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MAZAL MINING & EXPLORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013468/06)
Share code MZL ISIN ZAE000017711
("the Company")
INTERIM RESULTS
CONSOLIDATED INCOME STATEMENTS
Unaudited Audited Unaudited
31 Dec 2001 30 June 2001 31 Dec 2000
Six month 12 months Six months
R R R
Revenue 1 939 709 6 649 245 1 416 508
Cost of sales (3 891 534) (5 697 942) (1 945 476)
Operating expenses (3 516 151) (5 064 006) (2 711 232)
Operating loss before interest (5 467 976) (4 112 703) (3 240 200)
Net interest paid (748 991) (1 380 631) (457 359)
Attributable loss (6 216 967) (5 493 334) (3 697 559)
Actual number of shares
in issue 191 805 018 180 000 000 180 000 000
Weighted average number
of shares in issue 182 181 362 180 000 000 180 000 000
Headline/Basic loss
per share (cents) (3,41) (3,05) (2,05)
Depreciation 968 297 2 349 699 1 746 771
CONSOLIDATED BALANCE SHEETS
ASSETS
Non-current assets 25 866 931 26 756 925 25 330 072
Current assets 748 472 1 544 178 532 635
Total assets 26 615 403 28 301 103 25 862 707
EQUITY AND LIABILITIES
Shareholders' funds 7 714 107 10 743 335 12 539 108
Non-current liabilities 15 791 567 13 118 876 8 035 391
Current liabilities 3 109 729 4 438 892 5 288 208
Total equity and liabilities 26 615 403 28 301 103 25 862 707
Net assets value
per share (cents) 4,02 5,97 6,97
CONSOLIDATED CASH FLOW STATEMENTS
Cash outflow from
exploration activities (5 213 322) (3 518 714) (1 602 614)
Cash outflow from
investing activities (78 303) (4 397 921) (2 281 854)
Cash inflow from
financing activities 4 915 256 6 433 538 2 867 587
Decrease in cash and cash
equivalents (376 369) (1 483 097) (1 016 881)
Net cash and cash equivalents
at beginning of period (1 269 179) 213 918 213 918
Net cash and cash equivalents
at end of period (1 645 548) (1 269 179) (802 963)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Balance at beginniing of period 10 743 335 16 236 669 16 236 667
Net loss for the period (6 216 967) (5 493 334) (3 697 559)
Issue of share capital 3 187 625 - -
Balance at end of period 7 713 993 10 743 335 12 539 108
COMMENTS
These results reflect the Company's failure to timeously achieve adequate
throughput through its plant. The cash raised from the 57 Trust in November
2001 and January 2002 has been utilised towards payment of creditors and the
commissioning of new plant and machinery which should elevate the Company's
cash flow to acceptable levels in the short term.
The installation and commissioning of the newly-acquired plant and machinery
has been overseen by a highly experienced team of engineers. Commissioning
should be completed at the end of March when production is expected to
recommence.
Dependant upon the levels of production attained it is then our intention to
complete the bankable feasibility study in respect of MK1. The anticipated
cost to do this is some R3 million.
CANCELLATION OF THE AGREEMENT WITH THE 57 TRUST
It was announced on SENS on 15 March 2002 and in the press on 18 March 2002
that the Purchase Agreement and Marketing Agreement concluded between Mazal,
Mazal Mining (Proprietary) Limited and the 57 Trust have by mutual agreement
been cancelled.
In early March 2002 the Company took the decision to enter into negotiations
with The 57 Trust to cancel the Agreements with them. The reason being that
the perceived value which it was thought The 57 Trust could add was not
attainable. After some negotiation The 57 Trust agreed to cancel Agreements
which it entered into with the Company, although they have retained their
equity stake in the Company.
THE CONVERSION OF SHAREHOLDERS' LOANS
As shareholders are aware, the resolution to convert shareholder's loans to
equity was postponed at the general meeting of the Company held on Tuesday,
8 January 2002. The board and these shareholders have not yet come to terms
on the future of this resolution. Shareholders will be informed once
agreement has been reached in this regard.
ACCOUNTING POLICIES
The same accounting policies and methods of computation have been used in
the preparation of this announcement that were used in the annual financial
statements to 30 June 2001.
This announcement complies with the South African Statements of Generally
Accepted Accounting Practice.
Johannesburg
20 March 2002
C P Dollery D Levithan
Chairman Director
Transfer secretaries Registered office
Computershare Services Limited 240 Commissioner Street
4th Floor, Edura House Johannesburg, 2001
41 Fox Street (PO Box 15991,
Johannesburg, 2001 Doornfontein, 2028)
(PO Box 61051,
Marshalltown, 2107)
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