Sharenet Sites 
Sharenet Sites
PETRA MINING LIMITED
(REG NO. 72/01062/06)
("PETMIN" OR "THE COMPANY")
CONSOLIDATED REPORT FOR THE QUARTER ENDED 31 MARCH 2000
* OPERATING PROFIT UP 37% * NET PROFIT UP 48% * GOLD PRODUCTION UP 14%
GROUP INCOME STATEMENT
UNAUDITED
QUARTER ENDED
31/3/00 31/12/99
R'000 R'000
TURNOVER 79 801 57 795
OPERATING PROFIT FROM GOLD MINING
OPERATIONS 11 294 8 239
AMORTISATION OF MINING ASSETS 1 200 1 200
PROFIT ON ORDINARY ACTIVITIES BEFORE
FINANCING COSTS 10 094 7 039
FINANCING COSTS 605 637
RETAINED PROFIT FOR THE PERIOD 9 489 6 402
OPENING RETAINED EARNINGS 22 272 15 870
CLOSING RETAINED EARNINGS 31 761 22 272
WEIGHTED NUMBER OF SHARES IN ISSUE 80 000 000 80 000 000
EARNINGS PER SHARE (CENTS) 11.86 8.00
GROUP BALANCE SHEET
UNAUDITED
QUARTER ENDED
31/3/00 31/12/99
R'000 R'000
ASSETS
NON-CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT 191 592 190 506
CURRENT ASSETS 38 797 30 844
INVENTORIES 18 740 15 778
TRADE AND OTHER RECEIVABLES 20 057 15 066
TOTAL ASSETS 230 389 221 350
EQUITY AND LIABILITIES
CAPITAL AND RESERVES 159 048 149 559
ISSUED SHARE CAPITAL 20 000 20 000
SHARE PREMIUM 101 287 101 287
NON-DISTRIBUTABLE RESERVE 6 000 6 000
RETAINED EARNINGS 31 761 22 272
NON-CURRENT LIABILITIES 30 672 26 525
LONG-TERM LIABILITIES 800 800
LONG-TERM PROVISIONS 29 872 25 725
CURRENT LIABILITIES 40 669 45 266
TRADE AND OTHER PAYABLES 22 095 22 632
BANK OVERDRAFT 3 178 6 101
CURRENT PORTION OF LONG-TERM
LIABILITIES 15 396 16 533
TOTAL EQUITY AND LIABILITIES 230 389 221 350
GROUP CASH FLOW STATEMENT
UNAUDITED
QUARTER ENDED
31/3/00 31/12/99
R'000 R'000
CASH FLOW FROM OPERATING ACTIVITIES
CASH GENERATED BY OPERATIONS 12 093 8 038
CHANGES IN WORKING CAPITAL (6 279) (519)
CASH GENERATED BY OPERATING ACTIVITIES 5 814 7 519
FINANCE COSTS (605) (637)
NET CASH INFLOW FROM OPERATING ACTIVITIES 5 209 6 882
CASH FLOW FROM INVESTING ACTIVITIES
FIXED ASSETS ACQUIRED (2 286) (2 074)
NET CASH UTILISED BY INVESTING ACTIVITIES (2 286) (2 074)
CASH FLOW FROM FINANCING ACTIVITIES
LONG-TERM LOANS REPAID - (3 555)
NET CASH UTILISED IN FINANCING ACTIVITIES - (3 555)
NET MOVEMENT IN CASH RESOURCES 2 923 1 253
CASH RESOURCES AT BEGINNING OF PERIOD (6 101) (7 354)
CASH RESOURCES AT END OF PERIOD (3 178) (6 101)
QUARTERLY OPERATING RESULTS
QUARTER ENDED
31/3/00 31/12/99 % CHANGE
ORE MILLED - METRIC TONS 317 059 295 034 +7.5
YIELD - GRAMS PER METRIC TON 3.71 3.48 +6.6
GOLD PRODUCTION (KILOGRAMS) 1 177.6 1 026.8 +14.7
GOLD PRODUCTION (OZ) 37 861 33 012 +14.7
REVENUE PER KILOGRAM PRODUCED (R) 59 443 56 287 +5.6
CASH COST
- PER METRIC TON MILLED (R) 184 168 +9.5
- PER KILOGRAM PRODUCED (R) 49 645 48 263 +2.9
CAPITAL EXPENDITURE (R'000) 286 2 074
DEVELOPMENT METERS
- ON REEF 1 096.8 1 362.0
- OFF REEF 538.6 503.3
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 37% FROM DECEMBER 1999 AND THE PROFIT AFTER AMORTISATION
AND INTEREST BY OVER 48%. THIS IS MAINLY DUE TO AN INCREASE OF GOLD PRODUCED TO
1 178 KILOGRAMS FOR THE QUARTER AND AN INCREASE OF 5.6% IN THE GOLD REVENUE.
