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PETRA MINING LIMITED
(REG NO. 72/01062/06)
("PETMIN" OR "THE COMPANY")
CONSOLIDATED REPORT FOR THE QUARTER ENDED 30 JUNE 2000
OPERATING PROFIT UP 4,5%
NET PROFIT UP 5,5%
GOLD PRODUCTION UP 11%
GROUP INCOME STATEMENT
UNAUDITED UNAUDITED
12 MONTHS QUARTER ENDED
ENDED 30/6/2000 31/3/2000
30/6/2000 R'000 R'000
261 329 TURNOVER 78 148 70 000
OPERATING PROFIT FROM
GOLD MINING
38 533 OPERATIONS 11 797 11 294
4 800 AMORTISATION OF MINING ASSETS 1 200 1 200
PROFIT ON ORDINARY
ACTIVITIES BEFORE
33 733 FINANCING COSTS 10 597 10 094
2 464 FINANCING COSTS 592 605
31 269 RETAINED PROFIT FOR THE PERIOD 10 005 9 489
10 497 OPENING RETAINED EARNINGS 31 761 22 272
41 766 CLOSING RETAINED EARNINGS 41 766 31 761
WEIGHTED NUMBER OF
80 000 000 SHARES IN ISSUE 80 000 000 80 000 000
39.09 EARNINGS PER SHARE (CENTS) 12.51 11.86
GROUP BALANCE SHEET
UNAUDITED
QUARTER ENDED
30/6/2000 31/3/2000
R'000 R'000
ASSETS
NON-CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT 196 399 191 592
CURRENT ASSETS 59 602 38 797
INVENTORIES 26 522 18 740
TRADE AND OTHER RECEIVABLES 33 080 20 057
TOTAL ASSETS 256 001 230 389
EQUITY AND LIABILITIES
CAPITAL AND RESERVES 169 053 159 048
ISSUED SHARE CAPITAL 20 000 20 000
SHARE PREMIUM 101 287 101 287
NON-DISTRIBUTABLE RESERVE 6 000 6 000
RETAINED EARNINGS 41 766 31 761
NON-CURRENT LIABILITIES 26 434 30 672
LONG-TERM LIABILITIES 800 800
LONG-TERM PROVISIONS 25 634 29 872
CURRENT LIABILITIES 60 514 40 669
TRADE AND OTHER PAYABLES 42 225 22 095
BANK OVERDRAFT 7 217 3 178
CURRENT PORTION OF LONG-TERM LIABILITIES 11 072 15 396
TOTAL EQUITY AND LIABILITIES 256 001 230 389
GROUP CASH FLOW STATEMENT
UNAUDITED
QUARTER ENDED
30/6/2000 31/3/2000
R'000 R'000
CASH FLOW FROM OPERATING ACTIVITIES
CASH GENERATED BY OPERATIONS 11 797 11 294
CHANGES IN WORKING CAPITAL (9 237) (5 480)
CASH GENERATED BY OPERATING ACTIVITIES 2 560 5 814
FINANCE COSTS (592) (605)
NET CASH INFLOW FROM OPERATING ACTIVITIES 1 968 5 209
CASH FLOW FROM INVESTING ACTIVITIES
FIXED ASSETS ACQUIRED (6 007) (2 286)
NET CASH UTILISED BY INVESTING ACTIVITIES (6 007) (2 286)
CASH FLOW FROM FINANCING ACTIVITIES
LONG-TERM LOANS REPAID - -
NET CASH UTILISED IN FINANCING ACTIVITIES - -
NET MOVEMENT IN CASH RESOURCES (4 039) 2 923
CASH RESOURCES AT BEGINNING OF PERIOD (3 178) (6 101)
CASH RESOURCES AT END OF PERIOD (7 217) (3 178)
OPERATING RESULTS
12 MONTHS
ENDED QUARTER ENDED
30/6/2000 30/6/2000 31/3/2000 % CHANGE
ORE MILLED -
1 224 834 METRIC TONS 342 942 317 059 +8.16
YIELD -
3.66 GRAMS PER METRIC TON 3.81 3.71 +2.6
GOLD PRODUCTION
4 479 (KILOGRAMS) 1 306.9 1 177.6 +10.99
144 004 GOLD PRODUCTION (OZ) 42 020 37 861 +10.99
REVENUE PER KILOGRAM
58 345 PRODUCED (R) 59 793 59 443 +0.6
CASH COST
- PER METRIC
182 TON MILLED (R) 193 184 +4.89
- PER KILOGRAM
49 742 PRODUCED (R) 50 638 49 645 +2.0
CAPITAL
11 154 EXPENDITURE (R'000) 6 007 2 286
DEVELOPMENT METERS
5 618.9 - ON REEF 1 422.1 1 096.8
2 033.8 - OFF REEF 667.7 538.6
COMMENTS
1. GOLD MINING OPERATIONS
PETMIN OWNS AND OPERATES NIGEL GOLD MINE, GROOTVLEI GOLD MINE AND CONSOLIDATED
MODDERFONTEIN GOLD MINE ON THE EAST RAND. DURING THE PAST QUARTER THE OPERATING
PROFIT INCREASED BY 4,5% FROM MARCH 2000 AND THE PROFIT AFTER AMORTISATION AND
INTEREST BY OVER 5,5%. THIS IS MAINLY DUE TO AN INCREASE OF 11% IN GOLD
PRODUCED TO 1 307 KILOGRAMS FOR THE QUARTER. THE COMPANY HAS A NO HEDGING
POLICY AND TURNOVER IS BASED ON THE GOLD PRICE AT THE TIME OF THE SELLING OF
THE GOLD.
