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Rare Earth Extraction Co Limited
(Registration number 1989/003212/06)
Group Interim Results - six months ended 31 December 2000
Income statement
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
31/12/00 31/12/99 30/06/00
R'000 R'000 R'000
Revenue - - -
Operating loss - (4) (3)
Interest paid - - -
Loss for period - (4) (3)
Number of shares in issue 28 852 269 28 852 269 28 852 269
Loss per share (cents) - - -
Headline loss per share (cents) - - -
Summarised balance sheet
Assets
Non-current assets 12 539 12 136 12 316
Current assets 13 45 12
12 552 12 181 12 328
Equity and liabilities
Shareholders' funds 8 495 8 494 8 495
Non-current liabilities 3 921 3 439 3 740
Current liabilities 136 (248) (93)
12 552 12 181 12 328
Note:
Net income/expenses of the company are capitalised directly to fixed assets.
Statement of changes in equity
Shareholders'
funds
At 1 July 2000 8 495
No profit or loss -
At 31 December 2000 8 495
Cash flow statement
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
31/12/00 31/12/99 30/06/00
R'000 R'000 R'000
Cash flows from
operating activities - (49) 490
Cash flows from
investing activities (210) (419) (0)
Cash flows from
financing activities 181 204 224
Net (decrease)/increase in cash (29) (264) (266)
Cash at the beginning of the period 4 270 270
(Bank overdraft)/cash at the end
of the period (25) 6 4
Compliance with Statements of Generally Accepted Accounting Practice and
accounting policies
The interim results have been prepared in accordance with Statements of
Generally Accepted Accounting Practice, there have been no changes effected to
any accounting policies, and the methods of computation applied are consistent
in all respects with those in the annual financial statements for the year
ended 30 June 2000.
Contingent Liability
There is a contingent liability for legal costs in respect of the winding up
application, referred to in the Chairman's comments, the amount of which cannot
be presently ascertained.
COMMENTS
* The company still awaits a decision from the courts as to the outcome of the
application by one minority shareholder for leave to appeal against the
judgement which dismissed, with costs, her application to wind up the company.
* The directors are confident that the judgement will enable Rareco to continue
with this project but cannot finalise funding arrangements until this matter is
settled.
* The demand for rare earth products continues to increase and we hope to begin
construction of the processing plant and ancillary work soon after receiving
the court's decision.
T A Blench
Chairman
Cape Town
22 March 2001
Registered office
Blandford House
67 Caledon Street
Somerset West, 7130
Transfer secretaries
Mercantile Registrars Limited
10th Floor, 11 Diagonal Street
Johannesburg, 2000
Directors: T A Blench (Chairman), K L Bright (Managing), W N Gardyne, G E
Wolfe-Coote, R T Louw
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