Half Yearly Report

Mwana Africa PLC

Unaudited results for the six months to 30 September 2011

Mwana Africa PLC ("Mwana", the "Group" or the "Company") is pleased to announce its unaudited interim financial results for the six months to 30 September 2011.

Operational Highlights

Freda Rebecca Mine

·; 21,893oz gold produced in H1 2011 (H1 2010: 10,915oz)

·; Phase II monthly production target of 4,167oz/m achieved and exceeded in the quarter ended September 2011 

·; A resource increase to a total of 2.3Moz at an average grade of 2.42g/t at a 1.5g/t cut off was announced on 7 April 

Zani Kodo

·; 45 holes drilled for a total of 11,130m

·; 13% resource increase to a total of 1.4Moz at an average grade of 3.18g/t at a 0.5g/t cut off announced on 1 August

Bindura Nickel Corporation ("BNC")

·; $10m convertible loan facility provided by Mwana approved in September to provide funding for on-going working capital requirements

·; Trojan mine ready to resume production, subject to securing funding, with limited development and drilling ongoing

SEMHKAT concessions

·; Lunsano area: 85 pits and 345m of trenching completed

·; Kitemena-Kitungulu area: regional geological mapping and soil sampling on-going

·; Kibolwe: 31 pits dug across eastern copper anomaly

Financial Highlights

·; Consolidated revenue of $37.6m (H1 2010: $16.5m)

·; Loss before tax of $0.7m (H1 2010 loss: $12.0m)

·; Consolidated net cash at 30 September 2011 was $15.3m (H1 2010: $7.7m)

Six Month Review and outlook

During the period, Mwana focused on maximising cash generation from its producing assets, as well as continuing the on-going exploration programme at its gold and base metals assets in the DRC.

The Freda Rebecca mine showed strong performance by meeting its Phase II 50,000oz per annum production target rate in the quarter ended September this year. Freda Rebecca operations generated $12.0m cash during the period, a $4.7m increase from the previous six month period and $10.6m compared to the equivalent period in 2010.

The care and maintenance programme at BNC continues to maintain the integrity of the assets, whilst work is in progress to prepare the assets for a phased re-start, beginning with the Trojan Mine. Following the hot commissioning of the ore processing system in the previous financial year, as well as on-going limited development drilling, the mine is in a good position for a quick and cost-effective re-start of operations when appropriate funding is secured. The Company continues negotiations with financiers to secure funding for the restart, and will update shareholders further in due course.

Mwana continues to engage with the Zimbabwe government, to meet indigenisation requirements for its operations at Freda Rebecca and BNC, and is confident that a satisfactory solution will be found. Other than the funding difficulties arising from the lack of clarity around indigenisation, Zimbabwe remains a favourable environment for mining, with infrastructure functioning well and a skilled work force readily available. We remain committed to operating in the country and to continuing the positive role played by our operations at Freda Rebecca and BNC in their local communities and the wider Zimbabwe economy.

Exploration programmes at our gold and base metals assets in the DRC have made good progress during the period. A 13% resource increase to a total of 1.4moz at the Zani Kodo gold prospect was announced in August, followed by further encouraging drilling results. As the drilling programme progresses, we hope to announce an updated resource calculation and we remain confident that Zani Kodo has the potential to host a multi-million ounce resource. Similarly, exploration for copper in our large Katanga base metal concessions produced encouraging results following geological mapping, trenching and pitting.

At Klipspringer, underground recovery of the shaft bottom, as well as dewatering and further cleaning of mud and debris were completed during the period. Management continues to review the opportunities for a restart of operations should the diamond market conditions show sufficient strengthening.

Although market uncertainty at the end of the period has dampened the short term outlook for commodities, Nickel prices remain at sustainable levels for the restart of operations at BNC. The timing of our successful expansion at Freda Rebecca has coincided with a period of very beneficial gold prices. Our commitment remains to maximising this cash flow, bringing valuable assets such as BNC and Klipspringer back into production and progressing the successful exploration programme at our gold and base metals assets in the DRC.

