Company News1-15 September 2000 |
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Phone: 07-55316191 or Email : sales@reflections.com.au
PAN AUSTRALIAN ENTERS AN OPTION AGREEMENT TO ACQUIRE MAJORITY STAKE IN LAOS COPPER & GOLD PROJECTS FROM
NORMANDY ANGLO PTE LTD
Pan Australian Resources N.L. has entered into a Call Option Agreement with Normandy Anglo Pte Ltd to acquire an 80% interest in Phu Bia Mining Ltd, a company registered in Laos.
Phu Bia Mining is a wholly owned subsidiary of Normandy Anglo and is party to a Mineral Exploration and Production Agreement ("MEPA") with the Government of the Lao Peoples Democratic Republic ("Laos"). Normandy Anglo is a company owned by Normandy Mining Limited (50%) and Anglo American plc (50%).
The MEPA incorporates an extensive Contract Area that contains projects that fit well with Pan Australians Puthep Copper Project in Thailand.
The Puthep Project in Thailand is located less than a three-hour drive along major arterial roads from the Friendship Bridge border crossing (over the Mekong River between Thailand and Vientiane in Laos).
The main project within the Contract Area is the Phu Kham Project (100 kilometres north-east of the Laos capital, Vientiane) where Normandy Anglo identified a potential mineral resource of 400 million tonnes @ 0.44% copper and 0.20 g/t gold after applying a 0.1% copper cut-off. Normandy Anglos evaluation of the Phu Kham Project was focused on large-scale mining and the production of a copper/gold concentrate. For details, click here.
Ausmelt Limited would like to advise of a change of date for the 2000 Annual General Meeting.
The Annual General Meeting of Ausmelt Limited will now be held at 10.00am on Thursday 30th November in the Grand Ballroom of the Windsor Hotel, 103 Spring Street, Melbourne, Victoria.
Ashanti Goldfields Company Limited announces that it has secured the consent of its banks for an extension of both the US$100 million Bridge Facility and the date for completion of the sale of a 50% interest in its Geita gold mine in Tanzania to AngloGold Limited until 31 October, 2000. The extension provides further time for the Company and its banks to seek to finalise revisions to Ashanti's financing arrangements in connection with the Geita transaction, which have taken longer to negotiate than was initially anticipated owing, inter alia, to inter-creditor issues. The Company has notified AngloGold that it currently wishes to extend the deadline for satisfaction of the conditions of the transaction until 31 October, 2000.
RIGHTS ISSUE PROSPECTUS
For a non-renounceable rights issue of up to approximately 13,954,564 fully paid ordinary shares in the capital of the Company to be issued at a price of 10 cents per Share on the basis of 1 Share for every 10 held as at 5.00pm WST on 22 September 2000, to raise up to approximately $1,395,456.
The Offer is underwritten to the extent of 8,000,000 Shares.
The securities of Third Rail Limited (previously named AMX Resources Limited) were suspended from official quotation on 21/07/2000 pending the Company fulfilling the requirements of listing rule 11.1. The Company has now satisfied the requirements of listing rule 11.1 and chapters 1 and 2 of the listing rules.
The Company's shareholders have approved a change of the Company's name to Third Rail Limited. The Company will be reinstated under its new name, with the ASX code "TRD".
Upon reinstatement, the Company has the following quoted securities.
227,138,137 fully paid ordinary shares comprising:
88,000,000 fully paid ordinary shares issued at 25 cents each under a prospectus dated 24/08/2000
125,020,111 fully paid ordinary shares held by existing shareholders
14,118,026 fully paid ordinary shares issued to vendors of Third Rail Wireless Services Inc and Amalgamated Network Systems Limited
ASX CODE: Ordinary shares TRD
REINSTATEMENT TO OFFICIAL QUOTATION
The suspension of trading in the securities of Third Rail Limited (formerly named AMX Resources Limited) will be lifted before the commencement of trading on Monday 18 September 2000.
The Company's change of name to Third Rail Limited becomes effective on Monday 18 September 2000, and the Company's securities will be reinstated to official quotation under its new ASX code.
Security Codes: TRD
NEW ISSUE ANNOUNCEMENT
Shareholder Update:
LADY LORETTA ZINC PROJECT
Since June, Noranda has been working diligently on the Lady Loretta feasibility study, due for completion in mid November. This feasibility study is all encompassing and embraces all considerations relevant to a full project development, including site infrastructure, mining and processing options, all community, health and environmental issues, and full economic assessment.
Buka expects Noranda to use the findings of this feasibility study as a basis for its decision whether to exercise its option. Noranda has advised it will notify Buka by 22 November of its decision.
LADY ANNIE COPPER PROJECT
Previous work has led to published resource estimates of over 100,000 tonnes of contained copper. At the current copper price and $A exchange rate, the in ground (gross) copper value exceeds A$340 million. (This does not represent a net value, which requires more work to establish)
Noranda is a major world copper producer and, due to the smaller relative size of Lady Annie, Buka management holds the view that Noranda is less likely to elect to acquire this asset as it simply may not meet Noranda's minimum size hurdle. The decision, however, is Noranda's alone.
Buka management regards Lady Annie as a valuable undeveloped copper resource, regardless of whether it meets Noranda's size criteria or not, Buka remains confident that substantial value can be realised for this asset in due course.
Alcoa of Australia Limited changed its relevant interest in Eastern Aluminium Limited on 14/09/2000, from 108,333,432 ordinary shares (98.57%) to 108,333,432 ordinary shares(98.57%).
Golden Triangle Resources NL to announce that on 14 September 2000 it lodged a prospectus with the Australian Securities and Investments Commission for the placement of 20,000,000 ordinary fully paid shares with attaching free options at an issue price of 10 cents per share and attaching option. The options are issued on the same terms and conditions as the existing listed options of the Company and as such are exercisable on or before 31 December 2002 at an exercise price of 20 cents. The Placement is underwritten by D&D-Tolhurst Ltd.
Financial Update to 31 August 2000
In the two months since the end of the financial year, ION has achieved:
* Revenue of $21.3m
* After-tax profit of over $2.0m
July and August represent trading significantly ahead of both budget and the previous financial year. However, on a working day basis, these months account for 45 days out of the annual projection of 240, and represent a period of uninterrupted productivity with the manufacturing benefits that this provides. Annualised predictions on the existing business base are for:
* Revenue of $112m+
* After-tax profit $8.0m+, 7 cents per share
Castalloy, the 100% owned subsidiary of ION, has been "bench-marked" by the world renowned Lotus Automotive Engineering of UK. This bench-marking, which rates the "hollow-casting" abilities of Castalloy as world class, has opened up new markets in both the quantity and the exclusive boutique areas of automotive original equipment demand. A quotation made for a new major export contract is now in the final stages of negotiation.
The Company announces a further increase in ilmenite and titano-magnetite resources with increases in grade for both minerals.
The Measured and Indicated Resources were contained in 78.6 million (previously 82 million) tonnes of mineralised eluvium and represents an increase of 200,000 tonnes of ilmenite complemented with a grade increase from 4.5% to 5%. Titano-magnetite resources has increased by 139,000 tonnes with a grade increase from 2.5% to 2.8%.
Ilmenite markets continue to increase with June 2000 quotations for Australian bulk concentrates (minimum 54% TiO(2)) in the A$140 to A$165 range and spot prices in the A$160 to A$180 range. Considering the current trend Goondicum Ilmenite at 49% to 50% TiO(2) is expected to achieve a sale price of at least A$120 per tonne.
NEW ISSUE ANNOUNCEMENT
Rimfire's Directors announce that the record date for determining shareholders entitlement to the previously announced 3 for 5 non-renouceable rights issue will be the 4 October 2000.
Drilling Activity Update-Saltfleetby-5
1. ONSHORE UK: SALTFLEETBY-5 (ROC: 100%)
Since the last update on this well (11 September 2000) the production testing of the Namurian reservoir has been successfully completed with production rates of up to 20 million cubic feet per day (mmcfd). Valuable reservoir production and pressure information has been gathered. The well is now being prepared for completion as the first Saltfleetby production well in the Namurian reservoir formation. The permanent completion should be installed by the end of September. The Saltfleetby-5 well will be tied into the existing production facilities with production expected to commence by early November.
2. UK NORTH SEA: THE KYLE NORTH EAST APPRAISAL WELL (ROC: 12.5%)
Since the last Drilling Activity Update (8 September 2000), the Kyle 29/2c-13 appraisal well (also known as the Kyle Northeast well) has had the 7th production liner placed across the oil bearing formations. Operations are continuing in preparation for production testing and subsequent potential completion and suspension as a Kyle production well. Production testing is forecast to occur towards the end of September.
3. EAST GOBI BASIN, MONGOLIA: IRWES-1 (ROC: 100%)
Since the last drilling activity update, the well has been drilled to 743 metres in 12(1/4) inch hole, logged, and 9(5/8) inch casing has been run and cemented in place. The logging indicated very porous sands (with average porosity in excess of 20%) over a gross section of approximately 400 metres, but no oil bearing intervals. The well will now be drilled out of the 9(5/8) inch casing towards the total target depth of 1300 metres.
NEW ISSUE ANNOUNCEMENT
Austpac Resources NL announces that it has acquired NM Rothschild and Sons (Australia) Group (Rothschild) 10% interest in the ERMS and EARS Technology Joint Venture for 5,000,000 fully paid ordinary Austpac Resources NL shares.
Austpac now holds 100% of the ERMS and EARS technologies and is the beneficiary of any revenues generated by their commercialisation.
The Indian project is continuing to progress well, with preliminary design and costing for the first ERMS plant essentially complete. The AusRutile joint venture partners (Austpac, Ticor and Indian Rare Earths Limited) are examining the various options for this plant. Approvals from relevant authorities to allow AusRutile's project to move into the next phase of its development are expected within the next month or so.
NEW ISSUE ANNOUNCEMENT
Sherrifmuir Holdings Pty Limited increased its relevant interest in Ausdrill Limited on 12/09/2000, from 5,500,000 ordinary shares (7.22%) to 7,500,000 ordinary shares (9.73%).
The Company announces that Optics Storage Pte Ltd has confirmed that it will be demonstrating its new digital multimedia recorder, the DMR, at the Company's Annual General Meeting being held at 2 pm on Tuesday 10 October at the City West Function Centre in West Perth.
NEW ISSUE ANNOUNCEMENT
AMX Resources Ltd has announced that Shareholders had approved the acquisition of Third Rail USA and Amalgamated Network Systems. The shareholders also approved a change in the company name to Third Rail Limited. The acquisitions are being funded by a $22 million placement, sponsored by Paterson Ord Minnett, which closed fully subscribed. AMX is issuing 88 million shares at an issue price of 25 cents each. It is expected that the Company's shares will relist on Monday 18 September 2000.
Rig mobilisation for the Gocerler-1 well commenced a few days ago and is proceeding on schedule. Rig-up is in progress and spud of the well is expected early next week.
Gocerler-1 is the first of two wells to test two separate four way dip closures 15 kilometres apart, both with seismic amplitude anomalies indicative of the presence of gas.
BHP has announced approval for the development of the Echo/Yodel Gas Condensate field on the North West Shelf in Western Australia.
The field, located south west of the Goodwyn Alpha platform, is initially scheduled to produce about 30,000 barrels per day (bpd) of condensate (BHP share 5000 bpd). Production is expected to commence in 2002 and will enhance condensate production from the larger Goodwyn field facilities.
The development of the Echo/Yodel field is consistent with BHP's strategy to undertake selected incremental brownfield developments aimed at maximising near term cashflow through low cost projects associated with existing producing assets.
The Echo/Yodel field will produce 51 million barrels (mmb) of condensate and liquefied petroleum gas (LPG) (BHP Share 8.5 mmb) and 0.4 tcf of gas (BHP Share 0.067 tcf) over a four to five year period.
BHP has announced that it has formed a strategic alliance with business-to-business e-commerce leader Metiom to power its global e-procurement with small to medium enterprises.
Imperial confirms that the Company has entered into an Agreement with BeMaX Resources to extend the date of completion of the Share Sale Agreement to the close of business Thursday, 12 October 2000. The extension, in accordance with the terms of the Share Sale Agreement, dated 10 July 2000, is by mutual consent of both BeMaX and Imperial. The extension is to allow satisfaction of the conditions precedent to completion, being the consideration of the transaction by the Company's shareholders at the General Meeting to be held on 9 October 2000.
For Bemax website and further information, click here
The Company's registration has been altered effective from 8 September 2000 from Craton Resources NL to Basin Minerals Limited and the Company's subsidiary's registration has been altered effective 31 July 2000 from Basin Minerals NL to Basin Minerals Holdings NL.
Daily Share Buy-Back - continued; maximum remaining number of shares to be bought back: 13,460,051
NEW ISSUE ANNOUNCEMENT
Notice is hereby given that an Extraordinary General Meeting of Members of Diamond Rose NL will be held in the Theatrette, Waverley Municipal Library, Denison Street, Bondi Junction on Friday, 13 October 2000 at 10 am.
LETTER TO SHAREHOLDERS
The Company has made significant discoveries at its Upper Beta Creek diamond exploration project. These discoveries have been reported in a number of detailed announcements to the Australian Stock Exchange and are also published on the Company's website at www.diamondrose.com.au. The Company is currently involved in furthering this exploration project and the diamond exploration projects at Walgidee Hills and Mt Airly.
In order to exploit these discoveries the Company has negotiated a $4 million convertible note facility, which can potentially result in increased working capital of up to $28 million for the Company through conversion of the note and exercise of all attaching options. The details of the facility are contained in the Notice of Meeting and the accompanying Explanatory Memorandum.
The non-associated Directors recommend that you vote IN FAVOUR of the resolution relating to the convertible note facility Pnina Feldman has declared an interest in the resolution and is thereby unable to make a recommendation. Where a shareholder appoints a Director of the Company to act as his or her proxy, unless otherwise directed, each Director has confirmed that he or she will vote such proxies IN FAVOUR of each resolution.
Alcoa of Australia Ltd increased its relevant interest in Eastern Aluminium Limited on 13/09/2000, from 106,843,206 ordinary shares (97.22%) to 108,333,432 ordinary shares(98.57%).
Alcoa of Australia Limited has filed a further substantial holder notice with the Australian Stock Exchange showing its interest in Eastern Aluminium Limited to be 98.57%.
Alcoa has now satisfied the requirements for compulsory acquisition under section 661A of the Corporations Law and intends to issue compulsory acquisition notices as soon as possible.
Alcoa's offer is due to close on Friday 15 September 2000 at 6.00pm (Australian Eastern Standard Time).
Emperor Mines Limited announces that the Fiji Government has agreed to A$1.75M worth of reductions in government duties and taxes on Emperor's Fiji mining operations over the next six months.
The government has provided this assistance to "help preserve a vital national industry with good potential for long term growth". This assistance will allow Emperor to continue at planned full production.
FLETCHER CHALLENGE ENERGY
DRILLING SUMMARY REPORT
FOR WEEK ENDING 13/09/2000
Country : Canada
Block Area: Eva
or Prospect
Well Name : 16-18-35-11 W4M
or Location
Objective : A Development well testing Viking Gas.
Current Status : * Spud: 06/09/2000.
* Cased for Viking Gas.
* Rig Released: 09/09/2000.
Country : Canada
Block Area: Rumsey
or Prospect
Well Name : 7-8-33-22 W4M
or Location
Objective : A Development well testing Basal Belly River Gas.
Current Status : * Spud: 06/09/2000.
* Cased for BBR Gas.
* Rig Released: 09/09/2000.
Country : Canada
Block Area: Unwin
or Prospect
Well Name : A3-26-46-28 W3M
or Location
Objective : A Development well testing Sparky Oil.
Current Status : * Spud: 06/09/2000.
* Cased for Sparky Oil.
* Rig Released: 08/09/2000.
Country : Canada
Block Area: Michichi
or Prospect
Well Name : 4-27-29-17 W4M
or Location
Objective : A Development well testing Basal Belly River Gas.
Current Status : * Spud: 12/09/2000.
* Drilling ahead.
Country : Canada
Block Area: Dinosaur
or Prospect
Well Name : 10-3-30-19 W4M
or Location
Objective : An Exploration well testing Nisku Oil.
Current Status : * Spud: 12/09/2000.
* Drilling ahead.
Country : New Zealand
Block Area: PML381012
or Prospect
Well Name : MB-6
or Location
Objective : Deviated development well primarily targeting Maui B D1.6 (3028 m true vertical depth subsea (TVDSS)) and D1.10 (3073 m TVDSS) oil reservoirs).
Current Status : * Following success on MB-7 decision taken to proceed with deviated side-track well from MB-6.
* Performed remedial cementation in 7" liner. Plugged back into 9(5/8)" casing.
* Current operation at 0600hrs 14th September, running in with whipstock assembly to mill window in 9(5/8)" casing for 8(1/2)" sidetrack.
The Directors of Gallery Gold announce that they have entered into an Agreement with J B Were & Son for the Placement of 30,000,000 new fully paid ordinary shares at an issue price of 10 cents per New Share to raise a total of $3 million.
The Placement will be supported by Lion Selection Group Limited for an amount of $1.0 million and African Lion Limited ("African Lion") for an amount of $0.5 million with the balance of $1.5 million being placed with clients of J B Were & Son.
The purpose of this issue is primarily to provide continuing funding for the Company's ongoing exploration program on its Botswana Gold Project and secondly to provide for general working capital requirements of the Company.
NEW ISSUE ANNOUNCEMENT
In reference to announcements of 23rd July 2000 and 21st August 2000 and advise the transaction transferring our Company's lateritic nickel tenements to NiWest Ltd was concluded. Thereafter GME Resources Ltd is a 40% shareholder in NiWest Ltd.
Messrs P R Sullivan and G M Motteram have been elected as the Company's representatives to the board of NiWest Ltd.
Half Yearly Report
OPERATING RESULTS POSITIVE - FURTEI PRODUCTION EXCEEDS PREDICTIONS OSILO TRIAL MINE ON HOLD
* Revenue from bullion sales increases slightly over second-half 1999
* Gold production from oxide sources at Furtei exceeds budget predictions
* Osilo trial mining on hold
Since the Company's latest quarterly report on 31st July 2000, considerable progress has been made with the reconnaissance drilling programme on the Coburn heavy mineral sand tenements near Shark Bay in Western Australia. Drilling has been suspended for several weeks to enable the evaluation of results to date but is scheduled to recommence in late September.
Approximately 260 holes have been completed in this programme, along widely spaced traverses averaging 2 kilometres apart, to establish the overall geometry of the heavy mineral zones. A northerly trending zone of mainly dune hosted mineralisation approximately 14 kilometres long, 1.2 kilometres wide and 33 metres thick has been defined in the south western part of the area. This zone, known as the Amy zone, extends to the surface and is open along strike to the south, as shown on the attached diagrams: figures 1 and 2.
All resolutions were passed at AGM held this week.
NEW ISSUE ANNOUNCEMENT
The Annual General Meeting previously set down to be held at the Offices of William Buck on 25 October 2000 at 10 am has now been re-scheduled to be held on:
Date: Tuesday, 21 November 2000
Time: 10.00 am
Place: Minter Ellison
Level 23, Rialto Towers
525 Collins Street
Melbourne 3000
Magellan Petroleum announces that it has further expanded its exploration acreage portfolio on Australia's North West Shelf with the addition of interests in two exploration permits, WA-306-P and WA-307-P, in the Rowley Sub-basin of the offshore Canning Basin. The Company now has interests ranging from 17.5 percent to 100 percent in eight exploration permits covering 36,000 square kilometres in the highly prospective North West Shelf and Timor Sea regions. Three of the permits are operated by Magellan.
In the latest initiative, the Company is acquiring 37.5 percent working interests in each of WA-306-P and WA-307-P. These permits were awarded to Antrim Energy and Rawson Resources by the Commonwealth - Western Australia Offshore Petroleum Joint Authority, as part of the recent release of offshore exploration areas. Antrim Energy, a Canadian company, will be operator of the joint venture. Other successful bidders awarded interests in adjacent permits during this acreage licensing round included subsidiaries of Shell, BHP Petroleum, Kerr-McGee and Texaco.
NEW ISSUE ANNOUNCEMENT
The directors of the Company advise that the placement of 80 million ordinary shares at 20 cents each, together with one free attaching option for every two shares issued, to raise $16 million will close at 4:00pm (WST) on Friday 15 September 2000.
Macmin's American strategic alliance partner in metals remediation environmental technologies has announced a collaborative effort with the EPA to combat Acid Rock Drainage (ARD - known in Australia as Acid Mine Drainage - AMD).
For further information, click here
The Directors of MACMIN advise that the Closing Date for acceptances of the offer contained in the Prospectus dated 14 August 2000 has been extended by four days to 29 September 2000.
The Company will be making a presentation at the Mining 2000 Convention in Melbourne on 22 September 2000 and it was considered appropriate to give notice now that the offer will not close until 5 business days after that presentation.
For further information, click here
Zurich Bay Holdings Pty Ltd increased its relevant interest in Mineral Commodities Ltd on 14/09/2000, from 6,000,000 ordinary shares (8%) to 7,540,000 ordinary shares(10.05%).
SANTOS LIMITED - SUMMARY OF DRILLING
WEEK ENDING 14/09/2000
WELL: Queensland Rolleston 17
TYPE: Gas Appraisal Development
LOCATION: PL 42, Dension Trough, Qld 0.44 km WSW of Rolleston
17, and some 140km N of Roma
STATUS AT
14/09/2000
0600 HOURS: Installing replacement blow out preventor prior to
completing the well. Several flow tests were
conducted while drilling through the Freitag and
Aldebaran Sandstone. The final flow test conducted
over the interval 879m to 1332m through a 15.9mm
surface choke flowed gas at 120,347 cubic metres per
day (4.25 million cubic feet per day). The well
reached a total depth of 1351m with 473m progress for
the week
PLANNED
TOTAL DEPTH: 2083m
WELL: OFFSHORE WESTERN AUSTRALIA
Antelope 1
TYPE: Oil Exploration
LOCATION: WA 209P, Carnarvon Basin WA 9km E of the Saffron oil
and gas discovery, 12km ENE of Lepus 1 and some 80km
NW of Dampier
STATUS AT
14/09/2000
0600 HOURS: Antelope 1 has been plugged and abandoned. As
previously reported the well reached a total depth of
2040m with no progress for the week. The rig was
released on 07/09/2000
PLANNED
TOTAL DEPTH: 2082m
WELL: Cowle 5m
TYPE: Oil Development
LOCATION: TL 4, Offshore Barrow sub basin. 12km SSW from
Thevenard Island
STATUS AT
13/09/2000
0600 HOURS: Drilling ahead after running 340mm casing. Cowle
5m spudded at 00:00 hours on 11/09/2000
PLANNED
TOTAL DEPTH: 2757m MD
1097m TVD
WELL: USA Runnels #3
TYPE: Gas Exploration
LOCATION: Ashland Deep Prospect, Malagorda County, Texas
STATUS AT
14/09/2000
0600 HOURS: Drilling ahead at 3118m with 1151m progress for the
week
PLANNED
TOTAL DEPTH: 1394m
SANTOS LIMITED - SUMMARY OF DRILLING
WEEK ENDING 14/09/2000
SOUTH AUSTRALIA
WELL: Moomba 119DW
TYPE: Oil Exploration
LOCATION: PPL 9, Moomba Block, 0.17km WNW of Moomba 2, 0.96km
SSW of Moomba 41, and some 7.5km SSE of the Moomba Gas
Plant.
STATUS AT
14/09/2000
0600 HOURS: Moomba 119DW has been completed as a Jurassic oil
discovery well. The well reached a total depth of
2313m with no progress for the week. The rig was
released on 09/09/2000.
PLANNED
TOTAL DEPTH: 2324m
WELL: Moomba 120DW
TYPE: Gas Development
LOCATION: PPL 7, Moomba Block, 0.4km SW of Moomba 7, 18km S of
Moomba 75, and some 10km E of the Moomba Gas Plant.
STATUS AT
14/09/2000
0600 HOURS: Moomba 120 spudded on 09/09/2000. Depth and progress
for the week is 1402m.
PLANNED
TOTAL DEPTH: 2761m
QUEENSLAND
WELL: Sarah 1
TYPE: SWQ Unit Gas Exploration
LOCATION: ATP 259, Total 66 Block, 7km WNW of Epsilon 6, 7km N
of Moon 1, and some 115km SW of the Ballera Gas Centre.
STATUS AT
14/09/2000
0600 HOURS: Sarah 1 has been plugged and abandoned. The well
reached a total depth of 2480m with 181m progress for
the week. The rig was released on 13/09/2000.
PLANNED
TOTAL DEPTH: 2478m
WELL: Windigo 2
TYPE: SWQ Unit Gas Exploration
LOCATION: ATP 259, Naccowlah Block, 0.8km NW of Windigo 1, 4.7km
E of Judga North 1, and some 30km E of the Ballera Gas
Centre.
STATUS AT
14/09/2000
0600 HOURS: Running wireline logs. Windigo 2 reached a total depth
of 2650m with 280m progress for the week.
PLANNED
TOTAL DEPTH: 2612m
WELL: Kananda 1
TYPE: SWQ Unit Gas Exploration
LOCATION: ATP 259P, Innamincka Block, 4.1km SE of Durham Downs
3, 8.9km NE of Keilor 1, and some 30km N of the
Ballera Gas Centre.
