis derecognised.
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag265": {
"value": "\nDepreciation of an asset commences when
\nthe asset is available for use as intended by
\nmanagement. Depreciation is charged to write
\noff\u2005the\u2005asset\u2019s\u2005carrying\u2005amount\u2005over\u2005its\u2005estimated\u2005
\nuseful life to its estimated residual value, using
\na\u2005method\u2005that\u2005best\u2005reflects\u2005the\u2005pattern\u2005in\u2005which\u2005
\nthe\u2005asset\u2019s\u2005economic\u2005benefits\u2005are\u2005consumed\u2005
\nby the group. Leased assets are depreciated
\nin a consistent manner over the shorter of their
\nexpected useful lives and the lease term.
\n
\n\nDepreciation is not charged to an asset if its
\nestimated residual value exceeds or is equal to its
\ncarrying amount. Depreciation of an asset ceases
\nat\u2005the\u2005earlier\u2005of\u2005the\u2005date\u2005that\u2005the\u2005asset\u2005is\u2005classified\u2005
\nas held for sale or derecognised.
\nDepreciation\u2005is\u2005recognised\u2005in\u2005profit\u2005or\u2005loss\u2005so\u2005as\u2005
\nto\u2005write-off\u2005the\u2005cost\u2005of\u2005assets,\u2005less\u2005their\u2005residual\u2005
\nvalues, over their expected useful lives using the
\nstraight-line method.
\nFor Heavy Mining Equipment (HME), equipment
\nhours are most closely linked with the economic
\nbenefits\u2005of\u2005the\u2005asset.\u2005On\u2005this\u2005basis,\u2005the\u2005unit\u2005of\u2005
\nproduction method using equipment hours is the
\npreferred method of depreciation for HME.
\nThe useful lives of items of property, plant and
\nequipment have been assessed as follows:
\nItem
\nDepreciation
\nmethod
\nAverage
\nuseful life
\nDrilling Rigs Straight line 5\u201320 years
\nAssociated
\ndrilling
\nequipment
\nStraight line 2\u20137 years
\nHeavy Mining
\nequipment
\nProduction
\nHours
\n6,000\u201380,000
\nhours
\nMotor vehicles Straight line 4\u20137 years
\nCamp and
\nAssociated
\nEquipment
\nStraight line 3\u20135 years
\nLeasehold
\nimprovements
\nStraight line 10 years
\nThe residual value, useful life and depreciation
\nmethod of each asset are reviewed at the end of
\neach reporting year. There have been no changes
\nin the residual values of assets during the year.
\nIf\u2005the\u2005expectations\u2005differ\u2005from\u2005previous\u2005estimates,\u2005
\nthe change is accounted for prospectively as a
\nchange in accounting estimate.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag249": {
"value": "\nCapital spares
\nCapital spares are spare parts that are regularly
\nreplaced, usually as part of a general replacement
\nprogramme. The parts removed are often
\nrepaired or overhauled and used in the next
\nreplacement cycle.
\nThe Group carries these spare parts and servicing
\nequipment as inventories and recognises them as
\nan expense when consumed. However spare parts
\nand servicing equipment that can only be used in
\nconnection\u2005with\u2005a\u2005specific\u2005item\u2005of\u2005property,\u2005plant\u2005
\nand equipment and they are expected to be used
\nmore than 1 year are recognised as property, plant
\nand equipment.
\nDepreciation of spares that are capitalised
\ncommences when the asset has been installed
\nand is capable of being used. The depreciation
\ncharge is based on the expected useful life of the
\nspare while it is being used, which may be shorter
\nthan the useful life of the asset to which it relates.
\nWhen the spare is itself replaced, the asset
\nis derecognised.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag276": {
"value": "\n
\n\n1.5 Intangible assets
\nAn intangible asset is recognised when:
\n\u2022\u2005 It is probable that the expected future economic
\nbenefits\u2005that\u2005are\u2005attributable\u2005to\u2005the\u2005asset\u2005will\u2005
\nflow\u2005to\u2005the\u2005entity;\u2005and
\n\u2022\u2005 The cost of the asset can be measured reliably.
\nIntangible assets are initially recognised at cost.
\nIntangible assets are carried at cost less any
\naccumulated amortisation and any impairment
\nlosses. For intangible assets, amortisation is
\nprovided on a straight-line basis over their useful
\nlife once the development of the software has
\nbeen completed.
\nThe amortisation period and the amortisation
\nmethod for intangible assets are reviewed every
\nperiod-end.
\nReassessing the useful life of an intangible asset
\nwith\u2005a\u2005finite\u2005useful\u2005life\u2005after\u2005it\u2005was\u2005classified\u2005as\u2005
\n1.5 Intangible assets (continued)
\nindefinite\u2005is\u2005an\u2005indicator\u2005that\u2005the\u2005asset\u2005may\u2005be\u2005
\nimpaired. As a result, the asset is tested for
\nimpairment and the remaining carrying amount is
\namortised over its useful life.
\nAmortisation is provided to write down the
\nintangible assets, on a straight-line basis, to their
\nresidual value as follows:
\nItem
\nDepreciation
\nmethod
\nAverage
\nuseful life
\nComputer
\nsoftware
\nStraight line 10 Years
\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag280": {
"value": "\n1.5 Intangible assets
\nAn intangible asset is recognised when:
\n\u2022\u2005 It is probable that the expected future economic
\nbenefits\u2005that\u2005are\u2005attributable\u2005to\u2005the\u2005asset\u2005will\u2005
\nflow\u2005to\u2005the\u2005entity;\u2005and
\n\u2022\u2005 The cost of the asset can be measured reliably.
\nIntangible assets are initially recognised at cost.
\nIntangible assets are carried at cost less any
\naccumulated amortisation and any impairment
\nlosses. For intangible assets, amortisation is
\nprovided on a straight-line basis over their useful
\nlife once the development of the software has
\nbeen completed.
\nThe amortisation period and the amortisation
\nmethod for intangible assets are reviewed every
\nperiod-end.
\nReassessing the useful life of an intangible asset
\nwith\u2005a\u2005finite\u2005useful\u2005life\u2005after\u2005it\u2005was\u2005classified\u2005as\u2005
\n1.5 Intangible assets (continued)
\nindefinite\u2005is\u2005an\u2005indicator\u2005that\u2005the\u2005asset\u2005may\u2005be\u2005
\nimpaired. As a result, the asset is tested for
\nimpairment and the remaining carrying amount is
\namortised over its useful life.
\nAmortisation is provided to write down the
\nintangible assets, on a straight-line basis, to their
\nresidual value as follows:
\nItem
\nDepreciation
\nmethod
\nAverage
\nuseful life
\nComputer
\nsoftware
\nStraight line 10 Years
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag248": {
"value": "\n
\n
\n
\n
\n1.6 Financial instruments
\nFinancial instruments held by the Group are
\nclassified\u2005in\u2005accordance\u2005with\u2005the\u2005provisions\u2005
\nof IFRS 9 Financial Instruments. Broadly, the
\nclassification\u2005possibilities,\u2005which\u2005are\u2005adopted\u2005by\u2005
\nthe Group, as applicable, are as follows:
\n\nFinancial assets which are equity instruments:
\n\u2022\u2005 Mandatorily\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss.
\nFinancial assets which are debt instruments:
\n\u2022\u2005 Amortised cost. (This category applies only
\nwhen the contractual terms of the instrument
\ngive\u2005rise,\u2005on\u2005specified\u2005dates,\u2005to\u2005cash\u2005flows\u2005that\u2005
\nare solely payments of principal and interest
\non principal, and where the instrument is held
\nunder a business model whose objective is met
\nby holding the instrument to collect contractual
\ncash\u2005flows);\u2005or
\n\u2022\u2005 Fair value through other comprehensive income.
\n(This category applies only when the contractual
\nterms\u2005of\u2005the\u2005instrument\u2005give\u2005rise,\u2005on\u2005specified\u2005
\ndates,\u2005to\u2005cash\u2005flows\u2005that\u2005are\u2005solely\u2005payments\u2005
\nof principal and interest on principal, and
\nwhere the instrument is held under a business
\nmodel whose objective is achieved by both
\ncollecting\u2005contractual\u2005cash\u2005flows\u2005and\u2005selling\u2005the\u2005
\ninstruments); or
\n\u2022\u2005 Mandatorily\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss.\u2005
\n(This\u2005classification\u2005automatically\u2005applies\u2005to\u2005all\u2005
\ndebt instruments which do not qualify as at
\namortised cost or at fair value through other
\ncomprehensive income); or
\n\u2022\u2005 Designated\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss.\u2005
\n(This\u2005classification\u2005option\u2005can\u2005only\u2005be\u2005applied\u2005
\nwhen\u2005it\u2005eliminates\u2005or\u2005significantly\u2005reduces\u2005an\u2005
\naccounting mismatch).
\n
\n\n\n
\n\nDerivatives which are not part of a hedging
\nrelationship:
\n\u2022\u2005 Mandatorily\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss.
\n
\n
\n\n
\n
\n\n\nFinancial liabilities:
\n\u2022\u2005 Amortised cost; or
\n\u2022\u2005 Mandatorily\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss.\u2005
\n(This applies to contingent consideration in a
\nbusiness combination or to liabilities which are
\nheld for trading); or
\n\u2022\u2005 Designated\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss.\u2005
\n(This\u2005classification\u2005option\u2005can\u2005be\u2005applied\u2005when\u2005it\u2005
\neliminates\u2005or\u2005significantly\u2005reduces\u2005an\u2005accounting\u2005
\nmismatch; the liability forms part of a group of
\nfinancial\u2005instruments\u2005managed\u2005on\u2005a\u2005fair\u2005value\u2005
\nbasis; or it forms part of a contract containing
\nan embedded derivative and the entire contract
\nis\u2005designated\u2005as\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005
\nloss).
\n
\n\nNote\u200533\u2005presents\u2005the\u2005financial\u2005instruments\u2005held\u2005by\u2005
\nthe\u2005Group\u2005based\u2005on\u2005their\u2005specific\u2005classifications.
\n\n1.6.1 Trade and other receivables
\nThe\u2005specific\u2005accounting\u2005policies\u2005for\u2005the\u2005
\nclassification,\u2005recognition\u2005and\u2005measurement\u2005of\u2005
\neach\u2005type\u2005of\u2005financial\u2005instrument\u2005held\u2005by\u2005the\u2005
\nGroup are presented below:
\nClassification
\nTrade\u2005and\u2005other\u2005receivables\u2005are\u2005classified\u2005as\u2005
\nfinancial\u2005assets\u2005(Note\u200519).
\nThey\u2005have\u2005been\u2005classified\u2005in\u2005this\u2005manner\u2005because\u2005
\ntheir\u2005contractual\u2005terms\u2005give\u2005rise,\u2005on\u2005specified\u2005
\ndates\u2005to\u2005cash\u2005flows\u2005that\u2005are\u2005solely\u2005payments\u2005of\u2005
\nprincipal and interest on the principal outstanding,
\nand the Group\u2019s business model is to collect
\nthe\u2005contractual\u2005cash\u2005flows\u2005on\u2005trade\u2005and\u2005other\u2005
\nreceivables.
\nRecognition and measurement
\nTrade and other receivables are recognised when
\nthe Group becomes a party to the contractual
\nprovisions of the receivables. They are measured,
\nat initial recognition, at fair value plus transaction
\ncosts, if any.
\nThey are subsequently measured at amortised
\ncost.
\nThe amortised cost is the amount recognised on
\nthe receivable initially, minus principal repayments,
\nplus cumulative amortisation (interest) using
\nthe\u2005effective\u2005interest\u2005method\u2005of\u2005any\u2005difference\u2005
\nbetween the initial amount and the maturity
\namount, adjusted for any loss allowance.
\n
\n\n
\n
\n\n
\n
\n
\n
\n
\n1.6 Financial instruments (continued)
\n\nImpairment
\nThe group recognises a loss allowance for
\nExpected Credit Losses (ECL) on trade and other
\nreceivables. When considering ECL, the Group
\nreviews historical and forward-looking information.
\nThe amount of expected credit losses is updated
\nat each reporting date.
\nThe Group measures the allowance for credit
\nlosses for trade and other receivables at an
\namount equal to lifetime expected credit losses,
\nwhich represents the expected credit losses that
\nwill result from all possible default events over the
\nexpected life of the receivable.
\nA default event means when the Group deems
\nthat\u2005funds\u2005are\u2005irrecoverable\u2005and\u2005written\u2005off.
\n
\n\n\n 1.6.2 VAT recoverability
\nThe Group\u2019s subsidiaries are subject to value
\nadded tax (VAT) in the jurisdictions in which they
\noperate. The amount of VAT liability is determined
\nby applying the applicable tax rate to the amount
\ninvoiced less VAT paid on purchases. When VAT
\npaid on purchases exceed VAT charged on sales
\nof goods and services, the excess is regarded
\nas recoverable upon the submission of VAT
\nreturns and the acceptance of these VAT returns
\nby the relevant tax authorities. VAT recoverable
\nis reviewed for impairment at the end of each
\nreporting date. (Note 20)
\n
\n\n\n1.6.3 Investments in equity instruments
\nClassification
\nInvestments in equity instruments are presented
\nin\u2005Note\u200521.\u2005They\u2005are\u2005classified\u2005mandatorily\u2005at\u2005fair\u2005
\nvalue\u2005through\u2005profit\u2005or\u2005loss.
\nRecognition and measurement
\nInvestments in equity instruments are recognised
\nwhen the Group becomes a party to the
\ncontractual provisions of the instrument. The
\ninvestments are measured, at initial recognition, at
\nfair value. Transaction costs are added to the initial
\ncarrying amount for those investments which have
\nbeen designated as at fair value through other
\ncomprehensive income. All other transaction costs
\nare\u2005recognised\u2005in\u2005profit\u2005or\u2005loss.
\nInvestments in equity instruments are
\nsubsequently measured at fair value with changes
\nin\u2005fair\u2005value\u2005recognised\u2005either\u2005in\u2005profit\u2005or\u2005loss.\u2005
\nDetails of the valuation policies and processes are
\npresented in Note 34.
\n
\n\n\n
\n\n1.6.4 Cash and cash equivalents
\nCash and cash equivalents are stated at carrying
\namount which is deemed to be fair value. For the
\npurpose of the Statement of Cash Flows, cash
\nand cash equivalents comprise cash on hand and
\ndeposits held on call with banks.
\n
\n\n
\n\n\n1.6.5 Financial Liabilities
\nAll\u2005financial\u2005liabilities\u2005are\u2005measured\u2005subsequently\u2005
\nat\u2005amortised\u2005cost\u2005using\u2005the\u2005effective\u2005interest\u2005
\nmethod or at FVTPL.
\nFinancial liabilities measured subsequently at
\namortised cost
\nFinancial liabilities that are not (i) contingent
\nconsideration of an acquirer in a business
\ncombination, (ii) held-for-trading, or (iii) designated
\nas at FVTPL, are measured subsequently at
\namortised\u2005cost\u2005using\u2005the\u2005effective\u2005interest\u2005method.
\nThe\u2005effective\u2005interest\u2005method\u2005is\u2005a\u2005method\u2005of\u2005
\ncalculating\u2005the\u2005amortised\u2005cost\u2005of\u2005a\u2005financial\u2005liability\u2005
\nand of allocating interest expense over the relevant
\nperiod.\u2005The\u2005effective\u2005interest\u2005rate\u2005is\u2005the\u2005rate\u2005that\u2005
\nexactly discounts estimated future cash payments
\n(including all fees and points paid or received that
\nform\u2005an\u2005integral\u2005part\u2005of\u2005the\u2005effective\u2005interest\u2005rate,\u2005
\ntransaction costs and other premiums or discounts)
\nthrough\u2005the\u2005expected\u2005life\u2005of\u2005the\u2005financial\u2005liability,\u2005
\nor (where appropriate) a shorter period, to the
\namortised\u2005cost\u2005of\u2005financial\u2005liability.
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag259": {
"value": "\nFinancial assets which are equity instruments:
\n\u2022\u2005 Mandatorily\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss.
\nFinancial assets which are debt instruments:
\n\u2022\u2005 Amortised cost. (This category applies only
\nwhen the contractual terms of the instrument
\ngive\u2005rise,\u2005on\u2005specified\u2005dates,\u2005to\u2005cash\u2005flows\u2005that\u2005
\nare solely payments of principal and interest
\non principal, and where the instrument is held
\nunder a business model whose objective is met
\nby holding the instrument to collect contractual
\ncash\u2005flows);\u2005or
\n\u2022\u2005 Fair value through other comprehensive income.
\n(This category applies only when the contractual
\nterms\u2005of\u2005the\u2005instrument\u2005give\u2005rise,\u2005on\u2005specified\u2005
\ndates,\u2005to\u2005cash\u2005flows\u2005that\u2005are\u2005solely\u2005payments\u2005
\nof principal and interest on principal, and
\nwhere the instrument is held under a business
\nmodel whose objective is achieved by both
\ncollecting\u2005contractual\u2005cash\u2005flows\u2005and\u2005selling\u2005the\u2005
\ninstruments); or
\n\u2022\u2005 Mandatorily\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss.\u2005
\n(This\u2005classification\u2005automatically\u2005applies\u2005to\u2005all\u2005
\ndebt instruments which do not qualify as at
\namortised cost or at fair value through other
\ncomprehensive income); or
\n\u2022\u2005 Designated\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss.\u2005
\n(This\u2005classification\u2005option\u2005can\u2005only\u2005be\u2005applied\u2005
\nwhen\u2005it\u2005eliminates\u2005or\u2005significantly\u2005reduces\u2005an\u2005
\naccounting mismatch).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag269": {
"value": "\n
\n\nDerivatives which are not part of a hedging
\nrelationship:
\n\u2022\u2005 Mandatorily\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss.
\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag262": {
"value": "\nDerivatives which are not part of a hedging
\nrelationship:
\n\u2022\u2005 Mandatorily\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag279": {
"value": "\nFinancial liabilities:
\n\u2022\u2005 Amortised cost; or
\n\u2022\u2005 Mandatorily\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss.\u2005
\n(This applies to contingent consideration in a
\nbusiness combination or to liabilities which are
\nheld for trading); or
\n\u2022\u2005 Designated\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss.\u2005
\n(This\u2005classification\u2005option\u2005can\u2005be\u2005applied\u2005when\u2005it\u2005
\neliminates\u2005or\u2005significantly\u2005reduces\u2005an\u2005accounting\u2005
\nmismatch; the liability forms part of a group of
\nfinancial\u2005instruments\u2005managed\u2005on\u2005a\u2005fair\u2005value\u2005
\nbasis; or it forms part of a contract containing
\nan embedded derivative and the entire contract
\nis\u2005designated\u2005as\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005
\nloss).
\n
\n\n1.6.5 Financial Liabilities
\nAll\u2005financial\u2005liabilities\u2005are\u2005measured\u2005subsequently\u2005
\nat\u2005amortised\u2005cost\u2005using\u2005the\u2005effective\u2005interest\u2005
\nmethod or at FVTPL.
\nFinancial liabilities measured subsequently at
\namortised cost
\nFinancial liabilities that are not (i) contingent
\nconsideration of an acquirer in a business
\ncombination, (ii) held-for-trading, or (iii) designated
\nas at FVTPL, are measured subsequently at
\namortised\u2005cost\u2005using\u2005the\u2005effective\u2005interest\u2005method.
\nThe\u2005effective\u2005interest\u2005method\u2005is\u2005a\u2005method\u2005of\u2005
\ncalculating\u2005the\u2005amortised\u2005cost\u2005of\u2005a\u2005financial\u2005liability\u2005
\nand of allocating interest expense over the relevant
\nperiod.\u2005The\u2005effective\u2005interest\u2005rate\u2005is\u2005the\u2005rate\u2005that\u2005
\nexactly discounts estimated future cash payments
\n(including all fees and points paid or received that
\nform\u2005an\u2005integral\u2005part\u2005of\u2005the\u2005effective\u2005interest\u2005rate,\u2005
\ntransaction costs and other premiums or discounts)
\nthrough\u2005the\u2005expected\u2005life\u2005of\u2005the\u2005financial\u2005liability,\u2005
\nor (where appropriate) a shorter period, to the
\namortised\u2005cost\u2005of\u2005financial\u2005liability.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag266": {
"value": "\n1.6.1 Trade and other receivables
\nThe\u2005specific\u2005accounting\u2005policies\u2005for\u2005the\u2005
\nclassification,\u2005recognition\u2005and\u2005measurement\u2005of\u2005
\neach\u2005type\u2005of\u2005financial\u2005instrument\u2005held\u2005by\u2005the\u2005
\nGroup are presented below:
\nClassification
\nTrade\u2005and\u2005other\u2005receivables\u2005are\u2005classified\u2005as\u2005
\nfinancial\u2005assets\u2005(Note\u200519).
\nThey\u2005have\u2005been\u2005classified\u2005in\u2005this\u2005manner\u2005because\u2005
\ntheir\u2005contractual\u2005terms\u2005give\u2005rise,\u2005on\u2005specified\u2005
\ndates\u2005to\u2005cash\u2005flows\u2005that\u2005are\u2005solely\u2005payments\u2005of\u2005
\nprincipal and interest on the principal outstanding,
\nand the Group\u2019s business model is to collect
\nthe\u2005contractual\u2005cash\u2005flows\u2005on\u2005trade\u2005and\u2005other\u2005
\nreceivables.
\nRecognition and measurement
\nTrade and other receivables are recognised when
\nthe Group becomes a party to the contractual
\nprovisions of the receivables. They are measured,
\nat initial recognition, at fair value plus transaction
\ncosts, if any.
\nThey are subsequently measured at amortised
\ncost.
\nThe amortised cost is the amount recognised on
\nthe receivable initially, minus principal repayments,
\nplus cumulative amortisation (interest) using
\nthe\u2005effective\u2005interest\u2005method\u2005of\u2005any\u2005difference\u2005
\nbetween the initial amount and the maturity
\namount, adjusted for any loss allowance.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag271": {
"value": "\nImpairment
\nThe group recognises a loss allowance for
\nExpected Credit Losses (ECL) on trade and other
\nreceivables. When considering ECL, the Group
\nreviews historical and forward-looking information.
\nThe amount of expected credit losses is updated
\nat each reporting date.
\nThe Group measures the allowance for credit
\nlosses for trade and other receivables at an
\namount equal to lifetime expected credit losses,
\nwhich represents the expected credit losses that
\nwill result from all possible default events over the
\nexpected life of the receivable.
\nA default event means when the Group deems
\nthat\u2005funds\u2005are\u2005irrecoverable\u2005and\u2005written\u2005off.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag256": {
"value": "\n 1.6.2 VAT recoverability
\nThe Group\u2019s subsidiaries are subject to value
\nadded tax (VAT) in the jurisdictions in which they
\noperate. The amount of VAT liability is determined
\nby applying the applicable tax rate to the amount
\ninvoiced less VAT paid on purchases. When VAT
\npaid on purchases exceed VAT charged on sales
\nof goods and services, the excess is regarded
\nas recoverable upon the submission of VAT
\nreturns and the acceptance of these VAT returns
\nby the relevant tax authorities. VAT recoverable
\nis reviewed for impairment at the end of each
\nreporting date. (Note 20)
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag278": {
"value": "\n1.6.3 Investments in equity instruments
\nClassification
\nInvestments in equity instruments are presented
\nin\u2005Note\u200521.\u2005They\u2005are\u2005classified\u2005mandatorily\u2005at\u2005fair\u2005
\nvalue\u2005through\u2005profit\u2005or\u2005loss.
\nRecognition and measurement
\nInvestments in equity instruments are recognised
\nwhen the Group becomes a party to the
\ncontractual provisions of the instrument. The
\ninvestments are measured, at initial recognition, at
\nfair value. Transaction costs are added to the initial
\ncarrying amount for those investments which have
\nbeen designated as at fair value through other
\ncomprehensive income. All other transaction costs
\nare\u2005recognised\u2005in\u2005profit\u2005or\u2005loss.
\nInvestments in equity instruments are
\nsubsequently measured at fair value with changes
\nin\u2005fair\u2005value\u2005recognised\u2005either\u2005in\u2005profit\u2005or\u2005loss.\u2005
\nDetails of the valuation policies and processes are
\npresented in Note 34.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag267": {
"value": "\n
\n\n1.6.4 Cash and cash equivalents
\nCash and cash equivalents are stated at carrying
\namount which is deemed to be fair value. For the
\npurpose of the Statement of Cash Flows, cash
\nand cash equivalents comprise cash on hand and
\ndeposits held on call with banks.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag241": {
"value": "\n1.6.4 Cash and cash equivalents
\nCash and cash equivalents are stated at carrying
\namount which is deemed to be fair value. For the
\npurpose of the Statement of Cash Flows, cash
\nand cash equivalents comprise cash on hand and
\ndeposits held on call with banks.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag244": {
"value": "\n
\n1.7 Tax
\nCurrent tax assets and liabilities
\nCurrent tax for current and prior periods is, to
\nthe extent unpaid, recognised as a liability. If the
\namount already paid in respect of current and
\nprior periods exceeds the amount due for those
\nperiods, the excess is recognised as an asset.
\nCurrent tax liabilities (assets) for the current
\nand prior periods are measured at the amount
\nexpected to be paid to (recovered from) the tax
\nauthorities, using the tax rates (and tax laws) that
\nhave been enacted or substantively enacted in
\ncountries where the Company and its subsidiaries
\noperate at the end of the reporting period.
\n\nDeferred tax assets and liabilities
\nA deferred tax liability is recognised for all taxable
\ntemporary\u2005differences,\u2005except\u2005to\u2005the\u2005extent\u2005that\u2005
\nthe deferred tax liability arises from the initial
\nrecognition of an asset or liability in a transaction
\nwhich\u2005at\u2005the\u2005time\u2005of\u2005the\u2005transaction,\u2005affects\u2005neither\u2005
\naccounting\u2005profit\u2005nor\u2005taxable\u2005profit\u2005(tax\u2005loss).
\nA deferred tax asset is recognised for all
\ndeductible\u2005temporary\u2005differences\u2005to\u2005the\u2005extent\u2005
\nthat\u2005it\u2005is\u2005probable\u2005that\u2005taxable\u2005profit\u2005will\u2005be\u2005
\navailable against which the deductible temporary
\ndifference\u2005can\u2005be\u2005utilised.\u2005A\u2005deferred\u2005tax\u2005asset\u2005
\nis not recognised when it arises from the initial
\nrecognition of an asset or liability in a transaction
\nat\u2005the\u2005time\u2005of\u2005the\u2005transaction,\u2005affects\u2005neither\u2005
\naccounting\u2005profit\u2005nor\u2005taxable\u2005profit\u2005(tax\u2005loss).
\nA deferred tax asset is recognised for the carry
\nforward of unused tax losses to the extent that it is
\nprobable\u2005that\u2005future\u2005taxable\u2005profit\u2005will\u2005be\u2005available\u2005
\nagainst which the unused tax losses can be utilised.
\nThis is not applicable for the Group as there are no
\ndeferred tax assets at the end of the reporting date.
\nDeferred tax assets and liabilities are measured
\nat the tax rates that are expected to apply to the
\nperiod when the asset is realised or the liability
\nis settled, based on tax rates (and tax laws) that
\nhave been enacted or substantively enacted by
\nthe end of the reporting period.
\n
\n
\n\n1.7 Tax (continued)
\nTax expenses
\nCurrent\u2005and\u2005deferred\u2005tax\u2005are\u2005recognised\u2005in\u2005profit\u2005
\nor loss, except when they relate to items that
\nare recognised in other comprehensive income
\nor directly in equity, in which case the current
\nand deferred tax are also recognised in other
\ncomprehensive income or directly in equity
\nrespectively.
\nWhen current tax or deferred tax arises from the
\ninitial accounting for a business combination, the
\ntax\u2005effect\u2005is\u2005included\u2005in\u2005the\u2005accounting\u2005for\u2005the\u2005
\nbusiness combination.
