Sharenet Sites 
Sharenet Sites
PETRA MINING LIMITED
(REG. NO. 1972/001062/06)
("PETMIN" OR "THE COMPANY")
ABRIDGED AUDITED RESULTS FOR THE SIXTEEN MONTHS ENDED 30 JUNE 2000
GROUP INCOME STATEMENT
SIXTEEN
MONTHS YEAR
ENDED ENDED
30/06/00 28/02/99
R'000 R'000
TURNOVER 342 583 56 656
OPERATING PROFIT FROM GOLD MINING OPERATIONS 26 807 2 443
AMORTISATION OF GOLD MINING ASSETS 19 822 1 373
PROFIT ON ORDINARY ACTIVITIES BEFORE
FINANCING COSTS 6 985 1 070
FINANCING COSTS 1 919 690
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 5 066 380
TAXATION (NOTE 5) - -
PROFIT BEFORE EXCEPTIONAL ITEMS 5 066 380
EXCEPTIONAL ITEMS - 77 222
NET PROFIT FOR THE PERIOD/YEAR 5 066 77 602
DIVIDENDS (NOTE 4) - 136 931
RETAINED PROFIT/(ACCUMULATED LOSS)
FOR THE PERIOD/YEAR 5 066 (59 329)
HEADLINE EARNINGS PER ORDINARY SHARE (CENTS) 5.0 1.3
EARNINGS PER ORDINARY SHARE (CENTS) 6.3 269.3
WEIGHTED AVERAGE NUMBER OF ORDINARY
SHARES IN ISSUE 80 000 000 28 812 560
GROUP BALANCE SHEET
30/06/00 28/02/99
R'000 R'000
ASSETS
NON-CURRENT ASSETS 197 152 190 506
PROPERTY, PLANT AND EQUIPMENT 187 526 189 591
INVESTMENTS 9 626 915
CURRENT ASSETS 62 757 36 567
INVENTORIES 25 040 3 611
TRADE AND OTHER RECEIVABLES 36 916 16 723
CASH RESOURCES 801 16 233
TOTAL ASSETS 259 909 227 073
EQUITY AND LIABILITIES
CAPITAL AND RESERVES 138 558 133 492
ISSUED SHARE CAPITAL 20 000 20 000
SHARE PREMIUM 101 287 101 287
NON-DISTRIBUTABLE RESERVE 6 000 6 000
RETAINED EARNINGS 11 271 6 205
NON-CURRENT LIABILITIES 26 364 39 034
LONG-TERM LIABILITIES 584 13 703
LONG-TERM PROVISIONS 25 780 25 331
CURRENT LIABILITIES 94 987 54 547
TRADE AND OTHER PAYABLES 64 138 35 306
BANK OVERDRAFT 19 413 2 037
CURRENT PORTION OF LONG-TERM LIABILITIES 11 436 17 204
TOTAL EQUITY AND LIABILITIES 259 909 227 073
GROUP CASH FLOW STATEMENT
SIXTEEN
MONTHS YEAR
ENDED ENDED
30/06/00 28/02/99
R'000 R'000
NET CASH OUTFLOW FROM OPERATING ACTIVITIES (853) (52 738)
NET CASH (OUTFLOW)/INFLOW FROM INVESTING
ACTIVITIES (14 355) 45 712
NET CASH (OUTFLOW)/INFLOW FROM FINANCING
ACTIVITIES (17 600) 16 332
NET (DECREASE)/INCREASE IN CASH AND
CASH EQUIVALENTS (32 808) 9 306
CASH AND CASH EQUIVALENTS AT
BEGINNING OF YEAR 14 196 4 890
CASH AND CASH EQUIVALENTS AT
END OF YEAR (18 612) 14 196
STATEMENT OF CHANGES IN EQUITY
NON-
SHARE SHARE DISTRI- RETAINED
BUTABLE
CAPITAL PREMIUM RESERVE EARNINGS TOTAL
R'000 R'000 R'000 R'000 R'000
BALANCE AT 28/02/98 7 203 78 480 12 096 24 913 122 692
SHARES ISSUED 12 797 63 984 - - 76 781
SHARE ISSUE EXPENSES - (556) - - (556)
INVESTMENT IN
SUBSIDIARIES WRITTEN-OFF - (40 621) - 40 621 -REALISATION
OF MINING
ASSETS - - (6 096) - (6 096)
LOSS FOR THE YEAR - - - (59 329) (59 329)
BALANCE AT 28/02/99 20 000 101 287 6 000 6 205 133 492
NET PROFIT FOR THE
PERIOD - - - 5 066 5 066
BALANCE AT 30/06/2000 20 000 101 287 6 000 11 271 138 558
COMMENTS
1. RECONCILIATION OF RETAINED EARNINGS BETWEEN FINAL AUDITED RESULTS AND
PREVIOUSLY DECLARED UNAUDITED QUARTERLY RESULTS
R'000
UNAUDITED CLOSING RETAINED EARNINGS PREVIOUSLY REPORTED FOR
THE PERIOD ENDING 30/6/2000 41 766
COSTS NOT ALLOCATED - NOTE 1.1 (17 073)
DIFFERENCE IN AMORTISATION - NOTE 1.2 (13 422)
AUDITED RETAINED EARNINGS 11 271
1.1 COSTS NOT ALLOCATED
COSTS AMOUNTING TO R17.073 MILLION WERE NOT ACCOUNTED FOR BY THE FINANCIAL
DIRECTOR OF ONE OF THE SUBSIDIARIES IN THE MANAGEMENT ACCOUNTS USED TO FINALISE
THE UNAUDITED QUARTERLY RESULTS. INVESTIGATIONS IN THIS REGARD HAVE BEEN
CONDUCTED AND THE NECESSARY ACTIONS HAVE BEEN TAKEN TO ENSURE THAT THIS WILL
NOT OCCUR IN THE FUTURE. THIS HAS THE EFFECT OF AN INCREASE IN PRODUCTION COSTS
OF APPROXIMATELY R3 000 PER KILOGRAM.
