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Phone: 07-55316191 or Email : sales@reflections.com.au
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US$7250
A$ = 0.615euro
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US 30-Year Bond
5.784%
+0.038
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US$5195
The Annual General Meeting will be held in the Board Room on the second floor of 44 Ord Street, West Perth, Western Australia on Monday 27 November 2000 at 11.30 am.
The 2000 Annual General Meeting will be held in the Pavilion Room at the Sebel of Perth, 37 Pier Street, Perth, Western Australia 6000 Thursday 30 November 2000 at 10.30am.
HIGHLIGHTS OF THE SEPTEMBER 2000 QUARTER
MINERAL RESOURCES DIVISION:
Mehdiabad Zinc Project - Iran (Union 25%)
Croydon Project (Newcrest earning 70%)
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655.3
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US$264.10
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672.5
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US$4.72
-0.01
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800
+5
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US$574
+3.00
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1584.8
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US$747
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5603.1
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218.38
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6388.4
+21.9
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US$32.81
+0.07
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14,464.56
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US$1827
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14,799.9
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US$476
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US$1047
A$ = 57.2yen
Nickel (spot $US/tonne)
US$7235
A$ = 0.624euro
Aluminium (spot $US/tonne)
US$1449
US 30-Year Bond
5.746%
+0.006
Tin (spot $US/tonne)
US$5120
QUARTER ENDING SEPTEMBER 30, 2000
SUMMARY
On the New Caledonian Nickel Project the Bogota Concessions were acquired by way of an expanded agreement with SMT. This adds 40 concessions covering 53.9 sq km to the existing nearby Nakety deposit. Studies were initiated on the database of 196 holes drilled on the Bogota Concessions. Work continues on the feasibility study at Nakety, in particular on engineering, financial and modeling optimization studies. Discussions with potential joint venture partners for the project continued. The declaration of force majeure was continued on the Musongati Nickel Project with progress on the Arusha peace process noted. Communications with the Burundi administration to assess the security situation are continuing. On the Kremnica Gold Project, newly acquired geological and assay data continues to be digitised in order to identify extensions and additions to the known resource. Exploration samples were taken at the south of the Kremnica Surround Exploration Licence. A regional target assessment to identify hydrothermal systems beyond the existing Kremnica licenses is continuing. Site visits for purposes of due diligence were conducted by major international gold mining companies.
Encouraging exploration results have come from the Merlin Mine area in the Northern Territory which suggest the presence of an additional diamondiferous source or sources within the local area.
Ashton released results from the processing of a 50 tonne bulk gravel sample excavated from a drainage site on one of its tenements close to the Merlin mine area. A total of 71 diamonds, greater than 0.9mm diameter, was recovered for a total weight of 5.192 carats, the largest diamond being 0.23 carats, and the smallest 0.012 carats.
The AGM of members will be held at the Royal Perth Yacht Club, Australia II Drive, Crawley, Western Australia, 6009 on 29 November 2000 at 2.30pm.
NEW ISSUE ANNOUNCEMENT
First Quarter Activities
HIGHLIGHTS
* Beharra Springs gas field (AWE 33.00%) continues to exceed joint venture budget production forecasts by 75% following a new gas sales contract for the remaining reserves of the field being signed with Alcoa.
* Ladbroke Grove gas field (AWE 24.29%) in full production and exceeding joint venture budget forecast by 35%
* BassGas Project (AWE 30.5-36.0%) declared ready for development once customers are secured
* Company in strong position for future growth, with good cash reserves (A$22.3m), low debt, long term cash flow and a diverse range of exploration and appraisal project opportunities
* Significant drilling campaign (12 wells) to start in next quarter
National Australia Bank Limited Group decreased its relevant interest in Brandrill Limited on 20/10/2000, from 7,793,895 ordinary shares (9.63%) to 7,394,895 ordinary shares (8.03%).
BHP has announced the appointment of Cassandra Matthews to the new position of BHP Vice President and Chief Information Officer, effective 1 December this year.
Metcoal Holdings (QLD) Pty Ltd increased its relevant interest in QCT Resources Limited on 27/10/2000, from 506,232,357 ordinary shares (73.49%) to 552,447,425 ordinary shares (80.20%).
The Annual General Meeting will be held at The Western Australia Club, Honeywell Room, 101 St George's Tce Perth, Western Australia on 28 November 2000 at 10.30 am.
SEPTEMBER 2000 QUARTER
Summary
Total coal mined for the September 2000 quarter was 16% lower than the corresponding period in the previous year. Current quarter was impacted by a longwall relocation.
Saleable production was down 10% compared with the same period in the previous year. This was also affected by the longwall relocation.
The Annual General Meeting will be held at 2:00pm on Tuesday, 28 November 2000 at Level 4, South Shore Centre, 83 South Perth Esplanade, South Perth.
NEW ISSUE ANNOUNCEMENT
Cue Energy has agreed in principle to acquire a 25% farmin interest in exploration permit ATP541P from Tamark Pty Ltd. The farmin to ATP541P will provide Cue shareholders near term exposure to two oil focused exploration wildcats.
The Annual General Meeting will be held at the Parmelia Hilton Hotel, Mill Street Perth, on Wednesday, 29 November 2000 at 2.00pm.
The Annual General Meeting will be held at the offices of Clayton Utz, Level 38 BankWest Tower, 108 St George's Tce, Perth on Thursday 30th November 2000 at 4.00 pm.
September Quarterly Report : OVERVIEW OF ACTIVITIES
The September Quarter was a period of intense activity for the Company, focussing as it did on the Lumwana Project and Zambezi Joint Venture in Zambia, and the Norrbotten alliance with Billiton in Sweden. The Lumwana Pre-feasibility Study is nearing completion and a substantial exploration program conducted. Elsewhere in Zambia encouraging first pass drill results have been received from the Nyungu Prospect on the Zambezi Joint Venture. In Sweden, field based exploration has commenced in the Norrbotten Project under the Equinox Billiton Alliance.
The 4th Annual General Meeting will be held on Wednesday, November 29, 2000 at 11.00am (AEST) at the following address:
Le Meridien at Rialto
Chandelier Room
Lower Ground Level
495 Collins Street
Melbourne VIC 3000
For company information, click here
September Quarterly Highlights
Telfer - Gold and Base Metals
Continuous trend of gold mineralisation for over 600 metres defined at South Corridor.
Tay - Nickel and Gold
Ten further electromagnetic targets have been generated which are currently being drill tested.
Tsumkwe, Namibia - Diamonds
A number of magnetic targets are currently being drill tested.
For full report, click here
Genetic Technologies (ex Duketon Goldfields) has decided to sell the Golden Mountain Project in Victoria. The project is a small heap leach project suitable for hands on prospectors and operators. For details, click here.
QUARTERLY REPORT TO SHAREHOLDERS
FOR THE THREE MONTHS ENDING 30 SEPTEMBER 2000
The operational office of Queensland Gas Company Limited has now been established and is located on the 28th Floor of Comalco Place at 12 Creek Street, Brisbane. This office is now fully operational with full time staff appointed and computer, Internet, telephone and facsimile facilities now installed.
INITIAL DRILLING PROGRAM
Casing, wellheads and all other necessary equipment for the wells has been ordered and drilling is programmed to commence in early November this year.
QGC has accepted an offer by Mitchell Drilling for a "Turnkey Operation" (fixed price) to undertake the drilling of these wells. Mitchell Drilling has significant experience in drilling Coal Bed Methane wells in the Sydney Basin in New South Wales and the Bowen Basin in Queensland.
As a result, all is now ready for QGC to drill the first ever wells designed specifically to test and produce gas from the Walloon Coal Measures in the Surat Basin
For full report, click here
HIGHLIGHTS FROM THE 1999/2000 FINANCIAL YEAR
For BeMaX's Annual Report, click here
SEPTEMBER 2000 QUARTERLY REPORT
HIGHLIGHTS
1. CORPORATE
The EGM to approve the spin-off of the companys base metal assets and the acquisition of Colloqui Pty Ltd has been called for 11.00 am on Tuesday, 31 October 2000.
The prospectus to raise funds and achieve a listing on the ASX of Minotaur Resources Ltd, currently a wholly owned subsidiary of the company, was prepared during the quarter and lodged with the ASIC on 17 October 2000.
Agreement was obtained from Billiton to novate the Companys agreement with Billiton to Minotaur Resources Ltd.
2. EXPLORATION
Mabel Creek Joint Venture
Agreement was reached with Native Title Claimants on the Mabel Creek Joint Venture tenements in October and clearances were completed on two of the priority targets within the joint venture area. Drilling is scheduled to commence in November.
Mutooroo Joint Venture
Airborne geophysical data is being assessed with a view to establishing drill targets for the December quarter.
For full report, click here
Petroz advises that the design of the Bayu-Undan production facilities has been expanded to include equipment enabling the delivery of gas from the platform into the proposed gas pipeline linking Bayu-Undan to Darwin.
The additional facilities increase the total cost of the development from US$1.46 billion to US$1.495 billion (Petroz share increasing from US$120.45 million to US$123.34 million).
The facilities will have the capacity to produce sales gas at the rate of 750 million cubic feet per day, which equates to approximately 290 petajoules per annum.
September Quarter: SIGNIFICANT DEVELOPMENTS
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663.2
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US$264.40
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678.2
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US$4.73
+0.03
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795
-2
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US$571
+2.00
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1592.3
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US$752
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5565.9
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219.26
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6366.5
+64.2
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US$32.74
-0.22
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14,582.2
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US$1830
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14,902.46
-93.78
Lead (spot $US/tonne)
US$472
A$ = US52.39c
Zinc (spot $US/tonne)
US$1064
A$ = 56.89yen
Nickel (spot $US/tonne)
US$7290
A$ = 0.625euro
Aluminium (spot $US/tonne)
US$1457
US 30-Year Bond
5.740%
+0.011
Tin (spot $US/tonne)
US$5215
The Annual General Meeting is to be held at the Hall Chadwick Centre, Level 12, Cnr Edward and Margaret Streets, Brisbane, QLD, 4000, on Thursday 23 November 2000 at 10:30am (Brisbane time).
For further information, click here
The Company is pleased to announce the following results from the latest drilling on line 9570N at the Anjing Hitam zone at its Dairi Project in North Sumatra.
Hole |
North |
East |
Dip/Azimuth (mag) |
From (m) |
To (m) |
Width (m) |
Zinc % |
Lead % |
Silver ppm |
Description |
SOP35D |
9570 |
5156 |
-75°/252° |
255.39 |
260.92 |
5.53 |
15.4 |
8.7 |
12.4 |
MMH |
SOP36D |
9570 |
5157 |
-77°/072° |
361.04 |
372.42 |
11.38 |
Assays awaited |
MMH |
MMH = Main Mineralised Horizon
For further information, click here
The Board of BeMaX Resources NL has unanimously rejected Iluka Resources Limited's 24 cents-a-share takeover offer, warning shareholders that the offer is less than half the preferred valuation of 50.5 cents by independent expert KPMG Corporate Finance (Aust) Pty Ltd.
BeMaX's Managing Director, Mr Stephen Everett, said Iluka was clearly seeking to deprive BeMaX shareholders by pre-empting the full recognition by the market of the value of its flagship Gingko mineral sands deposit in the Murray Basin, as well as its other prospective exploration discoveries.
The KPMG Report, supported by technical resources specialist Resource Equity Consultants Pty Ltd, values BeMaX shares at between 40.6 cents and 60.2 cents, with a preferred valuation of 50.5 cents. The report concludes that the offer is neither fair nor reasonable.
For further information, click here
For Target Statement, click here
The Annual General Meeting will be held at The Radisson Plaza, 27 O'Connell Street, Sydney, New South Wales on Thursday 30 November 2000 at 3.00 pm.
The Company has lodged a Supplementary Prospectus extending the closing date of their shareholder issue to Friday 24 November 2000.
Third Quarter Activities Report
* Iron ore production for the quarter was up 39% on the previous quarter. Much of this increase came from the first contribution from the iron ore assets of North but Hamersley Iron's production at 17.4 million tonnes was up 13% compared with the previous quarter Hamersley Iron shipped a record 17.3 million tonnes during the quarter.
* Aluminium production was up 20% on the previous quarter and was also up 20% for the year to date compared with the same period in 1999 reflecting full ownership of Comalco and continuing strong performance at all the smelters.
* Copper mined production was 9% higher than the previous quarter, helped by higher production at Escondida, Chile and Grasberg, Indonesia.
* Coal production was 11% higher than the previous quarter, mainly due to higher production in the US. However, coal production for the first nine months of 2000 was 7% lower than the same period in 1999 due to reduced sales at the Cordero Rojo mine earlier in 2000 as a consequence of lower spot prices experienced in late 1999 and early 2000 and a related decision to reduce production.
* Gold production increased by 13% compared with the previous quarter due to higher grades at Kennecott Utah Copper, US and higher production at Kelian, Indonesia.
* Borate production increased by 19% in the quarter, primarily reflecting the timing of maintenance and resulting in a 3% increase year to date compared with 1999. Titanium dioxide feedstock production increased by 10% during the quarter after the reinstatement of full production capability following completion of repairs to the furnace at QIT, Canada which was damaged in 1999, although the year to date production is 7% lower than the same period in 1999.
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All Ords | 3190.3 |
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Dow Jones | 10,380.12 |
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ASX200 | 3239.7 | -24.6 | S&P 500 | 1364.43 | -0.47 | |
All Resources | 1319.1 |
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Nasdaq | 3272.18 |
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All Mining | 662.6 |
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Gold - spot/oz | US$264.7 |
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All Gold | 685.4 |
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Silver - spot/oz | US$4.70 |
-0.04 | |
AGC Explorers | 797 | +4 | Platinum - spot | US$569 | -1 | |
Energy | 1593.6 |
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Palladium - spot | US$750 |
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All Industrials | 5562.7 |
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Bridge CRB Index | 220.6 |
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FTSE 100 | 6302.3 | -65.5 | Crude Oil (NYMEX) | US$32.96 | -0.41 | |
Nikkei | 14,858.43 | +17.96 | Copper (spot $US/tonne) | US$1842 |
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Hang Seng | 14,996.24 | -64.9 | Lead (spot $US/tonne) | US$472 |
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A$ = US52.14c |
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Zinc (spot $US/tonne) | US$1059 |
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A$ = 56.44yen |
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Nickel (spot $US/tonne) | US$7340 |
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A$ = 0.627euro |
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Aluminium (spot $US/tonne) | US$1461 |
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US 30-Year Bond |
5.729% | -0.023 | Tin (spot $US/tonne) | US$5220 |
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The company announces the results of the completed bulk sample at Pit 63 located within tenement E04/813 in the Ellendale region of North Western Australia.
In total 19 diamonds weighing 11 carats were recovered from the Pit 63 sample of 195 tonnes. Significantly, two of the diamonds weighed over 2 carats.
Ausmelt Limited has signed of an agreement with Compass Resources to undertake large-scale prototype plant testing to further the development of the Browns Project, located 90 kilometres south of Darwin. This test work will be the largest program undertaken by Ausmelt with a single project focus.
The test work forms a significant part of the R & D Start Grant project announced by Compass in July 1999, which involves testing an innovative but robust flow sheet for the smelting and subsequent treatment of high grade concentrates from the Browns deposit.
Ashanti has secured the approval of its Lending Banks to the sale of a 50% interest in the Geita Project to AngloGold, which will realise for the Company US$335 million in cash and for the Company to enter into a joint venture with AngloGold in respect of the Geita Project (together the "Transaction").
Natural Gas Corporation Holdings Limited is to appoint Mr John Barton as the new Managing Director of the merged NGC and TransAlta business.
It also announced that Mr Richard Bentley, the current Chief Executive Officer, will retire from his role in the next few weeks following which it is the intention of the NGC Board to appoint him as a Director of the Company. He will also be involved in assisting the new Managing Director in the merger transition period over the coming months.
Real Grumpy Pty Ltd became a substantial shareholder in Alliance Gold Limited on 25/10/2000 with a relevant interest in the issued share capital of 2,889,586 ordinary shares (10.31%).
REPORT FOR THE QUARTER ENDED 30 SEPTEMBER 2000
HIGHLIGHTS:
R&D:
* The installation and commissioning of the comminution, classification and thickening modules of the mobile mineral processing plant "MMPEU" was successfully completed at RAV 8 Nickel Project.
* Allied commenced receiving rent for the plant hire as of 24 August 2000. Rent due for the month of September amounted to $83,481.
* Negotiations are currently underway for the utilisation of the remaining modules.
EXPLORATION:
* Soil and rock sampling and prospecting were conducted at Beverley Hills Project in North Queensland.
* Anomalous gold values of up to 43 ppb were detected in soil samples. Assessment of the geochemical anomalies is currently underway.
ALLIED MEDICAL:
* Allied Medical entered into an agreement with Go Medical for the production and marketing of a new range of antibiotic infusion devices developed by Dr George O'Neil.
* Allied Medical and Go Medical are also developing a new home care health service for early hospital discharge and long-term patients.
* Sales of medical products continued to grow. Sales in the September quarter showed an increase of 6% over the June quarter and 39% over the March quarter.
* The Company succeeded in developing a new market in Vietnam for some of the Go Medical products.
The Annual General Meeting of members will be held at the following time and location:
Friday, 24 November 2000
Time: 2.00 pm
Location: The Rydges Hotel
815 Hay Street
Perth WA 6000
AWE Argentina Pty Ltd, a wholly owned subsidiary of Australian Worldwide Exploration Limited, advises that the first of three back-to-back wells in CNQ-16/A has commenced drilling operations.
Las Bases-2, an appraisal well on the Las Bases gas discovery, was spudded on 20 October and as at 2000 hrs 24 October, the well was drilling ahead at 589 m.
The Puesto Carrelini-1 and Estancia El Colorado Sur-1 exploration wells have been proposed to follow the Las Bases-2 well.
Metcoal Holdings (Qld) Pty Ltd increased its relevant interest in QCT Resources Limited on 24/10/2000, from 389,212,894 ordinary shares (56.50%) to 422,312,370 ordinary shares (61.31%).
The Directors of Bougainville Copper Limited report that there has been no production since 15 May 1989.
The first of three oil development wells to be drilled in Beach Petroleum's producing fields in PLs 11 and 32 in the Cooper/Eromanga Basin area of southwest Queensland, spudded today.
Drilling of the first well, Bodalla South-13, which has a predicted total depth of 1,665 metres, is expected to be completed approximately 2 November.
Bodalla South-13 will be followed immediately by the drilling of Kenmore-23 and then Kenmore-24.
Daily Share Buy-Back Notice: Maximum number of shares remaining to be bought back: 9,826,677
CLEAR BRANCH FIELD, JACKSON PARISH, NORTH LOUISIANA
Evaluation of a 44-foot interval of the Cotton Valley formation in the Terry Ewing No 1 well is continuing. Following perforation, the well has been swabbed of load fluid. Gas behind swab runs has burned a bright orange flare measuring up to 15 feet then decreasing to a three foot steady flare.
An acid cleanup over the perforated interval has been conducted, however the wellbore continues to load up with fluid behind gas thereby restricting flow. The Operator is presently evaluating this fluid build up, which appears anomalous based on well logs.
The 2000 Annual General Meeting will be held on Wednesday, 29 November 2000, at the offices of Imove, Level 7, 153 Walker Street, North Sydney at 1:00pm or at any adjournment of that Meeting.
All resolutions were passed at the Annual General Meeting of shareholders of Goldfields Limited held on 25 October 2000.
First Quarter Activities Report
SUMMARY OF ACTIVITIES
PRODUCTION
* A solid production quarter with 139,991 ounces of gold despite the Paddington plant being available for the treatment of Paddington ore for only approximately half the quarter.
* Cash costs of $268/oz for the quarter.
* Total costs of $412/oz for the quarter.
* Operationally, all sites continued to perform well. Porgera delivered its fifth consecutive quarterly production of over 200,000 ounces and achieved record throughput. Kundana achieved its second highest quarterly production after the record set in the June quarter. A new record mill throughput, equivalent to approximately 200,000 tonnes annually, was achieved at Henty.
EXPLORATION
* Goldfields earned 51% interest in the East Kundana JV.
* The Raleigh deposit was traced for 280 metres south onto the East Kundana JV tenements and a new, combined resource estimate of 757,000 ounces, at a grade of 35.2g/t Au, including 488,000 tonnes at an outstanding grade of 46.1g/t Au, was declared, encompassing both the Goldfields and JV tenements.
* Anomalous gold mineralisation was identified 2km further south of Raleigh.
* Deep drilling on the ABC Line beneath the Hornet and Rubicon deposits intersected the gold-bearing quartz vein at vertical depths of approximately 300 metres and 500 metres respectively.
* Visible gold was observed in laminated quartz veining in two wide-spaced holes north of Valhalla.
FINANCE
* An unaudited quarterly profit of $8.1 million was recorded.
* An average gold price of $538/oz was received for the quarter.
* The mark to market valuations of gold and currency hedging was positive $31.9 million and negative $82.9 million respectively.
CORPORATE
* Goldfields successfully placed 24.6 million ordinary shares, raising gross proceeds of $33 million.
* Goldfields Kalgoorlie Limited became a wholly-owned subsidiary of Goldfields following a selective capital reduction and was delisted from the ASX on 9 August 2000.
* The acquisition of Mineral Commodities Ltd's 49% share of the White Foil deposit was finalised.
* A Regional Development Alliance in the Yilgarn Craton was reached with Anaconda Nickel Limited.
All resolutions were passed that were put to shareholders at the 2000 Annual General Meeting of Golden West Refining Corporation Limited held Wednesday, 26 October 2000.
First Quarter Activities Report
PRINCIPAL POINTS
EXPANSION ACTIVITIES ARE WELL ADVANCED
* Both Gympie Gold's businesses, Gympie Eldorado Gold and Southland Coal are in the midst of major expansion phases.
* Monkland Mine at Gympie is being mechanised to expand gold production. Planning indicates production grades increasing to about 10 grams per tonne gold, which places Gympie amongst the highest-grade gold mines.
* Construction of the new Lewis Mine is on track and will increase production for the goldfield to 100,000 ounces gold pa. The official opening was on Friday 20 October.
* Southland Coal is commissioning the refurbished longwall mining unit in new panel SL2 where the Greta Seam is over 5 metres thick. Production is planned at 1.5 mil tonnes pa semi-hard coking coal at less than 7% ash and fluidity above 5,000 ddpm, the highest quality of its type in Australia.
GOLD EXPLORATION
* New stock-work blocks have been located on 12 Level. Stockwork block 6A discovered in April on the same level is over 35 metres wide containing more than 124,000 ounces at an average grade of 12 g/t.
* Surface drilling on targets for the new Lewis Mine has encountered stockwork mineralisation and 5 new stockwork zone targets have been identified. Stockworks are ideal for bulk mining from a modern mechanised mine like the Lewis Mine.
PRODUCTION
* Gold production 8,373 ozs at cash operating cost $344 (US$189) per ounce which is 30% less than the cost of the previous quarter. This improvement is due to the development and mechanisation that will deliver further improvements when completed.
* Coal production 57,658 tonnes as the longwall is being upgraded and moved.
FINANCIAL
* Cash and bullion now $2.5 million. Credit lines have been expanded to finance the continuing rapid expansion.
* Current gold sale hedge contracts have been expanded and increased in price from $A500/oz to between $520 and $540 per ounce.
The 2000 Annual General Meeting will be held at 10.30am on Friday 24th November 2000 at the Hyatt Regency Perth Hotel, 99 Adelaide Terrace, Perth, Western Australia.
The Annual General Meeting will be held at 11:00 am on Friday, 24 November, 2000 at The Wentworth Hotel, 61 - 101 Phillip Street, Sydney, NSW.
The flow of excellent bulk sampling results is continuing for Kimberley Diamond Company NL from its Blina Diamond Project, with the Company today announcing the recovery of a second 2 carat stone from the Pit 63 area and further diamonds from adjacent areas.
