16.	INVENTORIES

	December 31, 2024 US$‘000		December 31, 2023 US$‘000
Raw materials and consumables		10,032		10,053
Work-in-progress		4,989		4,498
Finished goods		4,353		5,382

		19,374		19,933

The assets of the Group, including inventories have been pledged as security for the term loan from Perceptive Advisors.

All inventories are stated at the lower of cost or net realisable value. Total inventories for the Group are shown net of provisions of US$7,648,000 (2023: US$11,344,000) (2022: US$16,274,000). Cost of sales in 2024 includes inventories expensed of US$38,001,000 (2023: US$35,091,000) (2022: US$45,340,000).

The movement on the inventory provision for the three-year period to December 31, 2024 is as follows:

	December 31, 2024 US$‘000			December 31, 2023 US$‘000			December 31, 2022 US$‘000
Opening provision at January 1		11,344			16,274			12,063
Charged during the year		2,113			2,291			7,391
Utilised during the year		(5,809	)		(5,456	)		(3,180	)
Eliminated on disposal of business		-			(1,765	)		-

Closing provision at December 31		7,648			11,344			16,274