\nUncertainty over Income Tax Treatments
\nWhen considering the appropriate accounting
\nfor current and deferred tax liabilities and assets
\nin circumstances in which there is uncertainty
\nover income tax treatments, the Group considers
\nwhether it is probable that the relevant tax
\nauthority will accept the position adopted,
\nassuming that the tax authority has full knowledge
\nof all related information. If the assessed
\nprobability is that the tax authority will not accept
\nthe income tax treatment adopted, in accounting
\nfor the current and deferred tax asset or liability,
\nthe Group makes an assessment of the probable
\noutcome of the uncertain tax position.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag261": {
"value": "\nDeferred tax assets and liabilities
\nA deferred tax liability is recognised for all taxable
\ntemporary\u2005differences,\u2005except\u2005to\u2005the\u2005extent\u2005that\u2005
\nthe deferred tax liability arises from the initial
\nrecognition of an asset or liability in a transaction
\nwhich\u2005at\u2005the\u2005time\u2005of\u2005the\u2005transaction,\u2005affects\u2005neither\u2005
\naccounting\u2005profit\u2005nor\u2005taxable\u2005profit\u2005(tax\u2005loss).
\nA deferred tax asset is recognised for all
\ndeductible\u2005temporary\u2005differences\u2005to\u2005the\u2005extent\u2005
\nthat\u2005it\u2005is\u2005probable\u2005that\u2005taxable\u2005profit\u2005will\u2005be\u2005
\navailable against which the deductible temporary
\ndifference\u2005can\u2005be\u2005utilised.\u2005A\u2005deferred\u2005tax\u2005asset\u2005
\nis not recognised when it arises from the initial
\nrecognition of an asset or liability in a transaction
\nat\u2005the\u2005time\u2005of\u2005the\u2005transaction,\u2005affects\u2005neither\u2005
\naccounting\u2005profit\u2005nor\u2005taxable\u2005profit\u2005(tax\u2005loss).
\nA deferred tax asset is recognised for the carry
\nforward of unused tax losses to the extent that it is
\nprobable\u2005that\u2005future\u2005taxable\u2005profit\u2005will\u2005be\u2005available\u2005
\nagainst which the unused tax losses can be utilised.
\nThis is not applicable for the Group as there are no
\ndeferred tax assets at the end of the reporting date.
\nDeferred tax assets and liabilities are measured
\nat the tax rates that are expected to apply to the
\nperiod when the asset is realised or the liability
\nis settled, based on tax rates (and tax laws) that
\nhave been enacted or substantively enacted by
\nthe end of the reporting period.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag274": {
"value": "\n1.8 Leases
\nThe Group assesses whether a contract is, or
\ncontains a lease, at the inception of the contract.
\nA contract is or contains a lease if the contract
\nconveys the right to control the use of an
\nidentified\u2005asset\u2005for\u2005a\u2005period\u2005of\u2005time\u2005in\u2005exchange\u2005
\nfor consideration.
\nIn order to assess whether a contract is, or
\ncontains a lease, management determine whether
\nthe\u2005asset\u2005under\u2005consideration\u2005is\u2005\u201cidentified\u201d,\u2005
\nwhich means that the asset is either explicitly
\nor\u2005implicitly\u2005specified\u2005in\u2005the\u2005contract\u2005and\u2005that\u2005
\nthe supplier does not have a substantial right of
\nsubstitution throughout the period of use. Once
\nmanagement has concluded that the contract
\ndeals\u2005with\u2005an\u2005identified\u2005asset,\u2005the\u2005right\u2005to\u2005control\u2005
\nthe use thereof is considered. To this end, control
\nover\u2005the\u2005use\u2005of\u2005an\u2005identified\u2005asset\u2005only\u2005exists\u2005
\nwhen the Group has the right to substantially all of
\nthe\u2005economic\u2005benefits\u2005from\u2005the\u2005use\u2005of\u2005the\u2005asset\u2005as\u2005
\nwell as the right to direct the use of the asset.
\nIn circumstances where the determination of
\nwhether the contract is or contains a lease
\nrequires\u2005significant\u2005judgement,\u2005the\u2005relevant\u2005
\ndisclosures\u2005are\u2005provided\u2005in\u2005the\u2005significant\u2005
\njudgments and sources of estimation uncertainty
\nsection of these accounting policies.
\nGroup as lessee
\nA lease liability and corresponding right-of-use
\nasset are recognised at the lease commencement
\ndate, for all lease agreements for which the
\nGroup is a lessee, except for short-term leases
\nof 12 months or less, or leases of low value
\nassets. For these leases, the Group recognises
\nthe lease payments as an operating expense
\n(Note 6) on a straight-line basis over the term
\nof the lease unless another systematic basis
\nis more representative of the time pattern in
\nwhich\u2005economic\u2005benefits\u2005from\u2005the\u2005leased\u2005asset\u2005
\nare consumed.
\nDetails of leasing arrangements where the Group
\nis a lessee are presented in Note 13 Leases
\n(Group as lessee).
\nLease liability
\nThe lease liability is initially measured at the
\npresent value of the lease payments that are not
\npaid at the commencement date, discounted
\nby using the rate implicit in the lease. If this rate
\ncannot be readily determined, the Group uses its
\nincremental borrowing rate.
\nThe\u2005definition\u2005of\u2005the\u2005lessee\u2019s\u2005incremental\u2005
\nborrowing rate states that the rate should
\nrepresent what the lessee \u2018would have to pay
\n
\n
\n\n1.8 Leases (continued)
\nto borrow over a similar term and with similar
\nsecurity, the funds necessary to obtain an asset of
\nsimilar value to the right-of-use asset in a similar
\neconomic environment. In practice, judgement
\nmay be needed to estimate an incremental
\nborrowing rate.
\nLease payments included in the measurement of
\nthe lease liability comprise the following:
\n\u2022\u2005 Fixed lease payments, including in-substance
\nfixed\u2005payments,\u2005less\u2005any\u2005lease\u2005incentives;
\n\u2022\u2005 Variable lease payments that depend on an
\nindex or rate, initially measured using the index
\nor rate at the commencement date;
\n\u2022\u2005 The amount expected to be payable by the
\nGroup under residual value guarantees;
\n\u2022\u2005 The exercise price of purchase options,
\nif the Group is reasonably certain to exercise
\nthe option;
\n\u2022\u2005 Lease payments in an optional renewal period
\nif the Group is reasonably certain to exercise an
\nextension option; and
\n\u2022\u2005 Penalties for early termination of a lease, if the
\nlease\u2005term\u2005reflects\u2005the\u2005exercise\u2005of\u2005an\u2005option\u2005to\u2005
\nterminate the lease.
\nVariable rents that do not depend on an index or
\nrate are not included in the measurement of the
\nlease liability (or right-of-use asset). The related
\npayments are recognised as an expense in the
\nperiod incurred and are included in operating
\nexpenses (Note 13).
\nThe lease liability is presented as a separate line
\nitem on the Statement of Financial Position.
\nThe lease liability is subsequently measured by
\nincreasing\u2005the\u2005carrying\u2005amount\u2005to\u2005reflect\u2005interest\u2005
\non\u2005the\u2005lease\u2005liability\u2005(using\u2005the\u2005effective\u2005interest\u2005
\nmethod) and by reducing the carrying amount to
\nreflect\u2005lease\u2005payments\u2005made.\u2005Interest\u2005charged\u2005
\non\u2005the\u2005lease\u2005liability\u2005is\u2005included\u2005in\u2005finance\u2005costs\u2005
\n(Note 7).
\nThe Group has applied judgement to determine
\nthe lease term for some lease contracts in which
\nit is a lessee that include renewal options. The
\nassessment of whether the Group is reasonably
\ncertain to exercise such options impact the
\nlease\u2005terms,\u2005which\u2005significantly\u2005affects\u2005the\u2005
\namount of lease liabilities and rights of use of
\nassets recognised.
\nThe Group remeasures the lease liability (and
\nmakes a corresponding adjustment to the related
\nright-of-use asset) when:
\n\u2022\u2005 There has been a change to the lease term, in
\nwhich case the lease liability is remeasured by
\ndiscounting the revised lease payments using a
\nrevised discount rate;
\n\u2022\u2005 There has been a change in the assessment
\nof whether the Group will exercise a purchase,
\ntermination or extension option, in which case
\nthe lease liability is remeasured by discounting
\nthe revised lease payments using a revised
\ndiscount rate;
\n\u2022\u2005 There has been a change to the lease payments
\ndue to a change in an index or a rate, in
\nwhich case the lease liability is remeasured
\nby discounting the revised lease payments
\nusing the initial discount rate (unless the lease
\npayments change is due to a change in a
\nfloating\u2005interest\u2005rate,\u2005in\u2005which\u2005case\u2005a\u2005revised\u2005
\ndiscount rate is used);
\n\u2022\u2005 There has been a change in expected payment
\nunder a residual value guarantee, in which case
\nthe lease liability is remeasured by discounting
\nthe revised lease payments using the initial
\ndiscount rate; and
\n\u2022\u2005 A\u2005lease\u2005contract\u2005has\u2005been\u2005modified\u2005and\u2005the\u2005
\nlease\u2005modification\u2005is\u2005not\u2005accounted\u2005for\u2005as\u2005a\u2005
\nseparate lease, in which case the lease liability
\nis remeasured by discounting the revised
\npayments using a revised discount rate.
\nWhen the lease liability is remeasured in this
\nway, a corresponding adjustment is made to the
\ncarrying amount of the right-of-use asset, or is
\nrecognised\u2005in\u2005profit\u2005or\u2005loss\u2005if\u2005the\u2005carrying\u2005amount\u2005
\nof the right-of-use asset has been reduced
\nto\u2005zero.
\nLease payments included in the measurement of
\nthe lease liability comprise the following:
\n\u2022\u2005 The initial amount of the corresponding
\nlease liability;
\n\u2022\u2005 Any lease payments made at or before the
\ncommencement date;
\n\u2022\u2005 Any initial direct costs incurred;
\n\u2022\u2005 A
\nny estimated costs to dismantle and
\nremove the underlying asset or to restore
\nthe underlying asset or the site on which it is
\nlocated, when the Group incurs an obligation
\nto do so, unless these costs are incurred to
\nproduce inventories; and
\n\u2022\u2005 Less any lease incentives received.
\n1.8 Leases (continued)
\nThe Group presents the part of the lease payment
\nthat represents interest portion of the lease
\nliability\u2005as\u2005a\u2005financing\u2005cash\u2005flow\u2005in\u2005Consolidated\u2005
\nStatement of Cash Flows in accordance with IAS
\n7 \u201cStatement of Cash Flows\u201d.
\nRight-of-use assets
\nRight-of-use assets are presented as a separate
\nline item on the Statement of Financial Position.
\nRight-of-use assets are subsequently measured
\nat cost less accumulated depreciation and
\nimpairment losses.
\nRight-of-use assets are depreciated over the
\nshorter period of lease term and useful life of the
\nunderlying asset. However, if a lease transfers
\nownership of the underlying asset or the cost
\nof\u2005the\u2005right-of-use\u2005asset\u2005reflects\u2005that\u2005the\u2005Group\u2005
\nexpects to exercise a purchase option, the related
\nright-of-use asset is depreciated over the useful
\nlife of the underlying asset. Depreciation starts at
\nthe commencement date of a lease.
\nFor right-of-use assets which are depreciated
\nover their useful lives, the useful lives are
\ndetermined consistently with items of the same
\nclass of property, plant and equipment. Refer
\nto the accounting policy for property, plant and
\nequipment for details of useful lives.
\nThe residual value, useful life and depreciation
\nmethod of each asset are reviewed at the end of
\neach\u2005reporting\u2005year.\u2005If\u2005the\u2005expectations\u2005differ\u2005from\u2005
\nprevious estimates, the change is accounted for
\nprospectively as a change in accounting estimate.
\nEach part of a right-of-use asset with a cost that is
\nsignificant\u2005in\u2005relation\u2005to\u2005the\u2005total\u2005cost\u2005of\u2005the\u2005asset\u2005
\nis depreciated separately.
\nThe depreciation charge for each year is
\nrecognised\u2005in\u2005profit\u2005or\u2005loss\u2005unless\u2005it\u2005is\u2005included\u2005in\u2005
\nthe carrying amount of another asset.
\n
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag272": {
"value": "\n1.9 Inventories
\nInventories relates to spare parts, servicing
\nequipment and consumables. They are measured
\nat the lower of cost and net realisable value.
\nCost is determined on the weighted average cost
\nbasis. Redundant and slow-moving inventory
\nare\u2005identified\u2005and\u2005written\u2005down\u2005to\u2005their\u2005net\u2005
\nrealisable value.
\nNet realisable value is the estimated selling
\nprice in the ordinary course of business less the
\nestimated costs of completion and the estimated
\ncosts necessary to make the sale.
\nThe cost of inventories comprises of all costs of
\npurchase, costs of conversion and other costs
\nincurred in bringing the inventories to their present
\nlocation and condition.
\nWhen inventories are sold, the carrying amount of
\nthose inventories are recognised as an expense
\nin the period in which the related revenue is
\nrecognised. The amount of any write-down of
\ninventories to net realisable value and all losses of
\ninventories are recognised as an expense in the
\nperiod the write-down or loss occurs. The amount
\nof any reversal of any write-down of inventories,
\narising from an increase in net realisable value,
\nare recognised as a reduction in the amount
\nof inventories recognised as an expense in the
\nperiod in which the reversal occurs.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag251": {
"value": "\n
\n\n1.10 Impairment of assets
\nThe Group assesses at the end of each reporting
\nperiod whether there is any indication that an
\nasset may be impaired. If any such indication
\nexists, the Group estimates the recoverable
\namount of the asset. When it is not possible to
\nestimate the recoverable amount for an individual
\nasset, the recoverable amount is determined
\nfor the cash-generating unit to which the
\nasset belongs.
\nThe recoverable amount of an asset or a cash-
\ngenerating unit is the higher of its fair value less
\ncosts to sell and its value in use. In assessing
\nvalue\u2005in\u2005use,\u2005the\u2005estimated\u2005future\u2005cash\u2005flows\u2005are\u2005
\ndiscounted to their present value using a pre-
\ntax\u2005discount\u2005rate\u2005that\u2005reflects\u2005current\u2005market\u2005
\nassessments of the time value of money and the
\nrisks\u2005specific\u2005to\u2005the\u2005asset\u2005for\u2005which\u2005the\u2005estimates\u2005
\nof\u2005future\u2005cash\u2005flows\u2005have\u2005not\u2005been\u2005adjusted.
\nIf the recoverable amount of an asset is less than
\nits carrying amount, the carrying amount of the
\nasset is reduced to its recoverable amount. That
\nreduction is an impairment loss.
\nAn impairment loss of assets carried at cost less
\nany accumulated depreciation or amortisation is
\nrecognised\u2005immediately\u2005in\u2005profit\u2005or\u2005loss.\u2005Where\u2005
\nan impairment loss subsequently reverses, the
\ncarrying amount of the asset (cash-generating
\nunit) is increased to the revised estimate of its
\nrecoverable amount, but so that the increased
\ncarrying amount does not exceed the carrying
\namount that would have been determined had no
\nimpairment loss been recognised for the asset
\n(cash-generating unit) in prior years. A reversal
\nof an impairment loss is recognised as income in
\nprofit\u2005or\u2005loss\u2005immediately.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag240": {
"value": "\n1.10 Impairment of assets
\nThe Group assesses at the end of each reporting
\nperiod whether there is any indication that an
\nasset may be impaired. If any such indication
\nexists, the Group estimates the recoverable
\namount of the asset. When it is not possible to
\nestimate the recoverable amount for an individual
\nasset, the recoverable amount is determined
\nfor the cash-generating unit to which the
\nasset belongs.
\nThe recoverable amount of an asset or a cash-
\ngenerating unit is the higher of its fair value less
\ncosts to sell and its value in use. In assessing
\nvalue\u2005in\u2005use,\u2005the\u2005estimated\u2005future\u2005cash\u2005flows\u2005are\u2005
\ndiscounted to their present value using a pre-
\ntax\u2005discount\u2005rate\u2005that\u2005reflects\u2005current\u2005market\u2005
\nassessments of the time value of money and the
\nrisks\u2005specific\u2005to\u2005the\u2005asset\u2005for\u2005which\u2005the\u2005estimates\u2005
\nof\u2005future\u2005cash\u2005flows\u2005have\u2005not\u2005been\u2005adjusted.
\nIf the recoverable amount of an asset is less than
\nits carrying amount, the carrying amount of the
\nasset is reduced to its recoverable amount. That
\nreduction is an impairment loss.
\nAn impairment loss of assets carried at cost less
\nany accumulated depreciation or amortisation is
\nrecognised\u2005immediately\u2005in\u2005profit\u2005or\u2005loss.\u2005Where\u2005
\nan impairment loss subsequently reverses, the
\ncarrying amount of the asset (cash-generating
\nunit) is increased to the revised estimate of its
\nrecoverable amount, but so that the increased
\ncarrying amount does not exceed the carrying
\namount that would have been determined had no
\nimpairment loss been recognised for the asset
\n(cash-generating unit) in prior years. A reversal
\nof an impairment loss is recognised as income in
\nprofit\u2005or\u2005loss\u2005immediately.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag282": {
"value": "\n1.11 Share capital and equity
\nOrdinary\u2005shares\u2005are\u2005classified\u2005as\u2005equity.
\nOrdinary shares are recognised at par value and
\nclassified\u2005as\u2005\u2018share\u2005capital\u2019\u2005in\u2005equity.\u2005Any\u2005amounts\u2005
\nreceived from the issue of shares in excess of par
\nvalue\u2005is\u2005classified\u2005as\u2005\u2018share\u2005premium\u2019\u2005in\u2005equity.\u2005
\nDividends are recognised as a liability when they
\nare declared.
\nCost of raising equity
\nThere are two elements to consider in determining
\nthe accounting treatment of transaction costs.
\n\u2022\u2005 Transactions costs related to an equity
\ntransaction.
\n\u2022\u2005 Transaction costs that are directly attributable to
\nan equity transaction.
\nTransactions costs that meet the criteria above are
\naccounted for as a deduction from equity.
\nTreasury shares
\nTreasury shares represent the shares of the
\nparent company, Capital Limited, that are held in
\ntreasury. Treasury shares are recorded at cost and
\ndeducted from equity.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag243": {
"value": "\n1.12 Share based payments
\nEquity-settled share-based payments to
\nemployees and others providing similar services
\nare measured at the fair value of the equity
\ninstruments at the grant date.
\nThe fair value determined at the grant date
\nof the equity-settled share-based payments
\nis expensed on a straight-line basis over the
\nvesting period, based on the Group\u2019s estimate
\nof equity instruments that will eventually vest.
\nAt each reporting date, the Group revises its
\nestimate of the number of equity instruments
\nexpected to vest. The impact of the revision of the
\noriginal\u2005estimates,\u2005if\u2005any,\u2005is\u2005recognised\u2005in\u2005profit\u2005
\nor loss over the remaining vesting period, with a
\ncorresponding adjustment to the equity-settled
\nemployee\u2005benefits\u2005reserve.
\nMarket conditions and non-vesting conditions are
\ntaken into account when estimating the fair value
\nof the equity-settled share-based payment.
\nAs an exception, when the Group is obligated, in
\nterms of tax legislation, to withhold an amount of
\nemployees\u2019 tax associated with an equity-settled
\nshare-based payment transaction (thus creating a
\nnet settlement feature), the full transaction is still
\naccounted for as an equity-settled share-based
\npayment transaction.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag283": {
"value": "\n1.13 Employee benefits
\nShort-term employee benefits
\nA\u2005liability\u2005is\u2005recognised\u2005for\u2005benefits\u2005accruing\u2005to\u2005
\nemployees in respect of salaries, wages and leave
\nentitlements in the period the related services
\nis rendered. Liabilities recognised in respect of
\nshort-term\u2005employee\u2005benefits\u2005are\u2005measured\u2005at\u2005the\u2005
\nundiscounted\u2005amount\u2005of\u2005the\u2005benefits\u2005expected\u2005to\u2005
\nbe paid in exchange for the related service.
\nRetirement Benefits
\nThe Group does not have a legal obligation to
\nprovide\u2005for\u2005retirement\u2005benefits,\u2005however\u2005each\u2005
\nsubsidiary\u2005makes\u2005defined\u2005contributions\u2005for\u2005
\nretirement\u2005benefits\u2005as\u2005per\u2005the\u2005country\u2019s\u2005statutory\u2005
\nobligations\u2005and\u2005charged\u2005to\u2005Profit\u2005and\u2005Loss\u2005as\u2005
\npayment falls due.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag281": {
"value": "\n
\n1.14 Revenue recognition
\nThe core principle of IFRS 15 is that an entity
\nshould recognise revenue to depict the transfer
\nof promised goods or services to customers in an
\namount\u2005that\u2005reflects\u2005the\u2005consideration\u2005to\u2005which\u2005
\nthe entity expects to be entitled in exchange
\nfor\u2005those\u2005goods\u2005or\u2005services.\u2005Specifically,\u2005the\u2005
\nStandard introduces a 5-step approach to
\nrevenue recognition:
\nStep 1: Identify the contract(s) with a customer;
\nStep 2: Identify the performance obligations in
\nthe contract;
\nStep 3: Determine the transaction price;
\nStep 4: Allocate the transaction price to the
\nperformance obligations in the contract; and
\nStep 5: Recognise revenue when (or as) the entity
\nsatisfies\u2005a\u2005performance\u2005obligation.
\nUnder IFRS 15, an entity recognises revenue when
\n(or\u2005as)\u2005a\u2005performance\u2005obligation\u2005is\u2005satisfied,\u2005i.e.\u2005
\nwhen \u2018control\u2019 of the goods or services underlying
\nthe particular performance obligation is transferred
\nto the customer.
\nRevenue is measured at the fair value of the
\nconsideration received or receivable. Revenue is
\nreduced for estimated customer returns, rebates
\nand other similar allowances.
\nRendering of services
\nRevenue from a contract to provide services
\nis recognised by reference to either the stage
\nof completion (over time) or at a point in
\ntime. The Group recognises revenue from the
\nfollowing streams:
\n1.14 Revenue recognition (continued)
\n\u2022\u2005 Revenue from drilling and mining contracts
\nis recognised at the contractual rates as the
\ndrilling and mining services are delivered.
\nRevenue for mobilisation of mining equipment
\nand associated resources is recognised over the
\nterm of the contract;
\n\u2022\u2005 Revenue from surveying is recognised at the
\ncontractual rates as the survey services are
\ndelivered; and
\n\u2022\u2005 Laboratory analysis of drilling samples relates to
\nsample analysis by MSA Laboratories provided
\nto\u2005customers.\u2005Transfer\u2005of\u2005benefits\u2005occurs\u2005when\u2005
\ntesting is completed for each sample received
\nand results communicated to customers.
\nSamples are received in batches from customers
\nand processed continuously. Revenue is
\nrecognised when testing of a batch is completed
\nand when results are communicated.
\n\n
\n\nDividend and interest income
\nDividend income from investments is recognised
\nwhen the shareholder\u2019s right to receive payment
\nhas been established (provided that it is probable
\nthat\u2005the\u2005economic\u2005benefits\u2005will\u2005flow\u2005to\u2005the\u2005Group\u2005
\nand the amount of income can be measured
\nreliably). Dividend income was only recognised
\nwhen all the above criteria was met.
\nInterest\u2005income\u2005from\u2005a\u2005financial\u2005asset\u2005is\u2005
\nrecognised when it is probable that the economic
\nbenefits\u2005will\u2005flow\u2005to\u2005the\u2005Group\u2005and\u2005the\u2005amount\u2005of\u2005
\nincome can be measured reliably. Interest income
\nis accrued on a time basis, by reference to the
\nprincipal\u2005outstanding\u2005and\u2005at\u2005the\u2005effective\u2005interest\u2005
\nrate applicable, which is the rate that exactly
\ndiscounts estimated future cash receipts through
\nthe\u2005expected\u2005life\u2005of\u2005the\u2005financial\u2005asset\u2005to\u2005that\u2005
\nasset\u2019s net carrying amount on initial recognition.
\n
\n\n
\n\n
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag252": {
"value": "\n
\n\nDividend and interest income
\nDividend income from investments is recognised
\nwhen the shareholder\u2019s right to receive payment
\nhas been established (provided that it is probable
\nthat\u2005the\u2005economic\u2005benefits\u2005will\u2005flow\u2005to\u2005the\u2005Group\u2005
\nand the amount of income can be measured
\nreliably). Dividend income was only recognised
\nwhen all the above criteria was met.
\nInterest\u2005income\u2005from\u2005a\u2005financial\u2005asset\u2005is\u2005
\nrecognised when it is probable that the economic
\nbenefits\u2005will\u2005flow\u2005to\u2005the\u2005Group\u2005and\u2005the\u2005amount\u2005of\u2005
\nincome can be measured reliably. Interest income
\nis accrued on a time basis, by reference to the
\nprincipal\u2005outstanding\u2005and\u2005at\u2005the\u2005effective\u2005interest\u2005
\nrate applicable, which is the rate that exactly
\ndiscounts estimated future cash receipts through
\nthe\u2005expected\u2005life\u2005of\u2005the\u2005financial\u2005asset\u2005to\u2005that\u2005
\nasset\u2019s net carrying amount on initial recognition.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag263": {
"value": "\nDividend and interest income
\nDividend income from investments is recognised
\nwhen the shareholder\u2019s right to receive payment
\nhas been established (provided that it is probable
\nthat\u2005the\u2005economic\u2005benefits\u2005will\u2005flow\u2005to\u2005the\u2005Group\u2005
\nand the amount of income can be measured
\nreliably). Dividend income was only recognised
\nwhen all the above criteria was met.
\nInterest\u2005income\u2005from\u2005a\u2005financial\u2005asset\u2005is\u2005
\nrecognised when it is probable that the economic
\nbenefits\u2005will\u2005flow\u2005to\u2005the\u2005Group\u2005and\u2005the\u2005amount\u2005of\u2005
\nincome can be measured reliably. Interest income
\nis accrued on a time basis, by reference to the
\nprincipal\u2005outstanding\u2005and\u2005at\u2005the\u2005effective\u2005interest\u2005
\nrate applicable, which is the rate that exactly
\ndiscounts estimated future cash receipts through
\nthe\u2005expected\u2005life\u2005of\u2005the\u2005financial\u2005asset\u2005to\u2005that\u2005
\nasset\u2019s net carrying amount on initial recognition.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag270": {
"value": "\n
\n1.15 Translation of foreign currencies
\n\nFunctional and presentation currency
\nThe individual Financial Statements of each
\nGroup Company are presented in the currency
\nof the primary economic environment in which
\nit operates (its functional currency). For the
\npurpose of the Group Financial Statements, the
\nresults\u2005and\u2005financial\u2005statements\u2005of\u2005each\u2005Group\u2005
\nCompany are translated to United States Dollars,
\nwhich is the functional currency of the Group,
\nand the presentation currency for the Group
\nFinancial Statements.
\n
\n\nForeign currency transactions
\nIn preparing the Financial Statements of the
\nindividual Group companies, transactions in
\ncurrencies other than the entity\u2019s functional
\ncurrency (foreign currencies) are recognised at the
\nrates of exchange prevailing on the dates of the
\ntransactions. At each reporting date, monetary
\nitems that are denominated in foreign currencies
\nare retranslated at the rates prevailing at that date.
\nNon-monetary items that are measured in terms
\nof historical cost in a foreign currency shall be
\ntranslated using the exchange rate at the date of
\nthe transaction.
\nExchange\u2005differences\u2005are\u2005recognised\u2005in\u2005profit\u2005or\u2005
\nloss in the period in which they arise except for:
\n\u2022\u2005 Exchange\u2005differences\u2005on\u2005foreign\u2005currency\u2005
\nborrowings relating to assets under construction
\nfor future productive use, which are included in
\nthe cost of those assets when they are regarded
\nas an adjustment to interest costs on those
\nforeign currency borrowings;
\n\u2022\u2005 Exchange\u2005differences\u2005on\u2005transactions\u2005entered\u2005
\ninto to hedge certain foreign currency risks; and
\n\u2022\u2005 Exchange\u2005differences\u2005on\u2005monetary\u2005items\u2005
\nreceivable from or payable to a foreign operation
\nfor which settlement is neither planned nor
\nlikely to occur (therefore forming part of the
\nnet investment in the foreign operation), which
\nare recognised initially in other comprehensive
\nincome\u2005and\u2005reclassified\u2005from\u2005equity\u2005to\u2005profit\u2005or\u2005
\nloss on repayment of the monetary items.
