Company News ( 1 October'98 to 28 February'99 )

Acacia Resources (27 February 1999)

Acacia announced today that, with a full year’s gold production from the Sunrise Dam gold mine, net cash flow from gold operations had increased 36% to $120.3 million, and operating profit after tax and before abnormal items increased 7% to $34.4 million.
An abnormal loss after tax of $13.7 million arose from closure provisions and writedowns for the Brocks Creek gold mine, and costs associated with implementing a company-wide year 2000 compliant business system.
Managing Director, Michael Folie said, "The highlight of 1998 was reaching the milestone of over 500,000 ounces of gold production with cash costs of production at $272 per ounce and this puts Acacia amongst the lowest cost gold producers in the world. This has resulted in record cash flow from our gold operations and record operating profit.
All our major targets for 1998 were met or exceeded, and with further development opportunities at Sunrise Dam and Boddington we are firmly positioned, both technically and financially, to move into our next phase of growth.
This strengthened performance has enabled Directors to declare a fully franked dividend of 4 cents per share.
I am confident that in 1999 Acacia’s gold production again will exceed 500,000 ounces at a cash cost below $300 an ounce."

BHP (27 February 1999)

BHP has finally closed the book on the troublesome Beenup mineral sands mine after failing to sell it. BHP estimates the cost of writing off the current book value of the operation, site rehabilitation and mine closure will be around $150 million after tax.

BHP shareholders have approved the buy-back of more than 338 million BHP shares (16.2%), held by Beswick Pty Ltd.

Charters Towers Gold Mines (27 February 1999)

US-based Princeton Economics will become the major shareholder in Charters Towers Gold following the conversion of almost $10 million in loans to Charters Towers, giving it a 50% stake.

Diversified Mineral Resources / Hargraves Resources (27 February 1999)

DMR has warned its shareholders against accepting the $24 million takeover offer from Hargraves. DMR says there is no premium at all for DMR shareholders.

Beaconsfield Gold (26 February 1999)

Latest photos available from the Beaconsfield mine site - click here.

Centennial Coal (26 February 1999)

Centennial has posted a $2.1 million net profit for the 6 months to 31 December, well up from the $1.3 million in the previous corresponding period. Centennial declared an increased, fully-franked interim dividend of 2.5 cents (2 cents).

Emperor Mines (26 February 1999)

South African gold miner Durban Roodepoort Deep says it will make a conditional all-scrip offer to acquire Emperor through its subsidiary, DRD Australia. It will offer 1 new DRD share for every 5 Emperor shares, including its American Depository Receipts.

Grange Resources (26 February 1999)

Grange has reported a net operating profit for the half-year to 31 December of $4.85 million, well up from the $754,000 loss in 1997 and mainly due to the commencemnet of production at Reward in July 1998.
During the December quarter, Grange announced the buy-back of up to 5.5 million post-consolidation shares; 1.845 million shares, representing 3.32%, were bought back and cancelled in the December quarter. A further 1.017 million shares have been bought back and cancelled subsequent to 31 December.

Hargraves Resources (26 February 1999)

Hargraves announced a fall in net earnings for the first half to $1.2 million (from $2.8 million).
Hargraves has also outlined a bold expansion plan, even before it has succeeded in its $24 million bid for Diversified Mineral resources NL. The Company says its bid is on track, having secured a major parcel of shares yesterday.

Lihir Gold (26 February 1999)

Lihir has recorded a $US10.3 million loss in 1998, mainly due to lower-than-expected production and lower gold prices.

Merritt Mining (26 February 1999)

Merritt Mining NL is to diversify into telecommunications and internet technology.

Merritt has agreed to purchase a cashflow telecommunications and internet business and to develop several internet software applications.

These will be integrated into the new information technology and communications division (ITC) of Merritt alongside its continuing resource investments and exploration activities.

Merritt will change its name to Impress Technologies Limited (subject to shareholder approval). For complete details, click here.

Orogen Minerals (26 February 1999)

Orogen has posted a 141% jump in net profit to $105 million in 1998 - mainly due to an abnormal gain from the sale of 61.3 million shares in Lihir Gold. Orogen has declared a final 3.1 cent dividend, maintaining a steady 9 cents dividend for the year..

Petsec Energy (26 February 1999)

Petsec has reported a $151.9 Million net loss in 1998 after writing off more than $126 million on the value of oil and gas assets because of low commodity prices. Other abnormal expenses included $42.7 milion for dry hole costs. Petsec did not declare a dividend.

Rio Tinto (26 February 1999)

Rio Tinto has reported a $500 million fall in net earnings for 1998 after asset writedowns, mainly related to the Fortaleza nickel mine in Brazil and the Sominor copper mine in Portugal. Rio's net profit was $1.12 billion and the dividend declared was 55.56 cents, up from 53.36 cents.
Rio is expecting 1999 to be another lean year.

Tiger International Resources (26 February 1999)

The Winter drill program conducted by Tiger at the 5,435 sq. km South Flinders Ranges Diamond Project (previously Springfield Basin Diamond Project) has been completed. Approximately 120 samples have been sent for analysis. To date, a total of 170 drill holes has been sunk. Results will be announced when they are fully verified, mapped and interpolated by independent methodology.
An exacting grid drilling program was conducted to identify the location of three prime kimberlite sources of high levels of diamond indicator minerals located near hole SF50, Mount Dick, and West Springfield locations within the project area.The drilling program was designed to map these indicator occurrences, and to locate the kimberlites for further drilling and sampling.

