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"Tag140": {
"value": "\nCORPORATE INFORMATION
\nCapital Limited (the \u201cCompany\u201d) is incorporated in Bermuda. The Company and its subsidiaries
\n(the \u201cGroup\u201d) provide drilling, mining (load and haul), crushing, mineral assaying and surveying
\nservices. The Group also has a portfolio of investments in listed and unlisted exploration and
\nmining companies.
\nDuring the year ended 31 December 2023, the Group provided drilling services in C\u00f4te d\u2019Ivoire,
\nGuinea, Gabon, Egypt, Mali, Saudi Arabia, Pakistan, Sudan and Tanzania. Mining services are
\nprovided in Egypt and Gabon and mineral analysis services are provided in Canada, Guyana,
\nMauritania, Nigeria, C\u00f4te d\u2019Ivoire, Mali, Tanzania, Kenya, Ghana, Egypt and Democratic Republic of
\nthe Congo. The Group\u2019s administrative offices is are located in the United Kingdom and Mauritius.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag141": {
"value": "Capital Limited",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag142": {
"value": "Bermuda",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag143": {
"value": "The Company and its subsidiaries the \u201cGroup\u201d) provide drilling, mining (load and haul), crushing, mineral assaying and surveying services. The Group also has a portfolio of investments in listed and unlisted exploration and mining companies. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag147": {
"value": "During the year ended 31 December 2023, the Group provided drilling services in C\u00f4te d\u2019Ivoire, Guinea, Gabon, Egypt, Mali, Saudi Arabia, Pakistan, Sudan and Tanzania. Mining services are provided in Egypt and Gabon and mineral analysis services are provided in Canada, Guyana, Mauritania, Nigeria, C\u00f4te d\u2019Ivoire, Mali, Tanzania, Kenya, Ghana, Egypt and Democratic Republic of the Congo. ",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag78": {
"value": "\n
\n1. BASIS OF PREPARATION
\nThe principal accounting policies applied in the preparation of the Group\u2019s Annual Financial
\nStatements are set out below. The policies have been consistently applied to all the years
\npresented, unless otherwise stated.
\nThe Group Annual Financial Statements are presented in United States Dollars, which is also
\nthe Group\u2019s functional currency. Amounts are rounded to the nearest thousand, unless
\notherwise stated.
\n\nThe Group Annual Financial Statements have been prepared in accordance with International
\nFinancial Reporting Standards (IFRS) issued by the International Accounting Standards Board
\n(IASB).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe preparation of financial statements in compliance with IFRS requires the use of certain critical
\naccounting estimates. It also requires Group management to exercise judgment in applying the
\nGroup\u2019s accounting policies. The areas where significant judgments and estimates have been
\nmade in preparing the financial statements and their effect are disclosed in note 2.
\nWhere additional information has been presented in the current year Annual Financial
\nStatements, the prior year amounts have been presented to be consistent with the presentation
\nin the current year.
\nThe Group Annual Financial Statements have been prepared on the historical cost basis except
\nfor certain financial instruments which are measured at fair value.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\n1.1 New standards, interpretations and amendments effective from 1 January 2023
\nIn the current year, the Group has applied a number of amendments to IFRS that are mandatorily
\neffective for an accounting period that begins on or after 1 January 2023.
\nThe following amendments are effective for the period beginning 1 January 2023:
\n\u2022 IFRS 17 Insurance Contracts;
\n\u2022 Disclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements
\nand IFRS Practice Statement 2 Making Materiality Judgements);
\n\u2022 Definition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes
\nin Accounting Estimates and Errors);
\n\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments
\nto IAS 12 Income Taxes); and
\n\u2022 International Tax Reform \u2013 Pillar Two Model Rules (Amendment to IAS 12 Income Taxes)
\n(effective immediately upon the issue of the amendments and retrospectively).
\nTheir adoption has not had any material impact on the disclosures or on the amounts reported
\nin these financial statements.
\nDisclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements
\nand IFRS Practice Statement 2 Making Materiality Judgements)
\nIn February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2.
\nThe amendments aim to make accounting policy disclosures more informative by replacing
\nthe requirement to disclose \u201csignificant accounting policies\u201d with \u201cmaterial accounting policy
\ninformation\u201d. The amendments also provide guidance under what circumstance, the accounting
\npolicy information is likely to be considered material and therefore require disclosure.
\nThese amendments have no effect on the measurement or presentation of any items in the
\nConsolidated financial statements of the Group but affect the disclosure of accounting policies
\nof the Group.
\nDefinition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes in
\nAccounting Estimates and Errors)
\nThe amendments to IAS 8, which added the definition of accounting estimates, clarify that the
\neffects of a change in an input or measurement technique are changes in accounting estimates
\nunless resulting from the correction of prior period errors. These amendments clarify how entities
\nmake the distinction between changes in accounting estimate, changes in accounting policy
\nand prior period errors.
\nThese amendments had no effect on the consolidated financial statements of the Group.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n1. BASIS OF PREPARATION (continued)
\n
\n\n
\n\n
\n\n1.1 New standards, interpretations and amendments effective from 1 January 2023
\n (continued)
\nDeferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments
\nto IAS 12 Income Taxes)
\nIn May 2021, the IASB issued amendments to IAS 12, which clarify whether the initial recognition
\nexemption applies to certain transactions that result in both an asset and a liability being
\nrecognised simultaneously (e.g. a lease in the scope of IFRS 16). The amendments introduce an
\nadditional criterion for the initial recognition exemption, whereby the exemption does not apply
\nto the initial recognition of an asset or liability which at the time of the transaction, gives rise to
\nequal taxable and deductible temporary differences.
\nThese amendments had no effect on the annual consolidated financial statements of the Group.
\nInternational Tax Reform \u2013 Pillar Two Model Rules (Amendment to IAS 12 Income Taxes)
\nIn December 2021, the Organisation for Economic Co-operation and Development (OECD)
\nreleased a draft legislative framework for a global minimum tax that is expected to be used by
\nindividual jurisdictions. The goal of the framework is to reduce the shifting of profit from one
\njurisdiction to another in order to reduce global tax obligations in corporate structures. In March
\n2022, the OECD released detailed technical guidance on Pillar Two of the rules.
\nStakeholders raised concerns with the IASB about the potential implications on income tax
\naccounting, especially accounting for deferred taxes, arising from the Pillar Two model rules.
\nThe IASB issued the final Amendments (the Amendments) International Tax Reform \u2013 Pillar Two
\nModel Rules, in response to stakeholder concerns on 23 May 2023.
\nThese amendments had no effect on the annual consolidated financial statements of the Group.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n1.2 Standards and interpretations not yet effective
\nThere are a number of standards, amendments to standards and interpretations which have
\nbeen issued by the IASB that are effective in future accounting periods that the Group has
\ndecided not to adopt early.
\nStandard/Interpretation
\nEffective Date
\nYears beginning
\non or after Expected Impact
\nIFRS 16 Leases (Amendment \u2013 Liability in a Sale
\nand Leaseback)
\nJanuary 1,
\n2024
\nUnlikely there will be
\na material impact
\nIAS 1 Presentation of Financial Statements
\n(Amendment \u2013 Classification of Liabilities as
\nCurrent or Non-current)
\nJanuary 1,
\n2024
\nUnlikely there will be
\na material impact
\nIAS 1 Presentation of Financial Statements
\n(Amendment \u2013 Non-current Liabilities with
\nCovenants)
\nJanuary 1,
\n2024
\nUnlikely there will be
\na material impact
\nIAS 7 Statement of Cash Flows and IFRS
\n7 Financial Instruments: Disclosures
\n(Amendment \u2013 Supplier Finance
\nArrangements)
\nJanuary 1,
\n2024
\nIncreased disclosure in the
\nnotes to cash flows and financial
\ninstruments around supplier
\nfinance arrangements
\nIAS 21 The Effects of Changes in Foreign
\nExchange Rates (Amendment \u2013 Lack of
\nExchangeability)
\nJanuary 1,
\n2025
\nUnlikely there will be
\na material impact
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n1. BASIS OF PREPARATION (continued)
\n\n1.3 Going Concern
\nAs at 31 December 2023, the Group had a robust balance sheet with a low debt gearing with
\nequity of $273.1 million and loans and borrowings of $102.6 million. Cash as at 31 December
\n2023 was $34.4 million, with net debt of $68.2 million. Investments in listed entities at the end
\nof December 2023 amounted to $44.8 million which provided additional flexibility as these
\ninvestments could be converted into cash.
\nThis robustness is underpinned by stable cash flows generated by a diversified service offering
\nand diversified contract portfolio. Revenues continued to perform strongly in 2023 with
\nincreased revenue of 10% compared to 2022. Commercially, the Group secured two long-term
\nmajor contracts with high-quality customers in 2023: Ivindo Iron in Gabon which is majority
\nowned by major mining company Fortescue Metals Group for drilling, mining and crushing
\nservices and Nevada Gold Mines in USA, a JV between Barrick Gold Corporation and Newmont
\nCorporation for comprehensive drilling and laboratory services. The contract with Nevada Gold
\nMines had not started generating revenue as at 31 December 2023.
\nIn determining the going concern status of the business, the Board has reviewed the Group\u2019s
\nforecasts for the 18 months to June 2025, including both forecast liquidity and covenant
\nmeasurements. In the assessment, management took into consideration the principal risks of
\nthe business that are most relevant to the going concern assessment and reverse stressed the
\nforecast model to identify the magnitude of sensitivity required to cause a breach in covenants
\nor risk the going concern of the business, alongside the Group\u2019s capacity to mitigate. The most
\nrelevant sensitivity was considered to be a decrease in EBITDA through loss of contracts, with
\nno redeployment of equipment. EBITDA would need to fall over 40% during the period of
\nassessment for going concern to breach the covenant test. Given the strong market demand
\nfrom existing high-quality clients and across a large tendering pipeline, the Group\u2019s increased
\nservice diversification and the limited contract expiries due during the year, management
\nconsiders the risk of a deep demand reduction to be low.
\nGiven the Group\u2019s exposure to high-quality mine site operations, we consider a decrease
\nof such magnitude to be remote. Based on its assessment of the forecasts, principal risks
\nand uncertainties and mitigating actions considered available to the Group (holding back
\ndividends, sale of listed investments, capex deferment) in the event of downside scenarios, the
\nBoard confirms that it is satisfied the Group will be able to continue to operate and meet its
\nliabilities as they fall due over the going concern period to June 2025. Accordingly, the Board
\nhas concluded that the going concern basis in the preparation of the Financial Statements is
\nappropriate and that there are no material uncertainties that would cast doubt on that basis of
\npreparation.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag92": {
"value": "\nThe Group Annual Financial Statements have been prepared in accordance with International
\nFinancial Reporting Standards (IFRS) issued by the International Accounting Standards Board
\n(IASB).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag80": {
"value": "\n
\n\n
\n\n1.1 New standards, interpretations and amendments effective from 1 January 2023
\nIn the current year, the Group has applied a number of amendments to IFRS that are mandatorily
\neffective for an accounting period that begins on or after 1 January 2023.
\nThe following amendments are effective for the period beginning 1 January 2023:
\n\u2022 IFRS 17 Insurance Contracts;
\n\u2022 Disclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements
\nand IFRS Practice Statement 2 Making Materiality Judgements);
\n\u2022 Definition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes
\nin Accounting Estimates and Errors);
\n\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments
\nto IAS 12 Income Taxes); and
\n\u2022 International Tax Reform \u2013 Pillar Two Model Rules (Amendment to IAS 12 Income Taxes)
\n(effective immediately upon the issue of the amendments and retrospectively).
\nTheir adoption has not had any material impact on the disclosures or on the amounts reported
\nin these financial statements.
\nDisclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements
\nand IFRS Practice Statement 2 Making Materiality Judgements)
\nIn February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2.
\nThe amendments aim to make accounting policy disclosures more informative by replacing
\nthe requirement to disclose \u201csignificant accounting policies\u201d with \u201cmaterial accounting policy
\ninformation\u201d. The amendments also provide guidance under what circumstance, the accounting
\npolicy information is likely to be considered material and therefore require disclosure.
\nThese amendments have no effect on the measurement or presentation of any items in the
\nConsolidated financial statements of the Group but affect the disclosure of accounting policies
\nof the Group.
\nDefinition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes in
\nAccounting Estimates and Errors)
\nThe amendments to IAS 8, which added the definition of accounting estimates, clarify that the
\neffects of a change in an input or measurement technique are changes in accounting estimates
\nunless resulting from the correction of prior period errors. These amendments clarify how entities
\nmake the distinction between changes in accounting estimate, changes in accounting policy
\nand prior period errors.
\nThese amendments had no effect on the consolidated financial statements of the Group.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n1.1 New standards, interpretations and amendments effective from 1 January 2023
\n (continued)
\nDeferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments
\nto IAS 12 Income Taxes)
\nIn May 2021, the IASB issued amendments to IAS 12, which clarify whether the initial recognition
\nexemption applies to certain transactions that result in both an asset and a liability being
\nrecognised simultaneously (e.g. a lease in the scope of IFRS 16). The amendments introduce an
\nadditional criterion for the initial recognition exemption, whereby the exemption does not apply
\nto the initial recognition of an asset or liability which at the time of the transaction, gives rise to
\nequal taxable and deductible temporary differences.
\nThese amendments had no effect on the annual consolidated financial statements of the Group.
\nInternational Tax Reform \u2013 Pillar Two Model Rules (Amendment to IAS 12 Income Taxes)
\nIn December 2021, the Organisation for Economic Co-operation and Development (OECD)
\nreleased a draft legislative framework for a global minimum tax that is expected to be used by
\nindividual jurisdictions. The goal of the framework is to reduce the shifting of profit from one
\njurisdiction to another in order to reduce global tax obligations in corporate structures. In March
\n2022, the OECD released detailed technical guidance on Pillar Two of the rules.
\nStakeholders raised concerns with the IASB about the potential implications on income tax
\naccounting, especially accounting for deferred taxes, arising from the Pillar Two model rules.
\nThe IASB issued the final Amendments (the Amendments) International Tax Reform \u2013 Pillar Two
\nModel Rules, in response to stakeholder concerns on 23 May 2023.
\nThese amendments had no effect on the annual consolidated financial statements of the Group.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n1.2 Standards and interpretations not yet effective
\nThere are a number of standards, amendments to standards and interpretations which have
\nbeen issued by the IASB that are effective in future accounting periods that the Group has
\ndecided not to adopt early.
\nStandard/Interpretation
\nEffective Date
\nYears beginning
\non or after Expected Impact
\nIFRS 16 Leases (Amendment \u2013 Liability in a Sale
\nand Leaseback)
\nJanuary 1,
\n2024
\nUnlikely there will be
\na material impact
\nIAS 1 Presentation of Financial Statements
\n(Amendment \u2013 Classification of Liabilities as
\nCurrent or Non-current)
\nJanuary 1,
\n2024
\nUnlikely there will be
\na material impact
\nIAS 1 Presentation of Financial Statements
\n(Amendment \u2013 Non-current Liabilities with
\nCovenants)
\nJanuary 1,
\n2024
\nUnlikely there will be
\na material impact
\nIAS 7 Statement of Cash Flows and IFRS
\n7 Financial Instruments: Disclosures
\n(Amendment \u2013 Supplier Finance
\nArrangements)
\nJanuary 1,
\n2024
\nIncreased disclosure in the
\nnotes to cash flows and financial
\ninstruments around supplier
\nfinance arrangements
\nIAS 21 The Effects of Changes in Foreign
\nExchange Rates (Amendment \u2013 Lack of
\nExchangeability)
\nJanuary 1,
\n2025
\nUnlikely there will be
\na material impact
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag81": {
"value": "\n
\n\n1.1 New standards, interpretations and amendments effective from 1 January 2023
\nIn the current year, the Group has applied a number of amendments to IFRS that are mandatorily
\neffective for an accounting period that begins on or after 1 January 2023.
\nThe following amendments are effective for the period beginning 1 January 2023:
\n\u2022 IFRS 17 Insurance Contracts;
\n\u2022 Disclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements
\nand IFRS Practice Statement 2 Making Materiality Judgements);
\n\u2022 Definition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes
\nin Accounting Estimates and Errors);
\n\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments
\nto IAS 12 Income Taxes); and
\n\u2022 International Tax Reform \u2013 Pillar Two Model Rules (Amendment to IAS 12 Income Taxes)
\n(effective immediately upon the issue of the amendments and retrospectively).
\nTheir adoption has not had any material impact on the disclosures or on the amounts reported
\nin these financial statements.
\nDisclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements
\nand IFRS Practice Statement 2 Making Materiality Judgements)
\nIn February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2.
\nThe amendments aim to make accounting policy disclosures more informative by replacing
\nthe requirement to disclose \u201csignificant accounting policies\u201d with \u201cmaterial accounting policy
\ninformation\u201d. The amendments also provide guidance under what circumstance, the accounting
\npolicy information is likely to be considered material and therefore require disclosure.
\nThese amendments have no effect on the measurement or presentation of any items in the
\nConsolidated financial statements of the Group but affect the disclosure of accounting policies
\nof the Group.
\nDefinition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes in
\nAccounting Estimates and Errors)
\nThe amendments to IAS 8, which added the definition of accounting estimates, clarify that the
\neffects of a change in an input or measurement technique are changes in accounting estimates
\nunless resulting from the correction of prior period errors. These amendments clarify how entities
\nmake the distinction between changes in accounting estimate, changes in accounting policy
\nand prior period errors.
\nThese amendments had no effect on the consolidated financial statements of the Group.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n1.1 New standards, interpretations and amendments effective from 1 January 2023
\n (continued)
\nDeferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments
\nto IAS 12 Income Taxes)
\nIn May 2021, the IASB issued amendments to IAS 12, which clarify whether the initial recognition
\nexemption applies to certain transactions that result in both an asset and a liability being
\nrecognised simultaneously (e.g. a lease in the scope of IFRS 16). The amendments introduce an
\nadditional criterion for the initial recognition exemption, whereby the exemption does not apply
\nto the initial recognition of an asset or liability which at the time of the transaction, gives rise to
\nequal taxable and deductible temporary differences.
\nThese amendments had no effect on the annual consolidated financial statements of the Group.
\nInternational Tax Reform \u2013 Pillar Two Model Rules (Amendment to IAS 12 Income Taxes)
\nIn December 2021, the Organisation for Economic Co-operation and Development (OECD)
\nreleased a draft legislative framework for a global minimum tax that is expected to be used by
\nindividual jurisdictions. The goal of the framework is to reduce the shifting of profit from one
\njurisdiction to another in order to reduce global tax obligations in corporate structures. In March
\n2022, the OECD released detailed technical guidance on Pillar Two of the rules.
\nStakeholders raised concerns with the IASB about the potential implications on income tax
\naccounting, especially accounting for deferred taxes, arising from the Pillar Two model rules.
\nThe IASB issued the final Amendments (the Amendments) International Tax Reform \u2013 Pillar Two
\nModel Rules, in response to stakeholder concerns on 23 May 2023.
\nThese amendments had no effect on the annual consolidated financial statements of the Group.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1.2 Standards and interpretations not yet effective
\nThere are a number of standards, amendments to standards and interpretations which have
\nbeen issued by the IASB that are effective in future accounting periods that the Group has
\ndecided not to adopt early.
\nStandard/Interpretation
\nEffective Date
\nYears beginning
\non or after Expected Impact
\nIFRS 16 Leases (Amendment \u2013 Liability in a Sale
\nand Leaseback)
\nJanuary 1,
\n2024
\nUnlikely there will be
\na material impact
\nIAS 1 Presentation of Financial Statements
\n(Amendment \u2013 Classification of Liabilities as
\nCurrent or Non-current)
\nJanuary 1,
\n2024
\nUnlikely there will be
\na material impact
\nIAS 1 Presentation of Financial Statements
\n(Amendment \u2013 Non-current Liabilities with
\nCovenants)
\nJanuary 1,
\n2024
\nUnlikely there will be
\na material impact
\nIAS 7 Statement of Cash Flows and IFRS
\n7 Financial Instruments: Disclosures
\n(Amendment \u2013 Supplier Finance
\nArrangements)
\nJanuary 1,
\n2024
\nIncreased disclosure in the
\nnotes to cash flows and financial
\ninstruments around supplier
\nfinance arrangements
\nIAS 21 The Effects of Changes in Foreign
\nExchange Rates (Amendment \u2013 Lack of
\nExchangeability)
\nJanuary 1,
\n2025
\nUnlikely there will be
\na material impact
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag82": {
"value": "\n1.1 New standards, interpretations and amendments effective from 1 January 2023
\nIn the current year, the Group has applied a number of amendments to IFRS that are mandatorily
\neffective for an accounting period that begins on or after 1 January 2023.
\nThe following amendments are effective for the period beginning 1 January 2023:
\n\u2022 IFRS 17 Insurance Contracts;
\n\u2022 Disclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements
\nand IFRS Practice Statement 2 Making Materiality Judgements);
\n\u2022 Definition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes
\nin Accounting Estimates and Errors);
\n\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments
\nto IAS 12 Income Taxes); and
\n\u2022 International Tax Reform \u2013 Pillar Two Model Rules (Amendment to IAS 12 Income Taxes)
\n(effective immediately upon the issue of the amendments and retrospectively).
\nTheir adoption has not had any material impact on the disclosures or on the amounts reported
\nin these financial statements.
\nDisclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements
\nand IFRS Practice Statement 2 Making Materiality Judgements)
\nIn February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2.
\nThe amendments aim to make accounting policy disclosures more informative by replacing
\nthe requirement to disclose \u201csignificant accounting policies\u201d with \u201cmaterial accounting policy
\ninformation\u201d. The amendments also provide guidance under what circumstance, the accounting
\npolicy information is likely to be considered material and therefore require disclosure.
\nThese amendments have no effect on the measurement or presentation of any items in the
\nConsolidated financial statements of the Group but affect the disclosure of accounting policies
\nof the Group.
\nDefinition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes in
\nAccounting Estimates and Errors)
\nThe amendments to IAS 8, which added the definition of accounting estimates, clarify that the
\neffects of a change in an input or measurement technique are changes in accounting estimates
\nunless resulting from the correction of prior period errors. These amendments clarify how entities
\nmake the distinction between changes in accounting estimate, changes in accounting policy
\nand prior period errors.
\nThese amendments had no effect on the consolidated financial statements of the Group.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1.1 New standards, interpretations and amendments effective from 1 January 2023
\n (continued)
\nDeferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments
\nto IAS 12 Income Taxes)
\nIn May 2021, the IASB issued amendments to IAS 12, which clarify whether the initial recognition
\nexemption applies to certain transactions that result in both an asset and a liability being
\nrecognised simultaneously (e.g. a lease in the scope of IFRS 16). The amendments introduce an
\nadditional criterion for the initial recognition exemption, whereby the exemption does not apply
\nto the initial recognition of an asset or liability which at the time of the transaction, gives rise to
\nequal taxable and deductible temporary differences.
\nThese amendments had no effect on the annual consolidated financial statements of the Group.
\nInternational Tax Reform \u2013 Pillar Two Model Rules (Amendment to IAS 12 Income Taxes)
\nIn December 2021, the Organisation for Economic Co-operation and Development (OECD)
\nreleased a draft legislative framework for a global minimum tax that is expected to be used by
\nindividual jurisdictions. The goal of the framework is to reduce the shifting of profit from one
\njurisdiction to another in order to reduce global tax obligations in corporate structures. In March
\n2022, the OECD released detailed technical guidance on Pillar Two of the rules.
\nStakeholders raised concerns with the IASB about the potential implications on income tax
\naccounting, especially accounting for deferred taxes, arising from the Pillar Two model rules.
\nThe IASB issued the final Amendments (the Amendments) International Tax Reform \u2013 Pillar Two
\nModel Rules, in response to stakeholder concerns on 23 May 2023.
\nThese amendments had no effect on the annual consolidated financial statements of the Group.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag90": {
"value": "\n1.3 Going Concern
\nAs at 31 December 2023, the Group had a robust balance sheet with a low debt gearing with
\nequity of $273.1 million and loans and borrowings of $102.6 million. Cash as at 31 December
\n2023 was $34.4 million, with net debt of $68.2 million. Investments in listed entities at the end
\nof December 2023 amounted to $44.8 million which provided additional flexibility as these
\ninvestments could be converted into cash.
\nThis robustness is underpinned by stable cash flows generated by a diversified service offering
\nand diversified contract portfolio. Revenues continued to perform strongly in 2023 with
\nincreased revenue of 10% compared to 2022. Commercially, the Group secured two long-term
\nmajor contracts with high-quality customers in 2023: Ivindo Iron in Gabon which is majority
\nowned by major mining company Fortescue Metals Group for drilling, mining and crushing
\nservices and Nevada Gold Mines in USA, a JV between Barrick Gold Corporation and Newmont
\nCorporation for comprehensive drilling and laboratory services. The contract with Nevada Gold
\nMines had not started generating revenue as at 31 December 2023.
\nIn determining the going concern status of the business, the Board has reviewed the Group\u2019s
\nforecasts for the 18 months to June 2025, including both forecast liquidity and covenant
\nmeasurements. In the assessment, management took into consideration the principal risks of
\nthe business that are most relevant to the going concern assessment and reverse stressed the
\nforecast model to identify the magnitude of sensitivity required to cause a breach in covenants
\nor risk the going concern of the business, alongside the Group\u2019s capacity to mitigate. The most
\nrelevant sensitivity was considered to be a decrease in EBITDA through loss of contracts, with
\nno redeployment of equipment. EBITDA would need to fall over 40% during the period of
\nassessment for going concern to breach the covenant test. Given the strong market demand
\nfrom existing high-quality clients and across a large tendering pipeline, the Group\u2019s increased
\nservice diversification and the limited contract expiries due during the year, management
\nconsiders the risk of a deep demand reduction to be low.
\nGiven the Group\u2019s exposure to high-quality mine site operations, we consider a decrease
\nof such magnitude to be remote. Based on its assessment of the forecasts, principal risks
\nand uncertainties and mitigating actions considered available to the Group (holding back
\ndividends, sale of listed investments, capex deferment) in the event of downside scenarios, the
\nBoard confirms that it is satisfied the Group will be able to continue to operate and meet its
\nliabilities as they fall due over the going concern period to June 2025. Accordingly, the Board
\nhas concluded that the going concern basis in the preparation of the Financial Statements is
\nappropriate and that there are no material uncertainties that would cast doubt on that basis of
\npreparation.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag91": {
"value": "\n
\n1.4 Material Accounting Information
\n\n1.4.1 Consolidation
\nBasis of consolidation
\nThe consolidated Annual Financial Statements incorporate the Annual Financial Statements of
\nthe Company and all subsidiaries. Subsidiaries are entities (including structured entities) which
\nare controlled by the Group.
\nThe Company controls an investee if all three of the following elements are present: power over
\nthe investee, exposure to variable returns from the investee and the ability of the investor to use
\nits power to affect those variable returns. Control is reassessed whenever facts and circumstances
\nindicate that there may be a change in any of these elements of control.
\nThe results of subsidiaries are included in the consolidated Annual Financial Statements from the
\neffective date of acquisition to the effective date of disposal.
\nAdjustments are made when necessary to the Annual Financial Statements of subsidiaries to
\nbring their accounting policies in line with those of the Group.
\nAll inter-company transactions, balances and unrealised gains on transactions between group
\ncompanies are eliminated in full on consolidation. Unrealised losses are also eliminated unless the
\ntransaction provides evidence of an impairment of the asset transferred.
\nNon-controlling interests (NCI) in the net assets of consolidated subsidiaries are identified and
\nrecognised separately from the Group\u2019s interest therein and are recognised within equity. Losses
\nof subsidiaries attributable to NCI are allocated to the NCI even if this results in a debit balance
\nbeing recognised for the NCI.
\nTransactions with non-controlling interests that do not result in loss of control are accounted for
\nas equity transactions and are recognised directly in the Statement of Changes in Equity.
\nThe difference between the fair value of consideration paid or received and the movement in NCI
\nfor such transactions is recognised in equity attributable to the owners of the Company.
\nWhere a subsidiary is disposed of and a non-controlling shareholding is retained, the remaining
\ninvestment is measured to fair value with the adjustment to fair value recognised in profit or
\nloss as part of the gain or loss on disposal of the controlling interest. The fair value is the initial
\ncarrying amount for the purposes of subsequently accounting for the retained interest as an
\nassociate, joint venture or financial asset. In addition, any amounts previously recognised in other
\ncomprehensive income in respect of that entity are accounted for as if the Group had directly
\ndisposed of the related assets or liabilities. This may mean that amounts previously recognised in
\nother comprehensive income are reclassified to profit or loss.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n1. BASIS OF PREPARATION (continued)
\n1.4 Material Accounting Information (continued)
\n\n
\n1.4.1 Consolidation (continued)
\n\n
\n\n
\nBusiness combinations
\nThe Group accounts for business combinations using the acquisition method of accounting.
\nThe cost of the business combination is measured as the aggregate of the fair values of assets
\ngiven, liabilities incurred or assumed and equity instruments issued. Costs directly attributable
\nto the business combination are expensed as incurred, except the costs to issue debt which are
\namortised as part of the effective interest and costs to issue equity which are included in equity.
\nAny contingent consideration is included in the cost of the business combination at fair value
\nas at the date of acquisition. Subsequent changes to the assets, liability or equity which arise
\nas a result of the contingent consideration are not affected against goodwill, unless they are
\nvalid measurement period adjustments. Otherwise, all subsequent changes to the fair value
\nof contingent consideration that is deemed to be an asset or liability is recognised in either
\nprofit or loss or in other comprehensive income, in accordance with relevant IFRS. Contingent
\nconsideration that is classified as equity is not remeasured and its subsequent settlement is
\naccounted for within equity.
\nThe acquiree\u2019s identifiable assets, liabilities and contingent liabilities which meet the recognition
\nconditions of IFRS 3 Business Combinations are recognised at their fair values at acquisition date,
\nexcept for non-current assets (or disposal groups) that are classified as held for sale in accordance
\nwith IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, which are recognised
\nat fair value less costs to sell.
\nOn acquisition, the acquiree\u2019s assets and liabilities are reassessed in terms of classification and are
\nreclassified where the classification is inappropriate for group purposes.
\n\nNon-controlling interests in the acquiree are measured on an acquisition-by-acquisition basis
\neither at fair value or at the non-controlling interests\u2019 proportionate share in the recognised
\namounts of the acquiree\u2019s identifiable net assets. This treatment applies to non-controlling
\ninterests which are present ownership interests and entitle their holders to a proportionate share
\nof the entity\u2019s net assets in the event of liquidation. All other components of non-controlling
\ninterests are measured at their acquisition date fair values unless another measurement basis is
\nrequired by IFRS.
\nIn cases where the Group held a non-controlling shareholding in the acquiree prior to obtaining
\ncontrol, that interest is measured to fair value as at acquisition date. The measurement to fair
\nvalue is included in profit or loss for the year. Where the existing shareholding was classified as
\nan available-for-sale financial asset, the cumulative fair value adjustments recognised previously
\nto other comprehensive income and accumulated in equity are recognised in profit or loss as a
\nreclassification adjustment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\nGoodwill is determined as the consideration paid, plus the fair value of any shareholding held
\nprior to obtaining control, plus non- controlling interest and less the fair value of the identifiable
\nassets and liabilities of the acquiree. If, in the case of a bargain purchase, the result of this formula
\nis negative, then the difference is recognised directly in profit or loss.
\nGoodwill is not amortised but is tested on an annual basis for impairment. If goodwill is assessed
\nto be impaired, that impairment is not subsequently reversed.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAsset acquisition
\nIn the event of an asset acquisition, the cost of the acquisition is assigned to the individual assets
\nand liabilities based on their relative fair values. Contingent consideration is accrued for when
\nthese amounts are considered probable and are discounted to present value based on the
\nexpected timing of payment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n1.4.2 Property, plant and equipment
\nProperty, plant and equipment are tangible assets which the Group holds for its own use or for
\nrental to others and which are expected to be used for more than one year.
\nAn item of property, plant and equipment is recognised as an asset when it is probable that future
\neconomic benefits associated with the item will flow to the Group and the cost of the item can be
\nmeasured reliably.
\nProperty, plant and equipment is initially measured at cost. Cost includes all of the expenditure
\nwhich is directly attributable to the acquisition or construction of the asset, including the
\ncapitalisation of borrowing costs on qualifying assets.
\n\nDepreciation of an asset commences when the asset is available for use as intended by
\nmanagement. Depreciation is charged to write off the asset\u2019s carrying amount over its estimated
\nuseful life to its estimated residual value, using a method that best reflects the pattern in which
\nthe asset\u2019s economic benefits are consumed by the Group. Leased assets are depreciated in a
\nconsistent manner over the shorter of their expected useful lives and the lease term. Depreciation
\nis not charged to an asset if its estimated residual value exceeds or is equal to its carrying amount.