The Sixth Annual General Meeting of the members of Kimberley Diamond Company NL will be held at 12 Walker Avenue, West Perth 6005, Western Australia, on Friday, 24 November 2000, at 10.00am.
Longreach Gold Oil Limited has entered into a conditional agreement giving it a right to take an interest in a number of mining and exploration projects.
If the due diligence study will prove satisfactory, Longreach could acquire an interest in several mining and exploration projects for a proposed investment of up to $500,000.
Longreach would also have access to a metallurgical process which has advanced technology for the treatment of difficult gold and polymetallic ores. This technology could be utilised and assist in the acquisition of other suitable mining and exploration projects.
Cosmos Gem Ltd decreased its relevant interest in Lakes Oil NL on 24/10/2000, from 54,415,000 ordinary shares ( -%) to 50,805,500 ordinary shares ( -%).
For Lakes Oil website, click here
The terms of a 1 for 5 rights issue of Shares at an issue price of 20 cents per share. Each share will be accompanied by an option, exercisable at any time until 30 November 2001, to subscribe for a further share in the Company, also at 20 cents per share.
This issue will result in the issue of approximately 6,825,321 shares and the same number of options and will raise approximately $1,365,064 in working capital. These funds will be used to:
(i) upgrade the recently completed First Stage Feasibility Study of the Company's Mindarie Mineral Sand Project in the Murray Basin, and
(ii) to further expand the resource base of the project.
The Annual General Meeting will be held at 2pm on 22 November 2000 at Minter Ellison, Conference Room, Level 15, AMP Building, 1 King William Street, Adelaide SA 5000.
First Quarter Activities Report
HIGHLIGHTS
STRATEGIC ALLIANCE FORMED WITH ANGLOVAAL MINING LIMITED
Strategic Alliance with Anglovaal Mining Limited provides exploration funding and favourable Joint Venture arrangements.
TAKEOVER OF UNIVERSAL GOLD NL TO INCREASE TANZANIAN PORTFOLIO
Maiden announces plans to takeover unlisted Australian junior Universal Gold NL to bolster Tanzanian interests. Most of Universal's interests will become part of the Anglovaal Strategic Alliance.
ERITREAN BASE METALS DEAL SIGNED WITH PHELPS DODGE
Maiden widens mineral focus in Africa, signing a deal with Phelps Dodge Exploration Corporation to acquire 80% interest in the Debarwa and Medrizien VMS exploration areas and deposits near Asmara, Eritrea. Maiden cements control of the Asmara district by making application for 80% of a third, contiguous EL.
Emerging copper company Matrix Metals Ltd has made an impressive debut in the industry with budgeted production being achieved in the month of September and the Mt Cuthbert Operation becoming cash positive during the quarter.
Matrix, which listed on the Australian Stock Exchange on July 11, 2000 following its successful IPO raising S7 million, said it would now move to maximum production output from its Mt Cuthbert operation during the next quarter.
Organisational Changes:-
The company's Perth office will be relocated to Sydney, occupying a separate area on the same floor as the offices of Nido's major shareholder, Novas Petroleum Limited. The move is planned to occur before December this year.
Effective from 31 October, 2000, Mr Peter Henderson, Nido's Managing Director, will step down from his executive role, and the company's current Exploration Manager, Mr Joe Salomon, will become General Manager, located in Sydney. Mr Henderson has agreed to become an independent non-executive director on the Nido Board. He will have no other roles in either Nido or Novas.
First Quarter Activities Report
OVERVIEW
FINANCE
* Net profit - $30.8 million (unaudited)
* Hedging - no new or replacement commitments
* Final dividend - $61.3 million, paid 20 September 2000
GOLD
* ATTRIBUTABLE PRODUCTION
* 543,969 ounces (544,533oz)
* Total cash cost, $298 per ounce ($297/oz)
* Attributable gold sales, 512,659 ounces (553,562oz) at an average realised $542 per ounce ($562/oz)
* Margin, $244 per ounce ($265/oz)
* Increased WA Royalty and fuel prices add to costs
* DEVELOPMENT
* Boddington Expansion, feasibility study completion imminent
* Groundrush, resource upgraded, feasibility proceeding
* Perama (Greece), licensing process continues
* Yamfo-Sefwi/Area E (Ghana), integrated feasibility proceeding
* EXPLORATION
* Pajingo, new high grade shoot at Jandam, strong intersection at Zed
* Callie, new mineralised positions outlined
* Yamfo-Sefwi (Ghana), strong mineralisation in deep drillholes
* Paracatu (Brazil), resource addition estimated at 2Moz
NON-GOLD
* ZINC (Golden Grove)
* Record zinc concentrate production - 67,862 tonnes (58,649t)
* Average realised price 90.2 (US51.9) cents per pound (US50.1c/lb)
* Amity and Catalpa, further high grade intersections
* COBALT (Kasese)
* Plant modifications and testing progresses
CORPORATE
* PERUVIAN ASSETS
* estimated $164 million realised, following conclusion of disputes and disposal of BRGM-related associate companies
* INDUSTRIAL MINERALS
* Larvik Pigment Group sale completed, proceeds due next quarter
* AUSTRALIAN MAGNESIUM CORPORATION
* restructure approved, financing progresses
HIGHLIGHTS FOR THE SEPTEMBER 2000 QUARTER WERE:
* continuing strong revenue & production due to strong operational performance of Novus' assets and high oil prices
* Novus proposed a merger to Petroz NL and subsequently announced a scrip offer to take over that company
* significant progress in Indonesian projects: the West Natuna Gas Scheme is coming in early and gas sales from the Brantas PSC have doubled.
CORPORATE
PETROZ
* In September Novus proposed a merger with Petroz NL by way of scheme of arrangement. In October Novus made a scrip Take-over offer for Petroz.
DEBT FACILITY
* On 3 August Novus announced that it had negotiated a US$100m loan facility with a consortium of nine international banks.
DEVELOPMENTS
* Indonesia - West Natuna Gas Project, Kakap PSC, (Novus 25%), proceeding well ahead of schedule and under budget. Testing of the transportation system is in progress, and Kakap gas facilities are almost complete and expected to be commissioned by mid- November.
* Indonesia-Brantas PSC (Novus 50%), gas sales from the Wunut gas field have doubled from 4 MMscfd to 8 MMscfd (gross).
* Indonesia-Malacca Strait PSC, (Novus 26.03%), a five well infill development programme on the Melibur field was completed.
Exploration / Appraisal
* Egypt-Khalda concessions (Novus 10%), the Salam North-9 and Neith South-3X appraisal wells and the Tarek NE-1X exploration well were drilling at the end of the quarter.
* Australia-SA Cooper Basin (Novus 4.75%), Moomba- 119 DW, drilled during the quarter, was completed as an oil producer.
Norwest Energy NL advises that as at 6am Central Standard (Darwin) Time Wednesday 25th October, the Coleraine 1 well was at a depth of 2,931. A cement plug has been set. The current plan is to circulate and condition the well, then drill ahead before running 7 inch liner in the Flamingo Formation above the main objective zones.
The time taken to control the well is due to the fine pressure balance in the well between loosing mud into the fractures and hydrocarbon influxes from the fractures. Fractures in the Darwin Radiolarite are not uncommon in this part of the Timor Sea. They occurred in Minotaur 1 where they also caused drilling problems. They also occur over parts of the Elang Oil Field where they flowed 1640 barrels of oil per day in Elang West 1.
All resolutions put to the Annual General Meeting concluded Wednesday, 25 October was approved by shareholders.
First Quarter Activities Report
MINING
Mining results for the quarter were boosted by the contribution from the Century mine, which produced 175,780 tonnes of zinc concentrate. Contained zinc in concentrate produced was 102,415 tonnes, equivalent to 82% of rated capacity. Mill performance resulted in zinc recoveries of 70.5% for the quarter.
Initial lead concentrate production at Century was 15,556 tonnes for the quarter and shipments were made to external customers in Japan and China.
At Broken Hill, mining took place in lower grade areas of the mine during the quarter, and this impacted contained zinc and lead production. The Rosebery mine was also impacted by lower ore throughput and zinc ore grades. Ore grades and contained metal output at Broken Hill and Rosebery are expected to increase in the December quarter. Elura's metallurgical performance and output continued to benefit from the success of fine grinding. Zinc recoveries of 87% were achieved during the quarter.
Operations at Gordonsville continued to improve and Clinch Valley, which re-started in July, was on track for the quarter.
At Ernest Henry, higher ore throughput combined with higher ore grades, resulted in increased contained copper and gold in concentrate. As forecast, copper and gold recovery rates declined as an increased proportion of near surface weathered ore was mined and processed.
Daily Share Buy-Back Notice: Maximum number of shares remaining to be bought back: 8,848,850
Pursuant to shareholder approval obtained at the Extraordinary General Meeting of Shareholders held on 6 October 2000, Pan Australian confirm that the share and option placement to Resource Capital Fund II has been completed.
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The Fourth Annual General Meeting will be held at The Melbourne, Atrium Function Room, Level 1, Cnr Hay & Milligan Streets, Perth, Western Australia at 10.00am on Thursday 30 November 2000.
Mr Marcos Tomas Vivian has been appointed as a Director of the Company effective 25 October 2000.
SUSPENSION FROM OFFICIAL QUOTATION
The securities of the Company will be suspended from Official Quotation forthwith pending the release of an announcement to the market concerning a proposal to change the Company's activities.
Security Code: REE
All Ords
3213.2
Dow Jones
10,326.48
ASX200
3264.3
+3.6
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1364.89
-33.24
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1324.3
Nasdaq
3229.57
All Mining
670.4
Gold - spot/oz
US$266.4
All Gold
689.5
Silver - spot/oz
US$4.74
-0.04
AGC Explorers
797
+4
Platinum - spot
US$570
+5
Energy
1597.8
Palladium - spot
US$748
All Industrials
5605.6
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222.57
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US$490
A$ = US51.97c
Zinc (spot $US/tonne)
US$1079
A$ = 56.16yen
Nickel (spot $US/tonne)
US$7470
A$ = 0.628euro
Aluminium (spot $US/tonne)
US$1489
US 30-Year Bond
5.752%
+0.046
Tin (spot $US/tonne)
US$5240
The Board of Directors advise that Mr Ian Bromell has resigned as a secretary of Acclaim Uranium Limited.
Anaconda Nickel Limited ceased to be a substantial shareholder in Comet Resources Limited on 18/10/2000.
The 47th Annual General Meeting will be held in the James Cook Room, Level 5, The Wentworth Hotel, 61-101 Phillip Street, Sydney on Friday, 24 November 2000 at 12 noon.
The Company's non-renounceable rights issue has closed and that with acceptances from Shareholders and the small shortfall to be taken up by underwriters to this issue, the company will have raised approximately $1,400,000 in cash.
Ballarat Goldfields NL have entered into negotiations to divest the gold assets held within the BGF group.
A proposal to acquire the complete portfolio of BGF's minerals assets has been received from a listed gold mining entity.
The parties have undertaken to develop a formal Acquisition Agreement. This is expected to provide for a distribution of new shares in the acquiring company to BGF shareholders, based on independent valuations of the minerals assets of each party. The terms of the sale and other relevant information will be detailed in an Information Memorandum to be issued to shareholders following execution of the Acquisition Agreement, at which time the contracting party may be disclosed.
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BHP has launched AURIAS(TM), the Company's first move into on-line diamond retailing.
AURIAS(TM) customers will initially be given the choice of 1,300 high-quality polished diamonds from BHP's 51 per cent-owned Ekati(TM) mine in Canada.
Carat weight will range from 0.25 to 1.50 and all will be laser-inscribed to ensure authenticity. A small number of larger diamonds will also be available on the AURIAS(TM) website.
Drilling Reports - Cavalier-1/Laverda-1 & Anama-1
WA-9-L
CAVALIER-1
Woodside Petroleum Ltd, Operator of the WA-9-L Joint Venture, reports that the Cavalier-1 exploration well located in the Carnarvon Basin was plugged and abandoned at a depth of 3696 metres on 21 October 2000.
All reported depths are referenced to the rig rotary table.
WA-271-P
LAVERDA-1
Woodside Petroleum Ltd reports that the Laverda-1 exploration well located 13 kilometres west of Woodside's Enfield oil accumulation was running in hole to cut core number 2. Since the last report the 14(3/4) inch hole was drilled to 1585 metres and the 9(5/8) inch casing was run and cemented. The 8(1/2) inch hole was drilled to core point where core number 1 was cut.
All reported depths are referenced to the rig rotary table.
PPL188
ANAMA-1
Woodside Petroleum Ltd reports that the Anama-1 exploration well located in the Gulf of Papua was drilling the 9(5/8) inch casing shoe track with an 8(1/2) inch bit on 24 October 2000. The 9(5/8) inch casing was run and cemented at 2364 metres.
All reported depths are referenced to the rig rotary table.
Metcoal Holdings (Qld) Pty Ltd increased its relevant interest in QCT Resources Limited on 23/10/2000, from 350,445,013 ordinary shares (50.90%) to 389,212,894 ordinary shares (56.50%).
REPORT FOR QUARTER ENDED SEPTEMBER 30, 2000.
PRODUCTION SUMMARY
Bligh derives oil and gas production from its 1.62% working interest in the TAWN Joint Venture, Taranaki Basin, New Zealand and from its Bayou Choctaw project in Louisiana, United States. Production net to Bligh from these projects is approximately 80 barrels of oil per day and 400 thousand cubic feet of gas per day.
First Quarter Activities Report
SUMMARY FOR THE QUARTER
* Mining has been completed at the Big Mack Deposit and is continuing at the Hanna and Chutney Deposits.
* Development drilling at Bell's Pit has commenced to prove up the ore reserve component of the current resource estimate.
* Drilling continued at the Lewis deposit (formerly Anomaly 17). Mineralisation (>35% Mn) has now been outlined over 250m by 40-90m. The inferred resource at the Lewis deposit is 906,000 tonnes at a 35% Mn cut-off.
* Consolidated Minerals Limited was chosen as a finalist for the prestigious Western Australian Industry and Export Awards.
* Sales agreements in place for the 2000/2001 production.
* Long-term (5 and 10 years) sales agreements have been established for 70% of the Company's annual production.
* The Company reported a profit of $2.27 million for the financial year ended June 2000 on sales revenue of $34.39 million.
* Financial performance for the September quarter was substantially better than the previous quarter with trading in line with budget.
* $2.1 million raised in equity capital through the placement of 6,000,000 fully paid shares.
RESPONSE TO ASX QUERY
On 19 October the Company announced inter alia that the requirements for an expeditious listing on the NASD Electronic Over-the-Counter Bulletin Board have been addressed and can proceed as soon as the Securities and Exchange Commission confirms that there are no further comments on the 1999 Form 20-F.
Delta Gold has announced the development of the Wallaby project by the Granny Smith Joint Venture (GSJV, Delta 4O%). Granny Smith is Australia's second largest gold mine and mining of the Wallaby deposit will extend the remaining life of this operation to at least ten years.
Delta also announces that the GSJV has agreed on terms with, Homestake Mining to allow access to the adjoining Just-In-Case resource (500,000 ounces) enabling the optimal development of the Wallaby open pit. The GSJV will make payments to Homestake totalling $25 million over a six year period, together with a 3.5% net smelter return on gold produced from the Just-In-Case lease.
First Quarter Activities Report
HIGHLIGHTS
WALLABY GOES AHEAD
The Wallaby Feasibility Study was completed during the quarter and the decision to commence the development of this two million ounce reserve has been made. Terms have been agreed to allow access to the adjoining Just-In-Case resource, enabling optimal development of the Wallaby open pit.
SOUND FINANCIAL PERFORMANCE
Unaudited profit after tax for the first quarter of the 2000/01 financial year was $8.0 million. Cash flow from operations for the quarter was $22.6 million.
Abridged, unaudited financial statements for the three months ended 30 September 2000 are included in this report.
IMPRESSIVE OPERATIONAL PERFORMANCE
Continued strong performance at Delta's Australian operations resulted in attributable gold production of 156,796 ounces of gold at an average total cash cost of $319 per ounce.
GOLDEN FEATHER EXCELS
Processing of Lady Ida ore and the remaining Mulgarrie stockpiles resulted in Golden Feather producing an excellent 37,389 ounces at a total cash cost of $273 per ounce.
KANOWNA BELLE DELIVERS
Continued strong operating performance at Kanowna Belle resulted in gold production of 72,234 ounces at a low total cash cost of $263 per ounce.
HIGH GRADES AT KANOWNA BELLE
Resource definition drilling at Kanowna Belle has intersected higher-than-expected grades at around 1,000 metres depth, potentially increasing both the grade and size of the resource at depth.
SATELLITE RESOURCE FOR KANOWNA BELLE
Drilling results at Red Hill show potential to significantly increase the resource base in the Kanowna district, confirming Kanowna Belle as the hub for Delta's growth in the Kalgoorlie region.
GRANNY SMITH AGREEMENTS
Separate agreements by the Granny Smith Joint Venture (Delta 40%) with the Laverton Exploration Joint Venture (Delta 50%) and Exodus Minerals Limited (Delta 11%) provide the basis for processing additional resources at the Granny Smith plant.
AWARDS FOR GRANNY SMITH
Granny Smith was awarded, for the second consecutive year, the Golden Gecko Award in recognition of excellence and leadership in environmental management. In addition, Granny Smith has been awarded the John Curtin Medallion for Community Service.
LAND ACCESS AGREEMENT
Delta has reached a landmark agreement with three native title claimant groups for expediting the grant of future exploration tenement applications over a very large area of the Eastern Goldfields of Western Australia.
The Annual General Meeting will be held at the Registered Office of the Company at First Floor, 14 Outram Street, West Perth, Western Australia on Friday, 24 November 2000 commencing at 10:00 am.
The Annual General Meeting will be held on 30th November 2000 at 11.30 am, 1st Floor, Ritz Carlton Hotel, 33 Cross Street, Double Bay NSW 2028.
The Annual General Meeting will be held on 30th November 2000 at 10.45 am 1st Floor, Ritz Carlton Hotel, 33 Cross Street, Double Bay NSW 2028.
The Annual Meeting of Shareholders will be held at the Ellerslie Convention Centre, Greenlane Road, Auckland, New Zealand, on Thursday 2 November 2000 commencing at 2.00 pm.
The Annual General Meeting will be held at Celtic Club Inc, 48 Ord Street, West Perth, Western Australia on 28 November 2000 at 12:15 pm.
The Annual General Meeting will be held at The Constitutional Centre of WA (Courtyard Meeting Room), cnr Parliament & Havelock Streets, West Perth, Western Australia, at 2.00pm on Tuesday 21 November 2000.
The Annual General Meeting will be held at The Constitutional Centre of WA (Courtyard Meeting Room), cnr Parliament & Havelock Streets, West Perth, Western Australia, at 2.30pm on Tuesday 21 November 2000.
The Annual General Meeting will be held at 9.00am on Wednesday, 29 November 2000 at the Celtic Club, Presidents Room, Level 1, 48 Ord Street, West Perth, Western Australia.
The Annual General Meeting will be held on 30th November 2000 at 10.00 am, 1st Floor, Ritz Carlton Hotel, 33 Cross Street, Double Day NSW 2028.
The Annual General Meeting will be held at the All Seasons Premier Menzies Hotel, Canberra Suite, 1st Floor, 14 Carrington Street, Sydney, New South Wales at 11.00 am on Friday, 24 November 2000.
Mr Corbett McKay has resigned as a director of the company as of Tuesday, 24 October.
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The Annual General Meeting will be held at the offices of the Institute of Chartered Accountants at Level 10, Bourke Place, 600 Bourke Street, Melbourne, Victoria at 11.00 am on 22 November 2000.
Maiden Gold NL advises of three deals and a new EL Application which, subject to shareholder and other approvals, have potential to transform the Company:
1. A Strategic Alliance has been formed# with large South African mining house Anglovaal Mining Limited (Anglovaal), which will involve Anglovaal subscribing for US$350,000 (approx AUD 625,000) of Maiden shares at AUD ten cents per share and providing at least US$500,000 per year for Maiden's exploration of existing and new projects.
2. Maiden will offer to acquire all of the issued shares in Universal Gold NL (Universal), another substantial Tanzanian explorer, for Maiden shares in the ratio of 7 Maiden shares for each 10 Universal shares.
3. Maiden will acquire, from a subsidiary of US mining company Phelps Dodge Inc, 80% interests in two Exploration Licences at Asmara in Eritrea, in two stages, subject to sustained resolution of the border dispute with Ethiopia.
The 8th Annual General Meeting of Macmin Ltd will be held at the Hall of the Church of the Holy Spirit, 73 Salerno Street, Isle of Capri, Queensland on Friday, 24 November 2000 at 2.00pm.
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First Quarter Activities Report
MT CUTHBERT OPERATION
- The production ramp up at Mt Cuthbert to full production capacity is well underway. Significant activities undertaken include:
* Construction of a new heap leach pad.
* Appointment of a new mining contractor.
* Recommencement of mining in the Dobbyn Open Pit.
* Commencement of mining in the Orphan Open Pit.
* Re-mining of two existing leach pads.
- A detailed review of medium term production plans has commenced.
- Engagement of an engineering company to progress the production upgrade study to feasibility status.
- Negotiations have progressed with the local native title claimants to conclude an Indigenous Land Use Agreement.
- A review of exploration targets at Mt Cuthbert has commenced.
WHITE RANGE PROJECT
- The White Range Project database is under review preparing for commencement of the next phase of the feasibility study.
Concurrent to broker presentations on the Skardon River Kaolin Project in which Minerals Corporation Limited has a 30% equity interest we advise as follows on the Project:
* A recent $300,000 geological drilling/testing program has confirmed a deposit capable of supporting a long life world class mine producing premium priced Kaolin products for the paper, ceramics and paint industries.
* Kaolin production trials will recommence in December with regular production commencing once the kiln bricks have been installed in the next quarter.
* The world Kaolin market has firmed with further global price increases expected.
* Kaolin is a US$ designated commodity and the products will be mainly exported.
* Skardon River Kaolin is a long life project which is expected to achieve an 18 month payback.
* Five expatriate managers with leading international Koalin expertise have been recruited to manage the business and train local personnel.
Newland Resources Ltd announces a rights issue on a one for two basis to raise $2,987,348. An option to subscribe for further shares at 20 cents each at any time on or before 31 October 2002 will be attached free to each new share subscribed for. The issue is fully underwritten by Barton Capital Corporate Pty Ltd. These funds will provide capital for Newland to support its investment in the financial services businesses in UK where it owns 70% of three companies (Moneyguru Limited, Rectory House Associates Limited and MG Research Limited) which provide financial advisory and consultancy services to smaller companies and individuals.
Novus Petroleum Limited has lodged its Bidder's Statement, in respect of its scrip takeover offer for Petroz, with ASIC and Petroz.
The Novus bid, offering Petroz shareholders one Novus share for every 3.75 Petroz shares, will be open for one month, unless extended. The Bidder's Statement, which contains full details of the Novus Offer, will be dispatched to Petroz shareholders in 14 days time, in accordance with statutory requirements.
West Oil NL announces that as at 6-00 am (CST) Monday, 24th October, Coleraine-1 was at 2,931 metres. A cement plug has been set to control an influx in the well bore. Planned activities are to complete stabilising operations and drill ahead.
West Oil believes that the well is unlikely to reach the objective sands of the Elang formation until at least later this week although the time of this is uncertain. West Oil will keep shareholders informed as and when information is to hand.
Coleraine-1 will test the large Coleraine fault block which straddles the border with ZOCA 91-12 and has P50 potential recoverable reserves of 150 million barrels. The well is 12.5 kilometres west and updip of Minotaur-1 which is interpreted to have intersected a 7 metre oil column in the Late Jurassic Elang Formation sandstone.