\nFor the purpose of presenting Group Financial
\nStatements, the assets and liabilities of the
\nGroup\u2019s foreign operations are translated into
\nUnited States Dollars at exchange rates prevailing
\non the reporting date. Income and expense items
\nare translated at the average exchange rates
\nfor\u2005the\u2005period,\u2005unless\u2005exchange\u2005rates\u2005fluctuate\u2005
\nsignificantly\u2005during\u2005that\u2005period,\u2005in\u2005which\u2005case\u2005
\nthe exchange rates at the date of transactions
\nare\u2005used.\u2005Exchange\u2005differences\u2005arising,\u2005if\u2005any,\u2005
\nare recognised in other comprehensive income
\nand accumulated in equity (attributed to non-
\ncontrolling interests as appropriate).
\nOn disposal of a foreign operation, all of the
\nexchange\u2005differences\u2005accumulated\u2005in\u2005equity\u2005
\nin respect of that operation attributable to the
\nowners\u2005of\u2005the\u2005Company\u2005are\u2005reclassified\u2005to\u2005Profit\u2005
\nor Loss.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag246": {
"value": "\nFunctional and presentation currency
\nThe individual Financial Statements of each
\nGroup Company are presented in the currency
\nof the primary economic environment in which
\nit operates (its functional currency). For the
\npurpose of the Group Financial Statements, the
\nresults\u2005and\u2005financial\u2005statements\u2005of\u2005each\u2005Group\u2005
\nCompany are translated to United States Dollars,
\nwhich is the functional currency of the Group,
\nand the presentation currency for the Group
\nFinancial Statements.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag275": {
"value": "\n1.16 Contingent Liabilities
\nA Contingent Liability is a possible obligation from
\npast\u2005events\u2005that\u2005will\u2005be\u2005confirmed\u2005by\u2005some\u2005future\u2005
\nevent or a present obligation from a past event,
\nbut either:
\n\u2022\u2005 The\u2005outflow\u2005of\u2005economic\u2005benefits\u2005to\u2005satisfy\u2005
\nthis obligation is not probable, or
\n\u2022\u2005 The amount of obligation cannot be
\nreliably measured.
\nIn\u2005events\u2005where\u2005firm\u2005indications\u2005of\u2005a\u2005possible\u2005
\nobligation exist the Group will use judgements
\nbased on estimates from expert advice to provide
\nfor the portion of the possible expense.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag247": {
"value": "\n1.17 Provisions
\nProvisions are recognised when the Group has
\na present (legal or constructive) obligation as a
\nresult of a past event, if it is probable the Group
\nwill be required to settle the obligation, and a
\nreliable estimate can be made of the amount
\nof the obligation. The amount recognised as a
\nprovision is the best estimate of the consideration
\nrequired to settle the obligation at the reporting
\ndate, taking into account the risks and
\nuncertainties surrounding the obligation. If the
\ntime value of money is material, provisions are
\ndiscounted using a current pre-tax discount rate
\nspecific\u2005to\u2005the\u2005liability.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag277": {
"value": "\n
\nNotes to the Annual Financial Statements (continued)
\n2. NEW STANDARDS AND INTERPRETATIONS
\n\n2.1 New standards, interpretations and amendments effective from 1 January 2022
\nIn the current year, the Group has applied a
\nnumber of amendments to IFRS accounting
\nstandards issued by the International Accounting
\nStandards Board (IASB) that are mandatorily
\neffective\u2005for\u2005an\u2005accounting\u2005period\u2005that\u2005begins\u2005
\non or after 1 January 2022. Their adoption
\nhas not had any material impact on the
\ndisclosures or on the amounts reported in these
\nfinancial\u2005statements.
\nProperty, Plant and Equipment: Proceeds before
\nIntended Use (Amendments to IAS 16)
\nThe amendment to IAS 16 prohibits an entity
\nfrom deducting from the cost of an item of
\nPP&E any proceeds received from selling items
\nproduced while the entity is preparing the asset
\nfor its intended use (for example, the proceeds
\nfrom selling samples produced during the testing
\nphase of a manufacturing facility after it is being
\nconstructed but before start of commercial
\nproduction). The proceeds from selling such
\nsamples, together with the costs of producing
\nthem,\u2005are\u2005now\u2005recognised\u2005in\u2005profit\u2005or\u2005loss.
\nThese amendments had no impact on the year-
\nend\u2005consolidated\u2005financial\u2005statements\u2005of\u2005the\u2005
\nGroup as there were no sales of such items
\nproduced by property, plant and equipment made
\navailable for use on or after the beginning of the
\nearliest period presented.
\nOnerous Contracts \u2013 Cost of Fulfilling a Contract
\n(Amendments to IAS 37)
\nIAS\u200537\u2005defines\u2005an\u2005onerous\u2005contract\u2005as\u2005a\u2005contract\u2005
\nin which the unavoidable costs (costs that the
\nGroup has committed to pursuant to the contract)
\nof meeting the obligations under the contract
\nexceed\u2005the\u2005economic\u2005benefits\u2005expected\u2005to\u2005be\u2005
\nreceived under it.
\nThe amendments to IAS 37.68A clarify, that the
\ncosts relating directly to the contract consist
\nof both:
\n\u2022\u2005 The\u2005incremental\u2005costs\u2005of\u2005fulfilling\u2005that\u2005contract-\u2005
\ne.g., direct labour and material; and
\n\u2022\u2005 An allocation of other costs that relate directly
\nto\u2005fulfilling\u2005contracts:\u2005e.g.,\u2005Allocation\u2005of\u2005
\ndepreciation charge on property, plant and
\nequipment\u2005used\u2005in\u2005fulfilling\u2005the\u2005contract.
\nThe Group, prior to the application of the
\namendments, did not have any onerous contracts.
\nThese amendments had no impact on the Group\u2019s
\nconsolidated\u2005financial\u2005statements.
\nAmendments to IFRS 3 Reference to the
\nConceptual Framework
\nIn May 2020, the IASB issued amendments
\nto IFRS 3, which update a reference to the
\nConceptual Framework for Financial Reporting
\nwithout changing the accounting requirements for
\n
\nbusiness combinations.
\nAnnual Improvements to IFRS Accounting
\nStandards 2018 \u2013 2020 Cycle
\nThe Group has adopted the amendments included
\nin the Annual Improvements to IFRS Accounting
\nStandards\u20052018\u2005\u2013\u20052020\u2005Cycle\u2005for\u2005the\u2005first\u2005time\u2005
\nin the current year. The Annual Improvements
\ninclude amendments to four standards.
\n\u2022\u2005 IFRS 1: Subsidiary as a First-time Adopter (FTA)
\n\u2022\u2005 IFRS 9: Fees in the \u201810 per cent\u2019 Test for
\nDerecognition of Financial liabilities
\n\u2022\u2005 IFRS 16: Reimbursement of
\nleasehold improvements
\n
\n\n
\n\n
\n2. NEW STANDARDS AND INTERPRETATIONS (continued)
\n\n
2.2 Standards and interpretations not yet effective
\n
There are a number of standards, amendments to standards, and interpretations which have been issued
\n
by\u2005the\u2005IASB\u2005that\u2005are\u2005effective\u2005in\u2005future\u2005accounting\u2005periods\u2005that\u2005the\u2005Group\u2005has\u2005decided\u2005not\u2005to\u2005adopt\u2005early.
\n
Standard/Interpretation Effective\u2005Date
\n
Expected Impact
\n
Years beginning
\n
on or after
\n
Disclosure of Accounting Policies (Amendments to IAS 1
\n
and IFRS Practice Statement 2)
\n
January 1, 2023
\n
Unlikely there will
\n
be a material impact
\n
Definition\u2005of\u2005Accounting\u2005Estimates\u2005(Amendments\u2005to\u2005IAS\u20058) January 1, 2023
\n
Unlikely there will
\n
be a material impact
\n
Deferred Tax Related to Assets and Liabilities arising from a
\n
Single Transaction (Amendments to IAS 12).
\n
January 1, 2023
\n
Unlikely there will
\n
be a material impact
\n
IFRS 16 Leases (Amendment \u2013 Liability in a Sale and
\n
Leaseback)
\n
January 1, 2024
\n
Unlikely there will
\n
be a material impact
\n
IAS 1 Presentation of Financial Statements (Amendment \u2013
\n
Classification\u2005of\u2005Liabilities\u2005as\u2005Current\u2005or\u2005Non-current)
\n
January 1, 2024
\n
Unlikely there will
\n
be a material impact
\n
IAS 1 Presentation of Financial Statements (Amendment \u2013
\n
Non-current Liabilities with Covenants)
\n
January 1, 2024
\n
Unlikely there will
\n
be a material impact
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag273": {
"value": "\n2.1 New standards, interpretations and amendments effective from 1 January 2022
\nIn the current year, the Group has applied a
\nnumber of amendments to IFRS accounting
\nstandards issued by the International Accounting
\nStandards Board (IASB) that are mandatorily
\neffective\u2005for\u2005an\u2005accounting\u2005period\u2005that\u2005begins\u2005
\non or after 1 January 2022. Their adoption
\nhas not had any material impact on the
\ndisclosures or on the amounts reported in these
\nfinancial\u2005statements.
\nProperty, Plant and Equipment: Proceeds before
\nIntended Use (Amendments to IAS 16)
\nThe amendment to IAS 16 prohibits an entity
\nfrom deducting from the cost of an item of
\nPP&E any proceeds received from selling items
\nproduced while the entity is preparing the asset
\nfor its intended use (for example, the proceeds
\nfrom selling samples produced during the testing
\nphase of a manufacturing facility after it is being
\nconstructed but before start of commercial
\nproduction). The proceeds from selling such
\nsamples, together with the costs of producing
\nthem,\u2005are\u2005now\u2005recognised\u2005in\u2005profit\u2005or\u2005loss.
\nThese amendments had no impact on the year-
\nend\u2005consolidated\u2005financial\u2005statements\u2005of\u2005the\u2005
\nGroup as there were no sales of such items
\nproduced by property, plant and equipment made
\navailable for use on or after the beginning of the
\nearliest period presented.
\nOnerous Contracts \u2013 Cost of Fulfilling a Contract
\n(Amendments to IAS 37)
\nIAS\u200537\u2005defines\u2005an\u2005onerous\u2005contract\u2005as\u2005a\u2005contract\u2005
\nin which the unavoidable costs (costs that the
\nGroup has committed to pursuant to the contract)
\nof meeting the obligations under the contract
\nexceed\u2005the\u2005economic\u2005benefits\u2005expected\u2005to\u2005be\u2005
\nreceived under it.
\nThe amendments to IAS 37.68A clarify, that the
\ncosts relating directly to the contract consist
\nof both:
\n\u2022\u2005 The\u2005incremental\u2005costs\u2005of\u2005fulfilling\u2005that\u2005contract-\u2005
\ne.g., direct labour and material; and
\n\u2022\u2005 An allocation of other costs that relate directly
\nto\u2005fulfilling\u2005contracts:\u2005e.g.,\u2005Allocation\u2005of\u2005
\ndepreciation charge on property, plant and
\nequipment\u2005used\u2005in\u2005fulfilling\u2005the\u2005contract.
\nThe Group, prior to the application of the
\namendments, did not have any onerous contracts.
\nThese amendments had no impact on the Group\u2019s
\nconsolidated\u2005financial\u2005statements.
\nAmendments to IFRS 3 Reference to the
\nConceptual Framework
\nIn May 2020, the IASB issued amendments
\nto IFRS 3, which update a reference to the
\nConceptual Framework for Financial Reporting
\nwithout changing the accounting requirements for
\n
\nbusiness combinations.
\nAnnual Improvements to IFRS Accounting
\nStandards 2018 \u2013 2020 Cycle
\nThe Group has adopted the amendments included
\nin the Annual Improvements to IFRS Accounting
\nStandards\u20052018\u2005\u2013\u20052020\u2005Cycle\u2005for\u2005the\u2005first\u2005time\u2005
\nin the current year. The Annual Improvements
\ninclude amendments to four standards.
\n\u2022\u2005 IFRS 1: Subsidiary as a First-time Adopter (FTA)
\n\u2022\u2005 IFRS 9: Fees in the \u201810 per cent\u2019 Test for
\nDerecognition of Financial liabilities
\n\u2022\u2005 IFRS 16: Reimbursement of
\nleasehold improvements
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag245": {
"value": "\n
\n\n3. REVENUE
\nRevenue from the rendering of services comprises:
\n2022 2021
\nUS$ US$
\nDrilling and associated revenue 208,562,447 172,537,359
\nMining and associated revenue 49,763,175 33,300,731
\nLaboratory services revenue 27,304,685 15,651,317
\nRevenue from surveying 4,654,061 5,303,859
\nTotal revenue 290,284,368 226,793,266
\nThe Group has four revenue streams:
\n\u2022\u2005 Drilling revenue relates to drilling services
\nrevenue where the terms of the contract with
\ncustomers\u2005requires\u2005the\u2005Group\u2005to\u2005drill\u2005a\u2005specified\u2005
\nnumber\u2005of\u2005meters\u2005at\u2005a\u2005specified\u2005drilling\u2005rate.\u2005
\nUnder IFRS 15 it has been concluded that the
\nGroup has an enforceable right to payment
\nfor performance completed. The transaction
\nprice for drilling is price per meter drilled times
\nnumber of meters drilled. The e-plod system is
\na day-by-day tracker of the meters drilled per
\nrig. This takes into account the meters, relevant
\nrate per meter and leads to the revenue number.
\nRevenue recognition occurs when the relevant
\ngeologist/mine\u2005manager\u2005signs\u2005and\u2005accepts\u2005the\u2005
\ne-plod\u2005report\u2005which\u2005is\u2005converted\u2005monthly/bi-
\nmonthly into invoices.
\n\u2022\u2005 Mining revenue relates to earth moving
\nand equipment rental services provided at
\ncustomers\u2019 mine sites.
\nRevenue for the earth moving services is
\ngenerated based on the bank cubic metres
\n(BCM) moved multiplied by the rates per bank
\ncubic metre as per the contract. Recognition is
\nat a point in time as the load and haul service is
\nprovided,\u2005which\u2005in\u2005turn\u2005fulfils\u2005the\u2005performance\u2005
\nobligations. Invoices are raised monthly after
\ncustomer\u2005sign\u2005off\u2005and\u2005acceptance\u2005of\u2005the\u2005
\nprogress claim that details tonnage of earth
\nmoved at the contracted rates.
\nThe equipment rental contract consists of both
\nthe\u2005variable\u2005and\u2005fixed\u2005fee\u2005rates.\u2005Revenue\u2005is\u2005
\ngenerated\u2005based\u2005on\u2005the\u2005fixed\u2005fee\u2005per\u2005equipment\u2005
\nplus the variable rate multiplied by the number
\nof hours the equipment worked for the month.
\nInvoices are raised monthly with customer sign
\noff\u2005on\u2005equipment\u2005engine\u2005hours.\u2005Customers\u2005
\nare given 30 days credit periods for services
\nrendered.
\nNotes to the Annual Financial Statements (continued)
\n3. REVENUE (continued)
\nRevenue for mobilisation of mining equipment
\nand associated resources is recognised over the
\nterm of the contract.
\n\u2022\u2005 Laboratory analysis of drilling samples relates
\nto sample analysis by MSA Laboratories
\nprovided to customers. Samples are analysed
\nand invoiced as and when the results are
\nobtained and communicated to customers.
\nThe turnaround time for a sample from collection
\nis between 14 and 20 days from receipt to
\ninvoice. Under IFRS 15 it has been concluded
\nthat the Group has an enforceable right to
\npayment for performance completed.
\n\u2022\u2005 Revenue from surveying relates to short
\nterm hire of down hole surveying equipment.
\nUnder IFRS 15 it has been concluded that the
\nGroup has an enforceable right to payment
\nfor performance completed. Meeting of
\nperformance\u2005obligations\u2005and\u2005transfer\u2005of\u2005benefits\u2005
\nis continuous.
\n
\n
\n
\n\n
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag250": {
"value": "\n3. REVENUE
\nRevenue from the rendering of services comprises:
\n2022 2021
\nUS$ US$
\nDrilling and associated revenue 208,562,447 172,537,359
\nMining and associated revenue 49,763,175 33,300,731
\nLaboratory services revenue 27,304,685 15,651,317
\nRevenue from surveying 4,654,061 5,303,859
\nTotal revenue 290,284,368 226,793,266
\nThe Group has four revenue streams:
\n\u2022\u2005 Drilling revenue relates to drilling services
\nrevenue where the terms of the contract with
\ncustomers\u2005requires\u2005the\u2005Group\u2005to\u2005drill\u2005a\u2005specified\u2005
\nnumber\u2005of\u2005meters\u2005at\u2005a\u2005specified\u2005drilling\u2005rate.\u2005
\nUnder IFRS 15 it has been concluded that the
\nGroup has an enforceable right to payment
\nfor performance completed. The transaction
\nprice for drilling is price per meter drilled times
\nnumber of meters drilled. The e-plod system is
\na day-by-day tracker of the meters drilled per
\nrig. This takes into account the meters, relevant
\nrate per meter and leads to the revenue number.
\nRevenue recognition occurs when the relevant
\ngeologist/mine\u2005manager\u2005signs\u2005and\u2005accepts\u2005the\u2005
\ne-plod\u2005report\u2005which\u2005is\u2005converted\u2005monthly/bi-
\nmonthly into invoices.
\n\u2022\u2005 Mining revenue relates to earth moving
\nand equipment rental services provided at
\ncustomers\u2019 mine sites.
\nRevenue for the earth moving services is
\ngenerated based on the bank cubic metres
\n(BCM) moved multiplied by the rates per bank
\ncubic metre as per the contract. Recognition is
\nat a point in time as the load and haul service is
\nprovided,\u2005which\u2005in\u2005turn\u2005fulfils\u2005the\u2005performance\u2005
\nobligations. Invoices are raised monthly after
\ncustomer\u2005sign\u2005off\u2005and\u2005acceptance\u2005of\u2005the\u2005
\nprogress claim that details tonnage of earth
\nmoved at the contracted rates.
\nThe equipment rental contract consists of both
\nthe\u2005variable\u2005and\u2005fixed\u2005fee\u2005rates.\u2005Revenue\u2005is\u2005
\ngenerated\u2005based\u2005on\u2005the\u2005fixed\u2005fee\u2005per\u2005equipment\u2005
\nplus the variable rate multiplied by the number
\nof hours the equipment worked for the month.
\nInvoices are raised monthly with customer sign
\noff\u2005on\u2005equipment\u2005engine\u2005hours.\u2005Customers\u2005
\nare given 30 days credit periods for services
\nrendered.
\nNotes to the Annual Financial Statements (continued)
\n3. REVENUE (continued)
\nRevenue for mobilisation of mining equipment
\nand associated resources is recognised over the
\nterm of the contract.
\n\u2022\u2005 Laboratory analysis of drilling samples relates
\nto sample analysis by MSA Laboratories
\nprovided to customers. Samples are analysed
\nand invoiced as and when the results are
\nobtained and communicated to customers.
\nThe turnaround time for a sample from collection
\nis between 14 and 20 days from receipt to
\ninvoice. Under IFRS 15 it has been concluded
\nthat the Group has an enforceable right to
\npayment for performance completed.
\n\u2022\u2005 Revenue from surveying relates to short
\nterm hire of down hole surveying equipment.
\nUnder IFRS 15 it has been concluded that the
\nGroup has an enforceable right to payment
\nfor performance completed. Meeting of
\nperformance\u2005obligations\u2005and\u2005transfer\u2005of\u2005benefits\u2005
\nis continuous.
\n
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag258": {
"value": "\n4. COST OF SALES
\n2022 2021
\nUS$ US$
\nEmployee cost (Note 6) 63,236,358 50,592,673
\nConsumables 18,299,835 13,399,813
\nRepairs and maintenance 24,249,689 16,859,411
\nFuel 7,483,682 3,707,324
\nCamp operational cost 5,397,497 4,042,900
\nOther cost of sales 11,696,754 8,349,937
\nFreight and customs 9,487,234 10,557,625
\nEquipment hire 1,785,865 1,497,625
\nTravel and accommodation 4,382,909 3,877,335
\nSafety gear and equipment 2,614,371 2,109,610
\nEstablishment cost 944,805 1,099,407
\nOthers 6,273,596
\n4,397,586
\nTotal cost of sales 155,852,595 120,491,246
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag254": {
"value": "\n5. ADMINISTRATION EXPENSES
\n2022 2021
\nUS$ US$
\nEmployee cost (Note 6) 16,324,024 14,962,199
\nProfessional fees 3,848,105 3,747,479
\nInsurance 1,886,037 1,412,108
\nRental cost 1,549,375 1,268,795
\nShare based payment expenses 2,774,331 1,989,277
\nBad\u2005debts\u2005written\u2005off 1,457,548 \u2013
\nExpected credit loss provision 2,980,656 \u2013
\nTravel and accommodation 2,499,292 825,399
\nBank charges 1,277,475 730,294
\nForeign exchange loss 1,711,081 1,586,329
\nSoftware costs 1,104,203 535,765
\nOther expenses 6,918,435 5,969,701
\nTotal administration expenses 44,330,562 33,027,346
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag294": {
"value": "\n
\n
\n
\n6. PROFIT FROM OPERATIONS
\nThe\u2005following\u2005items\u2005have\u2005been\u2005recognised\u2005as\u2005expenses\u2005in\u2005determining\u2005profit\u2005from\u2005operations:
\n\n2022 2021
\nDepreciation, amortisation and impairments
\nUS$ US$
\nRights of use assets 3,457,633
\n880,871
\nComputer software 4,178
\n4,179
\nDrilling rigs 10,373,050
\n7,959,524
\nAssociated drilling equipment 3,134,579
\n2,022,454
\nVehicles and trucks 3,180,506
\n1,870,873
\nCamp and associated equipment 1,389,635
\n1,207,651
\nMining equipment 8,876,658
\n7,451,803
\nTotal depreciation,
\n amortisation and impairments 30,416,239 21,397,355
\n
\n\n\nOperating lease expense
\nShort term equipment rental
\n6,457,446 7,601,916
\n
\n\n\nEmployee costs
\nSalaries,\u2005wages,\u2005bonuses\u2005and\u2005other\u2005benefits 79,560,382
\n65,554,872
\nShare based compensation expense 2,774,331 1,989,277
\nTotal employee costs 82,334,713
\n67,544,149
\n
\n\nOther
\nLoss on disposal of property, plant and equipment 668,817
\n453,869
\nLegal and professional fees 3,848,105
\n3,747,479
\nStock\u2005write\u2005off\u2005and\u2005provision 945,103
\n313,250
\nAllowance for credit losses 2,980,656
\n\u2013
\nBad\u2005debts\u2005written\u2005off 1,457,548
\n\u2013
\nOther taxes 333,257
\n278,487
\n(Decrease)/\u2005increase\u2005in\u2005provisions\u2005for\u2005other\u2005taxes\u2005 (287,678)
\n856,692
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag284": {
"value": "\n2022 2021
\nDepreciation, amortisation and impairments
\nUS$ US$
\nRights of use assets 3,457,633
\n880,871
\nComputer software 4,178
\n4,179
\nDrilling rigs 10,373,050
\n7,959,524
\nAssociated drilling equipment 3,134,579
\n2,022,454
\nVehicles and trucks 3,180,506
\n1,870,873
\nCamp and associated equipment 1,389,635
\n1,207,651
\nMining equipment 8,876,658
\n7,451,803
\nTotal depreciation,
\n amortisation and impairments 30,416,239 21,397,355
\n
\n\nDrilling Rigs
\nHeavy mining
\nequipment
\nAssociated
\ndrilling
\nequipment
\nVehicles
\nand trucks
\nCamp and
\nassociated
\nequipment
\nComputer
\nsoftware
\nLeasehold
\nimprovements
\nTotal
\nCost
\nUS$ US$ US$ US$ US$ US$ US$ US$
\nAt 1 January 2021
\n103,540,898 26,511,913 20,326,737 21,979,021 12,037,844 38,361 1,653,952 186,088,726
\nAdditions 23,814,358 29,918,725 7,009,849 12,439,323 2,483,930 \u2013 \u2013 75,666,185
\nDisposal (3,103,550) (19,520) (831,773) (824,132) (644,637) \u2013 \u2013 (5,423,612)
\nTransfers from Associated drilling equipment \u2013 2,813,654 (2,813,654) \u2013 \u2013 \u2013 \u2013 \u2013
\nAt 31 December 2021
\n124,251,706 59,224,772 23,691,159 33,594,212 13,877,137 38,361 1,653,952 256,331,299
\nAdditions 21,873,207 12,309,225 12,133,884 5,617,520 4,772,198 \u2013 \u2013 56,706,034
\nDisposal (6,755,226) (89,983) (4,426,158) (1,425,910)
\n(479,718)
\n\u2013 \u2013 (13,176,995)
\nAt 31 December 2022
\n139,369,687 71,444,014 31,398,885 37,785,822 18,169,617 38,361 1,653,952 299,860,338
\nDrilling Rigs
\nHeavy mining
\nequipment
\nAssociated
\ndrilling
\nequipment
\nVehicles and
\ntrucks
\nCamp and
\nassociated
\nequipment
\nComputer
\nsoftware
\nLeasehold
\nimprovements
\nTotal
\nAccumulated Depreciation
\nUS$ US$ US$ US$ US$ US$ US$ US$
\nAt 1 January 2021
\n70,806,074 \u2013 7,159,802 12,641,891 6,407,935 5,042 97,299 97,118,043
\nDepreciation 7,959,524 7,451,803 2,022,454 1,870,873 1,207,651 4,179 \u2013 20,516,484
\nDisposal (2,940,714) \u2013 (700,176) (751,640) (509,097) \u2013 \u2013 (4,901,627)
\nTransfers from Associated drilling equipment \u2013 528,416 (528,416) \u2013 \u2013 \u2013 \u2013 \u2013
\nAt 31 December 2021
\n75,824,884 7,980,219 7,953,664 13,761,124 7,106,489 9,221 97,299 112,732,900
\nDepreciation 10,373,050 8,876,658 3,134,579 3,180,506 1,389,635 4,178 \u2013 26,958,606
\nDisposal (6,409,664) (81,176) (4,345,182) (1,245,572) (407,682) \u2013 \u2013
\n(12,489,276)
\nAt 31 December 2022
\n79,788,270 16,775,701 6,743,061 15,696,058 8,088,442 13,399 97,299 127,202,230
\nCarrying amount at 31 December 2021 48,426,822 51,244,553 15,737,495 19,833,088 6,770,648 29,140 1,556,653 143,598,399
\nCarrying amount at 31 December 2022 59,581,417 54,668,313 24,655,824 22,089,764 10,081,175 24,962 1,556,653 172,658,108
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag304": {
"value": "\nOperating lease expense
\nShort term equipment rental
\n6,457,446 7,601,916
\n
\n\nNotes to the Annual Financial Statements (continued)
\n13. LEASES (GROUP AS LESSEE)
\nDetails pertaining to leasing arrangements, where the Group is lessee are presented below:
\nMachinery Land & Buildings Total
\nRight of use assets
\nUS$ US$ US$
\nAt 1 January 2021 \u2013 629,657 629,657
\nAdditions 8,332,484 1,773,126 10,105,610
\nDepreciation (340,101) (543,823)
\n(883,924)
\nAt 31 December 2021 7,992,383 1,858,960
\n9,851,343
\nAdditions 7,735,707 2,522,297 10,258,004
\nDepreciation (2,641,117) (815,912) (3,457,029)
\nAt 31 December 2022 13,086,973 3,565,345
\n16,652,318
\nLease liabilities
\nAt 1 January 2021 \u2013 673,299 673,299
\nAdditions 8,332,484 1,354,344 9,686,828
\nInterest expense 96,385 81,577 177,962
\nLease payments (380,882) (566,038) (946,920)
\nAt 31 December 2021 8,047,987 1,543,182 9,591,169
\nAdditions 7,068,932 2,522,296 9,591,228
\nInterest expense 651,492 166,757 818,249
\nLease payments (2,897,410) (836,388) (3,733,798)
\nAt 31 December 2022 12,871,001 3,395,847
\n16,266,848
\nThe weighted average incremental borrowing rate applied to lease liabilities during the year was 7%
\n(2021: 7%).
