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PETRA MINING LIMITED
(REG NO. 72/01062/06)
("PETMIN" OR "THE COMPANY")
CONSOLIDATED REPORT FOR THE QUARTER ENDED 31 DECEMBER 1999
OPERATING PROFIT UP 14%
NET PROFIT UP 19%
GOLD PRODUCTION UP 6%
GROUP INCOME STATEMENT
UNAUDITED
QUARTER ENDED
31/12/99 30/09/99
R'000 R'000
TURNOVER 57 795 55 386
OPERATING PROFIT FROM GOLD MINING
OPERATIONS 8 239 7 203
AMORTISATION OF MINING ASSETS 1 200 1 200
PROFIT ON ORDINARY ACTIVITIES BEFORE
FINANCING COSTS 7 039 6 003
FINANCING COSTS 637 630
RETAINED PROFIT FOR THE PERIOD 6 402 5 373
OPENING RETAINED EARNINGS 15 870 10 497
CLOSING RETAINED EARNINGS 22 272 15 870
WEIGHTED NUMBER OF SHARES IN ISSUE 80 000 000 80 000 000
EARNINGS PER SHARE (CENTS) 8.00 6.72
GROUP BALANCE SHEET
UNAUDITED
QUARTER ENDED
31/12/99 30/09/99
R'000 R'000
ASSETS
NON-CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT 190 506 189 632
CURRENT ASSETS 30 844 30 575
INVENTORIES 15 778 14 558
TRADE AND OTHER RECEIVABLES 15 066 16 017
TOTAL ASSETS 221 350 220 207
EQUITY AND LIABILITIES
CAPITAL AND RESERVES 149 559 143 157
ISSUED SHARE CAPITAL 20 000 20 000
SHARE PREMIUM 101 287 101 287
NON-DISTRIBUTABLE RESERVE 6 000 6 000
RETAINED EARNINGS 22 272 15 870
NON-CURRENT LIABILITIES 26 525 29 644
LONG-TERM LIABILITIES 800 4 355
LONG-TERM PROVISIONS 25 725 25 289
CURRENT LIABILITIES 45 266 47 406
TRADE AND OTHER PAYABLES 22 632 22 848
BANK OVERDRAFT 6 101 7 354
CURRENT PORTION OF LONG-TERM LIABILITIES 16 533 17 204
TOTAL EQUITY AND LIABILITIES 221 350 220 207
GROUP CASH FLOW STATEMENT
UNAUDITED
QUARTER ENDED
31/12/99 30/09/99
R'000 R'000
CASH FLOW FROM OPERATING ACTIVITIES
CASH GENERATED BY OPERATIONS 8 038 6 317
CHANGES IN WORKING CAPITAL (519) (6 995)
CASH GENERATED BY OPERATING ACTIVITIES 7 519 (678)
FINANCE COSTS (637) (630)
NET CASH INFLOW FROM OPERATING ACTIVITIES 6 882 (1 038)
CASH FLOW FROM INVESTING ACTIVITIES
FIXED ASSETS ACQUIRED (2 074) (787)
NET CASH UTILISED BY INVESTING ACTIVITIES (2 074) (787)
CASH FLOW FROM FINANCING ACTIVITIES
LONG-TERM LOANS REPAID (3 555) (2 781)
NET CASH UTILISED IN
FINANCING ACTIVITIES (3 555) (2 781)
NET MOVEMENT IN CASH RESOURCES 1 253 (4 876)
CASH RESOURCES AT BEGINNING OF PERIOD (7 354) (2 478)
CASH RESOURCES AT END OF PERIOD (6 101) (7 354)
QUARTERLY OPERATING RESULTS
QUARTER ENDED
31/12/99 30/09/99 % CHANGE
ORE MILLED - METRIC TONS 295 034 269 799 +9.4
YIELD - GRAMS PER METRIC TON 3.48 3.59 3.1
GOLD PRODUCTION (KILOGRAMS) 1 026.8 967.9 +6.1
GOLD PRODUCTION (OZ) 33 012 31 118 +6.1
REVENUE PER KILOGRAM
PRODUCED (R) 56 287 57 167 -1.5
CASH COST (EXCLUDING WATER
PUMPING COST)
- PER METRIC TON MILLED (R) 153 154 -0.6