STATUS AT
14/09/2000
0600 HOURS: Condition hole prior to running wireline logs. Kananda
1 reached a total depth of 2866m with 566m progress
for the week.
PLANNED
TOTAL DEPTH: 2816m
SANTOS LIMITED - SUMMARY OF DRILLING
WEEK ENDING 14/09/2000
SOUTH AUSTRALIA
WELL: Big Lake 67
TYPE: Gas Development
LOCATION: PPL 11, Moomba Block, 0.2km NNW of Big Lake 5, 0.7km
NE of Big Lake 52, and 17km SE of the Moomba Gas
Plant.
STATUS AT
14/09/2000
0600 HOURS: The well has been cased and suspended as a Permian
gas producer. The well reached a total depth of
2966m with no progress for the week. The rig was
released on 09/09/00.
PLANNED
TOTAL DEPTH: 2968m
WELL: Big Lake 65
TYPE: Gas Development
LOCATION: PPL 11, Moomba Block, 0.4km N of Big Lake 9, 0.3km
S of Big Lake 36, and some 13km SE of the Moomba Gas
Plant.
STATUS AT
14/09/2000
0600 HOURS: Big Lake 65 spudded on 12/09/00. Depth and progress
for the week is 632m.
PLANNED
TOTAL DEPTH: 3031m
WELL: Merrimelia 39
TYPE: Gas Development
LOCATION: PPL 17, Merrimelia Innamincka Block, 0.5km NNW of
Merrimelia 22, 0.7km of Merrimelia 13 and some 40km
NNW of the Moomba Gas Plant.
STATUS AT
14/09/2000
0600 HOURS: Merrimelia 39 spudded on 08/09/00. Depth and progress
for the week is 2068m.
PLANNED
TOTAL DEPTH: 2429m
Oil Company of Australia Limited, on behalf of the PL 44 joint venture advises that:
Rolleston No 17 a gas development well, situated approximately 440 metres west south west of Rolleston No 13, latitude 24 deg 32 min, 30.60 sec south, longitude 148 deg 36 min 56.40 sec east, was spudded at 09:00 hours on August 31, 2000. 245 mm surface casing was set at 159.3 metres RT and 178 mm intermediate casing was set at 877.9 metres RT. Total depth of 1351 was reached at 20:30 hours, on September 11, 2000. At 06:00 hours Thursday the rig was installing a replacement blow out preventor prior to running completions equipment. Progress for the week was 473 metres.
Oil Search has announced that initial activities to relocate and repair the Moran Central flowline have been completed and the pipeline has been successfully pressure tested.
Oil Search has also announced that mobilisation to Papua New Guinea of the Ensco 50 drill rig, which will drill the Anama 1 well in PPL188, will commence on Saturday 16 September. It is expected that drilling operations will commence in the last week of September. Weekly operations reports will be released when drilling operations commence.
Platgold Pacific Limited wish to advise that the record date for the issue of Bonus Options is 26 October 2000, and not 26 September 2000 as previously announced.
The General Meeting of Petroz shareholders held has been adjourned 21 days until Thursday, 5 October 2000.
It will reconvene at 9.30am at the Ballroom South, Sheraton Hotel at 249 Turbot Street, Brisbane. The change of location is necessary due to the unavailability of a room at the Stamford Plaza Hotel.
The purpose of the meeting is to consider a placement to Fletcher Challenge Energy and its underwriting of a 3:5 Rights Issue.
NEW ISSUE ANNOUNCEMENT
For company information, click here
NEW ISSUE ANNOUNCEMENT
Notice is hereby given that a general meeting of SMC Resources Limited will be held at Level 29, Riverside Centre, 123 Eagle Street, Brisbane on Thursday, 5 October 2000 at 11.00 am Australian Eastern Standard Time (AEST).
SPECIAL BUSINESS
1. RATIFICATION OF RESOLUTIONS AFFECTING SMC GOLD LIMITED
2. RATIFICATION OF PLACEMENT TO POWERISE, SHAREHOLDERS
3. TRANSFER OF ASSETS AND LIABILITIES TO SMC GOLD LIMITED
4. EQUAL CAPITAL REDUCTION - IN SPECIE DISTRIBUTION
5. ACQUISITION OF POWERISE SHARES
6. ISSUE OF SHARES TO SHAREHOLDERS IN POWERISE TECHNOLOGY AUSTRALIA PTY LTD
7. CONSOLIDATION OF SHARES
8. CHANGE OF ACTIVITIES
9. CHANGE OF NAME - POWERISE TECHNOLOGY LIMITED
10. RATIFICATION OF PLACEMENT OF SHARES IN SMC GOLD LIMITED
11. RESOLUTION FOR FIVE NEW DIRECTORS
12. APPOINTMENT OF NEW DIRECTORS
For company information, click here
The Directors of Samson Exploration N.L. advise that Kestrel Energy Inc. a company in which Samson Exploration N.L. holds 1,507,500 ordinary shares being a 19.67% interest, has issued a press release on September 11, 2000 reporting a 390% increase in total proven recoverable reserves of natural gas including a summary of the various recoverable proved and probable gas and oil reserve categories and their respective net present values in US dollars discounted at 10%.
The company advises that ASIC has indicated that the Company's name change to Select-Tel Limited will be official Friday 15th September 2000.
The Company advises that all resolutions put to the Company's members at its General Meeting held Thursday, 14 September were passed.
Notice is hereby given that the Annual General meeting of shareholders of Tap Oil NL will be held as follows:
Date: 13 October 2000
Venue: Clayton Utz, Level 38, 108 St George's Terrace, Perth
Time: 10.00 am
Titan Resources NL has forecast that its new metallurgical process for the biological recovery of nickel from base metal sulphide ores has the potential to alter the direction and economics of the nickel production industry.
NOTIFICATION OF SHARE CANCELLATION
Number of Shares :10,966,704
Class of Shares: Ordinary
Consideration: $ 88,638,635
Daily Share Buy-Back - continued; maximum remaining number of shares to be bought back: 13,734,950
Woodside Energy Ltd. has released details of its planned development of the Echo/Yodel Gas/Condensate field, south west of the Goodwyn Alpha platform on the North West Shelf.
The North West Shelf Venture partners have given final investment approval for the Echo/Yodel field development. The Echo/Yodel field is located in 140 metres of water, 120km north-west of Dampier and 23 km south-west of the Goodwyn Alpha platform and is being developed using sub-sea facilities. These facilities comprise two sub-sea production wells tied back to the platform via a 12 inch diameter pipeline. Production will be commingled with existing production on the Goodwyn platform, processed and exported to shore via the existing trunkline system.
Half Yearly Report
The Company has made significant progress towards its strategic objective of commercialising its Australian gas resources and becoming a major gas supplier to the Northern Territory and eastern Australia.
In March, Woodside and Shell signed a conditional Letter of Intent with Methanex Corporation for the supply of 110 petajoules of gas per year to a proposed large scale synthesis gas generation facility near Darwin in northern Australia. This is an important step towards securing a foundation customer to underpin the development and commercialisation of the Sunrise, Sunset and Troubadour (Greater Sunrise) gas and condensate fields, enabling the Company to pursue additional gas market opportunities in the Northern Territory and in eastern Australia.
All Ords
3294.1
Dow Jones
11,087.47
ASX200
3344.6
+10.5
S&P 500
1480.87
-4.04
All Resources
1422.3
Nasdaq
3913.86
All Mining
719.3
Gold - spot/oz
US$271.9
All Gold
726.3
Silver - spot/oz
US$4.85
AGC Explorers
840.0
-4
Platinum - spot
US$584.0
-10.0
Energy
1606.2
Palladium - spot
US$715.0
All Industrials
5703.4
Bridge CRB Index
228.84
FTSE 100
6555.5
+77.3
Crude Oil (NYMEX)
US$33.05
+0.37
Nikkei
16,213.28
+22.76
Copper (spot $US/tonne)
US$1994
-15
Hang Seng
16,395.43
no ch
Lead (spot $US/tonne)
US$487
+2
A$ = US55.06c
Zinc (spot $US/tonne)
US$1243
A$ = 59.14yen
Nickel (spot $US/tonne)
US$8670
A$ = 0.636Euro
Aluminium (spot $US/t)
US$1631
US 30-Year Bond
5.805%
+0.073
Tin (spot $US/tonne)
US$5510
MACMIN'S mining engineering consultants, (Tennent Isokangas Pty Ltd), have completed their block model of the Twin Hills Silver Project at Texas, Queensland. The resource statement, which is shown below, represents a modest increase on MACMIN'S internal resource calculation - from 14 million ounces of silver equivalent to 15.1 million ounces of silver equivalent.
More importantly, the medium/high grade resource (greater than 60g/t Ag), has increased in grade from 107g/t Ag to 132g/t Ag with contained silver equivalent increasing from 7.8 million ounces to 8.6 million ounces, (1.86mt as 132g/t Ag and 0.22g/t Au).
For further information, click here
Giants Reef advises that it has signed an Indigenous Land Use Agreement with the Native Title Holders of the Tennant Creek region and the Central Land Council.
The agreement provides for 25 years of continuity of tenure and covers any present or future Exploration or Mining Tenement applications and development within the Phillip Creek and Tennant Creek Pastoral Leases.
For further information, click here
PROSPECTUS
Lakes made a placement in August of 24 million shares at 3 cents per share. We are now offering Shareholders this same opportunity. This prospectus enables investment to be made in Lakes by current shareholders and potential investors:
Shareholder Entitlement
Shareholders will be entitled to 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.
Placement
An additional 35 million shares will be available for placement to potential investors at three cents each on the basis of the blue Application Form.
For further information, click here
DRILLING - TSUMKWE DIAMOND PROJECT, NAMIBIA
(The Company earning 75%)
This is to inform you that the Company plans to commence drilling a number of aeromagnetic targets at its Tsumkwe diamond project in Namibia during the last week of September.
Processing of data from a 10,600 line kilometre ultra-detailed aeromagnetic programme flown for the Company during July is now complete and interpretation of the data has identified more than 40 targets considered prospective for kimberlite pipes or intrusions.
Many of the targets have been prioritised for drilling on the basis that they show coincident aerial photograph and satellite imagery anomalies.
The drilling programme is expected to comprise at least 3,000 metres of percussion drilling designed to intersect magnetic anomalies in the basement rocks underlying the Kalahari Formation. The Kalahari Beds comprise relatively young windblown and lithified sediments which are interpreted to overlie the prospective Mesozoic/Proterozoic basement rocks in which kimberlite intrusions may have been emplaced.
Such intrusions may account for the discovery of a macro diamond and other kimberlitic indicator minerals found by the Company's loam sampling programmes in the Tsumkwe project area.
For more information, click here.
RESPONSE TO ASX QUERY
1. Is the Company 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?
The Company is not aware of any information concerning it that has not been announced. The Company would point out that it has made recent announcements, as follows:
September 1st Regarding the Company's Three Nickel Province Strategy
September 7th Regarding the Company's development of water resources in the Officer Basin
September 11th Regarding the development of the Anaconda Process and its implementation in project expansion and development plans.
2. If the answer to question 1 is yes, can an announcement be made immediately? If not, why not and when it is expected that an announcement will be made?
3. Is there any reason to think that there may be a change in the operating profit/loss before abnormal items and income tax so that the figure for the financial year ended 30 June 2000 would vary from the previous financial year ended 30 June 2000 would vary from the previous financial year by more than 15%. If so, please provide details.
The Company has today released its Preliminary Final Report (Appendix 4B).
4. Is there any reason to think that the Company may record any material ahnormal or extraordinary profits/losses for the financial year ended 30 June 2000? If so, please provide details.
Details have been provided as per 3 above.
5. Is there any other explanation that the Company may have for the price change in the securities of the Company?
There is no other reason that the Company is aware of for the price change in the securities of the Company.
Anaconda Nickel Limited releases the Annual Preliminary Final Report for the year ended 30 June 2000.
The Consolidated Entity reported an operating profit before abnormal items and tax of $621,000.
In accordance with current Australian accounting standards, a loss after abnormal items ($5.8M) has been brought to account. The abnormal loss relates primarily to a hedging exposure loss on foreign exchange forward sales agreements. The current low exchange rate that has given rise to the hedging exposure has also provided substantial benefits to the Consolidated Entity.
Anaconda also has a strong position with cash and term deposits of $136 million at the end of the fiscal year. In addition, $113M (ANL share $67.8M) was received from insurance in August 2000.
Rio Tinto Limited became a substantial shareholder in Ashton Mining Limited on 28/08/2000 with a relevant interest in the issued share capital of 64,130,520 ordinary shares (19.9%).
HIGHER OFFER MADE
REJECT THE CURRENT DE BEERS BID FOR YOUR ASHTON SHARES
RIO TINTO HAS ANNOUNCED A HIGHER BID
There is no need to take any action on either bid at this stage.
ASHTON'S DIRECTORS RECOMMEND SHAREHOLDERS:
* Reject the current de Beers bid and
* Await further developments
RESULTS FOR THE YEAR ENDED 30 JUNE 2000
IN LINE WITH PRELIMINARY RESULT
MAIN POINTS
* Net loss after tax and abnormal items of $9.9m.
* Operating revenue down 23.4% to $112.0m.
* EBITDA before abnormal items of $6.9m down from $21.5m.
* Operating loss before tax and abnormal items of $6.8m compared to a profit of $5.8m the previous year.
* Cash flow from operations of $10.8m.
* Net tangible assets per share of 68.82c.
* Total borrowings constant at $45.7m.
* No final dividend.
Bligh Oil & Minerals NL advises that the Rimu B-1 well is drilling ahead at a depth of 4157 metres. A previous decision to run electric logs and casing at 4099 metres was reversed, in favour of drilling ahead to evaluate the Cretaceous section, at a depth of approximately 4500 metres. Hole condition has been generally good, but is being re-appraised an a daily basis. Electric logs and casing will both be run at total depth, as a prelude to the production testing which will follow.
The Rimu B-1 is located on PEP 38719 in the southern part of the onshore Taranaki Basin, New Zealand. The well is situated approximately 2.4 kilometres south of the Rimu A-1 discovery well, which tested 1600 barrels per day of oil and 5 million cubic feet per day of gas from the Upper Tariki sandstones. The Rimu B-1 was intended to test the southern extent of the two cycles of Tariki sand which were encountered in the Rimu A-1 well, the upper of which yielded the above oil flow, while the lower tested oil and formation water. It was also intended to evaluate the degree of separation of the Rimu structure, from the larger and higher Kauri feature, to the southeast.
Iluka's letter to BeMaX, dated 26 August 2000, stated that between 20 and 23 August Iluka unintentionally drilled 17 holes on the southern boundary of EL 5474 which is held by the BIP Mineral Sands Joint Venture.
Iluka believes it should clarify the following in light of BeMaX's announcement.
1. The area that was the subject of the drilling referred to in Iluka's letter was previously part of Iluka's tenement, EL 5437. The error occurred as a result of the recent shift in the tenement boundary position by 150-200m to the south-west by the NSW Department of Mineral Resources.
As soon as Iluka became aware of the error, no further drilling was conducted. BeMaX was subsequently informed of the drilling and all data (including visual estimates of Heavy Mineral Concentrate) and samples were handed over to BeMaX.
The New South Wales Department of Mineral Resources has been informed of these matters.
2. At the time of the drilling program, before the error was discovered, Iluka made visual estimates of the Heavy Mineral Concentrate in the drill samples from EL 5474 provided to BeMaX. These estimates suggested that the mineralisation was of limited size and of low economic potential.
For Bemax website, click here
Beach Petroleum NL has staged a solid $3.9 million turnaround in pre-tax operating profit for the latest full year.
The listed oil and gas explorer and producer reported an EBIT for 1999/2000 of $1.7 million compared with a loss of $2.2million for the previous financial year.
Operating profit after tax climbed 247% to $2.63 million from an operating loss after tax of $1.79 million in 1998/99.
The profit trend was built on surging oil revenues, which saw Beach Petroleum's consolidated operating profit after tax climb to $1.89 million for the six months to June 30, 2000.
This was more than double the 1999/2000 first half result of $740,000 and well ahead of the loss of $1.145 million reported for the final six months of 1998/99.
Oil sales revenue for 1999/2000 climbed 85% to $8 million from $4.35 million previously due to a 66% increase in the oil price over the 12 months and a 12% increase by Beach in total oil production.
Preliminary Final Report
2000 SUMMARY
FINANCIAL
* Net profit before abnormals - $1.0 million
* Net profit after tax $1.3 million
* Cash cost per saleable tonne improved by 6%
* Average sales revenue per tonne - down by 11%
* Final dividend - 2.5 cents per share
(unfranked)
* Total dividend - 5.0 cents per share
(unfranked)
OTHER
* ROM production under management - 2.6 million tonnes per annum
* Centennial's share of ROM production under management - 2.2 million tonnes per annum
* Centennial's share of tonnes sold - 2.2 million tonnes per annum
* Lost Time Injury Frequency Rate - improved by a further 18%
* Continued balance of domestic and long term export contracts
* Near completion of Centennial consortium purchase of Springvale Colliery which is strongly cash generative and will make a significant contribution to FY2001 profitability
Preliminary Final Report
The abridged results are:
2000 A$000's |
1999 A$000's |
|
Operating profit (loss) before abnormals and tax | (6,982) | 10,638 |
Abnormal Item | 5,281 | (2,387) |
Operating profit (loss) before tax | (1,701) | 8,251 |
Tax | 1,421 | (2,285) |
Operating profit (loss) after tax | (280) | 5,966 |
The abnormal item relates solely to unrealised foreign exchange gain on revaluation of intercompany balances. Overall, realised and unrealised foreign exchange net gain during the year amounted to A$4,874,073. Two factors, which impacted on the result were the depreciation of both the PNG Kina and the spot value of gold.
The Directors have declared an interim dividend of a fully franked 0.5 cents per share. No final dividends were proposed or declared by the Directors.
Gold production for the year was in line with budget expectations and it is anticipated that these production levels will be at least maintained in the year to come. Open cut mining during the year provided quality ore tones and introduced some flexibility in the mining schedule. A thorough review of all the operational aspects of Tolukuma Gold Mine is currently being undertaken with the view of optimisation and hence improved cash flow and profitability. Near and on the mine exploration will be stepped up in the forthcoming year to enhance the resource base and to convert resources to reserves.
FURTHER DRILLING RESULTS FROM SVARTLIDEN GOLD PROJECT
Dragon Mining NL has completed the reverse circulation and diamond drilling program, commenced in April of this year on its Svartliden Gold Project in Sweden. Since April a total of 3,448m of RC and 1,329m of HQ diameter diamond core drilling has been completed, comprising 80 RC holes, 10 diamond tails on RC holes and 3 wholly core holes. The latest batch of results contain further intercepts of high-grade mineralisation which continue to confirm the continuity and grades of lode systems. The results include:
SVC 068 7m @ 13.95g/t Au from 45m
SVC 071 12m @ 6.71g/t Au from 27m
4m @ 27.68g/t Au from 61m
SVC 074 24m @ 7.80g/t Au from 10m
SVC 076 21m @ 7.00g/t Au from 23m
SVC 080 12m @ 10.02g/t Au from 23m
SVC 046 22m @ 7.74g/t Au from 9m
9m @ 11.20g/t Au from 46m
SV0047 21m @ 18.47g/t Au from 15m
SV0048 19m @ 17.43g/t Au from 15m
Alcoa of Australia Limited increased its relevant interest in Eastern Aluminium Limited on 12/09/2000, from 97,790,264 ordinary shares ( 88.98%) to 106,843,206 ordinary shares (97.22%).
NEW ISSUE ANNOUNCEMENT
Ghana Gold Mines Limited advises that the Board of the Company has resolved to undertake a pro rate entitlements issue which will raise approximately $2.695m (before associated expenses).
The Company is making a pro rata non-renounceable offer of one (1) new Preference Share at a price of 20 cents and one (1) free attaching Option, for every 20 Ordinary Shares held at 5.00pm (WST) on 25 September 2000.
Each free Option granted for every Preference Share subscribed for will entitle the Optionholder to subscribe for one (1) further Preference Share. The Options are exercisable at a price of 20 cents each on or before 30 September 2002.
Each Preference Share will carry a non cumulative entitlement to a dividend of 8% per annum and may be redeemed at the discretion of the Company or converted at the discretion of the Preference Shareholder into twenty five (25) Ordinary Shares at any time and will, if not previously redeemed or converted, convert into twenty five (25) Ordinary Shares automatically on 30 September 2002.
The Company refers to the announcement on 28 August, 2000 of the joint venture agreement with Independence Gold NL and Ranger Minerals Limited and advise that a general meeting of shareholders will be held at the Sheraton on the Park, 161 Elizabeth Street Sydney on Wednesday 12 October, 2000 at 10.00am principally to approve the terms of the joint venture agreement.
The Directors of Horizon Energy have announced the financial results for the year ended 30 June 2000.
The key financial results for Horizon for the period were: -
* Loy Yang Power recorded a $10.7 million loss for the period ending 30 June 2000, of which Horizon's 25% interest was a $2.7 million loss.
* The directors have further provided against the investment in Loy Yang Power at 30 June 2000 resulting in an abnormal charge of $46.4 million to the Statement of Financial Performance and Distribution.
* Horizon's Operating Loss After Tax and Abnormal Items for the period was $50.5 million.
* Horizon's available cash, after allowance for creditors, at 30 June 2000 was $2.7 million.
* There were no distributions paid to investors during the period.
Half Yearly Report
REVIEW AND RESULTS OF OPERATIONS
(a) The company completed the allotment and issue of 16,320,755 ordinary fully paid shares to raise an amount of $4,000,000.
(b) The company executed a US$1.1 billion EPC contract with SMS Demag AG and Ferrostaal AG, subsidiaries of the German industrial engineering group MAN AG for the engineering, supply and construction of the company's 2.6 mtpa steel slab plant at Oakajee in Western Australia.
(c) The company appointed Winterthur International of Switzerland to act exclusively as Arranger of a commodity price insurance instrument, should commodity price insurance form part of the company's total finance package.
(d) The company was granted tenement areas ML 70/1062, ML 70/1063, ML 70/1064, GPL 70/192, GPL 70/193 and L 70/60. These tenement areas are at Tallering Peak, Western Australia and completes the requirements for the Tallering Peak mine site.
(e) The company continued to work towards financing of the Midwest Iron & Steel Project. The company has appointed Chase Securities Inc and Chase Securities Australia Limited (wholly owned subsidiaries of The Chase Manhattan Bank) to act as sole financial advisor and finance manager to assist the company with its project funding requirements.
For the issue of two Rights for every five Shares or five 2003 Options held at 22 September 2000, at a subscription price of NZ$0.39 or A$0.30 each.
Otter Gold Mines Limited has announced a two for five issue of "Rights" to its shareholders and holders of the 2003 Options, which entitle the Rights holders to subscribe for shares in the Company. The subscription price of the Rights is NZ 39 cents each or the equivalent in Australian currency, being A 30 cents per share at the exchange rate on 13 September 2000. The Rights may be traded on the New Zealand and Australian Stock Exchanges. The issue is fully underwritten, and the Company will issue 31,621,600 New Shares as a result of the Rights issue, raising approximately NZ$11.7 million, net of underwriting and other costs of the Issue. Details of the Rights are set out in the Investment Statement and Prospectus lodged with the ASX on 13 September 2000.
The 2001 Options are exercisable at NZ$2.75 each by 31 October 2001. The record date for the Rights issue is 22 September 2000. The terms of issue of the 2001 Options do not confer upon the holders thereof any entitlement to Rights, unless they exercise them before 5 pm (local time in Sydney or New Zealand) on 22 September 2000.
Half Yearly Report
REVIEW OF OPERATIONS
OPERATING RESULT
The net profit attributable to members of the company was $980,027 (1999: Loss $179,214).
POWER GENERATION - PACIFIC ENERGY (VICTORIA HYDRO) PTY LTD
The Cardina plant produced 6.1 GWH in the period whilst Blue Rock produced 4.3 GWH, Blue Rock was affected by both low water levels and a plant breakdown during the six month period.
STRATEGIC MINERALS CORPORATION NL
During the period the company received shares in Strategic Minerals Corporation in exchange for the Company's right to the Woolgar Gold Mineral tenement. As a result of recent agreements the Company will increase its shareholding to 24.33% in September 2000.
SMC is concentrating on its Woolgar Gold reserve and is currently undertaking a drilling program to determine whether there are economic gold reserves at levels not previously explored.
The Company advises the Company has allotted 11,894 shares resulting from the exercise of 31 May 2003 options.
The General Meeting of Petroz shareholders held Thursday 14 September has been adjourned 21 days until Thursday, 5 October 2000.
It will reconvene at 9.30am at the Ballroom South, Sheraton Hotel at 249 Turbot Street, Brisbane. The change of location is necessary due to the unavailability of a room at the Stamford Plaza Hotel.
The purpose of the meeting is to consider a placement to Fletcher Challenge Energy and its underwriting of a 3:5 Rights Issue.
Petroz advises that the Bayu-Undan Operator, Phillips Petroleum has announced that a Letter of Intent has been executed between Phillips and Multiplex Construction Pty Ltd relating to the construction of an offshore gas pipeline from Bayu-Undan to Darwin.
