Report for half year

Centamin Egypt Limited 27 February 2007 Centamin Egypt Limited ('Centamin' or the 'Company') Financial Report for the Half Year Ended 31 December 2006 DIRECTORS' REPORT ________________________________________________________________________________ The Directors of Centamin Egypt Limited herewith submit the financial report for the half-year ended 31 December 2006. In order to comply with the provisions of the Corporations Act 2001, the Directors report as follows: DIRECTORS The names of the Directors and officers of the company during or since the end of the half-year are: Mr Sami El-Raghy, Chairman Mr Josef El-Raghy, Managing Director/CEO Mr Colin Cowden, Non Executive Director Mr Gordon B Speechly, Non Executive Director Dr Thomas Elder, Non Executive Director Mr H Stuart Bottomley, Non Executive Director COMPANY SECRETARY Mrs Heidi Brown PRINCIPAL ACTIVITIES The principal activity of the consolidated entity during the course of the financial year was the exploration for precious and base metals and progress towards completion of a Definitive Feasibility Study (DFS) into the Sukari Gold Project located in the western desert region of Egypt. There were no significant changes in the nature of the activities of the consolidated entity during the half-year. REVIEW OF OPERATIONS During the half-year, the Company focused on infill and step out drilling of the Sukari Gold Project and completion of work on the Definitive Feasibility Study (DFS) into the development of a four million tonne per annum gold processing CIL plant at the project's location in Egypt. In August 2006, an upgrade of the resource modelling and grade estimation of the Sukari geological resource was completed to JORC standards by independent resource consultants, Hellman & Schofield. The gold resource increased to 142.96 Mt @ 1.48 g/t Au for 6.79 Moz Au at a 0.5 g/t cu-off grade. In October 2006, the Company entered into an agreement with a subsidiary of Newmont Mining Corporation, to acquire the Kori Kollo CIL process plant for US$11 million. The Kori Kollo plant is located in Bolivia and was built and commissioned by Minproc Engineers in 1993. The plant is ideally suited to the Sukari orebody and key equipment sizing is well matched to the 4-5 mtpa processing rate currently envisaged for the Sukari Gold Project. The acquisition represented a key step forward in bringing the Sukari Gold Project into production. It is expected that the Kori Kollo plant will arrive in Egypt in the third quarter of 2007. In November 2006, another upgrade of the resource modelling and grade estimation of the Sukari geological resource was completed to JORC standards by independent resource consultants, Hellman & Schofield. The gold resource increased to 167.18 Mt @ 1.43 g/t Au for 7.70 Moz Au at a 0.5 g/t cu-off grade. Several key personnel appointments were made during the half-year, including a new Project Manager, Robert (Bob) Sinclair, a Construction Manager, Peter Evans and a Chief Financial Officer, Mark Smith. Additional project and construction roles have and are being recruited for on an on going basis as the company prepares for construction activity to commence at the Sukari Gold Project in the second half of the financial year. In January 2007, the Ministry of Petroleum & Mineral Resources (EMRA) and the International Finance Corporation (IFC), the private sector arm of the World Bank Group, signed an agreement for a technical assistance program to review and reform Egypt's legal and taxation policy framework for private sector mining investments. Managed by the IFC's technical assistance unit in the Middle East and North Africa, the joint project will undertake a review and define specific policy recommendations for the development of the Egyptian mining industry with particular focus on the legal, fiscal and institutional framework. Egypt's government wishes to liberalise the country's mining industry to attract more domestic and foreign investment. The existing policy framework requires further improvements for Egypt to be able to compete internationally for mining investment. The move by the IFC and EMRA is seen as very positive for Egypt and the Company is supportive of this initiative. The Company announced in its Quarterly Report to the Australian Stock Exchange in January 2007 that Westwind Partners, a Canadian financial services and broking company, had been engaged to work towards a full Toronto Stock Exchange (TSX) listing to complement the existing Alternative Investment Market (AIM) and Australian Stock Exchange (ASX) listings. The Company believes that the North American capital markets will embrace the advanced stage exploration and development activities of a project the