\nDepreciation of an asset ceases at the earlier of the date that the asset is classified as held for sale
\nor derecognised.
\nDepreciation is recognised in profit or loss so as to write-off the cost of assets, less their residual
\nvalues, over their expected useful lives using the straight-line method.
\nFor Heavy Mining Equipment (HME), equipment hours are most closely linked with the economic
\nbenefits of the asset. On this basis, the unit of production method using equipment hours is the
\npreferred method of depreciation for HME.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n1. BASIS OF PREPARATION (continued)
\n1.4 Material Accounting Information (continued)
\n\n
\n1.4.2 Property, plant and equipment (continued)
\n\nThe useful lives of items of property, plant and equipment have been assessed as follows:
\nItem Depreciation method Average useful life
\nDrilling rigs Straight line 5 \u2013 20 years
\nAssociated drilling equipment Straight line 2 \u2013 7 years
\nHeavy mining equipment Production Hours 6,000 \u2013 80,000 hours
\nMotor vehicles Straight line 4 \u2013 7 years
\nCamp and associated
\nequipment
\nStraight line 3 \u2013 5 years
\nLeasehold improvements Straight line 10 years
\nThe residual value, useful life and depreciation method of each asset are reviewed at the end
\nof each reporting year. During the year, management has reassessed the residual values
\nand estimated useful lives for drilling rigs, associated drilling equipment and heavy mining
\nequipment. Therefore, this constitutes as a change in accounting estimate and the effect is
\naccounted for prospectively.
\nThe resulting effect of the lower residual values and updated estimated useful lives on
\ndepreciation expense for the current year is decrease of $0.2 million (2022: $ nil).
\nThere have been no changes to the depreciation methods of assets during the year. If the
\nexpectations differ from previous estimates, the change is accounted for prospectively as a
\nchange in accounting estimate.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nImpairment tests are performed on property, plant and equipment when there is an indicator
\nthat they may be impaired. When the carrying amount of an item of property, plant and
\nequipment is assessed to be higher than the estimated recoverable amount, an impairment
\nloss is recognised immediately in profit or loss to bring the carrying amount in line with the
\nrecoverable amount.
\nAn item of property, plant and equipment is derecognised upon disposal or when no future
\neconomic benefits are expected from its continued use or disposal. Any gain or loss arising from
\nthe derecognition of an item of property, plant and equipment, determined as the difference
\nbetween the net disposal proceeds, if any and the carrying amount of the item, is included in
\nprofit or loss when the item is derecognised.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\nWhere an item of property, plant and equipment consists of several significant components,
\nmanagement recognises the components separately from the parent asset and assigns a
\ndepreciation rate that represents the expected useful of the component.
\n\nCapital spares
\nCapital spare parts and servicing equipment relates to items that can only be used in connection
\nwith specific items of property, plant and equipment and are expected to be used for more than
\none year. They are measured at the lower of cost and net realised value. The cost of capital spare
\nparts comprises of all costs of purchase, costs of conversion and other costs incurred in bringing
\nthe capital spare parts to their present location and condition.
\nDepreciation of capital spares commences when the asset has been installed and is capable of
\nbeing used. The depreciation charge is based on the expected useful life of the spare while it is
\nbeing used, which may be shorter than the useful life of the asset to which it relates. When the
\nspare is itself replaced, the asset is derecognised.
\nRefer to Note 1.4.8 for inventories that are regularly used or replaced, usually as part of a general
\nreplacement programme.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n1.4.3 Intangible assets
\nIntangible assets are initially recognised at cost.
\nIntangible assets are carried at cost less any accumulated amortisation and any impairment
\nlosses. For intangible assets, amortisation is provided on a straight-line basis over their useful life
\nonce the development of the software has been completed.
\nThe amortisation period and the amortisation method for intangible assets are reviewed annually.
\nReassessing the useful life of an intangible asset with a finite useful life after it was classified
\nas indefinite is an indicator that the asset may be impaired. As a result, the asset is tested for
\nimpairment and the remaining carrying amount is amortised over its useful life.
\nAmortisation is provided to write down the intangible assets, on a straight-line basis, to their
\nresidual value as follows:
\nItem Depreciation method Average useful life
\nComputer software Straight line 10 years
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n1. BASIS OF PREPARATION (continued)
\n1.4 Material Accounting Information (continued)
\n1.4.4 Cloud Computing arrangements
\nThe Group has a number of contracts for Software as a Service (\u201cSaaS\u201d) Cloud Computing
\nArrangements. These contracts permit the Group to access vendor-hosted software and platform
\nservices over the term of the arrangement. The Group does not control the underlying assets in
\nthese arrangements and costs are expensed as incurred.
\n The Group also incurs implementation costs in respect of these contracts. Implementation costs
\nare capitalised as intangible assets where costs meet the definition and recognition criteria of
\nan intangible asset under IAS 38. Such costs typically relate to software coding which is capable
\nof providing benefit to the Group on a standalone basis. Other implementation costs primarily
\nrelate to the configuration and customisation of the Cloud software solution and are assessed
\nto determine whether the implementation activity relating to these costs is distinct from the
\nCloud Arrangement, in which case costs are expensed as the activity occurs. If the configuration
\nand customisation costs relate to activity which is integral to the Cloud Arrangement such
\nthat the activity is received over the term of the Cloud Arrangement, costs are recognised as a
\nprepayment and expensed over the term of the Cloud Arrangement.
\n\n
\n1.4.5 Financial instruments
\nFinancial instruments held by the Group are classified in accordance with the provisions of IFRS 9
\nFinancial Instruments. Broadly, the classification possibilities, which are adopted by the Group, as
\napplicable, are as follows:
\n\nFinancial assets which are equity instruments:
\n\u2022 Mandatorily at fair value through profit or loss.
\nFinancial assets which are debt instruments:
\n\u2022 Amortised cost. (This category applies only when the contractual terms of the instrument
\ngive rise, on specified dates, to cash flows that are solely payments of principal and interest on
\nprincipal and where the instrument is held under a business model whose objective is met by
\nholding the instrument to collect contractual cash flows); or
\n\u2022 Fair value through other comprehensive income. (This category applies only when the
\ncontractual terms of the instrument give rise, on specified dates, to cash flows that are solely
\npayments of principal and interest on principal and where the instrument is held under a
\nbusiness model whose objective is achieved by both collecting contractual cash flows and
\nselling the instruments); or
\n\u2022 Mandatorily at fair value through profit or loss. (This classification automatically applies to
\nall debt instruments which do not qualify as at amortised cost or at fair value through other
\ncomprehensive income); or
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n\n\u2022 Designated at fair value through profit or loss. (This classification option can only be applied
\nwhen it eliminates or significantly reduces an accounting mismatch).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nDerivatives which are not part of a hedging relationship:
\n\u2022 Mandatorily at fair value through profit or loss.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFinancial liabilities:
\n\u2022 Amortised cost; or
\n\u2022 Mandatorily at fair value through profit or loss. (This applies to contingent consideration in a
\nbusiness combination or to liabilities which are held for trading); or
\n\u2022 Designated at fair value through profit or loss. (This classification option can be applied when it
\neliminates or significantly reduces an accounting mismatch; the liability forms part of a group
\nof financial instruments managed on a fair value basis; or it forms part of a contract containing
\nan embedded derivative and the entire contract is designated as at fair value through profit or
\nloss).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNote 33 presents the financial instruments held by the Group based on their specific
\nclassifications.
\n\n
\nTrade and other receivables
\nTrade and other receivables are recognised when the Group becomes a party to the contractual
\nprovisions of the receivables.
\nTrade and other receivables are measured, at initial recognition, at fair value plus transaction costs,
\nif any and are classified as either as financial assets at amortised cost or financial assets at fair
\nvalue through profit or loss (FVTPL).
\nAmortised cost
\nFinancial assets are classified in this manner because their contractual terms give rise, on
\nspecified dates to cash flows that are solely payments of principal and interest on the principal
\noutstanding and the Group\u2019s business model is to collect the contractual cash flows on trade and
\nother receivables.
\nThe amortised cost is the amount recognised on the receivable initially, minus principal
\nrepayments, plus cumulative amortisation (interest) using the effective interest method of any
\ndifference between the initial amount and the maturity amount, adjusted for any loss allowance.
\nThey are subsequently measured at amortised cost.
\n\nThe Group recognises a loss allowance for Expected Credit Losses (ECL) on financial assets
\nmeasured at amortised cost. When considering ECL, the Group reviews historical and forward-
\nlooking information. The amount of expected credit losses is updated at each reporting date.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n1. BASIS OF PREPARATION (continued)
\n1.4 Material Accounting Information (continued)
\n\n
\n
\n
\n1.4.5 Financial instruments (continued)
\n\nThe Group measures the allowance for credit losses for financial assets measured at amortised
\ncost at an amount equal to lifetime expected credit losses, which represents the expected credit
\nlosses that will result from all possible default events over the expected life of the receivable. A
\ndefault event means when the Group deems that funds are irrecoverable and written off.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFair value through profit or loss
\nFinancial assets measured at FVTPL are initially recognised and subsequently measured at fair
\nvalue. The fair value amounts are based on the price that would be received to sell an asset in an
\norderly transaction between market participants at the measurement date.
\nTrade receivables are presented in Note 17, other receivables are presented in Note 18 and fair
\nvalue measurements are presented in Note 34.
\n\nRecoverable VAT
\nThe Group\u2019s subsidiaries are subject to value-added tax (VAT) in the jurisdictions in which they
\noperate. The amount of VAT liability is determined by applying the applicable tax rate to the
\namount invoiced less VAT paid on purchases. When VAT paid on purchases exceed VAT charged
\non sales of goods and services, the excess is regarded as recoverable upon the submission of VAT
\nreturns and the acceptance of these VAT returns by the relevant tax authorities. VAT recoverable is
\nreviewed for impairment at the end of each reporting date. For VAT recoverable longer than one
\nyear, the Group considers the appropriateness of discounting for the time value of money.
\nRecoverable VAT is presented in Note 18.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInvestments in equity instruments
\nInvestments in equity instruments are classified mandatorily at fair value through profit or loss.
\nInvestments in equity instruments are recognised when the Group becomes a party to the
\ncontractual provisions of the instrument. The investments are measured, at initial recognition, at
\nfair value. Transaction costs are added to the initial carrying amount for those investments which
\nhave been designated as at fair value through other comprehensive income. All other transaction
\ncosts are recognised in profit or loss. Investments in equity instruments are subsequently
\nmeasured at fair value with changes in fair value recognised either in profit or loss.
\nInvestments in equity instruments are presented in Note 19 and details of the valuation policies
\nand processes are presented in Note 34.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\n
\n\nCash and cash equivalents
\nCash and cash equivalents are stated at carrying amount which is deemed to be fair value.
\nFor the purpose of the Statement of Cash Flows, cash and cash equivalents comprise cash on
\nhand and deposits held on call with banks with a maturity period of less than three months.
\nCash and cash equivalents are presented in Note 20.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFinancial Liabilities
\nAll financial liabilities are measured subsequently at amortised cost using the effective interest
\nmethod.
\nThe effective interest method is a method of calculating the amortised cost of a financial liability
\nand of allocating interest expense over the relevant period. The effective interest rate is the rate
\nthat exactly discounts estimated future cash payments (including all fees and points paid or
\nreceived that form an integral part of the effective interest rate, transaction costs and other
\npremiums or discounts) through the expected life of the financial liability, or (where appropriate)
\na shorter period, to the amortised cost of financial liability.
\nLoans and borrowings are presented in Note 26 and trade and other payables are presented
\nin Note 28.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1.4.6 Tax
\nCurrent tax assets and liabilities
\nCurrent tax for current and prior periods is, to the extent unpaid, recognised as a liability. If the
\namount already paid in respect of current and prior periods exceeds the amount due for those
\nperiods, the excess is recognised as an asset.
\nCurrent tax liabilities (assets) for the current and prior periods are measured at the amount
\nexpected to be paid to (recovered from) the tax authorities, using the tax rates and tax laws that
\nhave been enacted or substantively enacted in countries where the company and its subsidiaries
\noperate at the end of the reporting period.
\nCurrent tax assets and liabilities are presented in Note 30.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n1. BASIS OF PREPARATION (continued)
\n1.4 Material Accounting Information (continued)
\n\n
\n1.4.6 Tax (continued)
\n\nDeferred tax assets and liabilities
\nA deferred tax liability is recognised for all taxable temporary differences, except to the extent that
\nthe deferred tax liability arises from the initial recognition of an asset or liability in a transaction
\nwhich at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss).
\nA deferred tax asset is recognised for all deductible temporary differences to the extent that it is
\nprobable that taxable profit will be available against which the deductible temporary difference
\ncan be utilised. A deferred tax asset is not recognised when it arises from the initial recognition of
\nan asset or liability in a transaction at the time of the transaction, affects neither accounting profit
\nnor taxable profit (tax loss).
\nA deferred tax asset is recognised for the carry forward of unused tax losses to the extent that it
\nis probable that future taxable profit will be available against which the unused tax losses can be
\nutilised. This is not applicable for the Group as there are no deferred tax assets at the end of the
\nreporting date.
\nDeferred tax assets and liabilities are measured at the tax rates that are expected to apply to the
\nperiod when the asset is realised or the liability is settled, based on tax rates and tax laws that have
\nbeen enacted or substantively enacted by the end of the reporting period.
\nDeferred tax assets and liabilities are presented in Note 27.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTax expenses
\nCurrent and deferred tax are recognised in profit or loss, except when they relate to items that are
\nrecognised in other comprehensive income or directly in equity, in which case the current and
\ndeferred tax are also recognised in other comprehensive income or directly in equity respectively.
\nWhen current tax or deferred tax arises from the initial accounting for a business combination,
\nthe tax effect is included in the accounting for the business combination.
\nTax expenses are presented in Note 9.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nUncertainty over Income Tax Treatments
\nWhen considering the appropriate accounting for current and deferred tax liabilities and assets
\nin circumstances in which there is uncertainty over income tax treatments, the Group considers
\nwhether it is probable that the relevant tax authority will accept the position adopted, assuming
\nthat the tax authority has full knowledge of all related information. If the assessed probability
\nis that the tax authority will not accept the income tax treatment adopted, in accounting for
\nthe current and deferred tax asset or liability, the Group makes an assessment of the probable
\noutcome of the uncertain tax position.
\nUncertainty over Income Tax Treatments is presented in Note 9.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1.4.7 Leases
\nThe Group assesses whether a contract is, or contains a lease, at the inception of the contract.
\nA contract is or contains a lease if the contract conveys the right to control the use of an identified
\nasset for a period of time in exchange for consideration.
\nIn order to assess whether a contract is, or contains a lease, management determine whether the
\nasset under consideration is \u201cidentified\u201d, which means that the asset is either explicitly or implicitly
\nspecified in the contract and that the supplier does not have a substantial right of substitution
\nthroughout the period of use. Once management has concluded that the contract deals with an
\nidentified asset, the right to control the use thereof is considered. To this end, control over the use
\nof an identified asset only exists when the Group has the right to substantially all of the economic
\nbenefits from the use of the asset as well as the right to direct the use of the asset.
\nIn circumstances where the determination of whether the contract is or contains a lease requires
\nsignificant judgement, the relevant disclosures are provided in the significant judgments and
\nsources of estimation uncertainty section of these accounting policies.
\nGroup as lessee
\nA lease liability and corresponding right-of-use asset are recognised at the lease commencement
\ndate, for all lease agreements for which the Group is a lessee, except for short-term leases of 12
\nmonths or less, or leases of low value assets. For these leases, the Group recognises the lease
\npayments as an operating expense on a straight-line basis over the term of the lease unless
\nanother systematic basis is more representative of the time pattern in which economic benefits
\nfrom the leased asset are consumed.
\nDetails of leasing arrangements where the Group is a lessee are presented in Note 13 Leases.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n1. BASIS OF PREPARATION (continued)
\n1.4 Material Accounting Information (continued)
\n\n1.4.7 Leases (continued)
\nLease liability
\nThe lease liability is initially measured at the present value of the lease payments that are not paid
\nat the commencement date, discounted by using the rate implicit in the lease. If this rate cannot
\nbe readily determined, the Group uses its incremental borrowing rate.
\nThe definition of the lessee\u2019s incremental borrowing rate states that the rate should represent
\nwhat the lessee would have to pay to borrow over a similar term and with similar security, the
\nfunds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic
\nenvironment. In practice, judgement will be needed to estimate an incremental borrowing rate.
\nLease payments included in the measurement of the lease liability comprise the following:
\n\u2022 Fixed lease payments, including in-substance fixed payments, less any lease incentives;
\n\u2022 Variable lease payments that depend on an index or rate, initially measured using the index
\nor rate at the commencement date;
\n\u2022 Amount expected to be payable by the Group under residual value guarantees;
\n\u2022 Exercise price of purchase options, if the Group is reasonably certain to exercise the option;
\n\u2022 Lease payments in an optional renewal period if the Group is reasonably certain to exercise
\nan extension option; and
\n\u2022 Penalties for early termination of a lease, if the lease term reflects the exercise of an option
\nto terminate the lease.
\nVariable rents that do not depend on an index or rate are not included in the measurement of
\nthe lease liability (or right-of-use asset). The related payments are recognised as an expense in the
\nperiod incurred and are included in operating expenses. These amounts are presented in Note 6.
\nThe lease liability is presented as a separate line item on the Statement of Financial Position.
\nThe lease liability is subsequently measured by increasing the carrying amount to reflect interest
\non the lease liability (using the effective interest method) and by reducing the carrying amount
\nto reflect lease payments made. Interest charged on the lease liability is included in finance costs.
\nFinance costs relating to the lease liability are presented in Note 7.
\nThe Group has applied judgement to determine the lease term for some lease contracts in which
\nit is a lessee that include renewal options. The assessment of whether the Group is reasonably
\ncertain to exercise such options impact the lease terms, which significantly affects the amount
\nof lease liabilities and rights of use of assets recognised.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe Group remeasures the lease liability (and makes a corresponding adjustment to the related
\nright-of-use asset) when there has been:
\n\u2022 Changes to the lease term, in which case the lease liability is remeasured by discounting the
\nrevised lease payments using a revised discount rate;
\n\u2022 Changes in the assessment of whether the Group will exercise a purchase, termination or
\nextension option, in which case the lease liability is remeasured by discounting the revised
\nlease payments using a revised discount rate;
\n\u2022 Changes to the lease payments due to a change in an index or a rate, in which case the lease
\nliability is remeasured by discounting the revised lease payments using the initial discount rate
\n(unless the lease payments change is due to a change in a floating interest rate, in which case
\na revised discount rate is used);
\n\u2022 Changes in expected payments under a residual value guarantee, in which case the lease
\nliability is remeasured by discounting the revised lease payments using the initial discount rate;
\nand
\n\u2022 Modifications to the lease contract and the lease modification is not accounted for as a
\nseparate lease, in which case the lease liability is remeasured by discounting the revised
\npayments using a revised discount rate.
\nWhen the lease liability is remeasured in this way, a corresponding adjustment is made to the
\ncarrying amount of the right-of-use asset or is recognised in profit or loss if the carrying amount
\nof the right-of-use asset has been reduced to zero.
\nLease payments included in the measurement of the lease liability comprise the following:
\n\u2022 Initial amount of the corresponding lease liability;
\n\u2022 Any lease payments made at or before the commencement date;
\n\u2022 Any initial direct costs incurred;
\n\u2022 Any estimated costs to dismantle and remove the underlying asset or to restore the underlying
\nasset or the site on which it is located, when the Group incurs an obligation to do so, unless
\nthese costs are incurred to produce inventories; and
\n\u2022 Less any lease incentives received.
\nThe Group presents the part of the lease payment that represents interest portion of the lease
\nliability as a operating cash flow in Statement of Cash Flows in accordance with IAS 7 Statement
\nof Cash Flows.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n1. BASIS OF PREPARATION (continued)
\n1.4 Material Accounting Information (continued)
\n\n1.4.7 Leases (continued)
\nRight-of-use assets
\nRight-of-use assets are presented as a separate line item on the Statement of Financial Position.
\nRight-of-use assets are subsequently measured at cost less accumulated depreciation and
\nimpairment losses.
\nRight-of-use assets are depreciated over the shorter period of lease term and useful life of the
\nunderlying asset. However, if a lease transfers ownership of the underlying asset or the cost of the
\nright-of-use asset reflects that the Group expects to exercise a purchase option, the related right-
\nof-use asset is depreciated over the useful life of the underlying asset. Depreciation starts at the
\ncommencement date of a lease.
\nFor right-of-use assets which are depreciated over their useful lives, the useful lives are
\ndetermined consistently with items of the same class of property, plant and equipment. Refer to
\nthe accounting policy for property, plant and equipment for details of useful lives.
\nThe residual value, useful life and depreciation method of each asset are reviewed at the end of
\neach reporting year. If the expectations differ from previous estimates, the change is accounted
\nfor prospectively as a change in accounting estimate. Each part of a right-of-use asset with a cost
\nthat is significant in relation to the total cost of the asset is depreciated separately.
\nThe depreciation charge for each year is recognised in profit or loss unless it is included in the
\ncarrying amount of another asset.
\n
\n\n\n\n\n\n\n\n1.4.8 Inventories
\nInventories relates to general spare parts, servicing equipment and consumables and are
\nregularly used or replaced as part of a general replacement programme. They are measured at
\nthe lower of cost and net realisable value. Cost is determined on the weighted average cost basis.
\nRedundant and slow-moving inventory are identified and written down to their net realisable
\nvalue.
\nNet realisable value is the estimated selling price in the ordinary course of business less the
\nestimated costs of completion and the estimated costs necessary to make the sale.
\nThe cost of inventories comprises of all costs of purchase, costs of conversion and other costs
\nincurred in bringing the inventories to their present location and condition.
\n
\n\n\n\n\n\n\n\nWhen inventories are used or sold, the carrying amount of those inventories are recognised as an
\nexpense in the period in which the related revenue is recognised. The amount of any write-down
\nof inventories to net realisable value and all losses of inventories are recognised as an expense
\nin the period the write-down or loss occurs. The amount of any reversal of any write-down of
\ninventories, arising from an increase in net realisable value, are recognised as a reduction in the
\namount of inventories recognised as an expense in the period in which the reversal occurs.
\n
\n\n\n\n\n\n\n\n
\n\n1.4.9 Impairment of assets
\nThe Group assesses at the end of each reporting period whether there is any indication that an
\nasset may be impaired. If any such indication exists, the Group estimates the recoverable amount
\nof the asset. When it is not possible to estimate the recoverable amount for an individual asset,
\nthe recoverable amount is determined for the cash-generating unit to which the asset belongs.
\nThe recoverable amount of an asset or a cash-generating unit is the higher of its fair value less
\ncosts to sell and its value in use. In assessing value in use, the estimated future cash flows are
\ndiscounted to their present value using a pre-tax discount rate that reflects current market
\nassessments of the time value of money and the risks specific to the asset for which the estimates
\nof future cash flows have not been adjusted.
\nIf the recoverable amount of an asset is less than its carrying amount, the carrying amount of the
\nasset is reduced to its recoverable amount. That reduction is an impairment loss.
\nAn impairment loss of assets carried at cost less any accumulated depreciation or amortisation
\nis recognised immediately in profit or loss. Where an impairment loss subsequently reverses,
\nthe carrying amount of the asset (cash-generating unit) is increased to the revised estimate of
\nits recoverable amount, but so that the increased carrying amount does not exceed the carrying
\namount that would have been determined had no impairment loss been recognised for the asset
\n(cash-generating unit) in prior years. A reversal of an impairment loss is recognised as income in
\nprofit or loss immediately.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n1.4.10 Share capital and equity
\nOrdinary shares are classified as equity. Ordinary shares are recognised at par value and classified
\nas \u201cshare capital\u201d in equity. Any amounts received from the issue of shares in excess of par value
\nis classified as \u201cshare premium\u201d in equity. Dividends are recognised as a liability when they are
\ndeclared.
\n1.4.11 Treasury shares
\nTreasury shares represent the shares of the parent company, Capital Limited, that are held
\nin treasury. Treasury shares are recorded at cost and deducted from equity.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n1. BASIS OF PREPARATION (continued)
\n1.4 Material Accounting Information (continued)
\n\n1.4.12 Share-based payments
\nEquity-settled share-based payments to employees and others providing similar services are
\nmeasured at the fair value of the equity instruments at the grant date.
\nThe fair value determined at the grant date of the equity-settled share-based payments is
\nexpensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate
\nof equity instruments that will eventually vest. At each reporting date, the Group revises its
\nestimate of the number of equity instruments expected to vest. The impact of the revision of the
\noriginal estimates, if any, is recognised in profit or loss over the remaining vesting period, with a
\ncorresponding adjustment to the equity-settled employee benefits reserve.
\nMarket conditions and non-vesting conditions are taken into account when estimating the fair
\nvalue of the equity-settled share-based payment.
\nAs an exception, when the Group is obligated, in terms of tax legislation, to withhold an amount of
\nemployees\u2019 tax associated with an equity-settled share-based payment transaction (thus creating
\na net settlement feature), the full transaction is still accounted for as an equity-settled share-based
\npayment transaction.
\n
\n\n\n\n\n\n\n\n1.4.13 Employee benefits
\nShort-term employee benefits
\nA liability is recognised for benefits accruing to employees in respect of salaries, wages and
\nleave entitlements in the period the related services is rendered. Liabilities recognised in respect
\nof short-term employee benefits are measured at the undiscounted amount of the benefits
\nexpected to be paid in exchange for the related service.
\nRetirement Benefits
\nThe Group does not have a legal obligation to provide for retirement benefits, however each
\nsubsidiary makes defined contributions for retirement benefits as per the country\u2019s statutory
\nobligations and charged to profit or loss as payment falls due.
\n
\n\n\n\n\n\n\n\n1.4.14 Revenue recognition
\nThe core principle of IFRS 15 is that an entity should recognise revenue to depict the transfer of
\npromised goods or services to customers in an amount that reflects the consideration to which
\nthe entity expects to be entitled in exchange for those goods or services. Specifically, the Standard
\nintroduced a 5-step approach to revenue recognition:
\nStep 1: Identify the contract(s) with a customer;
\nStep 2: Identify the performance obligations in the contract;
\nStep 3: Determine the transaction price;
\nStep 4: Allocate the transaction price to the performance obligations in the contract; and
\nStep 5: Recognise revenue when (or as) the entity satisfies a performance obligation.
\nUnder IFRS 15, an entity recognises revenue when (or as) a performance obligation is satisfied,
\ni.e. when \u201ccontrol\u201d of the goods or services underlying the particular performance obligation
\nis transferred to the customer.
\nRevenue is measured at the fair value of the consideration received or receivable.
\nRevenue is reduced for estimated customer returns, rebates and other similar allowances.
\nPerformance obligations and timing of revenue recognition
\nRevenue from a contract to provide services is recognised by reference to either the stage of
\ncompletion (over time) or at a point in time. The Group recognises revenue from the following
\nstreams:
\n\u2022 Drilling, mining, crushing and associated revenue:
\n \u2013 Revenue from drilling, mining and crushing services contracts is recognised at the
\ncontractual rates as the respective services are delivered.
\n \u2013 Revenue for mobilisation of drilling, mining and crushing equipment and associated
\nresources is recognised over the term of the contract.
\n \u2013 Revenue for demobilisation of drilling, mining and crushing equipment and associated
\nresources is recognised at a point of time when the contract is concluded.
\n \u2013 Revenue where the Group purchases equipment on behalf of the customer is recorded
\nat a point in time when the goods have been delivered on-site to the customer;
\n\u2022 Revenue from surveying is recognised at the contractual rates as the survey services are
\ndelivered; and
\n\u2022 Laboratory analysis of drilling samples relates to sample analysis by MSALABS provided to
\ncustomers. Transfer of benefits occurs when testing is completed for each sample received
\nand results communicated to customers. Samples are received in batches from customers
\nand processed continuously. Revenue is recognised when testing of a batch is completed
\nand when results are communicated.
\n
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n1. BASIS OF PREPARATION (continued)
\n1.4 Material Accounting Information (continued)
\n\n
\n1.4.14 Revenue recognition (continued)
\nCosts to fulfil a contract
\nThe Group recognises assets relating to the costs incurred to fulfil a contract or setup costs
\n(mobilisation costs) that are directly related to the principal contract, provided that they will be
\nrecovered through the performance of the contract.
\nCosts required to set up the contract, mobilisation costs are capitalised provided that it is
\nprobable that they will be recovered in the future and that they do not include expenses that
\nwould normally have been incurred by the Group if the contract had not been obtained. They
\nare amortised over the period of the contract. If the above conditions are not met, these costs are
\ntaken directly to profit or loss.
\n\n
\n\nDividend and interest income
\nDividend income from investments is recognised when the shareholder\u2019s right to receive
\npayment has been established (provided that it is probable that the economic benefits will flow
\nto the Group and the amount of income can be measured reliably). Dividend income is only
\nrecognised when all the above criteria was met.
\nInterest income from a financial asset is recognised when it is probable that the economic
\nbenefits will flow to the Group and the amount of income can be measured reliably. Interest
\nincome is accrued on a time basis, by reference to the principal outstanding and at the effective
\ninterest rate applicable, which is the rate that exactly discounts estimated future cash receipts
\nthrough the expected life of the financial asset to that asset\u2019s net carrying amount on
\ninitial recognition.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n1.4.15 Translation of foreign currencies
\n\nFunctional and presentation currency
\nThe individual Financial Statements of each Group Company are presented in the currency of the
\nprimary economic environment in which it operates (its functional currency). For the purpose of
\nthe Group Financial Statements, the results and financial statements of each company within the
\nGroup are translated to United States Dollars, which is the functional currency of the Group and
\nthe presentation currency for the Group Financial Statements.
\n
\n\n\n\n\n\n\nForeign currency transactions
\nIn preparing the Financial Statements of the individual Group companies, transactions in
\ncurrencies other than the entity\u2019s functional currency (foreign currencies) are recognised at the
\nrates of exchange prevailing on the dates of the transactions. At each reporting date, monetary
\nitems that are denominated in foreign currencies are retranslated at the rates prevailing at that
\ndate. Non-monetary items that are measured in terms of historical cost in a foreign currency shall
\nbe translated using the exchange rate at the date of the transaction.
\nExchange differences are recognised in profit or loss in the period in which they arise except for:
\n\u2022 Exchange differences on foreign currency borrowings relating to assets under construction for
\nfuture productive use, which are included in the cost of those assets when they are regarded
\nas an adjustment to interest costs on those foreign currency borrowings;
\n\u2022 Exchange differences on transactions entered into to hedge certain foreign currency risks; and
\n\u2022 Exchange differences on monetary items receivable from or payable to a foreign operation
\nfor which settlement is neither planned nor likely to occur (therefore forming part of the net
\ninvestment in the foreign operation), which are recognised initially in other comprehensive
\nincome and reclassified from equity to profit or loss on repayment of the monetary items.
\nFor the purpose of presenting Group Financial Statements, the assets and liabilities of the
\nGroup\u2019s foreign operations are translated into United States Dollars at exchange rates prevailing
\non the reporting date. Income and expense items are translated at the average exchange rates
\nfor the period, unless exchange rates fluctuate significantly during that period, in which case
\nthe exchange rates at the date of transactions are used. Exchange differences arising, if any, are
\nrecognised in other comprehensive income and accumulated in equity (attributed to non-
\ncontrolling interests as appropriate).
\nOn disposal of a foreign operation, all of the exchange differences accumulated in equity
\nin respect of that operation attributable to the owners of the Company are reclassified to
\nprofit or loss.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n1. BASIS OF PREPARATION (continued)
\n1.4 Material Accounting Information (continued)
\n\n1.4.16 Contingent Liabilities
\nA contingent liability is a possible obligation from past events that will be confirmed by some
\nfuture event or a present obligation from a past event, but either:
\n\u2022 Outflow of economic benefits to satisfy this obligation is not probable, or
\n\u2022 Amount of obligation cannot be reliably measured.
\nIn events where firm indications of a possible obligation exist the Group will use judgements
\nbased on estimates from expert advice to provide for the portion of the possible expense.
\n
\n\n\n\n\n\n\n\n1.4.17 Provisions
\nProvisions are recognised when the Group has a present (legal or constructive) obligation as
\na result of a past event, if it is probable the Group will be required to settle the obligation, and
\na reliable estimate can be made of the amount of the obligation. The amount recognised as
\na provision is the best estimate of the consideration required to settle the obligation at the
\nreporting date, taking into account the risks and uncertainties surrounding the obligation. If the
\ntime value of money is material, provisions are discounted using a current pre-tax discount rate
\nspecific to the liability.
