| Fri 16 Feb 2001, 0:00 | | Petmin - Results |
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Petra Mining Limited
(Reg No. 1972/001062/06)
("Petmin" or "the Company")
Unaudited abridged results for the period ended 31 December 2000
Group Income Statement
Six months Quarter ended
ended 31/12/00 30/09/00
31/12/00 R'000 R'000
139 824 Turnover 68 850 70 974
Operating profit from
13 623 gold mining operations 6 305 7 318
Amortisation of gold
7 300 mining assets 3 650 3 650
Profit on ordinary activities
6 323 before financing costs 2 655 3 668
2 389 Financing costs 1 469 920
3 934 Profit for the period 1 186 2 748
Earnings per ordinary
4,92 share (cents) 1,48 3,44
Number of ordinary shares
80 000 000 in issue 80 000 000 80 000 000
Group Balance Sheet
31/12/00 30/09/00
R'000 R'000
Assets
Non-current assets 198 554 197 508
Property, plant and equipment 189 389 188 401
Investments 9 165 9 107
Current assets 55 970 60 033
Inventories 27 174 25 859
Trade and other receivables 28 796 34 174
Total assets 254 524 257 541
Equity and liabilities
Capital and reserves 142 493 141 307
Issued share capital 20 000 20 000
Share premium 101 287 101 287
Non-distributable reserve 6 000 6 000
Retained earnings 15 206 14 020
Non-current liabilities 26 445 26 364
Long-term liabilities 584 584
Long-term provisions 25 861 25 780
Current liabilities 85 586 89 870
Trade and other payables 64 793 65 172
Bank overdraft 19 266 19 060
Current portion of long-term liabilities 1 527 5 638
Total equity and liabilities 254 524 257 541
Group Cash Flow Statement
Quarter ended
31/12/00 30/09/00
R'000 R'000
Net cash inflow from operating
activities 4 409 3 558
Net cash outflow from investing
activities (4 615) (4 006)
Net decrease in cash and cash
equivalents (206) (448)
Cash and cash equivalents at
beginning of period (19 060) (18 612)
Cash and cash equivalents at
end of period (19 266) (19 060)
Quarterly Operating Results
Quarter Quarter
ended ended Forecast
31/12/00 30/09/00 % 31/3/01
change
Ore milled
- metric tons 380 359 359 510 5,8 350 000
Yield - grams
per metric ton 2,73 3,13 (12,8) 3,29
Gold produced
- kilograms 1 038,06 1 125,03 (7,73) 1 150,00
Gold produced
- ounces 33 775 36 171 (7,73) 36 974
Revenue per
kilogram
produced - R 66 326 63 086 5,14
Cash cost per
metric ton
milled - R 165 179 (7,82) 184
Cash cost per
kilogram
produced - R 60 341 56 580 6,65 56 000
Capital expenditure
- R'000 4 636 4 569 1 000
Development
meters
- on reef 1 498,0 1 322,8
- off reef 389,5 681,2
Comments
1. THE QUARTER UNDER REVIEW
the results for the quarter were disappointing with regards to the kilograms
produced and the yield recovered resulting in the profits for the quarter not
being what we anticipated.
The Skukuza project underperformed in terms of kilograms produced as a result
of the lower grades that were recovered from the Kimberly Reef.
Fortunately the higher rand gold price (average R66 326 per kg) improved the
results. The 200 kilograms per month that have been sold forward (hedged) at
R69 575 per kilogram towards the end of November 2000 contributed to the higher
gold price received.
2. LEGISLATION
Petmin believes that it does not own mineral rights that fall into the category
as described in Section 12 of the Proposed Minerals Development Bill and is of
the opinion that the Company will not be significantly affected.
3. TAXATION
No taxation has been provided for during the period under review, as no
taxation is payable for the period.
4. UNAUDITED REPORT
The unaudited report for the period ended 31 December 2000 will be posted to
shareholders on or before 23 February 2001.
5. QUARTERLY PRESENTATION
The quarterly presentation can be viewed on the internet at www.corpcam.com
On behalf of the Board
P.J. NEL P.F. DU PREEZ
Chairman Director
16 February 2001
Directors: PJ Nel, PF du Preez, J A Strijdom, HVW Chapman
Registered Office: 28 Visagie Street, Guarantee House, 5th Floor. PO Box 9446,
Pretoria, 0001
Secretary: D H Warmenhoven Attorneys, 28 Visagie Street, Guarantee House,
Pretoria, P O Box 899, Groenkloof, 0027
Transfer Secretaries: Mercantile Registrars, 11 Diagonal Street, Johannesburg.
PO Box 1053, Johannesburg, 2000
Auditors: PriceWaterhouse Coopers Inc. 83 Lois Avenue, Menlyn. PO Box 35296,
Menlopark, 0102
