9 months

9 months

ended

ended

30 Sept

30 Sept

US$000

2010

2009

Profit after tax

88 418

45 584

Income tax expense

11 144

14 677

Profit before income tax

99 562

60 261

Adjustment for non-cash items

1 220

32 815

Effects of change in operating working capital items

24 817

 (12 567)

   Receivables

(16 583)

(28 434)

   Inventories and ore stockpiles

(8 192)

(5 142)

   Trade and other payable

49 592

21 009

Income tax paid

(18 572)

(24 175)

Net cash generated from operating activities

107 027

56 334

Additions to property, plant and equipment

(348 415)

(123 432)

Acquisition of shares in Volta Resources

(1 204)

-

Sale of shares in Volta Resources

15 528

-

Proceeds from return of ARS funds

42 000

-

Net cash used by investing activities

(292 091)

(123 432)

Proceeds from issue of ordinary shares

28 079

341 516

Decrease in long term loans

(430)

(1 317)

Dividends paid to company’s shareholders

(15 346)

(9 967)

Net cash generated from financing activities

12 303

330 232

Net (decrease)/increase in cash and cash equivalents

(172 761)

263 134

Cash and cash equivalents at beginning of period

589 681

257 631

Cash and cash equivalents at end of period

416 920

520 765