\n
\n\n\n\n\n\n\n1.4.18 Consideration of climate change
\nIn preparing the Group\u2019s Annual Financial Statements, the Directors have considered the impact
\nof climate change, particularly in the context of the risks identified in the TCFD disclosure on
\npages 40 to 53 this year. There has been no material impact identified on the financial reporting
\njudgements and estimates. In particular, the Directors considered the impact of climate change
\nin respect of the following areas:
\n\u2022 Going concern and viability of the Group over the next three years;
\n\u2022 Cash flow forecasts used in the impairment assessments of non-current assets; and
\n\u2022 Carrying value and useful economic lives of property, plant and equipment.
\nWhilst there is currently no medium-term impact expected from climate change, the Directors
\nare aware of the ever-changing risks attached to climate change and will regularly assess these
\nrisks against judgements and estimates made in preparation of the Group\u2019s Annual Financial
\nStatements.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
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"Tag93": {
"value": "\n1.4.1 Consolidation
\nBasis of consolidation
\nThe consolidated Annual Financial Statements incorporate the Annual Financial Statements of
\nthe Company and all subsidiaries. Subsidiaries are entities (including structured entities) which
\nare controlled by the Group.
\nThe Company controls an investee if all three of the following elements are present: power over
\nthe investee, exposure to variable returns from the investee and the ability of the investor to use
\nits power to affect those variable returns. Control is reassessed whenever facts and circumstances
\nindicate that there may be a change in any of these elements of control.
\nThe results of subsidiaries are included in the consolidated Annual Financial Statements from the
\neffective date of acquisition to the effective date of disposal.
\nAdjustments are made when necessary to the Annual Financial Statements of subsidiaries to
\nbring their accounting policies in line with those of the Group.
\nAll inter-company transactions, balances and unrealised gains on transactions between group
\ncompanies are eliminated in full on consolidation. Unrealised losses are also eliminated unless the
\ntransaction provides evidence of an impairment of the asset transferred.
\nNon-controlling interests (NCI) in the net assets of consolidated subsidiaries are identified and
\nrecognised separately from the Group\u2019s interest therein and are recognised within equity. Losses
\nof subsidiaries attributable to NCI are allocated to the NCI even if this results in a debit balance
\nbeing recognised for the NCI.
\nTransactions with non-controlling interests that do not result in loss of control are accounted for
\nas equity transactions and are recognised directly in the Statement of Changes in Equity.
\nThe difference between the fair value of consideration paid or received and the movement in NCI
\nfor such transactions is recognised in equity attributable to the owners of the Company.
\nWhere a subsidiary is disposed of and a non-controlling shareholding is retained, the remaining
\ninvestment is measured to fair value with the adjustment to fair value recognised in profit or
\nloss as part of the gain or loss on disposal of the controlling interest. The fair value is the initial
\ncarrying amount for the purposes of subsequently accounting for the retained interest as an
\nassociate, joint venture or financial asset. In addition, any amounts previously recognised in other
\ncomprehensive income in respect of that entity are accounted for as if the Group had directly
\ndisposed of the related assets or liabilities. This may mean that amounts previously recognised in
\nother comprehensive income are reclassified to profit or loss.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n1.4.1 Consolidation (continued)
\n\n
\n\n
\nBusiness combinations
\nThe Group accounts for business combinations using the acquisition method of accounting.
\nThe cost of the business combination is measured as the aggregate of the fair values of assets
\ngiven, liabilities incurred or assumed and equity instruments issued. Costs directly attributable
\nto the business combination are expensed as incurred, except the costs to issue debt which are
\namortised as part of the effective interest and costs to issue equity which are included in equity.
\nAny contingent consideration is included in the cost of the business combination at fair value
\nas at the date of acquisition. Subsequent changes to the assets, liability or equity which arise
\nas a result of the contingent consideration are not affected against goodwill, unless they are
\nvalid measurement period adjustments. Otherwise, all subsequent changes to the fair value
\nof contingent consideration that is deemed to be an asset or liability is recognised in either
\nprofit or loss or in other comprehensive income, in accordance with relevant IFRS. Contingent
\nconsideration that is classified as equity is not remeasured and its subsequent settlement is
\naccounted for within equity.
\nThe acquiree\u2019s identifiable assets, liabilities and contingent liabilities which meet the recognition
\nconditions of IFRS 3 Business Combinations are recognised at their fair values at acquisition date,
\nexcept for non-current assets (or disposal groups) that are classified as held for sale in accordance
\nwith IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, which are recognised
\nat fair value less costs to sell.
\nOn acquisition, the acquiree\u2019s assets and liabilities are reassessed in terms of classification and are
\nreclassified where the classification is inappropriate for group purposes.
\n\nNon-controlling interests in the acquiree are measured on an acquisition-by-acquisition basis
\neither at fair value or at the non-controlling interests\u2019 proportionate share in the recognised
\namounts of the acquiree\u2019s identifiable net assets. This treatment applies to non-controlling
\ninterests which are present ownership interests and entitle their holders to a proportionate share
\nof the entity\u2019s net assets in the event of liquidation. All other components of non-controlling
\ninterests are measured at their acquisition date fair values unless another measurement basis is
\nrequired by IFRS.
\nIn cases where the Group held a non-controlling shareholding in the acquiree prior to obtaining
\ncontrol, that interest is measured to fair value as at acquisition date. The measurement to fair
\nvalue is included in profit or loss for the year. Where the existing shareholding was classified as
\nan available-for-sale financial asset, the cumulative fair value adjustments recognised previously
\nto other comprehensive income and accumulated in equity are recognised in profit or loss as a
\nreclassification adjustment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\nGoodwill is determined as the consideration paid, plus the fair value of any shareholding held
\nprior to obtaining control, plus non- controlling interest and less the fair value of the identifiable
\nassets and liabilities of the acquiree. If, in the case of a bargain purchase, the result of this formula
\nis negative, then the difference is recognised directly in profit or loss.
\nGoodwill is not amortised but is tested on an annual basis for impairment. If goodwill is assessed
\nto be impaired, that impairment is not subsequently reversed.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAsset acquisition
\nIn the event of an asset acquisition, the cost of the acquisition is assigned to the individual assets
\nand liabilities based on their relative fair values. Contingent consideration is accrued for when
\nthese amounts are considered probable and are discounted to present value based on the
\nexpected timing of payment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag96": {
"value": "\n
\n\n
\nBusiness combinations
\nThe Group accounts for business combinations using the acquisition method of accounting.
\nThe cost of the business combination is measured as the aggregate of the fair values of assets
\ngiven, liabilities incurred or assumed and equity instruments issued. Costs directly attributable
\nto the business combination are expensed as incurred, except the costs to issue debt which are
\namortised as part of the effective interest and costs to issue equity which are included in equity.
\nAny contingent consideration is included in the cost of the business combination at fair value
\nas at the date of acquisition. Subsequent changes to the assets, liability or equity which arise
\nas a result of the contingent consideration are not affected against goodwill, unless they are
\nvalid measurement period adjustments. Otherwise, all subsequent changes to the fair value
\nof contingent consideration that is deemed to be an asset or liability is recognised in either
\nprofit or loss or in other comprehensive income, in accordance with relevant IFRS. Contingent
\nconsideration that is classified as equity is not remeasured and its subsequent settlement is
\naccounted for within equity.
\nThe acquiree\u2019s identifiable assets, liabilities and contingent liabilities which meet the recognition
\nconditions of IFRS 3 Business Combinations are recognised at their fair values at acquisition date,
\nexcept for non-current assets (or disposal groups) that are classified as held for sale in accordance
\nwith IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, which are recognised
\nat fair value less costs to sell.
\nOn acquisition, the acquiree\u2019s assets and liabilities are reassessed in terms of classification and are
\nreclassified where the classification is inappropriate for group purposes.
\n\nNon-controlling interests in the acquiree are measured on an acquisition-by-acquisition basis
\neither at fair value or at the non-controlling interests\u2019 proportionate share in the recognised
\namounts of the acquiree\u2019s identifiable net assets. This treatment applies to non-controlling
\ninterests which are present ownership interests and entitle their holders to a proportionate share
\nof the entity\u2019s net assets in the event of liquidation. All other components of non-controlling
\ninterests are measured at their acquisition date fair values unless another measurement basis is
\nrequired by IFRS.
\nIn cases where the Group held a non-controlling shareholding in the acquiree prior to obtaining
\ncontrol, that interest is measured to fair value as at acquisition date. The measurement to fair
\nvalue is included in profit or loss for the year. Where the existing shareholding was classified as
\nan available-for-sale financial asset, the cumulative fair value adjustments recognised previously
\nto other comprehensive income and accumulated in equity are recognised in profit or loss as a
\nreclassification adjustment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\nGoodwill is determined as the consideration paid, plus the fair value of any shareholding held
\nprior to obtaining control, plus non- controlling interest and less the fair value of the identifiable
\nassets and liabilities of the acquiree. If, in the case of a bargain purchase, the result of this formula
\nis negative, then the difference is recognised directly in profit or loss.
\nGoodwill is not amortised but is tested on an annual basis for impairment. If goodwill is assessed
\nto be impaired, that impairment is not subsequently reversed.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAsset acquisition
\nIn the event of an asset acquisition, the cost of the acquisition is assigned to the individual assets
\nand liabilities based on their relative fair values. Contingent consideration is accrued for when
\nthese amounts are considered probable and are discounted to present value based on the
\nexpected timing of payment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"Tag97": {
"value": "\n
\nBusiness combinations
\nThe Group accounts for business combinations using the acquisition method of accounting.
\nThe cost of the business combination is measured as the aggregate of the fair values of assets
\ngiven, liabilities incurred or assumed and equity instruments issued. Costs directly attributable
\nto the business combination are expensed as incurred, except the costs to issue debt which are
\namortised as part of the effective interest and costs to issue equity which are included in equity.
\nAny contingent consideration is included in the cost of the business combination at fair value
\nas at the date of acquisition. Subsequent changes to the assets, liability or equity which arise
\nas a result of the contingent consideration are not affected against goodwill, unless they are
\nvalid measurement period adjustments. Otherwise, all subsequent changes to the fair value
\nof contingent consideration that is deemed to be an asset or liability is recognised in either
\nprofit or loss or in other comprehensive income, in accordance with relevant IFRS. Contingent
\nconsideration that is classified as equity is not remeasured and its subsequent settlement is
\naccounted for within equity.
\nThe acquiree\u2019s identifiable assets, liabilities and contingent liabilities which meet the recognition
\nconditions of IFRS 3 Business Combinations are recognised at their fair values at acquisition date,
\nexcept for non-current assets (or disposal groups) that are classified as held for sale in accordance
\nwith IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, which are recognised
\nat fair value less costs to sell.
\nOn acquisition, the acquiree\u2019s assets and liabilities are reassessed in terms of classification and are
\nreclassified where the classification is inappropriate for group purposes.
\n\nNon-controlling interests in the acquiree are measured on an acquisition-by-acquisition basis
\neither at fair value or at the non-controlling interests\u2019 proportionate share in the recognised
\namounts of the acquiree\u2019s identifiable net assets. This treatment applies to non-controlling
\ninterests which are present ownership interests and entitle their holders to a proportionate share
\nof the entity\u2019s net assets in the event of liquidation. All other components of non-controlling
\ninterests are measured at their acquisition date fair values unless another measurement basis is
\nrequired by IFRS.
\nIn cases where the Group held a non-controlling shareholding in the acquiree prior to obtaining
\ncontrol, that interest is measured to fair value as at acquisition date. The measurement to fair
\nvalue is included in profit or loss for the year. Where the existing shareholding was classified as
\nan available-for-sale financial asset, the cumulative fair value adjustments recognised previously
\nto other comprehensive income and accumulated in equity are recognised in profit or loss as a
\nreclassification adjustment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nGoodwill is determined as the consideration paid, plus the fair value of any shareholding held
\nprior to obtaining control, plus non- controlling interest and less the fair value of the identifiable
\nassets and liabilities of the acquiree. If, in the case of a bargain purchase, the result of this formula
\nis negative, then the difference is recognised directly in profit or loss.
\nGoodwill is not amortised but is tested on an annual basis for impairment. If goodwill is assessed
\nto be impaired, that impairment is not subsequently reversed.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAsset acquisition
\nIn the event of an asset acquisition, the cost of the acquisition is assigned to the individual assets
\nand liabilities based on their relative fair values. Contingent consideration is accrued for when
\nthese amounts are considered probable and are discounted to present value based on the
\nexpected timing of payment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
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"Tag98": {
"value": "\nNon-controlling interests in the acquiree are measured on an acquisition-by-acquisition basis
\neither at fair value or at the non-controlling interests\u2019 proportionate share in the recognised
\namounts of the acquiree\u2019s identifiable net assets. This treatment applies to non-controlling
\ninterests which are present ownership interests and entitle their holders to a proportionate share
\nof the entity\u2019s net assets in the event of liquidation. All other components of non-controlling
\ninterests are measured at their acquisition date fair values unless another measurement basis is
\nrequired by IFRS.
\nIn cases where the Group held a non-controlling shareholding in the acquiree prior to obtaining
\ncontrol, that interest is measured to fair value as at acquisition date. The measurement to fair
\nvalue is included in profit or loss for the year. Where the existing shareholding was classified as
\nan available-for-sale financial asset, the cumulative fair value adjustments recognised previously
\nto other comprehensive income and accumulated in equity are recognised in profit or loss as a
\nreclassification adjustment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag102": {
"value": "\nGoodwill is determined as the consideration paid, plus the fair value of any shareholding held
\nprior to obtaining control, plus non- controlling interest and less the fair value of the identifiable
\nassets and liabilities of the acquiree. If, in the case of a bargain purchase, the result of this formula
\nis negative, then the difference is recognised directly in profit or loss.
\nGoodwill is not amortised but is tested on an annual basis for impairment. If goodwill is assessed
\nto be impaired, that impairment is not subsequently reversed.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag103": {
"value": "\n
\n1.4.2 Property, plant and equipment
\nProperty, plant and equipment are tangible assets which the Group holds for its own use or for
\nrental to others and which are expected to be used for more than one year.
\nAn item of property, plant and equipment is recognised as an asset when it is probable that future
\neconomic benefits associated with the item will flow to the Group and the cost of the item can be
\nmeasured reliably.
\nProperty, plant and equipment is initially measured at cost. Cost includes all of the expenditure
\nwhich is directly attributable to the acquisition or construction of the asset, including the
\ncapitalisation of borrowing costs on qualifying assets.
\n\nDepreciation of an asset commences when the asset is available for use as intended by
\nmanagement. Depreciation is charged to write off the asset\u2019s carrying amount over its estimated
\nuseful life to its estimated residual value, using a method that best reflects the pattern in which
\nthe asset\u2019s economic benefits are consumed by the Group. Leased assets are depreciated in a
\nconsistent manner over the shorter of their expected useful lives and the lease term. Depreciation
\nis not charged to an asset if its estimated residual value exceeds or is equal to its carrying amount.
\nDepreciation of an asset ceases at the earlier of the date that the asset is classified as held for sale
\nor derecognised.
\nDepreciation is recognised in profit or loss so as to write-off the cost of assets, less their residual
\nvalues, over their expected useful lives using the straight-line method.
\nFor Heavy Mining Equipment (HME), equipment hours are most closely linked with the economic
\nbenefits of the asset. On this basis, the unit of production method using equipment hours is the
\npreferred method of depreciation for HME.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n1.4.2 Property, plant and equipment (continued)
\n\nThe useful lives of items of property, plant and equipment have been assessed as follows:
\nItem Depreciation method Average useful life
\nDrilling rigs Straight line 5 \u2013 20 years
\nAssociated drilling equipment Straight line 2 \u2013 7 years
\nHeavy mining equipment Production Hours 6,000 \u2013 80,000 hours
\nMotor vehicles Straight line 4 \u2013 7 years
\nCamp and associated
\nequipment
\nStraight line 3 \u2013 5 years
\nLeasehold improvements Straight line 10 years
\nThe residual value, useful life and depreciation method of each asset are reviewed at the end
\nof each reporting year. During the year, management has reassessed the residual values
\nand estimated useful lives for drilling rigs, associated drilling equipment and heavy mining
\nequipment. Therefore, this constitutes as a change in accounting estimate and the effect is
\naccounted for prospectively.
\nThe resulting effect of the lower residual values and updated estimated useful lives on
\ndepreciation expense for the current year is decrease of $0.2 million (2022: $ nil).
\nThere have been no changes to the depreciation methods of assets during the year. If the
\nexpectations differ from previous estimates, the change is accounted for prospectively as a
\nchange in accounting estimate.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nImpairment tests are performed on property, plant and equipment when there is an indicator
\nthat they may be impaired. When the carrying amount of an item of property, plant and
\nequipment is assessed to be higher than the estimated recoverable amount, an impairment
\nloss is recognised immediately in profit or loss to bring the carrying amount in line with the
\nrecoverable amount.
\nAn item of property, plant and equipment is derecognised upon disposal or when no future
\neconomic benefits are expected from its continued use or disposal. Any gain or loss arising from
\nthe derecognition of an item of property, plant and equipment, determined as the difference
\nbetween the net disposal proceeds, if any and the carrying amount of the item, is included in
\nprofit or loss when the item is derecognised.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\nWhere an item of property, plant and equipment consists of several significant components,
\nmanagement recognises the components separately from the parent asset and assigns a
\ndepreciation rate that represents the expected useful of the component.
\n\nCapital spares
\nCapital spare parts and servicing equipment relates to items that can only be used in connection
\nwith specific items of property, plant and equipment and are expected to be used for more than
\none year. They are measured at the lower of cost and net realised value. The cost of capital spare
\nparts comprises of all costs of purchase, costs of conversion and other costs incurred in bringing
\nthe capital spare parts to their present location and condition.
\nDepreciation of capital spares commences when the asset has been installed and is capable of
\nbeing used. The depreciation charge is based on the expected useful life of the spare while it is
\nbeing used, which may be shorter than the useful life of the asset to which it relates. When the
\nspare is itself replaced, the asset is derecognised.
\nRefer to Note 1.4.8 for inventories that are regularly used or replaced, usually as part of a general
\nreplacement programme.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag104": {
"value": "\nDepreciation of an asset commences when the asset is available for use as intended by
\nmanagement. Depreciation is charged to write off the asset\u2019s carrying amount over its estimated
\nuseful life to its estimated residual value, using a method that best reflects the pattern in which
\nthe asset\u2019s economic benefits are consumed by the Group. Leased assets are depreciated in a
\nconsistent manner over the shorter of their expected useful lives and the lease term. Depreciation
\nis not charged to an asset if its estimated residual value exceeds or is equal to its carrying amount.
\nDepreciation of an asset ceases at the earlier of the date that the asset is classified as held for sale
\nor derecognised.
\nDepreciation is recognised in profit or loss so as to write-off the cost of assets, less their residual
\nvalues, over their expected useful lives using the straight-line method.
\nFor Heavy Mining Equipment (HME), equipment hours are most closely linked with the economic
\nbenefits of the asset. On this basis, the unit of production method using equipment hours is the
\npreferred method of depreciation for HME.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe useful lives of items of property, plant and equipment have been assessed as follows:
\nItem Depreciation method Average useful life
\nDrilling rigs Straight line 5 \u2013 20 years
\nAssociated drilling equipment Straight line 2 \u2013 7 years
\nHeavy mining equipment Production Hours 6,000 \u2013 80,000 hours
\nMotor vehicles Straight line 4 \u2013 7 years
\nCamp and associated
\nequipment
\nStraight line 3 \u2013 5 years
\nLeasehold improvements Straight line 10 years
\nThe residual value, useful life and depreciation method of each asset are reviewed at the end
\nof each reporting year. During the year, management has reassessed the residual values
\nand estimated useful lives for drilling rigs, associated drilling equipment and heavy mining
\nequipment. Therefore, this constitutes as a change in accounting estimate and the effect is
\naccounted for prospectively.
\nThe resulting effect of the lower residual values and updated estimated useful lives on
\ndepreciation expense for the current year is decrease of $0.2 million (2022: $ nil).
\nThere have been no changes to the depreciation methods of assets during the year. If the
\nexpectations differ from previous estimates, the change is accounted for prospectively as a
\nchange in accounting estimate.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag109": {
"value": "\nCapital spares
\nCapital spare parts and servicing equipment relates to items that can only be used in connection
\nwith specific items of property, plant and equipment and are expected to be used for more than
\none year. They are measured at the lower of cost and net realised value. The cost of capital spare
\nparts comprises of all costs of purchase, costs of conversion and other costs incurred in bringing
\nthe capital spare parts to their present location and condition.
\nDepreciation of capital spares commences when the asset has been installed and is capable of
\nbeing used. The depreciation charge is based on the expected useful life of the spare while it is
\nbeing used, which may be shorter than the useful life of the asset to which it relates. When the
\nspare is itself replaced, the asset is derecognised.
\nRefer to Note 1.4.8 for inventories that are regularly used or replaced, usually as part of a general
\nreplacement programme.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag110": {
"value": "\n
\n\n1.4.3 Intangible assets
\nIntangible assets are initially recognised at cost.
\nIntangible assets are carried at cost less any accumulated amortisation and any impairment
\nlosses. For intangible assets, amortisation is provided on a straight-line basis over their useful life
\nonce the development of the software has been completed.
\nThe amortisation period and the amortisation method for intangible assets are reviewed annually.
\nReassessing the useful life of an intangible asset with a finite useful life after it was classified
\nas indefinite is an indicator that the asset may be impaired. As a result, the asset is tested for
\nimpairment and the remaining carrying amount is amortised over its useful life.
\nAmortisation is provided to write down the intangible assets, on a straight-line basis, to their
\nresidual value as follows:
\nItem Depreciation method Average useful life
\nComputer software Straight line 10 years
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag111": {
"value": "\n1.4.3 Intangible assets
\nIntangible assets are initially recognised at cost.
\nIntangible assets are carried at cost less any accumulated amortisation and any impairment
\nlosses. For intangible assets, amortisation is provided on a straight-line basis over their useful life
\nonce the development of the software has been completed.
\nThe amortisation period and the amortisation method for intangible assets are reviewed annually.
\nReassessing the useful life of an intangible asset with a finite useful life after it was classified
\nas indefinite is an indicator that the asset may be impaired. As a result, the asset is tested for
\nimpairment and the remaining carrying amount is amortised over its useful life.
\nAmortisation is provided to write down the intangible assets, on a straight-line basis, to their
\nresidual value as follows:
\nItem Depreciation method Average useful life
\nComputer software Straight line 10 years
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag113": {
"value": "\n
\n1.4.5 Financial instruments
\nFinancial instruments held by the Group are classified in accordance with the provisions of IFRS 9
\nFinancial Instruments. Broadly, the classification possibilities, which are adopted by the Group, as
\napplicable, are as follows:
\n\nFinancial assets which are equity instruments:
\n\u2022 Mandatorily at fair value through profit or loss.
\nFinancial assets which are debt instruments:
\n\u2022 Amortised cost. (This category applies only when the contractual terms of the instrument
\ngive rise, on specified dates, to cash flows that are solely payments of principal and interest on
\nprincipal and where the instrument is held under a business model whose objective is met by
\nholding the instrument to collect contractual cash flows); or
\n\u2022 Fair value through other comprehensive income. (This category applies only when the
\ncontractual terms of the instrument give rise, on specified dates, to cash flows that are solely
\npayments of principal and interest on principal and where the instrument is held under a
\nbusiness model whose objective is achieved by both collecting contractual cash flows and
\nselling the instruments); or
\n\u2022 Mandatorily at fair value through profit or loss. (This classification automatically applies to
\nall debt instruments which do not qualify as at amortised cost or at fair value through other
\ncomprehensive income); or
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n\n\u2022 Designated at fair value through profit or loss. (This classification option can only be applied
\nwhen it eliminates or significantly reduces an accounting mismatch).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nDerivatives which are not part of a hedging relationship:
\n\u2022 Mandatorily at fair value through profit or loss.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFinancial liabilities:
\n\u2022 Amortised cost; or
\n\u2022 Mandatorily at fair value through profit or loss. (This applies to contingent consideration in a
\nbusiness combination or to liabilities which are held for trading); or
\n\u2022 Designated at fair value through profit or loss. (This classification option can be applied when it
\neliminates or significantly reduces an accounting mismatch; the liability forms part of a group
\nof financial instruments managed on a fair value basis; or it forms part of a contract containing
\nan embedded derivative and the entire contract is designated as at fair value through profit or
\nloss).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNote 33 presents the financial instruments held by the Group based on their specific
\nclassifications.
\n\n
\nTrade and other receivables
\nTrade and other receivables are recognised when the Group becomes a party to the contractual
\nprovisions of the receivables.
\nTrade and other receivables are measured, at initial recognition, at fair value plus transaction costs,
\nif any and are classified as either as financial assets at amortised cost or financial assets at fair
\nvalue through profit or loss (FVTPL).
\nAmortised cost
\nFinancial assets are classified in this manner because their contractual terms give rise, on
\nspecified dates to cash flows that are solely payments of principal and interest on the principal
\noutstanding and the Group\u2019s business model is to collect the contractual cash flows on trade and
\nother receivables.
\nThe amortised cost is the amount recognised on the receivable initially, minus principal
\nrepayments, plus cumulative amortisation (interest) using the effective interest method of any
\ndifference between the initial amount and the maturity amount, adjusted for any loss allowance.
\nThey are subsequently measured at amortised cost.
\n\nThe Group recognises a loss allowance for Expected Credit Losses (ECL) on financial assets
\nmeasured at amortised cost. When considering ECL, the Group reviews historical and forward-
\nlooking information. The amount of expected credit losses is updated at each reporting date.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n1.4.5 Financial instruments (continued)
\n\nThe Group measures the allowance for credit losses for financial assets measured at amortised
\ncost at an amount equal to lifetime expected credit losses, which represents the expected credit
\nlosses that will result from all possible default events over the expected life of the receivable. A
\ndefault event means when the Group deems that funds are irrecoverable and written off.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFair value through profit or loss
\nFinancial assets measured at FVTPL are initially recognised and subsequently measured at fair
\nvalue. The fair value amounts are based on the price that would be received to sell an asset in an
\norderly transaction between market participants at the measurement date.
\nTrade receivables are presented in Note 17, other receivables are presented in Note 18 and fair
\nvalue measurements are presented in Note 34.
\n\nRecoverable VAT
\nThe Group\u2019s subsidiaries are subject to value-added tax (VAT) in the jurisdictions in which they
\noperate. The amount of VAT liability is determined by applying the applicable tax rate to the
\namount invoiced less VAT paid on purchases. When VAT paid on purchases exceed VAT charged
\non sales of goods and services, the excess is regarded as recoverable upon the submission of VAT
\nreturns and the acceptance of these VAT returns by the relevant tax authorities. VAT recoverable is
\nreviewed for impairment at the end of each reporting date. For VAT recoverable longer than one
\nyear, the Group considers the appropriateness of discounting for the time value of money.
\nRecoverable VAT is presented in Note 18.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInvestments in equity instruments
\nInvestments in equity instruments are classified mandatorily at fair value through profit or loss.
\nInvestments in equity instruments are recognised when the Group becomes a party to the
\ncontractual provisions of the instrument. The investments are measured, at initial recognition, at
\nfair value. Transaction costs are added to the initial carrying amount for those investments which
\nhave been designated as at fair value through other comprehensive income. All other transaction
\ncosts are recognised in profit or loss. Investments in equity instruments are subsequently
\nmeasured at fair value with changes in fair value recognised either in profit or loss.
\nInvestments in equity instruments are presented in Note 19 and details of the valuation policies
\nand processes are presented in Note 34.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\n
\n\nCash and cash equivalents
\nCash and cash equivalents are stated at carrying amount which is deemed to be fair value.
\nFor the purpose of the Statement of Cash Flows, cash and cash equivalents comprise cash on
\nhand and deposits held on call with banks with a maturity period of less than three months.
\nCash and cash equivalents are presented in Note 20.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFinancial Liabilities
\nAll financial liabilities are measured subsequently at amortised cost using the effective interest
\nmethod.
\nThe effective interest method is a method of calculating the amortised cost of a financial liability
\nand of allocating interest expense over the relevant period. The effective interest rate is the rate
\nthat exactly discounts estimated future cash payments (including all fees and points paid or
\nreceived that form an integral part of the effective interest rate, transaction costs and other
\npremiums or discounts) through the expected life of the financial liability, or (where appropriate)
\na shorter period, to the amortised cost of financial liability.
\nLoans and borrowings are presented in Note 26 and trade and other payables are presented
\nin Note 28.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag114": {
"value": "\nFinancial assets which are equity instruments:
\n\u2022 Mandatorily at fair value through profit or loss.
\nFinancial assets which are debt instruments:
\n\u2022 Amortised cost. (This category applies only when the contractual terms of the instrument
\ngive rise, on specified dates, to cash flows that are solely payments of principal and interest on
\nprincipal and where the instrument is held under a business model whose objective is met by
\nholding the instrument to collect contractual cash flows); or
\n\u2022 Fair value through other comprehensive income. (This category applies only when the
\ncontractual terms of the instrument give rise, on specified dates, to cash flows that are solely
\npayments of principal and interest on principal and where the instrument is held under a
\nbusiness model whose objective is achieved by both collecting contractual cash flows and
\nselling the instruments); or
\n\u2022 Mandatorily at fair value through profit or loss. (This classification automatically applies to
\nall debt instruments which do not qualify as at amortised cost or at fair value through other
\ncomprehensive income); or
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u2022 Designated at fair value through profit or loss. (This classification option can only be applied
\nwhen it eliminates or significantly reduces an accounting mismatch).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag117": {
"value": "\n
\n\nDerivatives which are not part of a hedging relationship:
\n\u2022 Mandatorily at fair value through profit or loss.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag118": {
"value": "\nDerivatives which are not part of a hedging relationship:
\n\u2022 Mandatorily at fair value through profit or loss.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag119": {
"value": "\nFinancial liabilities:
\n\u2022 Amortised cost; or
\n\u2022 Mandatorily at fair value through profit or loss. (This applies to contingent consideration in a
\nbusiness combination or to liabilities which are held for trading); or
\n\u2022 Designated at fair value through profit or loss. (This classification option can be applied when it
\neliminates or significantly reduces an accounting mismatch; the liability forms part of a group
\nof financial instruments managed on a fair value basis; or it forms part of a contract containing
\nan embedded derivative and the entire contract is designated as at fair value through profit or
\nloss).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFinancial Liabilities
\nAll financial liabilities are measured subsequently at amortised cost using the effective interest
\nmethod.
\nThe effective interest method is a method of calculating the amortised cost of a financial liability
\nand of allocating interest expense over the relevant period. The effective interest rate is the rate
\nthat exactly discounts estimated future cash payments (including all fees and points paid or
\nreceived that form an integral part of the effective interest rate, transaction costs and other
\npremiums or discounts) through the expected life of the financial liability, or (where appropriate)
\na shorter period, to the amortised cost of financial liability.
\nLoans and borrowings are presented in Note 26 and trade and other payables are presented
\nin Note 28.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag120": {
"value": "\n
\nTrade and other receivables
\nTrade and other receivables are recognised when the Group becomes a party to the contractual
\nprovisions of the receivables.
\nTrade and other receivables are measured, at initial recognition, at fair value plus transaction costs,
\nif any and are classified as either as financial assets at amortised cost or financial assets at fair
\nvalue through profit or loss (FVTPL).
\nAmortised cost
\nFinancial assets are classified in this manner because their contractual terms give rise, on
\nspecified dates to cash flows that are solely payments of principal and interest on the principal
\noutstanding and the Group\u2019s business model is to collect the contractual cash flows on trade and
\nother receivables.
\nThe amortised cost is the amount recognised on the receivable initially, minus principal
\nrepayments, plus cumulative amortisation (interest) using the effective interest method of any
\ndifference between the initial amount and the maturity amount, adjusted for any loss allowance.
\nThey are subsequently measured at amortised cost.
\n\nThe Group recognises a loss allowance for Expected Credit Losses (ECL) on financial assets
\nmeasured at amortised cost. When considering ECL, the Group reviews historical and forward-
\nlooking information. The amount of expected credit losses is updated at each reporting date.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag121": {
"value": "\nThe Group recognises a loss allowance for Expected Credit Losses (ECL) on financial assets
\nmeasured at amortised cost. When considering ECL, the Group reviews historical and forward-
\nlooking information. The amount of expected credit losses is updated at each reporting date.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe Group measures the allowance for credit losses for financial assets measured at amortised
\ncost at an amount equal to lifetime expected credit losses, which represents the expected credit
\nlosses that will result from all possible default events over the expected life of the receivable. A
\ndefault event means when the Group deems that funds are irrecoverable and written off.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag125": {
"value": "\nRecoverable VAT
\nThe Group\u2019s subsidiaries are subject to value-added tax (VAT) in the jurisdictions in which they
\noperate. The amount of VAT liability is determined by applying the applicable tax rate to the
\namount invoiced less VAT paid on purchases. When VAT paid on purchases exceed VAT charged
\non sales of goods and services, the excess is regarded as recoverable upon the submission of VAT
\nreturns and the acceptance of these VAT returns by the relevant tax authorities. VAT recoverable is
\nreviewed for impairment at the end of each reporting date. For VAT recoverable longer than one
\nyear, the Group considers the appropriateness of discounting for the time value of money.