Kalaa Mpinga, CEO of Mwana commented: "Mwana has made significant progress over the last six months, both in maximising cash flow from our operations in Zimbabwe and in continuing the exploration programme at our gold and base metals assets in the Democratic Republic of Congo. Freda Rebecca in particular has performed extremely well over the last six months, reaching its Phase II production target three months early. Our team at the mine is working hard to optimise all processes to ensure this high level of performance continues to be met.

The phased re-start of operations at the Bindura Nickel Corporation, beginning with the Trojan mine, remains our goal over the coming period. We are working on preparing BNC for a quick and efficient restart whilst in on-going discussions with financiers and believe that the true value of this unique asset will be realised.

Despite the on-going market turbulence, we are committed to continuing to pursue this strategy of maximising profitability whilst investing in promising exploration and delivering best value to our shareholders."

This press release is available for download from the Company's website www.mwanaafrica.com.

Enquiries:

Mwana Africa PLC Tel: 020 7654 5580

Donald McAlister, Finance Director

Lorenz Werndle, Head of Corporate Development

Ambrian Partners Limited Tel: 020 7634 4700

Anthony Rowland/Jen Boorer

Merlin Tel: 020 7726 8400

David Simonson / Anca Spiridon

References to dollars or "$" refer to US dollars unless otherwise stated.

This press release includes 'forward-looking statements'. Words such as 'anticipates', 'expects', 'intends', 'plans', 'forecasts', 'projects', 'budgets', 'believes', 'seeks', 'estimates', 'could', 'might', 'should' and similar expressions identify forward-looking statements. All statements other than statements of historical facts included in this press release, including, without limitation, those regarding Mwana Africa's business strategy and plans and objectives of management for future operations and acquisition opportunities, are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors which could cause the actual results, performance or achievements of Mwana Africa or the markets and economies in which Mwana Africa operates to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements, including, without limitation, political, regulatory and economic factors. Factors that would cause actual results or events to differ from current expectations include, among other things, political and regulatory risks and the other risks and hazards associated with mineral exploration, development and production. Mwana Africa believes that the assumptions inherent in the forward-looking statements are reasonable; however, forward looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Mwana Africa does not assume any responsibility to update any of such forward-looking statements, save as required by relevant law or regulatory authority. This report contains information regarding the results of various exploration activities. Where a mineral resource has not been defined, it should be noted that the potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource. Charl du Plessis, Executive Vice President Exploration of Mwana Africa, who holds a PhD and is a Member of the AusIMM, and, James Arthur, Executive Vice President Operations of Mwana Africa, Fellow of the Southern African Institute of Mining and Metallurgy, are 'Qualified Persons' as defined in the AIM Rules. The exploration and resource information contained in this report pertaining to Zani Kodo and SEMHKAT have been reviewed and verified by Dr Du Plessis, and, the resource information contained in this report pertaining to Trojan mine, Shangani mine, Hunters Road and Freda Rebecca Gold Mine have been reviewed and verified by Mr. Arthur.

Operational Review

Freda Rebecca Mine

A total of 21,893oz gold were produced at Freda Rebecca during the 6 months ending 30 September 2011, a 100% increase over the six month period ended 30 September 2010. With Phase II of the ramp-up completed three months ahead of schedule, work at the mine is now focussed on optimising all production processes with the aim of improving recoveries.

*Figures shown are unaudited and may vary upon final audit. Gold ounces reported are exclusive of ounces attributable to gold in lock-up in the plant.

Underground ore production was expanded successfully during the period, including expansion of load and haul capacity. In conjunction with this, development work and production drilling, which enabled access to an additional production block, Phase II production volumes and planned mill feed grades were sustained successfully.

Following the commissioning of Mill 2 and associated circuits on time and on budget, the combined mining circuit performed well during the period. After sustained improvement at the beginning of the period, recovery was negatively impacted by the end of the period following leach tank outages affecting residence times and poor grinds during the commissioning phase. The management team are now focussed on optimising plant and systems to improve recoveries.

An increased mineral resource at Freda Rebecca, independently verified by SRK Consulting (UK) Limited, was announced in April 2011. The update included a 67% increase in the Indicated Mineral Resource to 1.67 million ounces of gold based on a cut-off grade of 1.5g/t gold.

Zani Kodo JV

The drilling programme at Zani Kodo continued, with two rigs active during the period drilling 45 holes for a total of 11,130m. In August 2011, Mwana announced a 13% resource increase to a total of 1,4Moz at an average grade of 3.18g/t at a 0.5g/t cut off. 

