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December 2001 Quarterly Report

1 October - 31 December 2001

24 January 2002

Principal Points

PRODUCTION

  • Record Company quarterly production of both gold (13,564 ounces) and coal (248,120 tonnes). Latest forecast group revenue ~ $100 mill for 2001-02 (00-01 $48 mill).
  • Record Company mine development of both gold (2,427m) and coal (3,152m) which reflects the current emphasis on rapid expansion to further lift revenues for 2002-03.
  • Current gold priorities are regular Lewis Mine output as from next month and expediting mill expansion, for production rate of 100,000 oz pa from high-grade ore (~10g/t) as from the June quarter.
  • Current coal priorities are further lifting mine development rates, completing extraction of panel SL2 and finalising product sale terms for 02-03 for production rate over 1.5Mtpa as from mid-02.

GOLD EXPLORATION

  • Gold resources increased to 750,000 ounces (670,000 ounces at 30/06/01) due to drill confirmation of the next of several expected northerly ore shoots on the Inglewood Lode.
  • Partridge Prospect drillhole G141 intersected 18 metres of carbonaceous rocks with quartz veins containing coarse visible gold. Prospect is located 500 metres southwest of Lewis Mine.
  • Drill-confirmation of stockwork style mineralisation in a second productive bed (carbonaceous sediments) adjacent to the entire length of workings in the Monkland and Lewis Mines which reiterates near-mine exploration prospectivity.
  • Gympie Gold Gemstone stocks maintained with material from new small Gympie Vein discovery.

PHYSICAL RISKS

  • All operating sites running at industry standard safety performance, with LTIFR’s less than 10.

MARKETING RISKS

  • Geographic diversification programs have successfully established new coal customers in South America and Korea while serving long-established Japanese steel mill relationships.

CORPORATE

  • The Company’s shares were listed on AIM, the UK Stock Exchange’s international board for high growth companies.
  • Completed a placement of 14 million ordinary shares at 75 cps to investors in Australia and the UK, raising a net $10 million.
  • Cash and gold bullion was $14 m. No new hedging for either gold or currency.
  • The Company is considering the formation of a separate majority-owned joint venture financing arrangement for exploration, development and production from the Southern Gympie Goldfield areas accessible via the infrastructure of the Monkland and Lewis Mines.


Full details can be obtained in the following downloadable files:

  • Quarterly Report: 1 October - December 2001 [ doc ]


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