Norwest Energy NL advises that as at 6am Central Standard (Darwin) Time Tuesday 24th October, the Coleraine 1 well was at a depth of 2,931 metres. A plug has been set to control influxes in the well bore. Planned activities is to complete stabilising operations and drill Ahead.
Norwest is of the view that the well is unlikely to reach the objective sands belonging to the Elang Formation until at least later this week. Such time is uncertain.
Coleraine 1 is being drilled updip and 12.5 kilometres west of the Minotaur 1 well which is interpreted to have intersected a 7 metre untested oil column in the Elang Formation and encountered significant Oil saturation's in the underlying Plover Formation. If filled to spill point the prospect has the potential to contain 150 million barrels of oil recoverable.
The 4th Annual General Meeting will be held in the Arabella Room, The Sebel of Perth, 37 Pier Street, Perth, Western Australia 6000, on Wednesday 22 November 2000 at 11.30 am.
Third Quarter Activities Report
HIGHLIGHTS
* Orogen continued to benefit from high world oil prices during the third quarter of 2000: The average price received from the sale of oil during the quarter was US$30.67/barrel, compared to US$25.94/barrel in the second quarter and US$20.34/barrel in the third quarter of 1999. Oil revenue for the third quarter was US$48.5 million, up 14% on the second quarter and 71% higher than in the corresponding period of 1999.
* Gold production from the Porgera Gold Mine rose for the third consecutive quarter: Orogen's share of attributable quarterly gold production from the Porgera Gold Mine was 49,811 ounces, 17% higher than in the second quarter and 1% up on the third quarter of 1999. Total unit cash costs were US$124 per oz.
* Last year's purchase of oil producing assets offset the PNG oil fields' natural decline: Orogen's share of oil production from the Kutubu, Gobe and Central Moran Oil Fields was 8% lower than in the second quarter but 6% higher than in the same quarter of last year, reflecting increased field interests following the BHP PNG asset purchase in late 1999. Attributable production for the quarter was 1.506 million barrels of oil produced at an average cash cost of US$4.86 per barrel.
* Steady progress was made on key aspects of the PNG-QLD Gas Project Development: Productive discussions continued with the PNG Government during the quarter on the PNG Gas Agreement and infrastructure ownership issues. Shortly after the end of the quarter, the ACCC granted an interim authorisation for new entrants ExxonMobil and Santos to jointly market PNG gas with the other PNG Gas Project Sponsors, clearing the way for marketing discussions with potential end users to resume.
* A number of major milestones were achieved on the Central Moran Oil Field Development: The design premise of the Central Moran Oil Field development was approved during the quarter while in early October, the Landowners Business Development Agreement was signed and a draft offer for a new production licence, PDL-5, covering the portion of the Moran field in PPL-138, was made.
* Orogen's Board of Directors and senior management team has been further strengthened: In early October, two new directors, Mr Ian Johnson and Sir Michael Bromley, were appointed to Orogen's Board of Directors and Mr Francis Kaupa was appointed as Managing Director and Chief Executive Officer.
The Annual General Meeting will be held at the AAP Centre Theatre, Ground Level, Cnr George and Jamieson Streets, Sydney on Thursday 30 November 2000 at 10:00am.
Further to announcement on 11 September 2000 of a forthcoming rights issue to shareholders, the Company adviseS that 44,140,594 shares have been issued at $0.10 per share to raise a total of $4,414,059.40.
Daily share buy back notice: Maximum number of shares remaining to be bought back: 8,862,870
NEW ISSUE ANNOUNCEMENT
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First Quarter Activities Report
OVERVIEW
BAYU-UNDAN PROJECT
* All major contracts for production facilities awarded.
* Co-venturers approve design changes to allow gas exports of 750 mmscfd.
* Letter of Intent executed for Bayu-Undan to Darwin gas pipeline.
* Route survey carried out for onshore gas pipeline from Darwin to Moomba. * Project remains on schedule and within budget.
ELANG/KAKATUA/KAKATUA NORTH OIL FIELDS
* Significant increase in Initial Recoverable Reserves to 25.5 Mmbbl.
* Production continues at approx 20,500 bopd.
* Petroz is unhedged in relation to oil price and currency.
EXPLORATION
* Two unsuccessful exploration wells drilled in Carnarvon Basin.
FINANCE & CORPORATE
* Revenue totalled $6.547 million
* Cash balance of $9.3 million and zero debt as at 30 September 2000
* Novus merger proposal received 12 September and subsequently rejected by Petroz Board.
* Cash injection of $12.8 million on 20 October from Fletcher Challenge Energy exercising its option on 29.5 million shares.
* FCE placement and underwriting arrangement rejected at 5 October Shareholders' Meeting.
The Annual General Meeting will be held at the Celtic Club Inc, 48 Ord Street, West Perth, Western Australia on Tuesday, 28th November 2000 at 11.30am.
The Company has bid successfully for block CO2000F in the third and final round of the South Australian Government's Cooper Basin acreage release programme.
Block C02000-F covers an area of 1163 square kilometres in the Southwestern sector of the Basin. It adjoins the eastern boundary of Stuart's Pando Block (C098-H) and extends from northwest of the (excised) Daralingie gas-condensate field across the Dunoon embayment to the Dunoon Ridge and east to the Murteree High.
A number of gas and oil discoveries are excised from within the block boundaries. Stuart's technical managers consider the C02000-F block to be highly prospective for further oil and gas discoveries.
Stuart has now bid successfully for four blocks in the Cooper and Cooper Eromanga Basins.
SUSPENSION FROM OFFICIAL QUOTATION
The securities of Tuart Resources NL will be suspended from quotation immediately at the request of the Company, pending release of an announcement.
Security Codes: TRT
TRTO
September 2000 Quarterly Report
HIGHLIGHTS
SEPTEMBER 2000 QUARTERLY REPORT
HIGHLIGHTS
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All Ords
3209.6
Dow Jones
10,393.07
ASX200
3260.7
-7.2
S&P 500
1398.12
+2.34
All Resources
1332.0
Nasdaq
3419.79
All Mining
668.6
Gold - spot/oz
US$270.3
All Gold
690.9
Silver - spot/oz
US$4.78
+0.05
AGC Explorers
793
-2
Platinum - spot
US$565
-7
Energy
1595.5
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US$747
All Industrials
5593.1
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225.35
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6438.4
+122.5
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US$33.37
-0.39
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15,148.19
+50.23
Copper (spot $US/tonne)
US$1866
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14,925.93
-176.43
Lead (spot $US/tonne)
US$481
A$ = US52.49c
Zinc (spot $US/tonne)
US$1066
A$ = 56.7yen
Nickel (spot $US/tonne)
US$7430
A$ = 0.628euro
Aluminium (spot $US/tonne)
US$1500
US 30-Year Bond
5.706%
+0.027
Tin (spot $US/tonne)
US$5240
BeMaX wishes to clarify some of the issues raised by Iluka Resources Limited in its announcement to the ASX on Friday 20 October in relation to the issue by BeMaX of unsecured notes. BeMaX announced the issue of the unsecured notes on 19 October 2000.
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The Company's wholly owned subsidiary, PG Watson & Co Pty Ltd, has entered into an agreement to acquire the assets and business of WA Procast. The acquisition was funded from existing working capital.
Mr Philip Bruce has resigned as a director of Ausmelt Limited effective 23rd October 2000.
The Annual General Meeting was held Monday, 23rd October. All four Resolutions were approved.
Update on the planned program of seismic and drilling activities in the company's Clarence Morton and Eastern Surat Projects:
Planning for the collection of a total of 268km of multifold Vibroseis data has been completed with 110km to be acquired on the Clarence Moreton Project (ATP 641P, 643P and 644P) followed by 158km on the company's Eastern Surat Project (ATP 683P).
The entire seismic program and interpretation is expected to be completed by mid December with drill target selection following data acquisition and interpretation over each target.
On ATP 641P, drilling of an initial well, Glamorgan #2, is currently anticipated to commence early in November with a further 4 well program expected to be carried out from late November. Drill targets on the South Moreton Anticline in ATP 644P will also be selected following seismic interpretation and drilling of these is planned for February 2001.
On the Clarence Moreton Project, Arrow is earning a 40% interest in ATP 641P and a 33 1/3% interest in ATP 643P and 644P from Duke Energy Australia Trading and Marketing Pty Ltd. Arrow also has an additional indirect interest in the projects of up to 17 1/2% through its 50% holding in BNG Pty Ltd, the titleholder. Arrow is targeting shallow gas reserves in sandstone units in the Jurassic Marburg Formation. In addition, the company will be investigating gas storage reservoirs in Jurassic sandstone units and equivalents of the Triassic Ipswich Coal Measures.
Glamorgan #2 will test a Marburg Formation sand unit intersected at a shallow depth in Glamorgan #1, drilled last year and interpreted to be gas charged. Previously flared gas flows over the Warrill Kruger leads, and gas shows in coal exploration wells over the Normanton lead and previous seismic data support other leads to be covered by the seismic survey in ATP 641P.
In the Eastern Surat Project ATP 683 (100% Arrow), the prime targets are 4 leads outlined by recent investigation of existing but poor quality seismic data acquired in the early 1960's. The largest of these, Broadwater Gully extending over an area of 45sqkm has potential to host large gas reserves in the Jurassic Precipice Sandstone units. In addition, Arrow is targeting large potential Coal Seam Methane resources in the Jurassic Walloon Coal Measures which reach up to 100m thick in the Cecil Plains Depression in the central western part of the tenement over a 20 x 20km zone. Previous oil exploration holes have yielded up to 200m thickness of Walloon Coal Measures with mud gas readings in excess of 10% methane. The Walloon coals are similar to the productive coal units in the Powder River Basin in USA where production by other companies now exceeds 80BCF gas per annum.
The Annual General Meeting of ARC Energy NL will be held at the Celtic Club, 48 Ord Street, West Perth on 27 November 2000, commencing at 4.00pm.
The Annual General Meeting of Australian United Gold No Liability will be held at the Celtic Club Inc, 48 Ord Street, West Perth, Western Australia on Tuesday, 28th November 2000 at 2:00pm.
Progress Report Gocerler-1 Well
FLOW TEST
Flow test of the lower sandstone of the Danismen Formation resumed on Friday, 20th October at 1.29pm, Turkish time. In a series of tests, at different choke sizes, the well flowed gas at a maximum stabilised rate of 12.4 million cubic feet per day through a (42/64)" choke at a flowing tubing pressure of 1,110psi. The (42/64)" choke was the largest choke size available on site. The test results indicate that the maximum flow rate obtained was limited by tubing size, that is, the reservoir is capable of substantially larger flow rates, with larger diameter production tubing. The well is presently completed with 2(7/8)" tubing, which is standard in the basin.
The tests were carried out without a separator, but it was apparent from flare characteristics that the gas contains some condensate.
TEST ZONE
The test zone is a 46 metre sandstone in the Tertiary age Danismen Formation, of which only the upper 22 metre section was perforated. The top of the perforation is at 1271 metres. Flow tests confirm the excellent reservoir characteristics interpreted from the wireline logs and observed in drill cuttings.
TWO ADDITIONAL ZONES
The tested zone is overlaid by shales and two additional sandstone units separated by shales. These sandstones are 14 metres and 13 metres thick and have similar wireline log responses and mud log gas shows to the tested sandstone.
RIG RELEASE
The drilling rig was released on 21st October 2000 and will be rigged down for mobilization to the Velimese-1 well location 15 kilometres east of Gocerler-1.
PRODUCTION TEST
After the rig is clear of the Gocerler-1 wellsite, a six-day continuous production test through a test separator will be conducted. The test will provide quantitative data on associated condensate and the gas reserves accessed by Gocerler-1.
The Annual General Meeting of the Members of Anzoil NL will be held at The Plaza Ballroom 3, Hyatt Regency, 99 Adelaide Terrace, Perth, Western Australia on the 16th of November 2000 at 10.00am.
The eighth Annual General Meeting of Beaconsfield Gold NL will be held at the Beaconsfield Community Centre, 92 Weld Street Beaconsfield, Tasmania at 11.00 am on Wednesday, 29 November 2000.
For company information, click here
N M Rothschild Australia Holdings Pty Limited changed its relevant interest in Brandrill Limited on 13/10/2000, from 8,383,954 ordinary shares (11.31%) to 9,428,954 ordinary shares (10.24%).
Metcoal Holdings (QLD) Pty Ltd increased its relevant interest in Qct Resources Limited on 20/10/2000, from 332,507,881 ordinary shares (48.29%) to 350,445,013 ordinary shares (50.90%).
BHP and Mitsubishi have received acceptances for over 50% of the shares in QCT Resources Limited, and have declared their offer unconditional. The offer is made by their jointly owned bidding vehicle MetCoal Holdings.
The seventh Annual General Meeting of Buka Minerals Limited will be held at Minter Ellison, Level 23, 525 Collins Street, Melbourne on Wednesday 29 November 2000 at 2.00pm.
The 2000 Annual General Meeting will be held at Level 6, Dymocks Building, 428 George Street, Sydney, on the 23rd of November 2000 at 11.00 am EST.
The resolution before the General Meeting of shareholders held Monday 23 October, was duly passed on a show of hands.
CHANGE OF NAME
The Company has, on 16th of October 2000, changed its name to ADEX HOLDINGS LIMITED, Australian Company Number 072 871 133
The company is a public company and is limited by shares.
Porgera Joint Venture - September 2000 Quarterly Report
Gold production for the September quarter was 249,057 ounces, the highest quarterly production in four years. This reflects the rising trend in gold production since the start of the year - up from 205,328 in the March quarter and 212,135 ounces in the June quarter. The strong increase reflects continued development of the high-grade ore zone as mining advances through the former underground workings and high mill throughput.
Gold production for the nine months ended 30 September 2000 was 666,520 ounces compared with 542,132 ounces in the corresponding period in 1999.
Third Quarter Activities Report
HIGHLIGHTS
GRD MACRAES LIMITED
* Record quarterly sales of 45,873 ounces, for record quarterly cash costs of $271 per ounce sold (US$140).
* First year of pressure oxidation exceeds expectations.
* Reefton Definitive Feasibility Study to be completed by December 2000, with a conditional commitment to develop expected by January 2001.
* Macraes Gold Project Life of Mine (LOM) Plan has been finalised. Key facts:
- LOM cash costs reduced to $300 per ounce;
- NPV increased by 36% on 1999, 99% since 1998;
- Total future production of over 2,050,000 ounces;
- Life extended to 2011.
GRD MINPROC LIMITED
* Won the design and construction contract for Robe Rivers Mesa J iron ore plant expansion at the Panawonica mine in Western Australia.
* Order book continues to grow.
GRD KIRFIELD LIMITED
* Mandates achieved for property development and project consulting.
* Executive team further strengthened.
GRD CORPORATE
* $11.5m of operating cash generated
* $12.5 million corporate debt facility repaid in July.
* 2.7 million Convertible Redeemable Preference (CRP) Shares converted to 3.4 million Ordinary Shares.
* Dr John White appointed as a director
Third Quarter Activities Report
HIGHLIGHTS
* Sapphire production at both Subera and Warrandah was above planned levels;
* Subera and Warrandah profit contributions exceeded budget expectations;
* Development consent was obtained for the Weean mine (50% GTN) and production is expected to commence during the March quarter;
* Australian Sapphire Joint Venture (50% GTN) continues to obtain good exploration results;
* Joint venture agreement for Tasmanian exploration completed;
* Further sapphire price increases achieved.
The First Annual General Meeting will be held at 9.00am on Friday, 24 November 2000 at the West Australian Club (Inc), 101 St Georges Tce, Perth WA.
Hardman Resources NLhas signed a Farmin Agreement with Woodside Mauritania Pty Ltd whereby Woodside can acquire an interest in the Production Sharing Contract (PSC) covering Block 7, offshore Mauritania.
Significant progress has been made on negotiations for the settlement of outstanding objections and plaints over the Mining Leases comprising the Munni Munni platinum and palladium project near Karratha, Western Australia. In addition, Helix has also negotiated with Hunter Resources NL to acquire Hunter's remaining 20% equity in Munni Munni.
The annual general meeting will be held at Celtic Club Inc on Tuesday 28 November 2000 at 2.45 pm
Perth-based Majestic Resources NL has started commissioning its first diamond mine in South Africa.
The Riet River diamond mine (formerly known as "Schutsekama" and "Masons") had been brought on stream on time and under budget, and will produce commercial diamonds by early November.
Riet River, 52km south-west of Kimberley in South Africa, is forecast to produce between 8,000 and 10,000 carats of gem quality diamonds a year for at least five years, based on current resource levels.
The Company has brought Riet River into production for a total cost of $2.5 million, which is expected to be paid back within six months. Diamonds from the mine are valued at an average of $1,500/carat and are of the highest quality found in the world.
The company issued a total of 487,678 fully paid ordinary shares in the company.
The shares were issued to Peakhill Pty Ltd, an earthmoving contractor, to extinguish $22,920.86 of debt in respect of earthworks undertaken at the company's Texas Silver Project. Each share extinguishes $0.047 of debt.
For company information, click here
The Company has entered into an Agreement to earn a 61.82% participating interest in Petroleum Exploration Licences (PEL's) 426 and 13 in the Clarence Moreton Basin in northern New South Wales.
Molopo will earn a 61.82% participating interest in each PEL by paying its pro rata 61.82% share of one well to test the coalbed methane potential of the Jurassic coal measures. Pacific Power and St Barbara Mines are the Joint Venture Partners.
An estimated $164 million will be realised by Normandy following the conclusion of certain outstanding disputes and the subsequent disposal of shareholdings in two related companies, with a post-tax gain, estimated at $7 million, being recorded.
West Oil NL announces that as at 6.00 am (CST) Monday, 23rd October, Coleraine-1 was at 2,931 metres and preparing to run a cement plug. Over the weekend, only 7 metres of new hole was drilled before experiencing another hydrocarbon influx into the wellbore. This latest influx could not be controlled by circulating mud so it was decided to run a cement plug across the zone.
Coleraine-1 will test the large Coleraine fault block which straddles the border with ZOCA 91-12 and has P50 potential recoverable reserves of 150 million barrels. The well is 12.5 kilometres west and updip of Minotaur-1 which is interpreted to have intersected a 7 metre oil column in the Late Jurassic Elang Formation sandstone.
On Monday, 23th October, the Coleraine 1 well was at a depth of 2,931 metres. Little progress has been due to the operational need to control losses associated with continuing hydrocarbon influxes into the well bore.
Northwest is of the view that the well is unlikely to reach the objective sands belonging to the Elang Formation until at least later this week. Such time is uncertain.
Coleraine 1 is being drilled updip and 12.5 kilometres west of the Minotaur 1 well which is interpreted to have intersected a 7 metre untested oil column in the Elang Formation and encountered significant Oil saturation's in the underlying Plover Formation. If filled to spill point the prospect has the potential to contain 150 million barrels of oil recoverable.
First Quarter Activities Report
HIGHLIGHTS
* Pipeline construction from Myall Creek 2 to Beranga South 1 due to commence October subject to negotiations with indigenous parties.
* A workover of Sandy Creek 2 in the Surat Basin increased gas rate from 0.15 TJ/day to 0.5J/day.
* Five development wells drilled in ATP 259P, SWQ Gas Unit, were cased and suspended as gas producers. Two exploration wells were also cased and suspended as gas producers.
* Pipeline construction to the Barrolka, Baryulah and Chiron fields in ATP 259, SWQ Gas Unit, has been delayed by flooding and IULA negotiations.
* Rolleston 17 in the Bowen Basin achieved a flow rate of 4.4 mmcfd but was reduced to 2.5 mmcfd due to mechanical problems.
* Rolleston 18 flowed gas at 450 mcfd from the primary target.
* Planning was advanced for a further 12 well program commencing October at PL 94.
* Peat 9 and Peat 25 in PL 101 were cased and suspended as gas producers.
The Annual General Meeting will be held at the Auckland Club, 34 Shortland Street, Auckland on Monday 27 November 2000, commencing at 10am.
Car parking is available at the rear of the building, to the left of "Wilsons' Carpark", which is itself opposite the junction of Fort and Commerce Streets.
The Annual General Meeting will be held at The Pavilion Room, The Sebel of Perth, 37 Pier Street, Perth on Wednesday 29 November 2000 at 11.00 am.
Third Quarter Activities Report
HIGHLIGHTS TO 20 OCTOBER 2000
CORPORATE
Listing on the Alternative Investment Market ("AIM") of the London Stock Exchange expected to occur before the end of December 2000.
KOOLYANOBBING IRON ORE PROJECT
* 15 year contract signed with Esperance Port Authority to underwrite expansion of iron ore facilities.
* Dredging, land reclamation, new berth and shiploader contracts awarded (subject to environmental approval) by the Esperance Port Authority for the Esperance port upgrade.
* Lump ore shipped in trial cargoes to Japan and successfully plant tested.
* Third train service fully implemented.
* Government funded upgrade of the Koolyanobbing-Esperance rail line is underway.
* Exploration program commenced at Mt Jackson.
COCKATOO ISLAND IRON ORE PROJECT
* Cockatoo premium fines project commenced with first shipment on 5 September.
* Project commissioned on time and on budget.
* Demand from Chinese customers is extremely strong. Production and shipments are projected to double the original budget.
* All shipping positions for 2000, at maximum production have been allocated.
* Studies progressing on the extension of mining activities at Cockatoo Island post 2001.
The necessary contracts and agreements for the full life of field development of the Kyle Field in the UK North Sea have been signed by all relevant industry parties. These contracts have evolved from the Heads of Agreement signed by the relevant parties in July 2000. Full scale field production is expected to commence in March 2001, subject to receipt of necessary Government consents.
The Annual General Meeting will be held at 10:00 am on Wednesday, 29 November 2000 at the Conference Centre, Level 8, Exchange Plaza, 2 The Esplanade, Perth, Western Australia 6000.
The non renounceable issue to shareholders of one new fully paid ordinary share for every five shares held closed for acceptances on 16 October 2000.
The issue, to raise $3.09M for participation in the 2000/1 exploration and development program for the Cracow Joint Venture, together with maintenance of other exploration properties and funding of working capital requirements, was 47.7% subscribed for by shareholders.
For further information click here
The Logan Brae #5 was spudded at 1300 hrs Monday, 23 October. This is the commencement of a new drilling programme which was approved recently by the Minister for Mineral Resources.
Logan Brae #5 is located east of the Johndilo wells, south of Camden, with a target depth of 723 metres. This well is situated in an area identified as having higher gas content per tonne of coal.
The Annual General Meeting will be held on Tuesday, 28 November 2000 at 12.00 pm at the Holiday Inn City Centre Perth, 779 Hay Street, Perth Western Australia.
For further information, click here
The Annual General Meeting will be held at the Mercure Hotel, 10 Irwin Street, Perth, Western Australia on Tuesday 21 November 2000 at 11.30am
Dylan-1 Exploration Well - Update
Tap Oil NL provides the following update on the Dylan-1 exploration well which spudded on 11 October 2000.
LOCATION
The well is located in TL/1 17 kilometres north-east of Varanus Island at latitude 20deg33'40.32"S and longitude 115deg40'34.59"E, being 2.6 kilometres to the southwest of the Linda-1 well.
PROGRESS
As at 6.00am Monday 23 October, the well has drilled ahead 2,416 metres since the last announcement on 12 October 2000 to 2,525 metres measured depth and will continue to drill ahead to the planned total depth of 3,093 metres measured depth.
TAP COMMENT
The Biggada Sandstone reservoir is expected to be penetrated later on in the week at approximately 2,860 metres measured depth.
Progress Report: Bandar-1 Update
LOCATION
The well is located onshore in EP 137, 26 kilometres southwest of the Mardie Station Homestead at latitude 21deg 18'31.83"S and longitude 115deg 44'45.10"E.