United Energy (26 February 1999)

United has announced a net profit of $15 million and a pre-abnormal profit after tax of $48.5 million in 1998, well up from the Prospectus forecast of $42.2 million. This was mainly due to lower interest charges and a better-than-expected performance in winning customers.

Copper (25 February 1999)

Chile's Codelco, the world's largest copper producer, plans to cut costs by as much as $281 million and boost production this year to make up for reduced earnings caused by low copper prices.

Eltin / Henry Walker (25 February 1999)

The El;tin directors have advised shareholders to accept the friendly takeover offer from Henry Walker.

Emperor Mines (25 February 1999)

Emperor is scheduled to hold a shareholders meeting in Sydney today to vote on a resolution to transfer the company's domicile from the Isle of man to Australia. The proposal requires approval of 75% of the shares voted; it is believed Emperor will fall short at about 65-70%.

Pasminco (25 February 1999)

Pasminco has reported a 92% fall in half-year net profit to $5.4 million, mainly due to lower commodity prices and higher smelting charges. No dividend was declared (nil previously).

The Century development in Qld was about 3 months ahead of schedule and would produce its first ore in September.

WMC (25 February 1999)

The rebuild of the Kalgoorlie Nickel Smelter's furnace hearth has been completed ahead of schedule and below the expected cost.

Austral Coal (24 February 1999)

NSW miner Austral Coal has announced a 61% fall in net profit in 1998 to $3.1 million, due mainly to lower coking coal prices.

Great Central Mines (24 February 1999)

GCM independent director David Tyrwhitt has recommended shareholders accept the $1.50 a share takeover offer by Yandal Gold Pty Ltd for the other 60% of GCM.

Ocean Resources (24 February 1999)

Ocean Resources has entered into an option to buy Goalmappers Pty Ltd - which operates an on-line, real-time, interactive personal goal setting and achievement system - in a share deal worth $2.5 million.

Ramsgate Resources (24 February 1999)

Ramsgate has entered into 2 option agreements - to purchase all of the issued capital of Internet Solutions Australia ($1 million made up of $500,000 cash plus shares) and the business of Hotlinks Internet Services ($1 million made up of $500,000 cash plus shares).

On 9 February 1999 Ramsgate announced that it had granted an option to General Gold NL under which General Gold may purchase the 50% of Mt Monger curently owned by Ramsgate.

BHP Mt Newman (23 February 1999)

BHP says fines and lump iron ore deliveries to Japanese Steel Mills from its Mt Newman mine will be a contract for a minimum of 13.6 million tonnes for the year from 1 April - down 1.7 million tonnes on the 1998 forecast. This represents a 10.2% cut in lump ore prices and an 11% cut in fines ore prices.

Comalco (23 February 1999)

Comalco posted a $236 million annual profit in 1998, up 8% from the previous year - due to cost cuting, a weaker currency and higher volumes. A large percentage of aluminium was diverted away from the weakening Asian economies to Europe and North America; market share was maintained in Japan.
Second half profits were adversely affected by lower commodity prices.
A final dividend of 13 cents was declared.

Gold (23 February 1999)

World gold demand reached a record high in the December quarter - up 6% to 806.6 tonnes. Strong demand in Europe, US, Brazil and Mexico more than offset the weaker demand from Asia.

Hartley Poynton (23 February 1999)

Stockbroker HP has announced a 6-month profit of $800,000, down from $1.5 million; the dividend was cut to 1 cent.

Rio Tinto (23 February 1999)

A lack of numbers forced picketers at the Gordonstone coal mine to back away from any major confrontation.

Western Metals (23 February 1999)

Confusion relating to a further capital raising resulted in WM's share price falling 6 cents to 50 cents.

Gilt Edged Mining (22 February 1999)

GEM continued to announce encouraging drilling results from its Kundana gold project in WA. Better intersections from the latest drilling included 15m @ 10.36 g/t Au, 20m @ 15.61 g/t , 15m @ 26 g/t and 15m @ 12.91 g/t.

Gold Production (22 February 1999)

Near record Australian gold production in the December quarter (81.1 tonnes) had reversed the downward trend of the year, according to Surbiton Associates. Production for 1998 totalled 312 tonnes (10.03 million ounces) compared to 314.5 tonnes in 1997.

Montague Gold (22 February 1999)

Former Plutonic Resources executive Dennis Clarke has joined Montague as a non-executive chairman.

North Limited (22 February 1999)

North has sold a number of small holdings in Dominion Mining, Western Metals, Rand Gold and Homestake Mining. When completed, the sales will free up about $17 million in cash.

Sovereign Resources (22 February 1999)

Sovereign gas agreed to the second stage of a feasibility study into a proposed 20,000tpy manganese sulphate project near Port Hedland in WA. Stage 2 involves process testing and design work and would also examine the possibility of turning 50% of the plant's output into higher grade electrolytic manganese dioxide.

Sydney Gas Company (22 February 1999)

NSW could be producing its first gas within 2 months if a bold program by SGC at Camden - the Coal Bed Methane Project - succeeds. The success depends on the successful fracturing of the coal seams to release the gas. 5 wells will be drilled under the development plan.

Westgold Resources (22 February 1999)

Westgold won a judgement in WA's Supreme Court which, subject to any appeal, ruled that the company should receive $8.76 million over a dispute with Ross Atkins of St Barbara Mines.

Dominion Mining / North (20 February 1999)

Dominion says it will move to buy back North Ltd's 16.1% stake in the company for $5.8 million (40 cents/share). Once the North buy-back is completed, Dominion will have issued capital of 66.8 million shares and cash reserves of about $28 million.