THE COMPANY HAS A NO HEDGING POLICY. AN INCREASE OF ABOUT 15% TO A TOTAL
PRODUCTION OF 1 350 KILOGRAMS IS FORECAST FOR THE NEXT QUARTER. THE CASH COST
PER TON FOR THE QUARTER ENDED MARCH 2000 AMOUNTED TO R184 (QUARTER ENDED
DECEMBER 1999 - R169). THE CASH COST PER KILOGRAM INCREASED FROM R48 263 PER
KILOGRAM FOR THE QUARTER ENDED DECEMBER 1999 TO R49 645 PER KILOGRAM FOR THE
CURRENT QUARTER.
THE HIGHER COSTS ARE MAINLY AS A RESULT OF AN INCREASE GIVEN TO THE UNDERGROUND
OUTSOURCING COMPANY AND A HIGHER PUMPING COST OF THE UNDERGROUND WATER DUE TO
THE HIGHER THAN AVERAGE RAINFALL DURING THE QUARTER. IT IS FORECAST TO REDUCE
THE CASH COST TO BELOW R48 000 PER KILOGRAM IN THE NEXT QUARTER.
2. SKUKUZA PROJECT
IN JUNE 1999 A DECISION WAS TAKEN TO MINE THE BLACK AND KIMBERLEY REEFS FROM
SURFACE BASED ON A REPORT INDICATING 180 000 TONS OF PROVEN RESERVES AT AN
IN-SITU GRADE OF 4 G/T. WE ARE PLEASED TO REPORT THAT FURTHER FEASIBILITY
STUDIES ARE SUBSTANTIALLY BETTER, BOTH IN TERMS OF TONNAGE AND GRADES, THAN
INITIALLY ANTICIPATED. AS A RESULT THE PROJECT HAS BEEN NAMED THE SKUKUZA
PROJECT WHICH MEANS "TO FINALLY CLEAN-UP", A PROCESS WE HAVE NOW EMBARKED ON.
SINCE THE START OF THE PROJECT PRODUCTION HAS INCREASED AND IT IS ANTICIPATED
TO INCREASE TO ABOUT 150 KILOGRAMS PER MONTH BEFORE THE END OF THE YEAR.
PRODUCTION PER QUARTER HAS BEEN:
QUARTER ENDED SEPTEMBER 1999 - 14 KILOGRAMS
DECEMBER 1999 - 66 KILOGRAMS
MARCH 2000 - 176 KILOGRAMS
JUNE 2000 FORECAST - 300 KILOGRAMS
FOR THE MONTH OF MARCH 2000 A TOTAL OF 15 100 TONS OF ORE FROM THE NUMBER 1 PIT
YIELDED A TOTAL OF 102 KILOGRAMS OF GOLD. THIS WAS MAINLY DUE TO THE MINING OF
A PREVIOUSLY UNMINED FOOTWALL CHANNEL AND IT IS POSSIBLE THAT THIS FORTUNATE
SITUATION MAY RE-OCCUR, BUT IT SHOULD NOT BE CONSIDERED THE NORM.
THE TOTAL MINERAL RESOURCES ARE BEING REVISED ACCORDING TO THE SAMREC CODE AND
THE PROVISIONAL MINERAL RESOURCES FOR THE BLACK AND KIMBERLEY REEFS FOR THE
SKUKUZA PROJECT AS AT 9 MAY 2000 ARE AS FOLLOWS:
GOLD
REEF TONS (000) GRADE (G/T) KILOGRAMS OUNCES
(000)
(A) ORE RESERVES
PROVEN 96 5.7 550 17.7
PROBABLE 57 3.3 189 6.1
TOTAL ORE RESERVES 153 4.8 739 23.8
(B) MINERAL RESOURCE
MEASURED 362 3.4 1 232 39.6
INDICATED 174 4.3 744 23.9
536 3.7 1 976 63.5
INFERRED 560 4.9 2 742 88.1
TOTAL MINERAL RESOURCES 1 096 4.3 4 718 151.6
IT MUST BE NOTED THAT THE ORE RESERVES ARE INCLUDED IN THE MINERAL RESOURCES.
IN ADDITION TO THE BLACK AND KIMBERLEY REEFS THE POTENTIAL OF THE MAIN REEF
LEADER AND THE NEXT ABOVE REEFS ARE BEING INVESTIGATED.
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, 15 MAY 2000.
FOR AND ON BEHALF OF THE BOARD.
P.J. NEL P.F. DU PREEZ
CHAIRMAN DIRECTOR 10 MAY 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
