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PETRA MINING LIMITED
(REG NO. 1972/001062/06)
("PETMIN" OR "THE COMPANY")
ABRIDGED RESULTS FOR THE QUARTER ENDED 30 SEPTEMBER 2000
GROUP INCOME STATEMENT
UNAUDITED QUARTER ENDED
30/09/00 30/06/00
RESTATED
R'000 R'000
TURNOVER 70 974 78 148
OPERATING PROFIT FROM GOLD MINING
OPERATIONS 7 318 7 876
AMORTISATION OF GOLD MINING ASSETS 3 650 3 650
PROFIT ON ORDINARY ACTIVITIES BEFORE
FINANCING COSTS 3 668 4 226
FINANCING COSTS 920 592
RETAINED PROFIT FOR THE PERIOD 2 748 3 634
EARNINGS PER ORDINARY SHARE (CENTS) 3,44 4,54
WEIGHTED AVERAGE NUMBER OF ORDINARY
SHARES IN ISSUE 80 000 000 80 000 000
GROUP BALANCE SHEET
30/09/00 30/06/00
UNAUDITED AUDITED
R'000 R'000
ASSETS
NON-CURRENT ASSETS 197 508 197 152
PROPERTY, PLANT AND EQUIPMENT 188 401 187 526
INVESTMENTS 9 107 9 626
CURRENT ASSETS 60 033 62 757
INVENTORIES 25 859 25 040
TRADE AND OTHER RECEIVABLES 34 174 36 916
CASH RESOURCES - 801
TOTAL ASSETS 257 541 259 909
EQUITY AND LIABILITIES
CAPITAL AND RESERVES 141 307 138 558
ISSUED SHARE CAPITAL 20 000 20 000
SHARE PREMIUM 101 287 101 287
NON-DISTRIBUTABLE RESERVE 6 000 6 000
RETAINED EARNINGS 14 020 11 271
NON-CURRENT LIABILITIES 26 364 26 364
LONG-TERM LIABILITIES 584 584
LONG-TERM PROVISIONS 25 780 25 780
CURRENT LIABILITIES 89 870 94 987
TRADE AND OTHER PAYABLES 65 172 64 138
BANK OVERDRAFT 19 060 19 413
CURRENT PORTION OF LONG-TERM
LIABILITIES 5 638 11 436
TOTAL EQUITY AND LIABILITIES 257 541 259 909
GROUP CASH FLOW STATEMENT
UNAUDITED QUARTER ENDED
30/09/00 30/06/00
RESTATED
R'000 R'000
NET CASH INFLOW/(OUTFLOW) FROM OPERATING
ACTIVITIES 3 558 (9 427)
NET CASH OUTFLOW FROM INVESTING
ACTIVITIES (4 006) (6 007)
NET DECREASE IN CASH AND CASH
EQUIVALENTS (448) (15 434)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF YEAR (18 612) (3 178)
CASH AND CASH EQUIVALENTS AT
END OF YEAR (19 060) (18 612)
QUARTERLY OPERATING RESULTS
QUARTER QUARTER
ENDED ENDED
30/9/00 30/6/00 %
RESTATED CHANGE
ORE MILLED -
METRIC TONS 359 510 342 942 4,83
YIELD - GRAMS
PER METRIC TON 3,13 3,81 (17,8)
GOLD PRODUCED -
KILOGRAMS 1 125,03 1 306,97 (13,92)
GOLD PRODUCED -
OUNCES 36 171 42 020 (13,92)
REVENUE PER KILOGRAM
PRODUCED - R 63 086 59 793 5,51
CASH COST PER
METRIC TON
MILLED - R 179 204 (12,25)
CASH COST PER KILOGRAM
PRODUCED - R 56 580 53 638 5,48
CAPITAL EXPENDITURE
- R'000 4 569 6 007
DEVELOPMENT METERS
- ON REEF 1 322,8 1 422,1
- OFF REEF 681,2 667,7
COMMENTS
1. THE PERIOD UNDER REVIEW
AS REPORTED AT THE LAST QUARTER THE IMPROVEMENTS TO UPGRADE THE GROOTVLEI GOLD
PLANT WERE ADDRESSED THIS QUARTER, RESULTING IN LOWER THAN FORECAST THROUGHPUT,
WHICH ALSO NEGATIVELY IMPACTED ON THE RECOVERY GRADES. THE COMBINED RESULT WAS
THAT THE GOLD PRODUCTION WAS 11,8% LOWER THAN FORECAST. THE ORIGINAL PROBLEMS
HAVE BEEN SOLVED AND THE RECOVERED GRADES ARE IMPROVING. THE UPGRADING OF THE
GROOTVLEI PLANT TO ACCOMMODATE THE HIGHER SKUKUZA PRODUCTION HAS NOW BEEN
COMPLETED.
THE COST PER KILOGRAM WAS R2 942 HIGHER THAN THE PREVIOUS QUARTER AS A RESULT
OF THE FIXED COSTS RECOVERED ON THE LOWER PRODUCTION, BUT THIS WAS OFFSET
AGAINST THE HIGHER AVERAGE GOLD PRICE OF R3 293 RECEIVED PER KILOGRAM.
THE WATER SUBSIDY FROM THE STATE HAS BEEN APPROVED.
2. FORECAST UNTIL 30 JUNE 2001
QUARTER QUARTER QUARTER YEAR
ENDED ENDED ENDED ENDED
DECEMBER MARCH JUNE JUNE
2000 2001 2001 2001
FORECAST TARGET TARGET ESTIMATE
ORE MILLED
- METRIC TONS 375 000 443 000 478 000 1 655 510
YIELD
- GRAMS PER
METRIC TON 3,20 3,16 3,14 3,16
GOLD PRODUCED
- KILOGRAMS 1 200 1 400 1 500 5 225
GOLD PRODUCED
- OUNCES 38 581 45 011 48 227 167 989
CASH COST PER METRIC
TON MILLED - R 176 163 158 169
CASH COST PER KILOGRAM
PRODUCED- R 55 100 51 500 50 350 53 470
CAPITAL EXPENDITURE
- R'000 4 450 1 400 650 11 069
IT REMAINS OUR GOAL TO REDUCE THE COST TO BELOW R50 000 PER KILOGRAM AND WE
BELIEVE THIS IS POSSIBLE ONCE THE PROJECTED RATIO BETWEEN THE UNDERGROUND AND
SURFACE MINING HAS BEEN ACHIEVED.
3. TAXATION
NO TAXATION HAS BEEN PROVIDED FOR DURING THE PERIOD UNDER REVIEW, AS NO
TAXATION IS PAYABLE FOR THE PERIOD.
4. QUARTERLY UNAUDITED REPORT
THE QUARTERLY UNAUDITED REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2000 WILL BE
POSTED TO SHAREHOLDERS ON OR BEFORE 15 NOVEMBER 2000.
5.QUARTERLY PRESENTATION
THE QUARTERLY PRESENTATION CAN BE VIEWED ON THE INTERNET AT WWW.CORPCAM.COM
ON BEHALF OF THE BOARD
P.J. NEL P.F. DU PREEZ
CHAIRMAN DIRECTOR 7 NOVEMBER 2000
DIRECTORS: PJNEL, PFDU PREEZ, J A STRIJDOM, H V W CHAPMAN
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
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