Gold (20 February 1999)

Global demand for gold fell 11% in 1998 says the World Gold Council. The economic and currency crisis in Asia in the first half of the year had a major impact on demand.

Growth Resources (20 February 1999)

Growth says it intends to acquire 2 home-automation technical companies - The Smart Company Pty Ltd and IHG Pty Ltd, whose products integrate the Internet and ISP's with a range of home automation applications. Growth's share price jumped from 16 cents to close at 22.5 cents on heavy volume.

Werrie Gold (20 February 1999)

Highlights - December Quarter :

• Results from the Portia evaluation drilling confirm the continuity of coarse grained eluvial gold mineralisation over a strike length of 500 metres with some very high grade values. The best intercept was in BEN 1212 which intersected 2.5m at 29.6 g/t gold.
• High grade steeply dipping vein mineralisation was intersected within the underlying Proterozoic basement in some holes with a best intersection of 3m of 115.6 g/t gold in BEN 1207.
• The gold mineralised zone at Lorenzo was extended by 200 metres to the south with BEN937 intersecting 12m of 3.26 g/t gold.
• An extensive programme of electrical geophysics has identified numerous drill targets east of Portia and North Portia.
• A vein stockwork system containing 4.9% Pb over 4.1 metres was identified in diamond core at Morocco.
• Approximately 10,000 samples remain to be processed from infill drilling at North Portia, Shylock, Lorenzo and Jessica

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Alkane Exploration (19 February 1999)

Alkane is making a $3.7 million share offer for unlisted mineral exploration company LFB Resources NL. Alkane owns 14% and is offering 3 Alkane shares for every 5 LFB shares. The takeover would give Alkane acess to a further 2,000 sq.km of prospective tenements within 150km of its producing Peak Hill gold minein NSW.

Ashton Mining (19 February 1999)

The first diamonds have been produced at the Merlin project in the NT, with 720 carats - with a large selection of stones in excess of 1 carat - coming from the first diamond concentrate. The largest was a 14.76 carat gem-quality stone.

Leo Shield Exploration (19 February 1999)

Leo Shield has announced a 1 for 3 non-renounceable rights issue underwritten by Hartley Poynton Limited) (of up to approximately 66,056,113 New Shares at an issue price of 6.5 cents each together with up to approximately 33,028,057 free Attaching Options, on the basis of one free Attaching Option for every two New Shares issued. Each Attaching Option is exerciseable at 20 cents on or before 30 September 2001.

The Company has also allotted 2,666,667 fully paid ordinary shares at an issue price of 7.5 cents per share, together with 2,666,667 attaching options exercisable at 20 cents on or before 30 September 2001. The issue, which raised a total of $200,000, was to clients of Hartley Poynton Limited. For details, click here.

Macmin (19 February 1999)

SUMMARY

Drilling, trenching and review of earlier geochemical sampling has continued to upgrade the Nevera Prospect, Crater Mountain Project in Papua New Guinea . In addition to the previously reported hole 2 which intersected 115m at 1.83g/t Au, (including 3m at 14.16 g/t Au) the following intersections were encountered in the recently completed four hole program (excluding intervals of less than 4m):

24m at 6.55g/t Au including 2m at 52.6g/t Au and 2m at 19.01g/t Au; 14m at 1.66g/t Au; 8m at 1.51g/t Au including 4m at 2.17g/t Au; 4m at 4.25g/t Au; 6m at 2.22g/t Au.

All holes encountered significant gold throughout their entire lengths, eg; hole 5 intersected 196m at 0.43g/t Au. All holes showed intense silica, argillic or carbonate alteration and holes 4, 6 and 7 intersected numerous narrow, presumably structurally controlled intersections. MACMIN is very encouraged by these results as they appear to indicate that most holes have intersected the envelope or upper parts of a major gold bearing hydrothermal system and the narrow gold zones may indicate “leakage” along structures from a major gold body at depth. For details, click here.

Metals Exploration (19 February 1999)

Metals Ex has increased its stake in Tiger Investment Company from 17.13% to 19.07% and intends to block a proposal by Tiger's board to liquidate the company.

Min-Tech 8 (19 February 1999)

Junior gold company Min-Tech 8 has said it plans to buy into the rising US-based online messaging business JFAX. Min-Tech 8 shares jumped from 13 cents to 21 cents on the news - and topped the turnover list with 29 million shares changing hands. It plans to buy a 30% stake in Global Callback, which owns the Australian licence for JFAX.

Newcrest Mining (19 February 1999)

Summary - Six Months Ending 31 December 1998 :

• Net operating profit after income tax $4.2 M
• Operating profit before income tax $12.9 M
• Achieved gold price $620/oz
• Net interest expense $5.4 M
• Capital expenditure $65.4 M
• Exploration expenditure $39.2 M
• Total debt $445.0M
• Cash on hand and short term deposits at 31 December 1998 $53.7 M
• Net mark to market value of the hedge book at 31 January 1999 $313.8 M
  

The financial report for the half-year ended 31 December 1998 was subject to audit review.

The second quarter report issued on 22 January 1999 discussed gold production, exploration and corporate matters.
Details of the hedge position covering all US and Australian dollar contracts, call options on gold and foreign currency hedging by year are contained in this report.

Profit After Tax

The operating profit after income tax and abnormal items for the half-year was $4.2 million compared to a profit of $4.9 million for the previous corresponding period. A profit of $12.9 million was recorded before tax and abnormal items for the half-year compared to a loss of $2.9 million in the previous corresponding period.

Revenue

Sales revenue for the half-year was $207.7 million, up 59.4% on the previous half-year. Ounces sold in the period increased by 49.3% to 334,920 ounces. Hedging activity achieved a gold price in the half-year of $620 an ounce compared to $581 an ounce in the previous corresponding half-year.