PROGRESS
An open hole drill stem test was performed over the objective Mardie Greensand reservoir between depths of 135 metres and 166 metres. After opening the hole for 12 hours the well produced formation water at a rate of six barrels per day, with a salinity of 19,500 ppm and with a minor amount of oil scum. Due to the freshness of the water it is considered that the water was likely derived from the underlying Yarraloola conglomerate aquifer due to a breach of the seal between the Mardie and Yarraloola reservoirs.
Consequently, a re-test was carried out by setting a packer at the base of the Mardie Greensand, with the objective of scaling off the bottom of the hole and hence separating the Mardie reservoir from the underlying water aquifer. Unfortunately this test also flowed water and it is thought possible that the bottom hole packer did not successfully seal off the underlying aquifer.
Consequently, the well was then plugged and abandoned.
The Annual General Meeting will be held at the Celtic Club Inc, 48 Ord Street, West Perth, Western Australia on Tuesday, 28 th November 2000 at 11:00am.
The annual general meeting will be held at The Celtic Club, 48 Ord Street, West Perth at 10.00am on Friday, 17th November 2000.
A major milestone has been achieved with the award of the Subsea Installation Contract for the Echo Yodel Project to local company Coflexip Stena Offshore Asia Pacific Pty Ltd, CSOAP have previously worked for Woodside on their recent Laminaria Development and Lambert Hermes subsea step out.
The Echo Yodel development lies in approximately 140m of water 23 km South-west of Woodside's existing Goodwyn A gas production platform. The Echo Yodel field is being developed using subsea facilities to produce gas and condensate to GWA for processing.
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2000 Annual Report
Highlights of the Year
ISSUE OF SHARES
In accordance with Listing Rule 3.10.5 I have been instructed today by the Board of Directors of Macmin Ltd to advise you that the company issued a total of 487,678 fully paid ordinary shares in the company.
The shares were issued to Peakhill Pty Ltd, an earthmoving contractor, to extinguish $22,920.86 of debt in respect of earthworks undertaken at the company's Texas Silver Project. Each share extinguishes $0.047 of debt.
The Appendix 3B (New issue announcement, application for quotation of additional securities and agreement) is attached detailing the issue.
For Macmin website, click here
The EGM of 26 September, 2000 produced an issued 7,500,000 options at a price of 3 cents for each option to acquire for each option one ordinary share of the Company at a price of 20 cents on or before 30 June, 2003 and that these options are in the same class of existing options that are listed on the ASX.
These options were issued in the names of Range Resources Limited (1,500,000 options), Marven Pty Ltd (3,000,000 options) and Koy Pty Ltd (3,000,000 options), each being nominees of the directors of the Company.
The current address for Antaeus Energy Limited is 9th Floor, 356 Collins Street, Melbourne. Vic. 3000.
Antaeus Energy Limited is currently suspended and will shortly undergo reconstruction, at which stage its Annual Report for the period ending 30 June 2000 will be lodged and dispatched as a precondition to reinstatement.
First Quarter Activities
SUMMARY OF ACTIVITIES
September quarter activity concentrated on negotiating and finalising a farmout agreement with Origin Energy on the Company's L1 and L2 (Dongara) Licences. This agreement will provide a very substantial boost to the Company's exploration activities and confirms the value and prospectivity of the Dongara licences.
The Annual General Meeting will be held at The Pendlebury Room, Wesley Conference Centre, 220 Pitt Street, Sydney, New South Wales on Thursday, 23 November 2000 at 11.30am.
Commonwealth Bank of Australia, Colonial Ltd changed its relevant interest in Brandrill Limited on 18/10/2000, from 8,885,667 ordinary shares (10.98%) to 8,885,667 ordinary shares (9.67%).
Note: CBA's trading has no net effect on the total holding, however, the increase in the Issued Capital following the placement of 11,000,000 shares from Brandrill, has decreased our relevant interest.
Iluka is investigating whether the issue of "unsecured notes" by BeMaX breaches any conditions of Iluka's takeover offer.
In particular, Iluka is assessing whether the issue of these "unsecured notes" in effect constitutes the issue of convertible notes or shares.
The Company has requested further information from BeMaX to clarify the terms and conditions of the notes issued.
On 19 October 2000 BeMaX announced that it had raised a total of $850,000 from the issue of "unsecured notes" for the purposes of working capital and meeting costs associated with the takeover bid by Iluka.
For BeMaX website, click here
The Company has withdrawn its support for delisted subsidiary, Petrogulf Resources Limited, which is indebted to Beach and in which Beach has a controlling 57% interest.
The Directors of Petrogulf Resources, which is party to litigation, have today appointed Mr John Sheahan and Mr Ian Lock as Adminstrators. It is hoped by this process that any recoveries, without further cost to Beach, may be made as a result of the existing Petrogulf legal actions.
Meridian Energy and Contact Energy have settled their dispute over pricing during shutdowns of the Manapouri hydro station for work on the second tailrace tunnel project
The settlement covers both the Manapouri shutdown in May this year, and also provides a pricing formula to cover future shutdowns.
The Company has reached agreement to increase their interest in IP Services to approximately 51%.
The Company has agreed to acquire a debenture convertible into 12.5% of the issued capital of IP Services, together with 40,000 IP Services shares, from Deepgreen Minerals Corporation Limited for $3.1 million, to be satisfied by the issue of 64.25 million fully paid ordinary shares in Indian Mining and $850,000 cash. Deepgreen Minerals has agreed to exercise 4.5 million preference share options, at 20 cents each so that this part of the transaction will be cash neutral for Indian Mining Corporation.
Dioro has entered into an agreement to sell all areas of diamond interest to the Company's wholly owned subsidiary Ellendale Resources NL.
The tenements will be sold for $4,000,000 with such amount to be satisfied by the issue of 20,000,000 fully paid ordinary shares in Ellendale at an issue price of 20 cents each. An amount of $500,000 owing by Ellendale to Dioro will also be satisfied by the issue of 2,500,000 Ellendale shares at an issue price of 20 cents.
The agreement also provides that Dioro will subscribe for a further $2,000,000 of shares in Ellendale, being 10,000,000 shares at 20 cents each.
The Company's second Renewable Energy Facility at Morwell, Victoria has received the Victorian Environmental Protection Authority's approval. The Planning Permit for the project was issued by La Trobe Shire in July 2000.
The Morwell project when completed will produce 21MW of green electricity fuelled by renewable and sustainable sources of green waste including those derived from Council Tips.
All resolution put to shareholders at the Annual General Meeting held on 19 October 2000 were passed.
First Quarter Activities Report
Production increased by 24 per cent to 1,129 tonnes during the quarter ended 30 September 2000 (1999: 909 tonnes). This is in line with the company's announcement in August that production would increase to between 4,500 - 5,000 tonnes U(3)O(8) for the 2000/01 year.
Federation Resources NL changed its name on 12 October 2000 to Federation Group Limited. For market purposes the name change is to be effective from Monday 23 October 2000.
The Company's ASX code will remain unchanged.
The Company has accepted a cash advance debt facility offered by the BankWest jointly and severally to Tribune Resources NL, and Rand Mining NL to assist with the ongoing exploration drilling activities and further development of the East Kundana Gold Project.
This project, a joint venture between Goldfields Ltd (as manager), Tribune Resources NL and Rand Mining NL, has recently been the subject of announcements related to the delineation of exceptionally high grade indicated and inferred resources. Currently a major drilling programme is underway at the project area in order to extend delineated resources prior to the finalisation of a mine plan.
The Annual General Meeting is to be held at 10.00 am on Thursday, 23 November 2000 at "Pagoda B", Pagoda Conference and Function Centre, 112 Melville Parade, Como in Western Australia.
The Annual General Meeting will be held at Fremantle Room, Parmelia Hilton Hotel, Mill Street Perth, Western Australia, on Wednesday 29 November 2000 at 9.30am WST.
The forty-seventh Annual General Meeting OF Longreach Gold will be held at the International Nippon Australia & New Zealand Club, Lower Ground Floor, 229-231 Macquarie Street, Sydney on Monday, 20 November, 2000 at 5.00 p.m.
NEW ISSUE ANNOUNCEMENT
AMP Limited increased its relevant interest in Newcrest Mining Limited on 18/10/2000, from 12,156,410 voting shares (5.02%) to 14,609,718 voting shares (6.03%).
The Annual General Meeting will be held at The Pendlebury Room, Wesley Conference Centre, 220 Pitt Street, Sydney, New South Wales on Thursday, 23 November 2000 at 11.00am.
Report for the Quarter Ended 30/9/2000
Highlights
* Fifteen wells were cased and completed in the South Australian Unit Area in the Cooper/Eromanga Basin
* Gas production from the Ladbroke Grove field in the Otway Basin for the power generation facilities has continued to be high in line with high electricity generating demand.
* A successful renegotiation of the Beharra Springs Gas Supply Agreement and Gas Transportation Agreement was finalised. Gas production increased from 8 to 17 TJ day effective March 2000.
* Pipeline construction from Myall Creek 2 to Beranga South 1 due to commence October subject to negotiations with indigenous parties.
* A workover of Sandy Creek 2 in the Surat Basin increased gas rate from 0.15 TJ/day to 0.5TJ/day
* Five development wells drilled in ATP 259P, SWQ Gas Unit, were cased and suspended as gas producers. Two exploration wells were also cased and suspended as gas producers.
* Pipeline construction to the Barrolka, Baryulah and Chiron fields in ATP 259, SWQ Gas Unit, has been delayed by flooding and or IULA negotiations.
* Rolleston 17 in the Bowen Basin achieved a flow rate of 4.4 mmcfd but was reduced to 2.5 mmcfd due to mechanical problems.
* Rolleston 18 flowed gas at 450 mcfd from the primary target.
* Planning was advanced for a further 12 well program commencing October at PL 94
* Peat 9 and Peat 25 in PL101 were cased and suspended as gas producers.
* 3D seismic data acquired in VIC/P43 and T/30P have been processed and interpretation is in progress. Excellent direct hydrocarbon indicators have been recognised on the seismic data.
* An area over the Troas gas discovery in EPP24 has been nominated for the purpose of having a Location declared
The Company advises that Resolutions 1-4 were carried and Resolution 5 was not carried at the Annual General Meeting held on Friday 20 October 2000.
Energy World International Ltd decreased its relevant interest in Pacific Energy Limited on 18/10/2000, from (17.48%) to (15.52%) ordinary shares.
Energy World International Ltd decreased its relevant interest in Pacific Energy Limited on 18/10/2000, from (17.48%) to (15.52%) ordinary shares.
Asian Cleveland Ltd increased its relevant interest in Pacific Energy Limited on 18/10/2000, from 936,304 ordinary shares (7.16%) to 1,000,115 ordinary shares (6.79%).
Daily share buy-back notice: Maximum number of shares remaining to be bought back: 8,873,270
All resolutions were passed at the Company's annual general meeting held on 20 October 2000.
Petroz advises that it has agreed to sell its exploration interests in the Po Valley of Italy to its joint venture partner, Northsun Energy Limited.
Saracen Mineral Holdings Ltd changed its relevant interest in Internet Solutions Australia Ltd on 19/10/2000, from 9,493,686 ordinary shares (38.62%) to 9,493,686 ordinary shares (38.62%).
The Annual General Meeting will be held in the Conference Room, Level 8, Exchange Plaza, 2 The Esplanade, Perth, Western Australia on Thursday 23 November, 2000 at 3.30 pm.
The Company has received and accepted the resignation of Mr Philip Bruce, Managing Director, with effect from 20 October 2000. From that date Dr Angus Collins has been appointed Acting Chief Executive Officer.
Recent drilling on the Parkers Hill area has intersected extensions of the wide high grade copper zone previously drilled in TMH 34 in 1997. The holes are part of a diamond drilling program to delineate a new resource in the Parkers Hill copper - rich zone, which is located 150 metres east of the current EOZ decline.
Hole TMH 171 intersected 60 metres at 3.0% copper, 3.4% zinc, 2.5% lead, 59g/t silver and 0.2g/t gold from 62 metres downhole located 25 metres south of TMH 34.
Hole TMH 172 intersected 38 metres at 5.2% copper, 1.6% zinc, 1.6% lead, 71g/t silver and 0.7g/t gold from 75 metres downhole located 30 metres east of TMH 34.
Hole TMH 34 intersected 57 metres at 2.5% copper, 1.0% zinc, 0.9% lead, 10g/t silver and 0.4g/t gold from 103 metres downhole in 1997.
The Directors have resolved to make an offer of 14,550,000 options under the Directors and Employees Share Option Plan.
The terms of these options are that they are exercisable into ordinary shares in the capital of the company upon the payment of 30 cents per option at any time up to 30 September 2005.
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Lead (spot $US/tonne)
US$473
A$ = US52.95c
Zinc (spot $US/tonne)
US$1066
A$ = 57.69yen
Nickel (spot $US/tonne)
US$7190
A$ = 0.629euro
Aluminium (spot $US/tonne))
US$1478
US 30-Year Bond
5.725%
-0.027
Tin (spot $US/tonne)
US$5335
Amadeus Petroleum NL and Honeywell Ltd have entered into discussions with the intention of concluding a strategic alliance with the objective of jointly investigating renewable energy projects and energy distribution technology.
Reject Tio Tinto's inadequate bid.
De Beers has announced a higher bid.
Rio Tinto's $1.85 bid is neither fair nor reasonable.
To reject Rio Tinto's $1.85 bid, simply take no action. The Company suggests shareholders retain all documents relating to your Ashton shares.
Gocerler-1 Well Republic of Turkey
PROGRESS REPORT - 20 OCTOBER, 2000
A 22 metre section of the lower sandstone of the Danismen Formation was perforated and open to flow at 1.00 am Turkish time today. Gas reached the surface in a few minutes and stabilised at flow rates in excess of 5 million cubic feet per day within 10 minutes. Flow was terminated after 45 minutes to prepare equipment for production testing.
The flow has confirmed a significant gas discovery in the Gocerler structure. Testing is expected to resume later today and details will be released as soon as they are available.
Amity is the operator of the well and has a 50% interest through its wholly owned subsidiary, Amity Oil International Pty Ltd. The Government owned Turkiye Petrolleri AO (Turkish Petroleum Corporation) is a 50% partner in the Gocerler licence and is also the drilling contractor.
Gocerler-1 Well Republic of Turkey
Perforation and open hole flow testing of one of three sandstones containing hydrocarbons in the Gocerler-1 well commenced early this morning and flowed gas to surface. The test perforated a single 45 metres thick sandstone in the overlying Danismen Formation. The test has been suspended pending the arrival of additional safety and flow measuring equipment.
A further two hydrocarbon bearing sandstones, with similar log characteristics, of approximately 4 metres and 12 metres, will be tested in a future programme.
Metcoal Holdings (Qld) Pty Ltd increased its relevant interest in QCT Resources Limited on 19/10/2000, from 327,538,411 ordinary shares (47.57%) to 332,507,881 ordinary shares (48.29%).
Third Quarter Activities Report
OPERATIONS
Stratford Mine (100%)
* Production increasing by 37% over the previous corresponding quarter, and by 27% over the June 2000 quarter;
* Sales of Stratford coal increasing by 62% compared to the corresponding previous quarter, following a similar increase during the June quarter.
These significant increases were largely due to the changes in thermal coal specification to supply the domestic market.
A newly-established company associated with the directors and management of Consolidated Minerals Ltd (ASX: CSM) has reached agreement to acquire the 30% stake in the manganese producer held by Melbourne-based resource investment company Lion Selection Group Limited.
Under the agreement, Imperial Resources Ltd - an unlisted public company associated with Consolidated Minerals Managing Director, Michael Kiernan, fellow directors and a group of institutional investors - has reached agreement, subject to shareholder approval, to acquire Lion Selection's 35 million shares at a price of 37.5 cents a share. This compares with the closing price of Consolidated Minerals' shares of 35 cents on 19 October 2000.
Lion Selection Group Limited has agreed to sell 35 million shares in Consolidated Minerals to newly formed company Imperial Resources for $13.1 million (37.5c/share). In addition a right has been granted to Imperial to purchase 12.5 million 30 cent options for $1.4 million (11c/option) by 30 June 2001.
Imperial Resources is an unlisted public company associated with Consolidated Minerals' Managing Director Michael Kiernan, other CSM directors and a group of investors.
Drillsearch Energy NL's Canadian subsidiary, Circumpacific Energy Corporation, in drilling of the Lambert well, Alberta, Canada.
WELL NAME:
TLM Oiltech Lambert 5-4-52-22 W5M.
AREA LOCATION:
Lambert approximately 180 km west of Edmonton, Calgary, Canada
REPORT:
The operator, Talisman Energy Inc, has reported that the well has reached total depth of 4,900 metres in the Cambrian system. The well has encountered gas in a number of zones of interest and logging is in progress.
The Company has arranged the placement of 8.6 million fully paid ordinary shares in the Company at 12 cents each to raise $1.03 million. The funds raised are for working capital and may also in part be used as consideration payable to Glengarry Resources NL.
The placement shares which will rank pari passu with all other existing ordinary shares of the Company have been placed with Australian institutional and other investors.
The Annual Meeting of Shareholders was held on 14 September 2000 to consider the following matters:
1. The re-appointment of Mr. A Van Noort as a Director.
2. A change of status from no liability status to limited status.
3. Approval of a new constitution.
4. Ratification of a previous Placement.
5. A new share placement facility.
All resolutions placed before shareholders were passed.
National Australia Bank Limited Group ceased to be a substantial shareholder in Iluka Resources Limited on 17/10/2000.
Third Quarter Activities Report
OVERVIEW
* Kidston returned to profit in the September quarter earning $5.1 million (or 4.1 cents per share) compared with a loss of $1.2 million (or 0.9 cents per share) during the same period of 1999.
* Year to date, the mine has made a net loss of $6.1 million (or 4.9 cents per share) compared with a profit of $1.1 million (or 0.9 cents per share) in the first nine months of 1999. The year to date figure largely reflects a write down of $12.8 million in the June quarter.
* Gold production was 51,010 ounces in the September quarter 2000. This brings the year to date total to 171,619 ounces, an increase on the 160,159 ounces produced during the corresponding period of 1999.
* In order to complete pit development in a timely fashion, Kidston hired some additional mining equipment with consequent improvements in mining rates and availabilities. The equipment was commissioned late in the quarter and further improvements in productivity are expected.
* Cash operating costs were $362 per ounce in the September quarter and $375 per ounce for the first nine months of 2000, a substantial decrease on the 1999 figures of $488 and $442 per ounce respectively.
* Exploration drilling focused on the Union, Percyville and Buchanans targets. Work was terminated at the Wandoo, Tabletop and Carlisle targets due to unsatisfactory results.
Farms in to the Ealing-1 Well Canterbury Basin onshore NZ
Magellan Petroleum Australia Limited has acquired a 20 percent working interest in the southern portion (South Area) of petroleum exploration permit PEP 38256 in New Zealand from AMG Oil (NZ) Limited in return for contributing to the cost of drilling the Ealing-1 well. Depending on the results of this well, Magellan may elect to (a) also acquire a 20 percent working interest in the northern portion of the permit by contributing to the drilling of a second well in the permit, Arcadia-1, or (b) reduce its working interest in the South Area to 12 percent.
Notice is hereby given that the Annual General Meeting of Minerals Corporation Limited will be held at Royal Exchange of Sydney, Ground Floor, Gresham Street, Sydney on Friday 24 November 2000 at 4:30 pm.
The Company has changed its share registry office from;
Computershare Registry Services Pty Ltd
Level 2, Reserve Bank Building
45 St George's Terrace
PERTH WA 6000
to:
Computershare Registry Services Pty Ltd
Level 12, 565 Bourke Street
MELBOURNE VIC 3000
ZOCA 96-16 Coleraine-1 Update
Norwest Energy NL announces as at 6am (CST) Friday, 20th October, Coleraine 1 was at 2,924 metres and circulating mud in the hole. At 2,924 metres, the well took another kick with fluids entering the hole. The nature of these fluids is unknown at this time. The well is still some 240 metres above the main objective. Norwest Energy is awaiting more details from the Operator and will report further information when received.
Third Quarter Activities Report
SUMMARY
* Revenue of $24 million for the quarter and $75 million year to date, up 7% on corresponding period last year.
* Group copper cathode production of 7,586 tonnes increased 6% over the previous quarter, at an average cash cost of $0.46/lb.
* Nifty copper production of 4,840 tonnes, a new production record, up 51% on the previous quarter and 20% on the March quarter.
* Nifty cash costs reduced to US$0.58/lb from US$0.61/lb.
* Firmer thermal coal prices begin to flow through into sales.
* Coal production of 348,000 tonnes.
* Future development activities underway at Nifty Copper.
Third Quarter Activities Report
HIGHLIGHTS
* Chamois and Rebok Prospects in WA-261-P were drilled in the quarter with mixed results. A sub-economic pool was located in Athol Formation sands that had been breached by cross-faulting and was too small to test.
* Negotiations at near completion on high gas price ($A10-12 equivalent)-short lead time to cash flow exploration scenarios in California, USA and North Island, NZ. Projects to be announced in the near future. A three well programme can be expected over the next 6 months.
Notice is hereby given that the 2000 Annual General Meeting of shareholders of Titan Resources NL will be held at The Terrace Room, 1st Floor, Parmelia Hilton, 14 Mill Street, Perth, Western Australia 6000 on 21 November 2000 at 10.00am.
The Company will hold its Annual General Meeting as detailed below:
Date: Thursday, 30 November 2000
Time: 10:00 am
Venue: Cornwallis Suite
The Observatory Hotel
Ground Floor, 89-113 Kent Street
Sydney NSW 2000
Macmin's September Quarterly Report is now available.
For full report, click here
The Company has raised $199,335.84 by way of a placement of 3,322,264 shares at a price per share of 6 cents with one option per share to acquire one ordinary fully paid share at 20 cents on or before 30 June, 2003.
The funds raised will be used for working capital.
Australian International Carbon Ltd advises that the Company has now changed its name to Australian Technology Securities Limited, ASX code ATY.
Notice is hereby given that the third Annual General Meeting of members of Acclaim Uranium Limited will be held at the Celtic Club, Presidents Room, Level 1, 48 Ord Street, West Perth, Western Australia an Wednesday 29 November 2000 commencing at 10:00am.
First Quarter Activities
HIGHLIGHTS
* 17,620 ounces of gold produced at the Beaconsfield Mine for the September quarter.
* Rights issue completed, raising $1,179,085.
* Allstate negotiates a revised loan repayment schedule with its bank, and obtains additional funding for plant upgrade.
The Company intends to spin-out OneSteel Limited, its steel long products business, through a combined capital reduction and scheme of arrangement.
The Spin-Out was approved by the requisite majority of BHP shareholders at a meeting of shareholders on 17 October 2000 and Court approval was obtained on 18 October 2000.
The Company has raised a total of $850,000 from private investors via the issue of unsecured notes, for the purposes of working capital and meeting costs incurred in the takeover bid by Iluka Resources Limited.
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Julie Wolseley has resigned as Company Secretary of Central Kalgoorlie Gold Mines Ltd and Lefroy Gold Mines Pty Ltd. Mr Bruce Burrell has been appointed as Company Secretary of both companies.
A new gold discovery has lifted Charters Towers Gold Mines'resources to one million ounces.
Total mineral resources now stand at 3.3 million tonnes grading 9.4g/t gold.
The increase has been aided by a 'lucky strike' in diamond core drilling results discovered in historic records of the Queensland Governments Department of Mines and Energy.
Plotting of the results found the drill hole intersections lay on what now appears to be a continuous, 1.4 kilometre mineralised structure in the Central area. The data shows the structure runs in a north/south trend line above the main east/west structures of the Central area.
Notice is hereby given that the 32nd Annual General Meeting will be held at the Metcalfe Auditorium (entrance off Macquarie Street), Level 8, State Library of New South Wales, Macquarie Street, Sydney, Australia, on Wednesday, 22 November 2000 commencing at 10.00 am.