\nLease liabilities
\nThe maturity analysis of lease liabilities is as follows:
\n2022 2021
\nUS$ US$
\nWithin one year 4,139,464
\n2,236,424
\nTwo\u2005to\u2005five\u2005years 12,127,384
\n7,354,745
\n 16,266,848 9,591,169
\nCurrent liabilities 4,139,464
\n2,236,424
\nNon-current liabilities 12,127,384
\n7,354,745
\n 16,266,848
\n9,591,169
\nThe Group\u2019s machinery leases mainly relate to the Chrysos PhotonAssay
\nTM
\n units for the laboratory
\nbusiness. The Group recognises lease liabilities and right of use assets once the units have been
\ncommissioned for use on site. As at 31 December 2022, 4 Chrysos units had been commissioned (2021:
\n1 unit).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag319": {
"value": "\nEmployee costs
\nSalaries,\u2005wages,\u2005bonuses\u2005and\u2005other\u2005benefits 79,560,382
\n65,554,872
\nShare based compensation expense 2,774,331 1,989,277
\nTotal employee costs 82,334,713
\n67,544,149
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag292": {
"value": "\n
\n\n7. FINANCE COSTS
\n2022 2021
\nUS$ US$
\nLease liabilities 818,249 177,962
\nInterest on bank loans 4,219,977 2,517,390
\nInterest on supplier credit facilities 1,005,158 699,865
\nAmortised debt arrangement costs 438,663 -
\nOther\u2005finance\u2005costs 873,663 438,549
\nTotal finance costs 7,355,710 3,833,766
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag300": {
"value": "\n7. FINANCE COSTS
\n2022 2021
\nUS$ US$
\nLease liabilities 818,249 177,962
\nInterest on bank loans 4,219,977 2,517,390
\nInterest on supplier credit facilities 1,005,158 699,865
\nAmortised debt arrangement costs 438,663 -
\nOther\u2005finance\u2005costs 873,663 438,549
\nTotal finance costs 7,355,710 3,833,766
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag312": {
"value": "\nNotes to the Annual Financial Statements (continued)
\n8. FAIR VALUE (LOSS)/ GAIN ON INVESTMENTS AT FAIR VALUE
\nFair\u2005value\u2005(loss)/gain\u2005on\u2005investments\u2005recognised\u2005during\u2005the\u2005year\u2005consists\u2005of:
\n2022 2021
\nUS$ US$
\nValuation\u2005of\u2005equity\u2005investments\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss (19,534,702) 33,054,048
\nValuation\u2005of\u2005derivative\u2005financial\u2005assets\u2005through\u2005profit\u2005or\u2005loss (554,903) 554,903
\nRealised gain on disposal of equity investments 291,636 107,805
\nFair value (loss)/gain on investments at fair value (19,797,969)
\n33,716,756
\n
\n\n21. INVESTMENTS AT FAIR VALUE
\nEquity\u2005investments\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005or\u2005loss
\n2022
\n2021
\nUS$ US$
\nMandatorily at fair value through profit or loss:
\nLevel 1 shares 30,434,599 51,958,649
\nLevel 3 shares 8,292,442 8,193,018
\n38,727,041 60,151,667
\n
\n\n21. INVESTMENTS AT FAIR VALUE (continued)
\nThe reconciliation of the investment valuations from 1 January 2022 to 31 December 2022 is as follows:
\nLevel 1 Level 3 Total
\nDetails
\nUS$ US$ US$
\nAt 1 January 2022 51,958,649 8,193,018 60,151,667
\nAdditions 8,713,205 297,316 9,010,521
\nDisposal (10,345,543) \u2013 (10,345,543)
\nFair\u2005value\u2005gain/(loss) (19,891,712) (197,892) (20,089,604)
\nAt 31 December 2022 30,434,599 8,292,442 38,727,041
\nDetails
\nLevel 1 Level 3 Total
\nUS$ US$ US$
\nAt 1 January 2021 16,233,516 10,933,579 27,167,095
\nAdditions 9,025,943 124,141 9,150,084
\nDisposal (6,377,163) \u2013 (6,377,163)
\nFair\u2005value\u2005gain/(loss) 31,042,850 (831,199) 30,211,651
\nTransfer from level 3 2,033,503 (2,033,503) \u2013
\nAt 31 December 2021 51,958,649 8,193,018 60,151,667
\nFair value information
\nLevel 1 shares
\nMarket approach \u2013 Listed share price.
\nThe Company\u2019s interests in various listed shares are valued at the 31 December 2022 closing prices. No
\nsecondary valuation methodologies have been considered as the Company\u2019s Level 1 investments are
\nlisted on active markets.
\nLevel 3 shares
\nMarket Approach \u2013 Market comparables applying Directors\u2019 estimate.
\nThe Directors have reviewed the valuation methodology at 31 December 2022 and considered the most
\nappropriate valuation methodology is a multiples-based approach based on comparing the enterprise
\nvalues\u2005of\u2005a\u2005peer\u2005group\u2005with\u2005their\u2005respective\u2005consensus\u2005forecast\u2005EBITDA\u2005(EV/EBITDA)\u2005for\u20052023\u2005and\u20052024.\u2005
\nThe peer average multiple for 2023 was 3.9x and the multiple for 2024 was 3.8x. The peer group average
\nmultiples are then applied to the forecast EBITDA of the level 3 investment, supplied by the level 3
\ncompany.
\nFor the purposes of the disclosures required by IFRS 13, if the average EBITDA multiples increased
\nby 25% across all the level 3 companies, with all other indicators unchanged, in aggregate the level 3
\ninvestment value included in the balance sheet would increase from USD7.6 million to US$10.0 million.
\nThe\u2005related\u2005fair\u2005value\u2005increase\u2005of\u2005US$2.4\u2005million\u2005would\u2005be\u2005recognised\u2005in\u2005profit\u2005and\u2005loss\u2005statement.\u2005
\nAlternatively, if the average multiples used decrease by 25%, with all other indicators unchanged, in
\naggregate the level 3 investment value included in the balance sheet would decrease from US$7.6 million
\nto\u2005US$5.5\u2005million.\u2005The\u2005related\u2005fair\u2005value\u2005decrease\u2005of\u2005US$2.1\u2005million\u2005would\u2005be\u2005recognised\u2005in\u2005profit\u2005and\u2005loss\u2005
\nstatement. An adjustment to forecast gold prices would have an impact on the Enterprise Values of the
\npeer companies. The Directors do not have the information available to accurately determine the impact
\nsuch a change would have on the valuation of the level 3 companies.
\nIn line with 31 December 2021 the Directors have continued to use a multiples-based approach based
\non comparing the enterprise values of a peer group with their EBITDA however have rolled the valuation
\nforward to be based on forward looking estimates for 2023 and 2024.
\nThe\u2005Directors\u2005also\u2005considered\u2005the\u2005suitability\u2005of\u2005the\u2005peers,\u2005with\u2005specific\u2005consideration\u2005to\u2005the\u2005mine\u2005lives\u2005of\u2005
\nthe peer group. A full comparison of the same peer group of West African producing peers was performed
\nand noted that mine lives were comparable taking into account recent additions in mining portfolio.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag308": {
"value": "\n
\n
\n\n9. TAXATION
\nMajor components of the tax expense
\n2022 2021
\nCurrent
\nUS$ US$
\nIncome tax \u2013 current period 6,281,949 8,074,306
\nIncome tax \u2013 recognised in current tax for prior periods 204,943 224,385
\nWithholding tax \u2013 current period 3,349,077 3,397,396
\nTotal current taxation 9,835,969 11,696,087
\nDeferred
\nCurrent year \u2013 20,442
\nTotal deferred taxation \u2013 20,442
\nTotal taxation 9,835,969 11,716,529
\nCapital Limited is incorporated in Bermuda. No taxation is payable on the results of the Bermuda
\nbusiness. Taxation for other jurisdictions is calculated in terms of the legislation and rates prevailing in the
\nrespective jurisdictions.
\nReconciliation of the tax expense
\nThe taxation charge for the year can be reconciled to the theoretical amount that would arise using the
\nbasic\u2005tax\u2005rate\u2005on\u2005the\u2005profit\u2005or\u2005loss\u2005per\u2005the\u2005statement\u2005of\u2005comprehensive\u2005income\u2005as\u2005follows:
\n2022 2021
\nUS$ US$
\nAccounting\u2005profit\u2005before\u2005tax 32,566,128 82,005,307
\nTax\u2005at\u2005domestic\u2005rates\u2005applicable\u2005to\u2005profits\u2005and\u2005losses\u2005
\nin the jurisdictions in which the Group operates
\n4,189,998 8,100,344
\nTax effect of adjustments on taxable income
\nForeign withholding taxes paid 3,349,077 3,397,396
\nPermanent\u2005differences 623,182 (542,467)
\nPrior\u2005year\u2005under\u2005/(over)\u2005provision 204,943 224,385
\nLosses not recognised 1,468,769 536,872
\nTotal taxation 9,835,969 11,716,529
\nThe\u2005Group\u2019s\u2005consolidated\u2005income\u2005tax\u2005expense\u2005is\u2005affected\u2005by\u2005the\u2005varying\u2005tax\u2005laws\u2005and\u2005income\u2005tax\u2005rates\u2005in\u2005
\neffect\u2005in\u2005the\u2005various\u2005countries\u2005in\u2005which\u2005it\u2005operates,\u2005which\u2005are\u2005mainly\u2005in\u2005Africa,\u2005Middle\u2005East\u2005and\u2005Americas.
\n
\n\n
\n\n
\n\n9. TAXATION (continued)
\nUncertain income tax positions
\nThe Group operates in multiple jurisdictions with complex legal and tax regulatory environments. In
\ncertain of these jurisdictions, the Group has taken income tax positions that management believes are
\nsupportable and are intended to withstand challenge by tax authorities. Some of these positions are
\ninherently uncertain and relate to the interpretation of income tax laws. The Group periodically reassesses
\nits\u2005tax\u2005positions.\u2005Changes\u2005to\u2005the\u2005financial\u2005statement\u2005recognition,\u2005measurement,\u2005and\u2005disclosure\u2005of\u2005tax\u2005
\npositions is based on management\u2019s best judgment given any changes in the facts, circumstances,
\ninformation available and applicable tax laws. Considering all available information and the history of
\nresolving income tax uncertainties, the Group believes that the ultimate resolution of such matters will not
\nlikely\u2005have\u2005a\u2005material\u2005effect\u2005on\u2005the\u2005Group\u2019s\u2005financial\u2005position,\u2005statements\u2005of\u2005income\u2005or\u2005cash\u2005flows.
\n
\n\n
\n\n17. DEFERRED TAX
\n2022 2021
\nUS$ US$
\nDeferred tax liability
\nExcess of capital allowances over depreciation (34,196) (34,196)
\nTotal deferred tax liability (34,196) (34,196)
\nDeferred tax asset
\nExcess of capital allowances over depreciation \u2013 \u2013
\nThe summarised position is as per below:
\nDeferred tax liability (34,196) (34,196)
\nDeferred tax asset \u2013 \u2013
\nTax losses recognised (34,196) (34,196)
\nReconciliation of deferred tax asset / (liability)
\nAt beginning of year (34,196) (13,755)
\nTaxable\u2005/\u2005(deductible)\u2005temporary\u2005difference\u2005movement\u2005on\u2005
\ntangible\u2005fixed\u2005assets
\n\u2013 (20,441)
\nAt end of year (34,196) (34,196)
\nDuring 2022 the Group undertook an assessment of the likelihood of utilising older tax losses. At the
\nreporting date, the Group has estimated tax losses carried forward of US$6.6 million (2021: US$8.8
\nmillion)\u2005with\u2005a\u2005tax\u2005value\u2005of\u2005US$1.5\u2005million\u2005(2021:\u2005US$1.7\u2005million)\u2005available\u2005for\u2005offset\u2005against\u2005future\u2005profits.\u2005
\nAll losses will expire between 1\u20134 years. No deferred tax asset has been recognised in relation to these
\ncarried\u2005forward\u2005tax\u2005losses\u2005due\u2005to\u2005uncertainty\u2005as\u2005to\u2005the\u2005realisation\u2005of\u2005future\u2005taxable\u2005profits\u2005against\u2005which\u2005
\nthe\u2005losses\u2005can\u2005be\u2005offset.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag286": {
"value": "\n9. TAXATION
\nMajor components of the tax expense
\n2022 2021
\nCurrent
\nUS$ US$
\nIncome tax \u2013 current period 6,281,949 8,074,306
\nIncome tax \u2013 recognised in current tax for prior periods 204,943 224,385
\nWithholding tax \u2013 current period 3,349,077 3,397,396
\nTotal current taxation 9,835,969 11,696,087
\nDeferred
\nCurrent year \u2013 20,442
\nTotal deferred taxation \u2013 20,442
\nTotal taxation 9,835,969 11,716,529
\nCapital Limited is incorporated in Bermuda. No taxation is payable on the results of the Bermuda
\nbusiness. Taxation for other jurisdictions is calculated in terms of the legislation and rates prevailing in the
\nrespective jurisdictions.
\nReconciliation of the tax expense
\nThe taxation charge for the year can be reconciled to the theoretical amount that would arise using the
\nbasic\u2005tax\u2005rate\u2005on\u2005the\u2005profit\u2005or\u2005loss\u2005per\u2005the\u2005statement\u2005of\u2005comprehensive\u2005income\u2005as\u2005follows:
\n2022 2021
\nUS$ US$
\nAccounting\u2005profit\u2005before\u2005tax 32,566,128 82,005,307
\nTax\u2005at\u2005domestic\u2005rates\u2005applicable\u2005to\u2005profits\u2005and\u2005losses\u2005
\nin the jurisdictions in which the Group operates
\n4,189,998 8,100,344
\nTax effect of adjustments on taxable income
\nForeign withholding taxes paid 3,349,077 3,397,396
\nPermanent\u2005differences 623,182 (542,467)
\nPrior\u2005year\u2005under\u2005/(over)\u2005provision 204,943 224,385
\nLosses not recognised 1,468,769 536,872
\nTotal taxation 9,835,969 11,716,529
\nThe\u2005Group\u2019s\u2005consolidated\u2005income\u2005tax\u2005expense\u2005is\u2005affected\u2005by\u2005the\u2005varying\u2005tax\u2005laws\u2005and\u2005income\u2005tax\u2005rates\u2005in\u2005
\neffect\u2005in\u2005the\u2005various\u2005countries\u2005in\u2005which\u2005it\u2005operates,\u2005which\u2005are\u2005mainly\u2005in\u2005Africa,\u2005Middle\u2005East\u2005and\u2005Americas.
\n
\n\n9. TAXATION (continued)
\nUncertain income tax positions
\nThe Group operates in multiple jurisdictions with complex legal and tax regulatory environments. In
\ncertain of these jurisdictions, the Group has taken income tax positions that management believes are
\nsupportable and are intended to withstand challenge by tax authorities. Some of these positions are
\ninherently uncertain and relate to the interpretation of income tax laws. The Group periodically reassesses
\nits\u2005tax\u2005positions.\u2005Changes\u2005to\u2005the\u2005financial\u2005statement\u2005recognition,\u2005measurement,\u2005and\u2005disclosure\u2005of\u2005tax\u2005
\npositions is based on management\u2019s best judgment given any changes in the facts, circumstances,
\ninformation available and applicable tax laws. Considering all available information and the history of
\nresolving income tax uncertainties, the Group believes that the ultimate resolution of such matters will not
\nlikely\u2005have\u2005a\u2005material\u2005effect\u2005on\u2005the\u2005Group\u2019s\u2005financial\u2005position,\u2005statements\u2005of\u2005income\u2005or\u2005cash\u2005flows.
\n
\n\n
\n\n17. DEFERRED TAX
\n2022 2021
\nUS$ US$
\nDeferred tax liability
\nExcess of capital allowances over depreciation (34,196) (34,196)
\nTotal deferred tax liability (34,196) (34,196)
\nDeferred tax asset
\nExcess of capital allowances over depreciation \u2013 \u2013
\nThe summarised position is as per below:
\nDeferred tax liability (34,196) (34,196)
\nDeferred tax asset \u2013 \u2013
\nTax losses recognised (34,196) (34,196)
\nReconciliation of deferred tax asset / (liability)
\nAt beginning of year (34,196) (13,755)
\nTaxable\u2005/\u2005(deductible)\u2005temporary\u2005difference\u2005movement\u2005on\u2005
\ntangible\u2005fixed\u2005assets
\n\u2013 (20,441)
\nAt end of year (34,196) (34,196)
\nDuring 2022 the Group undertook an assessment of the likelihood of utilising older tax losses. At the
\nreporting date, the Group has estimated tax losses carried forward of US$6.6 million (2021: US$8.8
\nmillion)\u2005with\u2005a\u2005tax\u2005value\u2005of\u2005US$1.5\u2005million\u2005(2021:\u2005US$1.7\u2005million)\u2005available\u2005for\u2005offset\u2005against\u2005future\u2005profits.\u2005
\nAll losses will expire between 1\u20134 years. No deferred tax asset has been recognised in relation to these
\ncarried\u2005forward\u2005tax\u2005losses\u2005due\u2005to\u2005uncertainty\u2005as\u2005to\u2005the\u2005realisation\u2005of\u2005future\u2005taxable\u2005profits\u2005against\u2005which\u2005
\nthe\u2005losses\u2005can\u2005be\u2005offset.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag288": {
"value": "\n10. EARNINGS PER SHARE
\nBasic earnings per share
\nThe earnings and weighted average number of ordinary shares used in the calculation of basic earnings
\nper share are as follows:
\n2022 2021
\nEarnings for the year, used in the calculation of basic
\nearnings per share ($)
\n20,990,137 70,174,784
\nAdjusted for:
\nFair\u2005value\u2005loss/\u2005(gain)\u2005on\u2005investments 19,797,969 (33,716,756)
\nEarnings for the year, used in the calculation of basic
\nearnings per share (adjusted) ($)
\n40,788,106 36,458,028
\nWeighted average number of ordinary shares for the
\npurposes of basic earnings per share (No.)
\n189,653,369 189,765,149
\nBasic earnings per share ($c) 11.07 36.98
\nBasic earnings per share (adjusted) ($c) 21.51 19.21
\nDiluted earnings per share
\nThe earnings used in the calculation of diluted earnings per share measures are the same as those used
\nin the equivalent basic earnings per share measures, as outlined above.
\nNotes to the Annual Financial Statements (continued)
\n10. EARNINGS PER SHARE (continued)
\nDiluted earnings per share (continued)
\n2022 2021
\nReconciliation of weighted average number of
\nordinary shares used for earnings per share to
\nweighted average number of ordinary shares used for
\ndiluted
\nWeighted average number of ordinary shares used for
\nbasic earnings per share
\n189,653,369 189,765,149
\nAdjusted for:
\nEffect\u2005of\u2005STIP\u2005and\u2005LTIP\u2005shares 6,263,799 3,021,654
\nWeighted average number of ordinary shares used in
\nthe calculation of diluted earnings per share
\n195,917,168 192,786,803
\n2022 2021
\nDiluted earnings per share ($c) 10.71 36.40
\nDiluted earnings per share (adjusted) ($c) 20.82 18.91
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag316": {
"value": "\n11. DIVIDENDS PAID
\n2022 2021
\nUS$
\nUS$
\nDividends 7,089,184
\n4,751,372
\nDuring the 12 months ended 31 December 2022, a dividend of 2.4 cents (2021: 1.3 cents) per ordinary
\nshare,\u2005totalling\u2005to\u2005US$4,607,599\u2005(2021:\u2005US$2,470,713)\u2005was\u2005declared\u2005as\u2005the\u2005final\u2005dividend\u2005for\u20052021\u2005and\u2005
\npaid to the shareholders on 10 May 2022 (2021: 04 May 2021) followed by a further dividend of 1.3 cents
\n(2021: 1.2 cents) per share which was declared as interim dividend for 2022 totalling US$2,481,586
\n(2021: US$2,280,658) and paid on 3 October 2022 (2021: 24 September 2021). The total dividend paid is
\nUS$7,089,184 (2021: US$4,751,372).
\nIn\u2005respect\u2005of\u2005the\u2005year\u2005ended\u200531\u2005December\u20052022,\u2005the\u2005Directors\u2005propose\u2005that\u2005a\u2005final\u2005dividend\u2005of\u20052.6\u2005cents\u2005
\n(2021:\u20052.4\u2005cents)\u2005per\u2005share\u2005be\u2005paid\u2005to\u2005shareholders\u2005on\u20059\u2005May\u20052023\u2005(2021:\u200510\u2005May\u20052022).\u2005This\u2005final\u2005
\ndividend has not been included as a liability in these Consolidated Financial Statements. The proposed
\nfinal\u2005dividend\u2005is\u2005payable\u2005to\u2005all\u2005shareholders\u2005on\u2005the\u2005Register\u2005of\u2005Members\u2005on\u200514\u2005April\u20052023\u2005(2021:\u20058\u2005
\nApril\u20052022).\u2005The\u2005total\u2005estimated\u2005final\u2005dividend\u2005to\u2005be\u2005paid\u2005is\u2005US$5.0\u2005million\u2005(2021:\u2005US$4.59\u2005million).\u2005The\u2005
\npayment\u2005of\u2005this\u2005final\u2005dividend\u2005will\u2005not\u2005have\u2005any\u2005tax\u2005consequences\u2005for\u2005the\u2005Group.
\n
\n",
"dimensions": {
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"value": "0.026",
"decimals": 3,
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"entity": "scheme:213800XG175G91JW8W37",
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"Tag298": {
"value": "0.024",
"decimals": 3,
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"value": "5000000",
"decimals": -5,
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"value": "4590000",
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"Tag309": {
"value": "\n
\n12. PROPERTY, PLANT AND EQUIPMENT
\n\nDrilling Rigs
\nHeavy mining
\nequipment
\nAssociated
\ndrilling
\nequipment
\nVehicles
\nand trucks
\nCamp and
\nassociated
\nequipment
\nComputer
\nsoftware
\nLeasehold
\nimprovements
\nTotal
\nCost
\nUS$ US$ US$ US$ US$ US$ US$ US$
\nAt 1 January 2021
\n103,540,898 26,511,913 20,326,737 21,979,021 12,037,844 38,361 1,653,952 186,088,726
\nAdditions 23,814,358 29,918,725 7,009,849 12,439,323 2,483,930 \u2013 \u2013 75,666,185
\nDisposal (3,103,550) (19,520) (831,773) (824,132) (644,637) \u2013 \u2013 (5,423,612)
\nTransfers from Associated drilling equipment \u2013 2,813,654 (2,813,654) \u2013 \u2013 \u2013 \u2013 \u2013
\nAt 31 December 2021
\n124,251,706 59,224,772 23,691,159 33,594,212 13,877,137 38,361 1,653,952 256,331,299
\nAdditions 21,873,207 12,309,225 12,133,884 5,617,520 4,772,198 \u2013 \u2013 56,706,034
\nDisposal (6,755,226) (89,983) (4,426,158) (1,425,910)
\n(479,718)
\n\u2013 \u2013 (13,176,995)
\nAt 31 December 2022
\n139,369,687 71,444,014 31,398,885 37,785,822 18,169,617 38,361 1,653,952 299,860,338
\nDrilling Rigs
\nHeavy mining
\nequipment
\nAssociated
\ndrilling
\nequipment
\nVehicles and
\ntrucks
\nCamp and
\nassociated
\nequipment
\nComputer
\nsoftware
\nLeasehold
\nimprovements
\nTotal
\nAccumulated Depreciation
\nUS$ US$ US$ US$ US$ US$ US$ US$
\nAt 1 January 2021
\n70,806,074 \u2013 7,159,802 12,641,891 6,407,935 5,042 97,299 97,118,043
\nDepreciation 7,959,524 7,451,803 2,022,454 1,870,873 1,207,651 4,179 \u2013 20,516,484
\nDisposal (2,940,714) \u2013 (700,176) (751,640) (509,097) \u2013 \u2013 (4,901,627)
\nTransfers from Associated drilling equipment \u2013 528,416 (528,416) \u2013 \u2013 \u2013 \u2013 \u2013
\nAt 31 December 2021
\n75,824,884 7,980,219 7,953,664 13,761,124 7,106,489 9,221 97,299 112,732,900
\nDepreciation 10,373,050 8,876,658 3,134,579 3,180,506 1,389,635 4,178 \u2013 26,958,606
\nDisposal (6,409,664) (81,176) (4,345,182) (1,245,572) (407,682) \u2013 \u2013
\n(12,489,276)
\nAt 31 December 2022
\n79,788,270 16,775,701 6,743,061 15,696,058 8,088,442 13,399 97,299 127,202,230
\nCarrying amount at 31 December 2021 48,426,822 51,244,553 15,737,495 19,833,088 6,770,648 29,140 1,556,653 143,598,399
\nCarrying amount at 31 December 2022 59,581,417 54,668,313 24,655,824 22,089,764 10,081,175 24,962 1,556,653 172,658,108
\n
\n\nBank\u2005borrowings\u2005are\u2005secured\u2005on\u2005the\u2005Group\u2019s\u2005drilling\u2005and\u2005mining\u2005fleet\u2005\u2013\u2005see\u2005Note\u200527.\u2005
\nThe Group\u2019s property plant and equipment includes assets not yet commissioned totalling US$24.6
\nmillion (2021: US$19.9 million). The assets will be depreciated once commissioned and available for use.
\nImpairment and reversal of impairment
\nThe Group reviews the carrying amounts of its tangible assets at the end of each reporting period
\nto determine whether there is any indication that those assets may be impaired. Property, plant and
\nequipment was tested for impairment at the reporting date. As at this date, Management did not identify
\nany impairment indicators to warrant a detailed impairment review.
\nA checklist is made against both the external and internal sources of impairment. These indicators include:
\n\u2022\u2005 Unexpected decline in market value of the asset;
\n\u2022\u2005 Adverse technological changes, market or legal environment;
\n\u2022\u2005 Impact of climate change transitions;
\n\u2022\u2005 Changes in customer demands which Capital Limited fails to respond to; and
\n\u2022\u2005 Visual inspections of the asset during scheduled maintenance.
\nNo indication of the above has been noted with regards to the Group\u2019s property, plant and equipment.
\nMarket Values are still stable and in line with the carrying values on the assets. Routine maintenance is
\ncarried out on the assets as required, including parts change out and service.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag318": {
"value": "\n
\n\n14. GOODWILL
\n2022 2021
\nGroup Cost
\nAccumulated
\nimpairment
\nCarrying
\nvalue
\nCost
\nAccumulated
\nimpairment
\nCarrying
\nvalue
\nUS$ US$ US$ US$ US$ US$
\nGoodwill
\n1,296,387 \u2013
\n1,296,387
\n1,252,348 \u2013
\n1,252,348
\nGoodwill arose from the business combination
\nwith the acquisition of control in MSA Mineral
\nServices Analytical (Canada) Inc. (MSALABS)
\nin 2019 and International Apprenticeship &
\nCompetency Academy Limited (\u201cIACA\u201d) during the
\nyear (see Note 16).
\nAt 31 December 2022 the group owns 76.65%
\nof the share capital in MSA and 75% of the
\nshare capital in IACA. The consideration paid,
\nassets acquired and goodwill arising on the IACA
\nacquisition are not considered to be material to
\nthese\u2005financial\u2005statements.
\nGoodwill Impairment
\nThe Group is required to test, on an annual basis
\nwhether\u2005goodwill\u2005has\u2005suffered\u2005any\u2005impairments.\u2005
\nDiscounted\u2005cash\u2005flows\u2005were\u2005used\u2005to\u2005assess\u2005
\nthe goodwill as at 31 December 2022 and no
\nimpairment was found. The discount rate used
\nwas 20% (2021: 16.7%) with growth rate of 5%
\n(2021:\u20053%).\u2005Cash\u2005flow\u2005forecast\u2005was\u2005performed\u2005
\nfor 5 years up to 31 December 2027 with terminal
\nvalues estimated thereafter at a growth rate of 0%
\n(2021: 1.5%).
\nKey assumptions
\nThe Group regards MSALABS as a single Cash
\nGenerating Unit (CGU) for the purpose of testing
\nfor goodwill impairment. The recoverable amount
\nfor this CGU is based on value in use which is
\nderived\u2005from\u2005discounted\u2005cashflow\u2005calculations.\u2005
\nThe key assumptions applied in value in use
\ncalculations are those regarding Earnings Before
\nInterest Tax & Depreciation (EBITDA), growth rates
\nand discount rates.