Net Mining Income

Income from mining before depreciation, exploration and interest was $77.6 million for the six months to December 1998. Higher gold sales and gold prices, together with a lower overall unit cost of production more than doubled net mining income from the 1997 corresponding period.

Gold production totalled 355,044 ounces for the period, an increase of 46.7% over the comparative period last year. The increase arose substantially due to the opening of the Company’s new Cadia mine in New South Wales. Cadia contributed 101,820 ounces from the commissioning date of 1 August 1998 to 31 December 1998. Gold production at Telfer increased by 13.5% over the previous corresponding period.

Total cash cost per ounce of production in the half-year was $349, down $55 an ounce, or 13.6%, on the previous corresponding period.

Depreciation and Amortisation

Depreciation and amortisation charges were $37.2 million this half-year, an increase of 70.6% on the 1997 corresponding period. This was due to the commencement of production at Cadia and a higher depreciation charge at Telfer.

Interest

Net interest expense was $5.4 million for the half-year compared to net interest income of $7.3 million in the 1997 half-year. Included in the 1997 figure is income arising from the equity/gold swap closed out in October 1997.

Exploration

Exploration expenditure charged against earnings totalled $22.1 million in the period, representing a 5.7% increase on 1997. All exploration expenditure in the six month period to 31 December 1998 was expensed, except for costs related to the Ridgeway feasibility, Mount Marion exploration at New Celebration, the Sulphide Extension and I Series Reefs Projects at Telfer and exploration at Gosowong totalling, $16.7 million.

Cashflow

Operating activities generated cash of $42.0 million compared to a net outflow of $28.3 million in the previous corresponding period. The 1997 result included a tax payment of $31.3 million. The result for the six months to 31 December 1998 benefited from significantly higher gold revenue and lower production costs.

Mine development expenditure totalled $17.7 million in the six months to December 1998, which was mainly attributable to the construction of the Gosowong mine in Indonesia. Mine development expenditure in the 1997 corresponding period totalled $131.4 million, which included costs related to the Cadia and Gosowong Projects.
Upon Cadia reaching the commencement of production, $328.1 million and $9.6 million was reclassified in the balance sheet from mine development expenditure to property, plant and equipment and deferred mining respectively.

Payments for property, plant and equipment of $47.7 million was up on the previous corresponding period expenditure of $10.0 million due to capital expenditure on the Cadia Project.

Funding

Proceeds from further borrowings advanced under the $600M debt facility were $65.0 million during the period. Total borrowings under the $600 million debt facility are $384.0 million. This comprises 790,000 ounces of gold drawn at a weighted average gold price of $447 an ounce and a further US$20.0 million borrowed in relation to the development of Gosowong. Lease finance used to fund the acquisition of mining equipment totalled $61.0 million at balance date.

Straits Resources (19 February 1999)

Sydney, Australia : The Directors of Straits Resources Limited (ASX Code: SRL and SRLG) are pleased to announce an after tax profit (before abnormals) for the year ended 31 December 1998 of A$1.2 million.

Straits Chief Executive, Mr Brian Rear said the strong second half performance of A$5.07 million before interest and tax, compared to a first half loss, was due to all three mining operations (Sebuku Coal, the Nifty and Girilambone Copper Mines) contributing positively.

“In the last six months, the Sebuku Coal Mine in Indonesia came into its own, making a strong contribution to earnings as it operated at or above budgeted tonnages. Concurrently the Nifty acquisition was finalised with the Company entitled to its copper production and net cash flows from 1 July 1998.

“As a consequence, A$6.3 million of the full year’s operating cash flow of A$9.6 million was generated in the second half year,” he said.

Mr Rear added that despite the unfavourable market conditions for its products Straits achieved record sales revenue for 1998 of A$78.4 million, an increase of 140% on the previous year.

“However in view of the deterioration in copper prices, the Directors have decided to make further abnormal write-downs of its copper assets totally (A$6.61 million before tax), resulting in an after tax loss of A$3.71 million for the year,” he said.

The Sebuku Coal Mine in Indonesia produced 1.05 million tonnes of high quality thermal coal in 1998, of which 1.02 million tonnes were sold to a diversified range of customers in Asia, from power generation utilities to industrial users. In its first year of operation Sebuku has already proven to be a profitable operation despite the low coal price.

“Sebuku is an efficient operation which delivers a respectable cash margin even at today’s low prices. It is well placed to reap the benefits when the coal market improves”, said Mr Rear.

In its first year of operation, Sebuku has earned a reputation as a reliable producer of consistent, high quality coal. Having established its credentials, the company plans to produce and sell 1.6 million tonnes of coal in 1999.

Straits’ three low cost operations and large resource base will ensure that the company continues to generate healthy operating cashflows into the future. The longer mine life at Nifty and Sebuku positions the company for significant growth in revenue and operating cash flow when commodity prices improve from the prevailing low levels.

For details of the Preliminary Final Report, click here.

Walhalla Mining (19 February 1999)

Walhalla's share price surged from 8 cents to 26 cents after revealing it was negotiating to buy Kidz.net Services, a child-oriented search engine on the Internet.

Western Metals (19 February 1999)

WM has forecast a much lower interim gross profit of $2.3 million after falling base metal prices and has confirmed its cashflow situation is greatly reduced. It is exploring equity options to raise needed funds.
Most pressing is its 45% equity in Thai zinc group Padaeng Industry, with about $39 million to be paid by 31 July.

