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(i) Where the market value of the listed non-current investments is less than the corresponding book value, the directors do not believe it is necessary to provide for a diminution in the value of investments as they are strategic long term positions in these entities and as such the recoverable value of the listed investments are expected to exceed the book value. 

(ii) Included in listed shares at cost is a material investment in Bullion Minerals Limited (“BLN”). BLN is a gold exploration company with interests primarily in Western Australia. BLN is mainly focused on two projects namely Yandeearra and Indee JV. RML holds a 19.4% interest in BLN as at balance date (2003:nil). 

## NOTE 12 - MINERAL EXPLORATION AND DEVELOPMENT INTERESTS 

The consolidated entity has gold mineral exploration and development costs carried forward in respect of areas of interest in the following phases: 

(a) Areas in Production (at cost) 

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(b) Areas in Development (at cost) 

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