The agreement covers engineering, design and survey work in preparation for the procurement, fabrication and installation of a subsea steel pipeline commencing at the Bayu-Undan gas condenstate field located in the Timor Gap Zone of Co-operation and extending 500 kilometres to Wickham Point in Darwin Harbour. Multiplex with support of its principal sub-contractors, Kvaerner, Saipem and EMC provided a lump sum, fixed cost price for installation of a base pipeline size along with options for several larger sizes.
Preliminary Final Report
Petroz advises that a profit after tax and abnormals of $1.698 million was achieved for the financial year ending 30 June 2000. This represents a major turnaround from the $22.13 million loss incurred in the previous financial year.
Operating profit before abnormal items and tax also showed a marked improvement - a profit of $5.488 million compared with a loss of $10.767 million in the 1998/99 financial year.
Tbe main factors contributing to the improved profitability were:
* an increase in the Elang/Kakatua/Kakatua North oil reserves, resulting in reduced amortization charges;
* six months of unhedged oil price and currency, enabling Petroz to gain the full benefit of the current high world oil prices and low Australian dollar;
* a reduction in exploration write-offs from $10.403 million in 1998/99 to $7.336 million in the current year; and
* a profit of $3.746 million on the sale of non-core assets
HIGHLIGHTS FOR 2000
* Profit after abnormals and income tax of $4.4 million.
* Gold production from the Fortnum Mine was a record 93,294 ounces.
* Cash operating costs from the Fortnum Mine of $330 per ounce.
* Cash and cash equivalents approximately $23 million at year-end (1999: $13 million).
* Operating cash flows totalled $16.9 million an increase of 55% from the prior year.
Preliminary Final Report
The Directors announce a profit before tax and abnormals of A$342,019 for the year ended 30 June 2000. This compares with a profit before tax and abnormals for the previous year of A$605,318.
The abnormal item for the year represents the costs associated with the running and settlement of the Daley's Hill loss of amenity court action. This totalled A$1,657,800. This therefore gave the group a loss after tax and abnormal items for the year of A$1,315,781.
Since the settlement of the Daley's Hill litigation the Victorian Government has released a Consultation Paper on proposed amendments to the Victorian mining act. The directors welcome the proposed amendment to section 85 of the act that proposes that no claimant would get more than $10,000 for a loss of amenity claim. The proposed changes would also see the payment of legal costs limited to claimants' land actually affected by the mining operation. It is very encouraging to see this proposed change in legislation for all miners in Victoria but it is cold comfort for Perseverance shareholders.
Production at Fosterville declined from 38,412 ounces in 1999 to 23,035 ounces in 2000. Production at Fosterville during 2001 will decline while the EES for the Goornong South and Hallanan's deposits is being completed.
Half Yearly Report
HIGHLIGHTS
* Sales revenue of $51.5 million
* Operating loss after tax of $3.0 million
* Cash flow generated by operations of $5.2 million
* Nifty and Girilambone copper production of 15,348 tonnes
* Cash operating cost of copper production averaged US$0.50 per pound
* Sebuku coal production of 740,000 tonnes
* Sale of 50% interest in Tritton copper project for $9 million completed
Response to ASX Query
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 reason to think that there may be a change in the operating profit/loss before abnormal items and income tax so that the figure for the financial year ended 30th June 2000 would vary from the previous financial year by more than 15%.
3. There is no reason to think that the Company may record any material abnormal or extraordinary profits/losses for the financial year ended 30 June 2000.
4. There is no other explanation that the Company may have for the price change and increase in volume in the securities of the Company.
West Oil has had a number of enquiries regarding the likely spud date of the Coleraine-1 exploration well to be drilled in ZOCA 96-16 by Phillips Oil Company and in which it has a 10% free carried interest through the well and testing.
The Coleraine-1 well is due to be spudded using the Ocean General drill rig following completion of the Argus-1 exploration well. It is believed that due to operational circumstances further delays are anticipated with completion of the Argus-1 well and the handover of the rig to the ZOCA 96-16 joint venture.
While West Oil still does not have a firm date for the spudding of Coleraine-1 indications are that the spud date is now more likely to be late September or even early October.
All Ords
3285.5
Dow Jones
11,182.18
ASX200
3334.1
+10.1
S&P 500
1484.91
+2.92
All Resources
1421.9
Nasdaq
3893.89
All Mining
725.3
Gold - spot/oz
US$272.4
All Gold
727.0
Silver - spot/oz
US$4.85
AGC Explorers
840.0
-4
Platinum - spot
US$594.0
-10.0
Energy
1626.0
Palladium - spot
US$738.0
All Industrials
5686.1
Bridge CRB Index
229.78
FTSE 100
6478.2
-77.3
Crude Oil (NYMEX)
US$32.68
-0.74
Nikkei
16,190.52
+150.29
Copper (spot $US/tonne)
US$2002
-3
Hang Seng
16,629.78
closed
Lead (spot $US/tonne)
US$479
n/a
A$ = US55.56c
Zinc (spot $US/tonne)
US$1261
A$ = 59.52yen
Nickel (spot $US/tonne)
US$8760
A$ = 0.646Euro
Aluminium (spot $US/t)
US$1640
US 30-Year Bond
5.732%
-0.018
Tin (spot $US/tonne)
US$5525
Michael A P Adams increased his relevant interest in Aquarius Platinum Limited on 12/09/2000, from 4,750,000 ordinary shares (15.64%) to 13,700,000 ordinary shares(23.68%).
The directors of Aquarius Platinum Limited advise of the issue and allotment of 9,631,000 ordinary fully paid shares in the company following the exercise of unlisted options listed below.
UNLISTED OPTIONS
61,000 exercisable at $0.75 per share
60,000 exercisable at $0.5575 per share
250,000 exercisable at $0.557 per share
100,000 exercisable at $0.495 per share
50,000 exercisable at $0.51 per share
210,000 exercisable at $0.44 per share
50,000 exercisable at $0.4069 per share
8,750,000 exercisable at $1.00 per share
100,000 exercisable at $0.5575 per share
The shares issued will rank equally with existing ordinary shares.
Following the issue of the above shares, the Company has 57,892,234 ordinary shares quoted on the Australian Stock Exchange.
The Board of Ashton Mining Limited has formally rejected De Beers' current bid and advised shareholders that the Independent Expert had valued the company at $2.23 to $2.70 per share, well above the $1.57 a share being offered by De Beers.
Ashton Directors have recommended that shareholders reject De Beers' current conditional bid and await further developments, particularly given the fact that Rio Tinto Limited has announced a higher bid.
Half Yearly Financial Report
Review of Operations
During the six month period to 30 June 2000, the economic entity continued exploration activities at the Cibaliung project in West Java. Drilling commenced in March and at 30 June 2000 seven drill holes had been completed for a total of 1,760 metres.
The Company engaged an independent consultant to obtain expressions of interest from prospective purchasers of the Company's interest in the Saran Project in West Kalimantan. As no buyer or joint venture partner could be obtained the Directors resolved to commence action to terminate the Contract of Work and to proceed with the dissolution of PT Eastara Melawi Mineral.
The prospect of prolonged social, political and economic uncertainty in Indonesia remains of some concern to the Company. With senior management based in Indonesia and the involvement of PT Austindo Mining Corporation in the management of all operations, the Board of Directors is satisfied that the Company is as well placed as any to deal effectively with this situation. The bulk of the Company's cash reserves are maintained on deposit within Australia.
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Preliminary Final Report
CPH Investment Corp for the year ended 30th June 2000 made a profit before tax and abnormals of $1.7 million, which compares with a loss of $1.5 million for the prior year. After tax and abnormals there was a loss of $2.5 million, including an abnormal expense of $4.1 million related to the payout of the old management incentive fee, relating to the Fairfax investment, as approved by Unitholders at the special Unitholder meeting in May 2000.
The market value of the Fairfax holding has increased since the establishment of the Trust by $152.9 million, including $21.8 million during the financial year. This increase in investment value has not been recognised in the profit result, but has been credited to the asset revaluation reserve.
Preliminary Final Report
SUMMARY OF KEY POINTS
1. Sales for the year were up 16% on the previous year as a result of the record number of ounces sold of 146,310.
2. Cash costs of US$237/oz for the year was an improvement of 6% over the previous year.
3. The write-down of the company's Fiji mining properties and development by $21.4 million and exploration expenditure of $4.3 million were the main reasons for a before tax loss of $27.1 million for the year.
Through its 64% owned Canadian-listed subsidiary, International Annax Ventures Inc (IAX), Herald controls an 80% interest in the Sopokimil Contract of Work in the north-west of Sumatra, Indonesia. This property, which is 20% owned by Aneka Tambang (Indonesia's partly privatised state mining company), contains the exciting Dairi base metals discovery. Aneka Tambang may claw-back to a 30% equity.
Recent drilling results include better intercepts of 19.1 metres grading 16.0% zinc and 7.5% lead, 14.5 metres at 15.9% zinc and 9.0% lead and 10.2 metres at 17.0% zinc and 12.2% lead. The geology of the project area contains several complexities, however in the main area of focus at the southern end of the estimated four kilometre mineralised strike length, HER appears to have outlined a contiguous strike of at least 400 metres of high grade zinc-lead-silver ore to a vertical depth of at least 200 metres. The mineralised beds dip at approximately 45% to the east and are around 15-20 metres thick. Given the high specific gravity of the ore this small portion of the project area could alone contain five to ten million tonnes of high grade ore, which should be an economic proposition assuming there are no metallurgical complexities. In this regard, preliminary testwork has not raised any concerns.
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Molopo Australia NL advises that it recently escorted a delegation of Australian brokers to visit its coalbed methane gas operations at Liulin, Shanxi Province, China.
Brokers representing five major stockbroker firms from across Australia made the journey with the purpose of gaining an insight into Molopo's operations at Liulin and to understand the energy problems facing China today and in the future.
Murchison United NL has announced a record full year net profit after tax of A$18.6 million representing earnings of 33 cents per share.
The result was achieved on sales revenue of A$92.26 million generated from the sale of 8,922 tonnes of tin in concentrate at Renison Bell and 2,224 tonnes of copper cathode from the Company's interest in the Mount Cuthbert Copper Project.
Norwest Energy NL has had a number of continuing enquiries regarding the likely spud date of the Coleraine-1 exploration well to be drilled in ZOCA 96-16 in which it has a 14% interest.
The Coleraine-1 well is due to be spudded using the "Ocean General" drill rig following completion of the Argus-1 exploration well. It is believed that due to operational circumstances further delays are anticipated with completion of the Argus-1 well and the handover of the rig to the ZOCA 96-16 joint venture.
While Norwest does still not have a firm date for the spudding of Coleraine-1 indications are that the likely spud date is now more likely to be late September or even early October.
A further announcement will be made when the situation becomes clearer.
At 6.50pm on 12 September 2000, Petroz NL received a detailed merger proposal from Novus Petroleum Limited.
The proposal is to effect a merger by way of a Scheme of Arrangement pursuant to Part 5.1 of the Corporations Law. Petroz shareholders would exchange their shares for shares in Novus on the basis of one Novus share for every 4.5 Petroz shares held.
This equates to $0.42 cents for every Petroz share based on Novus weighted average price since the announcement of its half year results on 4 September ($1.88).
The Novus proposal was unsolicited and the Petroz Board has not had time to consider it in detail.
The Novus proposal requires Petroz Shareholder approval. Accordingly, it is the intention of the Board to adjourn the Shareholder meeting scheduled for 14 September 2000 to consider the Fletcher Challenge Energy proposal.
Sedimentary Holdings NL announce that agreement has been reached with Placer Dome Australia to explore for gold in the Beaufort region of western Victoria. The primary target is large sediment-hosted gold deposits.
It is expected that an initial drilling program within exploration licence EL4355, covering 112 square kilometres, will be completed within six months. Placer may earn a 70% interest in the area, by completing the initial program and spending a further $2.5 million within the following 3(1/2) years.
Sedimentary has been active in the region for ten years, mainly through alluvial gold production around Amphitheatre. The joint venture represents the next stage in the search for the source of the pervasive alluvial gold found in the region.
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Quarterly report on operations April-June 2000
SUMMARY
* March Quarter unaudited nett loss of $382,746. June Quarter unaudited nett loss of $369,564
* June Quarter Cost per Ounce Produced. June Quarter Cash Operating Cost @ $AUD 484 per Ounce Produced March Quarter Cash Operating Cost @ $AUD 424 per Ounce Produced
* Gold production June Quarter - mined 23,643 tonnes @ 5.37 g/t gold & Low Grade 2,700 tonnes @ 2.68 g/t June - 7,705 tonnes @ 4.36 g/t & Low Grade 2,700 tonnes @ 2.68 g/t; May - 7,613 tonnes @ 4.83 g/t; and April - 8,325 tonnes @ 6.79 g/t.
* Recommenced mining the Far Fanning open cut deposit after pro-longed wet season. * The Extraordinary General Meeting to consider the telecommunications business will now probably be held in September, 2000.
The Company advises that the following resolutions were put to and passed by members of AMX Resources Limited at a General Meeting held on 11 September 2000.
RESOLUTION 1 - CHANGE OF ACTIVITIES AND ACQUISITION OF THIRD RAIL WIRELESS SERVICES, INC AND AMALGAMATED NET-WORK SYSTEMS LIMITED.
RESOLUTION 2 - SHARE PLACEMENT
RESOLUTION 3 - CHANGE OF COMPANY NAME
RESOLUTION 4 - APPOINTMENT OF DIRECTORS
RESOLUTION 5 - ISSUE OF OPTIONS TO DIRECTORS AND PROPOSED DIRECTORS
RESOLUTION 6 - ISSUE OF OPTIONS TO EMPLOYEES
RESOLUTION 7 - REMUNERATION OF NON-EXECUTIVE DIRECTORS
RESOLUTION 8 - APPROVAL OF SECURITIES ISSUED PURSUANT TO THE COMPANY'S EMPLOYEE INCENTIVE SCHEME
MetCoal Holdings advises that the bidder's statement dated 28 August 2000 and offer dated 12 September 2000 for all the issued ordinary shares in QCT was sent to all QCT shareholders on 5 September 2000.
The Bidder is offering $1.20 cash for each of QCT Share
Central Kalgoorlie Gold Mines Limited advises that Mr Murray Kornweibel has resigned as Managing Director of the Company with immediate effect.
In addition the Chairman of the Company Mr Ron Sheen has also resigned. The position of Chairman will now be the responsibility of Mr Andrew Haythorpe.
Mr Michael Dart has been appointed to the Board as a Non-Executive Director.
The Directors of Deepgreen Minerals Corporation advise that they have resolved to raise up to $6.6 million through an issue of convertible/ redeemable/cumulative preference shares.
The first 50% of any shortfall has been underwritten by Twenty second Yeneb Pty Ltd.
The pro-rata issue will be on the basis of one new convertible/ redeemable/cumulative preference share, with an attached option, for every 50 existing fully-paid ordinary shares in the capital of the Company at a price of 20 cents per preference share and option. Preference shares shall be convertible on the basis of 20 ordinary fully paid shares for each preference share, or redeemable at the rate of 20 cents per preference shares plus accrued dividends at the rate of 10% annually. A prospectus for the issue will be lodged shortly.
The funds raised will be used to advance the Company's existing interests in Cassiar Magnesium Inc the Pageton coal operation in West Virginia and to provide additional working capital.
Shareholders may convert the preference shares and exercise the options at any time up to 30 June 2002.
Drillsearch Energy NL advises progress by its 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, reported at 4.00 pm, 11th September, 2000, (AEST), that the well had reached a depth of 3,737 metres. During the last 24 hours the setting of intermediate casing had been completed and drilling out of cement was underway.
Progress since the last report on 25th August, 2000, totalled 462 metres. In the 17 days since the last report drilling progress has been slow due principally to an unusual number of mechanical problems affecting the rig requiring replacement of pumps and other items.
After reaching 3,737 metres a full set of electric logs was run to the bottom of the hole. Following logging, a set of side wall cores were cut. Following that operation intermediate 244 mm casing was set.
It is proposed that the well will now drill ahead.
Proposed Total Well Depth:
4,799 metres. Anticipating to terminate in the Cambrian system.
The Company confirms the following three appointments to the Company and its subsidiaries:
* Appointment of Director - Mr Richard Plaistowe
* Appointment of Director - Mr Ian Murray
* Appointment of Director - Mr Julian Tambyrajah
RESULTS FOR FINANCIAL YEAR ENDED JUNE 2000
An operating profit before abnormal items of $6.602 million (1999 $5.149 million) was achieved on increased sales of $27.712 million (1999: $21.390 million).
Abnormal losses totalling $19.522 million (1999: $50.470 million)
ANNUAL GENERAL MEETING
EEC advises that the Annual General Meeting is to be held on 29 November 2000.
Fletcher Challenge Energy and Eldercare NZ Limited has announced that they have agreed to negotiate several matters which are currently before the High Court. The two companies will negotiate to determine the value of ElderCare's preference shareholding in Southern Petroleum (Services) Ltd, now a subsidiary of Fletcher Challenge Energy.
The parties have also agreed that no further claims of cost will be made with respect to any of the matters currently before the Court.
The Board of Directors of Gawler Gold and Mineral Exploration NL advises the results of the General Meeting of Members which was held at 10.15 am Tuesday 13 September.
Resolution 1: Change of corporate status and name CARRIED
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NEW ISSUE ANNOUNCEMENT
Guinness Peat Group PLC decreased its relevant interest in Mid-East Minerals Limited on 08/09/2000, from 18,630,593 ordinary shares (87.21%) to 18,378,093 ordinary shares(86.02%).
Mosaic Oil NL has reached an agreement with the existing co-venturers of ATP212P (OCA and Santos) and with Bass which has the right to earn up to 34.5% of OCA's 69% interest in the permit by fulfilling certain work in the permit under an agreement with OCA.
Mosaic has agreed to drill a well on a structure in ATP212P called Pembroke prior to December 15th this year. Mosaic will pay 85% of well costs to increase its interest to 60.6% in any Petroleum Lease which may be granted to a discovery at Pembroke. OCA may elect to earn a further 10% by paying 10% of well costs and so reduce Mosaic's interest to 50.6%.
Daily Share Buy-Back - continued; maximum remaining number of shares to be bought back: 8,917,370
Preliminary Final Report
The Board of Resolute has announced a consolidated net operating profit for the year ended 30 June 2000 of A$16.4m before tax and abnormal items.
A strong operational performance in the second half generated a profit before tax and abnormals of A$16.7m for the 6 months ended 30 June 2000.
Total gold production for the year ended 30 June 2000 was 375,191 ounces at a cash cost of A$314/oz. An average realised selling price of A$496/oz delivered a gross operating contribution of A$68.3m. This result was underpinned by Golden Pride, which produced 225,289 ounces of gold at a cash cost of A$253/oz.
Major initiatives undertaken in fiscal 1999/00 include:
* Total production; 375,191 ounces at a cash cost of A$314/oz.
* Acquisition of remaining 50% of Golden Pride for US$20 million funded by US$14 million cash-backed loan and US$6 million in cash.
* Increase to 15% in the Company's holding in AGR Ltd, owner of the Boroo Project in Mongolia, which recently announced a successful bankable feasibility study resulting in a resource base of approximately 2.4 million ounces, with an independent reserve of 1.1 million ounces of gold.
* Disposal of non-core investments.
* Material reduction in overheads.
* Ongoing exploration program focused on increasing mineable reserves.
* Resolute is readmitted to the FT Gold Index as annual production exceeded 300,000 ounces.
Victoria Petroleum NL advises that it has an 18.5% indirect interest as at June 30, 2000 in proven and probable gas and oil recoverable reserves of 33.6 billion cubic feet of gas and 661,000 barrels of oil through its 18.5% shareholding in Kestrel Energy Inc.
The proved and probable gas and oil reserves reported by Kestrel Energy, Inc have a Net Present Value of US$49.8 million (A$89 million) at a discount rate of 10%.
Kestrel Energy, Inc issued a press release on September 11, 2000 reporting a 390% increase in total proven recoverable reserves of natural gas and a summary of the various recoverable proved and probable gas and oil reserve categories and their respective net present values in US dollars discounted at 10%.
Commonwealth Bank of Australia, Colonial Limited decreased its relevant interest in Western Metals Limited on 08/09/2000, from 29,894,196 ordinary shares (9.08%) to 26,571,895 ordinary shares(8.08%).
WA-5-L
CASTOR-1
Woodside Petroleum Ltd, Operator of the WA-5-L Joint Venture, reports that the Castor-1 exploration well located in the Carnarvon Basin was running 9(5/8) inch casing at 0600 hrs WST on 12 September 2000. The current 12(1/4) inch hole depth is 3402 metres.
All reported depths are referenced to the rig rotary table.
WA-271-P
ENFIELD-3
Woodside Petroleum Ltd, reports that the Enfield-3 appraisal well located in the Exmouth Sub-basin was spudded at 03.30 hrs WST on 11 September 2000. The 36 inch hole was drilled to a depth of 635 metres. At 0600 hours WST on 12 September 2000 the operation was running 30 inch casing.
The well is being drilled by the Marine 500 drilling rig. The location is approximately 25 kilometres west of the Macedon/Pyrenees Field. Water depth at the location is 573 metres. Planned total depth is 2453 metres.
All reported depths (except water depth) are referenced to the rig
rotary table.
All Ords
3276.3
Dow Jones
11,233.23
ASX200
3324.0
+26.9
S&P 500
1481.99
-7.27
All Resources
1423.5
Nasdaq
3849.51
All Mining
723.1
Gold - spot/oz
US$272.1
All Gold
723.2
Silver - spot/oz
US$4.86
AGC Explorers
844.0
-3
Platinum - spot
US$604.0
-1.0
Energy
1608.6
Palladium - spot
US$750.0
All Industrials
5666.5
Bridge CRB Index
230.74
FTSE 100
6555.5
-26.5
Crude Oil (NYMEX)
US$34.28
-0.86
Nikkei
16,040.23
-90.67
Copper (spot $US/tonne)
US$1966
+9
Hang Seng
16,629.78
-378.2
Lead (spot $US/tonne)
US$467
+3
A$ = US55.88c
Zinc (spot $US/tonne)
US$1262
A$ = 59.75yen
Nickel (spot $US/tonne)
US$8715
A$ = 0.647Euro
Aluminium (spot $US/t)
US$1620
US 30-Year Bond
5.750%
+0.029
Tin (spot $US/tonne)
US$5560
As a direct result of the development, construction, commissioning, modifications thereto and operations of the Murrin Murrin Nickel Cobalt project, (and detailed experience with other plants) Anaconda has developed and acquired several different process technologies. This has been combined into an overall process that allows significant operational, safety, capital and operating cost advantages that represent a technical and commercial breakthrough.
Ashton Mining of Canada reports that further drilling of kimberlite K252 has commenced on the Buffalo Hills property in north-central Alberta. A minimum of three tonnes of kimberlite will be recovered from four to six core holes. The objectives of the program are to more accurately delineate the size and shape of the kimberlite and to determine if commercial-size diamonds are present. The material will be tested for macrodiamonds using AMCI's dense media separation plant in North Vancouver.
Microdiamond results previously reported position K252 among the best kimberlites discovered by the Alberta joint venture to date. Earlier testing of 107.1 kg of kimberlite returned a total of 135 microdiamonds and eight macrodiamonds. Two of the macrodiamonds measure greater than 1.0 mm in at least two dimensions. K252 has two distinct phases, a fine- to medium-grained volcaniclastic kimberlite and a kimberlite breccia which has a slightly higher microdiamond content.
Coincident with the drilling of K252, summer ground geophysics and heavy mineral sampling programs are nearing completion on the Buffalo Hills property. The ground geophysical results will be used to identify drill targets for 2000 or early 2001. The detailed heavy mineral sampling program is being conducted to explain highly anomalous till samples that do not seem to be related to known kimberlite occurrences.
Austral Coal has announced the appointment of International Mining Consultants (IMC) to undertake a bankable feasibility study for development of its Tahmoor North and Bargo reserves.
Tahmoor North and Bargo are extensions of the coal seam currently being extracted at Tahmoor - near Picton 90km South West of Sydney - but potentially of much higher quality and mining efficiency.
The coal seam at Tahmoor North and Bargo is much thicker than existing workings (up to 3.5 metres compared to 1.8metres) and both areas are capable of supporting substantially larger longwall panels than are currently being mined.
Preliminary Final Report
Since June 30, 2000 the Company participated in the Rimu B-1 discovery well in the Taranaki Basin, New Zealand, which was reported to the Australian Stock Exchange on September 4 and September 9, 2000.
On July 13, 2000 Bligh Oil & Minerals NL announced a fully underwritten 1 for 2 Rights Issue to Shareholders. The offering consisted of the right to subscribe for one new share for every 2 shares at a price of 12 cents, with 6 cents being payable upon acceptance and the remaining 6 cents being payable on or before February 15, 2001. Each new share issued pursuant to the Rights Issue was accompanied by one option to subscribe for a second share, exercisable at 15 cents on or before February 15, 2002. The Rights Issue closed on September 8, 2000 and will result in the issue of 67,007,703 partly paid shares and 67,007,703 options.
ANNUAL MEETING
The Annual General Meeting will be held on Friday October 20, 2000 at 4.00 pm in Ballroom A, Hilton Brisbane Hotel, 190 Elizabeth Street, Brisbane.