Defiance Mining (18 February 1999)

Defiance plans to raise $1.8 million through a non-renounceable rights issue (1 fully paid new share for every 3 shares held at 3 cents ) and share placement (20 million shares under the same terms to brokers CIBC Eyres Reed and D&D Tolhurst) to explore its high-grade Mathinna gold JV in Tasmania.

Kimberley Resources (18 February 1999)

Kimberley said that 6 of the 9 lamproite pipes discovered on its Blina and Ellendale project areas in WA were diamond-bearing. The most significant finding came from the Kimberley 10 pipe, which is on the southern margin of the pyrope corridor where the company has previously recovered large, high-quality diamonds.

Portman Mining (18 February 1999)

Portman has posted a 1998 net profit of $14.25 million, down from the $20.57 million previously. The final dividend is 5 cents unfranked after a 10 cent capital return.

Sons of Gwalia (18 February 1999)

SOG has reported a 53% fall in interim profit for the 6 months to 31 December to $26 million - despite an 8% increase in sales revenue. Operating earnings jumped 20% and cash costs averaged $365/oz - with a 12% reduction in the December quarter. Last year's result included an abnormal gain of $54 million before tax.SOG declared an interim fully-franked dividend of 12.5 cents.
Gold production is forecast to increase in the second half with full-year output of about 465,000 ozs, slightly down on earlier forecasts due to the deferral of production from the Red October deposit into 1999-2000 and reduced first-half output from Marvel Loch.

Wodside Petroleum (18 February 1999)

Woodside has reported a better-than-expected annual net profit of $300.2 million - due to increased sales and the weaker A$. A final fully-franked dividend of 14 cents (12 cents previously) was declared - to be paid on 21 May to shareholders registered on 5 May.
Woodside also revealed that reserves at its 50%-owned Laminaria and Corallina oilfields have been upgraded by 23% and 19% respectively.
Woodside is also working on a JV proposal with Shell and Chevron to establish a private agency to market LNG products to overseas customers, excluding Japan, allowing Australian producers to be 'more nimble' in a fierce international climate.

Coal & Allieed Industries (17 February 1999)

CAIL has announced a net profit of $88.46 million for 1998 - a major turnaround from the $20.8 milion loss in 1997. The turnaround is mainly due to reform of work practices, a lower Australian dollar, a 25% lift in production to 10.24 million tonnes and 33% higher sales to $558.3 million. A final fully-franked dividend of 60 cents was declared (nil previously).
CAIL says it is also in discussions to purchase Rio Tinto Ltd's NSW coal assets.

Commodity Prices (17 February 1999)

The CRB indeex hit a 24-year low last night, with gold , silver, copper and aluminium prices all falling.

Hammersley Iron (17 February 1999)

Hammersley Iron owner Rio Tinto has revealed the extent of price cuts, with its higher quality lump iron ore prices to drop from 1 April 10.2% to around US$22.30/tonne and fines ore 11% to around US$17/tonne.

Normandy Mining (17 February 1999)

Normandy's interim net profit fell 28% to $38.3 million after a $32.7 million pre-tax write-down at the Mt Charlotte mine. Pre-abnormals. pre-tax profit rose marginally from $93 million to $93.6 million. A partly franked dividend of 2.5 cents was declared (steady).
Normandy says record gold production is eexpected to continue in the second half.

North Ltd - Robe River Iron (17 February 1999)

Robe River has maintained tonnages of iron ore sinter fines (12.5 million dry long tonnes [DLT]) to Japan in the year commencing 1 April, 1999, following agreement reached yesterday. Robe has agreed to retain the existing price differential of 5.4US cents/DLT unit compared to Australian hematite fines, thus maintaining its competitive position. Robe's sinteer finees price has been agreed at 21.23 cents/DLT unit or a decrease of 13.42% from April 1, 1999.

Taipan Resources (17 February 1999)

Gold junior Taipan topped turnover yesterday at 22.6 million shares on continuing rumours of a takeover. The stock rose 1 cent to 19 cents.

Great Central Mines (16 February 1999)

Interim net profit for thee 6 months to 31 December has fallen 14% to $14.67 million, mainly due to interest and depreciation charges related to the takeovers of Wiluna Mines and Eagle Mining; interest charges jumped from $8.2 million to $25.9 million and depreciation rose from $25.1 million to $39.7 million.
Total gold production was expected to be between 750,000 to 800,000 ounces in 1998/99 at a cash cost of $300/oz.

Normandy Mining (16 February 1999)

Normandy has announced that an expansion of the Pajingo gold operation in Qld - to take in the Vera South deposit - has been approved. Thee expansion will commence immediately and will double production to more than 200,000 oz/yr and lower cash costs by about $20/oz to less than $200/oz.

Perilya Mines (16 February 1999)

Perilya has extended the life of its Fortnum gold mine in WA with thee go-ahead for the Starlight underground mine (500,000 tonnes @ 5.6 g/t Au for 100,000 oz). Underground production would begin around June and gold production should be maintaineed at 75,000 to 80,000 oz.yr for about 2.5 years.

Normandy Mt Leyshon (12 February 1999)

Normandy Mt Leyshon has reported a 115% jump in interim net earnings to $25.5 million - due to record first half gold production of 166,404 ounces and a $120/ounce drop in cash costs. The company will pay a 20 cent, fully-franked dividend (up from 15 cents).

Normandy NFM (12 February 1999)

Normandy Mt Leyshon has reported a fall in interim net earnings from $17.755 million to $9.512 million - due to the steady progress in mining underground ore and development associated with plans to lift production towards 300,000 oz/year.

