December 2001 Quarterly Report
1 October - 31 December 2001
24 January 2002
- 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
- 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
- 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 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
- Gympie Gold Gemstone stocks maintained with material from new small Gympie
- All operating sites running at industry standard safety performance, with
LTIFR’s less than 10.
- Geographic diversification programs have successfully established new coal
customers in South America and Korea while serving long-established Japanese
steel mill relationships.
- 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
- 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 ]