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PETRA MINING LIMITED
(Reg No. 1972/001062/06)
(Incorporated in the Republic of South Africa)
JSE share code: PET ISIN Code: ZAE000010237
("Petmin" or "the Company")
Unaudited results for the quarter ended 31 March 2002
The Quarter under review
Net profit up by 66%.
Operating profit up by nearly 42%.
Gold production up by 1,8%.
Revenue per kilogram improved by 11,6%.
Tonnage throughput 1% down.
Overall recovered grade improved from 3.00 to 3.09 g/t.
Underground production up by 3.5%.
Cash costs in line with forecast.
Productivity maintained above 100 m2 per total employee costed.
Group Income Statement
Quarter ended
31/3/02 31/12/01
R`000 R`000
Turnover 101 507 89 373
Operating profit from gold mining 21 322 15 037
operations
Amortisation of gold mining assets 3 150 3 150
Profit on ordinary activities before 18 172 11 887
financing costs
Financing costs 699 1 363
Profit for the period 17 473 10 524
Earnings and headline earnings per 21,84 13,16
ordinary share (cents)
Number of ordinary shares in issue 80 80
(millions)
Group Balance Sheet
31/3/02 31/12/01
R`000 R`000
Assets
Non-current assets 205 458 199 167
Property, plant and equipment 193 908 187 976
Investments 11 550 11 191
Current assets 68 303 57 130
Inventories 20 556 20 424
Deferred stripping charges 2 567 2 788
Trade and other receivables 45 180 33 918
Total assets 273 761 256 297
Equity and liabilities
Capital and reserves 170 244 152 771
Issued share capital 20 000 20 000
Share premium 101 287 101 287
Non-distributable reserve 6 000 6 000
Retained earnings 42 957 25 484
Non-current liabilities 24 320 24 375
Long-term liabilities 405 405
Long-term provisions 23 915 23 970
Current liabilities 79 197 79 151
Trade and other payables 69 098 70 315
Bank overdraft 9 703 8 440
Current portion of long-term 396 396
liabilities
Total equity and liabilities 273 761 256 297
Group Cash Flow Statement
Quarter ended
31/3/02 31/12/01
R`000 R`000
Net cash flows from operating 8 233 5 660
activities
Net cash flows from investing (9 440) (1 802)
activities
Net cash flows from financing (56) (2 502)
activities
Net movement in cash (1 263) 1 356
Cash at beginning of period (8 440) (9 796)
Cash at end of period (9 703) (8 440)
Statement of changes in equity
Share Share Retained
capital premium Reserves earnings Total
R`000 R`000 R`000 R`000 R`000
Balance 30 June 2001/
1 July 2001 20 000 101 287 6 000 13 485 140 772
Net profit 1 July 2001
to 31 December 2001 - - - 11 999 11 999
Balance 31 December
2001/1 January 2002 20 000 101 287 6 000 25 484 152 771
Net profit 1 January
2002 to 31 March 2002 - - - 17 473 17 473
Balance 31 March 2002 20 000 101 287 6 000 42 957 170 244
Quarterly Operating Results
Actual Actual Forecast
Quarter Quarter % Quarter
ended ended change ended
31/3/02 31/12/01 on actual 30/06/02
Tons milled 349 882 353 811 - 1.11 390 000
Yield - g/t 3,09 3,00 3 3.21
Gold produced - kg 1 080 1 061 1.79 1 250
Cash costs - R/kg 74 248 70 062 5.97 72 772
- R/ton 229 210 9.05 234
Revenue per kg 93 991 84 235 11.58
Capital expenditure 9 081 1 744 3 000
COMMENTS
1. ACCOUNTING POLICIES
The results are prepared according to the historical cost accounting
convention and have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice.
2. FORWARD SELLING (HEDGING)
The forward selling program has been revised and extended with 45 kilograms
per week which have been forward sold as follows:
- 12 September 2001 to 24 October 2001 = R72 973 per kg
- 31 October 2001 to 28 November 2001 = R76 025 per kg
- 5 December 2001 to 2 January 2002 = R78 320 per kg
- 9 January 2002 to 6 February 2002 = R82 010 per kg
- 13 February 2002 to 13 March 2002 = R85 300 per kg
- 20 March 2002 to 19 March 2003 = R88 500 per kg
3. SKUKUZA PROJECT
- The Marievale 4 shaft area was successfully completed.
- Trial mining has started on the Gedex area.
- The VRG area was started in March 2002.
- The surface drilling program is continuing.
4. METALLURGICAL PLANT
- The project to increase the monthly tonnage input from 120 000 tons to 140
000 tons has been successfully completed during April 2002.
- The increase to 170 000 tons per month is on schedule for completion by
the end of July 2002.
5. TAXATION
No taxation has been provided for during the period under review, as no
taxation is payable for the period due to unredeemed capital expenditure and
accumulated tax losses.
6. DIVIDENDS
No dividends have been declared for the period under review (2001: Nil).
7. PRESENTATION OF RESULTS
The presentation of the results can be viewed on the Internet at
www.corpcam.com.
On behalf of the Board
P.J. NEL P.F. DU PREEZ
Director Director
16 May 2002
Directors: P J Nel, P F du Preez, J A Strijdom, H V W Chapman
Registered Office: 28 Visagie Street, Guarantee House, 5th Floor, Pretoria.
P O Box 9446, Pretoria, 0001
Secretary: D H W Secretarial Services (Pty) Limited, 28 Visagie Street,
Guarantee House, Pretoria, P O Box 899, Groenkloof, 0027
Transfer Secretaries: Mercantile Registrars, 11 Diagonal Street,
Johannesburg. P O Box 1053, Johannesburg, 2000
Auditors: PricewaterhouseCoopers Inc. 32 Ida Street, Menlo Park. P O Box
35296, Menlo Park, 0102
Date: 15/05/2002 05:25:00 PM Produced by the SENS Department
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