Ashton Mining (12 February 1999)

Analysis of 3 kimberlites (50kg samples) from the Alberta drilling program had yielded 1 microdiamond.

BHP (12 February 1999)

BHP says it will buy back shares held by Beswick in 4 batches during March if approved by shareholders. Beswick holds 16.2% of BHP shares.

Rio Tinto (12 February 1999)

Police broke up a union picket line at the Gordonstone coal mine in central Qld as union members made an attempt to stop non-union workers leaving the site.

Border Gold (11 February 1999)

OPTION TO ACQUIRE UP TO 100% INTEREST IN ARTHUR RIVER & BERYL HILL TANTALITE – COLUMBITE PROJECTS, GASCOYNE W.A. FROM RARE RESOURCES NL.

The Company (“Border”) advises it has entered into a Heads of Agreement (“Agreement”) with Rare Resources NL (“Rare”) to acquire up to a 100% interest in Rare’s Arthur River and Beryl Hill Tantalite– Columbite projects located near Gascoyne Junction W.A.

The project areas are located within granted Mining Leases ML 09/62 (Arthur River) and ML 09/75 (Beryl Hill).

Under the terms of the Agreement, Border has reimbursed Rare $15,000 for recent expenditure and must complete a minimum of 2,000 meters of RC percussion drilling within 6 months of the commencement date. Border may then proceed to earn a 70% interest by completing $400,000 of project expenditure within 30 months and by making a further payment to Rare of $50,000 in cash or shares. After earning 70%, Border may elect to acquire Rare’s remaining 30% interest for approximately $630,000 to be satisfied by the issue of Border shares.

Henry Walker / Eltin (11 February 1999)

The 2 contract mining companies Henry Walker and Eltin have unveiled plans to merge to form Henry Walker Eltin. Under the merger, Henry Walker will offer 6 of its own shares plus 84 cents cash for every 7 Eltin shares. The merger should result in cost savings of 10-15%.

Pasminco / Savage Resources (11 February 1999)

Pasminco will move to compulsorily acquire the remaining shares in Savage after more than 75% of shareholders accepted the 85 cents/share offer. Pasminco is already entitled to more than 95% of Savage.
Pasminco will retain the zinc assets and is conducting a "mini due diligence on the non-zinc assets to have a better understanding of what we have to sell".

Rio Tinto (11 February 1999)

The key coal mining union is gearing up for a head-on confrontation with Rio when it attempts to use non-union workers to commence work today at the Gordonstone coal mine in central Qld.

Austral Coal (10 February 1999)

Austral Coal is to cut 60 jobs at its NSW coal colliery as oversupply and weaker markets take their toll.

BHP (10 February 1999)

BHP says an appraisal well drilled in the Typhoon prospect in the Gulf of mexico's Green Canyon area had penetrated a 94.5m wide section of oil.

Golden Valley Mines (10 February 1999)

HIGHLIGHTS - DECEMBER QUARTER:

• Bukit Hijau, East Java: At the Tumpangpitu porphyry copper-gold prospect, 7 anomalies have been identified. The largest measures 700m by 400m and is open to the NE and W, and has an average surface gold content of 0.98 g/t Au. A second anomaly has returned average surface grades from channel samples and spot samples of approx. 1 g/t Au and 1% Cu.
• Philippine Gold plc: Acquired an 8.57% interest in Philippine Gold plc and contracted to acquire a further 8.95% subject to certain conditions.
• Taipan Resources NL : The Company has increased its interest to 12.5%.

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Henry Walker (10 February 1999)

The contract mining group has recorded its best ever first-half result, with a 9% increase in net profit to $12.11 million. The company declared an interim 5 cent fully-franked dividend (4.75 cents previously).

Homestake Mining (10 February 1999)

Homestake would continue to look for acquisitions to broaden its reserve base both in Australia and overseas, according to chief executive Jack Thompson.

Kidston Gold Mines (10 February 1999)

Kidston reduced its losses in 1998 to $1.37 million ($53.59 milion loss in the previous year).

Michelago Resources (10 February 1999)

On 5 February 1999, Michelago announced a 1 for 2 Renounceable Entitlements Issue to shareholders of up to approximately 26,332,500 new Shares at the price of two cents each. The Issue is to raise up to approximately $526,650 for the Company.

Strike Mining (10 February 1999)

HIGHLIGHTS - DECEMBER QUARTER:

Corporate

• Strike's share and option reconstruction scheme approved and implemented

Hodgkinson Gold Belt

• RC drilling at the Upper kennedy Prospect has resulted in numerous intersections of low grade gold mineralisation over a strike length of approx. 1200 metres
• The wide zones of mineralisation are spatially associated with the axial plane of a possible fold structure and, as such, compare favourably with the giant Sukhoi Log deposit in Siberia.

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WMC (10 February 1999)

The Directors of WMC Limited announce the following profit attributable to shareholders for the 12 and 18 months ended 31 December 1998.

	12 months to 31 December 1998 $M	12 months to 31 December 1997 $M	18 months to 31 December 1998 $M	18 months to 31 December 1997 $M
Equity profit after tax and abnormals	169.2	295.4	268.1	297.2
Equity profit after tax but before abnormals	166.5	222.7	265.4	228.2

The final dividend of 3 cents a share fully franked at 36% takes dividends for the 18 month accounting period to 15 cents a share (13 cents in 1996-97).

