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December 2000 Quarterly Report

1 October 2000 - 31 December 2000

30 January 2000

PRINCIPAL POINTS

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.

GOLD EXPLORATION

  • New stockwork blocks, 6B and 6C have been located in the Monkland Mine.

PRODUCTION

  • 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.

FINANCIAL

  • Cash and bullion now $3.2 million.

For Further Information Contact Mr Harry Adams,
Managing Director
Telephone: (02) 9251 2777 or 0412 369 710
25 January 2000


Full details can be obtained in the following downloadable files:

  • Quarterly Report [ pdf ]


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