Mr Paul Eastaway has announced his decision to retire as a director of the company effective 31 October 2000.
RESPONSE TO ASX QUERY
The Company's report for the Quarter ended 30 June 2000 disclosed that US$10 million had been received from AMP Nominees Pty Limited (a wholly owned subsidiary of the major shareholder AMP Life Ltd) on 26 July 2000 in response to the Company's request for funding of working capital requirements. The Quarterly report furthermore stated that the Company will require further funding and is in the process of assessing those requirements. The Company intends to discuss this matter in further detail in its report for the Quarter ended 30 September 2000.
The Directors have requested AMP Life Ltd to make further funding available and have an expectation that this will occur shortly and in any event not later than during the quarter ending 31 December 2000. The receipt or the funding will address the concerns regarding parent entity financial support.
The Company is not in default under its project financing arrangements and the receipt of funding from our major shareholder is expected to enable the Company to continue to comply with its borrowing covenants and meet its repayment commitments, thereby addressing the emphasis of matter raised by the auditor.
The operating loss and operating cash outflows per the half year report were adversely affected by delays experienced in respect of the construction of the Tonopah Project and lower than expected initial production. It is now expected that full production will be achieved by the third quarter of 2001. This delay has caused the Company and auditor to have regard to the recoverable amount of Mining Development Assets. It was not considered appropriate for the Company to resolve the uncertainties regarding that matter as at the half year balance date and it is expected that it will be clarified for the purposes of the year end financial report when the Company will have more information and certainly regarding assumptions such as operational performance, including timing of commissioning, and future reserves.
NEW ISSUE ANNOUNCEMENT
The Company advises that, at the Annual General Meeting held Thursday 19th October, all resolutions put to members were passed.
First Quarter Activities Report
HIGHLIGHTS
* Gold poured for the quarter was 49,662 ounces, an increase of 9.7% over the previous quarter.
* Cash operating costs for the quarter increased to A$361 per ounce but were less than budget estimates for this quarter.
* Ore processing totalled 725,195 tonnes of blended ore grading 2.32 g/t Au. An average metallurgical recovery of 91.0% was achieved.
* Mining reconciliations at the Reno and Black Cat South Open Pits were strongly positive.
* A new Hill 50 style discovery was made at Vegas, immediately north of Reno.
The Company has accepted the recommendation from its committee of independent directors to proceed with the proposed merger between Ivanhoe Mines and ABM Mining Limited.
The Ivanhoe Board is recommending that its shareholders approve the transaction at an extraordinary general meeting expected to be held in December.
NOTICE IS HEREBY GIVEN that an Annual General Meeting of the Shareholders of JULIA CORPORATION LIMITED will be held at Westin Hotel, 1 Martin Place, Sydney NSW on 16th November 2000 at 11.00am (aest).
NEW ISSUE ANNOUNCEMENT
The Company has issued a prospectus for the purpose of:
The issue of 11,000,000 free 31 January 2002 options to the persons who, in June 2000, participated in the issue of 11,000,000 ordinary fully paid shares at an issue price of 10 cents.
Prospectus for the issue one share for every four shares held in Lakes (rounded up in the case of fractions) as at 5pm (Eastern Summer Time) on 22 September 2000 at three cents each on the basis of the yellow Entitlement and Acceptance Form (being approximately 104 million shares). Shareholders are invited to apply for additional shares arising out of any shortfall of the approximately 104 million shares by indicating this on their Entitlement and Acceptance Form.
The purpose of this issue is to provide funds for Lakes for the drilling of four wells. Having regard to Lakes' current expectations, these are expected to cost Lakes approximately $3.15 million on a "dry hole" basis (although this amount will reduce should Lakes reduce its planned interest in the Gippsland permits). In addition, Lakes intends continuing progressing with its oil and gas interests as described in section 5 and will investigate new opportunities as and when they arise. It is not expected that Lakes will proceed with negotiations to purchase the Australian rights to an energy saving product which was previously considered by Lakes.
For company information, click here
NEW ISSUE ANNOUNCEMENT
ZOCA 96-16 - Coleraine-1 Update
At 6am Central (Darwin) Time Thursday 19th October 2000, Coleraine 1 was at a depth of 2915 metres and pulling out of the hole to change the bottom hole assembly including drilling bit. Little drilling progress was made because the mud weight had to be increased before drilling ahead. The mud weight was increased as a consequence of the kick which was reported in Wednesday's drilling update. This procedure is standard drilling practice and is designed to keep the well as close to formation pressure as possible. Gas readings were present through the section drilled.
As at 6.00 am (CST) Thursday, 19th October, Coleraine-1 was at 2,915 metres and pulling out of hole to change bit.
Coleraine-1 will test the large Coleraine fault block which straddles the border with ZOCA 91-12 and has P50 potential recoverable reserves of 150 million barrels. The well is 12.5 kilometres west and updip of Minotaur-1 which is interpreted to have intersected a 7 metre oil column in the Late Jurassic Elang Formation sandstone.
Norwest Energy NL has privately placed 6,866,667 fully paid ordinary shares at a price of 30 cents per share, subject to verification of documentation and receipt of funds. The issue will raise $2,060,000 less costs.
Proceeds from the issue will bolster the approximate A$2 million of cash currently on hand and will be used to further the company's ongoing exploration and appraisal efforts.
Progress Report - PL173 Yandina 04
Yandina No 04 a gas development/appraisal well situated approximately 550 metres south-east of Yaninda No 04, latitude 24 deg 11 min 36.04 sec south, longitude 148 deg 30 min 38.35 sec east was spudded at 01:30 hours on September 30, 2000. 245 mm surface casing was set at 172.7 metres RT and 178 mm intermediate casing was set at 820.9 metres RT. The well reached a total depth of 1461 metres RT and has been completed as a gas producer. Progress for the week was 326 metres.
ANAMA-1 UPDATE
At 0600 hours on 19 October 2000, the Anama-1 exploration well was drilling ahead in 12 1/4" hole at a depth of 1,217m, after setting 13 3/8" casing at 979m. The Anama-1 well was spudded at 1130 hours on Friday 13 October.
SE GOBE-8 - DRILLING REPORT AND SE GOBE OILFIELD
The SE Gobe-8 development well has been drilled to a total measured depth of 2,570m, and as at 0600 hours on October 19, 2000 was undergoing completion prior to initial production.
The SE Gobe-8 well is being drilled from the SE Gobe-1 surface location and is being deviated to the SE to intersect the Iagifu reservoir approximately 800m from the SE Gobe-1 vertical hole.
AIMCF (Labuan) Company Limited became a substantial shareholder in Pacific Energy Limited on 18/10/2000 with a relevant interest in the issued share capital of 1,458,954 ordinary shares (9.9%).
On Monday 16 October 2000 Pacific Energy Limited announced that ASX had granted an extension to Wednesday 18 October 2000, of the 3 month period within which Pacific Energy Limited had to complete its proposed placement of 4,988,588 shares at A$1.50 a share.
Pacific Energy Limited has yesterday completed placements for a total of 1,658,954 shares each at A$1.50 to raise $2,488,431. Of that number, 1,458,954 shares were subscribed for by AIMCF (Labuan) Company Limited giving it 9.9% of the total shares on issue.
Daily Share buy-back: Maximum number of shares remaining to be bought back: 8,880,270
Notice is given that an Annual General Meeting of Prima Resources Limited will be held at Suite 2, 1233 High Street, Armadale, Victoria, 3143 on Friday 17 November 2000 at 9:30am.
Notice is hereby given that the Fourteenth Annual General Meeting of the members of PlatSearch NL will be held at the president's Room, Norths Rugby Club, 80 Christie Street, St Leonards (approximately 200 metres from St Leonards railway station), on Thursday, 23 November 2000 commencing at 4:30pm.
NEW ISSUE ANNOUNCEMENT
Click here for company information
Metcoal Holdings (Qld) Pty Ltd increased its relevant interest in QCT Resources Limited on 18/10/2000, from 278,178,971 ordinary shares (40.40%) to 327,538,411 ordinary shares (47.57%).
Perth based Independent Diamond Laboratories Pty Ltd (IDL) have reported recovery of both "kimberlitic" pyrope garnets and zircon from stream sample UH00-58 draining the Tom and Jerry Anomaly on Rimfire's EL 5641 in the Bingara District, N.S.W. Two strawberry pink G9/10 type garnets were identified as the type commonly found with diamonds in kimberlites.
Eclogitic orange garnets were also recovered from the sample. Dr Jane Baron, an Eastern Australian diamond expert, has previously identified this type of garnet as a prospective indicator mineral for diamonds in the Bingara region.
Chrome diopside mineral grains of possible kimberlitic affinity were also recovered.
Kyle Field Activity Update
HIGHLIGHTS
* KYLE NORTHEAST WELL TESTING CONCLUDED - EXCELLENT PRODUCTIVE POTENTIAL DEMONSTRATED
* KYLE EXTENDED WELL TEST ("EWT") TO CONTINUE INTO EARLY NOVEMBER
KYLE NORTHEAST WELL DEMONSTRATES EXCELLENT PRODUCTIVE POTENTIAL
The Company has acquired 100% of the issued capital of Raslot Pty Ltd, a company which has 3 exploration licence applications in the Southwest Mineral Field.
The 3 tenements involved in the acquisition are E70/2381, E70/2382 & E70/2383 constituting the Maulblarling Soak gold prospect cover 289 sqkm and are located 15 kilometres northwest of the Griffin's Find gold mine, 250 kilometres southwest of Perth. They are of interest to Sabre on the basis of their prospectivity to host economic gold mineralisation in at least 2 or 3 separate areas, drawing on geological similarities regarding lithogy and structural setting compared with Griffin's Find (15 km SE) and Badgebup (55km SSW) gold mines in the same region.
SANTOS LIMITED - SUMMARY OF DRILLING
WEEK ENDING 19/10/2000
QUEENSLAND
WELL: Barrolka 4 ST1
TYPE: SWQ Unit Gas Development
LOCATION: PL 112, ATP 259P, Aquitaine B Block, 2.1km NE of Barrolka 1, 3.1km SSE of Barrolka 2, and 55km N of the Ballera Gas Centre.
STATUS AT 19/10/2000 0600 HOURS: Rigging up for underbalanced oil based mud drilling. Kick off point for Barrolka 4 ST1 was 2399m. Current depth is 2586m, with 187m progress for the week.
PLANNED TOTAL DEPTH: 2652m
WELL: Yandina 4
TYPE: Gas Appraisal/Development
LOCATION: PL 173, Denison Trough, Queensland. 0.55km SE of Yandina 2, 0.94km NE of Yandina 3 and some 80km SE of Emerald.
STATUS AT 19/10/2000 0600 HOURS: Yandina 4 has been cased and completed as a gas producer. The well reached a total depth of 1461m, with 326m progress for the week. The rig was released on 17/10/2000. Flow test 5 conducted through 15.875mm surface choke over the interval 820 to 1461m flowed gas at 118,697 cubic meters (4.19 million cubic feet) per day. This flow test was conducted over the Permian Aldebaran and Staircase Sandstone.
PLANNED TOTAL DEPTH: 1456m
OFFSHORE WESTERN AUSTRALIA
WELL: G64B
TYPE: Oil Development
LOCATION: L-IH, Barrow Island
STATUS AT 19/10/2000 0600 HOURS: Cased and suspended oil well. Total depth and progress for the week is 742m. The well spudded on 11/10/2000, and the rig was released on 17/10/2000.
PLANNED TOTAL DEPTH: 740m
PAPUA NEW GUINEA
WELL: SE Gobe 8
TYPE: Oil Development
LOCATION: PDL 3, Southern Highlands, Papua New Guinea. Tangential well being drilled from SE Gobe 1 location.
STATUS AT 19/10/2000 0500 HOURS (LOCAL TIME): Conducting completion operations. The well reached a total depth of 2570m, with no progress for the week.
PLANNED TOTAL DEPTH: 2626m MD
2362m TVD
USA
WELL: Runnels #3
TYPE: Gas Exploration
LOCATION: Ashland Deep Prospect, Matagorda County, Texas.
STATUS AT 18/10/2000 0600 HOURS: Running wireline logs. Current depth is 4418m, with 58m progress for the week. Unable to retrieve fish. Set whipstock and kicked off from 4161m.
PLANNED TOTAL DEPTH: 4572m
WELL: Wilkinson #1
TYPE: Gas Exploration
LOCATION: Orange Prospect, Matagorda County, Texas.
STATUS AT 18/10/2000 0600 HOURS: Drilling ahead. Current depth is 1714m, with 1139m progress for the week.
PLANNED TOTAL DEPTH: 3917m
SANTOS LIMITED - SUMMARY OF DRILLING
WEEK ENDING 19/10/2000
SOUTH AUSTRALIA
WELL: Moomba 124
TYPE: Gas Development
LOCATION: PPL 7, Moomba Block, 1.0km N of Moomba 6, 1.1km ENE of Moomba 115, and some 11km NNW of the Moomba Gas Plant.
STATUS AT 19/10/2000 0600 HOURS: Drilling ahead. Current depth and progress for the week is 1250m. the well spudded on 16/10/00.
PLANNED TOTAL DEPTH: 2690m
QUEENSLAND
WELL: Baryulah 3
TYPE: SWQ Unit Gas Appraisal
LOCATION: ATP 259, Aquitaine A Block, 0.75km SSE of Baryulah 1, 3.5km WSW of Baryulah East 1, and some 40km S of the Ballera Gas Centre.
STATUS AT 19/10/2000 0600 HOURS: Drilling ahead. Current depth and progress for the week is 213m. The well spudded on 18/10/00.
PLANNED TOTAL DEPTH: 2628m
WELL: Wackett Southeast 1
TYPE: SWQ Unit Gas Exploration
LOCATION: ATP 259, Aquitaine A Block, 8.8km SSE of Wackett 4, 15.5km SE of Wackett 8 and some 20km ESE of the Ballera Gas Centre.
STATUS AT 19/10/2000 0600 HOURS: Pulling out of hole to run wireline logs. The well reached a total depth of 2591m, with 1377m progress for the week.
PLANNED TOTAL DEPTH: 2666m
SANTOS LIMITED - SUMMARY OF DRILLING
WEEK ENDING 19/10/2000
SOUTH AUSTRALIA
WELL: Burke East 1
TYPE: Gas Exploration
LOCATION: PPL 12, Toolachee Block, 2.3km NE of Burke 6, 2.6km E of Burke 1, and some 70km E of the Moomba Gas Plant.
STATUS AT 19/10/2000 0600 HOURS: Burke East 1 has been cased and suspended as a future Permian gas producer. As previously reported, a drill stem test in the late Permian Toolachee Formation over the interval 2176m to 2198m flowed gas to surface at an estimated rate of 184,000 cubic metres (6.5 million cubic feet) per day. A stabilised flow rate was not achieved as the test was prematurely curtailed due to mechanical difficulties. The well reached a total depth of 2651m, with 112m progress for the week. The rig was released on 18/10/2000.
PLANNED TOTAL DEPTH: 2652m
WELL: Merrimelia 41
TYPE: Gas Development
LOCATION: PPL 17, Merrimelia Innamincka Block, 1.0km NW of Merrimelia 7, 1.4km W of Merrimelia 32 and some 40km NNW of the Moomba Gas Plant.
STATUS AT 19/10/2000 0600 HOURS: Drilling ahead. Current depth and progress for the week is 1353m. The well spudded on 14/10/2000.
PLANNED TOTAL DEPTH: 2392m
WELL: Big Lake 66
TYPE: Gas Development
LOCATION: PPL 11, Moomba Block, 0.75km SW of Big Lake 1, 1.3km E of Big Lake 35, and some 20km SE of the Moomba Gas Plant.
STATUS AT 19/10/2000 0600 HOURS: Drilling ahead. Current depth and progress for the week is 1957m. The well spudded on 11/10/2000.
PLANNED TOTAL DEPTH: 3072m
Sydney Gas Company NL advises that the Placement Issue pursuant to the Prospectus dated 5 September 2000 has closed fully subscribed raising $2,250,000. The allotment of 5,000,000 fully paid ordinary shares and 2,500,000 options exercisable at $1.00 on or before 30 September 2002 to the applicants under the issue will be made on 23 October 2000.
Highlights from Quarterly Report
* Excellent first quarter gold production of 115,140 fine ounces including record gold production of 49,065 fine ounces from the Sons of Gwalia Operations.
* Cash margins on all gold delivered during the quarter amounted to $311 per ounce representing the highest cash margin achieved by the Company for several years.
* Tantalum production of 323,570 lbs for the quarter with very strong demand for tantalum products reported worldwide.
* Major expansion of the Greenbushes and Wodgina tantalum mines due to commence which will more than double tantalum production to over 2.3 million lbs per annum over the next three years.
* Further significant and encouraging diamond drilling results from the Gwalia Deeps project including 6.37 metres @ 17.07g/t gold and 7 metres @ 13.39g/t gold at a depth of approximately 1,500 metres.
* Drilling at the Red October Mine delineates a potential underground resource of 750,000 tonnes @ 8g/t gold.
The Bandar-1 exploration well has encountered oil shows within the objective Mardie Greensand.
LOCATION
The well is located onshore in EP-137, 26 kilometres southwest of the Mardie Station Homestead at latitude 21deg18'31.83"S and longitude 115deg44'45.10"E.
PROGRESS
The Bandar-1 well was rotary drilled to a depth of 160 metres and then cored an additional 6 metres to the present depth of 166 metres. Oil shows of up to 100% fluorescence were observed in the cuttings at a depth of between 158 to 160 metres. Core results indicate a further 5 metres of excellent oil shows within Mardie greensand reservoir overlying 1 metre of a basal Muderong Shale seal. Specifically, oil has been observed bleeding from the core and at surface in the mud suggesting the presence of moveable oil, lighter in character than that seen previously at this depth and in this area.
A full wireline log suite has been run and is currently being interpreted.
REPORT ON ACTIVITIES FOR THE QUARTER ENDED 30 SEPTEMBER 2000
Highlights:-
* Record nickel production at Radio Hill (1,349 tonnes).
* Record Concentrate Sales (1,570 tonnes of contained nickel).
* Continued success in BioHeap (TM) trials with nickel recovery at 74% and rising.
* Major geophysical survey commenced.
Daily share buy-back notice: Maximum number of shares remaining to be bought: 3,173,846
Notice is given that an Annual General Meeting of Yamarna Goldfields Limited will be held at Suite 2, 1233 High Street, Armadale, Victoria, 3143 on Friday 17 November 2000 at 11:00am.
All Ords
3147.5
Dow Jones
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US$269.7
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AGC Explorers
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A$ = US52.19c
Zinc (spot $US/tonne)
US$1057
A$ = 56.51yen
Nickel (spot $US/tonne)
US$7310
A$ = 0.620euro
Aluminium (spot $US/tonne))
US$1482
US 30-Year Bond
5.752%
-0.017
Tin (spot $US/tonne)
US$5250
QUARTERLY REPORT TO 30 SEPTEMBER, 2000
CORPORATE
* Rights issue finalised with issue of 19.6 million shares raising A$2.74 million. Cash reserves are A$3.5 million
PEAK HILL
* Another record gold production of 7,764 ounces for quarter
* Cash costs of A$339 per ounce with revenue of A$443 per ounce
DUBBO
* Major RC drilling programme completed
* Total resources expanded to 83 million tonnes grading 1.91% ZrO(2), 0.041% HfO(2), 0.448% Nb(2)O(5), 0.027% Ta(2)O(5), 0.138% Y(2)O(3), 0.72% REO
* The deposit is a significant zirconium, yttrium and tantalum resource
* Phase 2 Feasibility Report completed confirms potential to produce high purity zirconia product with low levels of important contaminants
* Scope to produce high quality yttria-rare earth and tantalum pentoxide products
* Full feasibility study to commence and will include pilot plant operation to prove process and generate significant product for market distribution
EXPLORATION
* Drilling planned at Peak Hill, Molong, Kadungle and Orange
* Jubilee report encouraging results from Leinster Region Joint Venture
Third Quarter Activities Report ending 30 Sept 2000
OVERVIEW
CIBALIUNG PROJECT - WEST JAVA, INDONESIA
* Exploration activity for the quarter focussed on diamond drilling to define extensions to the known mineralisation of the Cibitung Shoot. Eight holes were drilled (AC-008 to AC-015) for a total of 2,387.8 metres.
* Significant vein intercepts (with no cut-off applied) include:
AC-010: 37.40m @ 6.20g/t Au, AC-013: 29.55m @ 4.03g/t Au,
AC-014: 10.25m @ 7.17g/t Au, AC-015: 31.75m @ 4.20g/t Au.
* The Department of Mines & Energy has approved the renewal of the Cibaliung KP (Kuasa Pertambangan) KW96PP0019 (15,710 hectares) for a further 3-year exploration period until 12-May-03.
* Approval was granted on 10-July-00 to incorporate a mining services company called PT Cibaliung Sumberdaya to operate the Cibaliung project under a KP. The Deed of Establishment signed on 19-July-00.
EXPENDITURE
* Total exploration expenditure for the quarter was A$599,217.
For full report, click here
Gocerler-1 Well Republic of Turkey Progress Report
FLOW TEST PREPARATIONS
Perforation guns which will be utilised to test up to three gas bearing sandstones in the overlying Danismen Formation have mobilised to site and have rigged up to perforate a 45 metre thick sandstone section with log derived porosities up to 25% and a maximum mud gas recording during drilling of 80% total gas.
Testing is expected to commence within 24 hours, after delivery to site of final completion equipment.
QCT RECOMMENDS ACCEPTING THE METCOAL OFFER
Directors recognise that MetCoal's revised offer price, together with QRL's fully franked dividend, provide a total return to shareholders that is below the valuation range of the Independent Expert Grant Samuel. However, shareholders who have not yet accepted the offer need to consider carefully the following:
(a) BHP and Mitsubishi now appear likely to obtain control of the Company.
(b) Despite an extensive international search and discussions with a number of parties, no alternative proposal for QRL shareholders has emerged. As a result of acceptances of the MetCoal offer, the prospects of an alternative offer from a third party have diminished.
(c) MetCoal's revised offer price of $1.30 per share (which gives shareholders $1.20 plus QRL's fully franked dividend of 10 cents per share) and the franking credits of approximately 5 cents per share attached to the dividend together provide a total pre-tax return to QRL shareholders that is a 12.5% increase MetCoal's initial offer announced on 28 August 2000. It is also substantially higher than pre-bid share prices.
Metcoal Holdings (Qld) Pty Ltd increased its relevant interest in QCT Resources Limited on 18/10/2000, from 278,178,971 ordinary shares (40.40%) to 327,538,411 ordinary shares (47.57%).
Bligh Oil & Minerals NL advises that it has entered into an agreement with Fletcher Challenge, whereby Bligh's wholly owned subsidiary, Marabella Enterprises Limited, will earn a 10% participating interest in PEP 38718. The agreement is a part of the transaction whereby FCE has agreed to terms under which it will earn a 30.00% participating interest in Bligh's PEP 38728, immediately north of the Rimu oil discovery. Drilling activity is about to commence on the Tuihu prospect, located in the northern one third of the Permit.
Notice is hereby given that the Annual General Meeting of Beach Petroleum NL will be held at the Australian Mineral Foundation, 63 Conyngham Street, Glenside, South Australia, 5065 on Wednesday 22 November at 10.30 am.
Notice is hereby given that the forty-second Annual General Meeting of members of Climax Mining Ltd will be held in the KPMG Auditorium, Level 27, 45 Clarence Street Sydney on 7 November 2000 at 11.00am.
Climax Mining enters a new joint venture agreement with the Newcrest Mining Group, Homestake Gold of Australia Limited and Homestake Australia over the Junction Reefs tenements in New South Wales.