size of Sukari, and as such, the TSX listing should add value for all shareholders. In early February 2007, a further upgrade of the resource modelling and grade estimation of the Sukari geological resource was completed to JORC standards by independent resource consultants, Hellman & Schofield. The gold resource increased to 174.20 Mt @ 1.47 g/t Au for 8.26 Moz Au at a 0.5 g/t cu-off grade - a 181% increase (5.32 Moz) since the project drilling recommenced in May 2005 and at an impressive cost to shareholders of only on average US$4 per resource ounce. On 19 February 2007, the Company announced that the DFS into the Sukari Gold Project had been successfully completed and following this, the board of directors gave formal approval for the development of the Project. Shareholders are referred to the Company's website (www.centamin.com) for further details. AUDITOR'S INDEPENDENCE DECLARATION The auditor's independence declaration is included on page 3 of the half-year report. Signed in accordance with a resolution of the directors made pursuant to s306 of the Corporations Act 2001. On behalf of the Directors Sami El-Raghy Chairman Perth, 27 February 2007 Deloitte Touche Tohmatsu A.C.N. 74 490 121 060 Woodside Plaza Level 14 240 St Georges Terrace Perth WA 6000 GPO Box A46 Perth WA 6837 Australia DX 206 Tel: +61 (0) 8 9365 7000 Fax: +61 (0) 8 9365 7001 www.deloitte.com.au The Board of Directors Centamin Egypt Limited 57 Kishorn Road Mt Pleasant 6153 27 February 2007 Dear Board Members Centamin Egypt Limited In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following declaration of independence to the directors of Centamin Egypt Limited. As lead audit partner for the review of the financial statements of Centamin Egypt Limited for the financial half-year ended 31 December 2006, I declare that to the best of my knowledge and belief, there have been no contraventions of: (i) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and (ii) any applicable code of professional conduct in relation to the review. Yours sincerely DELOITTE TOUCHE TOHMATSU KEITH JONES Partner Chartered Accountants Deloitte Touche Tohmatsu A.C.N. 74 490 121 060 Woodside Plaza Level 14 240 St Georges Terrace Perth WA 6000 GPO Box A46 Perth WA 6837 Australia DX 206 Tel: +61 (0) 8 9365 7000 Fax: +61 (0) 8 9365 7001 www.deloitte.com.au Independent Auditor's Review Report to the members of Centamin Egypt Limited Report on the Half-Year Financial Report We have reviewed the accompanying half-year financial report of Centamin Egypt Limited, which comprises the balance sheet as at 31 December 2006, and the income statement, cash flow statement, statement of changes in equity for the half-year ended on that date, selected explanatory notes and the directors' declaration of the consolidated entity comprising the company and the entities it controlled at the end of the half-year or from time to time during the half-year, as set out on pages 6 to 15. Directors' Responsibility for the Half-Year Financial Report The directors of the company are responsible for the preparation and fair presentation of the half-year financial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001. This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the half-year financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditor's Responsibility Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of an Interim Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity's financial position as at 31 December 2006 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of Centamin Egypt Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report. A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Auditor's Independence Declaration In conducting our review, we have complied with the independence requirements of the Corporations Act 2001. Conclusion Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Centamin Egypt Limited is not in accordance with the Corporations Act 2001, including: (a) giving a true and fair view of the consolidated entity's financial position as at 31 December 2006 and of its performance for the half-year ended on that date; and (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. DELOITTE TOUCHE TOHMATSU KEITH JONES Partner Chartered Accountants Perth, 27 February 2007 DIRECTORS' DECLARATION ________________________________________________________________________________ The directors declare that: a) In the directors' opinion, there are reasonable grounds to believe that the disclosing entity will be able to pay its debts as and when they become due and payable; and b) In the directors' opinion, the attached financial statements and notes thereto are in accordance with the Corporations Act 2001, including compliance