\nForecasting EBITDA
\nFor\u2005MSALABS,\u2005the\u2005Group\u2005prepared\u2005cashflow\u2005
\nprojections for the 5 years to 31 December
\n2027 as noted above, based on the most recent
\nforecasts for the year ending 31 December 2023
\nand the Group\u2019s outlook on the health of the
\nmetals and mining sector over that period.
\nGrowth rates
\nRevenue growth rates applied to the value in use
\ncalculations\u2005for\u2005MSALABS\u2005reflect\u2005management\u2019s\u2005
\nstrategy and outlook on the metals and mining
\nsector and particularly over the gold mining sector
\nwhere a growth rate of 5% per year has been used
\nas a base case scenario with sensitivity analysis
\napplied to growth rates ranging from 1 % to 10%.
\nDiscount rates
\nThe pre-tax discount rates used to assess the
\nforecast\u2005cashflows\u2005for\u2005MSALABS\u2005was\u2005based\u2005on\u2005
\nestimates of the risk-free rate and uplifted by
\nmanagement\u2019s own assessment of business risks
\nand\u2005specific\u2005risks\u2005of\u2005operating\u2005in\u2005the\u2005metals\u2005and\u2005
\nmining sector. This was estimated at 20% at 31
\nDecember 2022. Sensitivity analysis was applied
\nto discount rates ranging from 12% to 25%.
\nSensitivity analysis
\nA sensitivity analysis was performed, and
\nmanagement concluded that changes in the key
\nassumptions did not result in an impairment of
\nthe goodwill in MSALABS. Discount rates of up to
\n25% and growth rates as low as 1% were used
\nin the value in use workings. Even at such level
\nmanagement concluded that no impairment was
\nrequired.
\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag287": {
"value": "\n14. GOODWILL
\n2022 2021
\nGroup Cost
\nAccumulated
\nimpairment
\nCarrying
\nvalue
\nCost
\nAccumulated
\nimpairment
\nCarrying
\nvalue
\nUS$ US$ US$ US$ US$ US$
\nGoodwill
\n1,296,387 \u2013
\n1,296,387
\n1,252,348 \u2013
\n1,252,348
\nGoodwill arose from the business combination
\nwith the acquisition of control in MSA Mineral
\nServices Analytical (Canada) Inc. (MSALABS)
\nin 2019 and International Apprenticeship &
\nCompetency Academy Limited (\u201cIACA\u201d) during the
\nyear (see Note 16).
\nAt 31 December 2022 the group owns 76.65%
\nof the share capital in MSA and 75% of the
\nshare capital in IACA. The consideration paid,
\nassets acquired and goodwill arising on the IACA
\nacquisition are not considered to be material to
\nthese\u2005financial\u2005statements.
\nGoodwill Impairment
\nThe Group is required to test, on an annual basis
\nwhether\u2005goodwill\u2005has\u2005suffered\u2005any\u2005impairments.\u2005
\nDiscounted\u2005cash\u2005flows\u2005were\u2005used\u2005to\u2005assess\u2005
\nthe goodwill as at 31 December 2022 and no
\nimpairment was found. The discount rate used
\nwas 20% (2021: 16.7%) with growth rate of 5%
\n(2021:\u20053%).\u2005Cash\u2005flow\u2005forecast\u2005was\u2005performed\u2005
\nfor 5 years up to 31 December 2027 with terminal
\nvalues estimated thereafter at a growth rate of 0%
\n(2021: 1.5%).
\nKey assumptions
\nThe Group regards MSALABS as a single Cash
\nGenerating Unit (CGU) for the purpose of testing
\nfor goodwill impairment. The recoverable amount
\nfor this CGU is based on value in use which is
\nderived\u2005from\u2005discounted\u2005cashflow\u2005calculations.\u2005
\nThe key assumptions applied in value in use
\ncalculations are those regarding Earnings Before
\nInterest Tax & Depreciation (EBITDA), growth rates
\nand discount rates.
\nForecasting EBITDA
\nFor\u2005MSALABS,\u2005the\u2005Group\u2005prepared\u2005cashflow\u2005
\nprojections for the 5 years to 31 December
\n2027 as noted above, based on the most recent
\nforecasts for the year ending 31 December 2023
\nand the Group\u2019s outlook on the health of the
\nmetals and mining sector over that period.
\nGrowth rates
\nRevenue growth rates applied to the value in use
\ncalculations\u2005for\u2005MSALABS\u2005reflect\u2005management\u2019s\u2005
\nstrategy and outlook on the metals and mining
\nsector and particularly over the gold mining sector
\nwhere a growth rate of 5% per year has been used
\nas a base case scenario with sensitivity analysis
\napplied to growth rates ranging from 1 % to 10%.
\nDiscount rates
\nThe pre-tax discount rates used to assess the
\nforecast\u2005cashflows\u2005for\u2005MSALABS\u2005was\u2005based\u2005on\u2005
\nestimates of the risk-free rate and uplifted by
\nmanagement\u2019s own assessment of business risks
\nand\u2005specific\u2005risks\u2005of\u2005operating\u2005in\u2005the\u2005metals\u2005and\u2005
\nmining sector. This was estimated at 20% at 31
\nDecember 2022. Sensitivity analysis was applied
\nto discount rates ranging from 12% to 25%.
\nSensitivity analysis
\nA sensitivity analysis was performed, and
\nmanagement concluded that changes in the key
\nassumptions did not result in an impairment of
\nthe goodwill in MSALABS. Discount rates of up to
\n25% and growth rates as low as 1% were used
\nin the value in use workings. Even at such level
\nmanagement concluded that no impairment was
\nrequired.
\n
\n
\n\n
\n\nNotes to the Annual Financial Statements (continued)
\n15. INTANGIBLE ASSETS
\nReconciliation of intangible assets
\nCOMPUTER SOFTWARE
\n2022 2021
\nCost US$ US$
\nAt 1 January
\n1,282,269 276,248
\nAdditions 633,921 1,006,021
\nAt 31 December 1,916,190 1,282,269
\nThe intangible assets have not yet been amortised as they were still in the development stage at the
\nreporting\u2005date.\u2005No\u2005impairment\u2005indicators\u2005have\u2005been\u2005identified\u2005in\u2005respect\u2005of\u2005the\u2005intangible\u2005assets.
\nThe additions to computer software during the year consist of expenditure on the Group\u2019s Laboratory
\nInformation Management System (LIMS) and the new ERP system which, as at 31 December 2022, was
\nstill in the development stage. Management expects the ERP software to be commissioned during 2023.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag310": {
"value": "\nNotes to the Annual Financial Statements (continued)
\n15. INTANGIBLE ASSETS
\nReconciliation of intangible assets
\nCOMPUTER SOFTWARE
\n2022 2021
\nCost US$ US$
\nAt 1 January
\n1,282,269 276,248
\nAdditions 633,921 1,006,021
\nAt 31 December 1,916,190 1,282,269
\nThe intangible assets have not yet been amortised as they were still in the development stage at the
\nreporting\u2005date.\u2005No\u2005impairment\u2005indicators\u2005have\u2005been\u2005identified\u2005in\u2005respect\u2005of\u2005the\u2005intangible\u2005assets.
\nThe additions to computer software during the year consist of expenditure on the Group\u2019s Laboratory
\nInformation Management System (LIMS) and the new ERP system which, as at 31 December 2022, was
\nstill in the development stage. Management expects the ERP software to be commissioned during 2023.
\n
\n",
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"language": "en",
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},
"Tag291": {
"value": "\n16. NON-CONTROLLING INTEREST
\nMSALABS Ltd, a 76.65% (2021: 76.93%) owned subsidiary of the Company, has material non-controlling
\ninterests (NCI). MSALABS Ltd is incorporated in Mauritius and has operations globally.
\nCMS\u2005(Tanzania)\u2005Ltd\u2005is\u2005a\u200589.8%\u2005(80%\u2005direct,\u20058.9%\u2005indirect)\u2005owned\u2005subsidiary\u2005of\u2005the\u2005company.\u2005
\nSummarised\u2005financial\u2005information\u2005in\u2005relation\u2005to\u2005MSALABS\u2005Ltd,\u2005before\u2005intra-group\u2005eliminations,\u2005and\u2005CMS\u2005
\n(Tanzania)\u2005Ltd\u2005is\u2005presented\u2005below\u2005together\u2005with\u2005amounts\u2005attributable\u2005to\u2005NCI.
\nSummarised statement of financial position
\nMSALABS LTD CMS (TANZANIA) LTD
\n2022 2021 2022
\n2021
\nUS$ US$ US$ US$
\nAssets
\nNon-current assets 24,138,781 7,481,076 32,569,310
\n18,438,320
\nCurrent assets 11,231,985 9,792,814 22,577,986
\n22,049,074
\nTotal assets 35,370,766 17,273,890 55,147,296
\n40,487,394
\nLiabilities
\nNon-current liabilities 12,299,594 347,638 15,823,091
\n12,880,968
\nCurrent liabilities 11,559,300 4,777,698 11,009,312
\n16,908,847
\nTotal liabilities 23,858,894 5,125,336 26,832,403
\n29,789,815
\nTotal net assets 11,511,872 12,148,554 28,314,893 10,697,579
\nCarrying amount of non-
\ncontrolling interest
\n2,688,022 2,673,353 2,891,202
\n1,094,236
\n
\n\n16. NON-CONTROLLING INTEREST (continued)
\nSummarised statement of profit or loss and other comprehensive income
\nMSALABS LTD CMS (TANZANIA) LTD
\n2022 2021 2022
\n2021
\nUS$ US$ US$ US$
\nRevenue
\n26,657,058 12,247,313 64,537,043
\n23,641,827
\nOther income and expenses (25,672,018) (12,491,928) (44,859,082)
\n(14,665,399)
\nProfit/(Loss) before tax
\n985,040 (244,615) 19,677,961
\n8,976,428
\nTax expense (1,156,429) (301,408) (2,060,647) (784,029)
\n(Loss)/ profit for the year (171,389) (546,023) 17,617,314 8,192,399
\nTotal comprehensive
\n(loss)/ income for the year
\n(171,389) (546,023) 17,617,314
\n8,192,399
\n(Loss)/ profit allocated to
\nnon-controlling interest
\n(39,939) (133,764) 1,796,966
\n479,546
\nSummary of movement in non-controlling interest during the year:
\nMSALABS Ltd
\nCMS (Tanzania)
\nLtd
\nInternational
\nApprenticeship
\n& Competency
\nAcademy Limited
\nTotal
\nUS$ US$ US$ US$
\nBalance at
\n1 January 2022
\n2,673,353 1,094,236 \u2013
\n3,767,589
\nAcquisitions during the year \u2013 \u2013 10,321
\n10,321
\nProfit\u2005or\u2005(loss) (39,939) 1,796,966 (17,005)
\n1,740,022
\nChange in ownership 54,608 \u2013 \u2013
\n54,608
\nBalance at
\n31 December 2022
\n2,688,022 2,891,202 (6,684) 5,572,540
\nMSALABS Ltd
\nCMS (Tanzania) Ltd
\nTotal
\nUS$ US$ US$
\nBalance at 1 January 2021
\n1,389,315 \u2013 1,389,315
\nProfit\u2005or\u2005loss (133,764) 247,758 113,994
\nAdjustment arising from change in non-
\ncontrolling interest:
\nRights issue 875,968 \u2013 875,968
\nImpact of change in ownership percentage 541,834 846,478 1,388,312
\nBalance at 31 December 2021 2,673,353 1,094,236 3,767,589
\nOn 25 March 2022 the Group acquired 75% of the voting equity instruments of International
\nApprenticeship & Competency Academy Limited (\u201cIACA\u201d) for a consideration of $75,000.
\nIACA\u2019s principal activity is developing a network of technical training centres across the country, to
\nsupport industrial development with apprenticeship programmes and skills assessment.
\nIACA incurred a loss of US$0.07 million during the period since acquisition.
\n
\n",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag285": {
"value": "\n18. INVENTORIES
\n2022
\n2021
\nUS$ US$
\nConsumables 58,310,073 36,303,937
\nGoods in transit 1,035,386 2,197,983
\nGross carrying value of inventory 59,345,459 38,501,920
\nLess impairment of inventory (650,480) (566,808)
\n
\n58,694,979 37,935,112
\nThe cost of inventories recognised as an expense in the current year amounts to US$18.3 million (2021:
\nUS$13.4\u2005million).\u2005During\u2005the\u2005year,\u2005the\u2005Group\u2005wrote\u2005off\u2005US$0.2\u2005million\u2005(2021:\u2005US$1.3\u2005million)\u2005of\u2005inventory.\u2005
\nA provision of US$0.7 million (2021: US$1.0 million \u2013 reversal of provision) was made during the year,
\nresulting in an increase in the carrying amount of the provision. Refer to Note 6 for details of the amount
\nof write-down of inventories recognised as an expense in the period.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag315": {
"value": "\n
\n
\n19. TRADE RECEIVABLES
\n2022
\n2021
\nUS$ US$
\nTrade receivables 44,522,523 42,212,147
\nLess: Allowance for credit losses (2,980,656) \u2013
\nTotal trade and other receivables 41,541,867 42,212,147
\nTrade receivables have credit periods of between 30 to 45 days. The ageing of trade receivables is
\ndetailed below:
\nCurrent 29,298,139 31,548,218
\nPast due 1\u201330 days 6,504,565 7,011,229
\nPast due 31\u201360 days 1,299,056 1,329,602
\nPast due 61\u201390 days 740,146 886,293
\nPast due over 90 days 6,680,617 1,436,805
\n44,522,523 42,212,147
\nBefore accepting any new customer, the Group assesses the potential customer\u2019s credit quality and
\ndefines\u2005credit\u2005limits\u2005for\u2005each\u2005customer.\u2005Customers\u2005credit\u2005limits\u2005are\u2005reviewed\u2005annually.\u2005The\u2005Group\u2019s\u2005credit\u2005
\nrisk is concentrated as the Group currently provides drilling services to a limited number of major and
\nmid-tier mining companies as well as junior explorers.
\nThe\u2005Group\u2005applies\u2005the\u2005IFRS\u20059\u2005simplified\u2005approach\u2005to\u2005measuring\u2005expected\u2005credit\u2005losses\u2005using\u2005a\u2005lifetime\u2005
\nexpected loss provision for trade receivables and contract assets. To measure expected credit losses
\non a collective basis, trade receivables and contract assets are grouped based on similar credit risk. The
\ncontract assets have similar risk characteristics to the trade receivables for similar types of contracts.
\nAs the Group does not have historical credit losses, the expected loss rates have been based on current
\nand\u2005forward-looking\u2005information\u2005on\u2005micro\u2005macroeconomic\u2005factors\u2005affecting\u2005the\u2005Group\u2019s\u2005customers.\u2005
\nThe\u2005Group\u2005has\u2005identified\u2005the\u2005metals\u2005and\u2005mining\u2005sector\u2019s\u2005credit\u2005loss\u2005probability\u2005rates\u2005as\u2005the\u2005key\u2005
\nmacroeconomic factor in countries where the Group operates.
\n\nThe lifetime expected loss provision for trade receivables is as follows:
\n31 December 2022
\nCurrent
\nMore than
\n30 days
\npast due
\nMore than
\n60 days
\npast due
\nMore than
\n120 days
\npast due
\nTotal
\nUS$ US$ US$ US$ US$
\nExpected loss rate 1% 6% 13% 38% 7%
\nGross carrying amount 35,802,704 1,299,057 740,146 6,680,616 44,522,523
\nLoss provision 232,820 80,441 99,522 2,567,873 2,980,656
\nMovements in the impairment allowance for trade receivables are as follows:
\n2022 2021
\nUS$ US$
\nOpening provision for impairment of trade receivables \u2013 \u2013
\nIncrease during the year 4,438,204 \u2013
\nReceivables\u2005written\u2005off\u2005during\u2005the\u2005year\u2005as\u2005uncollectible (1,457,548) \u2013
\nAt 31 December 2,980,656 \u2013
\n
\n\nThe Directors consider that the carrying amount of trade and other receivables approximate their
\nfair values.
\n\nNotes to the Annual Financial Statements (continued)
\n20. OTHER RECEIVABLES
\n2022 2021
\nUS$ US$
\nPrepayments 4,334,239 4,134,418
\nCapitalised contract costs 1,584,888 2,608,530
\nVAT recoverable 6,484,855 6,050,210
\nAccounts receivable - Sundry 8,584,473 7,778,654
\nPrepayment\u2005for\u2005fixed\u2005assets 5,542,523 3,548,794
\nOthers 2,030 21,017
\n26,533,008 24,141,623
\nCurrent 20,073,008 17,681,623
\nNon-current 6,460,000 6,460,000
\n 26,533,008 24,141,623
\nNon-current receivable of US$6.5 million (2021: US$6.5 million) relates to the consideration due from the
\nnon-controlling interest in CK Washirika Limited. The consideration will be settled against future dividends
\nin CK Washirika Limited. In assessing the receivable for impairment, the Group has considered the future
\ncash\u2005flows\u2005to\u2005be\u2005generated\u2005by\u2005CK\u2005Washirika\u2005Limited\u2005through\u2005its\u2005investments\u2005in\u2005CMS\u2005Tanzania\u2005Ltd\u2005and\u2005
\nMSA Laboratories (T) Ltd, the provisions of the shareholder agreement and the credit worthiness of the
\nnon-controlling interest.
\nThe Directors have assessed the expected credit loss allowance in respect of the non-current receivable
\nto be immaterial.
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag295": {
"value": "\nThe lifetime expected loss provision for trade receivables is as follows:
\n31 December 2022
\nCurrent
\nMore than
\n30 days
\npast due
\nMore than
\n60 days
\npast due
\nMore than
\n120 days
\npast due
\nTotal
\nUS$ US$ US$ US$ US$
\nExpected loss rate 1% 6% 13% 38% 7%
\nGross carrying amount 35,802,704 1,299,057 740,146 6,680,616 44,522,523
\nLoss provision 232,820 80,441 99,522 2,567,873 2,980,656
\nMovements in the impairment allowance for trade receivables are as follows:
\n2022 2021
\nUS$ US$
\nOpening provision for impairment of trade receivables \u2013 \u2013
\nIncrease during the year 4,438,204 \u2013
\nReceivables\u2005written\u2005off\u2005during\u2005the\u2005year\u2005as\u2005uncollectible (1,457,548) \u2013
\nAt 31 December 2,980,656 \u2013
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag306": {
"value": "\nNotes to the Annual Financial Statements (continued)
\n20. OTHER RECEIVABLES
\n2022 2021
\nUS$ US$
\nPrepayments 4,334,239 4,134,418
\nCapitalised contract costs 1,584,888 2,608,530
\nVAT recoverable 6,484,855 6,050,210
\nAccounts receivable - Sundry 8,584,473 7,778,654
\nPrepayment\u2005for\u2005fixed\u2005assets 5,542,523 3,548,794
\nOthers 2,030 21,017
\n26,533,008 24,141,623
\nCurrent 20,073,008 17,681,623
\nNon-current 6,460,000 6,460,000
\n 26,533,008 24,141,623
\nNon-current receivable of US$6.5 million (2021: US$6.5 million) relates to the consideration due from the
\nnon-controlling interest in CK Washirika Limited. The consideration will be settled against future dividends
\nin CK Washirika Limited. In assessing the receivable for impairment, the Group has considered the future
\ncash\u2005flows\u2005to\u2005be\u2005generated\u2005by\u2005CK\u2005Washirika\u2005Limited\u2005through\u2005its\u2005investments\u2005in\u2005CMS\u2005Tanzania\u2005Ltd\u2005and\u2005
\nMSA Laboratories (T) Ltd, the provisions of the shareholder agreement and the credit worthiness of the
\nnon-controlling interest.
\nThe Directors have assessed the expected credit loss allowance in respect of the non-current receivable
\nto be immaterial.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag289": {
"value": "\nNotes to the Annual Financial Statements (continued)
\n22. CASH AND CASH EQUIVALENTS
\nCash and cash equivalents consist of:
\n2022 2021
\nUS$ US$
\nCash on hand 104,130 119,533
\nBank balances 28,275,477 30,457,716
\nTotal cash and cash equivalents 28,379,607 30,577,249
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag302": {
"value": "\n
\n
\n\n23. SHARE CAPITAL AND PREMIUM
\n2022
\n2021
\nUS$ US$
\nAuthorised
\n2,000,000,000 (2021: 2,000,000,000) Ordinary shares of
\n$0.0001 (2021: $0.0001) each
\n200,000 200,000
\nNumber of ordinary shares
\nBalance at beginning of period 190,054,838 188,780,903
\nNumber of shares issued 2,809,900 1,273,935
\nBalance at end of period 192,864,738 190,054,838
\nNo of shares reserved for issue under options 1,973,551 \u2013
\nIn March and April 2022, the Company issued 2,809,900 new common shares (valued at US$1,490,379)
\npursuant to the Company\u2019s employee short and long term. The shares rank pari passu with the existing
\nordinary shares. Fully paid ordinary shares which have a par value of 0.01 cents, carry one vote per share
\nand carry rights to dividends.
\n2022
\n2021
\nIssued share capital
\n$ $
\nBalance at beginning of period 19,006 18,878
\nShare issued 281 128
\nBalance at end of period 19,287
\n19,006
\nThe holders of ordinary shares have the same rights. They are entitled to receive dividends as declared
\nfrom time to time and to one vote per share at the shareholders\u2019 meeting.
\n2022
\n2021
\nShare premium
\n$
\n$
\nBalance at beginning of period 60,900,119 60,169,426
\nShare issue 1,490,098 730,693
\nBalance at end of period 62,390,217 60,900,119
\n
\n\n\n24. TREASURY SHARES
\n2022
\n2021
\nUS$ US$
\nBalance at 1 January \u2013 \u2013
\nAcquired in the year 2,474,964 \u2013
\nBalance at 31 December 2022 2,474,964
\n\u2013
\nThe treasury shares reserve represents the cost of shares in Capital Limited purchased in the market and
\nheld by the Company to satisfy options under the Group\u2019s share options plans.
\nThe number of ordinary shares held by the Company at 31 December 2022 was 1,973,551 (2021: nil).
\n
\n\n
\n\n
\n\n26. OTHER RESERVES
\nOther reserves consist of $190,056 (2021: $190,056) which arose upon the acquisition of shares in MSA
\nin 2019.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag297": {
"value": "\n23. SHARE CAPITAL AND PREMIUM
\n2022
\n2021
\nUS$ US$
\nAuthorised
\n2,000,000,000 (2021: 2,000,000,000) Ordinary shares of
\n$0.0001 (2021: $0.0001) each
\n200,000 200,000
\nNumber of ordinary shares
\nBalance at beginning of period 190,054,838 188,780,903
\nNumber of shares issued 2,809,900 1,273,935
\nBalance at end of period 192,864,738 190,054,838
\nNo of shares reserved for issue under options 1,973,551 \u2013
\nIn March and April 2022, the Company issued 2,809,900 new common shares (valued at US$1,490,379)
\npursuant to the Company\u2019s employee short and long term. The shares rank pari passu with the existing
\nordinary shares. Fully paid ordinary shares which have a par value of 0.01 cents, carry one vote per share
\nand carry rights to dividends.
\n2022
\n2021
\nIssued share capital
\n$ $
\nBalance at beginning of period 19,006 18,878
\nShare issued 281 128
\nBalance at end of period 19,287
\n19,006
\nThe holders of ordinary shares have the same rights. They are entitled to receive dividends as declared
\nfrom time to time and to one vote per share at the shareholders\u2019 meeting.
\n2022
\n2021
\nShare premium
\n$
\n$
\nBalance at beginning of period 60,900,119 60,169,426
\nShare issue 1,490,098 730,693
\nBalance at end of period 62,390,217 60,900,119
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag313": {
"value": "\n24. TREASURY SHARES
\n2022
\n2021
\nUS$ US$
\nBalance at 1 January \u2013 \u2013
\nAcquired in the year 2,474,964 \u2013
\nBalance at 31 December 2022 2,474,964
\n\u2013
\nThe treasury shares reserve represents the cost of shares in Capital Limited purchased in the market and
\nheld by the Company to satisfy options under the Group\u2019s share options plans.
\nThe number of ordinary shares held by the Company at 31 December 2022 was 1,973,551 (2021: nil).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag301": {
"value": "\n25. EQUITY-SETTLED EMPLOYEE BENEFITS RESERVE
\nAll employees of the Group are eligible to
\nparticipate in the discretionary bonus incentive
\nscheme approved by the Remuneration
\nCommittee. The scheme incentivises the
\nachievement of a range of short-term and
\nlong-term performance targets that are key to
\nthe success of the Group. The Remuneration
\nCommittee grants at its discretion options or
\nshare awards at no costs to the employee based
\non individual performance. Employees to whom
\noptions\u2005or\u2005share\u2005awards\u2005are\u2005offered\u2005are\u2005required\u2005to\u2005
\naccept\u2005the\u2005offer\u2005prior\u2005to\u2005issuance\u2005of\u2005the\u2005certificate.
\nGrant terms are determined by the Remuneration
\nCommittee on the date of the grant. These include
\nthe number of options or share awards, vesting
\nterms, exercise price and expiry date which are
\ncommunicated\u2005to\u2005employees\u2005in\u2005the\u2005offer\u2005notice.\u2005
\nOptions or share awards are forfeited if the
\nemployee leaves the Group before the vesting
\ndate. If options are not exercised by the expiry
\ndate, they are cancelled. Details of the share
\noptions or share awards outstanding during the
\nyear are as follows:
\n2021 & 2022 Short Term Incentive Plan
\nShare awards were granted under the 2021 Short
\nTerm Incentive Plan (STIP). The total value of
\nthe grant in shares was US$1,336,921. The total
\nnumber of shares granted was 967,441 and the
\nshare price used in the calculation was GBP 1.04
\nwhich was the quoted price of the shares as at 31
\nMarch 2022. Vesting date is 31 March 2023 and
\nvesting is contingent on continued employment to
\nthat date. The Group has expensed US$668,461
\nin 2022 (2021: US$668,461).
\nShare awards were granted under the 2022 Short
\nTerm Incentive Plan (STIP). The total value of
\nthe grant in shares was US$1,548,599. The total
\nnumber of shares to be awarded will be based
\nupon the closing share price after the March 2023
\nclosing period. Vesting date is 31 March 2024 and
\nvesting is contingent on continued employment to
\nthat date. The Group has expensed US$774,299
\nin 2022 (2021: US$ nil).
\n2020, 2021 & 2022 Long-Term Incentive Plan
\nVesting conditions for 2020, 2021 and 2022 LTIP
\nshares are contingent upon:
\ni) the compound annual growth rate (CAGR)
\nof the earnings per share (EPS) over the
\nvesting period
\nii) the Total Shareholder Return (TSR) over the
\nvesting period
\n50% of the share awards are contingent on
\ncondition 1 (EPS CAGR), while the other 50% are
\ncontingent on condition 2 (TSR).
\nThe share awards are valued separately due to the
\nindependent vesting conditions. Condition 1 being
\na non-market related condition while condition 2 is
\na market-related condition.
\nDuring 2022, a second LTIP (\u201cLTIP 2\u201d) was
\nintroduced with vesting conditions 100%
\ncontingent upon the TSR over the vesting period
\n(3 years).
\nCondition 1: (EPS CAGR)
\nCondition 1 is a non-market condition with a
\nvariable number of equity instruments. Valuation
\nof\u2005condition\u20051\u2005is\u2005done\u2005using\u2005the\u2005modified\u2005grant\u2005
\nmethod which utilises a value method and a
\nnumber component.
\ni) Value component: The value component is the
\ngrant date fair value of the share award based
\non the share price observed in the market on
\ngrant date. This value remains constant during
\nthe life of the instrument.
\nii) Number component: The number of equity
\ninstruments expected to vest is based on
\nthe EPS CAGR estimate at year end. Linear
\ninterpolation is performed between upper and
\nlower bound targets to obtain an estimate of
\nthe number of shares vesting. The estimated
\nnumber of shares vesting is revised at
\nyear end.
\nCondition 2: (TSR)
\nCondition 2 is a market condition with a variable
\nnumber of equity instruments. The grant date
\nfair\u2005value\u2005should\u2005therefore\u2005reflect\u2005the\u2005probability\u2005
\nof satisfying the market condition. The binomial
\nmodel is an appropriate valuation model as it
\nconsiders\u2005the\u2005different\u2005possible\u2005outcomes\u2005while\u2005
\nallowing the adjustment of intrinsic value for the
\nvesting conditions. The share-based payment
\nshould not be adjusted for stock price changes
\nrelated to the market condition on subsequent
\nvaluation dates.