The agreement provides that Newcrest, through its subsidiary Cadia Holdings Pty Limited, may earn a 51% interest in the Junction Reefs tenements by sole funding the next $14 million of expenditure within 6 years.
Newcrest is to spend $2 million in the first year and has agreed to use its best efforts to ensure that during the sole funding period at least 50% of all expenditure will be spent on drilling.
Notice is hereby given that the Eighteenth Annual General Meeting of the members of Delta Gold will be held in the ASX Auditorium, Basement Level, Exchange Square, Australian Stock Exchange, 18 Bridge Street, Sydney on Thursday, 23 November 2000 at 2.30 pm.
FLETCHER CHALLENGE ENERGY
DRILLING & PRODUCTION TESTING REPORT
FOR THE WEEK ENDING 18/10/2000
Country: New Zealand
Block Area: PEP387-18
or Prospect
Well Name: Tuihu-1
or Location
Objective: Vertical exploration well targeting primary objective Tariki Sandstone reservoir in a four-way dip closure with mean potential reserves of 30 mmboe
Secondary objectives include the Mt Messenger formation, Tikorangi Limestone and Kapuni Group Sandstone.
Planned total depth 4555 metres.
Current Status: * Parker 188 drilling rig on the Tuihu well site and currently being rigged up
* Spud date expected to be 21-23 October 2000
Country: Canada
Block Area: Dugout
or Prospect
Well Name: 5-7-38-3 W4M
or Location
Objective: A Development well testing Rex oil
Current Status: * Spud 04/10/2000
* Cased for Rex Oil
* Rig Released: 14/10/2000
Country: Canada
Block Area: Chain
or Prospect
Well Name: 10-25-33-18 W4M
or Location
Objective: A Development well testing Basal Belly River Gas
Current Status: * Spud: 10/10/2000
* Cased for BBR/Edmonton Gas
* Rig Released: 13/10/2000
Country: Canada
Block Area: Bashaw
or Prospect
Well Name: 16-34-42-18 W4M
or Location
Objective: A Development well testing Basal Belly River Gas
Current Status: * Spud: 10/10/2000
* Cased for BBR Gas
* Rig Released: 12/10/2000
Country: Canada
Block Area: Bashaw
or Prospect
Well Name: 11-25-41-19 W4M
or Location
Objective: A Development well testing Basal Belly River Gas
Current Status: * Spud: 12/10/2000
* Cased for BBR Gas
* Rig Released: 15/10/2000
FLETCHER CHALLENGE ENERGY
DRILLING & PRODUCTION TESTING REPORT
FOR THE WEEK ENDING 18/10/2000
Country: New Zealand
Block Area: PML381012
or Prospect
Well Name: MB-6 (STD)
or Location
Objective: Deviated development well primarily targeting Maui B D1.6 (3028 m true vertical depth subsea (TVDSS)) and D1.10L (3073 m TVDSS) oil reservoirs
Current Status: *Perforated D1.10U in two runs over the interval 3524m-3542(3053m-3064m TVDSS)
*On test the well flowed at a stabilised oil rate with gas-lift of 1900 bbl/d with no water and at a flowing tubing head pressure of 310 psig
*The producing zone (D1.10U) was neither the primary (D1.6) or the secondary (D1.10L) target of the well. It is a zone that has not been produced from any other Maui well. The primary target (D1.6) interval will be perforated and flowed commingled with the D1.10U at a later date depending on the continued performance of the D1.10U. The D1.10L interval does not warrant completion
*This completes the drilling phase of this project and no further weekly reports will be issued on it. The drilling rig is now being used to undertake two remedial workovers on Maui B Platform prior to its demobilisation which is expected to be completed in January 2001
NEW ISSUE ANNOUNCEMENT
For company information, click here
Notice is given that the Annual General Meeting of the members of Gympie Gold Limited will be held:
Date: 22 November 2000
Time: 2.30 pm
Venue: Auditorium at Exchange Square
18 Bridge Street
SYDNEY NSW 2000
The Company advises that the date of the Annual General Meeting be fixed for Monday, 27 November 2000, for the purpose of S1109N of the Corporations Law, all shares of ARC Energy NL that are quoted on the ASX at 4pm WST on 25 November 2000 shall, for the purposes of determining voting entitlements at the Annual General Meeting on 27 November 2000, be taken to be held by the persons registered as holders at that time.
De Beers has extended the period during which the Offers remain open for acceptance until 7 pm Melbourne time on 10 November 2000.
AMP Limited became a substantial shareholder in Brandrill Limited on 16/10/2000 with a relevant interest in the issued share capital of 4,917,700 ordinary shares (5.34%).
The Victorian Supreme Court has made orders approving the schemes of arrangement between BHP and holders of both its fully paid and partly paid ordinary shares, pursuant to which the spin-out of OneSteel Limited will proceed.
Metcoal Holdings (Qld) Pty Ltd increased its relevant interest in QCT Resources Limited on 17/10/2000, from 4,596,418 ordinary shares (0.67%) to 278,178,971 ordinary shares (40.40%).
The Company has appointed of Mr Ivan Gustavino as a non-executive director of the Company effective 20 October, 2000.
NEW ZEALAND - PEP 38719, TARANAKI BASIN. BLIGH INTEREST: 5.00%
The Rimu B-1 well is being temporarily suspended, pending a workover to configure the well as a production well from the Lower Tariki sandstone.
The rig is being skidded a distance of 2.4 metres to directionally drill the Rimu B-2 well, to a subsurface point approximately 750 metres north of the B-1 well. The Rimu B-2 well will be drilled to a depth of approximately 4600 metres, to provide further geological information on the Upper and Lower Tariki reservoirs and the Upper Cretaceous North Cape sand, on the Rimu-Kauri trend. It is anticipated that the Rimu B-2 well will encounter the Upper and Lower Tariki reservoirs at a structural elevation low to the Rimu B-1 well, but high to the Rimu A-1 discovery well.
NEW ZEALAND - PEP 38718, TARANAKI BASIN. BLIGH INTEREST: 10.00%
Rig move-in of Parker Rig 188 is under way, and it is anticipated that the Tuihu #1 exploration well will spud towards the coming weekend. Tuihu #1 will be drilled to a minimum depth of approximately 4300 metres to evaluate the Tariki sandstones, on a structure with approximately 30 square kilometers of closure. Depending upon the results encountered in the Tariki formation, the well may be deepened to test the Kapuni formation, at a depth of approximately 4500 metres. A more detailed descriptive release will be made when drilling has commenced.
UNITED STATES - BAYOU CHOCTAW NORTHWEST (SCHWING) PROJECT, IBERVILLE
PARISH, LOUISIANA. BLIGH INTEREST: 100.00%
Operations have commenced which will lead to the re-entry of the Lear Schwing #1 well, and the deepening of this well from its current total depth of 12,600 feet, to a new total depth of 14,500 feet. The well is intended to test for the presence of substantial Nodosaria formation deep gas reserves, on a confirmed structural closure.
Location rehabilitation has been completed, and a wellhead installed on the existing 7" casing, as a prelude to move-in of the workover rig, which is anticipated early next week. It is anticipated that actual drilling operations will commence in early November. A more detailed descriptive release will be made following completion of the workover, which should take approximately 6-7 days.
A three well oil drilling program will be undertaken by Beach Petroleum from next week in its fields in the Cooper/Eromanga Basin area of southwest Queensland.
The Company is also considering expanding the oil appraisal and development well program to five wells, subject to evaluation work currently underway.
NOTICE IS HEREBY GIVEN that the seventh Annual General Meeting of Charters Towers Gold Mines NL will be held at the AAP Theatrette, Ground Floor, AAP Centre, 259 George Street, Sydney on Monday 6th November, 2000 at 4.00pm.
Shareholders will vote on "Special Business" relating to the following:
* Approval of a selective Share Buy-Back;
* A change in the Company's status from a "No Liability" company to a "Limited" company; and
* Adoption of a new Constitution
ISSUE TO SHAREHOLDERS
for a pro rata non-renounceable Issue to Shareholders of One (1) Option at 1 cent each, payable on acceptance, which is convertible into a fully paid share by paying 7 cents on or before 23 November 2001
and
SELECTIVE SHARE BUY-BACK
to provide information to Shareholders in respect of a proposed selective share buy-back by the Company of 132,000,000 fully paid ordinary shares in the Company from Princeton Economics.
Cue Energy Resources NL announces that Mr Michael D Tilley has been appointed as Chairman of the company.
Empire Oil & Gas NL, through its wholly-owned subsidiary Rough Range Oil Pty Ltd, announces the Rough Range 1B well on the Rough Range Oilfield commenced an Extended Production Test on Friday 13 October 2000 at 11.30 am.
Initial oil flow rates were the same as those recorded during a Production Test on 23-24 May 2000 which averaged oil flow rates of 1106 barrels of oil per day through a 36/64" choke.
Federation Resources NL increased its relevant interest in Pinnacle VRB Limited on 18/10/2000, from 722,322 ordinary shares (1.80%) to 796,764 ordinary shares (2.00%).
Quarterly Production Report for period ended 30 September
HIGHLIGHTS
* Total production of 12.9 million barrels of oil equivalent for the three months to 30 September 2000.
* Continued high levels of natural gas production from Maui driven by both Methanex and the use of gas for electricity generation
* Gas production in Canada up 11 per cent over the corresponding quarter in 1999
* Oil production in Canada up 5 per cent over the corresponding quarter in 1999
* Maui oil production increased 13 per cent over the previous (June) quarter as contribution from the Maui BID oil development project begins
* Further appraisal work on the Pohokura discovery increases confidence in reserve estimates.
1. Securities to be issued: Ordinary fully paid shares
2. Number of securities to be issued: 2,250,000 Shares
3. Issue price: Shares - 7.5 cents each
4. Purpose of this issue: Purchase of the Tabletop and Ajana projects
5. The shares will rank equally with existing shares from the date of allotment, including participation in dividends. The Company's dividend policy for the increased capital will be the same as for existing shares.
Giralia Resources NL advises that it has sold its 50% contributing interest in the Tabletop and Ajana projects in Western Australia to Greenstone Resources.
Total consideration for the sale is payment of $120,000 cash and 2,250,000 ordinary fully paid Greenstone shares.
The sale provides a timely boost in working capital for Giralia without diluting existing shareholders, and allows Giralia to retain exposure to any exploration upside.
Leaveland Pty Ltd has advised that it has increased its holding in Haoma Mining NL by 2,871,767 shares. The acquisition was made by an off market transaction.
The effect of the transaction will be to increase the holding of Leaveland Pty Ltd to 62.34% of issued capital.
RESPONSE TO ASX QUERY
1. The Company is not aware of any information concerning it that has not been announced which, if known, could be an explanation for recent trading in the securities of the Company.
2. There is no other explanation that the Company may have for the price change and increase in volume in the securities of the Company.
Notice is hereby given that the Annual General Meeting of the shareholders of Horizon Mining Ltd will be held at Suite 9, Level 1, 2 Short Street, Double Bay, New South Wales on Friday 17 November 2000 at 10:00 am.
Third Quarter Activities Report
MURRAY BASIN
Iluka has primarily focused on drill testing regional targets in NSW during the quarter.
In total, 969 RC Air Core holes were completed for a cumulative 39,327 metres.
PERTH BASIN
Iluka has continued drilling campaigns around existing operational sites at Eneabba, Yoganup and Capel North areas and has also drilled on the northern end of its Cataby deposit in the quarter.
Drilling for the period comprised a total 1,066 RC Air Core holes for a cumulative 22,056 metres.
CANNING BASIN
An air core drilling program was completed over the company's tenements in the Canning Basin east of Broome. Drilling comprised a total 114 RC Air Core holes for a cumulative 3,964 metres. No significant heavy mineral intersections were recorded and the tenements (EO4/1111, EO4/1112 and ELA 04/1164) were subsequently relinquished.
Notice is hereby given that the Annual General Meeting of the Shareholders of Kanowna Consolidated Gold Mines Ltd will be held at CWA House, 3rd Floor 1174 Hay Street, West Perth Western Australia at 9.30am Tuesday 14th November, 2000.
NEW ISSUE ANNOUNCEMENT
NEW ISSUE ANNOUNCEMENT
The Board of Minotaur Gold NL advises that the "record date" on which shareholders entitlement to participate in the "in Specie Distribution" of shares in Minotaur Resources Ltd will be determined has been altered. The Distribution is subject to approval by shareholders at the meeting called for the 31 October 2000.
The new date allows for the holiday on Tuesday 7 November and is now 10 November 2000. Option holders will be advised of relevant dates in approximately one week.
The Board also advises that a Prospectus to raise further funds for Minotaur Resources Ltd has been lodged with ASIC and will be available for examination on the website.
BURKE EAST 1
Santos announces a successful gas exploration well in the South Australian section of the Cooper/Eromanga Basins.
The exploration well, Burke East 1, flowed gas at an estimated rate of 184,000 cubic metres per day (6.5 million cubic feet per day) from reservoir sands in the Late Permian, Toolachee Formation, over the interval 2176-2198m. The test was prematurely curtailed due to mechanical difficulties and a stabilised flow rate was not achieved.
Notice is given that the Twentyfirst Annual General Meeting of Oil Company of Australia Limited will be held at 3.30 pm on 22 November, 2000 at Level 2, South Tower, John Oxley Centre, 339 Coronation Drive, Milton, Brisbane, Queensland.
ACTIVITIES REPORT
FOR THE QUARTER ENDED 30 SEPTEMBER 2000
HIGHLIGHTS
* Otter equity gold sales averaged NZ$679 per ounce (A$521 per ounce) while average cash operating costs were NZ$537 per ounce (A$412 per ounce).
* Otter net equity gold production was a record 35,371 ounces, 10% higher than the 32,180 ounces in the previous quarter.
* Tanami gold production for the quarter was 35,274 ounces (100% of mine production).
* Otter announced a fully underwritten two for five "Rights" issue at NZ$0.39 (A$O.30) each, to raise NZ$11.7 (A$8.9) million. The issue closes 27 October, 2000.
Oxiana Resources advises results of first drilling from the Bankable Feasibility Study at its 80% owned Sepon copper and gold Project. The results from two of the holes include 63.7 m @ 4.78% copper from the Khanong copper deposit and 30.8 m @ 4.72 g/t gold from the Nalou gold deposit.
THE SEPON PROJECT
Oxiana Resources purchased 80% of the Sepon copper-gold project in south-eastern Laos from Rio Tinto in August 2000. Rio Tinto remains a 20% shareholder in the Project. As reported in the 17 April 2000 release, Indicated and Inferred resource estimates for the near surface Sepon deposits include 41.4 mt @ 2.4% copper at the Khanong copper deposit and 34.7 mt @ 2.5 g/t gold (using a 1.0 g/t Au cut-off) in three separate and adjacent gold deposits - Nalou, Discovery and Namkok. A fourth adjacent gold deposit, Discovery West, requires further drilling. Substantial additional gold and copper resource potential has been identified.
Xstrata announced has that it has taken control of 100% of the Windimurra vanadium project in Western Australia. Xstrata has signed an agreement with Precious Metals Australia Limited, in terms of which Xstrata will acquire PMA's 40% participation interest in the project in consideration for approximately AUD$29 million. In addition, PMA will retain an interest in the project by way of a royalty in an amount equal to 15% of earnings before interest and tax. The arrangement enables Xstrata to reduce the capital employed per ton of capacity. The agreement is conditional on PMA shareholder approval, and closing is expected by year-end.
Daily share buy-back: Maximum number of shares remaining to be bought back: 8,882,270
First Quarter Cashflow Report
SIGNIFICANT EVENTS
* PRODUCTION OF 39,300 OUNCES FROM TARMOOLA
As forecast in the previous quarter, gold production was reduced as a result of the current planned phase of waste removal to access ore from higher levels in the pit being coordinated with the completion of ore removal from lower levels and the treatment of low-grade stockpiles
* CASH OPERATING COSTS
Record mill throughput and lower mining costs contributed to further cost reductions, enabling cash operating costs to be contained at A$336 per ounce (US$189 per ounce) for the quarter, despite the lower average grade ore feed treated through the Tarmoola mill.
* CELTIC AND WONDER NORTH PROJECTS
During the quarter, scheduled resource definition drilling and pit optimisation work focused on the nearby high-grade satellite deposits at Celtic and Wonder North. This work has confirmed a reserve of 700,000 tonnes at 3.15 g/t containing 71,000 ounces of gold at the Celtic Project, reflecting a high 88% conversion to reserves from the previous resource. The orebody is located on a granted mining lease within a 30km trucking distance of the Tarmoola Mill. Mining of this satellite orebody will commence at the end of October in line with the budget production schedule, and will provide high-grade ore feed for the Tarmoola mill.
* TARMOOLA EXPLORATION
GALAHAD
A new high grade zone of mineralisation has been identified immediately to the south of the Tarmoola south pit. High grade mineralisation has been drilled to a depth of approximately 80m. Intercepts close to surface include 8m @ 42.9g/t from 22m, 5m @ 38.5g/t from 25m, 3m @ 21.9g/t from 15m and 2m @ 17.2g/t from 19m.
NORTH EASTERN EXTENSION (NEX)
The North Eastern Extension (NEX) is defined as the zone of flat lying mineralisation associated with the granite contact that plunges north of the current Tarmoola North pit. The intersection of this zone and the steeper Eastern Flank has typically produced zones of thickened, higher grade mineralisation. A program of step out diamond holes planned to test this position north of existing drilling intersected strong mineralisation that included 7m @ 7.73g/t, 10m @ 4.34g/t and 8.4m @ 13.8g/t. These results are interpreted as being related to the NEX, meaning that the targeted intersection of the two mineralised zones remains to be tested.
* CAROSUE DAM PROJECT DEVELOPMENT
The project remains within schedule and budget estimates with engineering design and procurement complete. All major equipment items are on-site with the exception of the mill motor, which is expected in October. It is anticipated that plant commissioning will commence in November 2000. Mining infrastructure including maintenance workshops, offices and fuel farms have been installed. Contract mining commenced in early July 2000. Waste mining is on schedule with approximately 1.9 million cubic metres being mined to the end of September.
NEW ISSUE ANNOUNCEMENT
Bulong Operations Report for September 2000
Operations at Bulong continued to improve with the plant maintaining close to design operating parameters for much of the month. September nickel output of 666 tonnes exceeded forecasts as did the cobalt production of 41 tonnes. Total metal produced for the September Quarter was 1480 tonnes of nickel and 87 tonnes of cobalt both of which exceeded the quarterly forecast.
Nickel extractions in the autoclave continued to improve and gypsum precipitation, which affected plant throughput and availability in the past, remained in a manageable condition. September operating costs were close to budget despite metal output exceeding forecasts.
The improved peformance has continued into October setting a solid platform for production in the coming month.
The Directors of Red Back Mining NL announce a capital raising of A$1.475M comprising a placement of 9.83 million fully paid ordinary shares at 15 cents per share.
The placement, an issue that does not need disclosure, pursuant to Section 708 of the Corporations Law has been made to new and existing major shareholders. Included in the placement is an issue of 2.5M shares to a London based fund manager arranged by Loeb Aron & Company Ltd, 2.0M shares to Macquarie Bank Limited and 4.0M shares to African Lion Limited.
Notice is hereby given that a general meeting of members of the Company is convened at the Coles Myer Foyer, Melbourne Concert Hall, 100 St Kilda Road, Melbourne on Friday, 10 November 2000, at 11:00am.
Notice is given of the Year 2000 Annual General Meeting of Reef Mining NL to be held on Friday 10 November 2000, at the Coles Myer Foyer, Melbourne Concert Hall, 100 St Kilda Road, Melbourne, at 10.45am or at any adjournment of that Meeting.
First Quarter Activities Report
HIGHLIGHTS
PRODUCTION
Production for the September quarter was 3,853 tonnes of copper and 5,104 ounces of gold, up 6.5% and 16.4% respectively on the June quarter. Concentrate produced was 13,838 tonnes, up 5% on the June quarter. The plant treatment rate was increased during the quarter to 610,000 tonnes per annum from the May 2000 Prospectus forecast of 515,000 tonnes per annum. This will result in an additional concentrate shipment of approximately 10,000 wet metric tonnes in this financial year.
The grade of ore mined and treated for the quarter was 2.88% copper and 1.4g/t gold which was in line with forecasts for the year. Plant recoveries for copper were 93.0% or 6.1% points above forecast recoveries. Plant feed grades increased towards the end of the quarter as higher volumes of Corbould high grade ore were treated.
Cash costs of production for the quarter were US$0.55/lb.
RESOURCE STATEMENTS
The new Mt Elliot resource at a 2.5% copper equivalent cutoff is 3.23 million tonnes @ 3.56% copper and 1.75g/t gold for a copper equivalent grade of 4.52% copper (146,000 tonnes of in-situ copper equivalent metal). Reserve estimation was in progress at the end of the quarter.
The Area 276 resource at a 2.5% copper equivalent cutoff is 1.31 million tonnes @ 2.07% copper and 1.77g/t gold for a copper equivalent grade of 3.09% copper (41,000 tonnes of in-situ copper equivalent metal).
The Mt Dore Indicated and Inferred oxide and supergene resources at a 0.2% cutoff are 74.8 million tonnes @ 0.52% copper (389,000 tonnes of in-situ copper metal).
EXPLORATION
A detailed analysis of existing geophysical data covering all of the company's tenements has been commissioned. Specific areas of interest that will be assessed in detail are the Selwyn Line iron-oxide copper/gold belt and the Mt Dore to Metal Ridge oxide copper belt.
A surface IP geophysical survey at the Mt Elliot Mine has identified a number of near mine targets for immediate follow up drilling. Detailed analysis of the IP data together with previous surface drilling is being collated to define specific drill targets.
NEW ISSUE ANNOUNCEMENT
Cancellation of share buy-back
Period of Cancellation from 18/09/2000 to 18/10/2000
Number of Shares: 11,961,104
WMC is completing engineering and contract details to determine the best option to expand Olympic Dam's refined copper capacity by over 20 percent to about 245,000 tonnes a year. The Board has approved the commitment of long lead-time items to allow the earliest possible construction once the best expansion option has been approved. Final approval is expected early next year following completion of feasibility studies.
Daily share buy-back: Maximum number of shares remaining to be bought back: 3,573,846
ZOCA 96-16 Coleraine-1 Update
Norwest Energy announces that as at 6am Central (Darwin) Time Wednesday 18th October 2000, Coleraine 1 was at a depth of 2908 metres. The well has remained this depth after taking a kick (intersected a zone with increased pressure) yesterday. The kick resulted in hydrocarbons to surface. Gas chromolograthy indicates the gas is light hydrocarbon fluid. It appears that this hydrocarbon show comes from sandstone and is believed to be a different type of oil to that reported on Friday 13th October.
All hydrocarbons reported are above the objective Elang and Plover Formation sands.
West Oil NL announces that as at 6-00 am (CST) Wednesday, 18th October, Coleraine-1 was at 2,908 metres and increasing the mud weight. At 2,908, the well intersected the Darwin Radiolarite, a distinctive marker in the Timor Sea. The well took a 10 barrel kick and oil was observed over the shakers. The mud weight is being increased to control the pressures in the well. When the well is stabilised, future operations are to drill ahead to the main objective at 3,160 metres.
Coleraine-1 will test the large Coleraine fault block which straddles the border with ZOCA 91-12 and has P50 potential recoverable reserves of 150 million barrels. The well is 12.5 kilometres west and updip of Minotaur-1 which is interpreted to have intersected a 7 metre oil column in the Late Jurassic Elang Formation sandstone.