Homestake Mining Company has announced that operations at its 100%-owned Homestake mine, located in Lead, South Dakota, would be completed within the next 16 months. During this period, all developed ore is expected to be mined out and processed to produce up to 240,000 ounces of gold at an average cash cost of $237 per ounce.
An assessment of the potential yield of Goondicum Ilmenite Bore No 1 indicates that the bore is capable of producing the allocated yield of 47.5 litres per second (1500 mega litres per year) and that this could be increased to 60 litres per second.
Monto Resources Pty Ltd, a wholly owned subsidiary of Monto Minerals NL, holds within the Mulgildie Basin, three water bore licences each with an allocation of 1500 mega litres per year.
Based on the limited data from the Mulgildie Basin a yield of 89 litres per second as estimated for the mining operation process water, should be sustainable for up to 15 years and possibly longer therefore covering the projected life of the mine.
Oxiana Resources announce the appointments of Tony Manini as General Manager Exploration and Maurice Joyce as General Manager Finance.
PROSPECTUS
For a Non Renounceable Entitlement Issue to Eligible Shareholders of up to approximately 49,818,790 million Shares at a price of 10 cents each and for an issue of up to approximately 39,855,032 Bonus Options.
A general meeting of the members of Platgold will be held on 16 October 2000 to consider the following issues:
* change of name of the company to Startrack Limited;
* issue of 1.5m options to each of the four directors of the Company,
exercisable on or before 30 June 2001 at 20 cents each;
* amendments to the Company's constitution.
Rimfire recently completed a further stream sediment and loam sampling programme at its 100% owned Bingara Diamond Project.
In total, 6000 kg of stream sample material from nine sites and 1200 kg of loam sample from 4 sites was reduced to 160 kg of heavy mineral concentrate.
These heavy mineral concentrates were dispatched to Independent Diamond Labratories in Perth on the 1 September 2000 for heavy media seperation of indicator minerals.
The indicator minerals will be forwarded to Dr Jane Barron for petrographic and geochemical analysis.
The directors of Kohlberger Enterprises Pty Ltd have advised Yardarino that they have entered into a non exclusive licencing and distribution agreement with Polyline industries for the application and distribution of Kohlberger's Elastomeric Technology Systems within the mining, agricultural and construction industries of Australia.
BHP and Mitsubishi Development Pty Ltd has confirmed their Bidder's Statement will be mailed to QCT Resources Limited (QCT) shareholders tomorrow, as planned.
Two weeks ago, BHP and Mitsubishi announced a joint cash offer of A$1.20 per share for all of the ordinary shares in QCT. The offer by the 50/50-owned bidding vehicle, MetCoal Holdings (Qld) Pty Ltd, values QCT's equity at approximately A$830 million.
The Company advises that Completion of the Share Sale Agreement, dated 10 July 2000, has been extended to 12 October 2000. The extension, in accordance with the terms of the Share Sale Agreement dated 11 July 2000, is by mutual consent of both BeMaX and Imperial One Limited, dated 11 September 2000. The extension is to allow satisfaction of the conditions precedent to Completion, being the consideration of the transaction by IOL shareholders at the IOL EGM dated 9 October 2000.
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Triako Resources Limited increased its relevant interest in Buka Minerals Limited on 07/09/2000, from 20,534,824 ordinary shares (24.8%) to 22,244,006 ordinary shares (26.6%).
Daily Share Buy-Back - continued; maximum remaining number of shares to be bought back: 14,320,051
Prospectus -
For the issue of up to 150,000,000 Shares at an issue price of $0.008 each, and up to 150,000,000 free attaching New Options, payable in full on application to raise up to $1,200,000.
The proceeds of the Issue will be used to fund the Company's exploration programmes in Namibia and Australia as well as providing funds to explore new opportunities.
Preliminary Final Report
Manganese producer Consolidated Minerals Ltd has reaped the benefits of two years hard work with a dramatic turnaround in full year profit and expectations of better times ahead.
The Company has announced a profit of $2.27 million for the 12 months to 30 June 2000, compared to a loss of $2.4 million for the previous year.
The result was made on turnover of $34.39 million ($3.75 million in 1998/99) and is the culmination of the successful re-birth of the Woodie Woodie manganese mine in Western Australia's Pilbara region.
Consolidated Minerals re-commenced mining and processing operations at Woodie Woodie in June last year and in its first full year of operations produced 262,500 tonnes of manganese lump and fines ore for export to Europe and Asia.
NEW ISSUE ANNOUNCEMENT
The Board of CityView Corporation Limited advises that CityView has responded to United States Securities and Exchange Commission comments regarding its Form 20-F by filing an amended Form 20-F with the SEC on August 21, 2000. Assuming no further comments from the SEC, CityView has been advised by NASD personnel that its application for listing on the NASD Bulletin Board would be approved so that trading may immediately commence. Should further comments be received, they will be responded to in as expeditious a manner as possible.
CityView has approved the issuance of 200,000 shares to Svenska Handelsbanken SA and 280,000 shares to Hereford Securities & Management SA. The shares are being issued in consideration for ongoing consulting and related services being rendered upon terms and conditions negotiated by CityView with each individual institution.
PROSPECTUS for a 1 for 4 non-renounceable pro-rata issue of New Shares at an issue price of 12 cents each. The New Shares offered by this Prospectus are of a speculative nature.
Portman Ltd has expanded its iron ore product range with the first shipment of premium fines from its Cockatoo Island Project in Western Australia, leaving port on Sunday 10 September 2000 bound for Asia.
Mr A Montague resigned as a Director of Intermin Resources Ltd as a result of commitment in other areas. His resignation is effective as of 7th September 2000.
On 27 June 2000 Intermin advised that it intended to seek shareholder approval to issue 55 million partly-paid shares to Mr Montague, and 20 million Options to Linwar Investments Pty Ltd. These placements will now not be pursued.
Guinness Peat Group plc decreased its relevant interest in Mid-East Minerals Limited on 07/09/2000, from 19,230,593 ordinary shares (90.01%) to 18,630,593 ordinary shares(87.21%).
Daily Share Buy-Back - continued; maximum remaining number of shares to be bought back: 3,422,925
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NEW ISSUE ANNOUNCEMENT
Thiess has reduced its shareholding in Portman Limited (ASX code PMM) from 27.147 million shares to 23.147 million shares andt Thiess will remain PMM's largest shareholder, with an interest of approximately 13.11 % of PMM's issued capital.
The investment in PMM has strategic value to Thiess and confirm that the Company has no intention of selling further shares in the foreseeable future.
Trans Global Trust Doo increased its relevant interest in Rand Mining NL on 11/09/2000, from 3,066,884 voting shares (12.22%) to 5,366,884 voting shares (19.4%).
The Company advises that on the 8th of September 2000 a General Meeting was held by the Company, and the following ordinary resolutions were overwhelmingly passed in favour,
1. Ratification of Acquisition on interest in Patents.
2. Issue of shares and options to Trans Global Trust doo.
Preliminary Final Report
Ranger Minerals Ltd announces a record operating profit before tax of $52.1 million on sales of $188.4 million. This compares with $19.7 million on sales of $158.0 million in the prior year.
Net profit attributable to members increased from $15.0 million in 1999 to $27.4 million in 2000, after deduction of an underprovision of tax in prior years amounting to A$4.5 million. Net profit attributable to members excluding this prior year adjustment was A$31.9 million.
The result for the year was driven primarily by the increased gold production from Damang, combined with the falling value of the A$ compared to the US$. The result was achieved despite a reassessment of the life of Damang which added A$4.0 million to the depreciation and amortisation charge for the year. The result for the year is a testament to the robustness of the Damang project.
During the year operating cash inflows of A$48.3 million, combined with inflows from restructuring of the hedge book of $42.3 million, were used primarily to reduce debt.
Further to recent correspondence on acquisition of International Concert Attractions Pty Ltd, the Directors advise that the matters of Due Diligence have been completed and the Notice of General Meeting, together with Explanatory Memorandum and Independent Expert's Report are currently being finalised.
By agreement between Reef and ICA the date for holding the General Meeting and completing all conditions precedent has been extended to 31 October 2000, with the date of a General Meeting of shareholders to be settled as soon as the necessary approvals have been received in respect to the documents to be forwarded to shareholders.
Financial Result
The Directors of Selwyn Mines Limited have announced an operating profit after tax of A$1.118m for the year ended 30 June, 2000.
This represents an amount which is 15% higher than forecast in Selwyn's Prospectus dated 19 May 2000 following the successful re-commencement of mining and milling operations at Selwyn in March 2000.
CHANGE OF NAME
With effect from 8 September 2000 the Company changed its name to escape3d.NL from Timor Sea Petroleum NL. Following the completion of the acquisition of e-Estate Pty Ltd and the reinstatement of quotation of the Company's shares on ASX, the Company's status will change to a company limited by shares and the Company's name will change to escape3d. Limited.
PROSPECTUS ISSUE BEFORE QUOTATION
The securities of the Company are presently suspended and will remain suspended until the Company raises additional capital of at least $1 million pursuant to an offer contained in a Prospectus to be issued by the Company.
The Company advises that on the 8th of September 2000 a General Meeting was held by the Company,and the following ordinary resolutions were overwhelmingly passed in favour,
1. Ratification of Acquisition on interest in patents.
2. Issue of shares and options to Trans Global Trust doo.
Trans Global Trust Doo increased its relevant interest in Tribune Resources NL on 11/09/2000, from 3,818,000 ordinary shares (10.70%) to 6,118,000 ordinary shares (16.3%).
United Energy Limited became a substantial shareholder in Uecomm Limited on 11/09/2000 with a relevant interest in the issued share capital of 335,000,000 ordinary shares (99.40%).
The Uecomm Limited Public Share Offer closed on Friday 8 September 2000. A Final Price of $1.90 per share ($1.85 per share for the Priority Offer) has been determined by Uecomm Limited and the Joint Lead Managers to the Offer, Deutsche Bank and Salomon Smith Barney, in accordance with the procedures described in the Uecomm Prospectus dated 11 August 2000.
The final price values Uecomm Limited at $950 million.
United Energy Limited holds 335,000,000 Uecomm shares which will represent 64.4% of the issued capital of Uecomm. The United Energy Limited holding is valued at $636.5 million based on the Final Price of $1.90 per share.
Trading in Uecomm shares on the Australian Stock Exchange will commence from Monday, 11 September under ASX code UEC on a conditional and deferred settlement basis at 12 noon, Melbourne time, Monday 11 September 2000.
Victoria Petroleum NL advises that the Rhebok-1 exploration well, Operated by Apache Energy Ltd, is expected to commence drilling on or about 16th September, 2000. The jackup drilling rig Ensco-56 is currently on location at Tusk-1 in WA-246-P, and the rig will be released to Rhebok-1 on completion of Tusk-1.
The Rhebok Prospect is located approximately 4km to the south of the nearby Stag Oil field, and will be targeting the updip pinchout of the M Australis sand, that is the oil reservoir in the Stag Oil Field. The Stag Oil Field, currently producing at 25,000 BOPD, has estimated recoverable reserves of 45 MMBO.
The Rhebok Prospect has been interpreted from seismic data to have potential reserves of up to 45 MMBO, if oil is present.
The proposed Total Depth of the well of 1,084 metres will also allow penetration of the underlying secondary objectives in the Jurassic Athol Formation (containing oil in the, recent Chamois-1 well) and Triassic Mungaroo Formation.
All Ords
3255.0
Dow Jones
11,195.49
ASX200
3297.1
-23.2
S&P 500
1489.26
-5.24
All Resources
1396.9
Nasdaq
3896.35
All Mining
719.3
Gold - spot/oz
US$271.8
All Gold
725.0
Silver - spot/oz
US$4.83
AGC Explorers
847.0
-2
Platinum - spot
US$605.0
-5.00
Energy
1582.4
Palladium - spot
US$745.0
All Industrials
5641.3
Bridge CRB Index
230.93
FTSE 100
6582.00
-18.7
Crude Oil (NYMEX)
US$35.14
+1.51
Nikkei
16,130.9
-370.65
Copper (spot $US/tonne)
US$1956
-3
Hang Seng
17,007.98
-267.47
Lead (spot $US/tonne)
US$467
+1
A$ = US56.05c
Zinc (spot $US/tonne)
US$1252
A$ = 59.43yen
Nickel (spot $US/tonne)
US$8705
A$ = 0.652Euro
Aluminium (spot $US/t)
US$1619
US 30-Year Bond
5.721%
+0.029
Tin (spot $US/tonne)
US$5540
Half Yearly Report
The results reported for the second quarter reflect good operating performance. Gold production improved by 3% to 1.8 million ounces; both cash and total costs reduced by 5%, and operating profit increased by 10%. In the context of the 5% decline in the dollar price received for gold sold this quarter, this is encouraging. Increased taxation, a result of improved operating profits in South Africa, and lower interest earned, a consequence of the significant investments in growth now being made by the company, have produced attributable profit and headline earnings down 1% on the previous quarter.
The Board has declared an interim dividend for the half year of R7.50, representing a dividend yield of 6% on today's price of R269.
The Company advises that the Annual General Meeting of the Company will be held on Thursday November 9, 2000, commencing at 9:30 am, at the Kimberley Gardens Hotel, 441 Inkerman Street, East St Kilda, Victoria. 3183.
The New Bendigo Gold Project is well ahead of schedule due to the identification of its first bulk sampling target.
Bendigo Mining NL has identified a bulk sample target some 500 metres below surface and close to the current decline path.
One of the reefs, located some 600 metres below surface, had been identified previously and was bulk sampled in 1954. The 1954 results from a bulk sample of 130 tons reported an assay of 9.3 grams of gold per ton (9.3g Au/t).
The second reef is in the same ribbon structure and at a similar depth as the decline face and approximately 40 metres to the east of the tunnel.
The Swan decline is now 3.5 kilometres in length from the portal in Kangaroo Flat and is at a depth of 500 metres under the City of Greater Bendigo.
QCT Resources Ltd (QRL) withdrew its submission to the Corporations and Securities Panel (Panel) regarding the inadequacy of the MetCoal Holdings (Qld) Pty Ltd Bidder's Statement late last Friday, after MetCoal's owners, BHP Limited and Mitsubishi, offered a compromise.
QRL had submitted that the absence of up to date revenue forecasts for the BHP managed CQCA and Gregory Joint Venture (owned with QRL), would be misleading to QRL investors regarding QRL's value, compared to the $1.20 per share currently being offered by BHP and Mitsubishi for QRL.
Daily Share Buy-Back - continued; maximum remaining number of shares to be bought back: 14,520,051
The Company advises that the Annual General Meeting of the Company will be held on Thursday November 9, 2000, commencing at 3:00 pm, at the Kimberley Gardens Hotel, 441 Inkerman Street, East St Kilda, Victoria 3183.
The Company advises that the Annual General Meeting of the Company will be held on Thursday November 9, 2000, commencing at 1.30 p.m., at the Kimberley Gardens Hotel, 441 Inkerman Street, East St Kilda, Victoria, 3183.
The Company advises that the unaudited net tangible asset backing (excluding equity accounting adjustments) of Lion Selection Group Limited as at 31 August 2000 was $1.13 per share.
Pan Pacific Petroleum NL announces that drilling of the Tusk-1 exploration well in WA246P commenced at 1900 hours on September 8. At 0600 hours on September 10, the well was drilling ahead at 362m measured depth. Tusk-1 is being drilled using the Ensco 56 jack-up unit.
The Tusk prospect is located in 84m of water. It is 20km from facilities at the Stag Oil Field and lies 70km northwest of the town of Dampier.
Tusk is a fault-dependent closure, mapped at both Athol Formation (Jurassic age) and Mungaroo Formation (Triassic age) levels. The structure is similar to, and on trend with, Oryx-1 some 5km to the south, where oil was recently discovered in the Athol Formation and oil shows encountered in the Mungaroo Formation.
The mid-case recoverable potential of Tusk is 10 million barrels in the Athol Formation and 30 million barrels in the Mungaroo Formation.
The Athol Formation sandstones are expected at around 1000m measured depth and the Mungaroo Formation at around 1300m measured depth. Tusk-1 is programmed to be drilled to a total depth of 2020m measured depth in nine days.
The Company advises that the Annual General Meeting of the Company will be held an Thursday November 9, 2000, commencing at 11:30 a.m., at the Kimberley Gardens Hotel, 441 Inkerman Street, East St Kilda, Victoria, 3183.
Drilling Activity Update
* SALTFLEETBY-5 FLOWS UP TO 20 MMCFD FROM NEW DEEPER RESERVOIR SECTION;
* CHESTNUT FIELD EQUITY INCREASED TO 29.75%;
* CHESTNUT FIELD EXTENDED WELL TEST CONTRACT SIGNED AS PART OF POTENTIAL TWO PHASE, A$76 MILLION, DEVELOPMENT PROJECT TO BE FULLY FUNDED BY THIRD PARTY CONTRACTOR.
Tap Oil NL advises that the Tusk-1 exploration well spudded at 19.00 hours on Friday, 8 September 2000.
LOCATION
The well is located in WA-246-P, 20 kilometres west of the Stag Oil Field, and 5 km north of the recent oil discovery in Oryx-1, at latitude 20deg14'44.19"S and longitude 116deg08'08.66"E.
PROGRESS
As at 6.00am Monday 11th September, the well has drilled ahead to 772 metres measured depth and will continue to drill ahead to the planned total depth of 2,020 metres measured depth.
The Tusk prospect consists of a westerly tilted fault block bounded by a fault on the eastern edge, with mapped closure at the Lower Jurassic Athol Formation and Mid Triassic Mungaroo Formation levels. It is planned to drill to a total depth of 2,020 metres MD. It is estimated that the well will be completed in 9 days.
The Tusk-1 well is located 5 kms to the north of the Oryx-1 well which encountered oil within Athol Formation sandstones and oil shows within the Munguroo Formation sandstone reservoirs. Tusk-1 is on the same structural trend as Oryx-1 and is equally well placed to receive an oil charge. It is anticipated that good reservoir sections will be at these levels similar to those encountered in Oryx-1.
The well path of Tusk-1 will be deviated down the upthrown side of the bounding fault to intersect all potential reservoirs in a crestal location on structure.
Western Metals Limited has appointed Mr David Fowler as Company Secretary, to replace Mr Alan Rule who has left the company.
Sheritt International Corporation and Ontario Inc increased its relevant interest in Anaconda Nickel Limited on 05/09/2000, from 12,845,463 ordinary shares (8.92%) to 34,451,304 ordinary shares(9.40%).
Lynas Corporation Limited (Lynas) announces that it is in discussions with Ashton Mining Limited (Ashton), to reach agreement to defer the completion of Lynas' acquisition of the Mt Weld Rare Earths and Tantalum Project in Western Australia.
The extension will allow Lynas to assess the impact of work being carried out by third parties on the Tantalum resource contained within the Project Area which could have the impact of enhancing the viability of the project. In light of this work Lynas will be endeavouring to verify the economic parameters of various aspects of the project highlighted by the current bankable feasibility study to see how that could best fit into a joint infrastructure development which beneficiates the Rare Earths and Tantalum during the same process.
N M Rothschild Australia Holdings Pty Limited decreased its relevant interest in Ausdrill Limited on 07/09/2000, from 5,896,249 ordinary shares (7.85%) to 4,953,672 ordinary shares(6.42%).
Australian Worldwide Exploration Limited advises on behalf of its wholly-owned subsidiary AWE (Perth Basin) Limited that it has signed a conditional agreement to sell AWEPB's 50% owned and operated production licence L7, including the Mt Horner oil field facility, in the Perth Basin, Western Australia.
Mt Horner was producing approximately 100 barrels of oil per day (50 bopd net to AWE) prior to a fire in April this year that stopped production operations.
The sale is to proceed on an "as is, where is" basis whereby the new owner intends to meet the cost of rehabilitating the field.
Financial details of the sale will not be disclosed, but are not material to AWE. AWEPB's co-owners in the field have also agreed to sell the asset on the same terms and conditions.
AWE is currently pursuing an insurance claim for damages, including loss of income, incurred as a result of the fire.
Notice is hereby given that the Annual General Meeting of BHP will be held at the Adelaide Convention Centre, North Terrace, Adelaide on Tuesday 17 October 2000 at 9.30am Australian Central Standard Time.
The annual general meeting of the Company will be held at: NSW Leagues' Club, Level 2, 165 Phillip Street Sydney NSW 2000 on: Thursday, 12 October 2000 at 11.00am
In conjunction with the announcement of its results for the twelve months ended 30 June 2000, the Company announces that it intends to raise up to $63 million by way of a renounceable rights issue.
The Company's major shareholder RJB Australia Pty Limited has undertaken to subscribe for approximately $53 million, which amount will be utilised by the Company to repay all the debt owing to the RJB Group.
The remaining cash will be utilised by the Company to develop the Bowens Road North deposit, Duralie and to explore other opportunities in the coal industry and for working capital.
The Prospectus is due to be lodged with the relevant authorities within the next ten days and this will include more complete details regarding the proposed issue, including price and record date.
The board of Dioro Exploration NL advise that the shortfall from the issue of 108,277,607 shares and options by way of entitlements issue was 46,104,393 shares and options. The issue was underwritten for up to 60,000,000 shares and options shortfall by London Partners Australia Pty Ltd.
The issue raised $5,757,268 net of $198,000 underwriting fees.
Dioro also advises that its wholly owned subsidiary Ellendale Resources NL has acquired a 60% interest in EL 04/801 in the Ellendale Diamond field from Gerardus Reddingius. This takes Ellendale Resources' interest in the tenement to 100%. The consideration for the acquisition was the issue of 2,000,000 options exercisable at 20 cents on or before 31 January 2004 at a deemed issue price of 2.5 cents each.
Alcoa of Australia Limited increased its relevant interest in Eastern Aluminium Limited on 07/09/2000, from 88,964,192 voting shares (80.95%) to 97,790,264 voting shares (88.98%).
EAGLE PROSPECT, SAN JOAQUIN BASIN, CALIFORNIA
The Eagle Prospect is located in the prolific San Joaquin basin, California, and is seismically interpreted to have the potential to contain up to 40 million barrels of oil and 88 billion cubic feet of gas, if oil and gas are present. The Eagle Prospect is considered relatively low risk due to sub-surface well control tied to recent seismic interpretation. The Prospect is believed to be stratigraphic in nature and may require several wells to determine this potential.
The control well, in which FAR was a participant, was drilled during the mid 1980's on the southern edge of the Eagle Prospect. The well tested at a cumulative rate of up to 325 barrels of oil and one million cubic feet of gas per day from a 54 foot net pay interval prior to experiencing mechanical difficulties. The test well will most likely be drilled as an offset to the initial discovery well.
LOVELESS G#1 SIDETRACK, HARDEMAN COUNTY, TEXAS
FAR has agreed to a proposal by the operator, Rio Petroleum Inc, of Amarillo, Texas, to re-enter the Loveless G#1 wellbore, sidetrack the hole to a depth of 8,260 feet, and then drill horizontally to a bottom hole location approximately 326 feet to the north.
The original Loveless G#1 well was drilled in May 1991 and only recently ceased oil production from the objective Chappel zone, where remaining oil is believed trapped to the north. A completion rig is expected on location prior to September 16 to commence operations.
NEW ISSUE ANNOUNCEMENT
The Directors announce that Tanami Gold NL and Glengarry Resources NL have entered into an agreement which will result in Tanami Gold acquiring the following Tanami Province assets from Glengarry:
* a 48.5% equity in the Larranganni Project tenements taking Tanami Gold's equity in the Project to 92.5%. Tanami Gold also has the right to acquire Glengarry's remaining 7.5% interest at market value, upon completion of a bankable feasibility study. Glengarry's remaining 7.5% interest will be free carried through to completion of a bankable feasibility study.
* Glengarry's Tanami Province tenement interests held in joint ventures with the Company which will give Tanami Gold a 100% interest in the Balwina, Oasis, Supplejack, Afghan, Bloodwood and SW Pargee Joint Venture tenements.
* Glengarry's Tanami Province Database.
* Glengarry's camp facilities and plant and equipment located in the Tanami Province.
NEW ISSUE ANNOUNCEMENT
Goldsearch Limited has negotiated an extension of the date by which it must decide to earn an equity in 13 Mining Leases and 1 Exploration Permit Area at Mount Kelly located 120 kilometres by road north of Mount Isa.
In order to complete analysis of core and assessment of results from the recently completed drilling program Reefway Pty Limited, the current holder of the Mining Leases and Exploration Permit Area, has agreed to extend the date to 31 October, 2000.
NOTICE is hereby given that a General Meeting of shareholders of Imperial One Limited will be held at the Company's registered office, Level 2, Hudson House, 131 Macquarie Street, Sydney at 10:00 am on Monday, 9 October 2000.
ORDINARY BUSINESS:
Approve the sale of Imperial Mining (Aust) NL.
NEW ISSUE ANNOUNCEMENT
Expectation Pty Ltd became a substantial shareholder in Indian Mining Corporation NL on 06/09/2000 with a relevant interest in the issued share capital of 22,293,079 ordinary shares (5.44%).