1.2 AMORTISATION
AMORTISATION FOR THE UNAUDITED QUARTERLY RESULTS WAS CALCULATED ON A LIFE OF
MINE OF THIRTY YEARS, BASED ON RESERVES AND RESOURCES AVAILABLE AT THE PREVIOUS
FINANCIAL YEAR-END. THE CHANGE TO REPORTING THE RESERVES AND RESOURCES IN
ACCORDANCE WITH THE SAMREC CODE, AS REPORTED IN THE 30 JUNE 2000 UNAUDITED
QUARTERLY RESULTS, HAVE CHANGED THE LIFE OF MINE OF THE DIFFERENT MINES TO
BETWEEN SEVEN AND THIRTEEN YEARS. AS A RESULT THE AMORTISATION CHARGE HAS NOW
INCREASED BY R13.422 MILLION IN THE AUDITED RESULTS.
2. THE PERIOD UNDER REVIEW
DURING THE SIXTEEN MONTHS UNDER REVIEW 5 745 KILOGRAMS OF GOLD WERE PRODUCED.
TWO PROJECTS, NAMELY MARIEVALE 2 SHAFT AND THE SKUKUZA PROJECT WERE STARTED.
PROBLEMS ENCOUNTERED WITH THE LEACH CAPACITY AT THE GROOTVLEI METALLURGICAL
PLANT DURING APRIL TO JUNE THIS YEAR HAVE BEEN ADDRESSED AND THE CAPACITY HAS
BEEN INCREASED TO TREAT ALL PRODUCTION AS FORECAST.
IT IS EXPECTED THAT FUTURE PRODUCTION FROM MARIEVALE 2 SHAFT WILL REACH 60
KILOGRAMS OF GOLD PER MONTH.
THE SKUKUZA PROJECT WAS STARTED WITH THE OBJECTIVE TO EXPLOIT ALL THE SURFACE
AND NEAR-SURFACE RESOURCES ON THE PETMIN PROPERTIES. THE PROJECT WAS LAUNCHED
IN THE SECOND HALF OF 1999 WITH THE FOCUS ON THE CONSOLIDATED MODDERFONTEIN
PROPERTY BASED ON A REPORT WITH AN OPEN PIT RESOURCE OF 180 000 TONS. THE
COMPETENT PERSON'S REPORT AT 30 JUNE 2000 REPORTS THE TOTAL MINERAL RESOURCE AT
2.2 MILLION TONS CONTAINING 10 334 KILOGRAMS OF GOLD. FURTHER PROSPECTING AND
EVALUATIONS HAVE INDICATED A POSSIBLE MINERAL RESOURCE OF 8 MILLION TONS
CONTAINING 24 000 KILOGRAMS OF GOLD.
AS REPORTED IN THE 30 JUNE 2000 UNAUDITED QUARTERLY RESULTS THE SUBSIDY FROM
THE DEPARTMENT OF MINERALS AND ENERGY FOR THE PUMPING OF THE EXTRANEOUS
UNDERGROUND WATER FOR THE PERIOD FROM APRIL 2000 TO MARCH 2001, IS PENDING. THE
RECOMMENDATIONS OF THE INTER-DEPARTMENTAL COMMITTEE HAVE BEEN FORWARDED TO THE
HONOURABLE MINISTER FOR CONSIDERATION. THE SUBSIDY RECEIVABLE OF R3,9 MILLION
FOR APRIL 2000 TO JUNE 2000 HAS BEEN INCLUDED IN THE AUDITED RESULTS.
3. THE YEAR AHEAD
THE PROSPECTS FOR THE YEAR AHEAD REMAIN POSITIVE. IT REMAINS OUR GOAL TO REDUCE
THE COSTS TO BELOW R50 000 PER KILOGRAM AND THIS IS POSSIBLE ONCE THE CORRECT
RATIO BETWEEN THE UNDERGROUND AND THE SURFACE MINING HAS BEEN ACHIEVED.
PRODUCTION FOR THE TWELVE MONTHS ENDED 30 JUNE 2001 IS EXPECTED TO REACH ABOUT
6 000 KILOGRAMS.
4. DIVIDENDS
NO DIVIDENDS HAVE BEEN PAID OR DECLARED DURING THE PERIOD UNDER REVIEW.
5. TAXATION
NO TAXATION HAS BEEN PROVIDED FOR DURING THE PERIOD UNDER REVIEW, AS NO
TAXATION IS PAYABLE FOR THE PERIOD.
6. ANNUAL REPORT
THE ANNUAL REPORT OF PETMIN FOR THE SIXTEEN MONTHS ENDED 30 JUNE 2000 WILL BE
POSTED TO SHAREHOLDERS IN NOVEMBER 2000.
ON BEHALF OF THE BOARD
P.J. NEL P.F. DU PREEZ
CHAIRMAN DIRECTOR
29 SEPTEMBER 2000
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: PRICEWATERHOUSECOOPERS INC. 83 LOIS AVENUE, MENLYN. PO BOX 35296,
MENLOPARK, 0102