with accounting standards and giving a true and fair view of the financial position and performance of the consolidated entity. Signed in accordance with a resolution of the directors made pursuant to s303(5) of the Corporations Act 2001. On behalf of the Directors Sami El-Raghy Chairman Perth, 27 February 2007 CONDENSED CONSOLIDATED INCOME STATEMENT for the half-year ended 31 December 2006 ______________________________________________________________________________ Consolidated Note Half Year Ended Half Year Ended 31 Dec 2006 31 Dec 2005 $ $ Interest income 1,296,903 416,095 Profit on sale of asset 530,257 - Salaries, directors fees & (421,697) (264,087) superannuation Foreign exchange loss (124,429) (51,705) Accounting, audit & legal fees (58,899) (13,480) Consulting Fees (110,637) (35,207) Promotional expenses (103,825) (80,739) Other expenses from ordinary activities (179,045) (82,549) Travelling expenses (279,960) (133,032) Listing & share registry fees (73,669) (58,178) Office rent (27,142) (26,265) Telephone expenses (20,459) (15,376) Annual report expenses (6,139) (17,610) Depreciation (13,052) (12,211) Employee option expense (230,172) (158,035) ______________________________ Profit/(Loss) for the period 178,035 (532,379) ______________________________ Profit/(Loss) attributable to equity 178,035 (532,379) holders of the parent ============================== Earnings Per Share From continuing and discontinued operations: - Basic (cents per share) 0.011 (0.036) - Diluted (cents per share) 0.022 (0.036) From continuing operations: - Basic (cents per share) 0.011 (0.036) - Diluted (cents per share) 0.022 (0.036) The consolidated income statement is to be read in conjunction with the notes to and forming part of the half-yearly financial statements on pages 11 to 15. CONDENSED CONSOLIDATED BALANCE SHEET as at 31 December 2006 Consolidated 31 Dec 2006 30 Jun 2006 Note $ $ CURRENT ASSETS Cash and cash equivalents 40,014,360 54,493,427 Trade and other receivables 512,655 183,004 Other 170,951 113,399 ______________________________ Total current assets 40,697,966 54,789,830 ______________________________ NON-CURRENT ASSETS Investments accounted for using the 6 4,728 - equity method Property, plant and equipment 14,723,596 1,070,101 Exploration and evaluation expenditure 49,678,977 41,388,637 ______________________________ Total non-current assets 64,407,301 42,458,738 ______________________________ Total assets 105,105,267 97,248,568 ______________________________ CURRENT LIABILITIES Trade and other payables 7,908,345 861,259 Provisions 4 411,875 325,929 ______________________________ Total current liabilities 8,320,220 1,187,188 ______________________________ NON-CURRENT LIABILITIES Trade and other payables 190,035 205,448 ______________________________ Total non-current liabilities 190,035 205,448 ______________________________ Total liabilities 8,510,255 1,392,636 ______________________________ Net assets 96,595,012 95,855,932 ============================== EQUITY Issued capital 115,674,918 115,344,046 Reserves 3,578,822 3,339,601 Accumulated losses (22,658,728) (22,827,715) ______________________________ Total equity 96,595,012 95,855,932 ============================== The consolidated balance sheet is to be read in conjunction with the notes to and forming part of the half-yearly financial statements on pages 11 to 15. CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the half-year ended 31 December 2006 ________________________________________________________________________________ Issued General Share Accumulated Total Capital Reserve Options Losses Reserve $ $ $ $ $ BALANCE AT 1 JUL 2005 68,602,890 2,809,287 63,504 (23,847,593) 47,628,088 Loss for the period - - - (532,379) (532,379) Share options exercised 130,250 - - - 130,250 Cost of share based - - 158,035 - 158,035 payments ________________________________________________________ BALANCE AT 31 DEC 2005 68,733,140 2,809,287 221,539 (24,379,972) 47,383,994 Profit for the period - - - 1,543,209 1,543,209 Share options exercised 208,933 - - - 208,933 Cost of share based - - 317,823 - 317,823 payments Placement of 75,000,000 46,401,973 - - - 46,401,973 shares @ 27.5p (net of fees) Transfer to retained - - (9,048) 9,048 - earnings _________________________________________________________ BALANCE AT 30 JUN 2006 115,344,046 2,809,287 530,314 (22,827,715) 95,855,932 FX difference on 68 - - - 68 Placement in April 2006 Loss for the period - - - 178,035 178,035 Share options exercised 330,804 - - - 330,804 Cost of share based - - 230,173 - 230,173 payments Transfer to retained - - 9,048 (9,048) - earnings __________________________________________________________ BALANCE AT 31 DEC 2006 115,674,918 2,809,287 