FOR THE TWELVE MONTH PERIOD ENDED 30 JUNE 2000 THE COMPANY PRODUCED 4 479
KILOGRAMS OF GOLD FROM 1 224 834 TONS OF ORE MILLED. IT IS FORECAST TO INCREASE
THE YEARLY PRODUCTION IN EXCESS OF 6 000 KILOGRAMS.
THE APPROVAL OF THE STATE WATER PUMPING SUBSIDY FROM APRIL 2000 TO MARCH 2001
IS PENDING.
2. MINERAL RESOURCES
THE TOTAL MINERAL RESOURCES HAVE BEEN CALCULATED IN ACCORDANCE TO THE SAMREC
CODE. A COMPETENT PERSON HAS AUDITED THE RESULTS AND A COMPETENT PERSONS REPORT
HAS BEEN ISSUED. THE MINERAL RESOURCES HAVE BEEN CATEGORISED IN NEAR SURFACE
AND UNDERGROUND MINERAL RESOURCES.
NEAR SURFACE MINERAL RESOURCES AS AT 30 JUNE 2000
THE SIX EXPLORATION TARGETS TOTAL A 11.6 KILOMETER STRIKE LENGTH AND ARE
OUTCROPPING AND SUB-OUTCROPPING BLACK REEF, KIMBERLEY, LIVINGSTONE AND MAIN
CONGLOMORATE UNITS.
REEF TONS GRADE KILOGRAMS OUNCES
(000) (G/T) AU AU (000)
(A) ORE RESERVES
PROVEN 156 4.7 728 23
PROBABLE 350 3.0 1 047 34
506 3.5 1 775 57
(B) MINERAL RESOURCE
MEASURED 624 3.8 2 355 76
INDICATED 359 5.4 1 954 63
983 4.4 4 309 139
INFERRED 1 231 4.9 6 025 194
TOTAL MINERAL RESOURCES 2 214 4.7 10 334 332
NOTE: THE ORE RESERVES ARE INCLUDED IN THE MINERAL RESERVES.
UNDERGROUND MINERAL RESOURCES OF ALL THE OPERATIONAL SHAFTS AS AT 30 JUNE 2000
ONLY THE RESOURCES THAT ARE ABOVE THE CURRENT WATER LEVEL AND AVAILABLE FROM
THE CURRENT OPERATING SHAFTS HAVE BEEN INCLUDED.
STOPE GRADE KILOGRAMS OUNCES
TONS (000) (G/T) AU AU (000)
(A) ORE RESERVES
PROVEN 1 222 5.4 6 574 211
PROBABLE 1 133 4.6 5 272 169
2 355 5.0 11 846 380
(B) MINERAL RESOURCE
MEASURED 3 137 6.0 18 896 608
INDICATED 4 574 6.3 28 815 926
7 711 6.2 47 715 1 534
INFERRED 2 931 6.6 19 438 625
TOTAL MINERAL RESOURCES 10 642 6.3 67 160 2 159
NOTE: THE ORE RESERVES ARE INCLUDED IN THE MINERAL RESERVES.
3. TAXATION
THE GROUP HAS NO LIABILITY FOR TAXATION IN THE REPORTED PERIODS NOR WILL IT
HAVE A TAXATION LIABILITY IN THE NEAR FUTURE.
4. DIVIDEND DECLARATION
A FINAL DECISION ON A DIVIDEND WILL BE MADE UPON THE RELEASE OF THE AUDITED
ANNUAL FINANCIAL RESULTS DURING SEPTEMBER 2000.
5. QUARTERLY AND AUDITED ANNUAL REPORT
THE UNABRIDGED QUARTERLY REPORT WILL BE POSTED TO SHAREHOLDERS ON OR ABOUT
FRIDAY, 11 AUGUST 2000. THE AUDITED ANNUAL REPORT WILL BE FINALISED EARLY IN
SEPTEMBER 2000.
FOR AND ON BEHALF OF THE BOARD.
P.J. NEL P.F. DU PREEZ
CHAIRMAN DIRECTORS 7 AUGUST 2000
DIRECTORS: PJ NEL, PF DU PREEZ, J A STRIJDOM, HVW CHAPMAN, JC DU PREEZ, GJH
COMBRINCK
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: PRICEWATERHOUSECOOPERS INC. 83 LOIS AVENUE, MENLYN.
PO BOX 35296, MENLOPARK, 0102
