| Six months to 31 July 2022 | Six months to 31 July 2021 | |||
| US'000 | US'000 | US'000 | US'000 | |
| Cash flows from operating activities | ||||
| Operating (loss)/profit before taxation | (214,362) | 83,117 | ||
| US Treasury Bills interest | (60) | (78) | ||
| Net losses/(gains) on investments | 209,332 | (86,674) | ||
| Currency losses/(gains) | 33 | (338) | ||
| Changes in debtors and creditors | (422) | 481 | ||
| Net cash used in operating activities* | (5,479) | (3,492) | ||
| Cash flows from investing activities | ||||
| Acquisitions of US Treasury Bills | (93,886) | (752,036) | ||
| Disposals of US Treasury Bills | 214,739 | 251,524 | ||
| Acquisitions of investments | (158,358) | (196,956) | ||
| Disposals of investments | 1,848 | – | ||
| Net cash used in investing activities | (35,657) | (697,468) | ||
| Cash flows from financing activities | ||||
| Ordinary shares issued | – | 24,821 | ||
| C shares issued | – | 694,802 | ||
| Net cash inflow from financing activities | – | 719,623 | ||
| Net (decrease)/increase in cash and cash equivalents | (41,136) | 18,663 | ||
| Effect of exchange rate fluctuations on cash and cash equivalents | (33) | 338 | ||
| Cash and cash equivalents at start of period | 86,898 | 16,113 | ||
| Cash and cash equivalents at 31 July | 45,729 | 35,114 | ||
* Cash from operations includes interest received of US33,000 (2021 – US1,000).