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Update on Current Activities

30 June 2003

PRODUCTION

  • 90%-owned Southland Coal produced 163,000 tonnes run-of-mine in June. This brings the average to 192,000 tonnes per month since repositioning the longwall to the seam floor in mid-February. This exceeds current budget of 150,000 tonnes per month. Product yield has averaged 94% for 180,000 saleable tonnes per month.
  • Coal sales for the June quarter were 456,000 tonnes including resale of 52,000 tonnes of coal purchased for blending. Shipments for June were a record 262,000 tonnes but the quarter was constrained by port delays, which delayed 100,000 tonnes of scheduled sales into the 03-04 fiscal year.
  • 100%-owned Gympie Eldorado Gold has averaged 4,570 oz per month during the June quarter.
  • EXPLORATION

  • Inglewood ore in the northernmost of current mine workings is 2.5 metres wide and grading 8.5 g/t. This ore zone will be developed in the next financial year.
  • Drilling Inglewood North intercepted economic grades 1.2 kms north of the mine, including 2.5 metres at 10.7 g/t and 2.4 metres at 11.0 g/t.
  • Drilling Inglewood South has located, 300 metres south of the mine, the fault which has up-thrown to near-surface the favourable productive beds.
  • FINANCE

  • Cash on hand is $8.5M and coal stocks and debtors have grown to $26M from $5.9M at 31 January, reflecting the increase in coal outputs since then.
  • Completed capital raisings of $15 million, repaid borrowings of $8 million and rescheduled bank facilities.
  • Gold hedging reduced to 125,000 oz at nominal cost at an average of $A520oz to provide greater short term upside to a stronger gold price.
  • Currency hedging increased to $US60M at an average exchange rate of $US61:$A100
  • CORPORATE

  • 25%-owned regional gold explorer D'Aguilar Gold Ltd issued its prospectus on 23 June for its IPO. Mr Ron Cunneen will be Exploration Manager.
  • Personnel reviewed. Mr Peter Hayes appointed Chief Operating Officer and Mr Arthur Gillen Chief Financial Officer, replacing Mr John Leach - retiring Finance Director. Personnel numbers reduced by 60 at Gympie Eldorado, principally reflecting mine mechanisation and reduced development.
  • The June Quarterly Report will be issued on 21 July 2003.


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    Last Modified: Monday, 30-Jun-2003 17:24:58 EST