NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2015
123
ANNUAL REPORT 2015
31.
PROVISIONS
Provision
for mine
rehabilitation
Provision
for mine
restoration
Provision
for income
support
Provision
for repairs
Provision
for financial
guarantee Total
$’000
$’000
$’000
$’000
$’000 $’000
GROUP
At 1 January 2015
–
3,916
683
23,477
3,974 32,050
Provision/(reversal)
made during the year
–
2,411
(360)
–
– 2,051
Discount adjustment on
provision (note 10)
–
128
–
–
– 128
Provision utilised
–
–
(323)
(2,337)
– (2,660)
Exchange adjustment
–
(532)
–
(1,555)
(803)
(2,890)
At 31 December 2015
–
5,923
–
19,585
3,171 28,679
Non-current
–
5,923
–
–
– 5,923
Current
–
–
–
19,585
3,171 22,756
–
5,923
–
19,585
3,171 28,679
At 1 January 2014
40
3,851
–
15,543
– 19,434
Provision made during the year
–
–
683
8,285
3,748 12,716
Discount adjustment
on provision (note 10)
–
136
–
–
– 136
Sale of a subsidiary (note 18)
(40)
–
–
–
– (40)
Provision utilised
–
–
–
(448)
– (448)
Exchange adjustment
–
(71)
–
97
226
252
At 31 December 2014
–
3,916
683
23,477
3,974 32,050
Non-current
–
3,916
–
–
– 3,916
Current
–
–
683
23,477
3,974 28,134
–
3,916
683
23,477
3,974 32,050
The provision for mine restoration is in respect of mine restoration costs to be incurred subsequent to the cessation of
production of each mine property. It is provided based on the present value of the estimated expenditure to be incurred.
The provision for repairs recorded by the Company relates to provisions made for contractual obligations arising from
discontinued operations.