Zani Central

Drilling was completed across the 650m strike length of the target, where continuous mineralisation was identified. Results indicate that the mineralisation, associated with a sheared Banded Iron Formation, is broad (12-37m) and low grade, with narrow high grade portions locally. The zone dips to the east at around 50° and is continuous along strike identified to date.

The zone remains open to the South and at depth, with the lack of intersections in the northernmost holes (ZNCDD002 and ZNCDD003) indicating that it has been closed off in that direction by a NE trending fault.

Kodo downdip extension

A total of 4 'step out' holes were completed during the period, targeting the downdip extension of the high grade Kodo Main zone. Whilst no assay results have been received as yet, visible sulphide zones with pyrrhotite and arsenopyrite are present in all holes and at the targeted depth for the extension of the high grade Kodo Main ore zone.

Drilling will continue on the Kodo downdip extension and an updated resource calculation for the Kodo Main zone will be carried out once results have been received. Drilling will also be initiated at the Gombiri target immediately south of Zani Central.

Le Badolite

Exploration drilling at the Badolite target area identified continuous mineralisation over a strike length of 600m. An ore shoot plunging towards the SE has been identified with increased widths occurring at an inflection point where the dip of the ore zone shallows.

 A Badolite resource was calculated during the reporting period and forms part of the 1.4Moz total resource at Zani Kodo.

Bindura Nickel Corporation

BNC's assets remained on care and maintenance during the period, maintaining the integrity of the assets whilst restart funding is sought. Mwana and BNC are in negotiations with financiers regarding the proposed phased restart of operations at the asset and will update the market in due course.

In September BNC shareholders approved a convertible loan facility of $10m to be provided by Mwana, which will provide funds for the on-going working capital requirements at BNC. The loan element of the facility has been approved by the Reserve Bank of Zimbabwe. Mwana will be able to exercise the convertible element of the facility only upon a further specific approval by the Reserve Bank of Zimbabwe and the Ministry of Youth Development, Indigenisation and Empowerment.

The Trojan Mine remains ready to resume production, with all the processes up to the tertiary crushers having been hot commissioned in the previous financial year. Limited development and drilling continues to be undertaken at Trojan. The mine hoisted 3,676 tonnes of waste and 4,364 tonnes of ore during the period as part of its care and maintenance programme. Total underground development during the care and maintenance programme stood at approximately 1,045m at the end of September 2011. The current development is targeting key priority areas included in the restart plan.

Further information about Bindura Nickel Corporation can be found at: http://www.mwanaafrica.com/oe/zim_bnc.asp

Katanga Concessions

Exploration during the period focused on the Kibolwe, Lunsano and Kitemena-Kitungulu areas.

Kibolwe

Work concentrated on investigating the eastern copper anomaly at Kibolwe, involving pitting and sampling of pits. A total of 94 pits were dug during this period of which 31 pits investigated the eastern copper anomaly. The data collected is being analysed.

Kitemena-Kitungulu

Field camps were set up in the area during the period. Regional mapping has revealed mainly rock units of the Lower Kundelungu comprising Grand conglomerat and shale units exhibiting silicification and iron-metasomatism. Detailed geological mapping is expected to continue, followed by an extension of existing regional geochemical surveys and infill geochemical surveys. It is anticipated that some of these will yield drill targets.

Lunsano

Detailed geological mapping is on-going in the area, with the aid of trenching and pitting. 85 pits and 345m of trenching were completed in the area during the period. The area is considered to have excellent potential for significant copper mineralization.

Regional soil sampling was carried out on a grid 1km by 400m which was then reduced to infill grids of 500m by 200m and then 200m by 50m. A total of 401 termite samples from the Lunsano copper anomaly have been taken. 

Klipspringer Diamond Mine

Underground recovery of the shaft bottom, as well as dewatering and further cleaning of mud and debris were completed during the period.

Further work is on-going to enable the restart of production from the underground workings, including re-establishment of permanent electrical reticulation damaged during the flood, seal of fissure opening where the main water course crosses the Leopard fissure and installation and commissioning of main pumps at shaft bottom.