- PER KILOGRAM PRODUCED (R) 44 097 43 052 +2.4
CASH COST (INCLUDING WATER
PUMPING COST)
- PER METRIC TON MILLED (R) 168 178 -5.6
- PER KILOGRAM PRODUCED (R) 48 263 49 596 -2.7
CAPITAL EXPENDITURE (R'000) 2 074 787
DEVELOPMENT METERS
- ON REEF 1 362.0 1 724.4
- OFF REEF 503.3 332.3
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 14% FROM SEPTEMBER 1999 AND THE PROFIT AFTER AMORTISATION
AND INTEREST BY OVER 19%. THIS IS MAINLY DUE TO AN INCREASE OF GOLD PRODUCED TO
1 027 KILOGRAMS FOR THE QUARTER. A FURTHER INCREASE OF ABOUT 13% TO A TOTAL
PRODUCTION OF 1 165 KILOGRAMS IS FORECAST FOR THE NEXT QUARTER. THE CASH COST
PER TON (EXCLUDING THE COST TO PUMP THE UNDERGROUND WATER) FOR THE QUARTER
ENDED DECEMBER 1999 AMOUNTED TO R153 (QUARTER ENDED SEPTEMBER 1999 - R154). THE
TOTAL CASH COST PER KILOGRAM REDUCED FROM R49 596 PER KILOGRAM FOR THE QUARTER
ENDED SEPTEMBER 1999 TO R48 263 PER KILOGRAM FOR THE CURRENT QUARTER. IT IS
EXPECTED THAT THE COSTS WILL REMAIN CONSTANT IN THE NEXT QUARTER.
2. UNDERGROUND WATER
PETMIN, AT ITS GROOTVLEI OPERATIONS, PUMPS AN AVERAGE OF 90 MEGA LITRES OF
UNDERGROUND WATER PER DAY TO MAINTAIN THE WATER LEVEL AT ABOUT 807 METERS BELOW
SURFACE. THE MONTHLY PUMPING COST IS BELOW R3 MILLION WITH THE MINE CURRENTLY
RECEIVING A MONTHLY R1.3 MILLION SUBSIDY. THIS NET COST HAS BEEN ACCOUNTED FOR
IN THE OPERATING PROFIT. THE MINE HAS EMBARKED ON INITIATIVES TO REDUCE THE
COSTS AND THE CLEANING OF TWO OF THE PUMP COLUMNS HAS ENABLED THE MINE TO
REDUCE THE NUMBER OF OPERATING PUMPS FROM TEN TO SIX, RESULTING IN A
SUBSTANTIAL SAVING IN ELECTRICITY COSTS. THE COST PER TON TO PUMP THE
UNDERGROUND WATER AMOUNTED TO R15 FOR THE QUARTER ENDED DECEMBER 1999 (R23 FOR
THE QUARTER ENDED SEPTEMBER 1999).
DISCUSSIONS ARE TAKING PLACE WITH VARIOUS PARTIES TO PROCESS THE WATER FOR
DESALINATION AND TO OPTIMISE THE UTILISATION OF THE WATER AS A SCARCE RESOURCE.
ANY WATER THAT IS PROCESSED WILL HAVE THE ADDED BENEFIT OF REDUCING THE CURRENT
PROCESSING COST OF THE UNDERGROUND WATER.
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. QUARTERLY REPORT
THE UNABRIDGED QUARTERLY REPORT WILL BE POSTED TO SHAREHOLDERS ON OR ABOUT
MONDAY, 14 FEBRUARY 1999.
FOR AND ON BEHALF OF THE BOARD.
P.J. NEL P.F. DU PREEZ
CHAIRMAN DIRECTOR 8 FEBRUARY 2000
DIRECTORS: PJNEL (NON-EXECUTIVE CHAIRMAN), PFDU PREEZ, J ASTRIJDOM,
HVWCHAPMAN, JCDU PREEZ, G J H COMBRINCK
REGISTERED OFFICE: 28 VISAGIE STREET, GUARANTEE HOUSE, 5TH FLOOR. P O 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.
P O BOX 1053, JOHANNESBURG, 2000
AUDITORS: PRICEWATERHOUSECOOPERS INC. 83 LOIS AVENUE, MENLYN. P O BOX 35296,
MENLOPARK, 0102
