Central African Mining & Exploration Company (CAMEC)
CAMEC is an AIM listed diversified mineral producer with interests across Central and Southern Africa. PKF (UK) LLP's role has been to provide advice on a range of accounting matters ranging from major projects, such as the conversion of its accounts from UK GAAP to IFRS, to discrete assignments, such as share option valuations under IFRS 2, to ad hoc advice on specific questions. This is a role CAMEC values as it both allows them to outsource work that their auditors cannot do, eg valuations, and gives them the ability to discuss technical matters and develop their reasoning prior to
discussing matters with their auditors.
European Nickel
European Nickel is an AIM listed plc with operations in Turkey and the Philippines. The PKF member firm in Turkey is auditor and tax adviser to the Turkish operating subsidiary. When management took the decision to put the group audit out to tender PKF (UK) LLP was shortlisted. The track record of PKF International member firms in working with the Group over a period of time led to PKF (UK) LLP being appointed as auditors to the Group.
Prior to PKF (UK) LLP's appointment as auditors to the Group it's Financial Modelling team were also commissioned by the Group’s lenders to audit the Group’s complex financial feasibility model, for its
flagship Çaldag project. This forms a key part of the member firms' service to the sector and they have carried out similar assignments for a number of corporates and financial institutions.
Cluff Gold
Cluff Gold is an AIM and TSX listed gold producer with two gold mines and a large gold exploration project in West Africa. PKF’s involvement with the Group dates from the initial acquisition of its gold assets from Ridge Mining and admission to AIM in 2004, for which PKF UK (LLP) acted as auditor and reporting accountant. Since then Cluff has brought two gold mines into production in Burkina Faso and Côte D'Ivoire and greatly expanded the reserves of its Sierra Leone exploration project. The TSX listing was obtained in early 2009. The group audit is conducted by PKF UK (LLP) in London and is supported by services from several PKF International network firms in West Africa. In addition to the group audit role PKF member firms provide tax services and have advised on various matters, including transfer
pricing and debt/equity structuring.
Kirkland Lake Gold
Kirkland Lake is a TSX listed gold company focussing on developing an existing site. In order to expand their investor base and tap the European Capital Markets, they were recommended to obtain a secondary listing on AIM. The company’s auditors were a Canadian big four firm who were unfamiliar with the AIM process and who quoted a substantial fee for carrying out the accounting work associated with the AIM listing. PKF (UK) LLP was introduced to the company and provided a more realistic and competitive fee quote and was subsequently appointed as reporting accountant.
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