Diamonds - other interests

Mwana Africa has minority stakes in a number of other diamond projects including a 20% interest in Société Miniére de Bakwanga (MIBA) in the DRC, an 18% interest in the Camafuca project in Angola and 12.5%† interest in the BK16 project in Botswana.

† Mwana currently holds 55% of BK16 and has entered into an agreement with Firestone Diamonds whereby Firestone can earn up to 87.5% of BK16 for fi nancing and carrying out all work up to the completion of a bankable feasibility studyFinancial Review

The Group reported revenue of $37.6m for the period (H1 2010: $16.5m). Freda Rebecca generated $36.0m (H1 2010: $14.2m) from the sale of 21,893oz (H1 2010: 10,915oz) of gold.

The Group generated a gross profit of $17.2m for the period (H1 2010: $1.9m), $15.9m at Freda Rebecca and $1.3m at BNC which continued to dispose of inventory items.

Operating costs of $39.0m (H1 2010: $30.0m) increased from the previous year due to increased activity at Freda Rebecca with the introduction of the second milling circuit where costs for the period rose to $24.5m (H1 2010: $14.4m).

No impairment of assets was recorded in the period, as the outlook for commodity prices continues to be positive. The Group reported a loss before tax of $0.7m (H1 2010: $12.0m). 

During the period the Group raised $19.4m through an equity issue and debt. In June 2011, $14.2m was raised after costs through an equity issue and in August Freda Rebecca received $5.2m representing the 2nd and final tranche of its IDC loan facility. In addition, proceeds of $1.2m were realised on the disposal of investments.

Cashflow from operations of $4.3m was generated by the Group during the period. $12m of operational cash generated by Freda Rebecca was offset by $2.6m spend on the continued care and maintenance program at BNC, $1.0m on the Klipspringer diamond mine, also on care and maintenance, and $4.1m on other corporate costs. $4.3m was absorbed by working capital, resulting mainly from the repayment of creditors outstanding at the year-end, $0.5m on finance costs, and $2.4m of income tax on the profits of Freda Rebecca resulting in net cash used in operations of $3.0.

Capital investment comprised $4.6m (H1 2010: $3.3m) on property, plant and equipment, principally at Freda Rebecca, and a further $4.6m (H1 2010: $6.1m) on exploration assets.

At 30th September 2011, the Group, excluding BNC, held cash balances of $15.3m (H1 2010: $7.7m). BNC held cash balances of $0.1m (H1 Sep 2010: $3.0m).

The directors have determined that the Company's functional currency changed from pound sterling to the US dollar with effect from 1 April 2011.

Freda Rebecca, one of the Company's major subsidiaries, achieved steady state production at the end of the 2011 financial year. This event triggered a review of the functional currencies of all entities in the Group. For reasons more fully explained in note 2 to the interim financial statements it has been determined that the US dollar become the functional currency of the Company. 

Consistent with the change in the Company's functional currency, the Group has also changed its presentation currency from pound sterling to the US dollar with effect from 1 April 2011. Comparative figures of all the primary statements for 2010 and for the 2011 year-end have therefore been represented in US dollars.

Condensed Group interim financial statements

For the six months ended 30 September 2011

(Unaudited)

Contents

As at 30 September 2011

(Unaudited)

Condensed Group income statement

For the six months ended 30 September 2011

(Unaudited)

Condensed Group statement of comprehensive income

For the six months ended 30 September 2011

(Unaudited)

Condensed Group statement of changes in equity

For the six months ended 30 September 2011

(Unaudited)

Condensed Group statement of changes in equity (continued)

For the six months ended 30 September 2011

(Unaudited)

Condensed Group cash flow statement

For the six months ended 30 September 2011

(Unaudited)

1. Reporting entity

Mwana Africa PLC (the "Company") is a company domiciled in the United Kingdom. The condensed consolidated interim financial statements of the Company as at and for the six months ended 30 September 2011 comprise the Company and its subsidiaries (together referred to as the "Group") and the Group's interests in associates and jointly controlled entities. The audited consolidated financial statements of the Group as at and for the year ended 31 March 2011 are available upon request from the Company's registered office at Devon House, 12 - 15 Dartmouth Street, London, SW1H 9BL or at www.mwanaafrica.com.

