FEATURES

• Afripalm Transaction boosts balance sheet and repositions the company
• Adjusted earnings rise from 46cps to 111cps
• Strong underlying performance from Northam and Trans Hex
• Headline loss of 1,199cps largely due to 32% decline in Gold Fields share price and IFRS treatment of Afripalm Transaction

SHARE PRICE & RELATIVE TO RESOURCE INDEX (REBASED)

COMMENTARY

An important turning point in the evolution of Mvelaphanda Resources was the conclusion of the Afripalm Transaction in March 2007, in terms of which Mvela Resources issued 40 million new ordinary shares, 35 million “A” ordinary shares and 10 million options to Afripalm Resources, a broad-based BEE company led by Lazarus Zim, thereby increasing Mvela Resources’ BEE shareholding to over 50%.

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