\nRecoverable VAT is presented in Note 18.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag126": {
"value": "\nInvestments in equity instruments
\nInvestments in equity instruments are classified mandatorily at fair value through profit or loss.
\nInvestments in equity instruments are recognised when the Group becomes a party to the
\ncontractual provisions of the instrument. The investments are measured, at initial recognition, at
\nfair value. Transaction costs are added to the initial carrying amount for those investments which
\nhave been designated as at fair value through other comprehensive income. All other transaction
\ncosts are recognised in profit or loss. Investments in equity instruments are subsequently
\nmeasured at fair value with changes in fair value recognised either in profit or loss.
\nInvestments in equity instruments are presented in Note 19 and details of the valuation policies
\nand processes are presented in Note 34.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag128": {
"value": "\n
\n\nCash and cash equivalents
\nCash and cash equivalents are stated at carrying amount which is deemed to be fair value.
\nFor the purpose of the Statement of Cash Flows, cash and cash equivalents comprise cash on
\nhand and deposits held on call with banks with a maturity period of less than three months.
\nCash and cash equivalents are presented in Note 20.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag129": {
"value": "\nCash and cash equivalents
\nCash and cash equivalents are stated at carrying amount which is deemed to be fair value.
\nFor the purpose of the Statement of Cash Flows, cash and cash equivalents comprise cash on
\nhand and deposits held on call with banks with a maturity period of less than three months.
\nCash and cash equivalents are presented in Note 20.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag131": {
"value": "\n1.4.6 Tax
\nCurrent tax assets and liabilities
\nCurrent tax for current and prior periods is, to the extent unpaid, recognised as a liability. If the
\namount already paid in respect of current and prior periods exceeds the amount due for those
\nperiods, the excess is recognised as an asset.
\nCurrent tax liabilities (assets) for the current and prior periods are measured at the amount
\nexpected to be paid to (recovered from) the tax authorities, using the tax rates and tax laws that
\nhave been enacted or substantively enacted in countries where the company and its subsidiaries
\noperate at the end of the reporting period.
\nCurrent tax assets and liabilities are presented in Note 30.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n1.4.6 Tax (continued)
\n\nDeferred tax assets and liabilities
\nA deferred tax liability is recognised for all taxable temporary differences, except to the extent that
\nthe deferred tax liability arises from the initial recognition of an asset or liability in a transaction
\nwhich at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss).
\nA deferred tax asset is recognised for all deductible temporary differences to the extent that it is
\nprobable that taxable profit will be available against which the deductible temporary difference
\ncan be utilised. A deferred tax asset is not recognised when it arises from the initial recognition of
\nan asset or liability in a transaction at the time of the transaction, affects neither accounting profit
\nnor taxable profit (tax loss).
\nA deferred tax asset is recognised for the carry forward of unused tax losses to the extent that it
\nis probable that future taxable profit will be available against which the unused tax losses can be
\nutilised. This is not applicable for the Group as there are no deferred tax assets at the end of the
\nreporting date.
\nDeferred tax assets and liabilities are measured at the tax rates that are expected to apply to the
\nperiod when the asset is realised or the liability is settled, based on tax rates and tax laws that have
\nbeen enacted or substantively enacted by the end of the reporting period.
\nDeferred tax assets and liabilities are presented in Note 27.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTax expenses
\nCurrent and deferred tax are recognised in profit or loss, except when they relate to items that are
\nrecognised in other comprehensive income or directly in equity, in which case the current and
\ndeferred tax are also recognised in other comprehensive income or directly in equity respectively.
\nWhen current tax or deferred tax arises from the initial accounting for a business combination,
\nthe tax effect is included in the accounting for the business combination.
\nTax expenses are presented in Note 9.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nUncertainty over Income Tax Treatments
\nWhen considering the appropriate accounting for current and deferred tax liabilities and assets
\nin circumstances in which there is uncertainty over income tax treatments, the Group considers
\nwhether it is probable that the relevant tax authority will accept the position adopted, assuming
\nthat the tax authority has full knowledge of all related information. If the assessed probability
\nis that the tax authority will not accept the income tax treatment adopted, in accounting for
\nthe current and deferred tax asset or liability, the Group makes an assessment of the probable
\noutcome of the uncertain tax position.
\nUncertainty over Income Tax Treatments is presented in Note 9.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag134": {
"value": "\nDeferred tax assets and liabilities
\nA deferred tax liability is recognised for all taxable temporary differences, except to the extent that
\nthe deferred tax liability arises from the initial recognition of an asset or liability in a transaction
\nwhich at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss).
\nA deferred tax asset is recognised for all deductible temporary differences to the extent that it is
\nprobable that taxable profit will be available against which the deductible temporary difference
\ncan be utilised. A deferred tax asset is not recognised when it arises from the initial recognition of
\nan asset or liability in a transaction at the time of the transaction, affects neither accounting profit
\nnor taxable profit (tax loss).
\nA deferred tax asset is recognised for the carry forward of unused tax losses to the extent that it
\nis probable that future taxable profit will be available against which the unused tax losses can be
\nutilised. This is not applicable for the Group as there are no deferred tax assets at the end of the
\nreporting date.
\nDeferred tax assets and liabilities are measured at the tax rates that are expected to apply to the
\nperiod when the asset is realised or the liability is settled, based on tax rates and tax laws that have
\nbeen enacted or substantively enacted by the end of the reporting period.
\nDeferred tax assets and liabilities are presented in Note 27.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag136": {
"value": "\n1.4.7 Leases
\nThe Group assesses whether a contract is, or contains a lease, at the inception of the contract.
\nA contract is or contains a lease if the contract conveys the right to control the use of an identified
\nasset for a period of time in exchange for consideration.
\nIn order to assess whether a contract is, or contains a lease, management determine whether the
\nasset under consideration is \u201cidentified\u201d, which means that the asset is either explicitly or implicitly
\nspecified in the contract and that the supplier does not have a substantial right of substitution
\nthroughout the period of use. Once management has concluded that the contract deals with an
\nidentified asset, the right to control the use thereof is considered. To this end, control over the use
\nof an identified asset only exists when the Group has the right to substantially all of the economic
\nbenefits from the use of the asset as well as the right to direct the use of the asset.
\nIn circumstances where the determination of whether the contract is or contains a lease requires
\nsignificant judgement, the relevant disclosures are provided in the significant judgments and
\nsources of estimation uncertainty section of these accounting policies.
\nGroup as lessee
\nA lease liability and corresponding right-of-use asset are recognised at the lease commencement
\ndate, for all lease agreements for which the Group is a lessee, except for short-term leases of 12
\nmonths or less, or leases of low value assets. For these leases, the Group recognises the lease
\npayments as an operating expense on a straight-line basis over the term of the lease unless
\nanother systematic basis is more representative of the time pattern in which economic benefits
\nfrom the leased asset are consumed.
\nDetails of leasing arrangements where the Group is a lessee are presented in Note 13 Leases.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1.4.7 Leases (continued)
\nLease liability
\nThe lease liability is initially measured at the present value of the lease payments that are not paid
\nat the commencement date, discounted by using the rate implicit in the lease. If this rate cannot
\nbe readily determined, the Group uses its incremental borrowing rate.
\nThe definition of the lessee\u2019s incremental borrowing rate states that the rate should represent
\nwhat the lessee would have to pay to borrow over a similar term and with similar security, the
\nfunds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic
\nenvironment. In practice, judgement will be needed to estimate an incremental borrowing rate.
\nLease payments included in the measurement of the lease liability comprise the following:
\n\u2022 Fixed lease payments, including in-substance fixed payments, less any lease incentives;
\n\u2022 Variable lease payments that depend on an index or rate, initially measured using the index
\nor rate at the commencement date;
\n\u2022 Amount expected to be payable by the Group under residual value guarantees;
\n\u2022 Exercise price of purchase options, if the Group is reasonably certain to exercise the option;
\n\u2022 Lease payments in an optional renewal period if the Group is reasonably certain to exercise
\nan extension option; and
\n\u2022 Penalties for early termination of a lease, if the lease term reflects the exercise of an option
\nto terminate the lease.
\nVariable rents that do not depend on an index or rate are not included in the measurement of
\nthe lease liability (or right-of-use asset). The related payments are recognised as an expense in the
\nperiod incurred and are included in operating expenses. These amounts are presented in Note 6.
\nThe lease liability is presented as a separate line item on the Statement of Financial Position.
\nThe lease liability is subsequently measured by increasing the carrying amount to reflect interest
\non the lease liability (using the effective interest method) and by reducing the carrying amount
\nto reflect lease payments made. Interest charged on the lease liability is included in finance costs.
\nFinance costs relating to the lease liability are presented in Note 7.
\nThe Group has applied judgement to determine the lease term for some lease contracts in which
\nit is a lessee that include renewal options. The assessment of whether the Group is reasonably
\ncertain to exercise such options impact the lease terms, which significantly affects the amount
\nof lease liabilities and rights of use of assets recognised.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe Group remeasures the lease liability (and makes a corresponding adjustment to the related
\nright-of-use asset) when there has been:
\n\u2022 Changes to the lease term, in which case the lease liability is remeasured by discounting the
\nrevised lease payments using a revised discount rate;
\n\u2022 Changes in the assessment of whether the Group will exercise a purchase, termination or
\nextension option, in which case the lease liability is remeasured by discounting the revised
\nlease payments using a revised discount rate;
\n\u2022 Changes to the lease payments due to a change in an index or a rate, in which case the lease
\nliability is remeasured by discounting the revised lease payments using the initial discount rate
\n(unless the lease payments change is due to a change in a floating interest rate, in which case
\na revised discount rate is used);
\n\u2022 Changes in expected payments under a residual value guarantee, in which case the lease
\nliability is remeasured by discounting the revised lease payments using the initial discount rate;
\nand
\n\u2022 Modifications to the lease contract and the lease modification is not accounted for as a
\nseparate lease, in which case the lease liability is remeasured by discounting the revised
\npayments using a revised discount rate.
\nWhen the lease liability is remeasured in this way, a corresponding adjustment is made to the
\ncarrying amount of the right-of-use asset or is recognised in profit or loss if the carrying amount
\nof the right-of-use asset has been reduced to zero.
\nLease payments included in the measurement of the lease liability comprise the following:
\n\u2022 Initial amount of the corresponding lease liability;
\n\u2022 Any lease payments made at or before the commencement date;
\n\u2022 Any initial direct costs incurred;
\n\u2022 Any estimated costs to dismantle and remove the underlying asset or to restore the underlying
\nasset or the site on which it is located, when the Group incurs an obligation to do so, unless
\nthese costs are incurred to produce inventories; and
\n\u2022 Less any lease incentives received.
\nThe Group presents the part of the lease payment that represents interest portion of the lease
\nliability as a operating cash flow in Statement of Cash Flows in accordance with IAS 7 Statement
\nof Cash Flows.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1.4.7 Leases (continued)
\nRight-of-use assets
\nRight-of-use assets are presented as a separate line item on the Statement of Financial Position.
\nRight-of-use assets are subsequently measured at cost less accumulated depreciation and
\nimpairment losses.
\nRight-of-use assets are depreciated over the shorter period of lease term and useful life of the
\nunderlying asset. However, if a lease transfers ownership of the underlying asset or the cost of the
\nright-of-use asset reflects that the Group expects to exercise a purchase option, the related right-
\nof-use asset is depreciated over the useful life of the underlying asset. Depreciation starts at the
\ncommencement date of a lease.
\nFor right-of-use assets which are depreciated over their useful lives, the useful lives are
\ndetermined consistently with items of the same class of property, plant and equipment. Refer to
\nthe accounting policy for property, plant and equipment for details of useful lives.
\nThe residual value, useful life and depreciation method of each asset are reviewed at the end of
\neach reporting year. If the expectations differ from previous estimates, the change is accounted
\nfor prospectively as a change in accounting estimate. Each part of a right-of-use asset with a cost
\nthat is significant in relation to the total cost of the asset is depreciated separately.
\nThe depreciation charge for each year is recognised in profit or loss unless it is included in the
\ncarrying amount of another asset.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag419": {
"value": "\n1.4.8 Inventories
\nInventories relates to general spare parts, servicing equipment and consumables and are
\nregularly used or replaced as part of a general replacement programme. They are measured at
\nthe lower of cost and net realisable value. Cost is determined on the weighted average cost basis.
\nRedundant and slow-moving inventory are identified and written down to their net realisable
\nvalue.
\nNet realisable value is the estimated selling price in the ordinary course of business less the
\nestimated costs of completion and the estimated costs necessary to make the sale.
\nThe cost of inventories comprises of all costs of purchase, costs of conversion and other costs
\nincurred in bringing the inventories to their present location and condition.
\n
\n\n\n\n\n\n\nWhen inventories are used or sold, the carrying amount of those inventories are recognised as an
\nexpense in the period in which the related revenue is recognised. The amount of any write-down
\nof inventories to net realisable value and all losses of inventories are recognised as an expense
\nin the period the write-down or loss occurs. The amount of any reversal of any write-down of
\ninventories, arising from an increase in net realisable value, are recognised as a reduction in the
\namount of inventories recognised as an expense in the period in which the reversal occurs.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag421": {
"value": "\n
\n\n1.4.9 Impairment of assets
\nThe Group assesses at the end of each reporting period whether there is any indication that an
\nasset may be impaired. If any such indication exists, the Group estimates the recoverable amount
\nof the asset. When it is not possible to estimate the recoverable amount for an individual asset,
\nthe recoverable amount is determined for the cash-generating unit to which the asset belongs.
\nThe recoverable amount of an asset or a cash-generating unit is the higher of its fair value less
\ncosts to sell and its value in use. In assessing value in use, the estimated future cash flows are
\ndiscounted to their present value using a pre-tax discount rate that reflects current market
\nassessments of the time value of money and the risks specific to the asset for which the estimates
\nof future cash flows have not been adjusted.
\nIf the recoverable amount of an asset is less than its carrying amount, the carrying amount of the
\nasset is reduced to its recoverable amount. That reduction is an impairment loss.
\nAn impairment loss of assets carried at cost less any accumulated depreciation or amortisation
\nis recognised immediately in profit or loss. Where an impairment loss subsequently reverses,
\nthe carrying amount of the asset (cash-generating unit) is increased to the revised estimate of
\nits recoverable amount, but so that the increased carrying amount does not exceed the carrying
\namount that would have been determined had no impairment loss been recognised for the asset
\n(cash-generating unit) in prior years. A reversal of an impairment loss is recognised as income in
\nprofit or loss immediately.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag422": {
"value": "\n1.4.9 Impairment of assets
\nThe Group assesses at the end of each reporting period whether there is any indication that an
\nasset may be impaired. If any such indication exists, the Group estimates the recoverable amount
\nof the asset. When it is not possible to estimate the recoverable amount for an individual asset,
\nthe recoverable amount is determined for the cash-generating unit to which the asset belongs.
\nThe recoverable amount of an asset or a cash-generating unit is the higher of its fair value less
\ncosts to sell and its value in use. In assessing value in use, the estimated future cash flows are
\ndiscounted to their present value using a pre-tax discount rate that reflects current market
\nassessments of the time value of money and the risks specific to the asset for which the estimates
\nof future cash flows have not been adjusted.
\nIf the recoverable amount of an asset is less than its carrying amount, the carrying amount of the
\nasset is reduced to its recoverable amount. That reduction is an impairment loss.
\nAn impairment loss of assets carried at cost less any accumulated depreciation or amortisation
\nis recognised immediately in profit or loss. Where an impairment loss subsequently reverses,
\nthe carrying amount of the asset (cash-generating unit) is increased to the revised estimate of
\nits recoverable amount, but so that the increased carrying amount does not exceed the carrying
\namount that would have been determined had no impairment loss been recognised for the asset
\n(cash-generating unit) in prior years. A reversal of an impairment loss is recognised as income in
\nprofit or loss immediately.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag423": {
"value": "\n1.4.10 Share capital and equity
\nOrdinary shares are classified as equity. Ordinary shares are recognised at par value and classified
\nas \u201cshare capital\u201d in equity. Any amounts received from the issue of shares in excess of par value
\nis classified as \u201cshare premium\u201d in equity. Dividends are recognised as a liability when they are
\ndeclared.
\n1.4.11 Treasury shares
\nTreasury shares represent the shares of the parent company, Capital Limited, that are held
\nin treasury. Treasury shares are recorded at cost and deducted from equity.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag424": {
"value": "\n1.4.12 Share-based payments
\nEquity-settled share-based payments to employees and others providing similar services are
\nmeasured at the fair value of the equity instruments at the grant date.
\nThe fair value determined at the grant date of the equity-settled share-based payments is
\nexpensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate
\nof equity instruments that will eventually vest. At each reporting date, the Group revises its
\nestimate of the number of equity instruments expected to vest. The impact of the revision of the
\noriginal estimates, if any, is recognised in profit or loss over the remaining vesting period, with a
\ncorresponding adjustment to the equity-settled employee benefits reserve.
\nMarket conditions and non-vesting conditions are taken into account when estimating the fair
\nvalue of the equity-settled share-based payment.
\nAs an exception, when the Group is obligated, in terms of tax legislation, to withhold an amount of
\nemployees\u2019 tax associated with an equity-settled share-based payment transaction (thus creating
\na net settlement feature), the full transaction is still accounted for as an equity-settled share-based
\npayment transaction.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag425": {
"value": "\n1.4.13 Employee benefits
\nShort-term employee benefits
\nA liability is recognised for benefits accruing to employees in respect of salaries, wages and
\nleave entitlements in the period the related services is rendered. Liabilities recognised in respect
\nof short-term employee benefits are measured at the undiscounted amount of the benefits
\nexpected to be paid in exchange for the related service.
\nRetirement Benefits
\nThe Group does not have a legal obligation to provide for retirement benefits, however each
\nsubsidiary makes defined contributions for retirement benefits as per the country\u2019s statutory
\nobligations and charged to profit or loss as payment falls due.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag426": {
"value": "\n1.4.14 Revenue recognition
\nThe core principle of IFRS 15 is that an entity should recognise revenue to depict the transfer of
\npromised goods or services to customers in an amount that reflects the consideration to which
\nthe entity expects to be entitled in exchange for those goods or services. Specifically, the Standard
\nintroduced a 5-step approach to revenue recognition:
\nStep 1: Identify the contract(s) with a customer;
\nStep 2: Identify the performance obligations in the contract;
\nStep 3: Determine the transaction price;
\nStep 4: Allocate the transaction price to the performance obligations in the contract; and
\nStep 5: Recognise revenue when (or as) the entity satisfies a performance obligation.
\nUnder IFRS 15, an entity recognises revenue when (or as) a performance obligation is satisfied,
\ni.e. when \u201ccontrol\u201d of the goods or services underlying the particular performance obligation
\nis transferred to the customer.
\nRevenue is measured at the fair value of the consideration received or receivable.
\nRevenue is reduced for estimated customer returns, rebates and other similar allowances.
\nPerformance obligations and timing of revenue recognition
\nRevenue from a contract to provide services is recognised by reference to either the stage of
\ncompletion (over time) or at a point in time. The Group recognises revenue from the following
\nstreams:
\n\u2022 Drilling, mining, crushing and associated revenue:
\n \u2013 Revenue from drilling, mining and crushing services contracts is recognised at the
\ncontractual rates as the respective services are delivered.
\n \u2013 Revenue for mobilisation of drilling, mining and crushing equipment and associated
\nresources is recognised over the term of the contract.
\n \u2013 Revenue for demobilisation of drilling, mining and crushing equipment and associated
\nresources is recognised at a point of time when the contract is concluded.
\n \u2013 Revenue where the Group purchases equipment on behalf of the customer is recorded
\nat a point in time when the goods have been delivered on-site to the customer;
\n\u2022 Revenue from surveying is recognised at the contractual rates as the survey services are
\ndelivered; and
\n\u2022 Laboratory analysis of drilling samples relates to sample analysis by MSALABS provided to
\ncustomers. Transfer of benefits occurs when testing is completed for each sample received
\nand results communicated to customers. Samples are received in batches from customers
\nand processed continuously. Revenue is recognised when testing of a batch is completed
\nand when results are communicated.
\n
\n
\n\n\n\n\n\n\n
\n1.4.14 Revenue recognition (continued)
\nCosts to fulfil a contract
\nThe Group recognises assets relating to the costs incurred to fulfil a contract or setup costs
\n(mobilisation costs) that are directly related to the principal contract, provided that they will be
\nrecovered through the performance of the contract.
\nCosts required to set up the contract, mobilisation costs are capitalised provided that it is
\nprobable that they will be recovered in the future and that they do not include expenses that
\nwould normally have been incurred by the Group if the contract had not been obtained. They
\nare amortised over the period of the contract. If the above conditions are not met, these costs are
\ntaken directly to profit or loss.
\n\n
\n\nDividend and interest income
\nDividend income from investments is recognised when the shareholder\u2019s right to receive
\npayment has been established (provided that it is probable that the economic benefits will flow
\nto the Group and the amount of income can be measured reliably). Dividend income is only
\nrecognised when all the above criteria was met.
\nInterest income from a financial asset is recognised when it is probable that the economic
\nbenefits will flow to the Group and the amount of income can be measured reliably. Interest
\nincome is accrued on a time basis, by reference to the principal outstanding and at the effective
\ninterest rate applicable, which is the rate that exactly discounts estimated future cash receipts
\nthrough the expected life of the financial asset to that asset\u2019s net carrying amount on
\ninitial recognition.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag428": {
"value": "\n
\n\nDividend and interest income
\nDividend income from investments is recognised when the shareholder\u2019s right to receive
\npayment has been established (provided that it is probable that the economic benefits will flow
\nto the Group and the amount of income can be measured reliably). Dividend income is only
\nrecognised when all the above criteria was met.
\nInterest income from a financial asset is recognised when it is probable that the economic
\nbenefits will flow to the Group and the amount of income can be measured reliably. Interest
\nincome is accrued on a time basis, by reference to the principal outstanding and at the effective
\ninterest rate applicable, which is the rate that exactly discounts estimated future cash receipts
\nthrough the expected life of the financial asset to that asset\u2019s net carrying amount on
\ninitial recognition.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag429": {
"value": "\nDividend and interest income
\nDividend income from investments is recognised when the shareholder\u2019s right to receive
\npayment has been established (provided that it is probable that the economic benefits will flow
\nto the Group and the amount of income can be measured reliably). Dividend income is only
\nrecognised when all the above criteria was met.
\nInterest income from a financial asset is recognised when it is probable that the economic
\nbenefits will flow to the Group and the amount of income can be measured reliably. Interest
\nincome is accrued on a time basis, by reference to the principal outstanding and at the effective
\ninterest rate applicable, which is the rate that exactly discounts estimated future cash receipts
\nthrough the expected life of the financial asset to that asset\u2019s net carrying amount on
\ninitial recognition.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag430": {
"value": "\n
\n1.4.15 Translation of foreign currencies
\n\nFunctional and presentation currency
\nThe individual Financial Statements of each Group Company are presented in the currency of the
\nprimary economic environment in which it operates (its functional currency). For the purpose of
\nthe Group Financial Statements, the results and financial statements of each company within the
\nGroup are translated to United States Dollars, which is the functional currency of the Group and
\nthe presentation currency for the Group Financial Statements.
\n
\n\n\n\n\n\n\nForeign currency transactions
\nIn preparing the Financial Statements of the individual Group companies, transactions in
\ncurrencies other than the entity\u2019s functional currency (foreign currencies) are recognised at the
\nrates of exchange prevailing on the dates of the transactions. At each reporting date, monetary
\nitems that are denominated in foreign currencies are retranslated at the rates prevailing at that
\ndate. Non-monetary items that are measured in terms of historical cost in a foreign currency shall
\nbe translated using the exchange rate at the date of the transaction.
\nExchange differences are recognised in profit or loss in the period in which they arise except for:
\n\u2022 Exchange differences on foreign currency borrowings relating to assets under construction for
\nfuture productive use, which are included in the cost of those assets when they are regarded
\nas an adjustment to interest costs on those foreign currency borrowings;
\n\u2022 Exchange differences on transactions entered into to hedge certain foreign currency risks; and
\n\u2022 Exchange differences on monetary items receivable from or payable to a foreign operation
\nfor which settlement is neither planned nor likely to occur (therefore forming part of the net
\ninvestment in the foreign operation), which are recognised initially in other comprehensive
\nincome and reclassified from equity to profit or loss on repayment of the monetary items.
\nFor the purpose of presenting Group Financial Statements, the assets and liabilities of the
\nGroup\u2019s foreign operations are translated into United States Dollars at exchange rates prevailing
\non the reporting date. Income and expense items are translated at the average exchange rates
\nfor the period, unless exchange rates fluctuate significantly during that period, in which case
\nthe exchange rates at the date of transactions are used. Exchange differences arising, if any, are
\nrecognised in other comprehensive income and accumulated in equity (attributed to non-
\ncontrolling interests as appropriate).
\nOn disposal of a foreign operation, all of the exchange differences accumulated in equity
\nin respect of that operation attributable to the owners of the Company are reclassified to
\nprofit or loss.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag431": {
"value": "\nFunctional and presentation currency
\nThe individual Financial Statements of each Group Company are presented in the currency of the
\nprimary economic environment in which it operates (its functional currency). For the purpose of
\nthe Group Financial Statements, the results and financial statements of each company within the
\nGroup are translated to United States Dollars, which is the functional currency of the Group and
\nthe presentation currency for the Group Financial Statements.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag432": {
"value": "\n1.4.16 Contingent Liabilities
\nA contingent liability is a possible obligation from past events that will be confirmed by some
\nfuture event or a present obligation from a past event, but either:
\n\u2022 Outflow of economic benefits to satisfy this obligation is not probable, or
\n\u2022 Amount of obligation cannot be reliably measured.
\nIn events where firm indications of a possible obligation exist the Group will use judgements
\nbased on estimates from expert advice to provide for the portion of the possible expense.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag433": {
"value": "\n1.4.17 Provisions
\nProvisions are recognised when the Group has a present (legal or constructive) obligation as
\na result of a past event, if it is probable the Group will be required to settle the obligation, and
\na reliable estimate can be made of the amount of the obligation. The amount recognised as
\na provision is the best estimate of the consideration required to settle the obligation at the
\nreporting date, taking into account the risks and uncertainties surrounding the obligation. If the
\ntime value of money is material, provisions are discounted using a current pre-tax discount rate
\nspecific to the liability.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag435": {
"value": "\n
\n2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
\nThe preparation of the Annual Financial Statements in conformity with IFRS requires
\nmanagement, from time to time, to make judgements, estimates and assumptions that affect
\nthe application of policies and reported amounts of assets, liabilities, income and expenses.
\nThese estimates and associated assumptions are based on experience and various other factors
\nthat are believed to be reasonable under the circumstances. Actual results may differ from
\nthese estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.
\nRevisions to accounting estimates are recognised in the period in which the estimates are revised
\nand in any future periods affected.
\n\n2.1 Critical judgements in applying accounting policies
\nThe critical judgements made by management in applying accounting policies, apart from those
\ninvolving estimations, that have the most significant effect on the amounts recognised in the
\nAnnual Financial Statements, are outlined as follows:
\nImpairment of property, plant & equipment
\nAt the end of every year, management uses judgement to review the indicators of impairment
\nof property, plant and equipment. Depending on those indicators, management will determine
\nif an impairment review needs to be done. Refer to Note 12 for details on external indicators and
\nmanagement assessment on the impairment of property, plant and equipment.
\nGoing concern
\nThere is an element of judgement involved in determining the financial forecasts and availability
\nof cash and headroom over banking facilities and covenants in the context of the Group\u2019s
\nprincipal risks. Refer to Note 1.3 for the detailed assessment on going concern.
\nRecoverability of trade receivables
\nThe Group has material amounts of billed and unbilled services outstanding at 31 December 2023.
\nReceivables are recognised initially at cost (being the same as fair value) and subsequently at
\namortised cost less any allowance for impairment, to ensure that amounts recognised represent
\nthe recoverable amount. The Group recognises a loss allowance for expected credit losses (ECL)
\non all receivable balances from customers using a lifetime credit loss approach and includes
\nspecific allowance for impairment where there is evidence that the Group will not be able to
\ncollect amounts due from customers, subsequent to initial recognition. Management applies
\njudgement on specific allowances for impairment based on the information available at each
\nreporting date which includes information about past events, current conditions and forecasts
\nof the future economic condition of customers. Further details of the Group\u2019s recoverability are
\nprovided for trade receivables in Note 17.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (continued)
\n\n2.1 Critical judgements in applying accounting policies (continued)
\nContingent liabilities
\nManagement applies its judgement to the fact patterns and advice it receives from its attorney,
\nadvocates and other advisors in assessing if an obligation, including taxation-related claims, is
\nprobable, more likely than not, or remote. This judgement application is used to determine if the
\nobligation is recognised as a liability or disclosed as a contingent liability. Further details of the
\nGroup\u2019s contingent liabilities are provided in Note 38.
\nUncertain taxation provisions
\nThe Group operates internationally in territories with different and complex tax codes.
\nManagement exercises judgement in relation to the level of provision required for uncertain tax
\noutcomes. There are a number of tax positions not yet agreed with the tax authorities where
\ndifferent interpretation of legislation and commercial arrangements could lead to a range of
\noutcomes. The tax positions under review covers corporate income tax, VAT, minimum income
\ntax, withholding taxes and payroll. Judgements are made for each position having regard to the
\nparticular circumstances and advice obtained.
\nManagement also exercises judgement in assessing the availability of suitable future taxable
\nprofits to support deferred tax asset recognition.
\nFurther details of the Group\u2019s tax position are provided in Note 27, Note 30 and Note 38.
\nClassification of spare parts and servicing equipment
\nManagement exercises judgement in assessing spare parts and servicing equipment
\nclassification. Spare parts and servicing equipment are carried as inventory and recognised as an
\nexpense when consumed. However major spares stand-by equipment qualifies as property, plant
\nand equipment when an entity expects to use them during more than one period and if spare
\nparts and servicing equipment can be used only in connection with an item of property, plant
\nand equipment, they are accounted for as property, plant and equipment.
\nInvestments at fair value
\nThe Group holds investments classed as Level 3. The Group has assessed the fair value of these
\ninvestments based on a net asset approach and a cost approach. This requires Directors\u2019
\nestimates to be used and judgements to be made with any gain or loss in fair value recognised in
\nthe statement of profit or loss. Further details of the Group\u2019s investments at fair value are provided
\nin Note 19.
\n
\n\n\n\n\n\n\n\nRecoverability value-added tax (\u201cVAT\u201d)
\nIncluded in trade and other receivables are material recoverable VAT balances owing mainly
\nby the fiscal authorities in a number of jurisdictions. In assessing the recoverability of the VAT
\nbalance, the Group assessed the ECL on the VAT amounts owing based on current and historic
\ncorrespondence with the relevant fiscal authorities and consultation with local tax experts.
\nThe Group is following the relevant process in each country to recoup the VAT balances owing
\nand continues to engage with authorities to estimate if all amounts are recoverable and to
\naccelerate the refund of the outstanding VAT balances.
\nFurther details of the Group\u2019s VAT recoverability are provided in Note 18.
\n
\n\n\n\n\n\n\n2.2 Key sources of estimation uncertainty
\nUseful lives of property, plant and equipment
\nManagement assesses the appropriateness of the useful lives of property, plant and equipment
\nat the end of each reporting period. The useful economic lives of drilling rigs and heavy mining
\nequipment were reviewed during the year which resulted in the useful lives being updated.
\nThe change is applied prospectively in the determination of the depreciation charge.
\nHeavy mining equipment is depreciated using the unit of production method based on the
\nestimated production hours. The estimated production hours for each type of equipment are
\nbased on the original equipment manufacturers standards, together with an assessment by the
\nGroup\u2019s technical team.
\nThe useful lives of property, plant and equipment could be reduced by climate-related matters,
\nfor example, as a result of physical risks, obsolescence or legal restrictions. The change in useful
\nlives would have a direct impact on the amount of depreciation or amortisation recognised
\neach year from the date of reassessment. The Directors\u2019 review of useful lives has taken into
\nconsideration the impacts of the Group\u2019s decarbonisation commitments and has not had a
\nmaterial impact on the results for the year.
\nFurther details of the Group\u2019s property, plant and equipment are provided in Note 1.4.2 and Note
\n12.