\n25. EQUITY-SETTLED EMPLOYEE BENEFITS RESERVE (continued)
\nThe second condition utilised a binomial model with the following inputs for the 2020, 2021 and
\n2022 LTIP:
\n2020 LTIP
\n2021 LTIP
\n2022 LTIP 1 2022 LTIP 2
\nVolatility 37.06% 41.56% 39.80% 39.80%
\nFair value at grant date GBP 0.3950 GBP 0.3283 GBP 0.4404 GBP 0.2979
\nShare price at grant date GBP 0.5988 GBP 0.6101 GBP 0.8036 GBP 0.8036
\nRisk Free Rate 1.88% 1.52% 1.52% 1.52%
\nDividend yield 1.79% 3.28% 4.39% 4.39%
\nExercise price USD 0.0001 USD 0.0001 USD 0.0001 USD 0.0001
\nVolatility periods 1,301 1,264 1,261 1,261
\nVesting date 31 Dec 2022 31 Dec 2023 31 Dec 2024 31 Dec 2024
\n* Volatility for the LTIPs was calculated using the daily share price movement from the 4 respective
\npreceding years.
\nLong-Term Incentive
\nPlans
\nVesting Date
\nRemaining
\nOptions
\nRemaining
\nOptions
\nExpected total
\nexpense
\nExpected total
\nexpense
\n31/12/2022 31/12/2021 31/12/2022 31/12/2021
\nUS$ US$
\n2020 LTIP 31/12/2022 1,645,908 1,645,908 1,019,616 1,016,405
\n2021 LTIP 31/12/2023 1,555,968 1,748,241 1,030,952
\n1,107,460
\n2022 LTIP 1 31/12/2024 1,948,692 \u2013 1,466,841 \u2013
\n2022 LTIP 2 31/12/2024 1,113,232 \u2013 401,319 \u2013
\nDuring the year 583,525 options were forfeited (2021: nil).
\n
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag317": {
"value": "\n26. OTHER RESERVES
\nOther reserves consist of $190,056 (2021: $190,056) which arose upon the acquisition of shares in MSA
\nin 2019.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag321": {
"value": "\n27. LOANS AND BORROWINGS
\n2022 2021
\n$ $
\nBank loans 57,944,781 48,735,961
\nSupplier credit facilities 17,674,372 13,719,399
\n75,619,153 62,455,360
\nLess: Unamortised debt arrangement costs (717,531) \u2013
\nTotal loans and borrowings 74,901,622 62,455,360
\nCurrent 18,036,811 16,887,692
\nNon-current 56,864,811 45,567,668
\nTotal loans and borrowings
\n 74,901,622 62,455,360
\nLong-term liabilities consist of:
\n(a) $25 million revolving credit facility (\u201cRCF\u201d) provided by Standard Bank (Mauritius) Limited
\nThe RCF was renewed on 19 July 2022 for a further term of 3 years. The interest rate on the RCF is the
\nprevailing three-month SOFR (payable in arrears) plus a margin of 5.75%, and an annual commitment fee
\nof 2.275% is charged on any undrawn balances. The amount utilised on the RCF is US$25 million as at
\n31 December 2022 (2021: US$15 million).
\n
\n\n27. LOANS AND BORROWINGS (continued)
\nUnder the terms of the RCF, the Group is required
\nto\u2005comply\u2005with\u2005certain\u2005financial\u2005covenants\u2005
\nrelating to:
\n\u2022\u2005 Interest Cover Ratio
\n\u2022\u2005 Debt EBITDA Ratio
\n\u2022\u2005 Debt Equity Ratio
\n\u2022\u2005 Total Tangible Net Worth
\nIn addition, CAPD (Mauritius) Limited, as borrower,
\nis also required to comply with the Total Tangible
\nNet Worth covenant.
\nSecurity for the Standard Bank (Mauritius) Limited
\nfacility comprises:
\nThe RCF is secured by various pledges over the
\nshares and claims of the Group\u2019s entities in Cote
\nd\u2019Ivoire\u2005and\u2005Tanzania\u2005together\u2005with\u2005the\u2005assignment\u2005
\nof material contracts and their collection accounts
\nin these jurisdictions and a debenture over the rigs
\nin\u2005Tanzania.
\nAs at the reporting date and during the period
\nunder review, the Group has complied with all
\ncovenants attached to the loan facilities.
\n(b) $32.5 million term loan provided by
\nMacquarie Bank Limited (London Branch)
\nOn\u200515\u2005September\u20052022,\u2005the\u2005Group\u2005refinanced\u2005the\u2005
\nsenior secured, asset backed term loan facility
\nwith Macquarie Bank Limited. The term of the loan
\nis three years repayable in quarterly instalments
\nwith an interest rate on the facility of the prevailing
\nthree-month SOFR plus a margin of 6.5% per
\nannum (payable quarterly in arrears). The loan is
\nsecured over certain assets owned by the Group
\nand currently located in Egypt together with
\nguarantees provided by Capital Limited, Capital
\nDrilling Egypt LLC and Capital Mining Services.
\nThe Group drew an additional US$10.6 million in
\n2022. As at 31 December 2022, the term loan was
\nfully drawn.
\nDuring the year under review, the Group has
\ncomplied with all covenants attached to the term
\nloan.
\n(c) Epiroc Financial Solutions AB credit
\nagreements
\nThe Group has a number of credit agreements
\nwith Epiroc, drawn down against the purchase
\nof rigs. The term of the agreements is four years
\nrepayable in 46 monthly instalments. The rate of
\ninterest on some of the agreements is three-month
\nUS\u2005LIBOR\u2005plus\u2005a\u2005margin\u2005of\u20054.8%,\u2005with\u2005a\u2005fixed\u2005rate\u2005
\nof interest of the remaining agreements of 8.25%.
\nAs at 31 December 2022, the total drawn under
\nthese credit agreements was US$11.7m (2021:
\nUS$6.1 million).
\nNo covenants are attached to this facility.
\n(d) $8.5 million term loan facility with Sandvik
\nFinancial Services AB (PUBL)
\nThe Group has term loan facility agreement with
\nSandvik Financial Services AB (PUBL). The facility
\nis for the purchase of equipment from Sandvik AB,
\navailable in not more than four tranches. Interest is
\npayable quarterly in arrears at 5.45% per annum
\non the drawn amount. The facility is no longer
\navailable to drawn on and as at 31 December
\n2022 the balance outstanding was US$5.9 million
\n(2021: US$7.5 million).
\nNo covenants are attached to this facility.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag305": {
"value": "\n
\n28. TRADE AND OTHER PAYABLES
\n2022 2021
\nUS$ US$
\nFinancial instruments:
\nTrade payables 25,510,128 22,137,469
\nOther payables \u2013 Accrued expenses 8,785,662 11,107,425
\nOther payables \u2013 Employee related liabilities 8,167,230 9,033,748
\nNon-financial instruments:
\nDeferred income 2,474,660 4,221,480
\nTotal trade and other payables 44,937,680 46,500,122
\n\nDeferred income
\nCurrent 989,864 1,688,592
\nNon-current 1,484,796 2,532,888
\nTotal deferred income 2,474,660 4,221,480
\n
\n\nTrade payables comprise liabilities for the purchase of goods and services and have terms ranging from
\n60\u2005to\u200590\u2005days.\u2005The\u2005Group\u2005has\u2005financial\u2005risk\u2005management\u2005policies\u2005in\u2005place\u2005to\u2005ensure\u2005that\u2005all\u2005payables\u2005are\u2005
\npaid within an appropriate credit time frame.
\nThe deferred income refers to amounts received in advance for the Sukari project.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag303": {
"value": "\nDeferred income
\nCurrent 989,864 1,688,592
\nNon-current 1,484,796 2,532,888
\nTotal deferred income 2,474,660 4,221,480
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag296": {
"value": "\n29. PROVISIONS
\n2022 2021
\nUS$ US$
\nCurrent
\nAt 1 January \u2013 \u2013
\nCharge to profit or loss 2,636,640 \u2013
\nAt 31 December 2,636,640 \u2013
\nProvisions relate to project closure (redundancy costs) in respect of contracts concluded during the year
\nand various operational claims and disputes that are expected to be settled during 2023. The provisions
\nrepresent management\u2019s best estimate of the Group\u2019s liability as at 31 December 2022.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag299": {
"value": "\n30. CURRENT TAX PAYABLE /RECEIVABLE
\n2022 2021
\nUS$ US$
\nCurrent tax receivable
\nNormal tax 98,851 95,179
\nWithholding tax 300,832 404,182
\nTotal current tax receivable 399,683 499,361
\nCurrent tax payable
\nNormal tax 7,180,351 7,814,794
\nWithholding tax payable 1,949,767 2,164,456
\nTotal current tax payable 9,130,118 9,979,250
\nThe taxation paid for the period under review can be
\nreconciled as follows:
\nNet amount payable at the beginning of the year 9,479,889 6,814,779
\nAmounts charged to the statement of comprehensive
\nincome (excluding deferred tax)
\n 9,835,969 11,696,087
\nNet amount payable at the end of the year (8,730,435) (9,479,889)
\nTotal Taxation Paid 10,585,423 9,030,977
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag320": {
"value": "\n31. NOTES SUPPORTING STATEMENT OF CASH FLOWS
\n31.1 CASH GENERATED FROM OPERATIONS
\n2022 2021
\nUS$ US$
\nProfit\u2005before\u2005taxation
\n32,566,128 82,005,307
\nAdjustments for:
\nDepreciation, amortisation and impairments 26,958,606 20,516,484
\nLoss on disposals 668,817 453,869
\nDepreciation of Right of use assets 3,457,029 883,923
\nShare-based payment 2,774,331 1,989,277
\nFair\u2005value\u2005loss/\u2005(gain)\u2005on\u2005investments 19,797,969 (33,716,756)
\nInterest income (34,835) (244,998)
\nFinance costs 7,355,710 3,833,766
\nUnrealised foreign exchange loss on foreign cash held 1,355,242 918,723
\nIncrease in expected credit loss provision 2,980,656 \u2013
\nBad\u2005debt\u2005write\u2005offs 1,457,548 \u2013
\nChanges in working capital:
\nIncrease in inventories (20,759,867) (13,246,010)
\nIncrease in trade and other receivables (4,883,111) (26,879,489)
\n(Decrease)/\u2005increase\u2005in\u2005trade\u2005and\u2005other\u2005payables (2,797,406) 6,093,468
\nIncrease in provisions 2,636,640 \u2013
\nCash generated from operations 73,533,457 42,607,564
\n31. NOTES SUPPORTING STATEMENT OF CASH FLOWS (continued)
\n31.2 RECONCILIATION OF BORROWINGS AND LEASES
\nLoans and
\nborrowings
\nLeases
\nliabilities
\nTotal
\nUS$ US$ US$
\nAt 1 January 2022
\n62,455,360 9,591,169
\n72,046,529
\nCash\u2005flows (1,143,924) (3,733,798) (4,877,722)
\nNon-cash\u2005flows:
\nSupplier credit facility received 9,082,582 \u2013
\n9,082,582
\nInterest accruing in the period 5,225,135 818,249
\n6,043,384
\nUnamortised debt arrangement costs (717,531) \u2013
\n(717,531)
\nAdditions to leases \u2013 9,591,228
\n9,591,228
\nAt 31 December 2022 74,901,622 16,266,848
\n91,168,470
\nLoans and
\nborrowings
\nLeases
\nliabilities
\nTotal
\nUS$ US$ US$
\nAt 1 January 2021
\n30,693,713 673,299 31,367,012
\nCash\u2005flows 17,727,781 (946,920) 16,780,861
\nNon-cash\u2005flows:
\nSupplier credit facility received 10,834,144 \u2013
\n10,834,144
\nInterest accruing in the period 3,217,253 177,962
\n3,395,215
\nCommitment fees expensed (17,531) \u2013
\n(17,531)
\nAdditions to leases \u2013 9,686,828
\n9,686,828
\nAt 31 December 2021 62,455,360 9,591,169
\n72,046,529
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag314": {
"value": "\n
\n32. SEGMENTAL INFORMATION
\n\nOperating\u2005segments\u2005are\u2005identified\u2005on\u2005the\u2005basis\u2005of\u2005internal\u2005management\u2005reports\u2005regarding\u2005components\u2005of\u2005
\nthe Group. These are regularly reviewed by the Chair in order to allocate resources to the segments and
\nto\u2005assess\u2005their\u2005performance.\u2005Operating\u2005segments\u2005are\u2005identified\u2005based\u2005on\u2005the\u2005regions\u2005of\u2005operations.\u2005For\u2005
\nthe purposes of the segmental report, the information on the operating segments have been aggregated
\ninto the principal regions of operations of the Group.
\nThe Group\u2019s reportable segments under IFRS 8 are therefore:
\nAfrica
\n Derives revenue from the provision of drilling and mining services, surveying, IT
\nsupport services and mineral assaying.
\nRest of world
\nDerives revenue from the provision of drilling services, surveying, IT support services
\nand mineral assaying. The segment relates to jurisdictions which contribute a
\nrelatively small amount of external revenue to the Group. These include Saudi Arabia
\nand Canada.
\n
\n\n
\n\n32. SEGMENTAL INFORMATION (continued)
\nSegmental revenue and results
\nThe following is an analysis of the Group\u2019s revenue and results by reportable segment:
\n2022 Africa Rest of world Consolidated
\nUS$ US$ US$
\nExternal revenue:
\nDrilling services 202,201,283 6,361,164 208,562,447
\nMining services 49,763,175 \u2013 49,763,175
\nLaboratory services 13,803,750 13,500,935 27,304,685
\nSurveying services 4,333,017 321,044 4,654,061
\nTotal external revenue 270,101,225 20,183,143 290,284,368
\nSegment\u2005profit\u2005(loss) 91,428,320 (31,302,839) 60,125,481
\nCentral administration costs and
\ndepreciation
\n(440,508)
\nProfit\u2005from\u2005operations 59,684,973
\nInterest income
\n34,835
\nFinance charges (7,355,711)
\nFair value loss on investments at fair
\nvalue
\n(19,797,969)
\nProfit before tax 32,566,128
\nThe following customers from the Africa segment contributed 10% or more to the Group\u2019s revenue.
\n2022
\n2021
\n%
\n%
\nCustomer A 15
\n16
\nCustomer B 39
\n37
\n2021 Africa Rest of world Consolidated
\nUS$ US$ US$
\nExternal revenue:
\nDrilling services 167,104,052 5,433,307 172,537,359
\nMining services 33,300,731 \u2013 33,300,731
\nLaboratory services 7,384,006 8,267,311 15,651,317
\nSurveying services 4,941,973 361,886 5,303,859
\nTotal external revenue 212,730,762 14,062,504 226,793,266
\nSegment\u2005profit\u2005(loss) 84,884,225 (31,732,012) 53,152,213
\nCentral administration costs and
\ndepreciation
\n(1,274,894)
\nProfit\u2005from\u2005operations 51,877,319
\nInterest income
\n 244,998
\nFinance charges (3,833,766)
\nFair value loss on investments at fair
\nvalue
\n 33,716,756
\nProfit before tax 82,005,307
\n
\n\nNotes to the Annual Financial Statements (continued)
\n32. SEGMENTAL INFORMATION (continued)
\nThe accounting policies of the reportable segments are the same as the Group\u2019s accounting policies.
\nSegment\u2005profit\u2005(loss)\u2005represents\u2005the\u2005profit\u2005(loss)\u2005earned\u2005by\u2005each\u2005segment\u2005without\u2005allocation\u2005of\u2005central\u2005
\nadministration\u2005costs,\u2005depreciation,\u2005interest\u2005income,\u2005share\u2005of\u2005losses\u2005from\u2005associate,\u2005finance\u2005charges,\u2005
\nlosses of investment recognised at FVTPL, and income tax. This is the measure reported to the Chair for
\nthe purpose of resource allocation and assessment of segment performance.
\nSegment assets and liabilities
\nThe following is an analysis of the Group\u2019s assets and liabilities by reportable segment:
\n2022 2021
\nUS$ US$
\nSegmental assets:
\nAfrica 506,043,094 421,186,192
\nRest of world 59,642,347 75,429,655
\nTotal segmental assets 565,685,441 496,615,847
\nHead\u2005Office\u2005companies 280,828,362 278,034,723
\n846,513,803 774,650,570
\nEliminations (459,714,615) (423,149,052)
\nTotal Assets 386,799,188 351,501,518
\nSegmental liabilities:
\nAfrica 239,012,484 226,314,805
\nRest of world 31,752,437 28,407,677
\nTotal segmental assets 270,764,921 254,722,482
\nHead\u2005Office\u2005companies 315,694,862 269,589,374
\n586,459,783 524,311,856
\nEliminations (438,552,679) (395,751,759)
\nTotal Liabilities 147,907,104 128,560,097
\n
\n\n32. SEGMENTAL INFORMATION (continued)
\nFor the purposes of monitoring segmental performance and allocating resources between segments, the
\nChair\u2005monitors\u2005the\u2005tangible,\u2005intangible\u2005and\u2005financial\u2005assets\u2005attributable\u2005to\u2005each\u2005segment.\u2005All\u2005assets\u2005are\u2005
\nallocated to reportable segments with the exception of property, plant and equipment used by the head
\noffice\u2005companies\u2005and\u2005investment\u2005amounts\u2005totalling\u2005US$18.9\u2005million\u2005(2021:\u2005US$15.2\u2005million)\u2005included\u2005in\u2005
\nother receivables, and US$5.7 million (2021: US$10.1 million) in cash and cash equivalents held by the
\nHead\u2005Office\u2005companies.
\nAs part of the segmental reporting, all the liabilities have been allocated to the respective segments with
\nthe exception of the long-term liabilities of US$57.0 million (2021: US$47.1 million) and part of the trade
\npayables\u2005and\u2005intercompany\u2005balances\u2005held\u2005at\u2005the\u2005level\u2005of\u2005the\u2005head\u2005office\u2005which\u2005is\u2005eliminated\u2005at\u2005the\u2005Group\u2005
\nlevel.
\nOther segmental information
\nNon-Cash\u2005items\u2005included\u2005in\u2005profit\u2005or\u2005loss:
\n2022
\n2021
\nUS$ US$
\nDepreciation
\nAfrica 28,554,181 20,124,602
\nRest of world 1,477,138 880,559
\nTotal segmental depreciation 30,031,319 21,005,161
\nHead\u2005Office\u2005companies 384,920 392,194
\nTotal depreciation 30,416,239 21,397,355
\nLoss on disposal of property, plant and equipment
\nAfrica 661,920 343,275
\nRest of world 6,897 97,015
\nTotal segmental loss on disposal of property, plant and
\nequipment
\n668,817 440,290
\nHead\u2005Office\u2005companies \u2013 13,579
\n668,817 453,869
\nImpairment on Inventory
\nAfrica
\nStock Provision 744,948 (1,010,503)
\nStock\u2005Write\u2005Offs
\n202,057 1,324,318
\nRest of world
\nStock\u2005Write\u2005Offs (1,902) (565)
\nTotal segmental impairment 945,103 313,250
\nHead\u2005Office\u2005companies \u2013 \u2013
\n945,103 313,250
\n
\n\nNotes to the Annual Financial Statements (continued)
\n32. SEGMENTAL INFORMATION (continued)
\nSegmental reporting summary by region:
\nREVENUE NON-CURRENT ASSETS
\n2022 2021 2022
\n2021
\nUS$ US$ US$ US$
\nMiddle\u2005East\u2005/\u2005North\u2005Africa 121,287,573 89,307,774 77,014,240 75,919,256
\nSouth and East Africa 70,266,325 52,055,578 36,970,552 34,338,287
\nWest Africa 78,854,825 78,186,571 56,262,245 39,508,301
\nOthers 19,875,645 7,243,343 28,735,966 12,678,515
\n290,284,368 226,793,266 198,983,003
\n162,444,359
\nThe business has considered this segmental distribution to be appropriate as it represents the discrete
\nareas of operations that make up the Group\u2019s revenue stream.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag293": {
"value": "\nOperating\u2005segments\u2005are\u2005identified\u2005on\u2005the\u2005basis\u2005of\u2005internal\u2005management\u2005reports\u2005regarding\u2005components\u2005of\u2005
\nthe Group. These are regularly reviewed by the Chair in order to allocate resources to the segments and
\nto\u2005assess\u2005their\u2005performance.\u2005Operating\u2005segments\u2005are\u2005identified\u2005based\u2005on\u2005the\u2005regions\u2005of\u2005operations.\u2005For\u2005
\nthe purposes of the segmental report, the information on the operating segments have been aggregated
\ninto the principal regions of operations of the Group.
\nThe Group\u2019s reportable segments under IFRS 8 are therefore:
\nAfrica
\n Derives revenue from the provision of drilling and mining services, surveying, IT
\nsupport services and mineral assaying.
\nRest of world
\nDerives revenue from the provision of drilling services, surveying, IT support services
\nand mineral assaying. The segment relates to jurisdictions which contribute a
\nrelatively small amount of external revenue to the Group. These include Saudi Arabia
\nand Canada.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag144": {
"value": "\n
\n\n
\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
\n\nCapital risk management
\nThe Group manage their capital to ensure that entities in the Group will be able to continue as a going
\nconcern while maximising the return to stakeholders through the optimisation of the debt and equity
\nbalance. The Group\u2019s overall strategy remains unchanged from 2021.
\nThe capital structure of the Group consists of debt (refer to Note 27), cash and cash equivalents (refer to
\nNote 22) and equity attributable to equity holders of the parent, comprising issued capital, reserves and
\nretained earnings and the statement of changes in equity.
\nThe Group\u2019s capital structure and going concern are dependent on the Company\u2019s ability to obtain cash
\nresources from its subsidiaries. There are currently no severe long-term restrictions in place which impairs
\nthe Company\u2019s ability to repatriate funds from its subsidiaries.
\nUnder the terms of the Revolving Credit Facility (\u201cRCF\u201d) from Standard Bank (Mauritius) Limited and
\nterm\u2005loan\u2005provided\u2005by\u2005Macquarie\u2005Bank\u2005Limited,\u2005the\u2005Group\u2005is\u2005required\u2005to\u2005comply\u2005with\u2005certain\u2005financial\u2005
\ncovenants relating to:
\n\u2022\u2005 Interest coverage
\n\u2022\u2005 Gross debt to EBITDA ratio
\n\u2022\u2005 Debt to Equity ratio
\n\u2022\u2005 Tangible net worth
\n\u2022\u2005 Loans to value ratio (applicable only to loan from Macquarie Bank Limited)
\nIn\u2005order\u2005to\u2005meet\u2005Capital\u2005Risk\u2005Management\u2005objectives,\u2005the\u2005Group\u2005aims\u2005to\u2005ensure\u2005it\u2005meets\u2005these\u2005financial\u2005
\ncovenants\u2005attached\u2005to\u2005the\u2005loans.\u2005There\u2005have\u2005been\u2005no\u2005breaches\u2005of\u2005the\u2005financial\u2005covenants\u2005during\u2005the\u2005
\nreporting period.
\nRisk Management is conducted within a framework of policies and guidelines that are continuously
\nmonitored by Management and the Board of Directors. The objective is to minimise exposure to market
\nrisks (interest rate risk, foreign currency risk and price risk), credit risk and liquidity risk.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)
\nGearing
\nThe gearing ratio at the end of the reporting period was as follows:
\n2022 2021
\nNote(s) US$ US$
\nLease liabilities 13 16,266,848 9,591,169
\nTotal loans and borrowings 27 75,619,153 62,455,360
\nTotal debt 91,886,001 72,046,529
\nCash & cash equivalents 22 (28,379,607) (30,577,249)
\nNet debt 63,506,394 41,469,280
\nLess: lease liabilities (16,266,848) (9,591,169)
\nAdjusted net debt 47,239,546 31,878,111
\nEquity 238,892,084 222,941,421
\nAdjusted debt to equity ratio
\n19.8% 14.3%
\nCategories of financial instruments
\nThe\u2005following\u2005table\u2005details\u2005the\u2005categories\u2005of\u2005financial\u2005instruments\u2005and\u2005their\u2005carrying\u2005values\u2005in\u2005the\u2005
\nStatement of Financial Position for the Group.
\nCategories of financial assets
\nGroup \u2013 2022 Note(s)
\nFair value
\nthrough\u2005profit\u2005or\u2005
\nloss - Mandatory
\nAmortised
\ncost Total
\nUS$ US$ US$
\nInvestments at fair value 21 38,727,041 \u2013 38,727,041
\nTrade receivables 19 \u2013 41,541,867 41,541,867
\nNon-current receivables 20 \u2013 6,460,000 6,460,000
\nCash and cash equivalents 22 \u2013 28,379,607 28,379,607
\n38,727,041 76,381,474 115,108,515
\nGroup \u2013 2021 Note(s)
\nFair value
\nthrough\u2005profit\u2005or\u2005
\nloss - Mandatory
\nAmortised
\ncost
\nTotal
\nUS$ US$ US$
\nInvestments at fair value 21 60,151,667 \u2013 60,151,667
\nTrade receivables 19 \u2013 42,212,147 42,212,147
\nNon-current receivable 20 \u2013 6,460,000 6,460,000
\nCash and cash equivalents 22 \u2013 30,577,249 30,577,249
\n60,151,667 79,249,396 139,401,063
\nIn\u2005addition,\u2005for\u2005financial\u2005reporting\u2005purposes,\u2005fair\u2005value\u2005measurements\u2005are\u2005categorised\u2005into\u2005Level\u20051,\u20052\u2005
\nor 3 based on the degree to which the inputs to the fair value measurements are observable and the
\nsignificance\u2005of\u2005the\u2005inputs\u2005to\u2005the\u2005fair\u2005value\u2005measurement\u2005in\u2005its\u2005entirety,\u2005which\u2005are\u2005described\u2005as\u2005follows:
\n\u2022\u2005 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity
\ncan access at the measurement date;
\n\u2022\u2005 Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the
\nasset or liability, either directly or indirectly; and
\n\u2022\u2005 Level 3 inputs are unobservable inputs for the asset or liability. For further categorisation, refer to
\nnote 21.
\nNotes to the Annual Financial Statements (continued)
\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONTINUED)
\nCategories of financial liabilities
\nGroup \u2013 2022 Note(s) Amortised cost Total
\nUS$ US$
\nTrade and other payables 28 42,463,020 42,463,020
\nLoans and borrowings 75,619,153 75,619,153
\n118,082,173 118,082,173
\nGroup \u2013 2021 Note(s) Amortised cost Total
\nTrade and other payables 28 42,278,642 42,278,642
\nLoans and borrowings 62,455,360 62,455,360
\n104,734,002 104,734,002
\nAt\u200531\u2005December\u20052022,\u2005the\u2005Group\u2005did\u2005not\u2005have\u2005any\u2005financial\u2005liabilities\u2005measured\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005
\nor loss or other comprehensive income (2021: US$nil).
\nThe\u2005carrying\u2005values\u2005of\u2005financial\u2005assets\u2005and\u2005financial\u2005liabilities\u2005in\u2005the\u2005statement\u2005of\u2005financial\u2005position\u2005for\u2005the\u2005
\nGroup approximate their fair values.
\nFinancial risk management
\n\nForeign currency risk
\nThe\u2005Group\u2019s\u2005activities\u2005expose\u2005it\u2005to\u2005the\u2005financial\u2005risks\u2005of\u2005fluctuations\u2005in\u2005foreign\u2005currency\u2005exchange\u2005rates.\u2005In\u2005
\norder\u2005to\u2005manage\u2005the\u2005Group\u2019s\u2005risk\u2005to\u2005foreign\u2005currency\u2005fluctuations,\u2005the\u2005Group\u2005tries\u2005to\u2005match\u2005the\u2005currency\u2005
\nof\u2005operating\u2005costs\u2005with\u2005the\u2005currency\u2005of\u2005revenue\u2005as\u2005well\u2005as\u2005the\u2005currency\u2005of\u2005financial\u2005assets\u2005with\u2005currency\u2005of\u2005
\nfinancial\u2005liabilities.\u2005Financial\u2005assets\u2005and\u2005liabilities\u2005denominated\u2005in\u2005foreign\u2005currencies\u2005are\u2005reviewed\u2005regularly\u2005
\nby Management to ensure that the Group is not unduly exposed to foreign currency risk.
