notes to and forming part of the financial statements  for the year ended 30 June 2004 (continued) Entity Holding Interest Joint Venture Operation Percentage of Interest Held 2004 2003 % % Resolute Limited Chalice/Higginsville JV -  20  Mabangu Mining Limited Spinifex/Nyakafuru JV Earning an initial 51% Earning an initial 51% Resolute (Tanzania) Limited Sub-Sahara JV Earning an initial 51% Earning an initial 51% Resolute Mining Limited Etruscan - Finkolo JV Earning an initial 47.5% - Consolidated 2004 2003 $’000 $’000 Exploration & development expenditure commitments 2,843  2,817  NOTE 37 - INTERESTS IN JOINT VENTURE OPERATIONS NOTE 38 - SUBSEQUENT EVENTS NOTE 39 - CONTINGENT LIABILITIES 65 (c) Randgold/Syama royalty (b) Native title claims (a) Restoration and rehabilitation The consolidated entity has an interest in the following material joint venture operations, whose principal activities are to explore for gold. The interests in the joint venture operations are included in the accounts as follows: There are no subsequent events up to the date of this report which will have a material impact on the accounts. All of the consolidated entity’s exploration and mining areas are subject to restoration and rehabilitation requirements in accordance with the conditions of the licences issued by the relevant authorities. The directors believe that the consolidated entity is making sufficient provision in its accounts to meet future restoration and rehabilitation obligations.  As at 30 June 2004, a provision for future restoration and rehabilitation of $20.4m has been provided for in the accounts of the consolidated entity. Restoration and rehabilitation activity performed as part of the ongoing operations is expensed as it is incurred. Native title determination applications have been lodged with the National Native Title Tribunal established under the Native Title Act 1993 over areas of interest currently leased by the consolidated entity. Some of those claims have been accepted by the Tribunal. Acceptance of an application by the Tribunal is merely a preliminary step in the procedure established by the Native Title Act to determine whether or not native title exists. The final effect of these claims is not known and the claims are not currently affecting the mining and exploration projects of the  consolidated entity.  Pursuant to the terms of the Syama Sale and Purchase agreement, Randgold Resources Limited will receive a royalty on Syama production, where the gold price exceeds US$350 per ounce, of US$10 per ounce on the first million ounces of gold production attributable to RML and US$5 per  ounce on the next three million attributable ounces of gold production. RESOLUTE MINING LIMITED 2004 ANNUAL REPORT