Quarterly Report
OPERATIONS
S&K COPPER MINE, MYANMAR
Ivanhoe Mines' 50%-owned S&K Copper Mine in Myanmar produced 13,451 tonnes (29.7 million pounds) of cathode copper in the first six months of 2000, an increase of 5% over the 12,784 tonnes (28.2 million pounds) produced during the same period in 1999. S&K's copper sales totalled US$22.8 million in the first half of 2000, compared to US$18.9 million in 1999, reflecting the increased production and higher copper prices.
The average realized copper price in the first half of 2000, including hedging gains, was 80 cents (US) a pound. Cash operating costs were 34 cents (US) a pound. Total costs, including depletion, depreciation, interest expense and royalties, were 62 cents (US) a pound for the six-month period.
The S&K Mine is the first phase development of the large Monywa copper mine in Myanmar. The project is operated by MICCL, a 50/50 joint venture between Ivanhoe Mines and Mining Enterprise No 1, a state-owned company. The joint venture is presently undertaking a series of plant modifications at S&K that will raise annual copper production to approximately 30,000 tonnes (66.1 million pounds) this year. The modifications are being funded from the mine's cashflow. A further increase in plant capacity to 35,000 tonnes (77.2 million pounds) is planned for 2001.
On August 29, S&K will make its third semi-annual payment (US$11.56 million) toward its US$90 million loan project development loan. When the third payment is applied, the outstanding balance of the loan will be reduced to US$67.5 million.
EMPEROR GOLD MINE, FIJI
Emperor Mines Limited produced 143,000 ounces in the year ended June 30, 2000, from its Emperor Gold Mine in Fiji. The production was the highest ever achieved in the mine's 65 years of operations.
Ivanhoe Mines owns approximately 18% of the issued common shares of Emperor Mines, an Australian Stock Exchange-listed company.
BAKYRCHIK GOLD MINE, KAZAKHSTAN
The Bakyrchik mine remained on care and maintenance during the quarter. A program to re-establish commercial gold production at the mine will incorporate advances in ore processing technology. Decisions on the timing and scale of a development plan are contingent on gold prices achieving levels consistently higher than the market values recorded during the first half of the year 2000.
As part of its review of development options, Ivanhoe has joined with a major mining company to test the potential application of new, pressure-oxidation technology, with the objective of improving the project's rate of gold recovery and reducing the overall cost of production.
Lakes Oil received a report from Terra Tek Petroleum Consultants Pty. Ltd., regarding its Gippsland acreage. The report contains an estimate of the hydrocarbon potential for the "Gangell" and "Trifon" Prospects which are scheduled to be drilled in November/December 2000.
Under normal circumstances, Lakes Oil would not release such estimates as they are based on a number of assumptions and calculations, all of which can vary, and of course hydrocarbons may not in fact be present at all.
However, the figures contained in the report are large by onshore standards and will certainly be regarded as the potential "upside" when discussing farm-in opportunities with potential partners. As such, Lakes Oil believes that this information is potentially price sensitive.
The Terra Tek report includes the following potential recoverable gas estimates:
For further information, click here
We advise that with effect from 8.00 am on Monday, 2 October 2000, the share registry of Matrix Oil NL will be relocated to:
Computershare Registry Services Pty Ltd
Level 2 Reserve Bank Building
45 St George's Terrace
Perth WA 6000
Telephone: (08) 9323 2000
Facsimile: (08) 9323 2033
Postal address: GPO Box D182
Perth WA 6840
TAYLOR 15 AND TAYLOR 17.
PRODUCTION LICENCE 16, SURAT BASIN QLD. -MOSAIC OIL 100%.
Taylor 15 (last flowed 1992) and Taylor 17 (last flowed 1996) have been re-entered and are now able to be used as production wells. Taylor 15 has test flowed at approximately .3 million cubic ft/day (sales gas) and Taylor 17 at .15 million cubic ft/day (sales gas); both over a two week period.
Molopo Australia NL announce that on September 7th, 2000 it successfully completed fracture stimulation ("fraccing") operations on Seam 8 (the target seam) in the LW-L3 well, the second of four wells, in the Liulin Coalbed Methane Gas licence, Shanxi Province, China.
Fraccing operations at LW-L3 were conducted using surfactant treated water as the fracture fluid, and successfully emplaced the planned, approximately, 50.5 tonnes of sand proppant. The well is now being flowed back prior to the installation of a pumping unit.
The fraccing crew are preparing to move to the adjacent pilot well LW-L2 to trial a cross-linked gel as the fracture fluid.
In addition, trial cavitation operations are continuing on the existing HW-L1B well.
An independent expert's report has cleared the way for proponents of the Mindarie mineral sands project in South Australia to progress a bankable feasibility study.
The report coincided with an announcement by project owner, Murray Basin Minerals NL, of a further substantial upgrade in the project's resources.
Inferred and indicated resources have been upgraded to 65.6 million tonnes of 3.3% heavy mineral (HM) from 43.9 million tonnes of 3.35% HM reported in June, following the latest drilling program.
The Company's Annual General Meeting is to be held on Wednesday 22 November 2000. This notice supersedes any dates stated in the past by the Company.
Oil Search Limited hereby notifies the ASX that as at Friday 8 September, the company's Sydney office telephone and facsimile numbers will be as follows:
Telephone: (612) 8207 8400
Facsimile: (612) 8207 8500
The postal and street addresses remain unchanged.
Paladin advises that it has invested $110,000 in Netcare Corporation Pty Ltd by way of a secured 120 day convertible note. At the end of this period Paladin can elect to require repayment or acquire a 2% equity interest in Netcare.
Telstra has welcomed new broadband service provider, RequestDSL, (95% Pilbara Mines Ltd) as its first wholesale ULLS (unconditioned local loop service) customer following the signing of an agreement which allows access to Telstra's copper customer access network.
The agreement is the first commercial deal closed by Telstra since launching the service recently.
The Directors of PacMin Mining Corporation Limited announce a record operating profit after tax, abnormal items and outside equity interests of A$32.4 million for the year ended 30 June 2000, up 50% on the previous year's result.
This result was generated from the strong production performance at the Company's Tarmoola operation. During the year, Tarmoola produced 230,357 ounces of gold at a cash operating cost of A$287 per ounce. Compared to the previous financial year, Tarmoola production increased 19% and cash operating costs were reduced 7%.
The average gold price realised during the year was A$518 per ounce, significantly higher than the average spot price of A$448 per ounce over the period, due to the Company's value-adding gold hedge position.
The Company has previously announced that it expects production for the first half of the current financial year to be reduced from the levels achieved in 1999/2000, as the next planned phase of waste removal is completed at the Tarmoola mine. As a result, the Company is expecting profits for the current financial year to be less than the record year just completed.
The Company advises that QCT Resources Limited has formally referred to the Takeovers Panel for consideration a number of issues regarding the adequacy of disclosure in the bidder's statement served on 28 August 2000 by MetCoal Holdings (Qld) Pty Ltd.
Any orders or declarations made by the Panel will be the subject of further announcement.
Drilling Activity Update
* SALTFLEETBY-5 PREPARES TO FLOW TEST NEW, DEEPER, GAS RESERVOIR
* KYLE NORTHEAST CONFIRMS OIL ACCUMULATION
* IRWES-1 DRILLS AHEAD TOWARDS TARGET
This is to advise that Southern Cross Exploration NL has agreed to purchase (subject to some conditions) a 70% interest in a private company which holds mining leases in South Australia on which there are resources of albite.
The amount of the investment will be equivalent to approximately 10% of the company's assets.
Mining operations are expected to commence shortly, after the acquisition is completed which should occur in about sixty days.
NOTICE IS HEREBY GIVEN that an Annual General Meeting of the Shareholders of SUN RESOURCES NL will be held at the offices of BDO Chartered Accountants and Advisers, Level 2, 267 St George's Terrace, Perth, Western Australia on Friday 13 October 2000 at 11.00a.m.
NEW ISSUE ANNOUNCEMENT
Daily Share Buy-Back - continued; maximum remaining number of shares to be bought back: 15,953,050
The Company announce that it has received advice from Asarco Exploration Company Inc, the Company's joint venture partner at the Yamarna Project, of a Preliminary Resource Modelling and Pit Optimisation for the Yamarna Project as compiled by Mining and Resource Technology Pty Ltd (MRT).
The principal objective of the study was to update the estimates of insitu resources at the Yamarna Project. This follows the location of potentially ore-grade mineralisation at several locations over a 10 kilometre strike length along the structural trend north of the Attila deposit. This section of the trend north of Attila is called the Alaric zone.
MRT used Multiple Indicator Kriging (MIK) to estimate the resource inclusive of dilution and ore losses at various cut-off grades and a suitable selective mining unit.
CLARIFICATION OF PRESS ARTICLE
The Company clarifies some of the points made in the article appearing in today's Australian Financial Review. This article appeared without any consultation to the Company and accordingly some of the matters reported are not accurate.
Yamarna is not a "dot com" stock as is suggested in the article. The Company's main undertaking remains mining activities and the investment in Laugh.com is a passive investment on behalf of the Company.
Yamarna wishes to state that it is a passive shareholder in Laugh.com which at this stage is a private US company. Yamarna has no board representation or management influence over Laugh.com and must rely on information provided to it by that company. There is no legal requirement for Laugh.com to provide Yamarna with a day to day account of its business activities and in fact some of these activities are commercially sensitive to Laugh.com. As soon as Yamarna received its most recent up-date on Laugh.com this information was made available to the market.
All Ords
3278.9
Dow Jones
11,220.65
ASX200
3320.3
+13.7
S&P 500
1494.40
-8.01
All Resources
1400.2
Nasdaq
3978.41
All Mining
719.5
Gold - spot/oz
US$271.8
All Gold
731.9
Silver - spot/oz
US$4.87
AGC Explorers
849.0
+3
Platinum - spot
US$610.0
+5.00
Energy
1613.6
Palladium - spot
US$755.0
All Industrials
5687.3
Bridge CRB Index
229.78
FTSE 100
6600.70
-88.50
Crude Oil (NYMEX)
US$33.63
-1.76
Nikkei
16,501.55
+201.09
Copper (spot $US/tonne)
US$1966
+26
Hang Seng
17,275.45
-156.50
Lead (spot $US/tonne)
US$471
+2
A$ = US55.70c
Zinc (spot $US/tonne)
US$1251
A$ = 58.68yen
Nickel (spot $US/tonne)
US$8690
A$ = 0.643Euro
Aluminium (spot $US/t)
US$1634
US 30-Year Bond
5.692%
-0.021
Tin (spot $US/tonne)
US$5520
Anaconda Nickel Limited has announced an international tender process to select a water utility company to undertake a detailed feasibility study into pumping 250 million litres a day into existing and new industries in the deserts of Western Australia from the recent Officer Basin water discovery.
The Project would entail a major borefield in the Great Victoria Desert area of Western Australia, coupled to a pipeline delivering water to communities and industrial companies in the North Eastern Goldfields, en route to the City of Kalgoorlie.
Anaconda has continued a water drilling and testing programme in the Officer Basin since May 2000 when first results identified a major potential resource.
Aquarius has been advised by the entities the subject of the above notice that they intend exercising 8,750,000 options at A$1.00 per option in Aquarius Platinum Limited within 5 working days of this notice.
0n completion of the exercise of these options, these entities, which are associated with Mr Michael AP Adams, will have a combined holding of 13,500,000 fully paid shares in the Company representing 23.68% of the issued capital.
The Directors announce that at a General Meeting held Thursday, 8 September, all resolutions were duty passed.
Aboriginal Heritage surveys have been completed for the majority of Conquest's tenement areas and will allow access to all areas proposed for sampling during this year's dry season. Track and pad clearing for bulk-sampling operations is in progress and a 20 tonne excavator is on site and began sample excavation on the 31st August. The sample size has been set at 50 cubic metres (approximately 100 tonnes) per exploration site and twenty-one sample sites are currently planned to be sampled in the main areas.
Samples of Bow River gravels will be collected in three main areas and are planned to test High, Mid and Low Terrace gravels, and the recent gravel accumulations in these areas.
Sample haulage and processing is currently underway.
The density bead tests on the HMS (Heavy Media Separation) plant are within the specifications detailed by an Independent Mineral Processing Consultant and indicate that the plant is operating satisfactorily.
Crest Magnesium NL announces that it has engaged the services of Carven Consulting to negotiate a Memorandum of Understanding to secure an energy package (electricity, gas and steam) for the company's proposed magnesium metal plant.
Carven Consulting (Carven) principal Greg Craven, have been engaged to conduct negotiations with parties in Tasmania, Victoria and New South Wales to provide a package to meet the project requirements. The proposed plant will have an initial capacity of 60,000 tonnes of magnesium alloys with provision for further expansion.
Crest have requested Carven to complete discussions with Tasmania by 1st October and with Victoria and New South Wales by 1st November, 2000.
The finalisation of the Energy package will determine the location of the Magnesium Metal Plant Site.
PROFIT RESULT
The Company advises that it has recorded an operating loss after income tax and abnormal items of $39.3 million (1999 loss A$87.1 million). This includes an abnormal change of $6.4 million (1999 A$50.3 million).
APPOINTMENTS
Mr Andrew Forrest - Chairman & Managing Director
Mr Michael Masterman - Director
Mr Stephen Dennis - Director
RESIGNATION
Mr Marcus Soloman
Mr Joseph Gutnick will assume the role of Deputy Chairman and Executive Director.
COMPANY SECRETARIES
Mr Malcolm James has been appointed Joint Company Secretary of the Company and Mr David Simcox has resigned as Company Secretary. Mr Peter Lee continues as Joint Company Secretary.
REGISTERED OFFICE
The address of the registered office of the Company has changed to Level 12, 2 Mill Street, Perth, WA, 6850. New contact details are telephone 08 9212 8600 and facsimile 08 9212 8650.
The Board of CityView advises that it has issued a total of 1,041,810 shares to clients of London Partners Australia Pty Ltd at a price of Aus$1.45 a share. The shares were issued pursuant to shareholder approval given at the Annual General Meeting on 31 May 2000.
NEW ISSUE ANNOUNCEMENT
Financial Report
OVERVIEW
PROFIT
* Profit after tax, before abnormal and extraordinary items, of $27.7 million
* Abnormal losses, net of tax and minority interests, of $61.9 million mainly in respect of the Eureka mine and the Zimbabwean platinum assets
* Extraordinary losses of $81.8 million in respect of the Gold Ridge mine
* Of the $143.7 million of abnormal and extraordinary items, $129.0 million (90%) are non-cash items
* Net loss after tax, abnormal and extraordinary items of $114.8 million
CASH FLOW
* Operating cash flow increased by 40% to $96.0 million
* $125.7 million invested in expanding the Company
BALANCE SHEET
* Net debt of $108.6 million at 30 June 2000
* Net debt to net debt plus equity of 48%
OPERATIONS
* Record gold shipments of 634,101 ounces were achieved, 51% more than the previous year, with 609,302 ounces from Australian operations
* Sales revenue increased by 59% to $323.0 million. The realised gold price increased to $509 per ounce from $483 per ounce the previous year, and represents $62 per ounce more than the average spot price for 1999/2000
MINERAL RESOURCES AND ORE RESERVES
* Mineral Resources increased by 3.8 million ounces (52%) to 11.1 million ounces of gold
* Ore Reserves increased by 1.8 million ounces (97%) to 3.6 million ounces of gold
Alcoa of Australia Limited increased its relevant interest in Eastern Aluminium Limited on 06/09/2000, from 88,831,423 ordinary shares (80.83%) to 88,964,192 ordinary shares(80.95%).
The Directors of ERA announce the appointment of Mr Barry Cusack as the Company's Chairman.
Mr Cusack succeeds Mr Malcolm Broomhead who resigned as Chairman in August.
DRILLING & PRODUCTION TESTING REPORT
FOR THE WEEK ENDING 06/09/2000
Country : New Zealand
Block Area: PML381012
or Prospect
Well Name : MB-7
or Location
Objective : Deviated development well primarily targeting Maui B D1.10L oil reservoir, with multiple secondary oil and gas potential. Deepended to allow access to F-Sand oil reservoir in addition to other objectives.
Current Status : * Perforated well on F1.2 oil zone.
* Brought well on line on 1st September at initial rate of circa 10,000 barrels of oil per day.
* Handed well over to operations.
Block Area: PML381012
or Prospect
Well Name : MB-6
or Location
Objective : Deviated development well primarily targeting Maui B D1.6 (3028m true vertical depth subsea (TVDSS)) and D1.10 (3073m TVDSS) oil reservoirs.
Current Status : * Following success on MB-6, decision taken to proceed with deviated side-track well from MB-7.
* Skidded rig from MB-7.
* Current operation at 0600hrs 7th September, preparing to drill out cement plugs and undertake remedial cementing of 7" liner, prior to initiating side-track from 9(5/8)" casing.
Country : Canada
Block Area: Eva
or Prospect
Well Name : 6-20-35-11 W4M
or Location
Objective : A Development well testing Cummings Gas.
Current Status : * Spud: 28/08/2000.
* Cased for Viking Gas.
* Rig Released: 02/09/2000.
Block Area: Sullivan Lake
or Prospect
Well Name : 11-9-35-13 W4M
or Location
Objective : A Development well testing for Edmonton Gas.
Current Status : * Spud: 29/08/2000.
* Cased for Edmonton Gas.
* Rig Released: 31/08/2000.
Block Area: Rushmere
or Prospect
Well Name : 10-9-33-8 W4M
or Location
Objective : A Development well testing for Viking Gas.
Current Status : * Spud: 29/08/2000.
* Cased for Viking Gas.
* Rig Released: 01/09/2000.
Block Area: Unwin
or Prospect
Well Name : A5-26-46-28 W3M
or Location
Objective : A Development well testing Sparky Oil.
Current Status : * Spud: 29/08/2000.
* Cased for Sparky Oil.
* Rig Released: 31/08/2000.
Fletcher Challenge Energy announced this week that it will farmout a 20 percent share in the licence area containing the Tuihu prospect (PEP 38718, onshore Taranaki, New Zealand) to Origin Energy, in the lead-up to the drilling of the wildcat exploration well in mid-October.
This will leave Fletcher Challenge Energy with a 70 percent interest in the license area, of which it is the operator. The agreement gives Origin Energy a 20 percent participating interest in PEP 38716, and the option to earn a 25 percent participating interest in the adjacent licence PEP 38730. Fletcher Challenge Energy currently has a 100 percent interest in PEP 38730.
The Indonesian Government has granted Iluka Resources Limited subsidiary PT Koba Tin a 10-year extension to the Company's Contract of Works for operations in Indonesia.
The Company's application for the extension to March 2013 was approved yesterday.
Expectation Pty Ltd became a substantial shareholder in Indian Mining Corporation NL on 06/09/2000 with a relevant interest in the issued share capital of 22,293,079 ordinary shares (5.44%).
The company announces a significant increase in iron ore reserves following a resource optimisation study carried out by Exploration and Mining Consultants ("EMC") on the company's Koolanooka and Tallering Peak deposits, increasing the reserve base for the Project to 65 years.
Based on an assessment of mining, beneficiation and steel making costs, EMC have determined that the Koolanooka magnetite has probable reserves of 425 million tonnes averaging 33.2 per cent Fe, which after beneficiation results in a grade of 69 per cent Fe.
Mid-East Minerals, an investment company 90% controlled by Guinness Peat Group plc (GPG), has unveiled its strategy to move into investments in the new economy with the appointment of Mr Wayne Bos as a Director and Chief Executive Officer.
To be renamed Tomorrow Limited, the company will take advantage of convergence in technology by investing in and assisting new and existing technology businesses that have strong profit and growth potential. Mid-East will also pursue opportunities to exploit "New Economy" potential in "Old Economy" businesses.
Effective immediately, current Mid-East Deputy Chairman Dr Gary Weiss will be appointed Chairman of Mid-East, and Mr Michael Jefferies will remain a non-executive Director of the company, while non-executive Directors, Mr Maurice Loomes and Mr John Roth and Chairman Sir Ron Brierley will retire from the Board.
Mr Rod Lyle, former Melbourne Managing Partner of leading law firm Clayton Utz will also join the Board and assume the role of Managing Director.
The Company announces that ASIC has approved the change of name and change of status to a company limited by shares as requested by the company. The name of the company is now Rambora Technologies Limited.
Daily Share Buy-Back - continued; maximum remaining number of shares to be bought back: 3,470,000.
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Notice is hereby given that the Thirty-first Annual General Meeting of Normandy NFM Limited will be held at Enterprise House, 136 Greenhill Road, Unley, South Australia on Thursday 12 October 2000 at 11.00 am.
In accordance with the resolution of the members on 26 June 2000 the Company's type has changed to a Company Limited by shares and the Company name has changed to New Holland Mining Limited.
Notice is hereby given that the Seventeenth Annual General Meeting of Normandy Mt Leyshon Limited will be held at 100 Hutt Street, Adelaide, South Australia on Thursday 12 October 2000 at 4.00 pm.
Oil Company of Australia Limited on behalf of the PL 44 Joint Venture advises that:
Rolleston No 17 a gas development well situation approximately 440 metres West South West of Rolleston No 13, Latitude 24 deg. 32 min. 30.60 sec. South, longitude 148 deg. 36 min. 56.40 sec. East, was spudded at 09:00 hours on August 31, 2000. At 06:00 hours today the rig was at a depth of 878 metres RT and rigging up air drilling equipment. 245mm surface casing was set at 159.3 metres RT and 178mm intermediate casing was set at 877.9 metres RT. Progress for the week was 878 metres.
A drill stem test of the Mantuan formation over the interval 556.25 to 564.25 metres RT flowed gas to surface at a rate of 43,900 cubic metres (1.55 million cubic feet) per day through a 12.7mm (0.5 inch) surface choke.
The primary target of the well is the lower Aldebaran sandstone with Sands Mantuan, Freitag and Upper Aldebaran being secondary targets. The proposed total depth of the well is 1445 metres RT.
Consolidated Press Holdings Ltd ceased to be a substantial shareholder in Open Telecommunications Limited on 06/09/2000.
NEW ISSUE ANNOUNCEMENT
At the Annual General Meeting held on September 1, 2000, all the resolutions were passed.
BDO, Chartered Accountants & Advisers, was appointed the company auditor.
PlatSearch NL has formed an alliance with Inca Limited, a major Canadian mining company, to explore 12 PlatSearch properties located in New South Wales, South Australia and Queensland. PlatSearch and Inco have signed Option Joint Venture Agreements for each of 12 projects. These agreements provide for the funding by Inco of a substantial work programme to explore for large base metals deposits on PlatSearch's project areas. The initial objectives of this work programme will be as follows:
* A drilling programme to test five drill-ready prospects in the Callabonna, Mirikata, Lilleyvale and Border Downs projects (PlatSearch 100%) and the Toby project (PlatSearch 50% and Allender syndicate 50%).
* A programme of prospect development and drill target generation on seven projects located in the Broken Hill region - Mundi Mundi and Mundi South projects (PlatSearch 100%) and Redan, Hollis Tank, Yanco Glen, Lindsays Creek and Bundera projects (PlatSearch 80% and Eaglehawk 20%).
Fayara Securities Pty Ltd ceased to be a substantial shareholder in Queensland Opals NL on 01/09/2000.
NEW ISSUE ANNOUNCEMENT
The Company advises that Jaime Queipo de Llano Comyn was appointed as director of ResX effective from 6 September 2000 and Brian D Richardson resigned as a director of ResX effective 6 September 2000.
The board of ResX takes this opportunity of publicly expressing their appreciation for the services that Mr Richardson has provided to ResX since its incorporation in 1996.
The Directors of Redfire Resources Ltd are pleased to advise that Mr James (Jim) Wall has been appointed to the Board as Chairman.
SANTOS LIMITED - SUMMARY OF DRILLING
WEEK ENDING 07/09/2000
QUEENSLAND
WELL: Sarah 1
TYPE: SWQ Unit Gas
Exploration
LOCATION: ATP 259, Total 66 Block, 7km WNW of Epsilon 6, 7km N of Moon 1, and some 115km SW of the Ballera Gas Centre
STATUS AT 07/09/2000 0600 HOURS: Drilling ahead. Current depth is 2299m, with 690m progress for the week
PLANNED TOTAL DEPTH: 2478m
WELL: Windigo 2
TYPE: SWQ Unit Gas Exploration
LOCATION: ATP 259, Naccowlah Block, 0.8km NW of Windigo 1, 4.7km of Judga North 1, and some 30km E of the Ballera Gas Centre
STATUS AT 07/09/2000 0600 HOURS: Drilling ahead. Current depth is 2370m, with 1720m progress for the week
PLANNED TOTAL DEPTH: 2612m
WELL: Kananda 1
TYPE: SWQ Unit Gas Exploration
LOCATION: ATP 259P, Innamincka Block, 4.1km SE of Durham Downs 3, 8.9km NE of Keilor 1, and some 30km N of the Ballera Gas Centre
STATUS AT 07/09/2000 0600 HOURS: Drilling ahead. Current depth is 2300m, with 1381m progress for the week.
PLANNED TOTAL DEPTH: 2816m
WELL: Rolleston 17
TYPE: Gas Appraisal / Development
LOCATION: PL 42, Dension Trough, QLD. 0.44km WSW of Rolleston 17, and some 140km N of Roma.
STATUS AT 07/09/2000 0600 HOURS: Rigging up air drilling equipment having run 178mm (7") intermediate casing. Current depth and progress for the week is 878m. A drill stem test of the Mantnan Formation over the interval 556.25m - 564.25m flowed gas to surface at a rate of 43,900 cubic metres (1.55 million cubic feet) per day through a 13mm (0.5") surface choke. The well spudded on 31/8/00.