\nFurther to this, the Group manages its exposure on foreign cash balances by converting excess local
\ncurrency cash to United States Dollar to minimise local currency cash balances maintained.
\nThe carrying amounts of the Group\u2019s foreign currency denominated monetary assets, cash and cash
\nequivalents, trade receivables, monetary liabilities, and trade payables at 31 December 2022 are as
\nfollows:
\n2022
\n2021
\n$ $
\nFinancial assets
\nMauritanian Ouguiya (2022: MRU 42,848,179; 2021: MRU
\n120,562,360)
\n1,160,883 3,303,983
\nWest African CFA (2022: XOF 10,994,012,757; 2021: XOF
\n8,878,480,112)
\n17,286,183
\n15,176,889
\nGuinea Franc (2022: GNF 39,725,121,620; 2021: GNF
\n12,153,465,757)
\n4,644,431 1,372,974
\nAll other currencies 3,550,844 8,604,246
\n26,642,341 28,458,092
\nFinancial liabilities
\nEuro (2022: EUR 1,579,467; 2021: EUR 3,978,532) 1,681,000 4,500,602
\nCanadian Dollar (2022: CAD 2,427,308; 2021: CAD 236,435) 1,791,504 185,789
\nAll other currencies 4,383,417 5,243,214
\n7,855,921 9,929,605
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)
\nFinancial risk management (continued)
\n\nForeign currency risk (continued)
\nThe following table details the Group\u2019s sensitivity to a 10% change in the United States Dollar against the
\nrelevant foreign currencies. The sensitivity analysis includes the outstanding foreign currency denominated
\nmonetary items at year end and adjusts their translation for a 10% change in foreign currency rates. A
\npositive\u2005number\u2005below\u2005indicates\u2005an\u2005increase\u2005in\u2005profit\u2005before\u2005tax\u2005where\u2005the\u2005United\u2005States\u2005Dollar\u2005strengthens\u2005
\nby 10% against the relevant currency. For a 10% weakening of the United States Dollar against the
\nrelevant\u2005currency,\u2005there\u2005would\u2005be\u2005an\u2005equal\u2005and\u2005opposite\u2005impact\u2005on\u2005the\u2005profit\u2005before\u2005tax.
\n2022
\n2021
\nUS$ US$
\nMauritanian Ouguiya 111,858 320,274
\nWest African CFA 1,784,144 1,924,979
\nGuinea Franc 439,868 116,246
\nEuro (139,049) (424,271)
\nCanadian Dollar (93,687) 73,885
\nAll other currencies (224,482) (158,264)
\n1,878,652 1,852,849
\n
\n\n\nInterest rate risk management
\nAs a result of changes in interest rates, the Group
\nis exposed to interest rate risk as entities in the
\nGroup borrow funds at variable interest rates and
\ntherefore borrowing costs could increase with
\nrate increases. The risk is managed by the Group
\nby maintaining a conservative gearing ratio. The
\nGroup\u2019s\u2005exposure\u2005to\u2005interest\u2005rates\u2005on\u2005financial\u2005
\nliabilities are detailed below.
\nInterest rate sensitivity analysis:
\nThe sensitivity analysis below has been
\ndetermined based on the exposure to interest
\nrates at the date of the Statement of Financial
\nPosition.\u2005For\u2005floating\u2005rate\u2005liabilities,\u2005the\u2005
\nanalysis is prepared using the average balance
\noutstanding for the year. A 200 basis point
\nincrease or decrease (2021: 50 basis points) is
\nused when reporting interest rate risk internally
\nto key Management personnel and represents
\nManagement\u2019s assessment of the reasonably
\npossible change in interest rates.
\nIf interest rates had been 200 basis points higher
\nand all other variables were held constant,
\nthe\u2005Group\u2019s\u2005profit\u2005before\u2005taxation\u2005for\u2005the\u2005year\u2005
\nended 31 December 2022 would decrease by
\nUS$0.5 million (2021: US$0.2 million). This is
\nmainly attributable to the Group\u2019s exposure to
\ninterest rates on its variable rate borrowings. The
\ndecrease in the Group\u2019s sensitivity to interest
\nrates, is directly attributable to the variable
\ninterest\u2005rate\u2005long-term\u2005debt\u2005facilities,\u2005offset\u2005by\u2005
\nthe settlements that occurred during the year, as
\ndisclosed in Note 27.
\nEquity price risk management
\nThe Group holds equity investments and is
\nexposed to equity price risk. Equity investments
\nare held for strategic purposes rather than trading
\npurposes and the Group does not actively trade
\nthese investments. The investments are actively
\nmonitored and proactively managed. New
\ninvestments are required to satisfy a number of
\ncriteria with non-executive oversight. If equity
\nprices had been 5% higher and all other variables
\nwere\u2005held\u2005constant,\u2005the\u2005Group\u2019s\u2005profit\u2005before\u2005
\ntaxation for the year ended 31 December 2022
\nwould increase by US$1.6 million (2021: US$2.6
\nmillion).
\n
\n
\n\n\nCredit risk management
\nCredit risk refers to the risk that a counterparty will
\ndefault on its contractual obligations resulting in
\nfinancial\u2005loss\u2005to\u2005the\u2005Group.\u2005Credit\u2005risk\u2005relates\u2005to\u2005
\npotential exposure on trade and other receivables
\nand bank balances.
\nBefore accepting any new customer, the Group
\nassesses the potential customer\u2019s credit quality
\nand\u2005defines\u2005credit\u2005limits\u2005for\u2005each\u2005customer.\u2005
\nCustomers credit limits are reviewed annually.
\nThe Group\u2019s credit risk is concentrated as the
\nGroup currently provides mining and drilling
\nservices to a limited number of major and
\nmid-tier mining companies as well as junior
\nexploration companies.
\n
\n\nNotes to the Annual Financial Statements (continued)
\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)
\n\nCredit risk management (continued)
\nThe\u2005Group\u2019s\u2005exposure\u2005to\u2005credit\u2005risk\u2005is\u2005minimized\u2005as\u2005customers\u2005are\u2005given\u200530\u2005to\u200545\u2005days\u2005credit\u2005periods\u2005for\u2005
\nservices rendered. As at 31 December 2022, 3 customers individually contributed 10% or more to the
\nGroup\u2019s trade receivables (2021: 3 customers).
\nThere\u2005was\u2005a\u2005significant\u2005increase\u2005in\u2005the\u2005credit\u2005risk\u2005that\u2005has\u2005been\u2005identified\u2005in\u2005respect\u2005of\u2005the\u2005Group\u2019s\u2005
\ncustomers during the year and as at 31 December 2022, an expected credit loss allowance of US$2.8
\nmillion has been recognised (2021: US$nil).
\nFurther disclosures regarding trade and other receivables, which are neither past due nor impaired, are
\nprovided in Note 19.
\nCredit\u2005risk\u2005also\u2005arises\u2005from\u2005cash\u2005and\u2005cash\u2005equivalents\u2005with\u2005banks\u2005and\u2005financial\u2005institutions.\u2005For\u2005banks\u2005and\u2005
\nfinancial\u2005institutions,\u2005only\u2005independently\u2005rated\u2005parties\u2005with\u2005minimum\u2005rating\u2005\u201cA\u201d\u2005are\u2005accepted.\u2005
\n
\n\n\nLiquidity risk management
\nUltimate responsibility for Liquidity Risk Management rests with the Board of Directors. The Group
\nmanages liquidity risk by maintaining adequate reserves, banking and reserve borrowing facilities,
\ncontinuously\u2005monitoring\u2005forecast\u2005and\u2005actual\u2005cash\u2005flows\u2005and\u2005by\u2005matching\u2005the\u2005maturity\u2005profiles\u2005of\u2005financial\u2005
\nassets and liabilities
\nLiquidity risk tables:
\nThe\u2005following\u2005table\u2005details\u2005the\u2005Group\u2019s\u2005remaining\u2005contractual\u2005maturity\u2005for\u2005its\u2005financial\u2005assets\u2005and\u2005liabilities\u2005
\nwith agreed repayment periods. The tables for assets have been drawn up based on the undiscounted
\ncontractual\u2005maturities\u2005of\u2005the\u2005financial\u2005assets\u2005including\u2005interest\u2005that\u2005will\u2005be\u2005earned\u2005on\u2005those\u2005assets.\u2005
\nThe\u2005tables\u2005for\u2005liabilities\u2005represent\u2005undiscounted\u2005cash\u2005flows\u2005of\u2005financial\u2005liabilities\u2005based\u2005on\u2005the\u2005earliest\u2005
\nrepayment date on which the Group can be required to pay at the reporting date:
\n2022
\n1
\nmonth
\n1\u20133
\nmonths
\n3 months \u2013
\n1 year
\n1\u20135
\nyears
\nUS$ US$ US$ US$
\nFinancial assets
\nFinancial Assets under
\nAmortised Cost
\n27,997,194 6,250,425 6,587,037 7,167,211
\nFinancial liabilities
\nNon-interest bearing -
\nFinancial Liabilities at
\nAmortised Cost
\n23,856,804 15,042,479 6,536,340 2,138,697
\nVariable interest rate
\ninstruments
\n1,007,050 4,037,240 13,430,835 56,426,497
\nLease liability 332,096 670,009 3,137,360 12,127,383
\n25,195,950 19,749,728 23,104,535 70,692,577
\n2021 1 month 1\u20133 months 3 months \u2013 1 year 1\u20135years
\nUS$ US$ US$ US$
\nFinancial assets
\nFinancial Assets under
\nAmortised Cost
\n35,087,344 4,835,352 2,159,412 6,590,039
\nFinancial liabilities
\nNon-interest bearing -
\nFinancial Liabilities at
\nAmortised Cost
\n21,187,328 16,550,484 6,123,628 2,638,682
\nVariable interest rate
\ninstruments
\n1,247,470 2,350,262 13,300,009 45,557,619
\nLease liabilities 182,089 356,695 1,697,640 7,354,745
\n22,616,887 19,257,441 21,121,277 55,551,046
\n
\n\n
\n\n
\n\n
\n\n
\n\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)
\nFinancing facilities
\nThe following table details the Group\u2019s secured loan facilities (undiscounted) at the reporting date.
\n2022
\n2021
\nUS$ $
\nAvailable
\n amount 86,800,000 70,100,000
\nUnutilised amount \u2013 (3,000,000)
\nUtilised amount 86,800,000 67,100,000
\n
\n
\n\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag148": {
"value": "\n
\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
\n\nCapital risk management
\nThe Group manage their capital to ensure that entities in the Group will be able to continue as a going
\nconcern while maximising the return to stakeholders through the optimisation of the debt and equity
\nbalance. The Group\u2019s overall strategy remains unchanged from 2021.
\nThe capital structure of the Group consists of debt (refer to Note 27), cash and cash equivalents (refer to
\nNote 22) and equity attributable to equity holders of the parent, comprising issued capital, reserves and
\nretained earnings and the statement of changes in equity.
\nThe Group\u2019s capital structure and going concern are dependent on the Company\u2019s ability to obtain cash
\nresources from its subsidiaries. There are currently no severe long-term restrictions in place which impairs
\nthe Company\u2019s ability to repatriate funds from its subsidiaries.
\nUnder the terms of the Revolving Credit Facility (\u201cRCF\u201d) from Standard Bank (Mauritius) Limited and
\nterm\u2005loan\u2005provided\u2005by\u2005Macquarie\u2005Bank\u2005Limited,\u2005the\u2005Group\u2005is\u2005required\u2005to\u2005comply\u2005with\u2005certain\u2005financial\u2005
\ncovenants relating to:
\n\u2022\u2005 Interest coverage
\n\u2022\u2005 Gross debt to EBITDA ratio
\n\u2022\u2005 Debt to Equity ratio
\n\u2022\u2005 Tangible net worth
\n\u2022\u2005 Loans to value ratio (applicable only to loan from Macquarie Bank Limited)
\nIn\u2005order\u2005to\u2005meet\u2005Capital\u2005Risk\u2005Management\u2005objectives,\u2005the\u2005Group\u2005aims\u2005to\u2005ensure\u2005it\u2005meets\u2005these\u2005financial\u2005
\ncovenants\u2005attached\u2005to\u2005the\u2005loans.\u2005There\u2005have\u2005been\u2005no\u2005breaches\u2005of\u2005the\u2005financial\u2005covenants\u2005during\u2005the\u2005
\nreporting period.
\nRisk Management is conducted within a framework of policies and guidelines that are continuously
\nmonitored by Management and the Board of Directors. The objective is to minimise exposure to market
\nrisks (interest rate risk, foreign currency risk and price risk), credit risk and liquidity risk.
\n
\n\n
\n\n
\n
\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)
\nGearing
\nThe gearing ratio at the end of the reporting period was as follows:
\n2022 2021
\nNote(s) US$ US$
\nLease liabilities 13 16,266,848 9,591,169
\nTotal loans and borrowings 27 75,619,153 62,455,360
\nTotal debt 91,886,001 72,046,529
\nCash & cash equivalents 22 (28,379,607) (30,577,249)
\nNet debt 63,506,394 41,469,280
\nLess: lease liabilities (16,266,848) (9,591,169)
\nAdjusted net debt 47,239,546 31,878,111
\nEquity 238,892,084 222,941,421
\nAdjusted debt to equity ratio
\n19.8% 14.3%
\nCategories of financial instruments
\nThe\u2005following\u2005table\u2005details\u2005the\u2005categories\u2005of\u2005financial\u2005instruments\u2005and\u2005their\u2005carrying\u2005values\u2005in\u2005the\u2005
\nStatement of Financial Position for the Group.
\nCategories of financial assets
\nGroup \u2013 2022 Note(s)
\nFair value
\nthrough\u2005profit\u2005or\u2005
\nloss - Mandatory
\nAmortised
\ncost Total
\nUS$ US$ US$
\nInvestments at fair value 21 38,727,041 \u2013 38,727,041
\nTrade receivables 19 \u2013 41,541,867 41,541,867
\nNon-current receivables 20 \u2013 6,460,000 6,460,000
\nCash and cash equivalents 22 \u2013 28,379,607 28,379,607
\n38,727,041 76,381,474 115,108,515
\nGroup \u2013 2021 Note(s)
\nFair value
\nthrough\u2005profit\u2005or\u2005
\nloss - Mandatory
\nAmortised
\ncost
\nTotal
\nUS$ US$ US$
\nInvestments at fair value 21 60,151,667 \u2013 60,151,667
\nTrade receivables 19 \u2013 42,212,147 42,212,147
\nNon-current receivable 20 \u2013 6,460,000 6,460,000
\nCash and cash equivalents 22 \u2013 30,577,249 30,577,249
\n60,151,667 79,249,396 139,401,063
\nIn\u2005addition,\u2005for\u2005financial\u2005reporting\u2005purposes,\u2005fair\u2005value\u2005measurements\u2005are\u2005categorised\u2005into\u2005Level\u20051,\u20052\u2005
\nor 3 based on the degree to which the inputs to the fair value measurements are observable and the
\nsignificance\u2005of\u2005the\u2005inputs\u2005to\u2005the\u2005fair\u2005value\u2005measurement\u2005in\u2005its\u2005entirety,\u2005which\u2005are\u2005described\u2005as\u2005follows:
\n\u2022\u2005 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity
\ncan access at the measurement date;
\n\u2022\u2005 Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the
\nasset or liability, either directly or indirectly; and
\n\u2022\u2005 Level 3 inputs are unobservable inputs for the asset or liability. For further categorisation, refer to
\nnote 21.
\nNotes to the Annual Financial Statements (continued)
\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONTINUED)
\nCategories of financial liabilities
\nGroup \u2013 2022 Note(s) Amortised cost Total
\nUS$ US$
\nTrade and other payables 28 42,463,020 42,463,020
\nLoans and borrowings 75,619,153 75,619,153
\n118,082,173 118,082,173
\nGroup \u2013 2021 Note(s) Amortised cost Total
\nTrade and other payables 28 42,278,642 42,278,642
\nLoans and borrowings 62,455,360 62,455,360
\n104,734,002 104,734,002
\nAt\u200531\u2005December\u20052022,\u2005the\u2005Group\u2005did\u2005not\u2005have\u2005any\u2005financial\u2005liabilities\u2005measured\u2005at\u2005fair\u2005value\u2005through\u2005profit\u2005
\nor loss or other comprehensive income (2021: US$nil).
\nThe\u2005carrying\u2005values\u2005of\u2005financial\u2005assets\u2005and\u2005financial\u2005liabilities\u2005in\u2005the\u2005statement\u2005of\u2005financial\u2005position\u2005for\u2005the\u2005
\nGroup approximate their fair values.
\nFinancial risk management
\n\nForeign currency risk
\nThe\u2005Group\u2019s\u2005activities\u2005expose\u2005it\u2005to\u2005the\u2005financial\u2005risks\u2005of\u2005fluctuations\u2005in\u2005foreign\u2005currency\u2005exchange\u2005rates.\u2005In\u2005
\norder\u2005to\u2005manage\u2005the\u2005Group\u2019s\u2005risk\u2005to\u2005foreign\u2005currency\u2005fluctuations,\u2005the\u2005Group\u2005tries\u2005to\u2005match\u2005the\u2005currency\u2005
\nof\u2005operating\u2005costs\u2005with\u2005the\u2005currency\u2005of\u2005revenue\u2005as\u2005well\u2005as\u2005the\u2005currency\u2005of\u2005financial\u2005assets\u2005with\u2005currency\u2005of\u2005
\nfinancial\u2005liabilities.\u2005Financial\u2005assets\u2005and\u2005liabilities\u2005denominated\u2005in\u2005foreign\u2005currencies\u2005are\u2005reviewed\u2005regularly\u2005
\nby Management to ensure that the Group is not unduly exposed to foreign currency risk.
\nFurther to this, the Group manages its exposure on foreign cash balances by converting excess local
\ncurrency cash to United States Dollar to minimise local currency cash balances maintained.
\nThe carrying amounts of the Group\u2019s foreign currency denominated monetary assets, cash and cash
\nequivalents, trade receivables, monetary liabilities, and trade payables at 31 December 2022 are as
\nfollows:
\n2022
\n2021
\n$ $
\nFinancial assets
\nMauritanian Ouguiya (2022: MRU 42,848,179; 2021: MRU
\n120,562,360)
\n1,160,883 3,303,983
\nWest African CFA (2022: XOF 10,994,012,757; 2021: XOF
\n8,878,480,112)
\n17,286,183
\n15,176,889
\nGuinea Franc (2022: GNF 39,725,121,620; 2021: GNF
\n12,153,465,757)
\n4,644,431 1,372,974
\nAll other currencies 3,550,844 8,604,246
\n26,642,341 28,458,092
\nFinancial liabilities
\nEuro (2022: EUR 1,579,467; 2021: EUR 3,978,532) 1,681,000 4,500,602
\nCanadian Dollar (2022: CAD 2,427,308; 2021: CAD 236,435) 1,791,504 185,789
\nAll other currencies 4,383,417 5,243,214
\n7,855,921 9,929,605
\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)
\nFinancial risk management (continued)
\n\nForeign currency risk (continued)
\nThe following table details the Group\u2019s sensitivity to a 10% change in the United States Dollar against the
\nrelevant foreign currencies. The sensitivity analysis includes the outstanding foreign currency denominated
\nmonetary items at year end and adjusts their translation for a 10% change in foreign currency rates. A
\npositive\u2005number\u2005below\u2005indicates\u2005an\u2005increase\u2005in\u2005profit\u2005before\u2005tax\u2005where\u2005the\u2005United\u2005States\u2005Dollar\u2005strengthens\u2005
\nby 10% against the relevant currency. For a 10% weakening of the United States Dollar against the
\nrelevant\u2005currency,\u2005there\u2005would\u2005be\u2005an\u2005equal\u2005and\u2005opposite\u2005impact\u2005on\u2005the\u2005profit\u2005before\u2005tax.
\n2022
\n2021
\nUS$ US$
\nMauritanian Ouguiya 111,858 320,274
\nWest African CFA 1,784,144 1,924,979
\nGuinea Franc 439,868 116,246
\nEuro (139,049) (424,271)
\nCanadian Dollar (93,687) 73,885
\nAll other currencies (224,482) (158,264)
\n1,878,652 1,852,849
\n
\n\n\nInterest rate risk management
\nAs a result of changes in interest rates, the Group
\nis exposed to interest rate risk as entities in the
\nGroup borrow funds at variable interest rates and
\ntherefore borrowing costs could increase with
\nrate increases. The risk is managed by the Group
\nby maintaining a conservative gearing ratio. The
\nGroup\u2019s\u2005exposure\u2005to\u2005interest\u2005rates\u2005on\u2005financial\u2005
\nliabilities are detailed below.
\nInterest rate sensitivity analysis:
\nThe sensitivity analysis below has been
\ndetermined based on the exposure to interest
\nrates at the date of the Statement of Financial
\nPosition.\u2005For\u2005floating\u2005rate\u2005liabilities,\u2005the\u2005
\nanalysis is prepared using the average balance
\noutstanding for the year. A 200 basis point
\nincrease or decrease (2021: 50 basis points) is
\nused when reporting interest rate risk internally
\nto key Management personnel and represents
\nManagement\u2019s assessment of the reasonably
\npossible change in interest rates.
\nIf interest rates had been 200 basis points higher
\nand all other variables were held constant,
\nthe\u2005Group\u2019s\u2005profit\u2005before\u2005taxation\u2005for\u2005the\u2005year\u2005
\nended 31 December 2022 would decrease by
\nUS$0.5 million (2021: US$0.2 million). This is
\nmainly attributable to the Group\u2019s exposure to
\ninterest rates on its variable rate borrowings. The
\ndecrease in the Group\u2019s sensitivity to interest
\nrates, is directly attributable to the variable
\ninterest\u2005rate\u2005long-term\u2005debt\u2005facilities,\u2005offset\u2005by\u2005
\nthe settlements that occurred during the year, as
\ndisclosed in Note 27.
\nEquity price risk management
\nThe Group holds equity investments and is
\nexposed to equity price risk. Equity investments
\nare held for strategic purposes rather than trading
\npurposes and the Group does not actively trade
\nthese investments. The investments are actively
\nmonitored and proactively managed. New
\ninvestments are required to satisfy a number of
\ncriteria with non-executive oversight. If equity
\nprices had been 5% higher and all other variables
\nwere\u2005held\u2005constant,\u2005the\u2005Group\u2019s\u2005profit\u2005before\u2005
\ntaxation for the year ended 31 December 2022
\nwould increase by US$1.6 million (2021: US$2.6
\nmillion).
\n
\n
\n\n\nCredit risk management
\nCredit risk refers to the risk that a counterparty will
\ndefault on its contractual obligations resulting in
\nfinancial\u2005loss\u2005to\u2005the\u2005Group.\u2005Credit\u2005risk\u2005relates\u2005to\u2005
\npotential exposure on trade and other receivables
\nand bank balances.
\nBefore accepting any new customer, the Group
\nassesses the potential customer\u2019s credit quality
\nand\u2005defines\u2005credit\u2005limits\u2005for\u2005each\u2005customer.\u2005
\nCustomers credit limits are reviewed annually.
\nThe Group\u2019s credit risk is concentrated as the
\nGroup currently provides mining and drilling
\nservices to a limited number of major and
\nmid-tier mining companies as well as junior
\nexploration companies.
\n
\n\nNotes to the Annual Financial Statements (continued)
\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)
\n\nCredit risk management (continued)
\nThe\u2005Group\u2019s\u2005exposure\u2005to\u2005credit\u2005risk\u2005is\u2005minimized\u2005as\u2005customers\u2005are\u2005given\u200530\u2005to\u200545\u2005days\u2005credit\u2005periods\u2005for\u2005
\nservices rendered. As at 31 December 2022, 3 customers individually contributed 10% or more to the
\nGroup\u2019s trade receivables (2021: 3 customers).
\nThere\u2005was\u2005a\u2005significant\u2005increase\u2005in\u2005the\u2005credit\u2005risk\u2005that\u2005has\u2005been\u2005identified\u2005in\u2005respect\u2005of\u2005the\u2005Group\u2019s\u2005
\ncustomers during the year and as at 31 December 2022, an expected credit loss allowance of US$2.8
\nmillion has been recognised (2021: US$nil).
\nFurther disclosures regarding trade and other receivables, which are neither past due nor impaired, are
\nprovided in Note 19.
\nCredit\u2005risk\u2005also\u2005arises\u2005from\u2005cash\u2005and\u2005cash\u2005equivalents\u2005with\u2005banks\u2005and\u2005financial\u2005institutions.\u2005For\u2005banks\u2005and\u2005
\nfinancial\u2005institutions,\u2005only\u2005independently\u2005rated\u2005parties\u2005with\u2005minimum\u2005rating\u2005\u201cA\u201d\u2005are\u2005accepted.\u2005
\n
\n\n\nLiquidity risk management
\nUltimate responsibility for Liquidity Risk Management rests with the Board of Directors. The Group
\nmanages liquidity risk by maintaining adequate reserves, banking and reserve borrowing facilities,
\ncontinuously\u2005monitoring\u2005forecast\u2005and\u2005actual\u2005cash\u2005flows\u2005and\u2005by\u2005matching\u2005the\u2005maturity\u2005profiles\u2005of\u2005financial\u2005
\nassets and liabilities
\nLiquidity risk tables:
\nThe\u2005following\u2005table\u2005details\u2005the\u2005Group\u2019s\u2005remaining\u2005contractual\u2005maturity\u2005for\u2005its\u2005financial\u2005assets\u2005and\u2005liabilities\u2005
\nwith agreed repayment periods. The tables for assets have been drawn up based on the undiscounted
\ncontractual\u2005maturities\u2005of\u2005the\u2005financial\u2005assets\u2005including\u2005interest\u2005that\u2005will\u2005be\u2005earned\u2005on\u2005those\u2005assets.\u2005
\nThe\u2005tables\u2005for\u2005liabilities\u2005represent\u2005undiscounted\u2005cash\u2005flows\u2005of\u2005financial\u2005liabilities\u2005based\u2005on\u2005the\u2005earliest\u2005
\nrepayment date on which the Group can be required to pay at the reporting date:
\n2022
\n1
\nmonth
\n1\u20133
\nmonths
\n3 months \u2013
\n1 year
\n1\u20135
\nyears
\nUS$ US$ US$ US$
\nFinancial assets
\nFinancial Assets under
\nAmortised Cost
\n27,997,194 6,250,425 6,587,037 7,167,211
\nFinancial liabilities
\nNon-interest bearing -
\nFinancial Liabilities at
\nAmortised Cost
\n23,856,804 15,042,479 6,536,340 2,138,697
\nVariable interest rate
\ninstruments
\n1,007,050 4,037,240 13,430,835 56,426,497
\nLease liability 332,096 670,009 3,137,360 12,127,383
\n25,195,950 19,749,728 23,104,535 70,692,577
\n2021 1 month 1\u20133 months 3 months \u2013 1 year 1\u20135years
\nUS$ US$ US$ US$
\nFinancial assets
\nFinancial Assets under
\nAmortised Cost
\n35,087,344 4,835,352 2,159,412 6,590,039
\nFinancial liabilities
\nNon-interest bearing -
\nFinancial Liabilities at
\nAmortised Cost
\n21,187,328 16,550,484 6,123,628 2,638,682
\nVariable interest rate
\ninstruments
\n1,247,470 2,350,262 13,300,009 45,557,619
\nLease liabilities 182,089 356,695 1,697,640 7,354,745
\n22,616,887 19,257,441 21,121,277 55,551,046
\n
\n\n
\n\n
\n\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)
\nFinancing facilities
\nThe following table details the Group\u2019s secured loan facilities (undiscounted) at the reporting date.
\n2022
\n2021
\nUS$ $
\nAvailable
\n amount 86,800,000 70,100,000
\nUnutilised amount \u2013 (3,000,000)
\nUtilised amount 86,800,000 67,100,000
\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag135": {
"value": "\nCapital risk management
\nThe Group manage their capital to ensure that entities in the Group will be able to continue as a going
\nconcern while maximising the return to stakeholders through the optimisation of the debt and equity
\nbalance. The Group\u2019s overall strategy remains unchanged from 2021.
\nThe capital structure of the Group consists of debt (refer to Note 27), cash and cash equivalents (refer to
\nNote 22) and equity attributable to equity holders of the parent, comprising issued capital, reserves and
\nretained earnings and the statement of changes in equity.