\nShare-based payments
\nIn calculating the share-based payment charge for the year under IFRS 2 Share-based Payments,
\ncertain assumptions have been made surrounding the future performance of the Group\u2019s share
\nprice and the number of employees likely to remain employed during the duration of the option
\nlife period. In addition, in order to arrive at a fair value for each of the grants, certain parameters
\nhave been assumed for the grants and these have been disclosed in Note 23.
\n
\n\n\n\n\n\n\n2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (continued)
\n2.2 Key sources of estimation uncertainty (continued)
\nTransportation costs \u2013 Freight and customs
\nThe Group has significant inventory which is purchased across the world. Freight and custom
\ncosts are only capitalised on initial recognition when the inventory is purchased. In order to
\nallocate freight and customs incurred to inventories, management makes use of the inventory
\nconsumption during the year to determine the percentage of freight and customs costs which
\nare attributable to inventory and cost of sales. Further details of the Group\u2019s inventories are
\nprovided in Note 16.
\nInventory provisions
\nInventories are valued at the lower of cost and net realisable value. At year end, management
\nestimates the net realisable value of inventories in order to decide whether to make provision
\nfor obsolescence. Factors which are considered include the ageing profile of inventories, storage
\nconditions as well as the shelf life of specific inventories.
\nClimate-related matters may affect the value of inventory as they could become obsolete as a
\nresult of a decline in selling prices or a reduction in demand. After consideration of the typical
\nstock-turns of the inventory in relation to the rate of change in the market the Directors consider
\nthat inventory is appropriately valued.
\nRefer to Note 6 and Note 16 for details on the amount of inventory provision for obsolescence.
\nIncremental borrowing rate
\nThe Group used estimates of its incremental borrowing rate to calculate the present value
\nof future lease payments at the date of adoption/commencement of the leases. The Group
\ncalculated its incremental borrowing rate based on existing loan facility arrangements. The
\nweighted average incremental borrowing rate applied to lease arrangements entered into during
\nthe year was 10.0% (2022: 7.0%). Further details of the Group\u2019s loans and borrowing are provided in
\nNote 26.
\n2.3 Fair value measurement
\nIn estimating an asset or liability\u2019s fair value, the Group takes into account the asset or liability\u2019s
\ncharacteristics if market participants would take those characteristics into account when pricing
\nthe asset or liability at the measurement date.
\nFair value for measurement and/or disclosure purposes in these Financial Statements is
\ndetermined on such a basis, except for share-based payment transactions that are in the scope
\nof IFRS 2, leasing transactions which are within the scope of IFRS 16 and measurements that have
\nsome similarities to fair value but are not fair value, such as net realisable value in IAS 2 or value in
\nuse in IAS 36.
\nIn addition, for financial reporting purposes, fair value measurements are categorised into Level
\n1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable
\nand the significance of the inputs to the fair value measurement in its entirety, which are
\ndescribed as follows:
\n\u2022 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities
\nthat the entity can access at the measurement date;
\n\u2022 Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable
\nfor the asset or liability, either directly or indirectly; and
\n\u2022 Level 3 inputs are unobservable inputs for the asset or liability.
\nThe classification of an item into the above levels is based on the lowest level of the inputs used
\nthat has a significant effect on the item\u2019s fair value measurement. Transfers of items between
\nlevels are recognised in the period they occur.
\nFurther details of the Group\u2019s financial instruments are provided in Note 33 and further details
\nof the Group\u2019s fair value investments are provided in Note 19 and Note 34.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"Tag436": {
"value": "\n2.1 Critical judgements in applying accounting policies
\nThe critical judgements made by management in applying accounting policies, apart from those
\ninvolving estimations, that have the most significant effect on the amounts recognised in the
\nAnnual Financial Statements, are outlined as follows:
\nImpairment of property, plant & equipment
\nAt the end of every year, management uses judgement to review the indicators of impairment
\nof property, plant and equipment. Depending on those indicators, management will determine
\nif an impairment review needs to be done. Refer to Note 12 for details on external indicators and
\nmanagement assessment on the impairment of property, plant and equipment.
\nGoing concern
\nThere is an element of judgement involved in determining the financial forecasts and availability
\nof cash and headroom over banking facilities and covenants in the context of the Group\u2019s
\nprincipal risks. Refer to Note 1.3 for the detailed assessment on going concern.
\nRecoverability of trade receivables
\nThe Group has material amounts of billed and unbilled services outstanding at 31 December 2023.
\nReceivables are recognised initially at cost (being the same as fair value) and subsequently at
\namortised cost less any allowance for impairment, to ensure that amounts recognised represent
\nthe recoverable amount. The Group recognises a loss allowance for expected credit losses (ECL)
\non all receivable balances from customers using a lifetime credit loss approach and includes
\nspecific allowance for impairment where there is evidence that the Group will not be able to
\ncollect amounts due from customers, subsequent to initial recognition. Management applies
\njudgement on specific allowances for impairment based on the information available at each
\nreporting date which includes information about past events, current conditions and forecasts
\nof the future economic condition of customers. Further details of the Group\u2019s recoverability are
\nprovided for trade receivables in Note 17.
\n
\n\n\n\n\n\n\n2.1 Critical judgements in applying accounting policies (continued)
\nContingent liabilities
\nManagement applies its judgement to the fact patterns and advice it receives from its attorney,
\nadvocates and other advisors in assessing if an obligation, including taxation-related claims, is
\nprobable, more likely than not, or remote. This judgement application is used to determine if the
\nobligation is recognised as a liability or disclosed as a contingent liability. Further details of the
\nGroup\u2019s contingent liabilities are provided in Note 38.
\nUncertain taxation provisions
\nThe Group operates internationally in territories with different and complex tax codes.
\nManagement exercises judgement in relation to the level of provision required for uncertain tax
\noutcomes. There are a number of tax positions not yet agreed with the tax authorities where
\ndifferent interpretation of legislation and commercial arrangements could lead to a range of
\noutcomes. The tax positions under review covers corporate income tax, VAT, minimum income
\ntax, withholding taxes and payroll. Judgements are made for each position having regard to the
\nparticular circumstances and advice obtained.
\nManagement also exercises judgement in assessing the availability of suitable future taxable
\nprofits to support deferred tax asset recognition.
\nFurther details of the Group\u2019s tax position are provided in Note 27, Note 30 and Note 38.
\nClassification of spare parts and servicing equipment
\nManagement exercises judgement in assessing spare parts and servicing equipment
\nclassification. Spare parts and servicing equipment are carried as inventory and recognised as an
\nexpense when consumed. However major spares stand-by equipment qualifies as property, plant
\nand equipment when an entity expects to use them during more than one period and if spare
\nparts and servicing equipment can be used only in connection with an item of property, plant
\nand equipment, they are accounted for as property, plant and equipment.
\nInvestments at fair value
\nThe Group holds investments classed as Level 3. The Group has assessed the fair value of these
\ninvestments based on a net asset approach and a cost approach. This requires Directors\u2019
\nestimates to be used and judgements to be made with any gain or loss in fair value recognised in
\nthe statement of profit or loss. Further details of the Group\u2019s investments at fair value are provided
\nin Note 19.
\n
\n\n\n\n\n\n\nRecoverability value-added tax (\u201cVAT\u201d)
\nIncluded in trade and other receivables are material recoverable VAT balances owing mainly
\nby the fiscal authorities in a number of jurisdictions. In assessing the recoverability of the VAT
\nbalance, the Group assessed the ECL on the VAT amounts owing based on current and historic
\ncorrespondence with the relevant fiscal authorities and consultation with local tax experts.
\nThe Group is following the relevant process in each country to recoup the VAT balances owing
\nand continues to engage with authorities to estimate if all amounts are recoverable and to
\naccelerate the refund of the outstanding VAT balances.
\nFurther details of the Group\u2019s VAT recoverability are provided in Note 18.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag402": {
"value": "\n
\n\n3. REVENUE
\nRevenue from the rendering of services comprises:
\n2023
\n$\u2019000
\n2022
\n $\u2019000
\nDrilling and associated revenue 211,552 208,562
\nMining and associated revenue 64,721 49,763
\nLaboratory services revenue 38,405 27,305
\nRevenue from surveying 3,746 4,654
\nTotal revenue 318,424 290,284
\nThe Group has four revenue streams:
\n\u2022 Drilling revenue relates to drilling services revenue where the terms of the contract with
\ncustomers requires the Group to drill a specified number of metres at a specified drilling
\nrate. Revenue is recognised over time as the drilling services are provided, which in turn fulfils
\nthe performance obligations. Under IFRS 15, it has been concluded that the Group has an
\nenforceable right to payment for performance completed.
\n The transaction price for drilling is the price per meter drilled multiplied by the number of
\nmetres drilled. The e-plod system is a day-by-day tracker of the metres drilled per rig. This takes
\ninto account the metres, relevant rate per meter and leads to the revenue number. Revenue
\nrecognition occurs when the relevant geologist/mine manager signs and accepts the e-plod
\nreport which is converted monthly/bi-monthly into invoices.
\n Revenue for mobilisation of drilling equipment and associated resources is classified on the
\nStatement of Financial Position as unearned revenue (contract liability) and is recognised over
\nthe term of the contract.
\n Revenue for demobilisation is recognised at a point in time when the contract is concluded
\nand the Group has physically demobilised off the site. Related costs of demobilisation are
\ncharged to profit or loss as incurred.
\n\u2022 Mining revenue relates to contracted mining services, equipment rental services and
\nmobilisation of equipment at customers\u2019 mine sites.
\n Revenue for the mining services is generated based on the bank cubic metres (BCM) moved
\nmultiplied by the rates per bank cubic metre as per the contract and fixed monthly fees.
\nRevenue is recognised over time as the load and haul service is provided, which in turn
\nfulfils the performance obligations. Invoices are raised monthly after customer sign off and
\nacceptance of the progress claim that details tonnage of earth moved at the contracted rates.
\n The mining equipment rental contracts consists of both the variable and fixed fee rates.
\nRevenue is generated based on the fixed fee per equipment plus the variable rate multiplied
\nby the number of hours the equipment worked for the month. Invoices are raised monthly
\nwith customer sign off on equipment engine hours. Customers are given 30 days credit
\nperiods for services rendered.
\n Revenue for mobilisation of mining equipment and associated resources is classified on the
\nStatement of Financial Position as unearned revenue (contract liability) and is recognised over
\nthe term of the contract.
\n Revenue for demobilisation is recognised at a point in time when the contract is concluded
\nand the Group has physically demobilised off the site. Related costs of demobilisation are
\ncharged to profit or loss as incurred.
\n The Group, acting as a principal, can sometimes purchase equipment on behalf of the
\ncustomer. Revenue is recorded at a point in time when control has been transferred to
\nthe customer, generally being when the goods have been delivered to a customer on-site
\npursuant to the sales order.
\n\u2022 Laboratory analysis of drilling samples relates to sample analysis by MSALABS provided to
\ncustomers. Samples are analysed and invoiced as and when the results are obtained and
\ncommunicated to customers. Under IFRS 15 it has been concluded that the Group has an
\nenforceable right to payment for performance completed.
\n\u2022 Revenue from surveying relates to short-term hire of down hole surveying equipment.
\nUnder IFRS 15, it has been concluded that the Group has an enforceable right to payment
\nfor performance completed. Meeting of performance obligations and transfer of benefits is
\ncontinuous.
\nThe Group had recognised $5.4 million (2022: $2.3 million) on the Statement of Financial Position
\nand amortised $1.8 million (2022: $1.4 million) to the Statement of Comprehensive Income in
\nrelation to costs to fulfil contracts.
\nThere are no significant financing components present in any of the Group\u2019s contracts with
\ncustomers.
\nThe Group applies the practical expedient in IFRS 15:121 as the Group has a right to consideration
\nfrom its customers for the value of the drilling or mining services that have already been provided.
\nNo other consideration is generated from its customers outside the contracts already in place.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag403": {
"value": "\n3. REVENUE
\nRevenue from the rendering of services comprises:
\n2023
\n$\u2019000
\n2022
\n $\u2019000
\nDrilling and associated revenue 211,552 208,562
\nMining and associated revenue 64,721 49,763
\nLaboratory services revenue 38,405 27,305
\nRevenue from surveying 3,746 4,654
\nTotal revenue 318,424 290,284
\nThe Group has four revenue streams:
\n\u2022 Drilling revenue relates to drilling services revenue where the terms of the contract with
\ncustomers requires the Group to drill a specified number of metres at a specified drilling
\nrate. Revenue is recognised over time as the drilling services are provided, which in turn fulfils
\nthe performance obligations. Under IFRS 15, it has been concluded that the Group has an
\nenforceable right to payment for performance completed.
\n The transaction price for drilling is the price per meter drilled multiplied by the number of
\nmetres drilled. The e-plod system is a day-by-day tracker of the metres drilled per rig. This takes
\ninto account the metres, relevant rate per meter and leads to the revenue number. Revenue
\nrecognition occurs when the relevant geologist/mine manager signs and accepts the e-plod
\nreport which is converted monthly/bi-monthly into invoices.
\n Revenue for mobilisation of drilling equipment and associated resources is classified on the
\nStatement of Financial Position as unearned revenue (contract liability) and is recognised over
\nthe term of the contract.
\n Revenue for demobilisation is recognised at a point in time when the contract is concluded
\nand the Group has physically demobilised off the site. Related costs of demobilisation are
\ncharged to profit or loss as incurred.
\n\u2022 Mining revenue relates to contracted mining services, equipment rental services and
\nmobilisation of equipment at customers\u2019 mine sites.
\n Revenue for the mining services is generated based on the bank cubic metres (BCM) moved
\nmultiplied by the rates per bank cubic metre as per the contract and fixed monthly fees.
\nRevenue is recognised over time as the load and haul service is provided, which in turn
\nfulfils the performance obligations. Invoices are raised monthly after customer sign off and
\nacceptance of the progress claim that details tonnage of earth moved at the contracted rates.
\n The mining equipment rental contracts consists of both the variable and fixed fee rates.
\nRevenue is generated based on the fixed fee per equipment plus the variable rate multiplied
\nby the number of hours the equipment worked for the month. Invoices are raised monthly
\nwith customer sign off on equipment engine hours. Customers are given 30 days credit
\nperiods for services rendered.
\n Revenue for mobilisation of mining equipment and associated resources is classified on the
\nStatement of Financial Position as unearned revenue (contract liability) and is recognised over
\nthe term of the contract.
\n Revenue for demobilisation is recognised at a point in time when the contract is concluded
\nand the Group has physically demobilised off the site. Related costs of demobilisation are
\ncharged to profit or loss as incurred.
\n The Group, acting as a principal, can sometimes purchase equipment on behalf of the
\ncustomer. Revenue is recorded at a point in time when control has been transferred to
\nthe customer, generally being when the goods have been delivered to a customer on-site
\npursuant to the sales order.
\n\u2022 Laboratory analysis of drilling samples relates to sample analysis by MSALABS provided to
\ncustomers. Samples are analysed and invoiced as and when the results are obtained and
\ncommunicated to customers. Under IFRS 15 it has been concluded that the Group has an
\nenforceable right to payment for performance completed.
\n\u2022 Revenue from surveying relates to short-term hire of down hole surveying equipment.
\nUnder IFRS 15, it has been concluded that the Group has an enforceable right to payment
\nfor performance completed. Meeting of performance obligations and transfer of benefits is
\ncontinuous.
\nThe Group had recognised $5.4 million (2022: $2.3 million) on the Statement of Financial Position
\nand amortised $1.8 million (2022: $1.4 million) to the Statement of Comprehensive Income in
\nrelation to costs to fulfil contracts.
\nThere are no significant financing components present in any of the Group\u2019s contracts with
\ncustomers.
\nThe Group applies the practical expedient in IFRS 15:121 as the Group has a right to consideration
\nfrom its customers for the value of the drilling or mining services that have already been provided.
\nNo other consideration is generated from its customers outside the contracts already in place.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag404": {
"value": "\n4. COST OF SALES
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nEmployee cost (Note 6) 70,864 63,236
\nConsumables 24,554 20,716
\nRepairs and maintenance 23,250 24,649
\nFuel 5,530 8,056
\nCamp operational cost 6,116 5,438
\nOther cost of sales 11,469 5,938
\nFreight and customs 10,634 10,036
\nEquipment hire 2,245 2,014
\nTravel and accommodation 6,308 5,423
\nSafety gear and equipment 3,517 3,128
\nEstablishment cost 612 945
\nOthers 6,425 6,273
\nTotal cost of sales 171,524 155,852
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag405": {
"value": "\n5. ADMINISTRATION EXPENSES
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nEmployee cost (Note 6) 19,809 16,324
\nProfessional fees 3,813 3,848
\nInsurance 1,986 1,886
\nRental cost 1,605 1,549
\nShare-based payment expenses (Note 6) 3,540 2,774
\nBad debts written off 218 1,458
\nIncrease in net expected credit loss provision (Note 17) 1,717 2,980
\nTravel and accommodation 3,211 2,499
\nBank charges 1,382 1,277
\nForeign exchange (gain) / loss (151) 1,711
\nSoftware costs 1,933 1,104
\nOther expenses 7,789 6,921
\nTotal administration expenses 46,852 44,331
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag406": {
"value": "\n
\n
\n
\n6. PROFIT FROM OPERATIONS
\nThe following items have been recognised as expenses in determining profit from operations:
\n\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nDepreciation, amortisation and impairments
\nRights of use assets 7,510 3,458
\nComputer software 7 4
\nDrilling rigs 10,521 10,373
\nAssociated drilling equipment 4,900 3,134
\nVehicles and trucks 4,493 3,180
\nCamp and associated equipment 2,594 1,390
\nMining equipment 9,302 8,877
\nTotal depreciation 39,327 30,416
\n
\n\n\n\n\n\n\n\nImpairment
\nVehicles and trucks 389 \u2013
\nCamp and associated equipment 50 \u2013
\nTotal impairment 439 \u2013
\nTotal depreciation, amortisation and impairments 39,766 30,416
\n\nOperating lease expense
\nShort term equipment rental 3,786 3,335
\n
\n\n\n\n\n\n\n\n\nEmployee costs
\nSalaries, wages, bonuses and other benefits 90,673 79,560
\nShare-based compensation expense 3,540 2,774
\nTotal employee costs 94,213 82,334
\n
\n\n\n\n\n\n\n\nOther
\nLoss on disposal of property, plant and equipment 946 669
\nLegal and professional fees 3,813 3,848
\nStock write-off 691 200
\nProvision for inventory obsolescence 574 745
\nAllowance for credit losses 1,716 2,981
\nBad debts written off 218 1,458
\nOther taxes 558 333
\nIncrease / (decrease) in provisions for other taxes 136 (288)
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag407": {
"value": "\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nDepreciation, amortisation and impairments
\nRights of use assets 7,510 3,458
\nComputer software 7 4
\nDrilling rigs 10,521 10,373
\nAssociated drilling equipment 4,900 3,134
\nVehicles and trucks 4,493 3,180
\nCamp and associated equipment 2,594 1,390
\nMining equipment 9,302 8,877
\nTotal depreciation 39,327 30,416
\n
\n\n\n\n\n\n\n\nCost
\nDrilling Rigs
\n$\u2019000
\nHeavy mining
\nequipment
\n$\u2019000
\nAssociated
\ndrilling equipment
\n$\u2019000
\nVehicles and trucks
\n$\u2019000
\nCamp and associated
\nequipment
\n$\u2019000
\nComputer software
\n$\u2019000
\nLeasehold
\nimprovements
\n$\u2019000
\nTotal
\n$\u2019000
\nAt 1 January 2022 124,252 59,225 23,691 33,594 13,877 38 1,654 256,331
\nAdditions 21,873 12,309 12,134 5,618 4,772 \u2013 \u2013 56,706
\nDisposal (6,755) (90) (4,426) (1,426) (480) \u2013 \u2013 (13,177)
\nAt 31 December 2022 139,370 71,444 31,399 37,786 18,169 38 1,654 299,860
\nAdditions 27,061 10,416 11,884 10,491 9,404 14 \u2013 69,270
\nDisposal (18,189) \u2013 (1,906) (1,259) (530) \u2013 \u2013 (21,884)
\nAt 31 December 2023 148,242 81,860 41,377 47,018 27,043 52 1,654 347, 246
\nAccumulated Depreciation
\nDrilling Rigs
\n$\u2019000
\nHeavy mining
\nequipment
\n$\u2019000
\nAssociated drilling
\nequipment
\n$\u2019000
\nVehicles and trucks
\n$\u2019000
\nCamp and associated
\nequipment
\n$\u2019000
\nComputer software
\n$\u2019000
\nLeasehold
\nimprovements
\n$\u2019000
\nTotal
\n$\u2019000
\nAt 1 January 2022 75,825 7,980 7,954 13,761 7,106 9 97 112,732
\nDepreciation 10,373 8,877 3,135 3,181 1,390 4 \u2013 26,960
\nDisposal (6,410) (81) (4,345) (1,246) (408) \u2013 \u2013 (12,490)
\nAt 31 December 2022 79,788 16,776 6,744 15,696 8,088 13 97 127,202
\nDepreciation 10,521 9,302 4,900 4,493 2,594 7 \u2013 31,817
\nImpairment \u2013 \u2013 \u2013 389 50 \u2013 \u2013 439
\nDisposal (17,412) \u2013 (1,783) (1,157) (517) \u2013 \u2013 (20,869)
\nAt 31 December 2023 72,897 26,078 9,860 19,421 10,215 20 97 138,589
\nCarrying amount at 31 December 2022 59,581 54,668 24,656 22,090 10,081 25 1,557 172,658
\nCarrying amount at 31 December 2023 75,345 55,782 31,516 27,597 16,828 32 1,557 208,657
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag408": {
"value": "\nOperating lease expense
\nShort term equipment rental 3,786 3,335
\n
\n\n\n\n\n\n\n\n13. LEASES
\nDetails pertaining to leasing arrangements, where the Group is lessee are presented below:
\nMachinery
\n$\u2019000
\nLand &
\nBuildings
\n$\u2019000
\nTotal
\n$\u2019000
\nRight-of-use assets
\nAt 1 January 2022 7,992 1,859 9,851
\nAdditions 7,736 2,522 10,258
\nDepreciation (2,641) (816) (3,457)
\nAt 31 December 2022 13,087 3,565 16,652
\nAdditions 17,712 2,830 20,542
\nDepreciation (6,220) (1,290) (7, 510)
\nAt 31 December 2023 24,579 5,105 29,684
\nLease liabilities
\nAt 1 January 2022 8,048 1,543 9,591
\nAdditions 7,069 2,522 9,591
\nInterest expense 651 167 818
\nLease payments (2,897) (836) (3,733)
\nAt 31 December 2022 12,871 3,396 16,267
\nAdditions 16,506 2,830 19,336
\nInterest expense 1,750 331 2,081
\nLease payments (6,861) (1,373) (8,234)
\nAt 31 December 2023 24,266 5,184 29,450
\nThe weighted average incremental borrowing rate applied to lease liabilities during the year
\nwas 10% (2022: 7%).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n13. LEASES (continued)
\nLease liabilities
\nThe maturity analysis of lease liabilities is as follows:
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nWithin one year 8,341 4,139
\nTwo to five years 21,109 12,127
\n 29,450 16,266
\nCurrent liabilities 8,341 4,139
\nNon-current liabilities 21,109 12,127
\n 29,450 16,266
\nThe Group\u2019s machinery leases mainly relate to the Chrysos PhotonAssayTM units for the
\nlaboratory business. The Group recognises lease liabilities and right-of-use assets once the units
\nhave been commissioned for use on site. During 2023, five Chrysos units were commissioned
\n(2022: four units).
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag409": {
"value": "\nEmployee costs
\nSalaries, wages, bonuses and other benefits 90,673 79,560
\nShare-based compensation expense 3,540 2,774
\nTotal employee costs 94,213 82,334
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag410": {
"value": "\n
\n\n7. FINANCE COSTS
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nInterest on lease liabilities 2,081 818
\nInterest on bank loans 7,705 4,220
\nInterest on supplier credit facilities 1,943 1,005
\nAmortised debt arrangement costs 1,240 439
\nOther interest paid 33 874
\nTotal finance charges 13,002 7,356
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag411": {
"value": "\n7. FINANCE COSTS
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nInterest on lease liabilities 2,081 818
\nInterest on bank loans 7,705 4,220
\nInterest on supplier credit facilities 1,943 1,005
\nAmortised debt arrangement costs 1,240 439
\nOther interest paid 33 874
\nTotal finance charges 13,002 7,356
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag412": {
"value": "\n8. FAIR VALUE GAIN / (LOSS) ON FINANCIAL ASSETS
\nFair value gain / loss on financial assets recognised during the year consists of:
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nValuation of equity investments at fair value through profit or loss 3,513 (19,535)
\nValuation of derivative financial assets through profit or loss 53 (555)
\nRealised gain on disposal of equity investments 347 292
\nValuation of receivables at fair value through profit or loss (924) \u2013
\nFair value gain / (loss) on investments 2,989 (19,798)
\n
\n\n\n\n\n\n\n\n19. INVESTMENTS AT FAIR VALUE
\nEquity investments at fair value through profit or loss:
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nMandatorily at fair value through profit or loss:
\nLevel 1 shares 44,756 30,435
\nLevel 3 shares 2,398 8,292
\n47,154 38,727
\nThe reconciliation of the investment valuations from 1 January to 31 December is as follows:
\nLevel 1
\n$\u2019000
\nLevel 3
\n$\u2019000
\nTotal
\n$\u2019000
\nAt 1 January 2023 30,435 8,292 38,727
\nAdditions 7,238 2,020 9,258
\nDisposal (3,313) (1,083) (4,396)
\nFair value gain / (loss) 3,512 53 3,565
\nTransfers 6,884 (6,884) \u2013
\nAt 31 December 2023 44,756 2,398 47,154
\nLevel 1
\n$\u2019000
\nLevel 3
\n$\u2019000
\nTotal
\n$\u2019000
\nAt 1 January 2022 51,959 8,193 60,152
\nAdditions 8,713 297 9,010
\nDisposal (10,345) \u2013 (10,345)
\nFair value gain/(loss) (19,892) (198) (20,090)
\nAt 31 December 2022 30,435 8,292 38,727
\nTransfer from Level 3 to Level 1
\nThe Group owns shares in Allied Gold Corporation (Allied Gold). The Group valued Allied Gold on
\na Level 3 hierarchy until Allied Gold listed on the Toronto Stock Exchange (TSX) in September 2023.
\nAs Allied Gold\u2019s shares are listed on active markets, the valuation method of the shareholding in
\nAllied Gold has been upgraded to Level 1.
\nFair value information
\nLevel 1 shares
\nMarket approach \u2013 Listed share price.
\nThe Group\u2019s interests in various listed shares are valued at the 31 December 2023 closing prices.
\nNo secondary valuation methodologies have been considered as the Company\u2019s Level 1
\ninvestments are listed on active markets.
\nLevel 3 shares
\nThe Group\u2019s investments held at Level 3 are valued either on a net asset approach or cost
\napproach.
\nNet asset approach
\nManagement applied a net asset valuation methodology at 31 December 2023 for certain unlisted
\ninvestments based on the Group\u2019s share ownership percentage of the unlisted company\u2019s net
\nasset value. The unlisted company publishes some of its significant net asset value information
\nand management then derives the investment at fair value attributable to the Group.
\nCost approach
\nManagement holds all other unlisted investments at cost where this represents the best estimate
\nof fair value.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag413": {
"value": "\n
\n\n9. TAXATION
\nMajor components of the tax expense:
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nCurrent
\nIncome tax \u2013 current period 11,140 9,371
\nIncome tax \u2013 recognised in current tax for prior periods (363) 205
\nWithholding tax \u2013 current period 1,027 260
\nTotal current taxation 11,804 9,836
\nDeferred
\nCurrent year \u2013 \u2013
\nTotal deferred taxation \u2013 \u2013
\nTotal taxation 11,804 9,836
\nCapital Limited is incorporated in Bermuda and is domiciled in the United Kingdom for tax
\npurposes from 1 January 2023. Taxation is calculated in terms of the legislation and rates prevailing
\nin the respective jurisdictions.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n9. TAXATION (continued)
\nReconciliation of the tax expense
\nThe taxation charge for the year can be reconciled to the theoretical amount that would arise
\nusing the basic tax rate on the profit or loss per the Statement of Comprehensive Income
\nas follows:
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nAccounting profit before tax 50,334 32,566
\nTax at domestic rates applicable to profits and losses
\nin the jurisdictions in which the Group operates 983 4,190
\nTax effect of adjustments on taxable income
\nRevenue-based and other withholding taxes 4,987 3,349
\nPermanent differences 4,806 623
\nPrior year under provision (363) 205
\nLosses not recognised 1,391 1,469
\nTotal taxation 11,804 9,836
\nThe Group\u2019s consolidated income tax expense is affected by the varying tax laws and income
\ntax rates in effect in the various countries in which it operates, which are mainly in Africa,
\nMiddle East and the Americas.
\nUncertain income tax positions
\nThe Group operates in multiple jurisdictions with complex legal and tax regulatory environments.
\nIn certain of these jurisdictions, the Group has taken income tax positions that management
\nbelieves are supportable and are intended to withstand challenge by tax authorities. Some
\nof these positions are inherently uncertain and relate to the interpretation of income tax
\nlaws. The Group periodically reassesses its tax positions. Changes to the financial statement
\nrecognition, measurement, and disclosure of tax positions is based on management\u2019s best
\njudgment given any changes in the facts, circumstances, information available and applicable tax
\nlaws. Considering all available information and the history of resolving income tax uncertainties,
\nthe Group believes that the ultimate resolution of such matters will not likely have a material
\neffect on the Group\u2019s financial position, statements of income or cash flows.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n27. DEFERRED TAX
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nDeferred tax liability
\nFair value movements and excess of capital allowances over depreciation (34) (34)
\nRight-of-use lease assets (1,985) (896)
\nTotal deferred tax liability (2,019) (930)
\nDeferred tax asset
\nTax losses 4 10
\nRight-of-use lease liabilities 1,981 886
\nTotal deferred tax asset 1,985 896
\nThe summarised position is as per below:
\nDeferred tax liability (2,019) (930)
\nDeferred tax asset 1,985 896
\nTotal net deferred tax liability (34) (34)
\nReconciliation of deferred tax asset/(liability)
\nAt beginning of year (34) (34)
\nInitial recognition of right-of-use lease arrangements (4) (11)
\nTaxable / (deductible) temporary difference movement on tangible
\nfixed assets
\n4 11
\nAt end of year (34) (34)
\nAt the reporting date, the Group has estimated tax losses carried forward of US$9.8 million
\n(2022: US$6.6 million) with a tax value of US$2.5 million (2022: US$1.5 million available for offset
\nagainst future profits. No deferred tax asset has been recognised in relation to these carried
\nforward tax losses due to uncertainty as to the realisation of future taxable profits against which
\nthe losses can be offset.
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"Tag414": {
"value": "\n9. TAXATION
\nMajor components of the tax expense:
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nCurrent
\nIncome tax \u2013 current period 11,140 9,371
\nIncome tax \u2013 recognised in current tax for prior periods (363) 205
\nWithholding tax \u2013 current period 1,027 260
\nTotal current taxation 11,804 9,836
\nDeferred
\nCurrent year \u2013 \u2013
\nTotal deferred taxation \u2013 \u2013
\nTotal taxation 11,804 9,836
\nCapital Limited is incorporated in Bermuda and is domiciled in the United Kingdom for tax
\npurposes from 1 January 2023. Taxation is calculated in terms of the legislation and rates prevailing
\nin the respective jurisdictions.
\n
\n\n\n\n\n\n\n\n9. TAXATION (continued)
\nReconciliation of the tax expense
\nThe taxation charge for the year can be reconciled to the theoretical amount that would arise
\nusing the basic tax rate on the profit or loss per the Statement of Comprehensive Income
\nas follows:
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nAccounting profit before tax 50,334 32,566
\nTax at domestic rates applicable to profits and losses
\nin the jurisdictions in which the Group operates 983 4,190
\nTax effect of adjustments on taxable income
\nRevenue-based and other withholding taxes 4,987 3,349
\nPermanent differences 4,806 623
\nPrior year under provision (363) 205
\nLosses not recognised 1,391 1,469
\nTotal taxation 11,804 9,836
\nThe Group\u2019s consolidated income tax expense is affected by the varying tax laws and income
\ntax rates in effect in the various countries in which it operates, which are mainly in Africa,
\nMiddle East and the Americas.
\nUncertain income tax positions
\nThe Group operates in multiple jurisdictions with complex legal and tax regulatory environments.