2. Change in functional and reporting currency

The functional currency is the currency of the primary economic environment in which the entity operates and is normally the one in which it primarily generates and expends cash. An entity considers the following factors in determining its functional currency:

It is the currency:

- that mainly influences sales prices for goods and services

- of the country whose competitive forces and regulations mainly determine the sales prices of its goods and services

- in which funds from financing activities are generated

- in which receipts from operating activities are usually retained

A decision was taken during the first quarter of the year to review the functional currencies of Group entities upon the achievement by Freda Rebecca of steady state production. The directors have considered the factors mentioned above and concluded that the US dollar is the functional currency of the Company for the following reasons:

- Freda Rebecca which operates in US dollars, achieved steady state production, and began generating cash and repaying Group loans. Since then, most of the Company's cash inflows have been in US dollars.

- The entities in which the Company invests operate in economies where the US dollar is the dominant currency used for commercial transactions, namely in Zimbabwe and the DRC.

- The Company generates management fee income denominated in the US Dollar

- The Company holds its cash resources mainly in the US dollar

- The Company invests US dollar amounts in its exploration projects

- The Company raises funds based on US dollar investment plans presented to its shareholders for investment

Consistent with the change in the Company's functional currency from pound sterling to US dollars, the Group has also changed its presentation currency from pound sterling to the US dollar with effect from 1 April 2011. Comparative figures of all the primary statements for 2010 and for the 2011 year-end have been restated in US dollars.

The change of the Group's presentation currency and that of the Company's functional currency have been accounted for in accordance with IAS 21 'The Effects of Changes in Foreign Exchange Rates'. The balance sheet, income statement and statement of cashflows for the year ended 31 March 2011 have been represented in US dollars using the closing exchange rate of £1=$1.6033. Comparative information for the six month period ended 30 September 2010 have been represented using the exchange rate of £1=$1.6033 ruling on the date of the change.

3. Statement of compliance

These condensed financial statements have been prepared in accordance with International Accounting Standard ("IAS") 34, Interim Financial Reporting, as adopted by the EU. These condensed financial statements have been prepared using the same accounting policies as used in the preparation of the Group's annual financial statements for the year ended 31 March 2011, which were prepared in accordance with International Financial Reporting Standards as adopted by the EU ("IFRS"). They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 March 2011. The financial information presented in this document is unaudited.

The comparative figures for the financial year ended 31 March 2011 are not the Company's statutory accounts for that financial year. Those accounts have been reported on by the Company's auditor and delivered to the Registrar of Companies. The report of the auditor was unqualified, included emphasis of matter paragraphs in which the auditor drew attention to significant uncertainties that may cast significant doubt regarding going concern and the carrying value of investments, and did not contain a statement under section 498(2) or (3) of the Companies Act 2006. These sections address whether proper accounting records have been kept, whether the Company's accounts are in agreement with those records and whether the auditor has obtained all the information and explanations necessary for the purposes of its audit.

4. Going concern

The Directors, having considered the Group's current trading activities, funding position, projected funding requirements and the Zimbabwean environment for a period at least twelve months from the date of approval of these interim financial statements consider it appropriate to adopt the Going Concern basis in preparing the interim financial statements for the six months ended 30 September 2011.

The Group reports a loss for the period ended 30 September 2011 of $4.2 million (2010: $11.0 million).

During the six months to 30 September 2011, Freda Rebecca achieved its stated aim of reaching a production rate of 50,000 ounces per annum . The operating cash inflows from Freda Rebecca represent a strengthening of the Group's cash generating ability.

BNC remains on care and maintenance pending the restart of Trojan. BNC's ongoing costs for the period to 30 September 2011 have been funded from its own resources, inter-company loans from Group and by the continued deferral of significant amounts which remain due on demand to creditors. The restart of BNC remains a priority for the Board and the Directors have considered the continued care and maintenance costs of BNC in light of the Group's current cash resources. They recognise that securing funds in the next seven months will be necessary to continue to maintain all of the BNC assets on care and maintenance. Whilst securing financing for BNC remains a challenge in the current political climate and with the uncertainty prevailing over the Zimbabwe government's indigenisation programme the Directors are nevertheless making progress with negotiations for loan finance and for the restructuring of creditor and workforce liabilities and believe it is reasonable to plan on the basis that arrangements can be made to refinance BNC and to restart operations in the coming year.