All Ords
3180.4
Dow Jones
9975.02
ASX200
3226.7
-37.5
S&P 500
1342.12
-7.85
All Resources
1305.6
Nasdaq
3171.56
All Mining
672.9
Gold - spot/oz
US$270.00
All Gold
692.0
Silver - spot/oz
US$4.80
no ch
AGC Explorers
788
-0.14
Platinum - spot
US$565
+5.0
Energy
1601.2
Palladium - spot
US$735
All Industrials
5551.7
Bridge CRB Index
228.77
FTSE 100
6142.9
-60.3
Crude Oil (NYMEX)
US$32.47
+0.05
Nikkei
14,872.48
-467.74
Copper (spot $US/tonne))
US$1891
Hang Seng
14,458.52
-414.91
Lead (spot $US/tonne)
US$479
A$ = US52.13c
Zinc (spot $US/tonne)
US$1058
A$ = 56.13yen
Nickel (spot $US/tonne)
US$7220
A$ = 0.621euro
Aluminium (spot $US/tonne))
US$1479.5
US 30-Year Bond
5.769%
+0.008
Tin (spot $US/tonne)
US$5250
RIGHTS ISSUE
The Company advises that acceptances to subscribe for more than 13 million new Ordinary Shares in the Company, representing new capital of over $2.0 million, have been processed to date under the terms of our current 1 for 2 Renounceable Rights Issue. The underwritten portion of this Rights Issue was for 10.0 million shares, representing $1.5 million of capital. Hence there will be no shortfall to be taken up by our underwriters, and we are very pleased with the strong support shown for our Company by the success of this Rights Issue.
The directors advise that the venue for the Annual General Meeting has been changed.
The Annual General Meeting will now be held at the Hall of the Church of the Holy Spirit, 73 Salerno Street, Isle of Capri, Queensland. The date and time of meeting remain unchanged (Friday, 24 November 2000 commencing 2.00pm).
For further information, click here
DRILLING UPDATE ON DAIRI ZINC/LEAD PROJECT
Herald's 71% owned subsidiary, International Annax Ventures Inc reports the following:
Assay results for hole SOP 34D are now available and continue to demonstrate the strength of the Anjing Hitam system.
The results are:
Hole |
North |
East |
Dip/Azimuth (mag) |
From (m) |
To (m) |
Width (m) |
Zinc % |
Lead % |
Silver ppm |
Description |
SOP34D |
9570 |
5156 |
-87°/253° |
287.5 |
311.18 |
23.68 |
17.6 |
11.8 |
13.9 |
MMH |
MMH = Main Mineralised Horizon
For further information, click here
The Company proposes to seek shareholder approval for a new option issue.
The new option issue will be offered to shareholders at the time and to current option holders who have not converted their existing options to shares at 31 October, 2000.
The new options will be offered on the basis of 1 option for every 2 shares or options held. The option payment will be 1(1/2)c and be exercisable at 20c at any time prior to 30 September 2002.
FLOW TEST PREPARATIONS
Preparation to perforate and flow test the first of three gas bearing sandstones in the overlying Danismen Formation is now nearing completion and waiting on the delivery of perforation guns.
De Beers Australia Holdings Pty Ltd, De Beers Centenary AG and De Beers Consolidated Mines Ltd increased its relevant interest in Ashton Mining Limited on 16/10/2000, from 64,130,520 ordinary shares (19.90%) to 68,731,920 ordinary shares (21.24%).
All resolutions put to the Annual General Meeting of this Company at 10.30am today were carried with the exception that the resolution to elect Mr R C Proudley was lost.
De Beers Australia Holdings Pty Ltd; De Beers Centenary AG became a substantial shareholder in Aurora Gold Limited on 16/10/2000 with a relevant interest in the issued share capital of 56,038,350 ordinary shares (34.84%).
Cue Energy Resouces NL increased its relevant interest in Bambuu Limited on 16/10/2000, from 5,000,000 ordinary shares (17.45%) to 5,386,408 ordinary shares (18.80%).
The following results of the business conducted at the Meetings of shareholders of The Broken Hill Proprietary Company Limited held on 17 October 2000.
The candidates for election or re-election to the office of Director named in the Notice of Meeting were elected on a show of hands.
The Company announced approval for the development of an underground longwall mine at their San Juan thermal coal operations in New Mexico, United States.
The Company advises:
BRIEFING PAPER
SAN JUAN UNDERGROUND MINE
SUMMARY
* BHP has approved the development of an underground longwall mine at the San Juan thermal coal operations in New Mexico, United States. The mine will replace production from two of BHP's three existing surface mines (San Juan & La Plata) and will be the sole coal source for the adjacent electric power utility customer, the San Juan Generating Station (SJGS).
* The project represents a high value brownfield development that will enable BHP to continue to extract maximum value from its thermal coal assets in New Mexico.
* Rising surface mining costs caused by deepening coal seams threaten the competitiveness of the SJGS in the increasingly deregulated Western US power market. The new underground mine will significantly reduce the cost of coal supplied to the SJGS, thereby ensuring the longer term viability of the mutually dependant businesses.
* The underground development enhances the longer term profit and cashflow generation of the mines. The terms of the Coal Sales Agreement, governing the relationship between San Juan Coal Company and the power station, provide a long term, low risk project from a financial perspective.
* Capital expenditure is estimated at US$148 million (A$245 million), with full production expected in late 2002 after a two year construction period.
* The development of the project included an extensive risk identification and assessment program, including the operation of a pilot mine to analyse actual mining conditions and any associated technical risks. The results of this program influenced the mine plan layout and plans have been developed to eliminate or mitigate identified risks to ensure successful project delivery.
The first phase of testing of the Rimu B-1 well is complete, and that the well has yielded oil, gas and formation water production from perforations at 4031-4056 metres in the Lower Tariki section, at rates ranging up to 1086 barrels of oil, 576 barrels of water and 1.4 million cubic feet of gas per day.
The Company advises that the annual general meeting of members of Britannia Gold NL will be held at Royal Kings Park Tennis Club, Kings Park Road, West Perth, Western Australia on Friday, 17 November 2000 at 10.00am.
Legal action has commenced in the Supreme Court of Western Australia seeking a declaration, and in the alternative, a pre-action discovery order, that Anaconda Nickel Ltd ("Anaconda") provide information and documents in relation to Anaconda's compliance with their obligations under a settlement deed between Anaconda and the Company dated 17 September 1996.
Mussel Farmers (WA) Pty Ltd ceased to be a substantial shareholder of Central Kalgoorlie Gold Mines Limited on 10th October 2000.
Supplementary Prospectus dated 16 October 2000 is a supplementary document to the Company's Prospectus dated 19 September 2000 offering shareholders redeemable, convertible, cumulative Preference Shares carrying a dividend entitlement of 10% per annum at an issue price of 20 cents each, with free attaching options, on a pro-rata basis.
NEW ISSUE ANNOUNCEMENT
The Company announced the launch of an A$160 million, three year public issue of Medium Term Notes.
Drill testing on the Bassawa licence focussed on the large 5,500 metres by 3,000 metre area of gold-in-soil anomalism at the Bobosso prospect. The 784 metres of RC and aircore drilling in this programme confirmed the occurrence of numerous intercepts of low-moderate grade gold mineralisation over downhole widths of up to 32 metres.
The Company advises it holds a 42.5% effective interest and management control of three exploration licence areas covering approximately 2,100 square kilometres in Cote d'Ivoire (Ivory Coast), West Africa.
The Panel announced that it has received an application for a declaration of unacceptable circumstances in relation to the affairs of Pinnacle VRB Ltd. The application is made by Federation Group Ltd which is currently bidding for all the issued shares of Pinnacle (and two classes of option which Pinnacle has on issue).
The Annual General Meeting of the members of Gindalbie Gold NL ("the Company") will be held at the Celtic Club, 48 Ord Street, West Perth, Western Australia at 10:00am on Tuesday, 14 November 2000 two classes of option which Pinnacle has on issue).
The year 2000 annual general meeting of the shareholders of Goldsearch Limited will be held in the Edwin Flack Room at the Rydges Wentworth Hotel, 61 Phillip Street, Sydney on Thursday 16 November, 2000 at 11.00am.
HIGHLIGHTS DURING THE QUARTER
* Drilling identifies a significant brecciated iron-rich zone at Iron Princess, Middleback Ranges, South Australia
* Electromagnetic survey underway to evaluate the size of the breccia zone at Iron Princess prior to further drilling.
* New grass roots exploration for platinum and gold commence.
Expectation Pty Ltd ceased to be a substantial shareholder in Indian Mining Corporation NL on 27/09/2000.
The Company announces a response to ASX query and refers to your letter dated October 16, 2000 regarding recent movements in the price of shares in Lakes Oil NL ("Lakes") and the volume of shares traded Expectation Pty Ltd ceased to be a substantial shareholder in Indian Mining Corporation NL on 27/09/2000. For details, click here
The Company announces it has noted a change in the price of the Company's securities from a closing price of 3.3 cents on 13/10/2000 to a high of 4.6 cents today. We have also noted an increase in the volume of trading in the securities over this period. For details, click here
Legend Mining Limited 30% East Coast Minerals 70%
* Record quarterly revenue of $3,134,901.00
* 1500 metre RC drilling programme planned to commence by 20 October 2000
* Additional huge silver specimens discovered underground and sold to private investors
* Cumulative silver sales achieved in excess of one million ounces during September
* 411,983 ounces sold during the quarter
* Tailings retreatment testwork near completion, indicates high recoveries
SILVER SALES
During the quarter 411,983ozs were sold with revenue of $3,134,901.00.
MILLING
Silver production was 324,989 ounces, down slightly on last quarter.
MINING
Mining continued between the 62m and 102m levels.
SURFACE DRILLING PROGRAMME
A 1,500 metre RC drilling programme is planned to commence about the 20 October 2000.
TAILINGS RETREATMENT
Agglomeration leaching testwork on the silver gravity tailings should be completed by the end of October 2000. Results to date have been encouraging.
CARLOW CASTLE PROJECT
Legend Mining Limited 100%
A resource estimate for the Carlow South prospect was announced in May 2000 as follows:
Total: 1,331,000 tonnes at 1.38g/t Au, 0.56% Cu (indicated and inferred, to 100m depth)
This comprises:
Main Lode: 30,000 tonnes at 10.00g/t Au, 1.40% Cu (indicated, to 30m)
Main Lode: 61,000 tonnes at 10.00g/t Au, 1.40% Cu (inferred, 30-100m)
Main Lode Halo: 1,240,000 tonnes at 0.75g/t Au, 0.50% Cu (inferred, to 100m)
Federation Resources NL has made an Offer dated 2 October 2000 which expires at 7:30pm Melbourne time on 3 November 2000, unless withdrawn or extended, to Pinnacle shareholders and option holders.
At 6 am central standard (Darwin) time today Coleraine 1 was at a depth of 2858 metres and drilling ahead in 8(1/2) inch hole. Current operations are drilling ahead at 2,900 metres.
The Australian Competition and Consumer Commission has informed the PNG Gas Producers' that it has granted interim authorisation to the PNG Gas Project, now including Santos and ExxonMobil, to jointly market gas.
AMP Limited decreased its relevant interest in Orogen Minerals Limited on 13/10/2000, from 19,790,998 ordinary shares (6.16%) to 16,576,137 ordinary shares (5.16%).
The Company Directors announce the sale of the Company's interest in the Windimurra Vanadium Project to its joint venture partner, Swiss natural resource company Xstrata AG. The sale will leave the company debt free and with a retained 15% net profit interest in the project.
The Directors presently expect to make a further announcement by Friday, 20 October, with advertisements to be placed in the national press to inform shareholders of the Directors' advice.
Metcoal Holdings (Qld) Pty Ltd increased its relevant interest in QCT Resources Limited on 16/10/2000, from 4,174,642 ordinary shares (0.61%) to 4,596,418 ordinary shares (0.67%).
WILDCAT EXPLORATION DRILLING: TEMEE-1, MONGOLIA (ROC: 100%)
Temee-1 has reached a Total Depth of 961 metres in volcanics. The well has been logged and no hydrocarbon shows reported. The well is currently being plugged and abandoned and the data obtained will be integrated into ROC's ongoing analysis of the East Gobi Basin.
2. PRODUCTION TESTING: KYLE NORTHEAST WELL, UK NORTH SEA (ROC: 12.5%)
Production testing continued at the Kyle Northeast well over the weekend and it is anticipated that further details will be released during the course of the week.
3. SENEGAL (ROC: 46.25%)
ROC and Woodside Energy (Senegal) Pty Ltd, a wholly owned subsidiary of Woodside Petroleum Ltd ("Woodside"), have executed an agreement (the "Agreement") for Woodside to acquire a 46.25% interest (being 50% of ROC's original 92.50% interest) in ROC's three Casamance exploration blocks, offshore Senegal.
The Company has placed on 16th October 2000 1.1 Million ordinary shares in the capital of the Company at an issued price of Fifty (0.50) Cents each.
REPORT ON ACTIVITIES FOR THE QUARTER TO 30 SEPTEMBER 2000
* Total gold production of 95,170 (100,309) ounces of gold was achieved during the September quarter, at a cash cost of A$290 per ounce (A$299/oz).
* Attributable production for the quarter was 91,790 (96,528) ounces of gold at an average cash cost of A$289 per ounce (A$297/oz) or US$168 per ounce (US$176/oz).
* Golden Pride achieved production of 61,372 ounces of gold (62,497) at a cash cost of US$151 per ounce (US$152/oz).
* Production from Obotan of 33,798 (37,812) ounces of gold at a cash cost of US$198 per ounce (US$219/oz).
EXPLORATION
INDEE JOINT VENTURE
* Wide zones of shallow mineralisation confirmed by diamond drilling at Withnell including 66m @ 1.85g/t.
* Encouraging wide zones of anomalous epithermal mineralisation intercepted at Becher.
WMC JOINT VENTURE - HIGGINSVILLE
* High grade Norseman style mineralisation intercepted at Eundynie.
CORPORATE
* Resolute re-admitted to the FT Gold Index as annual production in the last financial year exceeded 300,000 ounces of gold.
* Gross cash flow generated from operations for the quarter of A$20m (A$21m).
* Third successive quarter in which gross cash flow generated from operations approximated A$20m/quarter.
* Following sign-off on the completion tests, the Golden Pride project was successfully refinanced with a debt level of US$29.6m (A$54m).
* During the quarter, Resolute paid down all other outstanding Debt and related interest (A$28.4m).
* Chalice treatment plant sold for A$6.3m (book value of approximately A$2.5m).
* At the end of the quarter Resolute and its subsidiaries cash and bullion was A$54m (A$71m).
* Net profit before tax for the first quarter currently anticipated to be approximately A$12m.
* AGR Limited (15% owned by Resolute) announces a successful feasibility study with a reserve of 1.1m ounces of gold at its Boroo Project in Mongolia.
* The current published Boroo reserve is anticipated to increase following the completion of further in-fill drilling.
* Initial Boroo earthworks including concrete foundations completed.
* The region is of strategic significance to Resolute as Central Asia has a number of rich and large undeveloped gold deposits.
The Company Directors announce that advise that the company's head office has relocated from Sydney to Perth.
The company's head office is now located at:
First Floor
35 Ventnor Avenue
West Perth 6005
Western Australia
Telephone: (61 8) 9480 0500
Facsimile: (61 8) 9480 0520
The Company has placed on 16th October 2000 1.1 Million ordinary shares in the capital of the Company at an issue price of Seventy (0.70) cents each.
The Annual General Meeting of shareholders of Triton Corporation Limited will be held on Tuesday, November 14, 2000 at The Wentworth Hotel, 61 Phillip Street, Sydney commencing at 9.30am.
The Company advises that it has lodged an appeal against the price determination by the Office of the Regulator-General (ORG). The regulator's finding prescribed return limitations for Victorian electricity distribution businesses and the allowed tariffs for the period 2001-2005.
At 6.00 am (CST) Tuesday, 17th October, Coleraine-1 was at 2,858 metres and drilling ahead in 8(1/2)" hole. Current operations are drilling ahead at 2,900 metres in 8(1/2)" hole.
During the night, the sand encountered on Friday, was logged using Logging While Drilling tools.
De Beers Australia Holdings Pty Ltd, De Beers Centenary AG and De Beers Consolidated Mines Ltd became a substantial shareholder in Western Australian Diamond Trust on 16/10/2000 with a relevant interest in the issued share capital of 63,016,248 ordinary shares (96.95%).
The Company advises the following:
WA-9-L CAVALIER-1
Woodside Petroleum Ltd, Operator of the WA-9-L Joint Venture, reports that the Cavalier-1 exploration well located in the Carnarvon Basin was drilling an 8(1/2) inch hole at a depth of 3683 metres on 17 October 2000.
WA-271-P ENFIELD-3
Woodside Petroleum Ltd reports that the Enfield-3 appraisal well located in the Exmouth Sub-basin was plugged and abandoned after completing the production test.
WA-271-P LAVERDA-1
Woodside Petroleum Ltd reports that the Laverda-1 exploration well located 13 kilometres west of Woodside's Enfield oil accumulation was spudded at 2100 hours on 16 October 2000.
PPL188 ANAMA-1
Woodside Petroleum Ltd reports that the Anama-1 exploration well located in the Gulf of Papua was spudded at 1130 hours on 13 October 2000.
All Ords
3216
Dow Jones
10,089.71
ASX200
3264.2
-2.4
S&P 500
1349.97
-24.65
All Resources
1326.3
Nasdaq
3213.96
All Mining
677.6
Gold - spot/oz
US$270.80
All Gold
691.7
Silver - spot/oz
US$4.80
-0.03
AGC Explorers
802
+0.68
Platinum - spot
US$560
-3.00
Energy
1615.1
Palladium - spot
US$733
All Industrials
5609.7
Bridge CRB Index
229.92
FTSE 100
6285.7
+76.1
Crude Oil (NYMEX)
US$32.42
+0.030
Nikkei
15,359.8
-191.2
Copper (spot $US/tonne))
US$1918
Hang Seng
14,899.9
-161.8
Lead (spot $US/tonne)
US$490
A$ = US52.12c
Zinc (spot $US/tonne)
US$1076
A$ = 56.33yen
Nickel (spot $US/tonne)
US$7330
A$ = 0.610euro
Aluminium (spot $US/tonne))
US$1513
US 30-Year Bond
5.761%
-0.052
Tin (spot $US/tonne)
US$5280
PMA makes $30 million sale, retains net profit interest in Windimurra Vanadium Project
The Directors of Precious Metals Australia Limited announce the sale of the Companys interest in the Windimurra Vanadium Project to its joint venture partner, Swiss natural resource company Xstrata AG. The sale will leave the company debt free and with a retained 15% net profit interest in the project.
Xstrata AG have agreed to pay AUD$29.1 million plus a 15% net profit interest, to purchase PMAs 40% contributing interest in the Project. The payments to PMA will be calculated on project returns before interest, depreciation, amortisation, and head office overheads. A minimum of $500,000 is payable to PMA annually.
Petroz N.L. advises that the Cascina Buzzoni-1 well, located onshore in the Ducentola permit in the Po Valley of Northern Italy, spudded at 2100hrs on 13 October 2000 Australian Eastern Standard Time (AEST).
The well is being drilled to test Quaternary sands at a depth of approximately 850m that pinch out onto a thrust anticline, forming a stratigraphic trap. Minor gas was tested from the reservoir at Sabioncello-11, 2.5km to the east. The play-type is proven at the Tresigallo field occuring 2.5km to the north east. The well is programmed to be drilled to 1,609m which is expected to take 15 days. However, Petroz will, by choice, only participate down to 1,000m which is expected to take 10 days.
Progress Report on Drilling at Avebury
Six (6) cored drill holes totalling 3,000 m (including second sample wedges) were completed during the quarter. This was the final drilling in a program designed to provide sufficient information to facilitate estimation of an identified mineral resource in the North, Central and South Avebury deposits.
Drill holes A021 and A022 were designed to test the western margin of the North Avebury deposit and results suggest the deposit diminishes in that direction.
Drill holes A024, A025 tested the depth extension of South Avebury several hundred metres below A014. They confirmed that the deposit continues to a vertical depth of at least 500 m, but is generally thin with erratic grades at those depths.
Drill hole A026 was a relatively shallow hole designed to test the South Lode 60 m along strike to the east of A014, which intersected 60 in 0.66% Ni, including 8 m 1.96% Ni.
A026 intersected a very broad zone of pentlandite mineralisation estimated to be 100 m true width, 140-200 m beneath surface. Higher grade sections were concentrated near the margins of this zone and included several units up to 10 m wide averaging >2% Ni.
This mineralised zone is the most impressive to date at Avebury and it is open up-dip and along strike to the east where geological mapping and airborne geophysical surveys infer considerable potential. It is anticipated drilling may re-commence in this area in December.
Of interest is a significant intersection of cobalt mineralisation in hornfelsed sediments in the hangingwall of South Avebury in drill hole A025. A 10 m wide interval assayed 0.3% Co, including 2 m 0.75% Co. The extent of this mineralisation is currently unclear. This zone is quite distinct from the nickel sulphide zone.
The Directors of QCT Resources Limited believe that the revised MetCoal Offer announced by BHP and Mitsubishi undervalues QRL and the Company's future potential.
Santos' subsequent announcement that it intends to accept the revised MetCoal Offer for its 36.4% shareholding reflects the views of one shareholder and follows its statement in May 2000 that its investment in QRL was "non-core".
QRL Directors remind shareholders that the Company recently declared a fully franked dividend of 10 cents per share, which will be deducted from the revised Offer price of $1.30 per share if it is accepted.
Santos Ltd has announced that it intends to accept MetCoal Holdings's revised offer to QCT Resources Limited ("QRL") of $1.30 per share immediately. Santos will realise proceeds of approximately $326 million from the sale of its 36.4% shareholding in QRL and the special dividend.
South Australian Premier The Hon. John Olsen MP and BHP Managing Director and Chief Executive Officer Paul Anderson on Monday 16 October, officially opened BHP's new Shared Services Centre in Grenfell Street, Adelaide.
The Centre will provide high-volume services in finance and accounting, human resources, supply and procurement to all BHP assets in Australia and the Asia-Pacific region. This change in service delivery will significantly reduce duplication and cost to the company, and make it easier to share excellent quality and innovation.
BHP and Mitsubishi have announced that they intend to increase the offer price for all the shares in QCT to $1.30. Shareholders will receive $1.20 cash and the fully franked 10c special dividend announced by QCT Resources Ltd on Friday 13 October, 2000. The offer is made by their jointly owned bidding vehicle MetCoal Holdings.
BHP has announced results from the sidetrack well drilled from its Atlantis-2 appraisal wellbore in the Gulf of Mexico. The sidetrack confirms a lateral extension of the known range of the Atlantis hydrocarbon accumulation of up to 1.6 kilometres (one mile) from the original wellbore, and also confirm the continuity and quality of the Miocene reservoir sands. This data gives further confirmation of the material nature of this multi-hundred million barrel oilfield.
RESPONSE TO ASX QUERY
1. The Company is unaware of information concerning the Company which, if such information were generally available to the public, might reasonably be regarded as an explanation for the recent trading in the securities of the Company.
2. There are no matters of Importance to the Company about to be announced to shareholders and the market.
3. The Company is unable to offer any explanation for the price or volume. The Company notes that neither the price or volume change is outside the levels experienced in the last six months.
NEW ISSUE ANNOUNCEMENT
The Office of the Royal Thai Board of Investment of the Office of the Prime Minister has approved the application by Akara Mining Ltd for Promotion of the Chatree Gold Mine in Thailand.
The Board announces the appointment of Mr Jeremy Edelman as Managing Director and Mr Neville Walker as a Non-Executive Director of the Company.
Matrix Metals Limited announces the acquisition of 100% of Mining Lease Application (MLA) 90135 known as "Mt Watson". The MLA was purchased for a total cost of $12,500.
The MLA is located within hauling distance of the Mt Cuthbert SX-EW processing facility and fills a strategic gap that existed in a larger exploration permit owned by Matrix.