\nIn certain of these jurisdictions, the Group has taken income tax positions that management
\nbelieves are supportable and are intended to withstand challenge by tax authorities. Some
\nof these positions are inherently uncertain and relate to the interpretation of income tax
\nlaws. The Group periodically reassesses its tax positions. Changes to the financial statement
\nrecognition, measurement, and disclosure of tax positions is based on management\u2019s best
\njudgment given any changes in the facts, circumstances, information available and applicable tax
\nlaws. Considering all available information and the history of resolving income tax uncertainties,
\nthe Group believes that the ultimate resolution of such matters will not likely have a material
\neffect on the Group\u2019s financial position, statements of income or cash flows.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n27. DEFERRED TAX
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nDeferred tax liability
\nFair value movements and excess of capital allowances over depreciation (34) (34)
\nRight-of-use lease assets (1,985) (896)
\nTotal deferred tax liability (2,019) (930)
\nDeferred tax asset
\nTax losses 4 10
\nRight-of-use lease liabilities 1,981 886
\nTotal deferred tax asset 1,985 896
\nThe summarised position is as per below:
\nDeferred tax liability (2,019) (930)
\nDeferred tax asset 1,985 896
\nTotal net deferred tax liability (34) (34)
\nReconciliation of deferred tax asset/(liability)
\nAt beginning of year (34) (34)
\nInitial recognition of right-of-use lease arrangements (4) (11)
\nTaxable / (deductible) temporary difference movement on tangible
\nfixed assets
\n4 11
\nAt end of year (34) (34)
\nAt the reporting date, the Group has estimated tax losses carried forward of US$9.8 million
\n(2022: US$6.6 million) with a tax value of US$2.5 million (2022: US$1.5 million available for offset
\nagainst future profits. No deferred tax asset has been recognised in relation to these carried
\nforward tax losses due to uncertainty as to the realisation of future taxable profits against which
\nthe losses can be offset.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag443": {
"value": "\n10. EARNINGS PER SHARE
\nBasic earnings per share
\nThe earnings and weighted average number of ordinary shares used in the calculation of basic
\nearnings per share are as follows:
\n2023 2022
\nEarnings for the year, used in the calculation of basic earnings
\nper share ($\u2019000) 36,737 20,990
\nAdjusted for:
\nFair value (gain) / loss on investments ($\u2019000) (2,989) 19,798
\nEarnings for the year, used in the calculation of basic earnings
\nper share (adjusted) ($\u2019000) 33,748 40,788
\nWeighted average number of ordinary shares for the purposes
\nof basic earnings per share (No.)
\n192,451,358 189,653,369
\nBasic earnings per share ($c) 19.09 11.07
\nBasic earnings per share (adjusted) ($c) 17. 54 21.51
\nDiluted earnings per share
\nThe earnings used in the calculation of diluted earnings per share measures are the same
\nas those used in the equivalent basic earnings per share measures, as outlined above.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n10. EARNINGS PER SHARE (continued)
\n2023 2022
\nReconciliation of weighted average number of ordinary shares used
\nfor earnings per share to weighted average number of ordinary shares
\nused for diluted earnings per share
\nWeighted average number of ordinary shares used for
\nbasic earnings per share
\n192,451,358 189,653,369
\nAdjusted for:
\nEffect of STIP and LTIP shares
\n2,801,729 6,263,799
\nWeighted average number of ordinary shares used in the calculation
\nof diluted earnings per share
\n195,253,087 195,917,168
\n2023 2022
\nDiluted earnings per share ($c) 18.82 10.71
\nDiluted earnings per share (adjusted) ($c) 17. 28 20.82
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag445": {
"value": "\n11. DIVIDENDS PAID
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nDividends 7,637 7,089
\nDuring the 12 months ended 31 December 2023, a dividend of 2.6 cents (2022: 2.4 cents) per
\nordinary share, totalling to $5.0 million (2022: $4.6 million) was declared as the final dividend for
\n2022. This dividend was paid to the shareholders on 9 May 2023 (2022: 10 May 2022), followed by a
\nfurther dividend of 1.3 cents (2022: 1.3 cents) per share which was declared as interim dividend for
\n2023 totalling $2.5 million (2022: $2.5 million) and paid on 3 October 2023 (2022: 3 October 2022).
\nThe total dividend paid is $7.6 million (2022: $7.1 million).
\nIn respect of the year ended 31 December 2023, the Directors propose that a final dividend of
\n2.6 cents (2022: 2.6cents) per share be paid to shareholders on 15 May 2024 (2022: 9 May 2023).
\nThis final dividend has not been included as a liability in these Consolidated Financial Statements.
\nThe proposed final dividend is payable to all shareholders on the Register of Members on 19
\nApril 2024 (2022: 14 April 2023). The total estimated final dividend to be paid is $5.0million (2022:
\n$5.0 million). The payment of this final dividend will not have any tax consequences for the Group.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"Tag446": {
"value": "0.026",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"Tag447": {
"value": "0.026",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"Tag448": {
"value": "5000000",
"decimals": -4,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag449": {
"value": "5000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag450": {
"value": "\n
\n12. PROPERTY, PLANT AND EQUIPMENT
\n\nCost
\nDrilling Rigs
\n$\u2019000
\nHeavy mining
\nequipment
\n$\u2019000
\nAssociated
\ndrilling equipment
\n$\u2019000
\nVehicles and trucks
\n$\u2019000
\nCamp and associated
\nequipment
\n$\u2019000
\nComputer software
\n$\u2019000
\nLeasehold
\nimprovements
\n$\u2019000
\nTotal
\n$\u2019000
\nAt 1 January 2022 124,252 59,225 23,691 33,594 13,877 38 1,654 256,331
\nAdditions 21,873 12,309 12,134 5,618 4,772 \u2013 \u2013 56,706
\nDisposal (6,755) (90) (4,426) (1,426) (480) \u2013 \u2013 (13,177)
\nAt 31 December 2022 139,370 71,444 31,399 37,786 18,169 38 1,654 299,860
\nAdditions 27,061 10,416 11,884 10,491 9,404 14 \u2013 69,270
\nDisposal (18,189) \u2013 (1,906) (1,259) (530) \u2013 \u2013 (21,884)
\nAt 31 December 2023 148,242 81,860 41,377 47,018 27,043 52 1,654 347, 246
\nAccumulated Depreciation
\nDrilling Rigs
\n$\u2019000
\nHeavy mining
\nequipment
\n$\u2019000
\nAssociated drilling
\nequipment
\n$\u2019000
\nVehicles and trucks
\n$\u2019000
\nCamp and associated
\nequipment
\n$\u2019000
\nComputer software
\n$\u2019000
\nLeasehold
\nimprovements
\n$\u2019000
\nTotal
\n$\u2019000
\nAt 1 January 2022 75,825 7,980 7,954 13,761 7,106 9 97 112,732
\nDepreciation 10,373 8,877 3,135 3,181 1,390 4 \u2013 26,960
\nDisposal (6,410) (81) (4,345) (1,246) (408) \u2013 \u2013 (12,490)
\nAt 31 December 2022 79,788 16,776 6,744 15,696 8,088 13 97 127,202
\nDepreciation 10,521 9,302 4,900 4,493 2,594 7 \u2013 31,817
\nImpairment \u2013 \u2013 \u2013 389 50 \u2013 \u2013 439
\nDisposal (17,412) \u2013 (1,783) (1,157) (517) \u2013 \u2013 (20,869)
\nAt 31 December 2023 72,897 26,078 9,860 19,421 10,215 20 97 138,589
\nCarrying amount at 31 December 2022 59,581 54,668 24,656 22,090 10,081 25 1,557 172,658
\nCarrying amount at 31 December 2023 75,345 55,782 31,516 27,597 16,828 32 1,557 208,657
\n
\n\n\n\n\n\n\n\n\n\n\n\n\nBank borrowings are secured on the Group\u2019s drilling and mining fleet \u2013 see Note 26.
\nThe Group\u2019s property plant and equipment includes assets not yet commissioned totalling $43.1 million (2022: $24.6 million). The assets will be depreciated once commissioned and available for use.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n12. PROPERTY, PLANT AND EQUIPMENT (continued)
\nImpairment
\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
\nand equipment was tested for impairment at the reporting date. As at this date, Management
\ndid not identify any impairment indicators to warrant a detailed impairment review.
\nA checklist is made against both the external and internal sources of impairment. These indicators
\ninclude:
\n\u2022 Unexpected decline in market value of the asset
\n\u2022 Adverse technological changes, market or legal environment
\n\u2022 Impact of climate change transitions
\n\u2022 Changes in customer demands to which Capital Limited fails to respond
\n\u2022 Visual inspections of the asset during scheduled maintenance
\nDue to the ongoing conflict in Sudan, the Group has recognised an impairment loss during the
\nyear of $0.4 million ($ nil). Besides the Sudan impairment, there was no indication of impairment
\nwith regards to the Group\u2019s property, plant and equipment. Market values are still stable and in
\nline with the carrying values on the assets.
\nRoutine maintenance is carried out on the assets as required, including parts change out
\nand service.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
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"Tag455": {
"value": "\n
\n\n14. GOODWILL
\n2023 2022
\nCost
\n$\u2019000
\nAccumulated
\nimpairment
\n$\u2019000
\nCarrying
\nvalue
\n$\u2019000
\nCost
\n$\u2019000
\nAccumulated
\nimpairment
\n$\u2019000
\nCarrying
\nvalue
\n$\u2019000
\nGroup
\nGoodwill 1,296 \u2013 1,296 1,296 \u2013 1,296
\nGoodwill arose from the business combination with the acquisition of control in MSA Mineral
\nServices Analytical (Canada) Inc. (MSALABS) in 2019 and International Apprenticeship &
\nCompetency Academy Limited (IACA) in 2022 (see Note 25).
\nAt 31 December 2023, the Group owns 81.8% (2022: 76.7%) of the share capital in MSA and 75%
\n(2022: 75%) of the share capital in IACA. The goodwill arising on the IACA acquisition are not
\nconsidered to be material to these financial statements.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\nGoodwill Impairment
\nThe Group is required to test on an annual basis whether goodwill has suffered any impairments.
\nDiscounted cash flows were used to assess the goodwill as at 31 December 2023 and no
\nimpairment was found. The discount rate used was 20% (2022: 20%) with growth rate of 5%
\n(2022: 5%). Cash flow forecast was performed for five years up to 31 December 2028 with terminal
\nvalues estimated thereafter at a growth rate of 0% (2022: 0%).
\nKey assumptions
\nThe Group regards MSALABS as a single Cash Generating Unit (CGU) for the purpose of testing
\nfor goodwill impairment. The recoverable amount for this CGU is based on value in use which
\nis derived from discounted cashflow calculations. The key assumptions applied in value in use
\ncalculations are those regarding EBITDA, growth rates and discount rates.
\nForecasting EBITDA
\nFor MSALABS, the Group prepared cashflow projections for the 5 years to 31 December 2028 as
\nnoted above, based on the most recent forecasts for the year ending 31 December 2024 and the
\nGroup\u2019s outlook on the health of the metals and mining sector over that period.
\nGrowth rates
\nRevenue growth rates applied to the value in use calculations for MSALABS reflect
\nmanagement\u2019s strategy and outlook on the metals and mining sector and particularly on the
\ngold mining sector where a growth rate of 5% per year has been used as a base case scenario.
\nDiscount rates
\nThe pre-tax discount rates used to assess the forecast cashflows for MSALABS was based on
\nestimates of the risk-free rate and uplifted by management\u2019s own assessment of business risks
\nand specific risks of operating in the metals and mining sector. This was estimated at 20% at
\n31 December 2023.
\nSensitivity analysis
\nA sensitivity analysis was performed and management concluded that changes in the key
\nassumptions did not result in an impairment of the goodwill in MSALABS. Discount rates
\nbetween 12% and 25% and growth rates between 1% and 20% were used in the value-in-use
\nworkings. Even at such levels, management concluded that no impairment was required.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n15. INTANGIBLE ASSETS
\nReconciliation of intangible assets
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nCost
\nAt 1 January 1,916 1,282
\nAdditions 128 634
\nReclassified to prepayments (Note 18) (1,472) 0
\nAt 31 December 572 1,916
\nThe Group\u2019s intangible assets consists of expenditure on the Group\u2019s Laboratory Information
\nManagement System (LIMS). The intangible assets have not yet been amortised as they were still
\nin the development stage at the reporting date. No impairment indicators have been identified in
\nrespect of the intangible assets.
\nExpenditure in respect of the ERP implementation has been reclassified to Prepayments as the
\ncosts do not meet the definition and recognition of an intangible asset under IAS 38. However
\nin accordance with the accounting policy set out in 1.4.4, these configuration and customisation
\ncosts have been recognised as a prepayment to be expensed over the term of the cloud
\ncomputing contract.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
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"Tag456": {
"value": "\n14. GOODWILL
\n2023 2022
\nCost
\n$\u2019000
\nAccumulated
\nimpairment
\n$\u2019000
\nCarrying
\nvalue
\n$\u2019000
\nCost
\n$\u2019000
\nAccumulated
\nimpairment
\n$\u2019000
\nCarrying
\nvalue
\n$\u2019000
\nGroup
\nGoodwill 1,296 \u2013 1,296 1,296 \u2013 1,296
\nGoodwill arose from the business combination with the acquisition of control in MSA Mineral
\nServices Analytical (Canada) Inc. (MSALABS) in 2019 and International Apprenticeship &
\nCompetency Academy Limited (IACA) in 2022 (see Note 25).
\nAt 31 December 2023, the Group owns 81.8% (2022: 76.7%) of the share capital in MSA and 75%
\n(2022: 75%) of the share capital in IACA. The goodwill arising on the IACA acquisition are not
\nconsidered to be material to these financial statements.
\n
\n\n\n\n\n\n\n\n\n\n\n\nGoodwill Impairment
\nThe Group is required to test on an annual basis whether goodwill has suffered any impairments.
\nDiscounted cash flows were used to assess the goodwill as at 31 December 2023 and no
\nimpairment was found. The discount rate used was 20% (2022: 20%) with growth rate of 5%
\n(2022: 5%). Cash flow forecast was performed for five years up to 31 December 2028 with terminal
\nvalues estimated thereafter at a growth rate of 0% (2022: 0%).
\nKey assumptions
\nThe Group regards MSALABS as a single Cash Generating Unit (CGU) for the purpose of testing
\nfor goodwill impairment. The recoverable amount for this CGU is based on value in use which
\nis derived from discounted cashflow calculations. The key assumptions applied in value in use
\ncalculations are those regarding EBITDA, growth rates and discount rates.
\nForecasting EBITDA
\nFor MSALABS, the Group prepared cashflow projections for the 5 years to 31 December 2028 as
\nnoted above, based on the most recent forecasts for the year ending 31 December 2024 and the
\nGroup\u2019s outlook on the health of the metals and mining sector over that period.
\nGrowth rates
\nRevenue growth rates applied to the value in use calculations for MSALABS reflect
\nmanagement\u2019s strategy and outlook on the metals and mining sector and particularly on the
\ngold mining sector where a growth rate of 5% per year has been used as a base case scenario.
\nDiscount rates
\nThe pre-tax discount rates used to assess the forecast cashflows for MSALABS was based on
\nestimates of the risk-free rate and uplifted by management\u2019s own assessment of business risks
\nand specific risks of operating in the metals and mining sector. This was estimated at 20% at
\n31 December 2023.
\nSensitivity analysis
\nA sensitivity analysis was performed and management concluded that changes in the key
\nassumptions did not result in an impairment of the goodwill in MSALABS. Discount rates
\nbetween 12% and 25% and growth rates between 1% and 20% were used in the value-in-use
\nworkings. Even at such levels, management concluded that no impairment was required.
\n
\n\n\n\n\n\n\n\n\n\n\n",
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"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag460": {
"value": "\n15. INTANGIBLE ASSETS
\nReconciliation of intangible assets
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nCost
\nAt 1 January 1,916 1,282
\nAdditions 128 634
\nReclassified to prepayments (Note 18) (1,472) 0
\nAt 31 December 572 1,916
\nThe Group\u2019s intangible assets consists of expenditure on the Group\u2019s Laboratory Information
\nManagement System (LIMS). The intangible assets have not yet been amortised as they were still
\nin the development stage at the reporting date. No impairment indicators have been identified in
\nrespect of the intangible assets.
\nExpenditure in respect of the ERP implementation has been reclassified to Prepayments as the
\ncosts do not meet the definition and recognition of an intangible asset under IAS 38. However
\nin accordance with the accounting policy set out in 1.4.4, these configuration and customisation
\ncosts have been recognised as a prepayment to be expensed over the term of the cloud
\ncomputing contract.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag461": {
"value": "\n16. INVENTORIES
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nGross carrying value of inventory 63,724 59,955
\nLess: provision for inventory obsolescence (1,802) (1,260)
\n 61,922 58,695
\nThe cost of inventories recognised as an expense in the current year amounts to $21.3 million
\n(2022: $18.3 million). During the year, the Group wrote off $0.7 million (2022: $0.2 million) of
\ninventory. A provision of $0.6 million (2022: $0.7 million) was made during the year, resulting in an
\nincrease in the carrying amount of the provision. Refer to Note 6 for details of the amount of write-
\ndown of inventories recognised as an expense in the period.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag462": {
"value": "\n17. TRADE RECEIVABLES
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nTrade receivables 54,264 44,523
\nLess: allowance for credit losses (4,697) (2,981)
\nTotal trade receivables 49,567 41,542
\n
\nTrade receivables have credit periods of between 30 to 45 days. The ageing of trade receivables
\nis detailed below:
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nCurrent 26,139 29,298
\nPast due 1 \u2013 30 days 6,583 6,505
\nPast due 31 \u2013 60 days 12,913 1,299
\nPast due over 120 days 8,629 7,421
\n 54,264 44,523
\nBefore accepting new customers, the Group assesses the potential customer\u2019s credit quality and
\ndefines credit limits for each customer. Customer credit limits are reviewed annually. The Group\u2019s
\ncredit risk is concentrated as the Group currently provides drilling services to a limited number of
\nmajor and mid-tier mining companies as well as some junior explorers.
\nThe Group applies the IFRS 9 simplified approach to measuring expected credit losses using a
\nlifetime expected loss provision for trade receivables and contract assets. To measure expected
\ncredit losses on a collective basis, trade receivables and contract assets are grouped based on
\nsimilar credit risk. The contract assets have similar risk characteristics to the trade receivables for
\nsimilar types of contracts.
\nThe expected loss rates have been based on current and forward-looking information on micro
\nand macroeconomic factors affecting the Group\u2019s customers. The Group has identified the
\nmetals and mining sector\u2019s credit loss probability rates as the key macroeconomic factor in
\ncountries where the Group operates.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n17. TRADE RECEIVABLES (continued)
\n\nThe lifetime expected loss provision for trade receivables is as follows:
\n31 December 2023
\nCurrent
\n$\u2019000
\n1-30 days
\npast due
\n$\u2019000
\n31-60 days
\npast due
\n$\u2019000
\nOver 120 days
\npast due
\n$\u2019000
\nTotal
\n$\u2019000
\nExpected loss rate 0.2% 1.7% 0.1% 52.4% 8.7%
\nGross carrying amount 26,139 6,583 12,913 8,629 54,264
\nLoss provision 49 113 14 4,521 4,697
\nMovements in the impairment allowance for trade receivables are as follows:
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nOpening provision for impairment of trade receivables 2,981 \u2013
\nIncrease during the year 1,934 4,438
\nReceivables written off during the year as uncollectable (218) (1,457)
\nAt 31 December 4,697 2,981
\nThe Directors consider that the carrying amount of trade and other receivables approximate
\ntheir fair values.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n18. OTHER RECEIVABLES
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nPrepayments 7,529 4,334
\nCapitalised contract costs 3,783 1,585
\nVAT recoverable 7, 561 6,485
\nAmounts due from non-controlling interest 5,536 6,460
\nAccounts receivable \u2013 Sundry 4,025 2,124
\nPrepayment for fixed assets 5,318 5,543
\nOthers 92 2
\n 33,844 26,533
\nCurrent 24,055 20,073
\nNon-current 9,789 6,460
\n33,844 26,533
\nNon-current receivable of consists of prepayments for ERP implementation cost, capitalised
\ncontract costs and amounts due from the non-controlling interest in CK Washirika Limited.
\nCapitalised contract costs are amortised over the period of the respective contracts. The amount
\ndue from the non-controlling interest in CK Washirika Limited is measured at fair value through
\nprofit or loss and will be settled by future dividends in CK Washirika Limited. The Directors have
\nassessed the expected credit loss allowance in respect of the current and non-current receivables
\nto be immaterial.
\nThe configuration and customisation of the ERP software is expected to complete during 2024.
\nThe costs will be expensed over the term of the cloud computing contract.
\nThe Group expects to realise the prepayment for fixed assets within 12 months through receipt of
\nthe underlying property, plant and equipment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag464": {
"value": "\nThe lifetime expected loss provision for trade receivables is as follows:
\n31 December 2023
\nCurrent
\n$\u2019000
\n1-30 days
\npast due
\n$\u2019000
\n31-60 days
\npast due
\n$\u2019000
\nOver 120 days
\npast due
\n$\u2019000
\nTotal
\n$\u2019000
\nExpected loss rate 0.2% 1.7% 0.1% 52.4% 8.7%
\nGross carrying amount 26,139 6,583 12,913 8,629 54,264
\nLoss provision 49 113 14 4,521 4,697
\nMovements in the impairment allowance for trade receivables are as follows:
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nOpening provision for impairment of trade receivables 2,981 \u2013
\nIncrease during the year 1,934 4,438
\nReceivables written off during the year as uncollectable (218) (1,457)
\nAt 31 December 4,697 2,981
\nThe Directors consider that the carrying amount of trade and other receivables approximate
\ntheir fair values.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag465": {
"value": "\n18. OTHER RECEIVABLES
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nPrepayments 7,529 4,334
\nCapitalised contract costs 3,783 1,585
\nVAT recoverable 7, 561 6,485
\nAmounts due from non-controlling interest 5,536 6,460
\nAccounts receivable \u2013 Sundry 4,025 2,124
\nPrepayment for fixed assets 5,318 5,543
\nOthers 92 2
\n 33,844 26,533
\nCurrent 24,055 20,073
\nNon-current 9,789 6,460
\n33,844 26,533
\nNon-current receivable of consists of prepayments for ERP implementation cost, capitalised
\ncontract costs and amounts due from the non-controlling interest in CK Washirika Limited.
\nCapitalised contract costs are amortised over the period of the respective contracts. The amount
\ndue from the non-controlling interest in CK Washirika Limited is measured at fair value through
\nprofit or loss and will be settled by future dividends in CK Washirika Limited. The Directors have
\nassessed the expected credit loss allowance in respect of the current and non-current receivables
\nto be immaterial.
\nThe configuration and customisation of the ERP software is expected to complete during 2024.
\nThe costs will be expensed over the term of the cloud computing contract.
\nThe Group expects to realise the prepayment for fixed assets within 12 months through receipt of
\nthe underlying property, plant and equipment.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag467": {
"value": "\n20. CASH AND CASH EQUIVALENTS
\nCash and cash equivalents consist of:
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nCash on hand 1,183 105
\nBank balances 33,183 28,275
\nTotal cash and cash equivalents 34,366 28,380
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag468": {
"value": "\n
\n\n21. SHARE CAPITAL AND PREMIUM
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nAuthorised
\n2,000,000,000 (2022: 2,000,000,000) Ordinary shares of $0.0001
\n(2022: $0.0001) each
\n200 200
\nNumber of ordinary shares
\nBalance at beginning of period 192,864,738 190,054,838
\nNumber of shares issued 832,182 2,809,900
\nBalance at end of period 193,696,920 192,864,738
\nNumber of shares reserved for issue under options \u2013 1,973,551
\nIn April 2023, the Group issued 832,182 new common shares pursuant to the Group\u2019s employee
\nshort- and long-term incentive plans. The shares rank pari passu with the existing ordinary shares.
\nFully paid ordinary shares which have a par value of 0.01 cents, carry one vote per share and carry
\nrights to dividends.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nIssued share capital
\nBalance at beginning of period 19 19
\nShare issued \u2013 \u2013
\nBalance at end of period 19 19
\nThe holders of ordinary shares have the same rights. They are entitled to receive dividends as
\ndeclared from time to time and to one vote per share at the shareholders\u2019 meeting.
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nShare premium
\nBalance at beginning of period 62,390 60,900
\nShare issue \u2013 1,490
\nBalance at end of period 62,390 62,390
\n
\n\n\n\n\n\n22. TREASURY SHARES
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nBalance at 1 January 2,475 \u2013
\nAcquired in the year \u2013 2,475
\nIssued in the year (2,475) \u2013
\nBalance at 31 December \u2013 2,475
\nThe treasury shares reserve represents the cost of shares in Capital Limited purchased in the
\nmarket and held by the Company to satisfy options under the Group\u2019s share options plans. The
\nnumber of ordinary shares held by the Company at 31 December 2023 was nil (2022: 1,973,551).
\nDuring the year, the treasury shares were reissued to employees against the LTIPs and STIPs that
\nvested during the year.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n24. OTHER RESERVES
\nOther reserves consist of $0.2 million (2022: $0.2 million) which arose upon the acquisition of
\nshares in MSA in 2019.
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag469": {
"value": "\n21. SHARE CAPITAL AND PREMIUM
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nAuthorised
\n2,000,000,000 (2022: 2,000,000,000) Ordinary shares of $0.0001
\n(2022: $0.0001) each
\n200 200
\nNumber of ordinary shares
\nBalance at beginning of period 192,864,738 190,054,838
\nNumber of shares issued 832,182 2,809,900
\nBalance at end of period 193,696,920 192,864,738
\nNumber of shares reserved for issue under options \u2013 1,973,551
\nIn April 2023, the Group issued 832,182 new common shares pursuant to the Group\u2019s employee
\nshort- and long-term incentive plans. The shares rank pari passu with the existing ordinary shares.
\nFully paid ordinary shares which have a par value of 0.01 cents, carry one vote per share and carry
\nrights to dividends.
\n
\n\n\n\n\n\n\n\n\n\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nIssued share capital
\nBalance at beginning of period 19 19
\nShare issued \u2013 \u2013
\nBalance at end of period 19 19
\nThe holders of ordinary shares have the same rights. They are entitled to receive dividends as
\ndeclared from time to time and to one vote per share at the shareholders\u2019 meeting.
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nShare premium
\nBalance at beginning of period 62,390 60,900
\nShare issue \u2013 1,490
\nBalance at end of period 62,390 62,390
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag471": {
"value": "\n22. TREASURY SHARES
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nBalance at 1 January 2,475 \u2013
\nAcquired in the year \u2013 2,475
\nIssued in the year (2,475) \u2013
\nBalance at 31 December \u2013 2,475
\nThe treasury shares reserve represents the cost of shares in Capital Limited purchased in the
\nmarket and held by the Company to satisfy options under the Group\u2019s share options plans. The
\nnumber of ordinary shares held by the Company at 31 December 2023 was nil (2022: 1,973,551).
\nDuring the year, the treasury shares were reissued to employees against the LTIPs and STIPs that
\nvested during the year.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag472": {
"value": "\n23. EQUITY-SETTLED EMPLOYEE BENEFITS RESERVE
\nAll employees of the Group are eligible to participate in the discretionary bonus incentive scheme
\napproved by the Remuneration Committee. The scheme incentivises the achievement of a
\nrange of short-term and long-term performance targets that are key to the success of the Group.
\nThe Remuneration Committee grants at its discretion options or share awards at no costs to the
\nemployee based on individual performance. Employees to whom options or share awards are
\noffered are required to accept the offer prior to issuance of the certificate.
\nGrant terms are determined by the Remuneration Committee on the date of the grant. These
\ninclude the number of options or share awards, vesting terms, exercise price and expiry date
\nwhich are communicated to employees in the offer notice. Options or share awards are forfeited
\nif the employee leaves the Group before the vesting date. If options are not exercised by the expiry
\ndate, they are cancelled. Details of the share options or share awards outstanding during the year
\nare as follows:
\n2022 & 2023 Short Term Incentive Plans (STIP)
\nShare awards were granted under the 2022 STIP. The total value of the grant in shares was
\n$1.6 million. The total number of shares granted was 1,245,761 and the share price used in the
\ncalculation was GBP 0.916 which was the quoted price of the shares as at 10 March 2022. Vesting
\ndate is 31 March 2024 and vesting is contingent on continued employment to that date. The
\nGroup has expensed $0.8 million in 2023 (2022: $0.8 million).
\nShare awards were granted under the 2023 STIP. The total value of the grant in shares was $1.4
\nmillion. The total number of shares to be awarded will be based upon the closing share price
\nafter the March 2024 closing period. Vesting date is 31 March 2025 and vesting is contingent on
\ncontinued employment to that date. The Group has expensed $0.7 million in 2023 (2022: $ nil).
\n2021, 2022 & 2023 Long-Term Incentive Plans (LTIP)
\nVesting conditions for 2021, 2022 and 2023 LTIP shares are contingent upon:
\ni) the compound annual growth rate (CAGR) of the earnings per share (EPS) over the
\nvesting period; and/or
\nii) the compound Total Shareholder Return (TSR) over the vesting period
\nFor LTIPs issued to Directors and other persons discharging managerial responsibilities (PDMRs)
\n(LTIP 1), 50% of the share awards are contingent on condition 1 (EPS CAGR), while 50% are
\ncontingent on condition 2 (TSR). The share awards are valued separately due to the independent
\nvesting conditions. Condition 1 being a non-market related condition while condition 2 is a
\nmarket-related condition.
\nLTIP 2 issued to Directors and Executive Leadership Team (\u201cLTIP 2\u201d) \u2013 100% of the share awards are
\ncontingent upon the TSR over the vesting period (3 years).
\nCondition 1: (EPS CAGR)
\nCondition 1 is a non-market condition with a variable number of equity instruments. Valuation of
\ncondition 1 is performed using the modified grant method which utilises a value method and a
\nnumber component.
\ni) Value component: The value component is the fair value of the share award based on the
\nshare price observed in the market on grant date. This value remains constant during the
\nlife of the instrument.
\nii) Number component: The number of equity instruments expected to vest is based on the
\nEPS CAGR estimate at year end. Linear interpolation is performed between upper and lower
\nbound targets to obtain an estimate of the number of shares vesting. The estimated number
\nof shares vesting is revised at year end.
\nCondition 2: (TSR)
\nCondition 2 is a market condition with a variable number of equity instruments. The grant date
\nfair value should therefore reflect the probability of satisfying the market condition. The binomial
\nmodel is an appropriate valuation model as it considers the different possible outcomes while
\nallowing the adjustment of intrinsic value for the vesting conditions. The share-based payment
\nshould not be adjusted for stock price changes related to the market condition on subsequent
\nvaluation dates.
\n
\n\n\n\n\n\n\n\n\n\n23. EQUITY-SETTLED EMPLOYEE BENEFITS RESERVE (continued)
\nThe second condition utilised a binomial model with the following inputs for the 2020,
\n2021 and 2022 LTIP:
\n2021 LTIP 2022 LTIP 1 2022 LTIP 2 2023 LTIP 1 2023 LTIP 2
\nVolatility 41.56% 39.80% 39.80% 39.59% 39.59%
\nFair value at grant date GBP 0.3283 GBP 0.4404 GBP 0.2979 GBP 0.8133 GBP 0.4947
\nShare price at grant date GBP 0.6101 GBP 0.8036 GBP 0.8036 GBP 1.2175 GBP 1.2175
\nRisk Free Rate 1.52% 1.52% 1.52% 3.88% 3.88%
\n Dividend yield 3.28% 4.39% 4.39% 4.02% 4.02%
\nExercise price $ 0.0001 $ 0.0001 $ 0.0001 $ 0.0001 $ 0.0001
\nVolatility periods* 1,264 1,261 1,261 1,263 1,263
\nVesting date 31 Dec 2023 31 Dec 2024 31 Dec 2024 31 Dec 2025 31 Dec 2025
\n*Volatility for the LTIPs was calculated using the daily share price movement from the four
\nrespective preceding years.
\nLong-Term Incentive Plans Vesting Date
\nRemaining
\nOptions
\n2023
\nRemaining
\nOptions
\n2022
\nExpected
\ntotal expense
\n2023
\n$\u2019000
\nExpected
\ntotal expense
\n2022
\n$\u2019000
\n 2021 LTIP 31/12/2023 1,555,968 1,555,968 937 1,031
\n 2022 LTIP 1 31/12/2024 916,513 1,948,692 404 1,467
\n 2022 LTIP 2 31/12/2024 1,113,232 1,113,232 415 401
\n2023 LTIP 1 31/12/2025 1,741,561 \u2013 1,609 \u2013
\n2023 LTIP 2 31/12/2025 1,431,562 \u2013 901 \u2013
\nDuring the year, 115,666 options were forfeited (2022: 583,525).
\nThe charge to the Statement of Comprehensive Income during the year for LTIPs was $1.9 million
\n(2022: $1.2 million) and for STIPs was $1.6 million (2022: $1.4 million).
