December 2000 Quarterly Report
1 October 2000 - 31 December 2000
30 January 2000
GYMPIE GOLD EXPANSION ON SCHEDULE
- Monkland Mine at Gympie has been converted to a mainly mechanised mine and
production ore grades have increased above 10 grams per tonne gold, which places
Gympie amongst the highest- grade gold mines.
- Construction of the new Lewis Mine at Gympie is on track and we expect will
increase production for the goldfield to 100,000 ounces gold p.a.
SOUTHLAND COAL IN TRANSITION
- Southland Coal’s commissioning of the refurbished longwall mining unit
in new panel SL2 was interrupted on 10 January when the contract-operator,
Colrok Australia appointed voluntary administrators. Separate announcements to
the Stock Exchange were made on 10, 12 and 24 January 2001.
- Southland Coal has secured the colliery workings and is in the process of
identifying and appointing a replacement mine operator to achieve a 1.5 million
tonnes per annum production rate and grow beyond 2 million tonnes pa over the
next few years.
- The coal markets are improving and operating margins should increase as
production expands from SL2 where the Greta Seam is over 5 metres thick and
yields semi-hard coking coal at less than 7% ash and fluidity above 5,000 ddpm,
the highest quality of its type in Australia.
- New stockwork blocks, 6B and 6C have been located in the Monkland Mine.
- Gold production rose 38% to 11,602 ozs at cash operating cost of A$294
(US$162) per ounce which is 15% lower than the cost of the previous quarter.
This is part of the continuing improvement due to the development and
mechanisation of the mine.
- Coal production of 87,000 tonnes was severely restricted by commissioning
and startup problems with the longwall unit which has been upgraded and moved to
SL2. Production was scheduled at +100,000 tpm from November.
- Cash and bullion now $3.2 million.
For Further Information Contact Mr Harry Adams,
Telephone: (02) 9251 2777 or 0412 369 710
25 January 2000
Full details can be obtained in the following downloadable files:
Quarterly Report [ pdf ]