PLANNED TOTAL DEPTH: 2083m
OFFSHORE WESTERN AUSTRALIA
WELL: Antelope 1
TYPE: Oil Exploration
LOCATION: WA 209P, Carnarvon Basin WA, 9km E of the Saffron oil and gas discovery, 12km ENE of Lepus 1 and some 80km NW of Dampier.
STATUS AT 06/09/2000 0600 HOURS: Preparing to plug and abandon. Progress for the week and total depth is 2040m. The well spudded on 2/9/00.
PLANNED TOTAL DEPTH: 2082m
USA
WELL: Runnels #3
TYPE: Gas Exploration
LOCATION: Ashland Deep Prospect, Matagorda County, Texas
STATUS AT 06/09/2000 0600 HOURS: Drilling ahead. Current depth and progress for the week is 1967m. The well spudded on 31/08/00.
PLANNED TOTAL DEPTH: 1394m
SANTOS LIMITED - SUMMARY OF DRILLING
WEEK ENDING 07/09/2000
SOUTH AUSTRALIA
WELL: Big Lake 67
TYPE: Gas Development
LOCATION: PPL 11, Moomba Block, 0.2km NNW of Big Lake 5, 0.7km NE of Big Lake 52, and 17km SE of the Moomba Gas Plant.
STATUS AT 07/09/2000 0600 HOURS: Preparing to run 89mm (3 1/2") production casing. The well is to be cased and suspended as a Permian gas producer. The well reached a total depth of 2966m with 389m progress for the week.
PLANNED TOTAL DEPTH: 2968m
WELL: Meranji 23
TYPE: Gas Development
LOCATION: PPL 35, Merrimelia-Innamincka Block, 0.51km NW of Meranji 18, 0.6km NNE of Meranji 15, and some 30km NNW of the Moomba Gas Plant.
STATUS AT 07/09/2000 0600 HOURS: Meranji 23 has been cased and suspended as a Permia gas producer. The well reached a total depth of 2997m, with 69m progress for the week. The rig was released on 5/9/00 and is moving to Merrimelia 39, a PPL 17 gas development well.
PLANNED TOTAL DEPTH: 2969m
WELL: Moomba 119DW
TYPE: Oil Exploration
LOCATION: PPL 9, Moomba Block, 0.17km WNW of Moomba 2, 0.96km SSW of Moomba 41, and some 7.5km SSE of the Moomba Gas Plant.
STATUS AT 07/09/2000 0600 HOURS: Moomba 119DW has been cased as a Jurassic oil discovery well. As reported earlier, the well reached a total measured depth of 2313m (with no progress for the week) in the Jurassic Hutton Sandstone and penetrated a 10m oil column in the Jurassic Hutton Sandstone. The rig is currently completing the well.
PLANNED TOTAL DEPTH: 2324m
WELL: Moomba 123
TYPE: Gas Development
LOCATION: PPL 7, Moomba Block, 0.9km SSW of Moomba 54, 3.2km SSW of Moomba North 1, and some 3km NNE of the Moomba Gas Plant.
STATUS AT 07/09/2000 0600 HOURS: Moomba 123 has been cased and suspended as a Permian gas producer. The well reached a total depth of 2634m, with 525m progress for the week. The rig was released on 5/9/00, and is moving to Moomba 120, a PPL 7 gas development well.
PLANNED TOTAL DEPTH: 2631m
As promised in the June Quarterly Report, Liquorhome.com is trading live in Western Australia, and we are on schedule to conduct a phased roll out across Australia commencing in October.
Daily Share Buy-Back - continued; maximum remaining number of shares to be bought back: 16,453,050
Commonwealth Bank of Australia and Colonial Limited decreased its relevant interest in Western Metals Limited on 04/09/2000, from 34,912,409 ordinary shares (10.61%) to 29,894,196 ordinary shares(9.08%).
Woodside Energy Ltd, reports that the WA-20-L joint venturers have announced they will contract a dedicated Floating, Storage and Offtake (FSO) tanker for use on the Legendre Project. The joint venturers have awarded the FSO services contract to Karratha Spirit Pty Ltd., a subsidiary of Teekay Shipping Corporation after a competitive tendering process. Teekay won the tender on the strength of its commercial and technical proposal.
Teekay will convert the tanker 'Pioneer Spirit' later this year, ensuring the FSO is available for use when the Legendre fields begin production in Q2 next year.
Under the terms of the service agreement, the Legendre joint venturers will pay a set day rate for the FSO, and Teekay will be responsible for the ongoing operation, manning and maintenance of the vessel.
All Ords
3266.4
Dow Jones
11,259.87
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3306.6
-14.6
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1502.51
+10.26
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1384.6
Nasdaq
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716.0
Gold - spot/oz
US$272.7
All Gold
729.3
Silver - spot/oz
US$4.88
AGC Explorers
846.0
-6
Platinum - spot
US$605.0
-4
Energy
1611.2
Palladium - spot
US$742.0
All Industrials
5672.5
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230.21
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-5.5
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US$35.39
+0.49
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16,300.46
-99.41
Copper (spot $US/tonne)
US$1940
+15
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17,431.95
-173.28
Lead (spot $US/tonne)
US$469
-4
A$ = US55.86c
Zinc (spot $US/tonne)
US$1224
A$ = 58.68yen
Nickel (spot $US/tonne)
US$8435
A$ = 0.640Euro
Aluminium (spot $US/t)
US$1622
US 30-Year Bond
5.713%
+0.013
Tin (spot $US/tonne)
US$5515
Rio Tinto has advised AKD that to date 15 RC holes and one diamond hole have been completed at the Wonarah phosphate deposit, 240km east of Tennant Creek.
Preliminary assays have only been received for one drillhole, RC-02, drilled near a high grade 1969 percussion hole on the southern margin of the deposit. This hole intersected 11m @ 23.2% P(2)O(5) from 42 metres including 2m @ 28.7% P(2)O(5) from 42m and 5m @ 28.8% P(2)0(5) from 48m. This result was significantly better than the 1969 drillhole intercept of 5.3m @ 22.1% P(2)0(5) from 45m.
Aquarius has been advised by the entities the subject of the above notice that they intend exercising 8,750,000 options at A$1.00 per option in Aquarius Platinum Limited within 5 working days of this notice.
0n completion of the exercise of these options, these entities, which are associated with Mr Michael AP Adams, will have a combined holding of 13,500,000 fully paid shares in the Company representing 23.68% of the issued capital.
Assay results from hole SOP31D on section 9700N are now available and these continue to confirm the continuity and exceptional high grade of the Main Mineralised Horizon (MMH), and demonstrate significant grades in the Upper Mineralised Horizon (UMH). Hole 31 intersected the MMH approximately 60m up-dip from Hole 30.
Hole SOP32D has also been completed and intersected a record 36.6m of massive sulphide in the MMH (estimated true width of between 24m-29m). This intersection is approximately 100m down-dip of Hole SOP30D. The UMH in this hole was fault affected and only 60cm of sulphide was recorded. Assays are awaited.
These highly significant intercepts have prompted a decision to drill a further down-dip hole on this section. This hole will hopefully extend the mineralisation further east than previously recorded, help define the mineralisation's dip (which appears to be flattening judging from the angle of contact between shales and sulphides, hence the range of the true width estimations), or show that the mineralisation has a down-dip cut off.
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The Directors of Ballarat Goldfields inform shareholders of the Board's strategy for the Company now that the post-acquisition 'bedding in' phase of Oztrak Group Pty Ltd has been satisfactorily concluded.
The Board appreciates that the present corporate mixture of minerals assets and the technology venture is unattractive to some investors. Directors are also concerned that this may be impacting adversely on shareholder market value. Accordingly, the Board is examining ways in which to unbundle the resources and technology businesses, with the twin aims of simplifying the BGF corporate structure and improving shareholder value.
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Bligh Oil & Minerals NL advises that technical difficulties have been encountered in the running of open hole logs in the Rimu B-1 wellbore. These difficulties are a result of the deteriorating hole condition. Further attempts at open hole logging have been terminated, and the decision has been made to proceed directly to the running of production casing. Cased hole logs will be acquired once the casing has been run.
The testing of the principal show zone, being the Lower Tariki sandstone at 4029-4041 metres, will be unaffected by the lack of open hole logs, and will proceed accordingly. The design of the testing program for any additional zones, will be based upon the drilling and show data, and the date provided by the cased hole logs.
It is anticipated that casing will be run over the next two-three days, and that initial production testing will be conducted thereafter.
Queensland's first carbon trade has been carried out between the Queensland Government Department of Primary Industries - Forestry (QDPI), the Queensland-based oil shale companies, Southern Pacific Petroleum and Central Pacific Minerals (SPP/CPM), and Greenfield Resource Options (GRO). The carbon trade involves a 150 hectare plantation in the Miriam Vale region under which SPP/CPM has purchased all the carbon credits from co-investors, QDPI and GRO.
Emperor Mines Limited announces that due to the recent below plan performance of it's low grade production sections, Philip Shaft and Decline, it has had to make 90 of the 1,700 employees at it's underground Gold Mine in Fiji redundant. The redundancies affect surface based services.
A separation package has been negotiated with the employees' representative body. The action taken will assist in enhancing the current performance of Philip Shaft and Decline sections. The Company notes that while these sections are not currently performing to plan, based on current geological and mine data, these sections have a positive future.
Notice is hereby given that a general meeting of members of Golden Heritage Limited will be held at The Institute of Chartered Accountants in Australia, Level 10, 600 Bourke Street, Melbourne, Victoria on Friday, 6th October 2000 at 4:00pm.
Australian mining company, Gympie Gold Limited has maintained operating profit before tax at $6.0 million (1999: $5.9 million) while focusing on major expansion programs at both its gold and coal businesses.
The company, which has gold mining operations at Gympie in south-east Queensland and coal mining in the Hunter Valley, NSW has reported a profit after tax of $4.9 million (1999: $5.9 million) after provision for deferred income tax of $1.1 million (1999: nil). Income tax is not expected to be payable for some years due to carried forward tax losses.
Resource Development Company Pty Ltd increased its relevant interest in Kimberley Diamond Company NL on 30/08/2000, from 1,659,404 ordinary shares (3.97%) to 2,374,126 ordinary shares (3.95%); and changed its relevant interest from 5,110,391 contributing shares (16.33%) to 5,480,962 contributing shares (13.56%).
The Board of Minotaur Gold NL advises that formal documentation for the acquisition of the remaining 80% of Colloqui Pty Ltd was signed Wednesday, 6 September. Shareholders should receive full details of the transaction in the notice of meeting within two weeks. The Independent Expert's Report places a preferred valuation on 100% of Colloqui at $17.7 million.
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Half Yearly Report
HIGHLIGHTS
* Oil Search Limited achieved strong growth in profits in the first half of 2000, reflecting solid production performance and improvement in global oil prices.
Profit (after tax and before abnormals) rose by 111% to US$13.7 million (A$22.8 million), compared to US$6.5 million (A$10.2 million) in the previous corresponding period.
* Improvement in profitability was largely driven by the increase in received oil prices and a reduction in amortisation and interest charges. Total sales revenue for the half was US$70.5 million (A$117.6 million) against US$70.3 million (A$110.2 million) in 1999.
* Production for the first half of 2000 totalled 3.43 million barrels, with liftings at 3.53 million barrels - down on production in the corresponding period in 1999. This was largely attributable to delays in commissioning the Moran 4 well and the requirement to redrill Gobe 6XST2, along with natural field decline. A number of development opportunities have been matured for activities in the second half of 2000, at Kutubu, Gobe and Moran, to maximise production and take advantage of elevated oil prices.
* Revenues were impacted by the level of oil hedging required as part of the company's financing arrangements put in place in early 1999. No further hedges were put in place during the first half.
* Significant progress was made in bringing the PNG to Queensland Gas Project to commercial closure during the reporting period. The announcement by the Queensland Government of a range of initiatives, to require and encourage gas usage for electricity generation, has provided the certainty of price and required volumes for both customers and producers to finalise contract arrangements. The agreement in May by the Hides and Kutubu Joint Ventures has also led to commitment of over 6TCF of gas to potential markets in Queensland. This was a major step in ensuring optimal development of the fields and an economically viable project. It has also confirmed ExxonMobil's and Santos' engagement with the project.
Detailed negotiations with the PNG Government on fiscal terms applicable to the project have reached an advanced stage. Discussions were also advanced with the Australian Federal Government for facilitation of financing for the PNG Government stake in the project infrastructure. All stakeholders are working to bring the project to commercial close as early as possible in the second half of 2000.
* Successful seismic acquisition and interpretation of data in the Highlands has identified a range of high class prospects for drilling. Exploration activities will increase in the second half with the commencement of drilling at Anama 1 - the first offshore hole to be drilled in PNG for 10 years. A second well, Duadua 1, may also be drilled, subject to the results of Anama. Although drilling activity will concentrate initially on production opportunities at Gobe and Kutubu, early well test opportunities will also be appraised at Saunders and Moran.
Preliminary Final Report
KEY POINTS
* Otter reported a full year loss of $NZ 6.9 ($A 5.3) million after tax, minorities and a write down in the carrying value of Beaconsfield mine.
* Otter wrote down its interest in Beaconsfield mine project by $NZ 19.4 million (Otter equity $NZ 11.0 million) due to delayed plant commissioning resulting from significant defects in works performed by the plant design and construct contractor.
* Otter's gold sales averaged NZ$638 per ounce (A$511 per ounce), while average cash operating costs were NZ$461 per ounce (A$365 per ounce).
* Otter's net equity gold production increased to 118,891 ounces (1999: 115,946 ounces), but was adversely impacted by prolonged wet conditions at Tanami mine, and delayed commissioning of the Beaconsfield mine plant.
* Otter's equity reserves at 30 June 2000 contained 0.66 million ounces of gold and 2.1 million ounces of silver contained within equity resources of 1.2 million ounces of gold and 2.1 million ounces of silver.
* Otter announced on 30 August 2000 a two for five renounceable rights offer to shareholders and 2003 option holders at $NZ 0.39 per share that will raise a net $11.7 million to fund Tanami exploration and continued mine development (offer closes 27 October 2000). This rights issue is fully underwritten.
* First RAV 8 nickel sulphide concentrate shipment delivered to WMC
* Metal reconciliation above forecast
* 17% increase in ore reserves
* Approval has been given for the next phase of exploration at RAV 8.
All Ords
3281.7
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US$273
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Copper (spot $US/tonne)
US$1936
+13
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17,605.23
+10.01
Lead (spot $US/tonne)
US$470
+1
A$ = US56.53c
Zinc (spot $US/tonne)
US$1226
A$ = 60.27yen
Nickel (spot $US/tonne)
US$8500
A$ = 0.648Euro
Aluminium (spot $US/t)
US$1623
US 30-Year Bond
5.700%
+0.037
Tin (spot $US/tonne)
US$5500
Austindo Resources Corporation announces results of continuing drilling at its Cibaliung project.
At Cibaliung gold mineralisation is hosted within epithermal quartz-adularia veins and two high-grade shoots, referred to as Cikoneng and Cibitung have been identified to date.
The latest drilling has tested for depth extensions at Cibitung. Three holes, AC-008, AC-010 and AC-011 intersected broad zones of quartz stockwork, quartz veins and vein breccia with average gold grades (no cut-off applied) as shown below. Hole AC-006, which has been reported previously, intersected the same broad zone:
Within this broad zone, higher potentially economic gold grades occur as two distinct lodes, one confined to the hangingwall of the main structure and the other towards its footwall. Silver values are higher in the footwall lode in AC-8, 10 & 11 suggesting that the two lodes may be the result of separate phases of mineralisation.
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TAKEOVER BID BY ILUKA RESOURCES LIMITED
Iluka Resources has announced a cash offer of 24 cents per share in respect of BeMaX Resources .
The Board believes the timing of the offer is opportunistic, as the Company is currently progressing the pre-feasibility study on the Ginkgo Deposit. The Company has yet to receive formal offer documentation from Iluka, and pending receipt of the same, shareholders are advised to await further advice from the Board in respect of their shareholdings.
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The company announce that the Port Stephens Council has unanimously approved the Development Application (DA) by its 100%-owned subsidiary, Mineral Deposits, for the extension of dredging operations at the latters mineral sand site at Fullerton in New South Wales. Final approval of the DA is subject to concurrence by the NSW Department of Urban Affairs and Planning (DUAP) to formally issue its consent conditions. Also, a 28 day appeal period commences on receipt of DUAPs written consent. The appeal process permits any party that lodged a formal objection to the DA during the 30 day public display period which concluded on 4 June 2000, to appeal the PSCs approval of 5 September 2000 to the Land and Environment Court.
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The Company advises that Mr Peter Edwards has on Wednesday, 6 September, resigned from the Boards of Antaeus Energy Limited and all of its related or controlled entities.
Ashton has received notice from De Beers Australia Holdings Pty Ltd that the De Beers Offer and Bidder's Statement were sent to Ashton shareholders on 5 September 2000.
OFFER AT A GLANCE
OFFER
$1.62 cash per Ashton Share.
De Beers is entitled to any dividends declared or paid after 31 July 2000 in respect of Ashton Shares acquired under the Offer. As Ashton declared an interim dividend of 5 cents per share on 17 August 2000, the Offer price paid to accepting shareholders who receive the dividend will be reduced by that amount.
You will not pay any brokerage or stamp duty on accepting the Offer.
EXPIRY DATE
The Offer closes at 7pm AEST on Friday, 13 October 2000, unless it is extended by De Beers.
NEW ISSUE ANNOUNCEMENT
Woodside Petroleum Ltd, Operator of the WA-5-L Joint Venture, reports that the Castor-1 exploration well located in the Carnarvon Basin was completing cementing related activities for the 13 3/8 inch casing at 0600 hrs WST on 5 September 2000. The casing shoe depth was 2353 metres.
All reported depths are referenced to the rig rotary table.
Further to the Company's announcement of 7 August, ICE Interactive Limited - Burdekin Pacific (BKS) 40%, has announced an agreement with free to air (FTA) broadcaster WIN Television under which WIN will be the lead partner in its iTV pilot in Orange. New South Wales.
WIN is Australia's largest regional broadcaster with a potential audience reach of nearly 5 million viewers. Its participation in the pilot is significant for a number of reasons. WIN Television will be the first FTA broadcaster in Australia to provide two way, 'connected' interactive television. The partnership will also bring together convergent media technologies with trials of interactive advertising and programming as well as WIN Television's web portal.
The Company announces that the royalty received for the royalty quarter ended 30 June 2000 was $11,440,566. This is $2,290,566 (25%) higher than the estimate contained in the Prospectus on an annualised basis. The principal reason for this higher quarterly royalty was the higher average oil price.
The oil price for the June 2000 quarter averaged A$48.97 against A$43.35 for the March 2000 quarter, an increase of 12.9%. The average oil price for the 3 months ended 30 June 2000 was 62.7% higher than the projection in the Prospectus of A$30.09.
Daily Share Buy-Back - continued; maximum remaining number of shares to be bought back: 14,895,051.
NEW ISSUE ANNOUNCEMENT
The Directors of the Company announce that on Friday, 8 September 2000 the Company will officially launch OzNetwork, an Australian on-line "new media" network. OzNetwork which has registered over 80 "Oz" branded domains for the purposes of developing an Australian focussed internet media company has its origins in the Company's acquisition of a 90% shareholding in OzSearch Pty Limited earlier in the year.
NEW ISSUE ANNOUNCEMENT
LionOre Australia (Nickel) Limited will commence preliminary site works at its wholly-owned Emily Ann nickel sulphide project within the next two weeks as a prelude to announcing a formal development decision. LionOre Nickel has also reached agreement in principle on project finance terms with NM Rothschild & Sons (Australia) Limited for mine development at Emily Ann.
The Emily Ann mine is planned to be operating at full production capacity within 18 months of a formal development decision being announced. The development decision remains subject to the finalisation of detailed documentation, which is well advanced.
Magellan Petroleum Australia Limited has reported a record consolidated operating profit after tax for the year ended June 30, 2000 of $9,883,000, up 64 percent from the comparable figure in 1999 of $6,029,000. Earnings per share rose 62 percent to 21.2 cents (1999:13.1 cents).
Magellan's share of natural gas sales from the Amadeus Basin also set a new record, rising 4 percent to 8.57 PJ (7.45 Bcf) and yielding revenues of $18,718,000, an increase of 13 percent on last year's figure of $16,626,000.
Metex Resources NL advises that it has established a subsidiary entity Elkedra Diamonds NL in association with Dr. Linda Tompkins and Dr Wayne Taylor (both recognised Diamond Industry Experts) with the purpose of delineating tenements in the Northern Territory which are considered suitable for hosting significant diamond resources. The company has lodged a total of 26 tenement applications (covering approximately 35,000sqkm) in the Northern Territory which are presently undergoing the approval process.
It is anticipated that Elkedra will be established as a separately funded and autonomously managed listed entity. Should the Anketell tax effective structure be successfully approved, a similar concept would be utilized by Elkedra resulting in an IPO listing with Metex retaining a significant interest. Presently Metex is funding the tenement acquisition phase and holds a 67% interest in the Company.
Daily Share Buy-Back - continued; maximum remaining number of shares to be bought back: 3,659,295.
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Menzies Gold Ltd refers to its market announcement dated 3 July 2000 in relation to a proposed option agreement for a privately funded Syndicate to take over the Company's interest in relation to the Bau Gold Project in Sarawak, Malaysia. Any future exercise of the option would have resulted in the Company disposing the Sarawak interests for an amount of at least $6.6 million.
The Company has today been advised by the Syndicate that it has decided not to proceed with the proposed option agreement.
The Directors are assessing the Company's future strategy with respect to the Bau Project in light of this decision, and various options are being investigated.
Last week Robert Bryan, Norman Zillman, Robert Bell and Richard Groves lodged initial substantial shareholder notices with the Company and these substantial shareholder notices were released to ASX. These parties were described as the "Founders" in the Company's Prospectus dated 19 July 2000. The substantial shareholder notices identified the shares in which the Corporations Law deems the Founders to have voting power.
The purpose of this letter is to clarify, for the assistance of the market, which shares, and how many shares, are the source of the voting power referred to in the Founders' initial substantial shareholder notices.
In summary:
* The Company has 80 million issued shares, comprising the 60 million shares issued in the Public Offer under the Prospectus and 20 million Founder Shares.
* ASX has granted official quotation to 61.5 million shares, comprising all of the shares in the Public Offer and 1.5 million Founder Shares.
* The remaining 18.5 million Founder Shares are restricted securities under escrow agreements for 24 months from the commencement of quotation.
* The substantial shareholder notices lodged by the Founders last week disclosed that certain parties including the Founders are deemed to have voting power of up to 26% in the Company.
* Their deemed voting power is due to relevant interests held by those parties and their associates in various combinations of the shares that are held by the following registered holders:
REGISTERED HOLDER OF SECURITIES CLASS AND NUMBER OF SECURITIES
Robert Bryan 7,100,000 ordinary shares
Leyshon Equities Pty Ltd 1,000,000 ordinary shares
Norman Joseph Zillman 3,550,000 ordinary shares
Bannerblock Pty Ltd 500,000 ordinary shares
GFK Investments Pty Ltd 3,550,000 ordinary shares
Pamela Joan Bell 25,000 ordinary shares
Javea Pty Ltd 3,000,000 ordinary shares
QGAS Pty Ltd 4,050,000 ordinary shares
Total 22,775,000 ordinary shares
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The Board believes that BHP and Mitsubishi's jointly owned company, MetCoal Holdings (Qld) Pty Ltd's recent joint cash offer of $1.20 per share undervalues the Company. You need take no action regarding your shareholding at this time.
The offer fails to recognise:
* The intrinsic and strategic value of QRL's assets (including the recent 95% increase in QRL's share of the Joint Ventures' marketable coal reserves);
* QRL's marketing rights to its share of the CQCA and Gregory Joint Venture coals; and
* Recent and likely future improvements in the coal market.
The improved performance of the Company's share price over the past quarter indicates that the share market had started to recognise some of these factors. These factors are expected to provide the foundation for reinvestment in, and growth of, the Joint Venture assets and their returns.
The Board also believes that the $1.20 offer undervalues the synergistic benefits which BHP and Mitsubishi would be able to extract from control of QRL's assets.
The Directors are currently reviewing the draft Bidder's statement received from MetCoal and will ensure that shareholders have ample time to make a decision in respect of the offer. A Target Statement detailing the Directors' recommendations and other information material to the offer is expected to be despatched to shareholders in late September.
DETAILS OF SHARES CANCELLED
Number of Shares | Class of Shares | Consideration |
(Total) | ||
102,797 | Ordinary | 207,276 |
113,500 | Ordinary | 228,186 |
173,709 | Ordinary | 341,188 |
Period of Cancellation from 14/08/2000 TO 05/09/2000
First half performance highlights:
* Record earnings of $207 million, up 148%.
* Earnings per share up 147% to a record 34 cents.
* Operating cash flow up 80% to $440 million.
* Gearing (net debt to equity) down to 64.5% notwithstanding significant acquisition activity.