\nThe weighted average share price at the date of issue of share awards during the year was
\nGBP0.92 (2022: GBP1.04) per share.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag376": {
"value": "\n24. OTHER RESERVES
\nOther reserves consist of $0.2 million (2022: $0.2 million) which arose upon the acquisition of
\nshares in MSA in 2019.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag377": {
"value": "\n25. NON-CONTROLLING INTEREST
\nMSALABS Ltd
\nMSALABS Ltd, an 81.9% (2022: 76.7%) owned subsidiary of the Company, has material non-
\ncontrolling interests (NCI). MSALABS Ltd is incorporated in Mauritius and has operations globally.
\nCMS (Tanzania) Ltd
\nCMS (Tanzania) Ltd is an 89.8% (80% direct, 9.8% indirect) owned subsidiary of the Company.
\nSummarised financial information in relation to MSALABS Ltd, before intra-Group eliminations
\nand CMS (Tanzania) Ltd is presented below together with amounts attributable to NCI. Disclosure
\naround IACA has not been included as it is not material to the Group.
\nSummarised Statement of Financial Position
\nMSALABS Ltd CMS (Tanzania) Ltd
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nAssets
\nNon-current assets 44,433 24,139 47,896 32,569
\nCurrent assets 19,943 11,232 35,065 22,578
\nTotal assets 64,376 35,371 82,961 55,147
\nLiabilities
\nNon-current liabilities 352 12,300 7,273 15,823
\nCurrent liabilities 43,061 11,559 17,014 11,009
\nTotal liabilities 43,413 23,859 24,287 26,832
\nTotal net assets 20,963 11,512 58,674 28,315
\nCarrying amount of non-controlling interest 3,153 2,688 5,912 2,891
\n
\n\n\n\n\n\n25. NON-CONTROLLING INTEREST (continued)
\nSummarised Statement of Profit or Loss and Other Comprehensive Income
\nMSALABS Ltd CMS (Tanzania) Ltd
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nRevenue 38,405 26,657 86,200 64,537
\nOther income and expenses (43,629) (25,672) (52,933) (44,859)
\nProfit/(Loss) before tax (5,224) 985 33,267 19,678
\nTax expense (1,340) (1,156) (2,908) (2,061)
\n(Loss)/profit for the year (6,564) (171) 30,359 17,617
\nTotal comprehensive (loss)/income for the year (6,564) (171) 30,359 17,617
\n(Loss)/profit allocated to non-controlling interest (1,301) (40) 3,097 1,792
\nSummary of movement in non-controlling interest during the year:
\nMSALABS Ltd
\n$\u2019000
\nCMS
\n(Tanzania)
\nLtd
\n$\u2019000
\nInternational
\nApprenticeship
\n& Competency
\nAcademy
\nLimited
\n$\u2019000
\nTotal
\n$\u2019000
\nBalance at 1 January 2023 2,688 2,891 (7) 5,572
\nProfit or (loss) (1,301) 3,097 (3) 1,793
\nChange in ownership 1,923 \u2013 \u2013 1,923
\nDividends paid (18) \u2013 \u2013 (18)
\nBalance at 31 December 2023 3,292 5,988 (10) 9,270
\n
\n\n\n\n\n\nMSALABS Ltd
\n$\u2019000
\nCMS
\n(Tanzania)
\nLtd
\n$\u2019000
\nInternational
\nApprenticeship
\n& Competency
\nAcademy
\nLimited
\n$\u2019000
\nTotal
\n$\u2019000
\nBalance at 1 January 2022 2,673 1,095 \u2013 3,768
\nAcquisitions during the year \u2013 \u2013 10 10
\nProfit or (loss) (40) 1,797 (17) 1,740
\nChange in ownership 55 \u2013 \u2013 55
\nBalance at 31 December 2022 2,688 2,892 (7) 5,573
\nDuring the year, MSALABS completed a $12 million (2022: nil) equity raise with $11 million coming
\nfrom the Group and $1.2 million from non-controlling interest. These funds will be used to
\nfinance the construction of new laboratories to support the continued rollout of both Chrysos
\nPhotonAssay\u2122 laboratories and the traditional geochemistry business.
\nThe Group agreed to fund any shareholder not willing to participate and as a result purchased
\n$1.4 million (2022: nil) from non-controlling interests.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag380": {
"value": "\n26. LOANS AND BORROWINGS
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nBank loans 78,385 57,945
\nSupplier credit facilities 25,813 17,674
\n104,198 75,619
\nLess: Unamortised debt arrangement costs (1,625) (717)
\nTotal loans and borrowings 102,573 74,902
\nCurrent 27,052 18,037
\nNon-current 75,521 56,865
\nTotal loans and borrowings 102,573 74,902
\n
\n\n\n\n\n\n26. LOANS AND BORROWINGS (continued)
\nLong-term liabilities consist of:
\n(a) $50 million revolving credit facility (RCF) provided by Standard Bank (Mauritius) Limited
\nand Nedbank Limited
\nThe Company entered into a revolving credit facility agreement on 28 March 2023 as borrower
\ntogether with Standard Bank (Mauritius) Limited and Nedbank Limited (acting through its
\nNedbank Corporate and Investment banking division) as lenders and arrangers, with Nedbank
\nacting as agent and security agent to borrow a revolving credit facility for an aggregate amount
\nof $50 million with the Company being able to exercise an accordion option to request an
\nincrease of the facility under the terms and conditions of the Facility Agreement. The interest rate
\non the RCF is the prevailing three-month Secured Overnight Financing Rate (SOFR )(payable in
\narrears) plus a margin of 5.5%, and an annual commitment fee of 1.75% per annum is charged on
\nany undrawn balances. The amount utilised on the RCF was $45 million as at 31 December 2023
\n(2022: $25 million).
\nUnder the terms of the RCF, the Group is required to comply with certain financial covenants
\nrelating to:
\n\u2022 Interest Cover Ratio
\n\u2022 Gross Debt to EBITDA Ratio
\n\u2022 Debt Equity Ratio
\n\u2022 Tangible Net Worth
\nIn addition, CAPD (Mauritius) Limited, as the borrower, is also required to comply with the
\nTangible Net Worth covenant.
\nSecurity for the RCF comprises various pledges over the shares and claims of the Group\u2019s entities
\nin Tanzania together with a debenture over the rigs in Tanzania and the assignment of material
\ncontracts and their collection accounts in each of Egypt, Tanzania and Mali.
\nAs at the reporting date and during the period under review, the Group has complied with all
\ncovenants attached to the loan facilities.
\n(b) $40.5 million term loan provided by Macquarie Bank Limited (London Branch)
\nOn 15 September 2022, the Group refinanced the senior secured, asset backed term loan
\nfacility with Macquarie Bank Limited. The term of the loan is three years repayable in quarterly
\ninstalments with an interest rate on the facility of the prevailing three-month SOFR plus a margin
\nof 6.5% per annum (payable quarterly in arrears). The loan is secured over certain assets owned by
\nthe Group and currently located in Egypt together with guarantees provided by Capital Limited,
\nCapital Drilling Egypt LLC. The Group drew an additional $8 million in 2023. As at 31 December
\n2023, the amount outstanding on the term loan was $32 million (2022: $33 million).
\nDuring the year under review, the Group has complied with all covenants attached to the term
\nloan.
\n(c) Epiroc Financial Solutions AB credit agreements
\nThe Group has a number of credit agreements with Epiroc, drawn down against the purchase
\nof rigs. The term of the agreements is four years repayable in 46 monthly instalments. The rate of
\ninterest on most of the agreements is three-month SOFR plus a margin of 4.8%, with a fixed rate
\nof interest of the remaining agreements of 8.5%. As at 31 December 2023, the total drawn under
\nthese credit agreements was $16.5 million (2022: $11.7 million).
\nNo covenants are attached to this facility.
\n(d) $8.5 million term loan facility with Sandvik Financial Services AB (PUBL)
\nThe Group has term loan facility agreement with Sandvik Financial Services AB (PUBL). The facility
\nis for the purchase of equipment from Sandvik AB, available in not more than four tranches.
\nInterest is payable quarterly in arrears at 5.45% per annum on the drawn amount. The facility is
\nno longer available to drawn on and as at 31 December 2023 the balance outstanding was $4.2
\nmillion (2022: $5.9 million).
\nAdditionally, the Group entered into a further $10 million facility agreement on 23 October 2023.
\nThe rate of interest on this agreement is fixed at 8.15%. As at 31 December 2023, the facility was
\nundrawn.
\nNo covenants are attached to this facility.
\n(e) $5 million facility with Caterpillar Financial Services
\nThe Group entered into a $5 million facility agreement with Caterpillar Financial Services
\nCorporation on 25 July 2023. The rate of interest on this agreement is three-month SOFR plus
\na margin of 5.25%. The term of the agreement is 2 years repayable in 8 quarterly instalments.
\nAll repayments can be subsequently redrawn. As at 31 December 2023, the facility was fully drawn
\nat $5 million.
\nDuring the year under review, the Group has complied with all covenants attached to the facility.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag384": {
"value": "\n28. TRADE AND OTHER PAYABLES
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nFinancial instruments:
\nTrade payables 27,502 25,510
\nOther payables \u2013 Accrued expenses 8,982 6,315
\nOther payables \u2013 Employee related liabilities 9,649 8,167
\nVAT payable 3,181 2,471
\nNon-financial instruments:
\nDeferred income 3,428 2,475
\nTotal trade and other payables 52,742 44,938
\nCurrent 50,685 43,453
\nNon-current 2,057 1,485
\nTotal trade and other payables 52 ,742 44,938
\nTrade payables comprise liabilities for the purchase of goods and services and have terms ranging
\nfrom 60 to 90 days. The Group has financial risk management policies in place to ensure that all
\npayables are paid within an appropriate credit time frame.
\nThe deferred income refers to mobilisation revenue received in advance for Sukari and Ivindo
\ncontracts spread over the term of the contracts.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag385": {
"value": "\n29. PROVISIONS
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nCurrent
\nAt 1 January 2,637 \u2013
\nUtilised (1,428) \u2013
\n(Released) / charged to profit or loss (722) 2,637
\nAt 31 December 487 2,637
\nProvisions relate to project closure (redundancy costs) in respect of contracts concluded during the
\nyear and various operational claims and disputes that are expected to be settled during 2024. The
\nprovisions represent management\u2019s best estimate of the Group\u2019s liability as at 31 December 2023.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag386": {
"value": "\n30. CURRENT TAX PAYABLE / RECEIVABLE
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nCurrent tax receivable
\nNormal tax 388 99
\nWithholding tax 298 301
\nTotal current tax receivable 686 400
\nCurrent tax payable
\nNormal tax 7,216 7,180
\nWithholding tax payable 2,099 1,950
\nTotal current tax payable 9,315 9,130
\nThe taxation paid for the period under review can be reconciled
\nas follows:
\nNet amount payable at the beginning of the year 8,730 9,479
\nAmounts charged to the statement of comprehensive income
\n(excluding deferred tax)
\n11,804 9,836
\nNet amount payable at the end of the year (8,629) (8,730)
\nTotal Taxation Paid 11,905 10,585
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag387": {
"value": "\n31. NOTES SUPPORTING STATEMENT OF CASH FLOWS
\n31.1 CASH GENERATED FROM OPERATIONS
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nProfit before taxation 50,334 32,566
\nAdjustments for:
\nDepreciation, amortisation and impairments 32,256 26,959
\nLoss on disposals 946 669
\nDepreciation of ROU assets 7,510 3,457
\nShare-based payment 3,540 2,774
\nFair value (gain) / loss on financial assets (2,914) 19,798
\nInterest income (65) (35)
\nFinance costs 13,002 7, 356
\nOther non-cash items 34 \u2013
\nUnrealised foreign exchange (gain) / loss on foreign cash held (246) 1,355
\nIncrease in expected credit loss provision 1,716 2,981
\nBad debt write offs 218 1,458
\nChanges in working capital:
\nIncrease in inventories (3,227) (20,760)
\nIncrease in trade and other receivables (15,568) (4,885)
\nIncrease / (decrease) in trade and other payables 7,146 (2,797)
\n(Decrease) / increase in provisions (2,150) 2,637
\nCash generated from operations 92,532 73,533
\n
\n\n\n\n\n\n31. NOTES SUPPORTING STATEMENT OF CASH FLOWS (continued)
\n31.2 RECONCILIATION OF BORROWINGS AND LEASES
\nLoans and
\nborrowings
\n$\u2019000
\nLeases
\nliabilities
\n$\u2019000
\nTotal
\n$\u2019000
\nAt 1 January 2023 74,901 16,267 91,168
\nCash flows
\n\u2013 Drawdowns 38,000 \u2013 38,000
\n\u2013 Interest paid (8,210) (2,081) (10,291)
\n\u2013 Principal repayments (26,732) (6,153) (32,885)
\nNon-cash flows:
\n\u2013 Supplier credit facility received 15,830 \u2013 15,830
\n\u2013 Interest expensed during the year 9,691 2,081 11,772
\n\u2013 Unamortised debt arrangement costs (907) \u2013 (907)
\nAdditions to leases \u2013 19,336 19,336
\nAt 31 December 2023 102,573 29,450 132,023
\nLoans and
\nborrowings
\n$\u2019000
\nLeases
\nliabilities
\n$\u2019000
\nTotal
\n$\u2019000
\nAt 1 January 2022 62,455 9,592 72,047
\nCash flows
\n\u2013 Drawdowns 20,616 \u2013 20,616
\n\u2013 Interest paid (5,094) (818) (5,912)
\n\u2013 Principal repayments (16,666) (2,916) (19,582)
\nNon-cash flows:
\n\u2013 Supplier credit facility received 9,083 \u2013 9,083
\n\u2013 Interest expensed during the year 5,225 818 6,043
\n\u2013 Unamortised debt arrangement costs (718) \u2013 (718)
\nAdditions to leases \u2013 9,591 9,591
\nAt 31 December 2022 74,901 16,267 91,168
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag389": {
"value": "\n
\n32. SEGMENTAL INFORMATION
\n\nOperating segments are identified on the basis of internal management reports regarding
\ncomponents of the Group. These are regularly reviewed by the chief operating decision maker in
\norder to allocate resources to the segments and to assess their performance. Operating segments
\nare identified based on the regions of operations. For the purposes of the segmental report,
\nthe information on the operating segments have been aggregated into the principal regions of
\noperations of the Group.
\nThe Group\u2019s reportable segments under IFRS 8 Operating Segments are therefore:
\nAfrica Derives revenue from the provision of drilling and mining services, surveying
\nand mineral assaying.
\nRest of world Derives revenue from the provision of drilling services, surveying and mineral
\nassaying. The segment relates to jurisdictions which contribute a relatively
\nsmall amount of external revenue to the Group. These include Saudi Arabia
\nand Canada.
\n
\n\n\n\n\n\nSegmental revenue and results
\nThe following is an analysis of the Group\u2019s revenue and results by reportable segment:
\n2023
\nAfrica
\n$\u2019000
\nRest of world
\n$\u2019000
\nConsolidated
\n$\u2019000
\nExternal revenue:
\n Drilling services 199,496 12,056 211,552
\n Mining services 64,721 \u2013 64,721
\n Laboratory services 19,743 18,662 38,405
\n Surveying services 3,659 87 3,746
\nTotal external revenue 287,619 30,805 318,424
\nSegment profit (loss) 108,359 (17,771) 90,588
\nCentral administration costs and depreciation (30,306)
\nProfit from operations 60,282
\nInterest income 65
\nFinance charges (13,002)
\nFair value loss on investments at fair value 2,989
\nProfit before tax 50,334
\n
\n\n\n\n\n\n32. SEGMENTAL INFORMATION (continued)
\nThe following customers from the Africa segment contributed 10% or more to the
\nGroup\u2019s revenue.
\n2023 2022
\n% %
\nCustomer A 16 15
\nCustomer B 33 39
\n2022
\nAfrica
\n$\u2019000
\nRest of world
\n$\u2019000
\nConsolidated
\n$\u2019000
\nExternal revenue:
\nDrilling services 202,201 6,361 208,562
\nMining services 49,763 - 49,763
\nLaboratory services 13,804 13,501 27,305
\nSurveying services 4,333 321 4,654
\nTotal external revenue 270,101 20,183 290,284
\nSegmental profit (loss)
\n1
\n91,428 (6,554) 84,874
\nCentral administration costs and depreciation (25,189)
\nProfit from operations 59,685
\nInterest income 35
\nFinance charges (7,356)
\nFair value gain on investments at fair value (19,798)
\nProfit before tax 32,566
\n1 The 2022 segmental profit/(loss) for prior year has been restated to remove central administration and depreciation costs
\nof US$24.7m from the Rest of world segment. These costs relate to the entire group and should not have been allocated
\nto a single segment.
\nThe accounting policies of the reportable segments are the same as the Group\u2019s accounting
\npolicies. Segment profit (loss) represents the profit (loss) earned by each segment without
\nallocation of central administration costs, depreciation, interest income, share of losses from
\nassociate, finance charges, gains or losses of investments recognised at FVTPL, and income tax.
\nThis is the measure reported to the Chair for the purpose of resource allocation and assessment
\nof segment performance.
\nSegment assets and liabilities
\nThe following is an analysis of the Group\u2019s assets and liabilities by reportable segment:
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nSegmental assets:
\nAfrica 567,699 506,043
\nRest of world 92,454 59,642
\nTotal segmental assets 660,153 565,685
\nHead Office companies 338,507 280,828
\n998,660 846,513
\nEliminations (530,912) (459,714)
\nTotal Assets 467,748 386,799
\nSegmental liabilities:
\nAfrica 257,526 239,013
\nRest of world 61,173 31,752
\nTotal segmental assets 318,699 270,765
\nHead Office companies 373,103 315,695
\n 691,802 586,460
\nEliminations (497,201) (438,553)
\nTotal Liabilities 194,601 147,907
\nFor the purposes of monitoring segmental performance and allocating resources between
\nsegments, the Chair monitors the tangible, intangible and financial assets attributable to each
\nsegment. All assets are allocated to reportable segments with the exception of property, plant
\nand equipment used by the head office companies and investment amounts totalling $19.9
\nmillion (2022: $18.9 million) included in other receivables and $2.5 million (2022: $5.7 million)
\nin cash and cash equivalents held by the Head Office companies.
\nAs part of the segmental reporting, all the liabilities have been allocated to the respective
\nsegments with the exception of the long-term liabilities of $74.7 million (2022: $57.0 million) and
\npart of the trade payables and intercompany balances held at the level of the head office which
\nis eliminated at the Group level.
\n
\n\n\n\n\n\n32. SEGMENTAL INFORMATION (continued)
\nOther segmental information
\nNon-Cash items included in profit or loss:
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nDepreciation and impairment on property, plant and equipment
\nAfrica 36,165 28,554
\nRest of world 3,123 1,477
\nTotal segmental depreciation and impairment 39,288 30,031
\nHead Office companies 477 385
\nTotal depreciation and impairment 39,765 30,416
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nTaxation expense
\nAfrica 10,461 8,308
\nRest of world 1,048 1,507
\nTotal segmental taxation expense 11,509 9,815
\nHead Office companies 295 21
\n11,804 9,836
\nImpairment on Inventory
\nAfrica
\nStock Write-Offs 556 745
\nStock Provision 731 202
\nRest of world
\nStock Write-Offs 17 (2)
\nStock Provision (39)
\nTotal segmental impairment 1,265 945
\nHead Office companies \u2013 \u2013
\n 1,265 945
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag390": {
"value": "\nOperating segments are identified on the basis of internal management reports regarding
\ncomponents of the Group. These are regularly reviewed by the chief operating decision maker in
\norder to allocate resources to the segments and to assess their performance. Operating segments
\nare identified based on the regions of operations. For the purposes of the segmental report,
\nthe information on the operating segments have been aggregated into the principal regions of
\noperations of the Group.
\nThe Group\u2019s reportable segments under IFRS 8 Operating Segments are therefore:
\nAfrica Derives revenue from the provision of drilling and mining services, surveying
\nand mineral assaying.
\nRest of world Derives revenue from the provision of drilling services, surveying and mineral
\nassaying. The segment relates to jurisdictions which contribute a relatively
\nsmall amount of external revenue to the Group. These include Saudi Arabia
\nand Canada.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag393": {
"value": "\n
\n\n
\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
\n\nCapital risk management
\nThe Group manages its capital to ensure that entities in the Group will be able to continue as a
\ngoing concern while maximising the return to stakeholders through the optimisation of the debt
\nand equity balance. The Group\u2019s overall strategy remains unchanged from 2022.
\nThe capital structure of the Group consists of debt (refer to Note 26), cash and cash equivalents
\n(refer to Note 20) and equity attributable to equity holders of the parent, comprising issued capital,
\nreserves and retained earnings and the Statement of Changes in Equity.
\nThe Group\u2019s capital structure and going concern are dependent on the Company\u2019s ability to
\nobtain cash resources from its subsidiaries. There are currently no severe long-term restrictions
\nin place which impairs the Company\u2019s ability to repatriate funds from its subsidiaries.
\nUnder the terms of the RCF from Standard Bank (Mauritius) Limited and Nedbank Limited and
\nterm loan provided by Macquarie Bank Limited, the Group is required to comply with certain
\nfinancial covenants relating to:
\n\u2022 Interest Cover Ratio
\n\u2022 Gross Debt to EBITDA Ratio
\n\u2022 Debt to Equity Ratio
\n\u2022 Tangible Net Worth
\n\u2022 Loans to Value Ratio (applicable only to loan from Macquarie Bank Limited)
\nIn order to meet Capital\u2019s risk management objectives, the Group aims to ensure it meets
\nthese financial covenants attached to the loans. There have been no breaches of the financial
\ncovenants during the reporting period.
\nRisk management is conducted within a framework of policies and guidelines that are
\ncontinuously monitored by management and the Board of Directors. The objective is to minimise
\nexposure to market risks (interest rate risk, foreign currency risk and price risk), credit risk and
\nliquidity risk.
\n
\n\n\n\n\n\n
\n\n\n\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:
\nNote(s)
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nLease liabilities 13 29,450 16,267
\nTotal loans and borrowings 26 104,198 75,619
\nTotal debt 133,648 91,886
\nCash & cash equivalents 20 (34,366) (28,380)
\nNet debt 99,282 63,506
\nLess: lease liabilities (29,450) (16,267)
\nAdjusted net debt 69,832 47,239
\nEquity 272,953 238,892
\nAdjusted debt to equity ratio 36.4% 19.8%
\nCategories of financial instruments
\nThe following table details the categories of financial instruments and their carrying values in the
\nStatement of Financial Position for the Group.
\nCategories of financial assets
\n2023 Note(s)
\nFair value
\nthrough
\nprofit or loss
\n\u2013 Mandatory
\n$\u2019000
\nAmortised
\ncost
\n$\u2019000
\nTotal
\n$\u2019000
\nInvestments at fair value 19 47,154 \u2013 47,154
\nTrade receivables 17 \u2013 49,567 49,567
\nNon-current receivables 18 5,536 \u2013 5,536
\nCash and cash equivalents 20 \u2013 34,366 34,366
\n52,690 83,933 136,623
\n2022 Note(s)
\nFair value
\nthrough
\nprofit or loss
\n\u2013 Mandatory
\n$\u2019000
\nAmortised
\ncost
\n$\u2019000
\nTotal
\n$\u2019000
\nInvestments at fair value 19 38,727 \u2013 38,727
\nTrade receivables 17 \u2013 41,541 41,541
\nNon-current receivables 18 \u2013 6,460 6,460
\nCash and cash equivalents 20 \u2013 28,380 28,380
\n 38,727 76,381 115,108
\nIn addition, for financial reporting purposes, fair value measurements are categorised into Level
\n1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable
\nand the significance of the inputs to the fair value measurement in its entirety, which are
\ndescribed as follows:
\n\u2022 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities
\nthat the entity can access at the measurement date;
\n\u2022 Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable
\nfor the asset or liability, either directly or indirectly; and
\n\u2022 Level 3 inputs are unobservable inputs for the asset or liability. For further categorisation,
\nrefer to note 34
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n
\n
\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)
\n
\nCategories of financial liabilities
\n2023 Note(s)
\nAmortised
\ncost
\n$\u2019000
\nTotal
\n$\u2019000
\nTrade and other payables 28 49,314 49,314
\nLoans and borrowings 26 104,198 104,198
\n153,512 153,512
\n2022 Note(s)
\nAmortised
\ncost
\n$\u2019000
\nTotal
\n$\u2019000
\nTrade and other payables 28 42,463 42,463
\nLoans and borrowings 26 75,619 75,619
\n118,082 118,082
\nAt 31 December 2023, the Group did not have any financial liabilities measured at fair value
\nthrough profit or loss or other comprehensive income (2022: $ nil).
\nThe carrying values of financial assets and financial liabilities in the Statement of Financial
\nPosition for the Group approximate their fair values.
\nCategories of financial liabilities
\nFinancial risk management
\n\nForeign currency risk
\nThe Group\u2019s activities expose it to the financial risks of fluctuations in foreign currency exchange
\nrates. In order to manage the Group\u2019s risk to foreign currency fluctuations, the Group tries to
\nmatch the currency of operating costs with the currency of revenue as well as the currency of
\nfinancial assets with currency of financial liabilities. Financial assets and liabilities denominated in
\nforeign currencies are reviewed regularly by Management to ensure that the Group is not unduly
\nexposed to foreign currency risk.
\nFurther to this, the Group manages its exposure on foreign cash balances by converting excess
\nlocal currency cash to United States Dollar to minimise local currency cash balances maintained.
\n
\n\n\n\n\n\n\nThe carrying amounts of the Group\u2019s foreign currency denominated monetary assets, cash and
\ncash equivalents, trade receivables, monetary liabilities and trade payables at 31 December 2023
\nare as follows:
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nFinancial assets
\nAustralian Dollar (2023: AUD 1.3 million; 2022: AUD 0.04 million) 858 28
\nEuro (2023: EUR 1.2 million; 2022: EUR 0.3 million) 1,273 291
\nMauritanian Ouguiya (2023: MRU 34.2 million; 2022: MRU 42.8 million) 859 1,161
\nWest African CFA (2023: XOF 8,325.8 million; 2022: XOF 10,994.0 million) 13,560 17,286
\nWest African CFA (2023: XAF 4,802.4 million; 2022: XAF 72.8 million) 8,087 118
\nWest African CFA (2023: XOS 1,047.6 million; 2022: XOS 874.3 million) 1,682 1,358
\nGuinea Franc (2023: GNF 29,358.6 million; 2022: GNF 39,725.1 million) 3,448 4,644
\nAll other currencies 2,704 3,551
\n32,471 28,437
\nFinancial liabilities
\nAustralian Dollar (2023: AUD 2.8 million; 2022: AUD 0.8 million) 1,899 555
\nCanadian Dollar (2023: CAD 1.0 million; 2022: CAD 2.4 million) 725 1,792
\nEgyptian Pound (2023: EGP 18.3 million; 2022: EGP 22.1 million) 591 893
\nEuro (2023: EUR 0.7 million; 2022: EUR 1.6 million) 771 1,681
\nTanzanian Shillings (2023: TZS 3,636.0 million; 2022: TZS 1,999.1 million) 1,450 866
\nSouth African Rands (2023: ZAR 10.0 million; 2022: ZAR 5,2 million) 542 309
\nWest African CFA (2023: XOF 517.4 million; 2022: XOF 519.0 million) 843 816
\nWest African CFA (2023: XAF 6400.5 million; 2022: XAF 1.5 million) 1,079 2
\nAll other currencies 621 942
\n8,521 7,856
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n
\n
\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)
\n\nCategories of financial liabilities
\nThe following table details the Group\u2019s sensitivity to a 10% change in the United States Dollar
\nagainst the relevant foreign currencies. The sensitivity analysis includes the outstanding foreign
\ncurrency denominated monetary items at year end and adjusts their translation for a 10% change
\nin foreign currency rates.
\nA positive number below indicates an increase in profit before tax where the United States Dollar
\nstrengthens by 10% against the relevant currency. For a 10% weakening of the United States Dollar
\nagainst the relevant currency, there would be an equal and opposite impact on the profit before tax.
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nAustralian Dollar (104) (53)
\nCanadian Dollar 72 (94)
\nEuro 50 (139)
\nGuinea Franc 326 440
\nMauritanian Ouguiya 47 112
\nWest African CFA 1,272 1,784
\nWest African CFA 701 12
\nAll other currencies 31 (183)
\n2,395 1,879
\n
\n\n\n\n\n\n\nInterest rate risk management
\nAs a result of changes in interest rates, the Group is exposed to interest rate risk as entities in the
\nGroup borrow funds at variable interest rates and therefore borrowing costs could increase with
\nrate increases. The risk is managed by the Group by maintaining a conservative gearing ratio.
\nThe Group\u2019s exposure to interest rates on financial liabilities are detailed below.
\nInterest rate sensitivity analysis:
\nThe sensitivity analysis below has been determined based on the exposure to interest rates at
\nthe date of the Statement of Financial Position. For floating rate liabilities, the analysis is prepared
\nusing the average balance outstanding for the year. A 200-basis point (2022: 200-basis points)
\nincrease or decrease is used when reporting interest rate risk internally to key management
\npersonnel and represents Management\u2019s assessment of the reasonably possible change in
\ninterest rates.
\nIf interest rates had been 200 basis points higher and all other variables were held constant,
\nthe Group\u2019s profit before taxation for the year ended 31 December 2023 would decrease by $1.7
\nmillion (2022: $0.5 million). This is mainly attributable to the Group\u2019s exposure to interest rates
\non its variable rate borrowings. The decrease in the Group\u2019s sensitivity to interest rates, is directly
\nattributable to the variable interest rate long-term debt facilities, offset by the settlements that
\noccurred during the year, as disclosed in Note 27.
\nEquity price risk management
\nThe Group holds equity investments and is exposed to equity price risk. Equity investments are
\nheld for strategic purposes rather than trading purposes and the Group does not actively trade
\nthese investments. The investments are actively monitored and proactively managed. New
\ninvestments are required to satisfy a number of criteria with non-executive oversight. If equity
\nprices had been 5% higher and all other variables were held constant, the Group\u2019s profit before
\ntaxation for the year ended 31 December 2023 would increase by $2.2 million (2022: $1.6 million).
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n
\n
\n
\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)
\n\nCredit risk management
\nCredit risk refers to the risk that a counterparty will default on its contractual obligations resulting
\nin financial loss to the Group. Credit risk relates to potential exposure on trade and other
\nreceivables and bank balances.
\nBefore accepting any new customer, the Group assesses the potential customer\u2019s credit quality
\nand defines credit limits for each customer. Customers credit limits are reviewed annually.
\nThe Group\u2019s credit risk is concentrated as the Group currently provides mining and drilling
\nservices to a limited number of major and mid-tier mining companies as well as junior
\nexploration companies.
\nThe Group\u2019s exposure to credit risk is minimized as customers are given 30 to 45 days credit
\nperiods for services rendered. As at 31 December 2023, 3 customers individually contributed 10%
\nor more to the Group\u2019s trade receivables (2022: 3 customers).
\nThere was a significant increase in the credit risk that has been identified in respect of the Group\u2019s
\ncustomers during the year and as at 31 December 2023, an expected credit loss allowance of
\n$4.7 million has been recognised (2022: $2.8 million).
\nFurther disclosures regarding trade and other receivables, which are neither past due nor
\nimpaired, are provided in Note 19.
\nCredit risk also arises from cash and cash equivalents with banks and financial institutions. For
\nbanks and financial institutions, only independently rated parties with minimum rating \u201cA\u201d are
\naccepted.
\n
\n\n\n\n\n\n\nLiquidity risk management
\nUltimate responsibility for Liquidity Risk Management rests with the Board of Directors. The
\nGroup manages liquidity risk by maintaining adequate reserves, banking and reserve borrowing
\nfacilities, continuously monitoring forecast and actual cash flows and by matching the maturity
\nprofiles of financial assets and liabilities.
