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Report for September 2003 Quarter

20 October 2003

PRINCIPAL POINTS

PRODUCTION

  • Continued strong coal production of 537,000 tonnes run-of-mine coal and washery yield of 94%.
  • The longwall unit has been upgraded and production from coal panel SL4 commences today.
  • Low gold production of 9,477 ounces due to a collapsed stope access drive, now remedied.
DEVELOPMENT

For Southland Coal:

  • Updated 5-year mine development plans for production 2-2.5 million tonnes per annum and now optimising longer-term scenarios for the underground resource and for the freehold property.
  • Commenced final feasibility study for open-cut project on 2 million tonne resources on established leases.
For Gympie Eldorado Gold:
  • Completed independent reviews of identified target zones confirming the merit of greater exploration and updated 5-year mine development plans to optimise sequential access to some of these areas.
  • Renewed gemstone alliance with Kabana with intention to expand the business as supply becomes available.
EXPLORATION
  • Gympie Goldfield drilling re-commenced in August on a restricted basis to conserve cash.
  • Drilling at North Inglewood intercepted 4 metres at 3.6g/t gold, located 60 to 100 metres below high-grade intercepts on the Inglewood Lode. This drillhole also intersected another major gold-bearing structure.
  • Tenements were significantly expanded to the south and east in order to cover a recently recognised 20 kilometre extension to the potential strike length of the Goldfield. These new tenements also cover a metal-rich granite complex that is now interpreted as the likely source of the Gympie Goldfield mineralisation.
MARKETING
  • Coal sales were a record 591,000 tonnes for the quarter with the demand outlook remaining strong.
  • Gemstone marketing focused mainly on servicing core customers due to current supply restrictions.
CORPORATE
  • Loss after tax of $22.9 million for the 2002-03 financial year, due to problems remedied 6 months ago.
  • 25%-owned regional gold explorer D'Aguilar Gold Limited listed on the Australian Stock Exchange.
  • Cash on hand of $9.6 million at quarter's end.
  • The planned debt refinancing can now be progressed, given the start-up of coal longwall panel SL4.
  • Corporate opportunities being identified to expand the scale of each business unit.



  • Download the entire quarterly report (0.5MB) [ pdf ]


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