Santos announced a record after tax profit for the 2000 first half of $207.0 million, a 147.6% increase on the 1999 first half result of $83.6 million.
This result reflects record first half sales revenue, production and sales volume.
Included in this result is an equity accounted loss of $18.7 million on the Company's investment in QCT Resources Ltd. Excluding this investment, Santos recorded earnings of $225.7 million.
Operating cash flow increased by 79.6% to $440.3 million.
Earnings per share were 34.1 cents compared with 13.8 cents in the 1999 first half. Net operating cash flow per share was 72.6 cents compared with 40.4 cents in the 1999 first half.
Troy Resources has achieved an outstanding pre-tax profit of $11.3 million for the year ended 30 June 2000. After allowing for tax of $2.5 million, the after-tax profit for the year was $8.8 million. Both these profit figures are a record for the Company.
The Directors have declared a final dividend of 4 cents per share. The books closing date for the dividend will be 31 October 2000, with payment on 21 November 2000. The dividend will be unfranked.
The after-tax profit, which equates to earnings per share of 18 cents, was achieved on sales revenue of $33 million and is significantly up from a small profit of $0.3 million recorded in the previous year. The profit was struck on the excellent performance from the Company's gold mining operations at Sandstone and Cornishman during the year.
Operating net cash flow was a strong $13.3 million for the year (previously $0.9 million).
AMP Limited decreased its relevant interest in United Energy Limited on 31/08/2000, from 249,284,974 voting shares (59.57%) to 245,130,038 voting shares(58.53%).
Victoria Petroleum NL has been advised by Apache Energy Ltd, the Operator for the WA-261-P Joint Venture, that the Chamois-1 exploration well was abandoned on Saturday 2nd September 2000, and the rig released to the Kudu-1 well that is due to spud shortly.
The Kudu Prospect, in adjacent permit WA-256-P, is interpreted to extend into WA-261-P, with the potential for up to 5 MMBO of oil within WA-261-P. Kudu-1 is being drilled by the jackup drilling rig Ron Tappmeyer.
The Rhebok-1 well, to be drilled by the jackup drilling rig Ensco-56, is scheduled to commence drilling in WA-261-P in mid-September 2000, following Tusk-1 (WA-246-P). The Rhebok Prospect is located just to the south of the nearby Stag Oil Field, and has potential reserves of up to 45 MMBO.
Victoria Petroleum NL is encouraged by the presence of both oil and gas in Chamois-1, which has enhanced the prospectivity for oil and gas in WA-261-P.
John Joseph Martin increased its relevant interest in West Australian Metals NL on 15/08/2000, from 1,919,681 ordinary shares ( -%) to 2,474,681 ordinary shares( -%).
All Ords
3307.0
Dow Jones
11,260.61
ASX200
3347.3
+9.8
S&P 500
1507.08
-13.69
All Resources
1375.8
Nasdaq
4143.18
All Mining
721.8
Gold - spot/oz
US$274.7
All Gold
742.5
Silver - spot/oz
US$4.94
AGC Explorers
856.0
-8
Platinum - spot
US$600.0
+7.0
Energy
1599.8
Palladium - spot
US$710.0
All Industrials
5760.4
Bridge CRB Index
229.75
FTSE 100
6752.5
-45.6
Crude Oil (NYMEX)
US$33.83
+0.45
Nikkei
16,452.27
-235.94
Copper (spot $US/tonne)
US$1923
+1
Hang Seng
17,595.22
-130.95
Lead (spot $US/tonne)
US$468
+2
A$ = US56.96c
Zinc (spot $US/tonne)
US$1218
A$ = 60.27yen
Nickel (spot $US/tonne)
US$8540
A$ = 0.640Euro
Aluminium (spot $US/t)
US$1581
US 30-Year Bond
5.663%
-0.023
Tin (spot $US/tonne)
US$5505
Preliminary Final Report
* Aquarius' 44% owned affiliate Kroondal Platinum Mines Limited (KPM) achieved US$15.4 operating profit after amortisation, interest, and tax and a gross profit margin of 56%.
* Second project, Marikana, in funding stage and will contribute 160,000 ounces per annum PGM.
* 3 additional projects evaluated (and recently acquired), including Everest South, bringing resource base up to some 35 million ounces PGM.
* Everest South to contribute approximately 175,000 ounces per annum to put Aquarius at stated goal of over 500,000 ounces PGM production per annum by 2003.
* Consolidated group maiden operating profit after tax US$3.8M on partial year production and abnormal items relating to corporate restructuring.
Preliminary Final Report
Energy Developments has reported an after tax profit of $17.6 million for the year to 30 June 2000. This result included an abnormal item of $3.6 million, arising from prior year tax benefits due to a reduction in the Australian corporate tax rate.
The after tax profit excluding this abnormal item was $14.0 million, a 27% increase over the previous year.
Directors have declared a final dividend of 2.5 cents per share, giving a total dividend for the year of 4.9 cents per share.
The Company is continuing the rapid international expansion of its power generation business. Recent highlights include:
* execution of electricity sales contracts for more than 40MW of generating capacity in the United States, with a number of projects now in the construction phase.
* construction in progress on the Company's first joint venture project in continental Europe, the 13MW Ano Liossia landfill gas power project in Greece;
* completion of the 8MW Rainham landfill gas power project in the United Kingdom;
* completion of the Company's second 5MW landfill gas power project in Taiwan, being developed in a joint venture with the Brambles group; and
* completion of the Century mine power plant (4MW) and the Karumba power plant (6MW) in north west Queensland.
The company advises that it has completed the allotment and issue of 25,000,000 ordinary fully paid shares as announced on 23 August 2000.
The placement was completed at an issue price of 20 cents per share.
Molopo Australia NL announces that on September 1st, 2000 it successfully completed fracture stimulation (fraccing) operations on Seam 8 (the target seam) in the LW-L1 well, in the Liulin Coalbed Methane Gas licence, Shanxi Province, China.
Fraccing is a widely used technique in the coalbed methane industry whereby a fluid laden with sand is injected at high pressure into a target formation (being the coal seam) to provide fractures in the coal seam around the well bore. The sand "proppant" supports the fracture and maintains the improved fluid conductivity (flow of gas and water to the well bore) as the injected fluid is withdrawn from the well. It is common practice to trial fraccing fluids of different viscosity, and therefore different capacities to carry and emplace sand into the target formation in order to optimise the connectivity of the well bore to the target formation.
Fraccing operations at LW-L1 were conducted using a linear gel fluid, and successfully emplaced the planned, approximately, 51 tonnes of sand proppant. Initial indications are that fracture conductivity would appear to be very good. The well is currently being flowed-back with no gel residue, which is indicative of good gel breakdown in the well.
The fraccing crew is currently moving to the adjacent pilot well LW-L3 to implement a stimulation trial using surfactant treated water as the fracture fluid, and will then move to LW-L2 to trial a cross-linked gel as the fracture fluid.
In addition, trial cavitation operations on the existing HW-L1B well, also part of the pilot well pattern, are expected to commence on or about September 6th.
During June and July 2000 Pilbara Mines completed an air core exploration drilling programme on Pilbara's exploration tenements, south of the Teutonic Bore open pit.
The drilling was planned to test anomalous areas defined from preliminary assessment of available magnetic and radiometric data, to test extensions of known mineralized/anomalous zones and to provide an indication of the depth of cover, potentially masking mineralisation from previous exploration.
179 holes were completed for 13,058 metres, holes 60 degree angled, drilled to bit refusal and sampled on 4 metre composites. Holes were on reconnaissance traverses, variably spaced.
Of the 179 holes drilled, 77 returned highly anomalous base or precious metal values above the statistical 99th percentile of the population. Peak values encountered in 4 metre composites included copper - 0.05%, lead - 0.11%, zinc - 0.21%, silver - 5.7 g/t, gold - 1.8 g/t (including a re-assay of 13.9 g/t, suggesting coarse gold). Re-assaying of anomalous 4 metre composites, in metre intervals, is currently in progress, which will give an indication of the distribution of mineralisation prior to further drilling.
The exploration programme has indicated:
1) A variable depth of transported cover is present, which suggests previous regional exploration in the area has been of limited value and hence the scope for further economic base and precious metal discoveries is very good.
2) A central zone of base metal anomalism, from south Of the Teutonic Bore mine, extends over some 8 km, centred on the Warramboo Gossan and Snowys Well prospects.
3) An eastern and western gold anomalous zone, flanking the base metal zone, is evident.
4) The degree of anomalism encountered in the first pass of exploration drilling suggests the area has the potential to host further zones of economic base metal and/or gold mineralisation.
On receipt of re-sampling of 4 metre composites, infill and extension drilling in the area of the highest ranked anomalies will commence.
At approximately 8-00pm last night a charter flight from Perth to the Sons of Gwalia Mine at Leonora met with some difficulties and did not land as scheduled. For some reason it continued flying to Northern Queensland. It has since been confirmed the plane came down south of Bourketown.
It is with great regret we confirm there were seven of our colleagues who worked at Leonora and the charter pilot on the flight. It has been confirmed that there were no survivors.
The appropriate State and Federal authorities are on site and the Company will continue to provide all relevant assistance and support to the families of the deceased and our staff at Leonora and Perth.
Wells Gold advises that it has entered into a Heads of Agreement with the shareholders of West Swan Wineries Limited whereby Wells is entitled to acquire 100% of the issued capital of WSW.
Liquorhome is a 50/50 joint venture between Wells and the West Coast Liquor Group and has a strategic alliance with WSW whereby WSW has produced a range of bulk wine for a Liquorhome/West Coast marketing strategy.
The Directors of Wells consider the acquisition of WSW will strengthen the strategic alliance and enhance the Liquorhome business model by improving margins and broadening the scope for rapid growth.
Daily Share Buy-Back - continued; maximum remaining number of shares to be bought back: 20,153,050.
Notice is hereby given that an Extraordinary General Meeting of the Company will be held at 12 Suffolk Street, London SWIY 4HQ at 9.30 am on 22 September 2000.
ORDINARY RESOLUTION
That the proposed sale by the Company of the entire issued share capital of Fife Silica Sands Limited and of Fife Resources Limited to SCR-Sibelco NV on and subject to the terms and conditions set out in the conditional share sale/purchase agreement, whose terms and conditions are described in the Circular addressed to the Ordinary Shareholders of the Company dated 4 September 2000, be and is hereby approved and that the Directors of the Company be and are hereby authorised to cause such agreement and all matters provided therein or related thereto to be completed and, at their discretion, to amend, waive, revise or vary or extend any terms of such share sale/purchase agreement in whatever manner they consider to be necessary or desirable, provided that any such amendment, waiver, variation, revision or extension is not in the reasonable opinion of the Directors of the Company material.
Anglo Pacific Group announces that it has signed a contract with S.C.R. - Sibelco N.V. for the sale of the entire issued share capital of each of Fife Silica Sand and Fife Resources Limited, two of the Company's subsidiary companies, for an aggregate price of GBP4m cash, subject to adjustment by reference to the net working capital at the completion date. Approximately GBP3,233,000 from the proceeds of the disposals will be applied to pay off Anglo Pacific Group borrowings and FSS's hire purchase commitments and the balance of GBP467,000 (net of expenses) will be applied as additional working capital for the development of the remaining Anglo Pacific Group.
Year ended 30 June 2000 Review:
* Record Sales Revenue of $A8.5 million (1999: $A4.3 million).
* Pre-tax net operating cashflows of $A1.5 million, (1999: $A0.1 million) an increase of 1500%.
* Profit before non-cash items and interest more than doubled. Earnings before interest, tax, depreciation and amortisation (EBITDA) $A2.7 million (1999: $A1.2 million). Non cash items represented by depreciation and amortisation amounted to $2.3 million.
* Cash on hand at 30 June 2000 was $A2.3 million.
AQUARIUS UPGRADES EVEREST SOUTH WITH DISCOVERY OF ANOTHER MILLION OUNCES
* Everest South resource increases by more than one million ounces of platinum group metals and 17.5% in grade.
* Total resource now stands at 36.3 million tonnes @ 4.7g/t PGM for 5.48 million ounces.
* By 2003 Aquarius expects to have three mines producing some 500 000 ounces of platinum group metals per annum.
Ashton Mining Limited has announced that deep drilling at its Merlin Diamond Project in the Northern Territory has revealed that two of the main kimberlite pipes widen at depth to form one much larger pipe, significantly increasing the potential for extension of mine life.
The deep drilling program, which began in April this year, has been targetting the depth extensions of five kimberlite pipes in the southern 'cluster'. The aim of the program was to provide pipe dimension and geotechnical data for underground mine planning and study purposes.
Analysis of results from the drilling shows that the Palomides and Sacramore pipes, previously considered to be individual pipes, join to form one larger pipe, approximately 120 metres below the natural surface. Attached is a model showing the postulated pipe dimensions, as interpreted by site technical personnel.
This result has significant ramifications for the Merlin Project. In the short-term, optimisations will determine whether an expanded open pit is feasible. In the medium-term, the larger pipe 'footprint' will require re-analysis of the underground potential and mining options. Work is planned to determine whether more of the pipes in the Merlin field join at depth.
NEW ISSUE ANNOUNCEMENT
AuIron Energy confirms that its shares have been admitted to trading on the Alternative Investment Market of the London Stock Exchange. Dealing commenced on Friday 1 September for all currently issued fully paid shares including the recent placement of 26.15m shares.
Some 2.39m shares were traded with a day's high of 31.5p Stg (about 80.1c) at an exchange rate of $A1.00 = GBPStg 0.393. The Company's market capitalisation on the Friday high in the UK was about $A190m (GBPStg 75m) for 243,443,862 fully paid shares, having risen about 16 times from the all time low in March 1999 of about $A12m.
Gold shipments by the Joint Venture for the months of July and August 2000 were 4,871 and 7,274 fine ounces respectively.
The average for the two months of 6,072 ounces, while still only 73% of the 100,000 ounce per year target, represents a 24% improvement on the average monthly shipment for the June 2000 quarter of 4,912 ounces.
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The Company advises that, effective Monday 4 September 2000, the office at which the register of members of the Company is kept will be at Level 5, 120 Collins Street, Melbourne. Shareholder enquiries should be made at that office from that date.
Bligh Oil & Minerals NL advises that the Rimu B-1 well has been drilled to a depth of 4099 metres and that a decision has been made to run electric logs and production casing, as a prelude to the testing of the well. The Rimu B-1 is located on PEP 38719 in the southern part of the onshore Taranaki Basin, New Zealand. The well is situated approximately 2.4 kilometres south of the Rimu A-1 discovery well, which tested 1600 barrels per day of oil and 5 million cubic feet per day of gas from the Upper Tariki sandstones. The Rimu B-1 was intended to test the southern extent of the two cycles of Tariki sand which were encountered in the Rimu A-1 well, the upper of which yielded the above oil flow, while the lower tested oil and formation water. It was also intended to evaluate the degree of separation of the Rimu structure, from the larger and higher Kauri feature, to the southeast.
Further to our previous announcement regarding a Declaration of Dividend to Shareholders, please be advised that the Share Ratio Distribution should be 1 (One) Jingellic Share for every 85.864395 (Eighty Five point eight, six, four, three, nine, five) shares held in Beach Petroleum NL and NOT 85,864,395 as incorrectly reported by the ASX.
Shareholders of Beach Petroleum NL have been awarded a no-cost share entry into Plantcorp Limited, formerly Jingellic Minerals NL. The proposals approved by shareholders today included the change of company name, share structure and company type all of which are subject to ASIC approval.
Plantcorp plans to manage investments in vineyards, forests and olive groves.
Daily Share Buy-Back - continued; maximum remaining number of shares to be bought back: 15,245,051.
Contact Energy announced that it had acquired a 30% equity interest in New Zealand's largest and fastast growing on-line procurement company, e://volution E-Business Limited, for $2.5 million.
The acquisition was a strategic investment that will form a cornerstone of Contact Energy's plans to provide innovative new products and services to its 500,000 electricity and gas customers.
As part of the deal, Contact has secured the right in perpetuity to use the e://volution product for its own business.
NEW ISSUE ANNOUNCEMENT
The company announces its intention to auction 4,000,000 shares as fully paid due to non-payment of a call on these shares.
The auction is to be held at 9.30am Tuesday 19th September 2000.
Letter to Shareholders
Following the takeover offer for Gilt-Edged Mining, in April 2000 the Company purchased the Davyhurst project for $3.4 million in cash and shares. Davyhurst is located 120kms NW of Kalgoorlie and includes a very well maintained 1.3 million tonnes per annum treatment plant.
In July, just three months after this acquisition, the Company announced significant drill results from the Giles prospect and from the northern extensions of the Davyhurst mine sequence. This had the immediate effect of increasing the price of shares by around 35%.
These good results have led to a decision to recommence mining and milling activities at Davyhurst with initial forecast production in the first year of approximately 150,000 ounces. Infill drilling and feasibility studies are underway and statutory approvals are now being sought.
NEW ISSUE ANNOUNCEMENT
NEW ISSUE ANNOUNCEMENT
Envestra has announced its financial results for the year ended 30 June 2000.
Operating profit before interest and tax was $121.3 million compared with $67.9 million for the previous year, and exceeds the prospectus forecast of $118.7 million.
The Company recorded a consolidated loss after tax and interest on loan notes of $12.9 million. This was $14.3 million better than the prospectus forecast loss of $27.2 million and $3.4 million better than the previous period. An abnormal tax gain of $10.0 million was recorded as a result of adjusting the value of the deferred tax liability to take account of the reduction of the corporate tax rate from 36 per cent to 30 per cent.
Due to the Company's financial structure it will incur accounting losses for a number of years. However, the Company will generate positive cash flows out of which distributions to shareholders will be made.
Equigold's operating profit after tax for the year ended 30 June 2000 was $2.85 million, up 100% on the 1999 result of $1.42 million. This result was achieved after a 48% increase in operating profit before tax and abnormals from $3.05 million in 1999 to $4.51 million in 2000. Operating revenue was up 36% to $26.4 million in 2000. This significant increase in profit was the result of higher production and lower costs achieved at the Dalgaranga project (Equigold 50.1%) during the year.
Cash and bullion on hand at 30 June 2000 was $5.90 million, up significantly on the $0.97 million cash and bullion position as at 30 June 1999.
The board of directors of Equigold NL has declared an inaugural dividend of 2.0 cents per share, fully franked. The record date of the dividend is 18 September 2000 and the dividend is payable on 25 September 2000. The shares will be quoted "ex" dividend from 12 September 2000.
The Company is forecasting a further increase in profit in 2001, reflecting the additional contribution from the Mt Rawdon project. This project is currently under construction with commissioning expected in December 2000. Full production is expected to commence at Mt Rawdon in January 2001 and the mine is forecast to contribute 31,000 ounces to Equigold's budgeted production for 2001 of 84,000 ounces.
Rio Tinto Investments Two Pty Ltd became a substantial shareholder in Energy Resources Of Australia Limited on 08/08/2000 with a relevant interest in the issued share capital of 176,322,592 ordinary shares (92.44%).
CLASS OF SECURITY | NO OF SECURITIES | VOTING POWER |
A Class Ordinary | 130,450,104 | 68.39% |
B Class Ordinary | 25,573,468 | 13.41% |
C Class Ordinary | 20,299,020 | 10.64% |
Total | 176,322,592 | 92.44% |
Production pipe has been set and a completion rig is scheduled to arrive on location around 15 September 2000 to commence production testing of the Cotton Valley formation in the Terry Ewing No 1 well. Present plans are to perforate the Cotton Valley "underbalanced" through tubing.
Initially the well will be produced naturally (without stimulation) from the Cotton Valley formation while pressure build up tests are run. A flow line and surface production equipment are currently being constructed and should be in place to enable immediate gas sales. An initial production rate of better than 5 million cubic feet of gas per day from this single zone is anticipated.
Gas sales contracts are being negotiated with Shoreline Gas Company and Sago Energy Company at close to Henry Hub pricing. October gas on Nymex is currently US $4.83 per thousand cubic feet.
The participants have also committed to the drilling of a second well, the Terry Ewing No 2, which has been designed to penetrate the Hosston and Cotton Valley Sands approximately 2,300 feet south southeast of the No 1 well. A rig is scheduled to arrive late October.
On 19 July 2000, Petroz NL announced that agreement has been reached for Fletcher Challenge Energy Limited to acquire a substantial shareholding in Petroz and to fully underwrite a 3:5 rights issue.
This was subject to two conditions precedent being the approval of FIRB (Foreign Investment Review Board) and of Petroz shareholders.
The FIRB approval has now been obtained.
The General Meeting of Petroz shareholders at which approval is being sort will be held in Brisbane on 14 September 2000.
The Directors of Glengarry Resources NL announce the acquisition of an 80% interest in three exploration licence applications in the south west of Western Australia and two exploration licence applications in the Gascoyne area of WA from Geotech International Pty Ltd. Geotech, a company associated with consulting geologist Paul Askins, will retain a 20% free carried interest to feasibility completion.
St Barbara Mines Limited increased its relevant interest in Goldfields Limited on 19/04/2000, from 16,313,623 ordinary shares (9.93%) to 19,791,770 ordinary shares(10.5%).
Further to Grenfell's announcement of 30 June 2000, the directors advise that the Australian Securities and Investments Commission has approved the change in type of the company from a public no liability company to a public company limited by shares.
Accordingly, attached is a copy of the "Certificate of Registration on Change of Type" confirming the change of company name from "Grenfell Resources NL" to "Grenfell Resources Limited" effective 19 August 2000.
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Golden Cross Resources Ltd has acquired seven exploration projects totalling approximately 1,100 sq km from Michelago Ltd for 1.8 million GCR shares. The acquisition is part of GCR's strategy to secure ground highly prospective for porphyry copper-gold and base metals mineralisation and to consolidate its position as the leading NSW junior explorer. The shares, representing 2.7% of GCR's issued shares, will be in escrow until 30 November 2000.
NEW ISSUE ANNOUNCEMENT
The Directors announce the completion of the review and re-calculation of the Ore Reserve and Resource Estimates as at June 30, 2000 for its wholly owned subsidiary Mt Magnet Gold NL.
The totals are as follows;
Total Proved & Probable Mining Reserves 13.284 mt @ 4.2 g/t for 1.807 m oz.
Total Identified Mineral Resources 34.527 mt @ 3.8 g/t for 4.236 m oz.
It should be noted that reserves are a subset of the resources. The attached tables summarise the general source categorisation of the Mining Reserves and Identified Mineral Resources, and the variation from the previous estimates.
This ore reserve estimates have been calculated at a gold price of A$500 per ounce.
The Directors of Hill 50 Gold NL announce the Company's financial result for the 12 months ended June 30 2000, as follows:
Operating Profit before tax and abnormals $11.412 million
Abnormal Items ($0.854) million
Income tax expense ($1.813) million
Operating Profit after tax $8.745 million
The profit reflects the robustness and continuing profitable performance from the Mt Magnet operations despite production setbacks at the Star underground mine and the poor reconciliation of the completed Milky Way pit.
The profit result was achieved from the production of 149,705 ounces at an operating margin of A$147 per ounce. Revenue totalled $80.3 million from an achieved gold sale price of A$505 per ounce.
Dividend Payment for Y/E 30/06/00
*Record Date for determining entitlement to dividend: 6 November 2000 at close of business at 5.00 pm.
*Date the Dividend is payable: 10 November 2000
*Dividend distribution: Final dividend of 1.5 cents fully franked at 34% tax
* HeartLink Ltd, a controlled entity of Intermin Resources Ltd, issued a Prospectus dated July 26, for an issue of 16,270,603 ordinary shares at 20 cents each, and 16,270,603 Options at an issue price of 1 cent each to raise a total of $3,416,827.
* The offer was closed Monday 4 September, approximately $1 million oversubscribed, reflecting the level of interest in HeartLink. Oversubscriptions for up to 5 million shares and options were provided for, and consequently HeartLink has raised in excess of $4.35 million.
* The funds raised are to facilitate the commercialisation of the HeartLink Technology, which is the worlds' first objective method for the diagnosis of depression and clinical anxiety.
* It is expected that HeartLink Ltd will list on 13 September 2000.
NEW ISSUE ANNOUNCEMENT
The Annual General Meeting of Marlborough Resources NL will be held at the North Sydney Harbourview Hotel, 17 Blue Street, North Sydney on Friday, 6 October 2000 commencing at 4.00 pm (EST).
SALE OF PROJECTS TO GOLDEN CROSS RESOURCES LTD
Michelago has agreed to sell its interests in the Sunny Corner, Eurongilly, Wallendbeen, Prince of Wales/Tumblong, Cullulla, Breadalbane and Billilingra projects to Golden Cross Resources Ltd for 1.8 million Golden Cross shares, which the parties agree shall be subject of a voluntary restriction from sale to 30 November 2000.
The divestment of these tenements and the concomitant reduction in exploration liabilities will allow Michelago to better focus its exploration activities on the balance of its exploration portfolio, whilst realising significant value for the projects being sold. Golden Cross shares closed on 31 August 2000 at 11 cents per share, valuing the 1.8 million GCR shares, which represent 2.7% of Golden Cross's issued shares, at approximately $200,000.
Golden Cross's portfolio of prospective porphyry copper gold and base metal projects will be enhanced by the new projects and Michelago's 2.7% shareholding in Golden Cross will expose Michelago and its shareholders to any discoveries in the Golden Cross portfolio.