\nLiquidity risk tables:
\nThe following table details the Group\u2019s remaining contractual maturity for its financial assets and
\nliabilities with agreed repayment periods. The tables for assets have been drawn up based on the
\nundiscounted contractual maturities of the financial assets including interest that will be earned
\non those assets. The tables for liabilities represent undiscounted cash flows of financial liabilities
\nbased on the earliest repayment date on which the Group can be required to pay at the reporting
\ndate:
\nThe tables for liabilities represent undiscounted cash flows of financial liabilities based on the
\nearliest repayment date on which the Group can be required to pay at the reporting date:
\n
\n\n\n\n\n\n\n2023
\n1 month
\n$\u2019000
\n1 \u2013 3 months
\n$\u2019000
\n3 months \u2013
\n1 year
\n$\u2019000
\n1 \u2013 5 years
\n$\u2019000
\nFinancial assets
\nFinancial Assets under Amortised Cost 26,214 15,811 2,434 5,108
\n26,214 15,811 2,434 5,108
\nFinancial liabilities
\nNon-interest bearing \u2013 Financial Liabilities
\nat Amortised Cost 23,373 16,377 9,058 505
\nVariable interest rate instruments 5,965 5,701 15,387 75,520
\nLease liabilities 688 1,317 6,335 21,109
\n30,026 23,395 30,780 97,134
\n2022
\n1 month
\n$\u2019000
\n1 \u2013 3 months
\n$\u2019000
\n3 months \u2013
\n1 year
\n$\u2019000
\n1 \u2013 5 years
\n$\u2019000
\nFinancial assets
\nFinancial Assets under Amortised Cost 27,997 6,250 6,587 7,167
\n27,997 6,250 6,587 7,167
\nFinancial liabilities
\nNon-interest bearing \u2013 Financial Liabilities at
\nAmortised Cost 23,857 15,042 6,536 2,139
\nVariable interest rate instruments 1,007 4,037 13,431 56,426
\nLease liabilities 332 670 3,137 12,127
\n25,196 19,749 23,104 70,692
\nFinancing facilities
\nThe following table details the Group\u2019s secured loan facilities (undiscounted) at the reporting date.
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nAvailable amount 117,700 86,800
\nUnutilised amount 15,000 \u2013
\nUtilised amount 102,700 86,800
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag394": {
"value": "\n
\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
\n\nCapital risk management
\nThe Group manages its capital to ensure that entities in the Group will be able to continue as a
\ngoing concern while maximising the return to stakeholders through the optimisation of the debt
\nand equity balance. The Group\u2019s overall strategy remains unchanged from 2022.
\nThe capital structure of the Group consists of debt (refer to Note 26), cash and cash equivalents
\n(refer to Note 20) and equity attributable to equity holders of the parent, comprising issued capital,
\nreserves and retained earnings and the Statement of Changes in Equity.
\nThe Group\u2019s capital structure and going concern are dependent on the Company\u2019s ability to
\nobtain cash resources from its subsidiaries. There are currently no severe long-term restrictions
\nin place which impairs the Company\u2019s ability to repatriate funds from its subsidiaries.
\nUnder the terms of the RCF from Standard Bank (Mauritius) Limited and Nedbank Limited and
\nterm loan provided by Macquarie Bank Limited, the Group is required to comply with certain
\nfinancial covenants relating to:
\n\u2022 Interest Cover Ratio
\n\u2022 Gross Debt to EBITDA Ratio
\n\u2022 Debt to Equity Ratio
\n\u2022 Tangible Net Worth
\n\u2022 Loans to Value Ratio (applicable only to loan from Macquarie Bank Limited)
\nIn order to meet Capital\u2019s risk management objectives, the Group aims to ensure it meets
\nthese financial covenants attached to the loans. There have been no breaches of the financial
\ncovenants during the reporting period.
\nRisk management is conducted within a framework of policies and guidelines that are
\ncontinuously monitored by management and the Board of Directors. The objective is to minimise
\nexposure to market risks (interest rate risk, foreign currency risk and price risk), credit risk and
\nliquidity risk.
\n
\n\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:
\nNote(s)
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nLease liabilities 13 29,450 16,267
\nTotal loans and borrowings 26 104,198 75,619
\nTotal debt 133,648 91,886
\nCash & cash equivalents 20 (34,366) (28,380)
\nNet debt 99,282 63,506
\nLess: lease liabilities (29,450) (16,267)
\nAdjusted net debt 69,832 47,239
\nEquity 272,953 238,892
\nAdjusted debt to equity ratio 36.4% 19.8%
\nCategories of financial instruments
\nThe following table details the categories of financial instruments and their carrying values in the
\nStatement of Financial Position for the Group.
\nCategories of financial assets
\n2023 Note(s)
\nFair value
\nthrough
\nprofit or loss
\n\u2013 Mandatory
\n$\u2019000
\nAmortised
\ncost
\n$\u2019000
\nTotal
\n$\u2019000
\nInvestments at fair value 19 47,154 \u2013 47,154
\nTrade receivables 17 \u2013 49,567 49,567
\nNon-current receivables 18 5,536 \u2013 5,536
\nCash and cash equivalents 20 \u2013 34,366 34,366
\n52,690 83,933 136,623
\n2022 Note(s)
\nFair value
\nthrough
\nprofit or loss
\n\u2013 Mandatory
\n$\u2019000
\nAmortised
\ncost
\n$\u2019000
\nTotal
\n$\u2019000
\nInvestments at fair value 19 38,727 \u2013 38,727
\nTrade receivables 17 \u2013 41,541 41,541
\nNon-current receivables 18 \u2013 6,460 6,460
\nCash and cash equivalents 20 \u2013 28,380 28,380
\n 38,727 76,381 115,108
\nIn addition, for financial reporting purposes, fair value measurements are categorised into Level
\n1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable
\nand the significance of the inputs to the fair value measurement in its entirety, which are
\ndescribed as follows:
\n\u2022 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities
\nthat the entity can access at the measurement date;
\n\u2022 Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable
\nfor the asset or liability, either directly or indirectly; and
\n\u2022 Level 3 inputs are unobservable inputs for the asset or liability. For further categorisation,
\nrefer to note 34
\n
\n\n\n\n\n\n
\n
\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)
\n
\nCategories of financial liabilities
\n2023 Note(s)
\nAmortised
\ncost
\n$\u2019000
\nTotal
\n$\u2019000
\nTrade and other payables 28 49,314 49,314
\nLoans and borrowings 26 104,198 104,198
\n153,512 153,512
\n2022 Note(s)
\nAmortised
\ncost
\n$\u2019000
\nTotal
\n$\u2019000
\nTrade and other payables 28 42,463 42,463
\nLoans and borrowings 26 75,619 75,619
\n118,082 118,082
\nAt 31 December 2023, the Group did not have any financial liabilities measured at fair value
\nthrough profit or loss or other comprehensive income (2022: $ nil).
\nThe carrying values of financial assets and financial liabilities in the Statement of Financial
\nPosition for the Group approximate their fair values.
\nCategories of financial liabilities
\nFinancial risk management
\n\nForeign currency risk
\nThe Group\u2019s activities expose it to the financial risks of fluctuations in foreign currency exchange
\nrates. In order to manage the Group\u2019s risk to foreign currency fluctuations, the Group tries to
\nmatch the currency of operating costs with the currency of revenue as well as the currency of
\nfinancial assets with currency of financial liabilities. Financial assets and liabilities denominated in
\nforeign currencies are reviewed regularly by Management to ensure that the Group is not unduly
\nexposed to foreign currency risk.
\nFurther to this, the Group manages its exposure on foreign cash balances by converting excess
\nlocal currency cash to United States Dollar to minimise local currency cash balances maintained.
\n
\n\n\n\n\n\n\nThe carrying amounts of the Group\u2019s foreign currency denominated monetary assets, cash and
\ncash equivalents, trade receivables, monetary liabilities and trade payables at 31 December 2023
\nare as follows:
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nFinancial assets
\nAustralian Dollar (2023: AUD 1.3 million; 2022: AUD 0.04 million) 858 28
\nEuro (2023: EUR 1.2 million; 2022: EUR 0.3 million) 1,273 291
\nMauritanian Ouguiya (2023: MRU 34.2 million; 2022: MRU 42.8 million) 859 1,161
\nWest African CFA (2023: XOF 8,325.8 million; 2022: XOF 10,994.0 million) 13,560 17,286
\nWest African CFA (2023: XAF 4,802.4 million; 2022: XAF 72.8 million) 8,087 118
\nWest African CFA (2023: XOS 1,047.6 million; 2022: XOS 874.3 million) 1,682 1,358
\nGuinea Franc (2023: GNF 29,358.6 million; 2022: GNF 39,725.1 million) 3,448 4,644
\nAll other currencies 2,704 3,551
\n32,471 28,437
\nFinancial liabilities
\nAustralian Dollar (2023: AUD 2.8 million; 2022: AUD 0.8 million) 1,899 555
\nCanadian Dollar (2023: CAD 1.0 million; 2022: CAD 2.4 million) 725 1,792
\nEgyptian Pound (2023: EGP 18.3 million; 2022: EGP 22.1 million) 591 893
\nEuro (2023: EUR 0.7 million; 2022: EUR 1.6 million) 771 1,681
\nTanzanian Shillings (2023: TZS 3,636.0 million; 2022: TZS 1,999.1 million) 1,450 866
\nSouth African Rands (2023: ZAR 10.0 million; 2022: ZAR 5,2 million) 542 309
\nWest African CFA (2023: XOF 517.4 million; 2022: XOF 519.0 million) 843 816
\nWest African CFA (2023: XAF 6400.5 million; 2022: XAF 1.5 million) 1,079 2
\nAll other currencies 621 942
\n8,521 7,856
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)
\n\nCategories of financial liabilities
\nThe following table details the Group\u2019s sensitivity to a 10% change in the United States Dollar
\nagainst the relevant foreign currencies. The sensitivity analysis includes the outstanding foreign
\ncurrency denominated monetary items at year end and adjusts their translation for a 10% change
\nin foreign currency rates.
\nA positive number below indicates an increase in profit before tax where the United States Dollar
\nstrengthens by 10% against the relevant currency. For a 10% weakening of the United States Dollar
\nagainst the relevant currency, there would be an equal and opposite impact on the profit before tax.
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nAustralian Dollar (104) (53)
\nCanadian Dollar 72 (94)
\nEuro 50 (139)
\nGuinea Franc 326 440
\nMauritanian Ouguiya 47 112
\nWest African CFA 1,272 1,784
\nWest African CFA 701 12
\nAll other currencies 31 (183)
\n2,395 1,879
\n
\n\n\n\n\n\n\nInterest rate risk management
\nAs a result of changes in interest rates, the Group is exposed to interest rate risk as entities in the
\nGroup borrow funds at variable interest rates and therefore borrowing costs could increase with
\nrate increases. The risk is managed by the Group by maintaining a conservative gearing ratio.
\nThe Group\u2019s exposure to interest rates on financial liabilities are detailed below.
\nInterest rate sensitivity analysis:
\nThe sensitivity analysis below has been determined based on the exposure to interest rates at
\nthe date of the Statement of Financial Position. For floating rate liabilities, the analysis is prepared
\nusing the average balance outstanding for the year. A 200-basis point (2022: 200-basis points)
\nincrease or decrease is used when reporting interest rate risk internally to key management
\npersonnel and represents Management\u2019s assessment of the reasonably possible change in
\ninterest rates.
\nIf interest rates had been 200 basis points higher and all other variables were held constant,
\nthe Group\u2019s profit before taxation for the year ended 31 December 2023 would decrease by $1.7
\nmillion (2022: $0.5 million). This is mainly attributable to the Group\u2019s exposure to interest rates
\non its variable rate borrowings. The decrease in the Group\u2019s sensitivity to interest rates, is directly
\nattributable to the variable interest rate long-term debt facilities, offset by the settlements that
\noccurred during the year, as disclosed in Note 27.
\nEquity price risk management
\nThe Group holds equity investments and is exposed to equity price risk. Equity investments are
\nheld for strategic purposes rather than trading purposes and the Group does not actively trade
\nthese investments. The investments are actively monitored and proactively managed. New
\ninvestments are required to satisfy a number of criteria with non-executive oversight. If equity
\nprices had been 5% higher and all other variables were held constant, the Group\u2019s profit before
\ntaxation for the year ended 31 December 2023 would increase by $2.2 million (2022: $1.6 million).
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n
\n33. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)
\n\nCredit risk management
\nCredit risk refers to the risk that a counterparty will default on its contractual obligations resulting
\nin financial loss to the Group. Credit risk relates to potential exposure on trade and other
\nreceivables and bank balances.
\nBefore accepting any new customer, the Group assesses the potential customer\u2019s credit quality
\nand defines credit limits for each customer. Customers credit limits are reviewed annually.
\nThe Group\u2019s credit risk is concentrated as the Group currently provides mining and drilling
\nservices to a limited number of major and mid-tier mining companies as well as junior
\nexploration companies.
\nThe Group\u2019s exposure to credit risk is minimized as customers are given 30 to 45 days credit
\nperiods for services rendered. As at 31 December 2023, 3 customers individually contributed 10%
\nor more to the Group\u2019s trade receivables (2022: 3 customers).
\nThere was a significant increase in the credit risk that has been identified in respect of the Group\u2019s
\ncustomers during the year and as at 31 December 2023, an expected credit loss allowance of
\n$4.7 million has been recognised (2022: $2.8 million).
\nFurther disclosures regarding trade and other receivables, which are neither past due nor
\nimpaired, are provided in Note 19.
\nCredit risk also arises from cash and cash equivalents with banks and financial institutions. For
\nbanks and financial institutions, only independently rated parties with minimum rating \u201cA\u201d are
\naccepted.
\n
\n\n\n\n\n\n\nLiquidity risk management
\nUltimate responsibility for Liquidity Risk Management rests with the Board of Directors. The
\nGroup manages liquidity risk by maintaining adequate reserves, banking and reserve borrowing
\nfacilities, continuously monitoring forecast and actual cash flows and by matching the maturity
\nprofiles of financial assets and liabilities.
\nLiquidity risk tables:
\nThe following table details the Group\u2019s remaining contractual maturity for its financial assets and
\nliabilities with agreed repayment periods. The tables for assets have been drawn up based on the
\nundiscounted contractual maturities of the financial assets including interest that will be earned
\non those assets. The tables for liabilities represent undiscounted cash flows of financial liabilities
\nbased on the earliest repayment date on which the Group can be required to pay at the reporting
\ndate:
\nThe tables for liabilities represent undiscounted cash flows of financial liabilities based on the
\nearliest repayment date on which the Group can be required to pay at the reporting date:
\n
\n\n\n\n\n\n\n2023
\n1 month
\n$\u2019000
\n1 \u2013 3 months
\n$\u2019000
\n3 months \u2013
\n1 year
\n$\u2019000
\n1 \u2013 5 years
\n$\u2019000
\nFinancial assets
\nFinancial Assets under Amortised Cost 26,214 15,811 2,434 5,108
\n26,214 15,811 2,434 5,108
\nFinancial liabilities
\nNon-interest bearing \u2013 Financial Liabilities
\nat Amortised Cost 23,373 16,377 9,058 505
\nVariable interest rate instruments 5,965 5,701 15,387 75,520
\nLease liabilities 688 1,317 6,335 21,109
\n30,026 23,395 30,780 97,134
\n2022
\n1 month
\n$\u2019000
\n1 \u2013 3 months
\n$\u2019000
\n3 months \u2013
\n1 year
\n$\u2019000
\n1 \u2013 5 years
\n$\u2019000
\nFinancial assets
\nFinancial Assets under Amortised Cost 27,997 6,250 6,587 7,167
\n27,997 6,250 6,587 7,167
\nFinancial liabilities
\nNon-interest bearing \u2013 Financial Liabilities at
\nAmortised Cost 23,857 15,042 6,536 2,139
\nVariable interest rate instruments 1,007 4,037 13,431 56,426
\nLease liabilities 332 670 3,137 12,127
\n25,196 19,749 23,104 70,692
\nFinancing facilities
\nThe following table details the Group\u2019s secured loan facilities (undiscounted) at the reporting date.
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nAvailable amount 117,700 86,800
\nUnutilised amount 15,000 \u2013
\nUtilised amount 102,700 86,800
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag395": {
"value": "\nCapital risk management
\nThe Group manages its capital to ensure that entities in the Group will be able to continue as a
\ngoing concern while maximising the return to stakeholders through the optimisation of the debt
\nand equity balance. The Group\u2019s overall strategy remains unchanged from 2022.
\nThe capital structure of the Group consists of debt (refer to Note 26), cash and cash equivalents
\n(refer to Note 20) and equity attributable to equity holders of the parent, comprising issued capital,
\nreserves and retained earnings and the Statement of Changes in Equity.
\nThe Group\u2019s capital structure and going concern are dependent on the Company\u2019s ability to
\nobtain cash resources from its subsidiaries. There are currently no severe long-term restrictions
\nin place which impairs the Company\u2019s ability to repatriate funds from its subsidiaries.
\nUnder the terms of the RCF from Standard Bank (Mauritius) Limited and Nedbank Limited and
\nterm loan provided by Macquarie Bank Limited, the Group is required to comply with certain
\nfinancial covenants relating to:
\n\u2022 Interest Cover Ratio
\n\u2022 Gross Debt to EBITDA Ratio
\n\u2022 Debt to Equity Ratio
\n\u2022 Tangible Net Worth
\n\u2022 Loans to Value Ratio (applicable only to loan from Macquarie Bank Limited)
\nIn order to meet Capital\u2019s risk management objectives, the Group aims to ensure it meets
\nthese financial covenants attached to the loans. There have been no breaches of the financial
\ncovenants during the reporting period.
\nRisk management is conducted within a framework of policies and guidelines that are
\ncontinuously monitored by management and the Board of Directors. The objective is to minimise
\nexposure to market risks (interest rate risk, foreign currency risk and price risk), credit risk and
\nliquidity risk.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag400": {
"value": "\nForeign currency risk
\nThe Group\u2019s activities expose it to the financial risks of fluctuations in foreign currency exchange
\nrates. In order to manage the Group\u2019s risk to foreign currency fluctuations, the Group tries to
\nmatch the currency of operating costs with the currency of revenue as well as the currency of
\nfinancial assets with currency of financial liabilities. Financial assets and liabilities denominated in
\nforeign currencies are reviewed regularly by Management to ensure that the Group is not unduly
\nexposed to foreign currency risk.
\nFurther to this, the Group manages its exposure on foreign cash balances by converting excess
\nlocal currency cash to United States Dollar to minimise local currency cash balances maintained.
\n
\n\n\n\n\n\nThe carrying amounts of the Group\u2019s foreign currency denominated monetary assets, cash and
\ncash equivalents, trade receivables, monetary liabilities and trade payables at 31 December 2023
\nare as follows:
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nFinancial assets
\nAustralian Dollar (2023: AUD 1.3 million; 2022: AUD 0.04 million) 858 28
\nEuro (2023: EUR 1.2 million; 2022: EUR 0.3 million) 1,273 291
\nMauritanian Ouguiya (2023: MRU 34.2 million; 2022: MRU 42.8 million) 859 1,161
\nWest African CFA (2023: XOF 8,325.8 million; 2022: XOF 10,994.0 million) 13,560 17,286
\nWest African CFA (2023: XAF 4,802.4 million; 2022: XAF 72.8 million) 8,087 118
\nWest African CFA (2023: XOS 1,047.6 million; 2022: XOS 874.3 million) 1,682 1,358
\nGuinea Franc (2023: GNF 29,358.6 million; 2022: GNF 39,725.1 million) 3,448 4,644
\nAll other currencies 2,704 3,551
\n32,471 28,437
\nFinancial liabilities
\nAustralian Dollar (2023: AUD 2.8 million; 2022: AUD 0.8 million) 1,899 555
\nCanadian Dollar (2023: CAD 1.0 million; 2022: CAD 2.4 million) 725 1,792
\nEgyptian Pound (2023: EGP 18.3 million; 2022: EGP 22.1 million) 591 893
\nEuro (2023: EUR 0.7 million; 2022: EUR 1.6 million) 771 1,681
\nTanzanian Shillings (2023: TZS 3,636.0 million; 2022: TZS 1,999.1 million) 1,450 866
\nSouth African Rands (2023: ZAR 10.0 million; 2022: ZAR 5,2 million) 542 309
\nWest African CFA (2023: XOF 517.4 million; 2022: XOF 519.0 million) 843 816
\nWest African CFA (2023: XAF 6400.5 million; 2022: XAF 1.5 million) 1,079 2
\nAll other currencies 621 942
\n8,521 7,856
\n
\n\n\n\n\n\nCategories of financial liabilities
\nThe following table details the Group\u2019s sensitivity to a 10% change in the United States Dollar
\nagainst the relevant foreign currencies. The sensitivity analysis includes the outstanding foreign
\ncurrency denominated monetary items at year end and adjusts their translation for a 10% change
\nin foreign currency rates.
\nA positive number below indicates an increase in profit before tax where the United States Dollar
\nstrengthens by 10% against the relevant currency. For a 10% weakening of the United States Dollar
\nagainst the relevant currency, there would be an equal and opposite impact on the profit before tax.
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nAustralian Dollar (104) (53)
\nCanadian Dollar 72 (94)
\nEuro 50 (139)
\nGuinea Franc 326 440
\nMauritanian Ouguiya 47 112
\nWest African CFA 1,272 1,784
\nWest African CFA 701 12
\nAll other currencies 31 (183)
\n2,395 1,879
\n
\n\n\n\n\n\nInterest rate risk management
\nAs a result of changes in interest rates, the Group is exposed to interest rate risk as entities in the
\nGroup borrow funds at variable interest rates and therefore borrowing costs could increase with
\nrate increases. The risk is managed by the Group by maintaining a conservative gearing ratio.
\nThe Group\u2019s exposure to interest rates on financial liabilities are detailed below.
\nInterest rate sensitivity analysis:
\nThe sensitivity analysis below has been determined based on the exposure to interest rates at
\nthe date of the Statement of Financial Position. For floating rate liabilities, the analysis is prepared
\nusing the average balance outstanding for the year. A 200-basis point (2022: 200-basis points)
\nincrease or decrease is used when reporting interest rate risk internally to key management
\npersonnel and represents Management\u2019s assessment of the reasonably possible change in
\ninterest rates.
\nIf interest rates had been 200 basis points higher and all other variables were held constant,
\nthe Group\u2019s profit before taxation for the year ended 31 December 2023 would decrease by $1.7
\nmillion (2022: $0.5 million). This is mainly attributable to the Group\u2019s exposure to interest rates
\non its variable rate borrowings. The decrease in the Group\u2019s sensitivity to interest rates, is directly
\nattributable to the variable interest rate long-term debt facilities, offset by the settlements that
\noccurred during the year, as disclosed in Note 27.
\nEquity price risk management
\nThe Group holds equity investments and is exposed to equity price risk. Equity investments are
\nheld for strategic purposes rather than trading purposes and the Group does not actively trade
\nthese investments. The investments are actively monitored and proactively managed. New
\ninvestments are required to satisfy a number of criteria with non-executive oversight. If equity
\nprices had been 5% higher and all other variables were held constant, the Group\u2019s profit before
\ntaxation for the year ended 31 December 2023 would increase by $2.2 million (2022: $1.6 million).
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag158": {
"value": "\nCredit risk management
\nCredit risk refers to the risk that a counterparty will default on its contractual obligations resulting
\nin financial loss to the Group. Credit risk relates to potential exposure on trade and other
\nreceivables and bank balances.
\nBefore accepting any new customer, the Group assesses the potential customer\u2019s credit quality
\nand defines credit limits for each customer. Customers credit limits are reviewed annually.
\nThe Group\u2019s credit risk is concentrated as the Group currently provides mining and drilling
\nservices to a limited number of major and mid-tier mining companies as well as junior
\nexploration companies.
\nThe Group\u2019s exposure to credit risk is minimized as customers are given 30 to 45 days credit
\nperiods for services rendered. As at 31 December 2023, 3 customers individually contributed 10%
\nor more to the Group\u2019s trade receivables (2022: 3 customers).
\nThere was a significant increase in the credit risk that has been identified in respect of the Group\u2019s
\ncustomers during the year and as at 31 December 2023, an expected credit loss allowance of
\n$4.7 million has been recognised (2022: $2.8 million).
\nFurther disclosures regarding trade and other receivables, which are neither past due nor
\nimpaired, are provided in Note 19.
\nCredit risk also arises from cash and cash equivalents with banks and financial institutions. For
\nbanks and financial institutions, only independently rated parties with minimum rating \u201cA\u201d are
\naccepted.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag159": {
"value": "\nLiquidity risk management
\nUltimate responsibility for Liquidity Risk Management rests with the Board of Directors. The
\nGroup manages liquidity risk by maintaining adequate reserves, banking and reserve borrowing
\nfacilities, continuously monitoring forecast and actual cash flows and by matching the maturity
\nprofiles of financial assets and liabilities.
\nLiquidity risk tables:
\nThe following table details the Group\u2019s remaining contractual maturity for its financial assets and
\nliabilities with agreed repayment periods. The tables for assets have been drawn up based on the
\nundiscounted contractual maturities of the financial assets including interest that will be earned
\non those assets. The tables for liabilities represent undiscounted cash flows of financial liabilities
\nbased on the earliest repayment date on which the Group can be required to pay at the reporting
\ndate:
\nThe tables for liabilities represent undiscounted cash flows of financial liabilities based on the
\nearliest repayment date on which the Group can be required to pay at the reporting date:
\n
\n\n\n\n\n\n2023
\n1 month
\n$\u2019000
\n1 \u2013 3 months
\n$\u2019000
\n3 months \u2013
\n1 year
\n$\u2019000
\n1 \u2013 5 years
\n$\u2019000
\nFinancial assets
\nFinancial Assets under Amortised Cost 26,214 15,811 2,434 5,108
\n26,214 15,811 2,434 5,108
\nFinancial liabilities
\nNon-interest bearing \u2013 Financial Liabilities
\nat Amortised Cost 23,373 16,377 9,058 505
\nVariable interest rate instruments 5,965 5,701 15,387 75,520
\nLease liabilities 688 1,317 6,335 21,109
\n30,026 23,395 30,780 97,134
\n2022
\n1 month
\n$\u2019000
\n1 \u2013 3 months
\n$\u2019000
\n3 months \u2013
\n1 year
\n$\u2019000
\n1 \u2013 5 years
\n$\u2019000
\nFinancial assets
\nFinancial Assets under Amortised Cost 27,997 6,250 6,587 7,167
\n27,997 6,250 6,587 7,167
\nFinancial liabilities
\nNon-interest bearing \u2013 Financial Liabilities at
\nAmortised Cost 23,857 15,042 6,536 2,139
\nVariable interest rate instruments 1,007 4,037 13,431 56,426
\nLease liabilities 332 670 3,137 12,127
\n25,196 19,749 23,104 70,692
\nFinancing facilities
\nThe following table details the Group\u2019s secured loan facilities (undiscounted) at the reporting date.
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nAvailable amount 117,700 86,800
\nUnutilised amount 15,000 \u2013
\nUtilised amount 102,700 86,800
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag161": {
"value": "\n
\n\n34. FAIR VALUE MEASUREMENTS
\nFair value adjustment on financial assets through profit or loss
\nThe Group\u2019s fair value adjustments on financial assets through profit or loss are listed and unlisted
\nequity securities in the mining industry as well as other receivables which are measured at fair
\nvalue at the end of each reporting period. The listed equity securities are designated as Level 1
\nfinancial assets in the fair value hierarchy. Their fair value is determined using quote bid prices
\nin an active market. The fair value of these financial assets FVPTL amounted to US$47.2 million
\n(2022: US$30.4 million).
\nThe fair values of financial instruments that are not traded in an active market and other
\nreceivables are determined using standard valuation techniques. These valuation techniques
\nmaximise the use of observable market data where available and rely as little as possible on
\nGroup specific estimates. The Directors consider that the carrying value amounts of financial
\nassets and financial liabilities recorded at amortised cost in the Group\u2019s Annual Financial
\nStatements are approximately equal to their fair values. The fair values disclosed for the financial
\nassets and financial liabilities are classified in level 3 of the fair value hierarchy have been assessed
\nto approximate their carrying amounts based on a net asset or cost approach for the equity
\nsecurities and an income approach for other receivables.
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag162": {
"value": "\n34. FAIR VALUE MEASUREMENTS
\nFair value adjustment on financial assets through profit or loss
\nThe Group\u2019s fair value adjustments on financial assets through profit or loss are listed and unlisted
\nequity securities in the mining industry as well as other receivables which are measured at fair
\nvalue at the end of each reporting period. The listed equity securities are designated as Level 1
\nfinancial assets in the fair value hierarchy. Their fair value is determined using quote bid prices
\nin an active market. The fair value of these financial assets FVPTL amounted to US$47.2 million
\n(2022: US$30.4 million).
\nThe fair values of financial instruments that are not traded in an active market and other
\nreceivables are determined using standard valuation techniques. These valuation techniques
\nmaximise the use of observable market data where available and rely as little as possible on
\nGroup specific estimates. The Directors consider that the carrying value amounts of financial
\nassets and financial liabilities recorded at amortised cost in the Group\u2019s Annual Financial
\nStatements are approximately equal to their fair values. The fair values disclosed for the financial
\nassets and financial liabilities are classified in level 3 of the fair value hierarchy have been assessed
\nto approximate their carrying amounts based on a net asset or cost approach for the equity
\nsecurities and an income approach for other receivables.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag163": {
"value": "\n35. AUDITOR\u2019S REMUNERATION
\nThe Group auditors are BDO LLP (\u201cBDO\u201d). The Group has engaged BDO and other audit firms
\nto provide both audit and non-audit services to its various subsidiaries.
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nFees paid to the Group\u2019s auditor
\n\u2013 The audit of the Group\u2019s Annual Financial Statements 738 579
\n\u2013 Non-audit services \u2013 Group 96 93
\nFees paid to associates of the Group\u2019s auditor
\n\u2013 The audit of the Group\u2019s subsidiaries 140 87
\n\u2013 Non-audit services \u2013 BDO Egypt 4
\n978 759
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag164": {
"value": "\n
\n\n36. RELATED PARTIES
\nDuring the year, the Company and its subsidiaries, in the ordinary course of business, entered into
\nvarious sale and purchase transactions. All transactions are entered into at amounts negotiated
\nbetween the parties.
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nDirectors\u2019 emoluments
\nShort Term Benefits 2,215 1,921
\nShare Based Payments 1,181 562
\n3,396 2,483
\nThe Group considers the Key Management Personnel to be limited to the Board of Directors
\nas they are responsible for planning and directing the Group\u2019s activities.
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag165": {
"value": "\n36. RELATED PARTIES
\nDuring the year, the Company and its subsidiaries, in the ordinary course of business, entered into
\nvarious sale and purchase transactions. All transactions are entered into at amounts negotiated
\nbetween the parties.
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nDirectors\u2019 emoluments
\nShort Term Benefits 2,215 1,921
\nShare Based Payments 1,181 562
\n3,396 2,483
\nThe Group considers the Key Management Personnel to be limited to the Board of Directors
\nas they are responsible for planning and directing the Group\u2019s activities.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag166": {
"value": "\n
\n\n37. COMMITMENTS
\nThe Group has the following commitments:
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nCommitted capital expenditure 36,083 18,686
\nThe Group had outstanding purchase orders amounting to $39.5 million (2022: $29.7 million)
\nat the end of the reporting period of which $36.1 million (2022: $18.7 million) were for capital
\nexpenditure.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n38. CONTINGENCIES
\nAs a result of the multiple jurisdictions in which the Group operates, there are a number of
\nongoing tax audits. In the opinion of Management, none of these ongoing audits represent
\na reasonable possibility of a material settlement and as such, no contingent liability disclosure
\nis required.
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag167": {
"value": "\n37. COMMITMENTS
\nThe Group has the following commitments:
\n2023
\n$\u2019000
\n2022
\n$\u2019000
\nCommitted capital expenditure 36,083 18,686
\nThe Group had outstanding purchase orders amounting to $39.5 million (2022: $29.7 million)
\nat the end of the reporting period of which $36.1 million (2022: $18.7 million) were for capital
\nexpenditure.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag169": {
"value": "\n38. CONTINGENCIES
\nAs a result of the multiple jurisdictions in which the Group operates, there are a number of
\nongoing tax audits. In the opinion of Management, none of these ongoing audits represent
\na reasonable possibility of a material settlement and as such, no contingent liability disclosure
\nis required.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag170": {
"value": "\n39. EVENTS AFTER THE REPORTING PERIOD
\nThere have been no significant events affecting the Group since the year end.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag171": {
"value": "\n40. APPROVAL OF THE CONSOLIDATED Annual Financial Statements
\nThe Annual Financial Statements set out on pages 96 to 143 were approved by the Board of
\nDirectors on 14 March 2024 in London.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag73": {
"value": "Bermuda",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag74": {
"value": "Victoria Place, 5th Floor 31 Victoria Street Hamilton HM 10 Bermuda ",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800XG175G91JW8W37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"footnote1": {
"value": "There was no other comprehensive income for the year (2022: $nil)",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote1",
"language": "en"
}
},
"footnote3": {
"value": "Interest paid on leases has been reclassified from financing activities to operating activities in current and prior year. The impact of this change was not material to the financial statements.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote3",
"language": "en"
}
},
"footnote2": {
"value": "See Note 25 for change in ownership for NCI",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote2",
"language": "en"
}
},
"footnote0": {
"value": "Including net impairment losses on trade receivables and accrued income of $1.7 million (2022: $3.0 million).",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote0",
"language": "en"
}
}
}
}