769,535 (22,658,728) 96,595,012 __________________________________________________________ The consolidated statement of changes in equity is to be read in conjunction with the notes to and forming part of the half-yearly financial statements on pages 11 to 15. CONDENSED CONSOLIDATED CASH FLOW STATEMENT for the half-year ended 31 December 2006 Consolidated Half-year Half-year Ended Ended 31 Dec 2006 31 Dec 2005 $ $ CASH FLOWS FROM OPERATING ACTIVITIES Payments to suppliers and employees (1,392,850) (720,859) ___________________________ Net cash used in operating activities (1,392,850) (720,859) ___________________________ CASH FLOWS FROM INVESTING ACTIVITIES Payment for purchases of property, plant & (6,408,254) (248,921) equipment Payments for exploration (8,603,223) (4,320,204) Interest received 1,296,903 416,095 Proceeds from sale of property, plant & 421,982 5,665 equipment ___________________________ Net cash used in investing activities (13,292,660) (4,147,365) ___________________________ CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from the issues of equity 330,804 130,250 securities ___________________________ Net cash provided by financing activities 330,804 130,250 ___________________________ Net decrease in cash and cash equivalents (14,354,638) (4,737,974) Effects of exchange rate changes on the (124,429) (51,705) balance of cash held in foreign currencies Cash and cash equivalents at the beginning 54,493,427 17,984,972 of the period ___________________________ Cash and cash equivalents at the end of 40,014,360 13,195,293 the period =========================== The consolidated cash flow statement is to be read in conjunction with the notes to and forming part of the half-yearly financial statements on pages 11 to 15. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. Significant accounting policies STATEMENT OF COMPLIANCE The half-year financial report is a general purpose financial report prepared in accordance with the Corporations Act 2001 and AASB 134 Interim Financial Reporting. Compliance with AASB 134 ensures compliance with International Finance Reporting Standard IAS 34 Interim Financial Reporting. The half-year financial report does not include notes of the type normally included in an annual financial report and should be read in conjunction with the most recent annual financial report. BASIS OF PREPARATION The condensed financial statements have been prepared on the basis of historical cost, except for the revaluation of certain non-current assets and financial instruments. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars, unless otherwise noted. The accounting policies and methods of computation adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the company's 2006 annual financial report for the financial year ended 30 June 2006. The significant policies which have been adopted in the preparation of these financial statements are: (A) ACCOUNTS PAYABLE Trade payables and other accounts payable are recognised when the consolidated entity becomes obliged to make future payments resulting from the purchase of goods and services. (B) DEBT AND EQUITY INSTRUMENTS ISSUED BY THE COMPANY Debt and equity instruments are classified as either liabilities or as equity in accordance with the substance of the contractual arrangement. (C) EXPLORATION, EVALUATION AND DEVELOPMENT EXPENDITURE Exploration and evaluation expenditure is brought to account at cost. Ongoing costs of acquisition, exploration and evaluation are capitalised in relation to each separate area of interest and in respect of which: i. such costs are expected to be recouped through successful development and exploitation of the area or alternatively by their sale, or ii. exploration and evaluation activities in the area have not yet reached the stage which permits a reasonable assessment of the existence of economically recoverable reserves, and active and significant operations are continuing. The Directors review the carrying value of each area of interest at balance date and exploration expenditure which no longer satisfies the above policy is written off. All exploration permits are treated as separate areas of interest. Once an area of interest enters a development phase, all capitalised acquisition, exploration and evaluation expenditure is transferred to development costs within property, plant and equipment. D) FOREIGN CURRENCY All foreign currency transactions during the period have been brought to account using the exchange rate in effect at the date of the transaction. Foreign currency monetary items at balance date are translated at the exchange rate existing at that date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. All exchange differences are brought to account in the consolidated income statement in the financial period in which they arise. (E) GOODS AND SERVICES TAX Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except: i. Where the amount of GST incurred is not recoverable from the taxation authority, it is recognised as part of the cost of acquisition of an asset or as part of an item of expense; or ii. For receivables and payables which are recognised inclusive of GST. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables. (F) IMPAIRMENT OF ASSETS At each reporting date, the consolidated entity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the consolidated entity estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessment of the time value of money and the risks specific to the asset for which the estimates of future flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash- generating unit) is reduced to its recoverable amount. Each cash generated unit is determined on an area of interest basis. Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash generating unit) in prior years. (I) LOANS AND RECEIVABLES Trade receivables, loans, and other receivables are recorded at amortised cost less impairment. (J) PLANT AND EQUIPMENT Plant and equipment, and equipment under finance lease are stated at cost less accumulated depreciation and impairment. Plant and equipment will include capitalised development expenditure. Cost includes expenditure that is directly attributable to the acquisition of the item as well as the estimated cost of abandonment. In the event that settlement of all or part of the purchase consideration is deferred, cost is determined by discounting the amounts payable in the future to their present value as at the date of acquisition. Depreciation is provided on property, plant and equipment. Depreciation of capitalised development expenditure will be provided on a unit of production basis over recoverable reserves, whilst on other fixed assets are calculated on a straight line basis so as to write off the net cost or other re-valued amount of each asset over its expected useful life to its estimated residual value. The estimated useful lives, residual values and depreciation method are reviewed at the end of each annual reporting period. The following estimated useful lives are used in the calculation of depreciation: Plant & Equipment & Office Furniture - 4-10 years Motor Vehicles - 2 -8 years (K) PRINCIPLES OF CONSOLIDATION The consolidated financial statements are prepared by combining the financial statements of all the entities that comprise the consolidated entity, being the company (the parent entity) and its subsidiaries as defined in Accounting Standard AASB 127 Consolidated and Separate Financial Statements. Consistent accounting policies are employed in the preparation and presentation of the consolidated financial statements. The consolidated financial statements include the information and results of each subsidiary from the date on which the company obtains control and until such time as the company ceases to control such entity. In preparing the consolidated financial statements, all intercompany balances and transactions, and unrealised profits arising within the consolidated entity are eliminated in full. (L) REVENUE RECOGNITION Interest revenue is recognised on a time proportionate basis that takes into account the effective yield on the financial asset. (M) SHARE-BASED PAYMENTS Employee share options that vested before 1 January 2005 have not been expensed. The shares are recognised when the options are exercised and the proceeds are allocated to share capital. Equity-settled share-based payments granted after 7 November 2002 that were unvested as of 01 January 2005, are measured at fair value at the date of grant. Fair value is measured under the Black and Scholes model. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the consolidated entity's estimate of shares that will eventually vest. (N) SUPERANNUATION FUND The Company contributes to, but does not participate in, compulsory superannuation funds on behalf of the Employees and Directors in respect of salaries and directors' fees paid. Contributions are charged against income as they are made. (O) TAXATION Current tax Current tax is calculated by reference to the amount of income taxes payable or recoverable in respect of the taxable profit or tax loss for the period. It is calculated using tax rates and tax laws that have been enacted or substantively enacted by reporting date. Current tax for current and prior periods is recognised as a liability (or asset) to the extent that it is unpaid (or refundable). Deferred tax Deferred tax is accounted for using the comprehensive balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax base of those items. In principle, deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised to the extent that it is probable that sufficient taxable amounts will be available against which deductible temporary differences or unused tax losses and tax offsets can be utilised. However, deferred tax assets and liabilities are not recognised if the temporary differences giving rise to them arise from the initial recognition of assets and liabilities (other than as a result of a business combination) which affects neither taxable income nor accounting profit. Furthermore, a deferred tax liability is not recognised in relation to taxable temporary differences arising from goodwill. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the company/consolidated entity intends to settle its current tax assets and liabilities on a net basis. Current and deferred tax for the period Current and deferred tax is recognised as an expense or income in the income statement, except when it relates to items credited or debited directly to equity, in which case the deferred tax is also recognised directly in equity, or where it arises from the initial accounting for a business combination, in which case it is taken into account in the determination of goodwill or excess. 2. Segment reporting Primary reporting - Business Segments The economic entity is engaged in the business of exploration for precious and base metals only, which is characterised as one business segment only. As the economic entity has only one business segment, all the necessary reporting disclosures are disclosed in the notes in the annual financial statements. Secondary reporting - Geographical Segments The principal activity of the economic entity during the year was the exploration for precious and base metals in Egypt and funding is sourced from Australia. 3. Events subsequent to balance date In February 2007 the Company entered into a Sale & Purchase Agreement with IC ICTAS, a company registered in Turkey, to buy a second hand heavy fuel oil power generation plant located at Isparta in Turkey for US$9,500,000. Payment will be via a series of progressive payments secured by a letter of credit established by the Company for this purchase. An initial non-refundable deposit of US$1,900,000 was paid upon entering into the contract. The impact of this transaction is not included in this financial report. 4. Employee benefits Consolidated 31 December 30 June 2006 2006 $ $ The aggregate employee benefit liability recognised and included in the financial statements is as follows: Provision for employee benefits: Current 411,875 325,929 ______________________ 5. Related party transactions Mr S El-Raghy and Mr J El-Raghy are also directors and shareholders of El-Raghy Kriewaldt Pty Ltd ('El-Raghy Kriewaldt'). El-Raghy Kriewaldt provides office premises to the Company. All dealings with El-Raghy Kriewaldt are in the ordinary course of business and on normal terms and conditions. Rent and office outgoings paid to El-Raghy Kriewaldt during the half-year were $13,747 (2005: $13,263). Mr S El-Raghy provides office premises in Alexandria, Egypt to the Company. All dealings with Mr S El-Raghy are in the ordinary course of business and on normal terms and conditions. Rent and office outgoings paid to Mr S El-Raghy during the half-year were $5,930 (2005: $4,787). A director of the Company, Mr C Cowden has an interest as a director and controlling shareholder of Cowden Limited, Insurance Brokers. This Company provides insurance broking services to the Company. All dealings with this Company are in the ordinary course of business and on normal terms and conditions. Premiums paid to Cowden Limited during the half-year were $87,336 (2005: $12,792). During the half-year the Company provided funds to and received funding from subsidiaries. 6. Investments accounted for using the equity method Consolidated 31 December 31 December 2006 2005 $ $ Investments in jointly controlled entities 4,728 - 7. Issuances of equity securities During the half-year reporting period, Centamin Egypt Limited issued 1,135,000 ordinary shares for $330,804 on exercise of 1,135,000 share options issued under the Employee Option Plan 2002. During the half-year reporting period, Centamin Egypt Limited issued 500,000 ordinary shares for $130,250 on exercise of 500,000 share options issued under the Employee Option Plan 2002. There were no other movements in the ordinary share capital or other issued share capital of the company in the current or prior half-year reporting period. This information is provided by RNS The company news service from the London Stock Exchange UPMGRM

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