ACQUISITION OF SIPA'S EXPLORATION INTERESTS IN NEW SOUTH WALES
Simultaneous with its exploration project sale to Golden Cross, Michelago has agreed to acquire the exploration interests held by Sipa Exploration NL in New South Wales, which are held in joint venture between the companies. Michelago shall pay nominal consideration for Sipa's interests and Sipa shall retain a royalty against mineral production from the projects comprising:
1. 2.5% gross gold production royalty, and 2. 2.5% net smelter return royalty for other minerals.
REVENUE ESTIMATES FOR INVENTORY MANAGEMENT SYSTEMS PTY LIMITED (IMS)
In Michelago's June 2000 Quarterly Report, the Company released forecast gross revenue (June to September 2000 quarter) in the range of $350,000 to $500,000 for its wholly owned subsidiary, Inventory Management Systems Pty Limited (IMS).
As a result of slower than anticipated sales and order completion by IMS, the forecast gross revenue for the period in question has been revised to approximately $80,000 to $120,000.
The Directors are concerned over the downturn in revenues for IMS and a comprehensive review of both Michelago's IT investments, IMS and E4fax, is underway. The results of the review will be made available to the Michelago Board in four weeks.
Mosaic's workover program following its recent acquisition of the Silver Springs complex continues.
Economic oil has now been recovered under the Tinker gasfield complex in Lower Triassic sandstones. The free oilflow aided by gas drive at East Glen No 1 is presently 350 barrels per day through a 20/64 inch choke. The size of the oil column within a 20 meter hydrocarbon column is unknown. No statement about reserves can be made at the present time and if the gas drive weakens the well will be placed on pump.
Pumping equipment has been ordered from overseas to test flow oil in the same zone in three other wells under the Tinker gasfield complex.
The testing program has meant that Mosaic's net oil production over the last week has been in excess of 500 barrels of oil per day.
The securities of Mosaic Oil NL will be placed in pre-open pending the release of an announcement by the Company. Unless ASX decides otherwise, the securities will remain in pre-open until the earlier of the commencement of normal trading on Wednesday, 6 September 2000 or when the announcement is released to the market.
Security Codes: MOS
MOSOA
Zurich Bay Holdings Pty Ltd increased its relevant interest in Mineral Commodities Ltd on 31/08/2000, from 5,000,000 ordinary shares (6.67%) to 6,000,000 ordinary shares(8.0%).
Daily Share Buy-Back - continued; maximum remaining number of shares to be bought back: 3,789,295.
For company information, click here
N M Rothschild Australia Holdings Pty Ltd decreased its relevant interest in Matrix Oil NL on 04/09/2000, from 25,000,000 ordinary shares (8.76%) to 14,500,000 ordinary shares (5.076%).
A fatality occurred as a result of rock fall in the Big Bell underground mine, located near Cue in Western Australia, on Saturday, 2 September. No other injuries were recorded and all mining activities have been suspended for ten days, pending a full investigation.
FINANCIAL HIGHLIGHTS FOR THE HALF YEAR
(compared to same period in 1999)
* Operating profit up 546% to $22.0 million
* Net profit after tax up 352% to $15.4 million
* 6 months production up 35% to 4.3 million barrels of oil equivalent, reflecting new projects.
* Operating cash flow up 306% to $64.4 million
* $24.3 million debt repaid during the 6 months, despite significant funding requirements for West Natuna Gas development.
* Net debt to total capital 40% (45% at 30 June 1999)
Average realised oil price for the period was US$26.33 per barrel, compared with US$13.29 per barrel in the same period last year. Novus' production remains unhedged.
Pima Mining NL has announced that Westpac Corporate Finance has been appointed financial advisor to The South Australian Magnesium (SAMAG) Project.
Directors of Pacrim Energy advise that, as the number of Pacrim shares held on the New Zealand register is less than 1% of the company's issued fully paid shares, and the number of shares traded on the New Zealand Stock Exchange is commensurately small, it has been resolved to cease the listing on the New Zealand Stock Exchange and close the New Zealand register.
The last day of trading on the New Zealand Stock Exchange will be Friday 8th September and all holdings on the New Zealand register will be transferred to the Australian register in Brisbane. It is anticipated this will be completed by the end of the week ending 15th September.
Plenty River Corporation Limited advises that it has signed a Memorandum of Understanding with the North West Shelf Venture participants for the supply of gas to Plenty River's world scale ammonia urea project which is to be located on the Burrup Peninsula in West Australia.
The agreement involves the supply over 20 years of approximately 70 terajoules a day of Australian Feedstock Gas(TM), a new product developed by North West Shelf Gas specifically for major industrial customers. Gas supply is scheduled to commence in 2003.
Plenty River and North West Shelf Gas aim to finalise the terms of a Gas Sale Agreement by the end of the year. North West Shelf Gas is the Australian domestic gas representative for the North West Shelf Venture.
The Santos Group, as Operator for the PPL 9 Joint Venture Parties, announces the discovery of a new pool oil discovery in the South Australian section of the Cooper/Eromanga Basins.
The Moomba 119 high angle oil exploration well has reached a total depth of 2313m in the Jurassic Hutton Formation and has penetrated a 10m oil column in the Jurassic Hutton Sandstone. While this zone was not tested in Moomba 119, comparison with the nearby Moomba 104 discovery that came on line at over 4,000 barrels of oil per day, indicates the zone in Moomba 119 may be capable of flowing at a similar rate. The well is being cased and suspended as a future oil producer, with production expected to commence within two months.
The Moomba 119 is the second New Pool discovery this year, and represents the fourth successive New Pool discovery on the Moomba Structure.
Further to the announcement made on 10 August 2000, Strategic Minerals advises that it received the loan of $320,000 in cash from Pacific Energy on 1 September 2000 under a Converting Note.
Subject to the terms of the converting note, Strategic will issue 4,000,000 fully paid ordinary shares in the capital of Strategic ("Conversion Shares") to Pacific upon conversion of the note on or after 10 September 2000.
The Company is also making a placement of 580,645 shares at 8 cents each to Pacific for $46,451.50 cash which it received on 1 September. This allows Pacific to restore its holding in Strategic to 22.5% following other recent placements of 2,000,000 shares, also at 8 cents.
The issue of the Conversion Shares to Pacific will result in Pacific increasing its voting power in Strategic to 24.33%.
The funds raised through the converting note issue will be utilised by the company in the conduct of a deep diamond drilling program on its' Woolgar gold project in Queensland.
On 19 July 2000, Petroz N.L. announced that agreement has been reached for Fletcher Challenge Energy Limited (FCE) to acquire a substantial shareholding in Petroz and to fully underwrite a 3:5 rights issue.
This was subject to two conditions precedent being the approval of FIRB (Foreign Investment Review Board) and of Petroz shareholders.
The FIRB approval has now been obtained.
The General Meeting of Petroz shareholders at which approval is being sort will be held in Brisbane on 14 September 2000.
Sipa has agreed to dispose of its NSW Joint Venture interests to its Joint Venture partner Michelago Limited in consideration of a royalty against any future production from the tenements comprising:
(1) 2.5% gross gold production royalty; and
(2) 2.5% net smelter return royalty for other minerals.
The withdrawal from exploration in NSW and the farm out to Newcrest Operations Limited of the non Mount Olympus Ashburton properties will enable Sipa to concentrate on the Sipa - Gaia - Rio Tinto Exploration Joint Venture, where four major project areas have so far emerged with tenement applications being made over 6,500 square kilometres in Western Australia and Northeast Queensland.
As previously reported, the Panorama Basemetals Project Feasibility Study is under way with the first stage due to be completed in March 2001.
A Brown and Company Pty Limited became a substantial shareholder in Sabre Resources Limited on 31/08/2000 with a relevant interest in the issued share capital of 291,263 ordinary shares (5.69%).
The Linda-1 exploration well is located in TL/1, 17.5 kilometres north-east of Varanus Island at latitude 20 deg 32'54.13"S and longitude 115 deg 41'48.36"E.
PROGRESS
Over pressure problems in the hole have now been rectified and at 05.30 on 01/09/2000, the Linda-1 well was plugged and abandoned as a discovery.
As previously reported, 91 metres of Biggada reservoir was drilled between depths of 2,659 and 2,750 metres. The upper part of the hole was drilled with a rotary bit with the lower section of the hole beneath 2,712 metres was cored to facilitate analysis of the reservoir properties. Recovery of the core was only partially successful, with 14 metres of core retrieved between 2,712 and 2,726 metres, and 1 metre of core retrieved between 2,740 and 2,741 metres.
Preliminary analysis of the 15 metres of recovered core indicates the reservoir over this interval is of good quality with a banded nature as interpreted from log data, with an average porosity of 22%, and permeabilities in the range of 0 to 4.5 darcies with an average of 257 millidarcies. Due to the good reservoir quality and high mud weights required for drilling the core has been severely flushed by drilling fluids. Oil saturations within the core are low and are interpreted to be indicative of gas and condensate at this stage in the Upper Biggada sandstones.
However, it is now interpreted that the oil recovered in the mud tanks earlier in this well were sourced in siltstones immediately beneath the good quality Upper Biggada sandstones at a depth of approximately 2,756 metres.
It is interpreted from seismic that this deeper section may develop down dip into a reservoir quality Lower Biggada sandstone. Hence the forward appraisal programme is designed to intersect both the downdip extent of the Upper Biggada sandstones and to evaluate the possibility of an oil leg in a Lower Biggada sandstone.
Gulliver Productions Pty Ltd decreased its relevant interest in West Oil NL on 29/09/1998, from 5,200,100 ordinary shares (13.16%) to 5,374,876 ordinary shares (5.80%).
All Ords
3299.4
Dow Jones
11,238.78
ASX200
3337.5
+5.8
S&P 500
1520.77
n/a
All Resources
1371.0
Nasdaq
4234.33
All Mining
720.3
Gold - spot/oz
US$275.90
All Gold
744.7
Silver - spot/oz
US$4.95
AGC Explorers
864.0
-4
Platinum - spot
US$593.0
n/a
Energy
1590.8
Palladium - spot
US$718.0
All Industrials
5748.3
Bridge CRB Index
228.45
FTSE 100
6798.10
+3.1
Crude Oil (NYMEX)
US$33.38
n/a
Nikkei
17,754.49
-336.32
Copper (spot $US/tonne)
US$1900
n/a
Hang Seng
12,475.87
-283.48
Lead (spot $US/tonne)
US$466
n/a
A$ = US57.69c
Zinc (spot $US/tonne)
US$1200
A$ = 61.03yen
Nickel (spot $US/tonne)
US$8515
A$ = 0.641Euro
Aluminium (spot $US/t)
US$1568
US 30-Year Bond
5.655%
n/a
Tin (spot $US/tonne)
US$5382
PacMin Mining announces that the record date to identify 1997 Convertible Note holders entitled to the quarterly interest payment for the quarter ended 30 September 2000, is 15 September 2000.
The interest payment will be 0.9 cents per note, paid on 30 September 2000.
Pilbara Mines have completed stage 1 pre-feasibility study test work into treating in excess of $100 million in contained copper (Cu), zinc (Zn) Silver (Ag) and gold (Au), in surface resources at the Teutonic Bore mine site, near Leonora in the north eastern Goldfields region cf WA.
Stage 1 assessed the recovery of base and precious metals from the sulphide tailings only, with the assessment of the HMS tailings and oxide stockpiles to form stage 2 of the study.
Results to date have shown excellent flotation and metal recoveries.
Project engineers have reported that the Pre-feasibility study on Teutonic Bore shows promise for a future project, subject to the completion of further test work in stage 2.
Commonwealth Bank of Australia, Colonial Limited became a substantial shareholder in Portman Limited on 29/08/2000 with a relevant interest in the issued share capital of 10,758,435 fully paid ordinary shares (6.09%).
Richard David Graves became a substantial shareholder in Queensland Gas Company Limited on 23/08/2000 with a relevant interest in the issued share capital of 18,250,000 ordinary shares (22.8%).
This information is based on a total number of securities of 80,000,000.
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Notice is hereby given that a general meeting of the shareholders of Taipan Resources NL will be held at Level 8, Exchange Plaza, 2 The Esplanade, Perth on Thursday, 21 September 2000 at 10am for the purpose of transacting the following business:
MERGER WITH ST BARBARA MINES LIMITED
STEPHEN MILLER'S PERFORMANCE BASED OPTIONS
DIRECTOR, EXECUTIVE AND EMPLOYEE OPTION PLAN
Daily Share Buy-Back - continued; maximum remaining number of shares to be bought back: 2,936,278.
Joley Pty Ltd became a substantial shareholder in Tectonic Resources NL on 30/08/2000 with a relevant interest in the issued share capital of 7,190,212 ordinary shares (5.69%).
Daily Share Buy-Back - continued; maximum remaining number of shares to be bought back: 21,353,050.
All Ords
3293.4
Dow Jones
11,238.78
ASX200
3331.7
+33.9
S&P 500
1520.77
+3.09
All Resources
1364.0
Nasdaq
4234.33
All Mining
716.9
Gold - spot/oz
US$275.90
All Gold
744.6
Silver - spot/oz
US$4.95
AGC Explorers
868.0
+9
Platinum - spot
US$593.0
+8.00
Energy
1601.3
Palladium - spot
US$718.0
All Industrials
5740.9
Bridge CRB Index
228.45
FTSE 100
6795.00
+122.30
Crude Oil (NYMEX)
US$33.38
+0.26
Nikkei
16,739.68
-121.48
Copper (spot $US/tonne)
US$1900
+12
Hang Seng
17,333.61
+236.10
Lead (spot $US/tonne)
US$466
-1
A$ = US57.69c
Zinc (spot $US/tonne)
US$1200
A$ = 61.03yen
Nickel (spot $US/tonne)
US$8515
A$ = 0.641Euro
Aluminium (spot $US/t)
US$1568
US 30-Year Bond
5.655%
-0.019
Tin (spot $US/tonne)
US$5382
The Company advises that Dr Mervyn Jacobson has been appointed as Chairman of the Company.
The Company also advises that it has changed its registered office to the Melbourne headquarters of GeneType at 60-70 Hanover Street, Fitzroy, Victoria, 3065.
The ASX has advised that effective from the commencement of trading on Monday 4 September 2000 that the shares will trade under the name of Genetic Technologies Limited on the industrial listings under the symbol "GTG". For further information, click here
Re: General Meeting 1 September 2000
We advise the General Meeting of the company was held today and voting on the resolutions contained in the Notice of Meeting dated 2nd August 2000 was as follows:-
Special Resolutions
Resolutions 1 and 2
Voted separately and passed unanimously by shareholders present and by proxy who are entitled to vote.
Resolutions 3, 4 and 5.
Voted separately and passed by a majority greater than 75% of shareholders present and by proxy who are entitled to vote.
Ordinary Resolutions
Resolutions 5 and 6
Voted separately and passed by a majority of shareholders present and by proxy who are entitled to vote.
For further information, click here
The sealing of the strategic alliance between Anaconda Nickel Limited and a number of companies including Goldfields Limited, Homestake Gold of Australia Limited and Centaur Mining and Exploration Limited, has delivered Anaconda the world's biggest nickel resource with over 4 billion tonnes of laterite target and in excess of 1.3 billion tonnes of resources and reserves drilled to date.
The contiguous reserves are adjacent to a huge water resource and serviced by all necessary infrastructure. The massive size of the resource - located in the Goldfields region of Western Australia - has established Anaconda's Three Nickel Province strategy, with each Province able to host integrated processing facilities producing in excess of 100,000 tonnes of nickel per annum each.
Anaconda's Three Nickel Provinces - Northern (1.5 billion tonnes), Central (1 billion tonnes) and Southern (1.5 billion tonnes) in the Goldfields are based on the Mount Margaret Project, the Murrin Murrin and Cawse operations respectively. Two other projects, based on modular plants also utilizing a new "Anaconda Process" are now under review for the Northern and Southern Provinces. With the available resources, each project has a mine life in excess of 50 years at low capital cost.
On Thursday, 17 August 2000, Aquarius, KPM and Amplats announced the establishment of a joint venture between KPM and Rustenburg Platinum Mines Limited (a wholly owned subsidiary of Amplats) ("the joint venture"). The joint venture, which is expected to commence on 1 July 2001, is subject to certain conditions precedent, details of which were set out in the 17 August 2000 announcement.
The joint venture is also presently the subject of a Competent Person's Report, which report is expected to be completed in early September Once the Competent Person's Report has been completed the consequences of the joint venture on the merger will be assessed and will be dealt with together with all other relevant issues In the scheme circular to be circulated to KPM ordinary shareholders.
HSBC Investment Services (Africa) (Pty) Limited , the independent adviser to KPM, considers that the joint venture may represent a change in circumstances affecting its opinion on the terms of the scheme and offer made to the KPM optionholders and has accordingly withdrawn its fair and reasonable opinion in respect of the terms of the scheme and the offer made to the KPM optionholders in order to review the effect of the joint venture thereon.
Rio Tinto Limited announced on August 29 that it intends to make a cash offer of $1.85 a share for Ashton, with a scrip alternative.
Ashton has been seeking alternative offers and welcomes this bid by Rio Tinto, particularly as Rio Tinto emphasised in its bid announcement the enhanced performance and the potential for mine life extension at Argyle and the strong market for Argyle goods.
However, it remains our advice that you continue to take no action in relation to your Ashton shares at this time.
ASSAY RESULTS FROM NORTHERN DRILLING
Bendigo previously reported intersecting an unmined ribbon on the New Chum line of reef 6 kilometres north of the Swan Decline. A two metre wide quartz reef with visible gold was intersected in a drill hole some 900 metres below surface and 200 metres beneath historic workings, supporting the Company's ribbon repeat thesis which underpins the New Bendigo 10 million ounce resource potential.
The gold assay results of this two metre intersection are now available, being 66.5g Au/t.
Drilling is continuing to test the new Chum line of reef for new ribbons down to 1,500 metres below surface. A second drill rig has commenced testing the Garden Gully line of reef for unmined ribbons to 1,500 metres depth on a section 4 kilometres north of the decline.
EXPLORATION FROM THE SWAN DECLINE
The Swan Decline has intersected a reef in the Deborah Syncline between the Deborah and Sheepshead Anticlines. The 10 million-ounce resource potential identified within the New Bendigo is restricted to anticlines and the identification of mineralisation in synclines further highlights the exploration potential within the Bendigo Goldfield.
The reef in the syncline is 3 metres thick, well mineralised with sulphides and has returned channel samples of up to 1.3m @ 7.6g Au/t. This reef occupies the same stratigraphic position as the Outer Reef in the D1 ribbon on the Deborah anticline.
Exploration drilling from underground in the Swan Decline to define bulk sample target zones in the Deborah and Sheepshead lines of reef is continuing.
NEW ISSUE - 14 million shares @ 26 cents/share - to meet working capital requirements.
Following the appointment of Mr Brian Speechly to expand the technical expertise of the board, the company announced the retirement of Mr Edward Scott Smith from the board.
Following Shareholders' approval on August 18, 2000 of the consolidation of the Company's issued capital, the Company advises that its post reduction issued capital is as follows.
1. LISTED
Fully Paid Ordinary Shares 52,569,638
2. UNLISTED
Options maturing March 24, 2010 granted under the Terms and Conditions of the Senior Executive Share Option Plan 1,040,000
SPP & CPM report that in August the Stuart project operator, Suncor Energy Management Pty Ltd ("Suncor"), completed the last in a series of ATP test runs over the May to August 2000 period designed to collect air emissions data under various operating conditions and to progress commissioning. This data has guided the emissions abatement solutions currently being advanced. The test runs have also served to significantly advance operating experience of all parts of the plant and mine.
Agreement has been reached between Charters Towers Gold Mines and Princeton Economics International Limited (PEI) to return control of the company to its Australian shareholders by way of a selective buy-back.
PEI became a 51 per cent shareholder in CTGM when it exercised an option to convert loan funds to equity in November 1998.
In August, 1999 the foreign-owned international funds manager and commodities trader was placed in liquidation.
The PEI shareholding in CTGM reduced to 44 per cent when CTGM announced a $3 million private placement of shares earlier this year, to step up its gold exploration program and fund an investment in the technology company Internova MCI.
Managing Director Mark Lynch said today that the agreement entered into effectively removes 132 million shares from the market and firmly places CTGM back in the hands of Australian shareholders.
The recently discovered layer of higher grade gravels located at the Monte Christo diamond mine at Bingara, NSW has been further sampled, with 80 tonnes of unscreened gravels yielding a grade of 53 carats per hundred tonnes. This is twice the concentration of diamonds previously reported. A total of 419 gem quality diamonds was recovered, with an average of eight stones to the carat. The stones are predominantly yellows, with the largest stone being a 0.75 carat pale yellow triangular stone (macle). Four of the stones have gold grains growing on them, one grain being about half a carat in weight.
Additionally 1.8 grams of gold was recovered from the sample, all grains greater than 1.2 mm in size, as any finer gold would not have been captured in the concentrates tested.
The diamond bearing layer is half to one and a half metres thick where exposed along a thirty metre face, and dips into the hill at about ten degrees. Overburden has increased to about seven metres of clays.
Daily Share Buy-Back - continued; maximum remaining number of Contact Energy Limited shares to be bought back: 15,470,363.
Alcoa of Australia Limited increased its relevant interest in Eastern Aluminium Limited on 31/08/2000, from 88,772,305 ordinary shares (80.78%) to 88,831,423 ordinary shares(80.83%).
GRD Minproc has been awarded the Engineering, Procurement and Construction Management Contract for the Mesa J Processing Expansion by Robe River Iron Associates.
The Mesa J iron ore operation is located at Pannawonica in the Pilbara region of Western Australia. The expansion comprises optimisation of the existing processing plant, PP1, and design and construction of the new processing plant PP2. The process ore production capacity at Mesa J is expected to increase from 4.2 Mtpa to in excess of 13 Mtpa.
Engineering commences immediately and project construction is to be completed in April 20001.
A General Meeting of the shareholders of Hardman will be held at Grant Thornton, Chartered Accountants, Level 6, 256 St George's Terrace, Perth, Western Australia, on 29 September 2000 at 10.00 am WST for the purpose of transacting the following business.
RESOLUTION 1
Capital Reduction effected by a pro rata distribution of shares held by the Company in Planet Oil International plc
RESOLUTION 2
RATIFICATION OF SHARE ISSUE
RESOLUTION 3
RATIFICATION OF ISSUE OF OPTIONS TO PARTLY PAID SHAREHOLDERS PURSUANT TO THE NON RENOUNCEABLE RIGHTS ISSUE
Kimberley announced preliminary diamond recovery results for Pit 61, the first bulk sample treated during the 2000 field program at its Blina Diamond Project in the Kimberley region of Western Australia.
A total of 44 diamonds weighing 21.31 carats have now been recovered from this sample. The largest diamond weighed 2.575 carats with two stones larger than 2 carats and two stones larger than 1.8 carats.
The diamonds were recovered from approximately 220 tonnes of Terrace 5 gravels processed through the Company's Heavy Media Separation (HMS) plant(1). Pit 61 is an extension of the Pit 5 Terrace, a system of palaeo-gravels which Kimberley has been exploring for the past seven years.
The result gives the Pit 61 sample a grade of just under 10 carats per hundred tonnes, with an average stone size of almost half a carat. The diamonds are similar to those Kimberley has recovered from the Terrace 5 gravels over the past three years.
Kurnalpi has entered into an amended agreement with Rivkin Discount Stockbroking Pty Limited and the shareholders of that company to subscribe for an additional 4 shares in that Company for a price of $140,000. The Company will acquire the whole of the shareholding in that company in consideration of the payment of $490,000 and the issue of 15 million ordinary fully paid shares in this Company.
The first MIM ISASMELT copper smelter to be built in China is on track for commissioning next year. The Yunnan Copper Corporation (YCC) has been licensed to use the ISASMELT technology for a new smelter in the city of Kunming.
Further to the announcement made on the 20th June 2000, the Company confirms that through its wholly owned subsidiary, Kolmar Limited, it now holds at total of 6,900,000 fully paid ordinary shares, (14.1%) in the capital of Kagara Zinc Limited.
The Company further advises that through Kolmar Limited it has finalised a subscription agreement with Strike Oil NL in terms of which it has subscribed for 6,000,000 fully paid ordinary shares (24%) in the capital of Strike Oil NL at a subscription price of 50 cents per share.
The Directors advise that John Traicos has been appointed Company Secretary and replaces Julie Wolsley who has resigned.
Petroz advises that the Chamois-1 well, located in offshore exploration permit WA-261-P in the Carnarvon Basin of Western Australia, is at 1,356 m TD and at 0600 hrs this morning was being prepared for plug and abandonment as a sub-economic oil discovery.
A small pool of oil was discovered in a six metre sand within the Jurassic, Athol Formation. Additionally, a small gas accumulation was discovered in the Cretaceous Muderong Formation in an equivalent of the Stag Sandstone.
Strategic has contracted Ausdrill Limited to conduct a deep diamond drilling program consisting of five holes at its Woolgar Gold project in Queensland.
The main ore zone has been identified as occurring within a large dilational bend in the Lost World fault zone, where it steps across the axis of a regional fold. Within the bend, several generations of gold mineralised epithermal quartz veins have formed which have assisted in geological structural modeling to identify potential epithermal style bonanza zonings.
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