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Petra Mining Limited
(Reg No. 1972/001062/06)
("Petmin" or "the Company")
Unaudited results for the quarter ended 31 March 2001
Group Income Statement
Quarter ended
31/03/01 31/12/00
R'000 R'000
Turnover 66 558 68 850
Operating profit from
gold mining operations 5 423 6 305
Amortisation of gold
mining assets 3 650 3 650
Profit on ordinary activities
before financing costs 1 773 2 655
Financing costs 1 318 1 469
Profit for the period 455 1 186
Earnings per ordinary
share (cents) 0,57 1,48
Number of ordinary shares
in issue 80 000 000 80 000 000
Group Balance Sheet
31/03/01 31/12/00
R'000 R'000
Assets
Non-current assets 200 288 198 554
Property, plant and equipment 190 515 189 389
Investments 9 773 9 165
Current assets 54 985 55 970
Inventories 29 469 27 174
Trade and other receivables 25 516 28 796
Total assets 255 273 254 524
Equity and liabilities
Capital and reserves 142 948 142 493
Issued share capital 20 000 20 000
Share premium 101 287 101 287
Non-distributable reserve 6 000 6 000
Retained earnings 15 661 15 206
Non-current liabilities 26 445 26 445
Long-term liabilities 584 584
Long-term provisions 25 861 25 861
Current liabilities 85 880 85 586
Trade and other payables 68 483 64 793
Bank overdraft 17 180 19 266
Current portion of long-term
liabilities 217 1 527
Total equity and liabilities 255 273 254 524
Group Cash Flow Statement
Quarter ended
31/03/01 31/12/00
R'000 R'000
Net cash inflow from operating
activities 6 917 4 409
Net cash outflow from investing
activities (4 831) (4 615)
Net movement in cash 2 086 (206)
Cash at beginning of period (19 266) (19 060)
Cash at end of period (17 180) (19 266)
Quarterly Operating Results
Quarter Quarter Quarter
ended ended % Forecast
31/03/01 31/12/00 change 30/06/01
Ore milled
- metric tons 308 757 380 359 (18,82) 350 000
Yield - grams
per metric ton 3,17 2,73 16,1 3,29
Gold produced
- kilograms 979,70 1 038,06 (5,62) 1 150,00
Gold produced
- ounces 31 498 33 375 (5,62) 36 974
Revenue per
kilogram
produced - R 67 939 66 326 2,43
Cash cost per
metric ton
milled - R 198 165 20,00 186
Cash cost per
kilogram
produced - R 62 400 60 341 3,41 56 609
Capital expenditure
- R'000 4 775 4 636 4 500
Development
meters underground
- on reef 2 036,8 1 498,0
- off reef 491,1 389,5
Comments
1. THE QUARTER UNDER REVIEW
The kilogram and tonnage production at the Skukuza Project was lower than
expected as a result of the tempo of overburden stripping being lower due to
an unexpected increase in the hard rock encountered. As a result thereof the
capital expenditure, the cost per kilogram and the cost per ton were higher
than forecasted, which negatively impacted on the forecasted profits.
2. Forward selling (hedging)
45 kilograms per week have been forward sold at R69 575 per kilogram until
November 2001 and at R71 600 per kilogram from then until March 2002.
3. Water subsidy
The water subsidy was received until the end of March 2001 and application
has been made for future subsidy payments.
4. Taxation
No taxation has been provided for during the period under review, as no
taxation is payable for the period and no taxation will be payable in the
foreseeable future.
5. Unaudited report
The unaudited report for the quarter ended 31 March 2001 will be posted to
shareholders on or before 31 May 2001.
6. 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
Director Director
23 May 2001
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
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