The profit was affected by the marked deterioration in commodity prices.
Although the fall in the value of the Australian dollar in part offset lower US$ metal prices, the Company's currency hedging position reduced this effect. Offsetting this were increased production, lower unit costs and increased taxation credits. The profit included an abnormal after tax gain of $129.4 million from the sale of the Goldfields Gas Transmission Pipeline and power generation/transmission assets in Western Australia. An after tax loss of $9.9 million was incurred on the sale of Nifty Copper Operations. Additional depreciation of redundant assets at Olympic Dam and the write down of nickel assets, particularly at Kambalda, resulted in abnormal after
tax charges of $8.7 million and $108.1 million respectively.

The net tax credit of $3.1 million for the 18 month period benefited from a $140.2 million development allowance principally for the Olympic Dam Expansion project.

Managing Director Hugh Morgan said that WMC had used this difficult trading period to make strong progress on the Company's transformation. Rapid progress on new projects, continuing non-core asset sales, and major improvements in management practices across the group would substantially drive shareholder value over the next few years.

"This has been an outstanding year in the development of the new WMC. Our centrepiece Olympic Dam expansion is virtually complete, the Queensland Fertilizer project is progressing well and our strong cost reduction programs are reshaping our competitive profile across the business," said Mr Morgan.

The Olympic Dam Expansion Project's surface facilities are largely complete and the copper smelter smoothly started production in January, two months ahead of schedule. The high quality of the design and construction process is proving itself, with very smooth commissioning and the throughput and recoveries being achieved at or above design capacity. The final cost of the Olympic Dam Expansion Project is estimated at $1.94 billion. Production will build up to a rate of 200,000 tonnes of refined copper a year.
During the year WMC continued to reduce current and future costs and improve business effectiveness. The Company continued its Information Integrity program; reduced its corporate office; developed financial and human resources shared services functions; enhanced supply and maintenance programs; refocussed exploration activities; and improved work-force arrangements. Nickel and gold unit costs were reduced substantially during the 12 months, by 14% and 10% respectively.

Alinta Gas (9 February 1999)

Soon to be privatised State government-owned gas utility Alinta Gas has posted a better than budgeted first half net profit of $20.9 million.

BHP Petroleum (9 February 1999)

BHPP refused to comment on rumours that it was preparing to sell a suite of Timor Sea gas and oil assets.

General Gold / Multiplex Resources (9 February 1999)

Gold production from the mothballed Mt Todd mine in the NT is expected to resume in June, 19 months after Pegasus Gold closed the operation. General Gold and Multiplex have formed a JV to operate the mine.

Homestake (9 February 1999)

Big improvements in cash costs at its Kalgoorlie, Darlot and Lawlers gold mines in WA helped turn around last year's 4th quarter loss of US$59 million to a US$1.4 million profit.

Icon Oil (9 February 1999)

ICON OIL NL has signed a Participation Agreement to acquire a 50% working interest in 18,000 acres covering Sandy Creek, Freedom Dome and Indian Creek prospect areas in Montana USA. The Joint Venture has a Net Revenue Interest in the area of 80% and options to acquire a further 30,000 acres in the surrounding areas. Icon has been assigned this working interest upfront by purchasing its proportionate share of the leases.
Icon's interest has not been promoted with the exception of a small excess on the drilling of the first three wells where Icon will pay 62.5% of the intial three wells to casing point only. Macum Energy from Billings Montana will be the Operator of the programme. Macum Energy has been operating oil and gas properties in Montana for over 25 years and is a highly respected and successful exploration and production operator in the area.
The total cost to Icon for the programme of lease acquisition, seismic recording and the drilling of three wells is estimated to be $740,000. For complete details, click here.

Oil Search / Santos (9 February 1999)

PNG Foreign Minister Roy Yaki has joined a group of politicians opposing the $142 million sale of Oil Search's 25% stake in the Hides gas field to Santos.

Rio Tinto (9 February 1999)

Rio Tinto takes over control of the Gordonstone coal mine in Qld this week - it purchased Arco's 80% stake for $232 million.

WMC (9 February 1999)

Directors of WMC Limited are pleased to announce that Mr Roger A G Vines has accepted an invitation to join the Board of the Company and has been appointed a non-executive Director effective from 8 February 1999.
Mr Vines recently announced his intention to retire from Alcoa Inc. (previously Aluminum Company of America) where he holds the position Vice President, and Alcoa of Australia Limited where he holds the position Chairman and Managing Director. Mr Vines is a Director of Woodside Petroleum Ltd and lives in Perth.

Defiance Mining / Barminco (8 February 1999)

Defiance is confident that its Mathinna gold project, 140km from the Beaconsfield gold mine, in Tasmania will be producing by the end of the year. Over the next 3 months, Defiance expects to prove up a gold reserve sufficient to justify an initial production rate of 50,000-60,000 ounces/year.

Duketon Goldfields (8 February 1999)

• A Phyto Exploration Survey was carried out on the Southern Area on EL 4372 by Elementary Solution Pty Limited.
• An on site auction of surplus plant was held on 17 October 1998 by Minasco Australia and over $90,000 was realised.
• Duketon increases its effective interest in the Mt Alexander Goldfield Project to 85%.

• A summer work program has been submitted to the Department and received approval on 11 November 1998.

• RC drilling programs have been planned for Old Peculiar, Russell’s Find and Reichelt’s Find.

For complete details of the December Quarterly Report, click here.

Heron Resources (8 February 1999)

Heron has released an indicated mineral resource at its Kalpini nickel project in WA of 54.6 million tonnes @ 1.09% Ni and 0.08% Co. Metallurgical tests indicated the ore was equal or better suited for treatment than the current crop of lateritic deposits being developed in WA.

