Annual Report and Accounts 2013
Petra Diamonds Limited 115
Overview
Performance Review
Strategic Review
Sustainability
Corporate Governance
Group Accounts
15. Intangible assets
US$ million
Total
Cost
Balance at 1 July 2012 and 30 June 2013
14.5
Amortisation
Balance at 1 July 2012 and 30 June 2013
(14.5)
Net book value
At 30 June 2012
At 30 June 2013
Prospecting licences
Prospecting licences in Botswana are fully amortised. The Group continues to conduct exploration activities in Botswana.
During the year, exploration expenditure of US$4.9 million (30 June 2012: US$3.1 million) was expensed in respect of exploration
activities within Botswana.
16. Investments in associates
Interests in associates
At year end, the Group had interests in the following companies:
Ownership
Country
2013
2012
Nelesco 651 (Pty) Ltd1
South Africa
49.2%
Namibia Mining House (Pty) Ltd
Namibia
35.0%
35.0%
Nabera Mining (Pty) Ltd
South Africa
29.5%
29.5%
Organizações Moyoweno – Comércio Geral Lda
Angola
40.0%
40.0%
1. Refer to note 3 for detail relating to the acquisition of 49.24% of Nelesco 651 (Pty) Ltd.
The unrecognised share of losses of the associates in aggregate is US$nil (30 June 2012: US$nil) and no individual associate has assets,
liabilities or trading activity that are significant. The assets, liabilities and trading results of Nelesco are not material to the Group,
other than its 100% shareholding in Sedibeng Mining which gives rise to indirect interests in certain Petra mines as set out in note
3. If the investments in associates had been included at cost, they would have been included at US$nil (30 June 2012: US$nil).
17. Inventories
US$ million
2013
2012
Diamonds held for resale
31.5
24.5
Work in progress stockpiles
13.8
15.3
Consumables and stores
8.5
8.5
Livestock
0.2
0.2
54.0
48.5
Provision for impairment of slow moving consumables and stores
(0.3)
(0.7)
53.7
47.8
As at 30 June 2013, diamonds (inventories held for resale) with a cost value of US$4.7 million (30 June 2012: US$13.7 million) have been
written down by US$1.0 million (30 June 2012: US$3.8 million) to fair value less costs to sell of US$3.7 million (30 June 2012: US$9.9 million)
(due to fair value less cost to sell being below cost) within the overall carrying value of US$31.5 million (30 June 2012: US$24.5 million).
The movement in provisions against slow moving consumables and stores resulted in a charge to the income statement of US$nil
(30 June 2012: US$0.4 million).
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