Notes to the Consolidated Financial Statements for the year ended 30 June 2024 8. Investment in joint venture (continued) Carrying amount in joint venture investment is as follows: 2024 $’000 2023 $’000 Reconciliation of carrying amount in joint venture investment – KMS Opening balance of share of joint venture investment 143,938 115,535 Equity contribution in favour of KMS 7,500 33,771 Sheffield’s share of joint venture results – 50% (27,638) (5,368) Carrying amount of interest in joint venture 123,800 143,938 KMS also had commitments and contingent liabilities as at 30 June 2024, for which the Group has corresponding commitments and contingent liabilities as disclosed in Notes 22 and 23. Summarised consolidated audited statements of profit or loss and other comprehensive income of KMS for the years ended 30 June 2023 and 2024 are as follows: Note Joint venture (100%) 2024 $’000 (Audited) Joint venture (100%) 2023 $’000 (Audited) Revenue from continuing operations 8 (a) 71,958 – Other income 298 137 Mining expenses (57,243) Processing expenses (12,115) – Logistics expenses (19,893) – Non-process infrastructure and maintenance expenses (15,938) – Site administration expenses (4,979) (4,035) Royalty expenses (4,480) – Changes in inventories 32,715 General and administrative expenses (14,252) (117) Depreciation and amortisation expenses (18,212) (2,920) Loss before financing costs and income tax (42,141) (6,935) Finance income 46 21 Finance costs 8 (b) (37,409) (8,477) Loss before income tax (79,504) (15,391) Income tax benefit 8 (c) 24,229 4,654 Loss after income tax (55,275) (10,737) Other comprehensive income/loss – – Total comprehensive loss, net of tax (55,275) (10,737) Reconciliation of share of joint venture results Sheffield’s share of joint venture results – 50% (27,638) (5,368) 50 Annual Report 2024 Sheffield Resources Limited
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