\nThe Group\u2019s capital structure and going concern are dependent on the Company\u2019s ability to obtain cash
\nresources from its subsidiaries. There are currently no severe long-term restrictions in place which impairs
\nthe Company\u2019s ability to repatriate funds from its subsidiaries.
\nUnder the terms of the Revolving Credit Facility (\u201cRCF\u201d) from Standard Bank (Mauritius) Limited and
\nterm\u2005loan\u2005provided\u2005by\u2005Macquarie\u2005Bank\u2005Limited,\u2005the\u2005Group\u2005is\u2005required\u2005to\u2005comply\u2005with\u2005certain\u2005financial\u2005
\ncovenants relating to:
\n\u2022\u2005 Interest coverage
\n\u2022\u2005 Gross debt to EBITDA ratio
\n\u2022\u2005 Debt to Equity ratio
\n\u2022\u2005 Tangible net worth
\n\u2022\u2005 Loans to value ratio (applicable only to loan from Macquarie Bank Limited)
\nIn\u2005order\u2005to\u2005meet\u2005Capital\u2005Risk\u2005Management\u2005objectives,\u2005the\u2005Group\u2005aims\u2005to\u2005ensure\u2005it\u2005meets\u2005these\u2005financial\u2005
\ncovenants\u2005attached\u2005to\u2005the\u2005loans.\u2005There\u2005have\u2005been\u2005no\u2005breaches\u2005of\u2005the\u2005financial\u2005covenants\u2005during\u2005the\u2005
\nreporting period.
\nRisk Management is conducted within a framework of policies and guidelines that are continuously
\nmonitored by Management and the Board of Directors. The objective is to minimise exposure to market
\nrisks (interest rate risk, foreign currency risk and price risk), credit risk and liquidity risk.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag138": {
"value": "\nForeign currency risk
\nThe\u2005Group\u2019s\u2005activities\u2005expose\u2005it\u2005to\u2005the\u2005financial\u2005risks\u2005of\u2005fluctuations\u2005in\u2005foreign\u2005currency\u2005exchange\u2005rates.\u2005In\u2005
\norder\u2005to\u2005manage\u2005the\u2005Group\u2019s\u2005risk\u2005to\u2005foreign\u2005currency\u2005fluctuations,\u2005the\u2005Group\u2005tries\u2005to\u2005match\u2005the\u2005currency\u2005
\nof\u2005operating\u2005costs\u2005with\u2005the\u2005currency\u2005of\u2005revenue\u2005as\u2005well\u2005as\u2005the\u2005currency\u2005of\u2005financial\u2005assets\u2005with\u2005currency\u2005of\u2005
\nfinancial\u2005liabilities.\u2005Financial\u2005assets\u2005and\u2005liabilities\u2005denominated\u2005in\u2005foreign\u2005currencies\u2005are\u2005reviewed\u2005regularly\u2005
\nby Management to ensure that the Group is not unduly exposed to foreign currency risk.
\nFurther to this, the Group manages its exposure on foreign cash balances by converting excess local
\ncurrency cash to United States Dollar to minimise local currency cash balances maintained.
\nThe carrying amounts of the Group\u2019s foreign currency denominated monetary assets, cash and cash
\nequivalents, trade receivables, monetary liabilities, and trade payables at 31 December 2022 are as
\nfollows:
\n2022
\n2021
\n$ $
\nFinancial assets
\nMauritanian Ouguiya (2022: MRU 42,848,179; 2021: MRU
\n120,562,360)
\n1,160,883 3,303,983
\nWest African CFA (2022: XOF 10,994,012,757; 2021: XOF
\n8,878,480,112)
\n17,286,183
\n15,176,889
\nGuinea Franc (2022: GNF 39,725,121,620; 2021: GNF
\n12,153,465,757)
\n4,644,431 1,372,974
\nAll other currencies 3,550,844 8,604,246
\n26,642,341 28,458,092
\nFinancial liabilities
\nEuro (2022: EUR 1,579,467; 2021: EUR 3,978,532) 1,681,000 4,500,602
\nCanadian Dollar (2022: CAD 2,427,308; 2021: CAD 236,435) 1,791,504 185,789
\nAll other currencies 4,383,417 5,243,214
\n7,855,921 9,929,605
\n
\n\nForeign currency risk (continued)
\nThe following table details the Group\u2019s sensitivity to a 10% change in the United States Dollar against the
\nrelevant foreign currencies. The sensitivity analysis includes the outstanding foreign currency denominated
\nmonetary items at year end and adjusts their translation for a 10% change in foreign currency rates. A
\npositive\u2005number\u2005below\u2005indicates\u2005an\u2005increase\u2005in\u2005profit\u2005before\u2005tax\u2005where\u2005the\u2005United\u2005States\u2005Dollar\u2005strengthens\u2005
\nby 10% against the relevant currency. For a 10% weakening of the United States Dollar against the
\nrelevant\u2005currency,\u2005there\u2005would\u2005be\u2005an\u2005equal\u2005and\u2005opposite\u2005impact\u2005on\u2005the\u2005profit\u2005before\u2005tax.
\n2022
\n2021
\nUS$ US$
\nMauritanian Ouguiya 111,858 320,274
\nWest African CFA 1,784,144 1,924,979
\nGuinea Franc 439,868 116,246
\nEuro (139,049) (424,271)
\nCanadian Dollar (93,687) 73,885
\nAll other currencies (224,482) (158,264)
\n1,878,652 1,852,849
\n
\n\nInterest rate risk management
\nAs a result of changes in interest rates, the Group
\nis exposed to interest rate risk as entities in the
\nGroup borrow funds at variable interest rates and
\ntherefore borrowing costs could increase with
\nrate increases. The risk is managed by the Group
\nby maintaining a conservative gearing ratio. The
\nGroup\u2019s\u2005exposure\u2005to\u2005interest\u2005rates\u2005on\u2005financial\u2005
\nliabilities are detailed below.
\nInterest rate sensitivity analysis:
\nThe sensitivity analysis below has been
\ndetermined based on the exposure to interest
\nrates at the date of the Statement of Financial
\nPosition.\u2005For\u2005floating\u2005rate\u2005liabilities,\u2005the\u2005
\nanalysis is prepared using the average balance
\noutstanding for the year. A 200 basis point
\nincrease or decrease (2021: 50 basis points) is
\nused when reporting interest rate risk internally
\nto key Management personnel and represents
\nManagement\u2019s assessment of the reasonably
\npossible change in interest rates.
\nIf interest rates had been 200 basis points higher
\nand all other variables were held constant,
\nthe\u2005Group\u2019s\u2005profit\u2005before\u2005taxation\u2005for\u2005the\u2005year\u2005
\nended 31 December 2022 would decrease by
\nUS$0.5 million (2021: US$0.2 million). This is
\nmainly attributable to the Group\u2019s exposure to
\ninterest rates on its variable rate borrowings. The
\ndecrease in the Group\u2019s sensitivity to interest
\nrates, is directly attributable to the variable
\ninterest\u2005rate\u2005long-term\u2005debt\u2005facilities,\u2005offset\u2005by\u2005
\nthe settlements that occurred during the year, as
\ndisclosed in Note 27.
\nEquity price risk management
\nThe Group holds equity investments and is
\nexposed to equity price risk. Equity investments
\nare held for strategic purposes rather than trading
\npurposes and the Group does not actively trade
\nthese investments. The investments are actively
\nmonitored and proactively managed. New
\ninvestments are required to satisfy a number of
\ncriteria with non-executive oversight. If equity
\nprices had been 5% higher and all other variables
\nwere\u2005held\u2005constant,\u2005the\u2005Group\u2019s\u2005profit\u2005before\u2005
\ntaxation for the year ended 31 December 2022
\nwould increase by US$1.6 million (2021: US$2.6
\nmillion).
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag142": {
"value": "\nCredit risk management
\nCredit risk refers to the risk that a counterparty will
\ndefault on its contractual obligations resulting in
\nfinancial\u2005loss\u2005to\u2005the\u2005Group.\u2005Credit\u2005risk\u2005relates\u2005to\u2005
\npotential exposure on trade and other receivables
\nand bank balances.
\nBefore accepting any new customer, the Group
\nassesses the potential customer\u2019s credit quality
\nand\u2005defines\u2005credit\u2005limits\u2005for\u2005each\u2005customer.\u2005
\nCustomers credit limits are reviewed annually.
\nThe Group\u2019s credit risk is concentrated as the
\nGroup currently provides mining and drilling
\nservices to a limited number of major and
\nmid-tier mining companies as well as junior
\nexploration companies.
\n
\n\nCredit risk management (continued)
\nThe\u2005Group\u2019s\u2005exposure\u2005to\u2005credit\u2005risk\u2005is\u2005minimized\u2005as\u2005customers\u2005are\u2005given\u200530\u2005to\u200545\u2005days\u2005credit\u2005periods\u2005for\u2005
\nservices rendered. As at 31 December 2022, 3 customers individually contributed 10% or more to the
\nGroup\u2019s trade receivables (2021: 3 customers).
\nThere\u2005was\u2005a\u2005significant\u2005increase\u2005in\u2005the\u2005credit\u2005risk\u2005that\u2005has\u2005been\u2005identified\u2005in\u2005respect\u2005of\u2005the\u2005Group\u2019s\u2005
\ncustomers during the year and as at 31 December 2022, an expected credit loss allowance of US$2.8
\nmillion has been recognised (2021: US$nil).
\nFurther disclosures regarding trade and other receivables, which are neither past due nor impaired, are
\nprovided in Note 19.
\nCredit\u2005risk\u2005also\u2005arises\u2005from\u2005cash\u2005and\u2005cash\u2005equivalents\u2005with\u2005banks\u2005and\u2005financial\u2005institutions.\u2005For\u2005banks\u2005and\u2005
\nfinancial\u2005institutions,\u2005only\u2005independently\u2005rated\u2005parties\u2005with\u2005minimum\u2005rating\u2005\u201cA\u201d\u2005are\u2005accepted.\u2005
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag134": {
"value": "\nLiquidity risk management
\nUltimate responsibility for Liquidity Risk Management rests with the Board of Directors. The Group
\nmanages liquidity risk by maintaining adequate reserves, banking and reserve borrowing facilities,
\ncontinuously\u2005monitoring\u2005forecast\u2005and\u2005actual\u2005cash\u2005flows\u2005and\u2005by\u2005matching\u2005the\u2005maturity\u2005profiles\u2005of\u2005financial\u2005
\nassets and liabilities
\nLiquidity risk tables:
\nThe\u2005following\u2005table\u2005details\u2005the\u2005Group\u2019s\u2005remaining\u2005contractual\u2005maturity\u2005for\u2005its\u2005financial\u2005assets\u2005and\u2005liabilities\u2005
\nwith agreed repayment periods. The tables for assets have been drawn up based on the undiscounted
\ncontractual\u2005maturities\u2005of\u2005the\u2005financial\u2005assets\u2005including\u2005interest\u2005that\u2005will\u2005be\u2005earned\u2005on\u2005those\u2005assets.\u2005
\nThe\u2005tables\u2005for\u2005liabilities\u2005represent\u2005undiscounted\u2005cash\u2005flows\u2005of\u2005financial\u2005liabilities\u2005based\u2005on\u2005the\u2005earliest\u2005
\nrepayment date on which the Group can be required to pay at the reporting date:
\n2022
\n1
\nmonth
\n1\u20133
\nmonths
\n3 months \u2013
\n1 year
\n1\u20135
\nyears
\nUS$ US$ US$ US$
\nFinancial assets
\nFinancial Assets under
\nAmortised Cost
\n27,997,194 6,250,425 6,587,037 7,167,211
\nFinancial liabilities
\nNon-interest bearing -
\nFinancial Liabilities at
\nAmortised Cost
\n23,856,804 15,042,479 6,536,340 2,138,697
\nVariable interest rate
\ninstruments
\n1,007,050 4,037,240 13,430,835 56,426,497
\nLease liability 332,096 670,009 3,137,360 12,127,383
\n25,195,950 19,749,728 23,104,535 70,692,577
\n2021 1 month 1\u20133 months 3 months \u2013 1 year 1\u20135years
\nUS$ US$ US$ US$
\nFinancial assets
\nFinancial Assets under
\nAmortised Cost
\n35,087,344 4,835,352 2,159,412 6,590,039
\nFinancial liabilities
\nNon-interest bearing -
\nFinancial Liabilities at
\nAmortised Cost
\n21,187,328 16,550,484 6,123,628 2,638,682
\nVariable interest rate
\ninstruments
\n1,247,470 2,350,262 13,300,009 45,557,619
\nLease liabilities 182,089 356,695 1,697,640 7,354,745
\n22,616,887 19,257,441 21,121,277 55,551,046
\n
\n\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)
\nFinancing facilities
\nThe following table details the Group\u2019s secured loan facilities (undiscounted) at the reporting date.
\n2022
\n2021
\nUS$ $
\nAvailable
\n amount 86,800,000 70,100,000
\nUnutilised amount \u2013 (3,000,000)
\nUtilised amount 86,800,000 67,100,000
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag133": {
"value": "\n
\n\n34. FAIR VALUE MEASUREMENTS
\nFair value adjustment on financial assets through profit and loss (investments)
\nThe\u2005Group\u2019s\u2005fair\u2005value\u2005adjustment\u2005on\u2005financial\u2005assets\u2005through\u2005profit\u2005and\u2005loss\u2005are\u2005listed\u2005and\u2005unlisted\u2005equity\u2005
\nsecurities in the mining industry and are measured at fair value at the end of each reporting period. The
\nlisted\u2005equity\u2005securities\u2005are\u2005designated\u2005as\u2005Level\u20051\u2005financial\u2005assets\u2005in\u2005the\u2005fair\u2005value\u2005hierarchy.\u2005Their\u2005fair\u2005value\u2005
\nis\u2005determined\u2005using\u2005quote\u2005bid\u2005prices\u2005in\u2005an\u2005active\u2005market.\u2005The\u2005fair\u2005value\u2005of\u2005these\u2005financial\u2005assets\u2005FVPTL\u2005
\namounted to US$30,434,599 (2021: US$51,958,649).
\nThe\u2005fair\u2005values\u2005of\u2005financial\u2005instruments\u2005that\u2005are\u2005not\u2005traded\u2005in\u2005an\u2005active\u2005market\u2005are\u2005determined\u2005using\u2005
\nstandard valuation techniques. These valuation techniques maximise the use of observable market data
\nwhere\u2005available\u2005and\u2005rely\u2005as\u2005little\u2005as\u2005possible\u2005on\u2005Group\u2005specific\u2005estimates.\u2005The\u2005Directors\u2005consider\u2005that\u2005
\nthe\u2005carrying\u2005value\u2005amounts\u2005of\u2005financial\u2005assets\u2005and\u2005financial\u2005liabilities\u2005recorded\u2005at\u2005amortised\u2005cost\u2005in\u2005the\u2005
\nConsolidated Financial Statements are approximately equal to their fair values. The fair values disclosed
\nfor\u2005the\u2005financial\u2005assets\u2005and\u2005financial\u2005liabilities\u2005are\u2005classified\u2005in\u2005level\u20053\u2005of\u2005the\u2005fair\u2005value\u2005hierarchy\u2005have\u2005been\u2005
\nassessed to approximate their carrying amounts based on a peer group analysis.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag141": {
"value": "\n34. FAIR VALUE MEASUREMENTS
\nFair value adjustment on financial assets through profit and loss (investments)
\nThe\u2005Group\u2019s\u2005fair\u2005value\u2005adjustment\u2005on\u2005financial\u2005assets\u2005through\u2005profit\u2005and\u2005loss\u2005are\u2005listed\u2005and\u2005unlisted\u2005equity\u2005
\nsecurities in the mining industry and are measured at fair value at the end of each reporting period. The
\nlisted\u2005equity\u2005securities\u2005are\u2005designated\u2005as\u2005Level\u20051\u2005financial\u2005assets\u2005in\u2005the\u2005fair\u2005value\u2005hierarchy.\u2005Their\u2005fair\u2005value\u2005
\nis\u2005determined\u2005using\u2005quote\u2005bid\u2005prices\u2005in\u2005an\u2005active\u2005market.\u2005The\u2005fair\u2005value\u2005of\u2005these\u2005financial\u2005assets\u2005FVPTL\u2005
\namounted to US$30,434,599 (2021: US$51,958,649).
\nThe\u2005fair\u2005values\u2005of\u2005financial\u2005instruments\u2005that\u2005are\u2005not\u2005traded\u2005in\u2005an\u2005active\u2005market\u2005are\u2005determined\u2005using\u2005
\nstandard valuation techniques. These valuation techniques maximise the use of observable market data
\nwhere\u2005available\u2005and\u2005rely\u2005as\u2005little\u2005as\u2005possible\u2005on\u2005Group\u2005specific\u2005estimates.\u2005The\u2005Directors\u2005consider\u2005that\u2005
\nthe\u2005carrying\u2005value\u2005amounts\u2005of\u2005financial\u2005assets\u2005and\u2005financial\u2005liabilities\u2005recorded\u2005at\u2005amortised\u2005cost\u2005in\u2005the\u2005
\nConsolidated Financial Statements are approximately equal to their fair values. The fair values disclosed
\nfor\u2005the\u2005financial\u2005assets\u2005and\u2005financial\u2005liabilities\u2005are\u2005classified\u2005in\u2005level\u20053\u2005of\u2005the\u2005fair\u2005value\u2005hierarchy\u2005have\u2005been\u2005
\nassessed to approximate their carrying amounts based on a peer group analysis.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag140": {
"value": "\n35. AUDITOR\u2019S REMUNERATION
\nThe\u2005Group\u2005auditors\u2005are\u2005BDO\u2005LLP\u2005(\u201cBDO\u201d).\u2005The\u2005Group\u2005has\u2005engaged\u2005BDO\u2005and\u2005other\u2005audit\u2005firms\u2005to\u2005provide\u2005
\nboth audit and non-audit services to its various subsidiaries.
\n2022
\n2021
\nUS$ US$
\nFees paid to the Group\u2019s auditor
\nThe audit of the Group\u2019s annual Financial Statements 507,761 429,324
\nNon-audit services \u2013 Group 91,626 85,460
\nFees paid to associates of the Group\u2019s auditor
\nThe audit of the Group\u2019s subsidiaries 86,860 78,000
\nNon-audit services \u2013 subsidiaries \u2013 12,151
\n686,247 604,935
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag150": {
"value": "\n
\n\nNotes to the Annual Financial Statements (continued)
\n36. RELATED PARTIES
\nDuring the year, the Company and its subsidiaries, in the ordinary course of business, entered into various
\nsale and purchase transactions. All transactions are entered into at amounts negotiated between the
\nparties.
\n2022
\n2021
\nUS$ US$
\nDirectors\u2019 emoluments
\nShort\u2005Term\u2005Benefits 1,920,608 1,266,000
\nShare Based Payments 562,000 486,000
\n2,482,608 1,752,000
\nThe Group considers the Key Management Personnel to be limited to the Board of Directors as they are
\nresponsible for planning and directing the Group\u2019s activities.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag139": {
"value": "\nNotes to the Annual Financial Statements (continued)
\n36. RELATED PARTIES
\nDuring the year, the Company and its subsidiaries, in the ordinary course of business, entered into various
\nsale and purchase transactions. All transactions are entered into at amounts negotiated between the
\nparties.
\n2022
\n2021
\nUS$ US$
\nDirectors\u2019 emoluments
\nShort\u2005Term\u2005Benefits 1,920,608 1,266,000
\nShare Based Payments 562,000 486,000
\n2,482,608 1,752,000
\nThe Group considers the Key Management Personnel to be limited to the Board of Directors as they are
\nresponsible for planning and directing the Group\u2019s activities.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag145": {
"value": "\n
\n\n37. COMMITMENTS
\nThe Group has the following commitments:
\n2022
\n2021
\nUS$ US$
\nCommitted capital expenditure 18,685,619 13,424,141
\nThe Group had outstanding purchase orders amounting to $29.7 million (2021: $30.3 million) at the end of
\nthe reporting period of which $18.7 million (2021: $13.4 million) were for capital expenditure.
\n
\n\n
\n\n38. CONTINGENCIES
\nAs a result of the multiple jurisdictions in which the Group operates, there are a number of ongoing tax
\naudits.\u2005In\u2005the\u2005opinion\u2005of\u2005Management,\u2005with\u2005the\u2005exception\u2005of\u2005the\u2005matters\u2005identified\u2005below,\u2005none\u2005of\u2005these\u2005
\nongoing audits represent a reasonable possibility of a material settlement and as such, no contingent
\nliability disclosure is required.
\n38.1. Zambia tax
\nCapital Drilling (Zambia) Limited (\u201cCDZ\u201d), a subsidiary of Capital Limited, is a party to various tax claims
\nmade by the Zambian Revenue Authority (ZRA) for the tax years 2007 to 2013, totalling Zambian Kwacha
\n150 million (US$ $8.2 million).
\nNo subsequent communication has been received from the ZRA regarding this matter since June 2016.
\nAs\u2005CDZ\u2005is\u2005in\u2005the\u2005final\u2005stages\u2005of\u2005a\u2005court\u2005approved\u2005liquidation,\u2005the\u2005provision\u2005of\u2005US$1.6\u2005million\u2005previously\u2005
\nrecognised has been released during the year.
\n38.2. Tanzania tax
\n2009\u201315 tax audit
\nCapital Drilling (T) Ltd (\u201cCDT\u201d), was party to a payroll tax claim (US$9.8 million including interest) made by
\nthe\u2005Tanzanian\u2005Revenue\u2005Authority\u2005(\u201cTRA\u201d)\u2005for\u2005the\u2005tax\u2005years\u20052009-2015.
\nDuring\u2005the\u2005year,\u2005CDT\u2005reached\u2005a\u2005final\u2005agreement\u2005with\u2005the\u2005TRA\u2005and\u2005the\u2005deed\u2005of\u2005settlement\u2005was\u2005lodged\u2005
\nwith\u2005the\u2005Tax\u2005Revenue\u2005Appeals\u2005Tribunal\u2005on\u200529\u2005June\u20052022.\u2005The\u2005final\u2005payment\u2005of\u2005US$0.7\u2005million\u2005was\u2005made\u2005
\nin August 2022, bringing the total paid to $1.8m. As part of the settlement, the TRA waived penalties and
\ninterest in full.
\n2016\u201318 tax audit
\nThe TRA issued an initial assessment to CDT of US$4.5 million for 2016\u201318 in December 2019. Through
\nnegotiation, the tax claim was reduced to US$2.4 million in May 2020 and a payment of US$0.7 million
\nwas made in order to proceed with lodging formal objections.
\nDuring\u2005the\u2005year,\u2005the\u2005audit\u2005was\u2005formally\u2005closed\u2005with\u2005a\u2005further\u2005US$0.1\u2005million\u2005payment\u2005as\u2005final\u2005settlement,\u2005
\nbring the total tax paid to US$0.8 million.
\n
\n\n
\n\n38. CONTINGENCIES (continued)
\n38.3 Cote D\u2019Ivoire tax
\n2018\u201319 tax audit
\nA tax audit of Capital Drilling Cote D\u2019Ivoire (CDCI) for the two years ended 31 December 2019 is currently
\nunderway. Through negotiations, the total tax claimed has been reduced from US$1.5 million to US$0.4
\nmillion.
\nThe\u2005underlying\u2005facts\u2005would\u2005not\u2005trigger\u2005any\u2005additional\u2005tax\u2005liability\u2005and\u2005the\u2005tax\u2005authorities\u2005verbally\u2005confirmed\u2005
\nthey would undertake a full review. However, a demand for payment was issued in February 2023 and
\naccordingly the exposure of US$0.4 million has been provided in full as at 31 December 2022.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag149": {
"value": "\n37. COMMITMENTS
\nThe Group has the following commitments:
\n2022
\n2021
\nUS$ US$
\nCommitted capital expenditure 18,685,619 13,424,141
\nThe Group had outstanding purchase orders amounting to $29.7 million (2021: $30.3 million) at the end of
\nthe reporting period of which $18.7 million (2021: $13.4 million) were for capital expenditure.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
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}
},
"Tag143": {
"value": "\n
\n\n38. CONTINGENCIES
\nAs a result of the multiple jurisdictions in which the Group operates, there are a number of ongoing tax
\naudits.\u2005In\u2005the\u2005opinion\u2005of\u2005Management,\u2005with\u2005the\u2005exception\u2005of\u2005the\u2005matters\u2005identified\u2005below,\u2005none\u2005of\u2005these\u2005
\nongoing audits represent a reasonable possibility of a material settlement and as such, no contingent
\nliability disclosure is required.
\n38.1. Zambia tax
\nCapital Drilling (Zambia) Limited (\u201cCDZ\u201d), a subsidiary of Capital Limited, is a party to various tax claims
\nmade by the Zambian Revenue Authority (ZRA) for the tax years 2007 to 2013, totalling Zambian Kwacha
\n150 million (US$ $8.2 million).
\nNo subsequent communication has been received from the ZRA regarding this matter since June 2016.
\nAs\u2005CDZ\u2005is\u2005in\u2005the\u2005final\u2005stages\u2005of\u2005a\u2005court\u2005approved\u2005liquidation,\u2005the\u2005provision\u2005of\u2005US$1.6\u2005million\u2005previously\u2005
\nrecognised has been released during the year.
\n38.2. Tanzania tax
\n2009\u201315 tax audit
\nCapital Drilling (T) Ltd (\u201cCDT\u201d), was party to a payroll tax claim (US$9.8 million including interest) made by
\nthe\u2005Tanzanian\u2005Revenue\u2005Authority\u2005(\u201cTRA\u201d)\u2005for\u2005the\u2005tax\u2005years\u20052009-2015.
\nDuring\u2005the\u2005year,\u2005CDT\u2005reached\u2005a\u2005final\u2005agreement\u2005with\u2005the\u2005TRA\u2005and\u2005the\u2005deed\u2005of\u2005settlement\u2005was\u2005lodged\u2005
\nwith\u2005the\u2005Tax\u2005Revenue\u2005Appeals\u2005Tribunal\u2005on\u200529\u2005June\u20052022.\u2005The\u2005final\u2005payment\u2005of\u2005US$0.7\u2005million\u2005was\u2005made\u2005
\nin August 2022, bringing the total paid to $1.8m. As part of the settlement, the TRA waived penalties and
\ninterest in full.
\n2016\u201318 tax audit
\nThe TRA issued an initial assessment to CDT of US$4.5 million for 2016\u201318 in December 2019. Through
\nnegotiation, the tax claim was reduced to US$2.4 million in May 2020 and a payment of US$0.7 million
\nwas made in order to proceed with lodging formal objections.
\nDuring\u2005the\u2005year,\u2005the\u2005audit\u2005was\u2005formally\u2005closed\u2005with\u2005a\u2005further\u2005US$0.1\u2005million\u2005payment\u2005as\u2005final\u2005settlement,\u2005
\nbring the total tax paid to US$0.8 million.
\n
\n\n
\n\n38. CONTINGENCIES (continued)
\n38.3 Cote D\u2019Ivoire tax
\n2018\u201319 tax audit
\nA tax audit of Capital Drilling Cote D\u2019Ivoire (CDCI) for the two years ended 31 December 2019 is currently
\nunderway. Through negotiations, the total tax claimed has been reduced from US$1.5 million to US$0.4
\nmillion.
\nThe\u2005underlying\u2005facts\u2005would\u2005not\u2005trigger\u2005any\u2005additional\u2005tax\u2005liability\u2005and\u2005the\u2005tax\u2005authorities\u2005verbally\u2005confirmed\u2005
\nthey would undertake a full review. However, a demand for payment was issued in February 2023 and
\naccordingly the exposure of US$0.4 million has been provided in full as at 31 December 2022.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"Tag137": {
"value": "\n39. EVENTS AFTER THE REPORTING DATE
\nThere\u2005have\u2005been\u2005no\u2005significant\u2005events\u2005affecting\u2005the\u2005Group\u2005since\u2005the\u2005year\u2005end.
\n
\n",
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"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag147": {
"value": "\n40. APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS
\nThe Annual Financial statements set out on pages 116 to 168 were approved by the Board of Directors on
\n24 March 2023 in London.
\n
\n",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag136": {
"value": "Bermuda",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag146": {
"value": "Victoria Place, 5th Floor 31 Victoria StreetHamilton HM 10 Bermuda",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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}
}