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(a) Included within this balance is a finance facility entered into between Mabangu Mining Ltd (“MML”), a subsidiary of Resolute Mining Limited (“RML”) and Standard Bank London to fund the Golden Pride Upgrade Project completed in 2002. The US$11m facility is a revolving line of credit with an expiration date of June 2006. There is no fixed schedule of repayments, but the full amount is to be repaid on or before maturity, subject to compliance with covenant ratios. 

The loan is secured by a fixed and floating charge over the assets of MML and Resolute (Tanzania) Limited (“RTL”), a floating charge over the cash held by MML and RTL, a share mortgage over Resolute Limited’s shareholding in RTL, a share mortgage over RTL’s shareholding in MML and a mortgage over the tenure held by MML and RTL. 

Completion testing was finished in the December 2003 quarter. As such, the loan is no longer recourse to RML. 

Also included within this balance is the non-current portion of the US$7.73m and A$10m Ravenswood finance facility. Refer to Note 16(a) for further information. 

The total assets of the entities over which security exists amounts to A$167.8m. 