Novus Petroleum Limited has announced its intention to make an all scrip takeover offer for Petroz, offering Petroz shareholders 1 Novus share for every 3.75 Petroz shares and the full scrip offer values Petroz shares at:
* 48.8 cents based on the closing price of Novus shares of $1.83 on Friday, 13 October 2000; or
* 50.4 cents based on the weighted average price of Novus shares of $1.89 in the week prior to 13 September 2000, being the day on which the original Novus merger proposal was announced.
ZOCA 96-16 Coleraine-1 Update
At 6am central standard (Darwin) time Monday 16 October, 9(5/8) inch casing has been run. Proposed operations for the next 24 hours is to pressure test the 9(5/8) inch casing and drill ahead in 8(1/2) inch hole.
Oil intersection reported last week is above both the Elang and Plover Formation objectives.
Coleraine 1 is being drilled updip and 12.5 kilometres west of the Minotaur 1 well which is interpreted to have intersected a 7 metre untested oil column in the Elang Formation and encountered significant Oil saturation's in the underlying Plover Formation. If filled to spill point the prospect has the potential to contain 150 million barrels of oil recoverable.
During 1999 Phillips Oil Company farmed into ZOCA96-16 for the drilling of Coleraine 1. Under terms of that agreement Norwest will fund 5.714% of the drilling and if warranted, costs of the Coleraine 1 well to retain 14% interest in the PSC.
West Oil NL announces that as at 6.00 am (CST) Monday, 16th October, Coleraine-1 was at 2,407 metres and drilling cement. The 9-5/8' casing was set and cemented at 2,375 metres. Planned operations are to drill out cement, drill 3 metres of new hole and conduct Leak Off Test.
Based on the Mudlog, the sand is 4 metres thick (2,386-2,390 metres) with a good drill break and excellent oil & gas shows. This sand will be logged using Logging While Drilling tools after the Leak Off Test has been performed, and an interpretation will be made as to its hydrocarbon content.
Due, to these drilling delays, the estimated time, to reach the main objective is now revised to 6 days or around 22nd October.
Coleraine-1 will test the large Coleraine fault block which straddles the border with ZOCA 91-12 and has P50 potential recoverable reserves of 150 million barrels. The well is 12.5 kilometres west and updip of Minotaur-1 which is interpreted to have intersected a 7 metre oil column in the Late Jurassic Elang Formation sandstone.
Paladin announces that Netcare, its recent telco acquisition, has reached agreement with Lucent Technologies Australia Pty Limited to construct Netcare's main telecommunications microwave tower to be located at its Head Office premises in Belmont.
At the Company's AGM held on 14 July 2000 shareholders approved the placement of 10,000,000 shares each at an issue price of not less than A$1.50.
Shares had to be issued pursuant to the placement on or before 14 October 2000.
Pacific Energy has executed Subscription Agreements and received Share Application Forms for a total of 4,988,588 shares each at A$1.50. On 4 and 12 October 2000 Pacific Energy lodged with ASX an Appendix 3B in relation to all of the 4,988,588 shares.
On Friday 13 October 2000 ASX extended the period in which Pacific Energy had to issue the 4,989,588 shares to Wednesday 18 October 2000.
First Quarter Activities Report
HIGHLIGHTS
* Drilling completed to date has defined an indicated and inferred resource of 947,000 tonnes at 13.2% Zn and 3.2% Pb at Beltana (Flinders Ranges Project).
* Initial metallurgical testwork conducted on the Beltana mineralisation returned encouraging results.
Bulong Operations Pty Ltd
BULONG METAL PRODUCTION
The Bulong Operation produced record nickel and cobalt output for the month of August (543 tonnes nickel and 33 tonnes cobalt). A further production output record was achieved in September being 666 tonnes nickel and 41 tonnes cobalt. The plant is operating close to design capacity and has demonstrated its ability to exceed design capacity over short periods of time. Full details of September performance will be released later in the month.
THE BULONG PROCESS PATENT GRANTED
The company announces that the patent to the revolutionary solvent extraction process, used successfully at Bulong, was granted by the Australian Patent Office on 7th September 2000.
Petroz NL advises that the Cascina Buzzoni-1 well, located onshore in the Ducentola permit in the Po Valley of Northern Italy, spudded at 2100hrs on 13 October 2000 Australian Eastern Standard Time (AEST).
The well is being drilled to test Quatemary sands at a depth of approximately 850m that pinch out onto a thrust anticline, forming a stratigraphic trap. Minor gas was tested from the reservoir at Sabioncello-11, 2.5km to the east. The play-type is proven at the Tresigallo field occurring 2.5km to the north east. The well is programmed to be drilled to 1,609m which is expected to take 15 days. However, Petroz will, by choice, only participate down to 1,000m which is expected to take 10 days.
The area around Cascina Buzzoni-1 contains numerous gas fields and an extensive network of pipeline infrastructure.
RESPONSE TO ASX QUERY
1. The Company is unaware of information concerning the Company which, if such information were generally available to the public, might reasonably be regarded as an explanation for the recent trading in the securities of the Company.
2. There are no matters of Importance to the Company about to be announced to shareholders and the market.
3. The Company is unable to offer any explanation for the price or volume. The Company notes that neither the price or volume change is outside the levels experienced in the last six months.
The Company advise that Ms Anne Lorraine Trimmer has resigned as Company Secretary of Southern Pacific Petroleum NL effective from 30 September 2000.
Mr Victor Kuss continues to hold office as Company Secretary for the Company.
Strata Mining Corporation NL increased its relevant interest in Taipan Resources NL on 12/10/2000, from 41,777,396 ordinary shares (19.42%) to 45,777,396 ordinary shares (21.28%).
Strata Mining Corporation NL increased its relevant interest in Goldfields Limited. on 01/09/2000, from 16,313,623 ordinary shares (9.93%) to 19,791,770 ordinary shares (10.5%).
Strata Mining Corporation NL increased its relevant interest in Taipan Resources NL on 06/10/2000, from 25,888,934 ordinary shares (13.67%) to 41,777,396 ordinary shares (19.42%).
Strata Mining Corporation NL became a substantial shareholder in Goldfields Limited. on 10/08/2000 with a relevant interest in the issued share capital of 16,313,623 ordinary shares (9.93%).
First Quarter Activities Report
HIGHLIGHTS
During the quarter the operational and resource performance of the RAV 8 Operations has exceeded expectation. The project has:
* Commenced deliveries of the first RAV 8 Nickel Sulphide Concentrate to WMC.
* Delivered Concentrate above specifications.
* Announced a 17% increase in RAV 8 Ore Reserves.
* Shown a positive ore reconciliation against the revised ore reserve.
* Achieved target with Capital and Operating Costs.
* Commissioned a cutback on the expanded ore reserve.
* Commenced installation of a new thickener to increase plant capacity and efficiency.
Union Capital Limited advises that diamond core drilling has now commenced at the Mehdiabad Zinc Project in Iran. There are currently three drill rigs on site with a fourth drill rig expected within a few days.
Two of the drill rigs are being supplied by Radial Drilling of Townsville, Australia, and two by Iranian contractors. The Iranian contractors cannot be expected to match the drilling rate normally achieved by Australian contractors.
The total drilling program involves around 27,000 metres and is expected to cost in the vicinity of US$3 million and will take about one year to be completed.
Third Quarter Activities Report
ORE PROCESSED - AK1 & ALLUVIALS
AK1 ore processed for the third quarter and first nine months of the year, was higher than the corresponding periods last year as a result of the plant shutdown that occurred in September 1999 to upgrade of the scrubber feed system. Alluvial ore processed in the third quarter was similar to 1999. Alluvial ore processed year to date is lower than for the same period in 1999 because of screen problems in the first half.
DIAMONDS PRODUCED - AK1 & ALLUVIALS
Lower AK1 diamond production for the third quarter and first nine months of the year, relative to the corresponding periods last year, reflects the lower grade of the ore processed in line with expectations and as a result of the pit development work. Lower diamond production from Alluvial mining reflects lower plant throughput and lower ore grades.
Waste removal again increased as the new earth moving fleet continued to be optimised. Pit development remains an schedule.
DIAMOND SALES
Argyle continued its strong performance in the third quarter of 2000 with demand exceeding supply. Prices have increased marginally since the end of June, however, overall sales levels have reduced due to the lack of available stocks to supplement ongoing sales.
Ordinary Share Buy-Back- maximum remaining number of shares to be bought back: 3,773,846
All Ords
3219.4
Dow Jones
10,238.8
ASX200
3266.6
+64.7
S&P 500
1374.62
+0.45
All Resources
1339.5
Nasdaq
3290.28
All Mining
680.1
Gold - spot/oz
US$271.4
All Gold
692.7
Silver - spot/oz
US$4.83
no ch
AGC Explorers
797
-1
Platinum - spot
US$563
-9.00
Energy
1626.8
Palladium - spot
US$733
All Industrials
5607.8
Bridge CRB Index
229.59
FTSE 100
6285.7
+76.1
Crude Oil (NYMEX)
US$32.39
-1.74
Nikkei
15,512.32
+182.01
Copper (spot $US/tonne))
US$1923
Hang Seng
14,973.40
+292.9
Lead (spot $US/tonne)
US$494
A$ = US52.30c
Zinc (spot $US/tonne)
US$1104
A$ = 56.55yen
Nickel (spot $US/tonne)
US$7740
A$ = 0.615euro
Aluminium (spot $US/tonne))
US$1522
US 30-Year Bond
5.813%
+0.014
Tin (spot $US/tonne)
US$5300
NOTICE IS HEREBY GIVEN that the Annual General Meeting of Adelaide Resources NL will be held at Stamford Plaza Adelaide, 150 North Terrace, Adelaide SA 5000 on Tuesday 14 November 2000 at 11.00 am.
ASHTON DISCOVERS SECOND LARGEST DIAMOND EVER FOUND IN AUSTRALIA
Ashton Mining Limited hasd announced the discovery of a 41.95 carat stone at its Merlin project in the Northern Territory, the second largest diamond ever found in Australia.
QUARTERLY REPORT
For the Three Months Ended 30 September 2000
SUMMARY
OPERATIONS
* Merlin diamond production for the quarter was 33,693 carats. Since project commissioning in mid-1999, over 200,000 carats have been produced.
* Merlin produced a 39.5 carat gem diamond from Gareth during the quarter.
* Subsequent to the end of the quarter, a 41.95 carat stone was discovered in Merlin's Kay pipe, the second largest diamond ever found in Australia. These discoveries highlight Merlin's status as a producer of large stones.
* Drilling results from Merlin confirm Sacramore and Palomides join about 120m below the surface to form one large orebody.
* Increasing diamond production rates being achieved at Cernpaka through the quarter.
* At Cuango, SDM processed a record 94,689 cubic metres of alluvial ore, and produced 65,149 carats.
* The construction of a 50 tonne per hour Dense Medium Separation Plant at Luzamba (Cuango) will lead to a further significant increase in processing capacity.
* Encouraging results in Mauritania from the recently discovered MAQ-1 kimberlite. Results from second drill hole are due in November.
* At Argyle 6.7 million carats of diamonds were produced. Waste removal of 18.3 million tonnes ensured that the pit development was on schedule.
* Total proceeds from the Argyle pink tender were $3.14 million.
Gocerler-1 reached total depth of 1656 metres on 14th October after drilling 122 metres with air mist below the 9(5/8) inch casing. The objective 0smancik Formation was intersected as prognosed, but no hydrocarbons were located. Drill cuttings samples indicate all potential reservoirs were calcite cemented and tight.
The Osmancik Formation has been cemented off and preparations are underway to perforate casing and separately flow test the three gas bearing sandstones in the overlying Danismen Formation. The first sandstone to be tested is 45 metres thick, with log derived porosities up to 25% and maximum mud gas recorded during drilling of 80% total gas (70% C(1) and 2% C(3)). The initial test is anticipated to take place this week.
After the testing phase, the rig will be released and mobilised to the Velimese-1 wellsite, 15 kilometres east of Gocerler-1. Velimese-1 will test a simple domal structure at Danismen and Osmancik Formation level, 3.5 kilometres north of two gas fields producing from the same formations.
Metcoal Holdings (Qld) Pty Ltd increased its relevant interest in QCT Resources Limited on 13/10/2000, from 3,823,247 ordinary shares (0.56%) to 4,174,642 ordinary shares (0.61%).
Australian International Carbon Limited advises that at a meeting of Directors held Friday, 13 October, it was resolved to accept the resignation of Mr Paul Gordon Summers as Company Secretary. The Directors resolved to appoint Mr David Bruce Chapple as Company Secretary.
The Company advises that following a grant of leave by the Supreme Court of Western Australia, the Company has filed and served a writ on Australian Goldfields NL (In Liquidation) ('AGF') seeking:
a) A Declaration that it has, by reason of the breach, alternatively repudiation of the Residual Underwriting Commitment, suffered loss and damage, as set out in the Company's Proof of Debt, of the amount of A$11,566,621.
b) A Declaration that in respect of any indebtedness on its part by reason of the receipt of funds from AGF that the obligation to repay such amounts has been set off and fully extinguished against its damages claim, being amounts totalling A$2,328,580.
c) A Declaration that the liquidators of AGF accept the proof of debt of the Company having made due allowance for amount set off, being an amount of A$9,238,041.
d) Costs.
The writ relates to the non-performance of the obligations of AGF pursuant to an Underwriting Agreement and Residual Underwriting Agreement entered into with the Company on the 2nd December 1996 and subsequent interim funding monies advanced to Striker up until 6th March 1998.
As a result of financial difficulties of AGF, it directors' appointed voluntary administrators to AGF on 6th March 1998. On 25th November 1998, liquidators were appointed to AGF.
Drysdale Metals Pty Ltd increased its relevant interest in Beaconsfield Gold NL on 30/05/2000, from 5,000,491 ordinary shares (7.75%) to 8,356,883 ordinary shares (11.44%).
For company information, click here
Iluka Resources Limited has became a substantial shareholder in BeMaX Resources NL.
For company information, click here
The Company announces that it has reviewed the initial shortfall in the New Options Entitlements subscribed for by Optionholders in the "1 New Option Issue for every June 30th 2000 Option held as at 15th June 2000".
As at the Closing Date of the Entitlements Issue - 5th July 2000 - the shortfall was 19,806,374 Options.
Prior to the Closing Date of the Entitlements Issue the company had received strong Interest from investors eager to take up any potential shortfall.
The Directors have decided, at their discretion, and as per the Prospectus dated 2nd June 2000, to place 16,850,411 Options.
The Directors advise that the "Certificate" pursuant to the "Capital Reduction effected by a pro-rata distribution of shares held by the Company in Planet Oil International plc " resolution as approved by shareholders on 29 September 2000 has now been calculated and a copy is following.
This equates to 1.42 cents per fully paid Hardman share.
The impact of the proposed capital reduction is calculated as follows:
Using a case example of Shareholder "S" who currently owns 100,000 fully paid ordinary shares in Hardman which cost 20 cents per share being a total of $20,000.
Shareholder S will receive a distribution in specie of 10,000 Planet Oil shares based on the 1 for 10 pro rata entitlement:
R = A x (B / C)
10,000 x ($4,962,367 / 35,000,000)
$1,417.82
where:
A = The number of shares in Planet Oil being distributed to the shareholder in satisfaction of the capital reduction.
B = The book value of the Planet Oil investment.
C = Total number of ordinary shares of Planet Oil which Hardman owns at the date of the pro rata distribution.
R = The value of the capital reduction to Shareholder "S".
The cost base of the Hardman shares held by Shareholder "S" will be reduced by $1,417.82 to $18,582.18.
NEW ISSUE ANNOUNCEMENT
Directors have released the Annual Report for the year ending 30th June 2000. The Report will be placed before shareholders at the Annual General Meeting at noon on 23rd November 2000 at the Justice and Police Museum, Albert St, Sydney.
* Total revenue was $4.8M (1999: $1.4M) Up 250%
* Operational revenue was $4M (1999: $1M) Up 300%
* Operating Loss was $425,356 (1999: $435,968)
* Abnormal writeoffs of $6.6M (1999: $2.1M)
A fully franked special dividend of 10.0 cents per share has been declared by the Directors of QCT Resources Limited, totalling $68.9 million. Shareholder entitlements to the dividend will be determined on the Record Date, 24 October 2000. The dividend will be paid on 30 October 2000.
The dividend has been declared at this time in recognition of the confidence of the Board in the Group's outlook for the future, following results for the first three months of 2000/01 which have exceeded the Directors' forecast for the quarter.
The dividend will be paid irrespective of the outcome of the current takeover offer by MetCoal Holdings (Qld) Pty Ltd.
Range Resources Limited advises that at a meeting of Directors held Friday, 13 October, it was resolved to accept the resignation of Mr Paul Gordon Summers as Company Secretary. The Directors resolved to appoint Mr David Bruce Chapple as Company Secretary.
At the conclusion of the meeting of members of St Barbara Mines Limited on 13 October, 2000, Mr D F Crawley ceased to be a Director of the Company.
The Directors advise that St Barbara Mines Limited has announced that at a meeting of shareholders held Friday, 13 October, the members of St Barbara approved the merger scheme with Taipan Resources NL.
The Directors advise of the following results of the general meetings of the Shareholders and Optionholders held today 13 October 2000.
* RESULTS OF THE FIRST SCHEME MEETING
A motion to adjourn the meeting was moved. The motion was defeated.
* RESULTS OF THE SECOND SCHEME MEETING
The resolution, the subject of the second scheme meeting, was passed without amendment with the requisite statutory majority obtained.
* RESULTS OF THE THIRD SCHEME MEETING
The resolution, the subject of the third scheme meeting, was passed without amendment with the requisite statutory majority obtained.
* RESULTS OF THE FOURTH SCHEME MEETING
The resolution, the subject of the fourth scheme meeting, was passed without amendment with the requisite statutory majority obtained.
* RESULTS OF THE FIFTH SCHEME MEETING
The resolution, the subject of the fifth scheme meeting, was passed without amendment with the requisite statutory majority obtained.
* RESULTS OF THE SIXTH SCHEME MEETING
The resolution, the subject of the sixth scheme meeting, was passed without amendment with the requisite statutory majority obtained.
The Directors advise the following results of the extraordinary general meeting of the shareholders held today Friday 13 October 2000.
* RESOLUTION 1
Resolution 1 was passed without amendments.
* RESOLUTION 2
Resolution 2 was passed without amendments.
The outcome of all resolutions put to the members of Sun Resources NL were passed at the Annual General Meeting held at the offices of BDO Chartered Accountants and Advisers, Level 2, 267 St George's Terrace, Perth Western Australia on 13 October 2000 at 11.00am.
The Directors advise of the following results of the General Meeting of Shareholders held Thursday, 12 October 2000;
* A motion to adjourn the meeting was moved. The Motion was defeated on a show of hands. Members representing greater than 5% of the voting power of the Company demanded a Poll on the Motion.
* Resolution 1 as detailed in the Notice of Meeting, being an ordinary resolution, was passed on a show of hands.
* Resolution 2 as detailed in the Notice of Meeting, being a special resolution, was defeated on a show of hands.
* Resolution 3 as detailed in the Notice of Meeting, being an ordinary resolution, was passed on a show of hands.
* Resolution 4 as detailed in the Notice of Meeting, being a special resolution, was defeated on a show of hands.
The special resolution was therefore defeated.
Tap Oil NL advises that the all resolutions put to shareholders at the Company's Annual General Meeting on 13 October 2000 were passed.
West Oil NL announces that as at 6.00 am (CST) Friday, 13th October, Coleraine-1 was at 2,407 metres and circulating and conditioning mud system in preparation for setting 9-5/8" casing.
At approximately 2391 to 2392 metres the well intersected a fine grained sand that was coincident with a gas peak comprised of C1:188500ppm, C2:187600ppm, C3:115500, iC4:22700ppm, nC4:58800ppm, iC5:15600ppm, nC5:15400ppm.
Only two 1 metre samples, which contained good fluorescence, were collected before the well was shut-in for well control, hence there is at least 2 metres of sand. Visual porosity is estimated at 8-12%. Rate of penetration remained unchanged through the interval of 2390 to 2407 metres and current depth is 2407 metres. Oil was observed over the shakers whilst drilling at a depth of 2407 metres; where this oil originated from, or the quantity, cannot be accurately determined at present. This oil intersection is above both the Elang and Plover Formation objectives.
The forward plan is to stabilise the well by setting a mud pill over the lower portion of the hole from TD to 1600 metres. Once the well has been stabilised 9-5/8" casing operations will commence. The depth of the casing shoe is forecast to be approximately 2375 metres, allowing this apparent sand section to be in the openhole section of 8-1/2" hole and logged accordingly.
Coleraine-1 will test the large Coleraine fault block which straddles the border with ZOCA 91-12 and has P50 potential recoverable reserves of 150 million barrels. The Well is 12.5 kilometres west and updip of Minotaur-1 which is interpreted to have intersected a 7 metre oil column in the Late Jurassic Elang Formation sandstone.
First Quarter Activities Report
HIGHLIGHTS
* Company listed on the Australian Stock Exchange on 28 July 2000 raising $3.7 million to acquire and explore six major regional nickel projects. A vigorous exploration campaign commenced on the date of listing with diamond drilling, followed by surface and down hole electromagnetic (EM) surveys and detailed mapping of key areas.
* Two diamond drillholes completed at the 100% owned Mt Jewell Project. Hole MJD08 intersected a narrow but high grade sulphide zone at the GSP prospect. The main intersection is 0.65m @ 5.47% nickel, 1.47% copper, 0.48g/t platinum, 0.97g/t palladium and 13g/t silver from 207.55m downhole depth. The significance of this mineralisation is that it appears to have been remobilised from a primary source, possibly located on the eastern side of the GSP Fault.
* Two conductive anomalies have been detected at GSP by a surface electromagnetic (EM) survey. One anomaly is located 300m east of MJD08, on the eastern side of the GSP Fault. There is no previous drilling in the area of the anomaly. Initial RC drilling will test this high priority target in mid October. The second anomaly is located 800m northwest of MJD08 and is also undrilled.
* One 690m deep diamond drillhole completed at the 7.5km diameter Cundeelee intrusive complex. Hole CDD01 intersected a layered sequence of ultramafic intrusive units with local copper sulphide/magnetite mineralisation and carbonate/apatite veining. No significant intersections recorded however the sequence appears favourable to host platinum group metals, chrome and nickel-copper deposits, elsewhere in this large complex.
* Mapping at the 100% owned Mt Alexander Project confirmed the existence of substantial sulphide gossans at the base of cumulate ultramafic flows at North Gossan. Previous diamond drilling along strike from North Gossan intersected up to 1% nickel as sulphides. A surface EM survey and diamond drilling programs are planned for the December quarter.
* Mapping at the Bullfinch North joint venture project confirmed that the prospective ultramafic sequence extends up to 14km south of Trough Well nickel sulphide deposit. A surface EM survey is planned at Trough Well in the December quarter. Field work commenced at the Koolyanobbing Project joint venture tenements with mapping, sampling and access clearing in progress.
* Field work commenced at the 100% owned Plumridge layered intrusive complex in September. There is no previous drilling over the main part of the complex covered by company tenements. Widely spaced drilling of this exciting target will commence as soon as drillrig access is approved by CALM. A number of major resource companies have expressed interest in this project.
* Seven RC drillholes completed at the Quinn Hills gold project by joint venture partner, Barminco. Most holes intersected quartz lode with preliminary results giving a best intersection of 4m @ 9.6g/t gold from 119m downhole depth in hole RSBQHA. Barminco has advised that drilling will continue next quarter. At Bullfinch North, rock chip samples from old workings in stockwork veins in a porphyry host assayed up to 7.6g/t gold. This area has not been drilled previously.
* Western Area's Manager - Geology, Terry Grammer, is one of two people who will receive the 'Prospector of the Year' award from AMEC on 25 October. This award is being presented for the joint discovery of the high grade Cosmos nickel sulphide orebody, when he worked for Jubilee Mines NL in 1997. Congratulations, Terry!
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