Statement of Cash Flows

Statement of Cash Flows
for the year ended 31 December 2017

Notes 2017
USD
2016 
USD
CASH FLOWS FROM OPERATING ACTIVITIES
(43 837 740 ) (89 909 990 )
Loss before tax
Adjustment for non-cash items:
Foreign exchange gain/(loss) 3 609 (790 000 )
Impairment of stripping activity asset 19 4 849 819
Depreciation 13 399 288 17 035 805
Amortisation 269 530 269 530
Loss on disposal 149 499
Share of loss from equity accounted investments 63 113 1 365 390
Finance costs 13 062 019 1 992 977
Discount received (1 756 767 )
Insurance claim (129 ) (33 500 )
Loan interest charges written off (2 001 243 )
Operating cash flow before changes in working capital (18 797 079 ) (67 071 714 )
Changes in working capital:
Decrease in inventory 2 895 528 19 951 225
Increase in stripping activity asset (8 871 563 )
(Increase)/decrease in receivables (13 132 469 ) 13 592 311
Increase/(decrease) in provisions 2 695 829 (3 102 035 )
Decrease in trade and other payables (212 673 109 ) (4 468 766 )
Cash utilised in operating activities (247 882 860 ) (41 098 979 )
Interest paid (19 725 )
Tax paid
Net cash flows utilised in operating activities (247 882 860 ) (41 118 704 )
CASH FLOWS FROM FINANCING ACTIVITIES
Increase in long-term creditors 210 226 850
Proceeds from borrowings 52 284 000 59 216 000
Repayment of borrowings (4 335 506 ) (18 216 000 )
Insurance claim 129
Net cash flows generated from financing activities 258 175 473 41 000 000
Net decrease in cash and cash equivalents 8 585 550 (187 346 )
Cash and cash equivalents at beginning of the year 278 631 465 977
Cash and cash equivalents at end of year 23 8 864 181 278 631