------------ ---------------- --------------
Total equity 50,453 20,556 27,318
------------ ---------------- --------------
LIABILITIES
Current liabilities
Trade and other
payables 901 2,176 1,556
Borrowings - - 5
Provisions 202 92 13
------------ ---------------- --------------
Total current
liabilities 1,103 2,268 1,574
------------ ---------------- --------------
Total liabilities 1,103 2,268 1,574
------------ ---------------- --------------
Total equity and
liabilities 51,556 22,824 28,892
------------ ---------------- --------------
The above consolidated statement of financial position should be
read in conjunction with the accompanying notes.
Consolidated Statement of Comprehensive Income for the year
ended 31 December 2010
Unaudited 2009
2010 Restated*
Notes $'000 $'000
Continuing Operations:
Other income - 63
Employee benefits expense (9,182) (4,725)
Depreciation and amortisation expense 2 (2,885) (2,393)
Administration expenses (2,012) (709)
Consulting expenses (2,075) (1,533)
Exploration expenses (7,341) (4,269)
Legal expenses (353) (227)
Occupancy expenses (744) (351)
Travel and accommodation expenses (1,843) (742)
Reversal/(Impairment) of advances to
related parties - 1,248
Foreign exchange profit/(loss) 1,877 (14)
Loss on sale of property, plant and
equipment - (124)
--------- ----------
Results from operating activities (24,558) (13,776)
Finance income net of finance costs 467 741
Finance income 506 757
Finance costs (39) (16)
--------- ----------
Loss before income tax (24,091) (13,035)
Income tax expense (20) (76)
--------- ----------
Loss from continuing operations (24,111) (13,111)
--------- ----------
Loss for the year (24,111) (13,111)
--------- ----------
Other comprehensive income for the year,
net of tax:
Foreign currency translation differences
- foreign operations 5 273 10
--------- ----------
Total comprehensive loss for the year (23,838) (13,101)
Total comprehensive loss for the year
is attributable to:
Equity holders of Bellzone Mining plc (23,838) (13,101)
--------- ----------
Cents Cents
Loss per share attributable to the ordinary
equity holders of the parent entity:
Basic loss per share (4.806) (3.110)
Diluted loss per share (4.806) (3.110)
* - See note 1(c) and 5(b)(i) The above consolidated statement
of comprehensive income should be read in conjunction with the
accompanying notes.
Consolidated Statement of Changes in Equity for the year ended
31 December 2010
Ordinary Retained Total
Notes shares Reserves losses equity
$'000 $'000 $'000 $'000
Attributable to equity
holders of the Company
Balance at 1 January 2009
(restated*) 49,897 (9,515) (13,064) 27,318
Total comprehensive loss
for the year
Loss for the year
(restated*) - - (13,111) (13,111)
Other comprehensive income
Movement in reserves
(restated*) - 6,349 - 6,349
Balance at 31 December 2009
(restated*) 49,897 (3,166) (26,175) 20,556
--------- --------- --------- ---------
Unaudited balance at 1
January 2010 (restated*) 49,897 (3,166) (26,175) 20,556
Total comprehensive loss
for the year
Loss for the year - - (24,111) (24,111)
Other comprehensive income
Movement in reserves - 273 - 273
Transactions with owners
direct in equity
Contributions of equity,
net of transaction costs 4 49,777 - - 49,777
Share-based payment
transactions 7c,7f - 3,958 - 3,958
--------- --------- --------- ---------
Unaudited balance at 31
December 2010 99,674 1,065 (50,286) 50,453
--------- --------- --------- ---------
* - See note 1(c) and 5(b)(i) The above consolidated statement
of changes in equity should be read in conjunction with the
accompanying notes.
Consolidated Statement of Cash Flows for the year ended 31
December 2010
Unaudited
2010 2009
Restated*
Notes $'000 $'000
Net cash (outflow) from operating
activities (18,716) (7,148)
Cash flows from investing activities
Payments for property, plant and
equipment (930) (221)
Consideration paid for asset purchase
(net of cash) - (3,094)
Net cash (outflow) from investing
activities (930) (3,315)
--------- ---------
Cash flows from financing activities
Proceeds from issues of shares
and other equity securities 4c 51,286 -
Payments for share issue costs 4c (5,515) -
--------- ---------
Net cash inflow from financing
activities 45,771 -
--------- ---------
Net increase / (decrease) in cash
and cash equivalents 26,125 (10,463)
Cash and cash equivalents at the
beginning of the financial year 12,982 23,445
Cash and cash equivalents at end
of year 39,107 12,982
--------- ---------
* - See note 1(c) and 5(b)(i)
The above consolidated cash flow statement should be read in
conjunction with the accompanying notes.
Extracts from notes to the consolidated financial statements
1. Accounting Policies
a. Corporate
Bellzone is a listed public company incorporated and registered in
Jersey, Channel Islands, complying with International Financial Reporting
Standards (IFRS) as issued by the International Accounting Standards
Board.
Policies are consistent with prior year except for the functional and
presentation currency
b. Going concern
The unaudited results for the year reflect the current nature of the
Group's activities being mineral exploration and project development.
The current nature of the Group's activities does not provide the Group
with production or trading revenue. The Group has met its working capital
requirements by raising the required capital through the placing of
shares with investors. The Company completed a GBP33.6 million capital
raising in March 2010 and at April 2010 has raised a total of $107.5
million since incorporation.
The funds currently available will not meet planned activities for
the forthcoming twelve months. Those plans include significant feasibility
study costs for Kalia, exploration and evaluation of the Mali project
and evaluation and development costs of Forecariah. In order to fund
those plans, the Company estimates it will require additional equity
of at least $35 million in the foreseeable future. However these plans
can be modified to significantly reduce levels of expenditure and the
timing of expenditure if required and additional activity or accelerated
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