Exploration Review Good progress was made in the period with the Group’s extensive base metal, gold and diamond exploration programmes. However, following recent changes in economic conditions, it was announced on 22nd October 2008 that these programmes would be scaled back significantly, while ensuring that conditions to retain exploration rights are satisfied, until the funding environment and the outlook for commodity prices have stabilised. Following BHP Billiton's withdrawal from the SouthernEra agreement and proposed termination of the Gravity agreement, as announced on 2nd December 2008, all options including the closure of all kimberlite diamond exploration in the DRC, are being considered by Mwana. In the period, the Company invested £7.0m (2007: £3.3m) in Mwana’s extensive exploration portfolio including gold, base metals and diamond prospects in the DRC, Ghana and South Africa. Further exploration was funded by BHP Billiton, Anglo American and others through joint venture agreements.
SBL Price at posting:
2.2¢ Sentiment: None Disclosure: Held