ACCOUNTING POLICIES

The preliminary condensed financial statements in this report have been prepared in accordance with the group's accounting policies, which are in terms of IFRS and are consistent with the prior period, except for the adoption of IFRS 2.

Joint ventures are those investments in which the group has joint control and are accounted for under the proportional consolidation method. Under this method, the proportion of assets, liabilities, income and expenses and cash flows of each joint venture attributable to the group are incorporated in the consolidated financial statements under appropriate headings. Inter-company accounts and transactions are eliminated on consolidation.

No segmental information has been provided, as the source and nature of the enterprise's risks and returns are not governed by more than one segment.

The group adopted IFRS 2, accounting for share-based payment from 1 January 2005, in accordance with the Standard's transitional provisions. The Standard requires an entity to recognise share-based payment transactions in its financial statements.  The comparatives have been adjusted accordingly.  The effect of the change is a charge of US$1.7 million for the nine months ended 30 September 2005 and a charge of US$1.3 million for the year ended 31 December 2004.