The Group's other activities have been funded by its cash resources, including cash generated by Freda Rebecca together with the drawing of the remaining $5.2 million by Freda Rebecca under the IDC loan facility. The Group has no other borrowings.

The Directors have prepared the cash flow forecasts of the Group and are of the opinion that the Group's current cash resources, together with the cash forecast to be generated by Freda Rebecca, are sufficient to fund all of the Group's planned activities for at least twelve months from the date of these interim financial statements, with the exception of the planned restart of operations at BNC which will require additional funds to be raised. The creditor restructuring at BNC and the financing (debt and equity) of the BNC restart is the subject of negotiations with a number of parties and the Directors believe that financing can be arranged by July 2012. The Group cash flow forecast shows sufficient cash flows for the rest of the Group over the next twelve months and to keep BNC on care and maintenance until the earlier of the BNC restart and July 2012 and the directors believe that the negotiations mentioned above will generate a funding solution for BNC before July 2012.

The Directors are aware that various uncertainties might affect the validity of their forecasts. These uncertainties include metal prices, mining and processing risks and resource and reserve risks, in addition to the political and indigenisation risks in Zimbabwe as noted above which may constrain the ability of the Group to control the movement of cash between entities. The Directors believe they have the ability to manage cash flows and will continue to do so taking into account the Indigenisation proposals such that these risks could be mitigated and their impact on the going concern status of the Group is minimised. This can be by achieved by deferring discretionary exploration spend, and restructuring to meet the Indigenisation law in a way that the Group is still able to exercise control over cashflows from both BNC and Freda Rebecca. However, the Directors acknowledge that there is no certainty of successfully carrying out such mitigating steps.The Directors have concluded that the combination of these circumstances represents a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern and that therefore the Group may be unable to realise all its assets and discharge all of its liabilities in the normal course of business. Nevertheless, after making enquiries and considering the uncertainties described above the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing these interim financial statements which do not include any adjustments that would result from the going concern basis of preparation being inappropriate. 

5. Significant accounting policies

In the preparation of this condensed set of financial statements, the Group has applied the same accounting policies as those presented in the Group's consolidated financial statements for the year ended 31 March 2011, as set out on pages 43 to 48 of the Annual Report, as adjusted for the effects of:

The following amendments to published standards and interpretations are effective for the Group for the half year ended 30 September 2011:

- Revised IAS 24 Related Party Disclosures made changes mainly to the related party disclosure requirements for government-related entities, and the definition of a related party;

- Amendment to IFRIC 14 Prepayments of a Minimum Funding Requirement removes unintended consequences arising from the treatment of prepayments when there is a minimum funding requirement (MFR). The amendment results in prepayments of contributions in certain circumstances being recognized as an asset rather than an expense;

- IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments deals with how entities should measure equity instruments issued in a debt for equity swap. It addresses the accounting for such a transaction by the debtor only;

- Amenement to IFRS 1, First time Adoption of International Financial Reporting Standards provides first-time adopters the same relief from the requirement to provide comparative period disclosures for the information required to be presented by the Amendments to IFRS 7, as it had to existing IFRS reporters.

The Group has reviewed the effect of these amendments and interpretations, and has concluded that they have no material impact on these condensed consolidated interim financial statements.

The Group is currently assessing the potential impacts of the other new and revised standards and interpretations that will be effective from 1 April 2012 and beyond, and which the Group has not early adopted. The Group does not anticipate that these will have a material impact on the Group's overall results and financial position.

6. Operating segments

The Group has four reportable segments, as described below, which are the Group's strategic business units.

The strategic business units offer different products and services, and are managed separately because they require different technology and marketing strategies. The CEO reviews internal management reports for each of the strategic business units.

The following summary describes the operations in each of the Group's reportable segments:

·; Gold: Gold mining and prospecting activities

·; Nickel: Nickel mining, smelting and refining activities currently on care and maintenance

·; Diamonds: Diamond mining activities currently on care and maintenance

·; Exploration: Gold and base metal exploration activities

Information about reportable segments - Operations

7. Property, plant and equipment

8. Intangible assets