Normandy Mining (8 February 1999)

Normandy has undertaken a $2 million/3-year Aboriginal training program aimed at increasing its level of indigenous employment. The Geraldton Central West TAFE will provide a 12-week tyraining program for 15 applicantsfor for a minimum 3 years.

APPEA (6 February 1999)

The Australian Petroleum Product and Exploration Association (APPEA) says spending on oil exploration and development in Australia is expected to be cut by almost $1 billion in 1999 due to the slump in oil prices. Total expenditure is expected to fall to about $2.4 billion.

AGL (5 February 1999)

AGL is to build a $96 million extension to a pipeline to transport gas from Dubbo to Tamworth in NSW.

Anaconda Nickel (5 February 1999)

Anaconda Nickel has ranked among the wordt 5 performers on the All Ordinaries Index this year following trouble commissioning its new Murrin Murrin laterite nickel project. Problems were encountered with the acid injection systems forcing replacements, and more changes would be needed before the system was operating satisfactorily.

Beaconsfield Gold (5 February 1999)

Stockbroker Merrill Lynch issues a Long Term BUY recommendation for Beaconsfield Gold. For complete details, click here.

Niugini Mining / Battle Mountain / Placer Dome (5 February 1999)

Placer Dome is expected to lead in the quest for a $300 million stake of Niuging - yesterday Battle Mountain Gold said it was looking at options to offload its 50.1% stake in Niugini. Niugini's sole asset is its 17.1% stake in Lihir Gold, which owns the 40 million ounce Lihir gold mine in PNG.

Santos (5 February 1999)

Santos has advised that its Touriga-1 well, 43km south-west of the Moomba gas plant, had encountered gas which flowed at 5.4 million cubic feet/day, together with 180 barrels/day of condensate.

Boral Energy / Envestra (4 February 1999)

Boral and Envestra have finalised an agreement to bring natural gas to the Wide Bay region in Qld for $30 million. Envestra will build a 300km pipeline from Gladstone to Bundaberg, Maryborough and Hervey Bay for $20 million and spend an additional $10 million installing distribution networks in the 3 cities.

Compass Resources (4 February 1999)

BROWNS PROJECT (90% Compass)

Highlights

• New flowsheet almost doubles the project's earlier NPV
• Forecast lead production almost doubled, cobalt and copper production also increased in later study.
  
• Pre-tender qualifications submitted by major engineering companies for the Browns Bankable Feasibility Study.
  
• Financial Advisers appointed to assist Feasibility Study and testwork program funding.
  
• Browns resource increased to 36.7 million tonnes at 0.62% copper, 4.24% lead, 0.13% cobalt, 0.10% nickel grades.
  
• Area 55 resource increased to 12.4 million tonnes at 0.49% copper, 0.56% lead, 0.14% cobalt, 0.14% nickel grades

Coolgardie Gold (4 February 1999)

Coolgardie has entered into an option with Metallica Minerals and US subsidiary Oresome Australia to acquire the Coalstoun copper-gold project and prospective ground in S-E Qld. Coolgardie has a 6-month option to purchase the project for $100,000 plus a 1.5% net smelter royalty.

Helix Resources (4 February 1999)

Herald Resources (4 February 1999)

For complete details of the December Quarterly Report, click here.

Leo Shield Exploration (4 February 1999)

Manso Nkwanta Joint Venture, Ghana

• Leo Shield gained full control of the Manso Nkwanta Joint Venture concessions in Ghana by acquiring the interest of its 50% joint venture partner, a subsidiary of Golden Knight Resources Inc.
• The Manso Nkwanta Joint Venture concessions include the Abore North prospect (gold resources of 295,000 ozs) and Mpesetia (gold resources of 77,000 ozs), both of which have strong upside potential.
• Exploration of the Abori concession commenced in December with the clearing of old lines. Numerous untested targets exist, including the possible northern extension of the Abore North mineralised zone and the Edubia trend, north-east along strike from Resolute Limited’s Nkran Hill Mine.
• Metallurgical testwork of the Abore North prospect is continuing with the aim of establishing a heap leach mining operation in the short term. Testwork to date has identified strong similarities with Ashanti’s successful Ayanfuri heap leach operation located 50kms to the south-west.

Kayeya Prospect, Ghana

Bottom of hole intercepts including 7m @ 3.4g/t and 16m @ 0.9g/t Au from shallow RC drilling in the northern section of the Kayeya anomaly have confirmed the sulphide potential of this large gold mineralised system.

Korhogo Permit, Côte d’Ivoire

Results from infill soil and laterite sampling along portions of the 21km soil anomaly previously identified at Korhogo have significantly enhanced the project.

PLANS FOR THE MARCH 1999 QUARTER

The Company will focus on developing the Abori concession in the March quarter, with the aim of increasing oxide resources and completing a prefeasibility study on the Abore North deposit. The northern extensions of Abore North, Edubia-Asuadai and the previously untested West Asuadai anomaly, all on the Abori concession, will be trenched and/or drill tested.

Five PQ diamond drill holes on the Abore North deposit will be completed to provide samples for detailed metallurgical testing, structural interpretation and bulk density testwork.

Leo Shield’s joint venture partners are continuing exploration on the Nsuaem concession in Ghana and the Tengrela and Korhogo concessions in Côte d’Ivoire. At Korhogo, work planned for the March quarter includes a ground magnetometer survey, the extension of the infill soil sampling grid to cover the northern portion of the geochemical anomaly and a RAB drilling program.

For complete details of the December Quarterly Report, click here.

Mount Burgess Gold Mining (4 February 1999)

HIGHLIGHTS - DECEMBER QUARTER:

• The Butcher Well JV Resources now stand at 6.33 million tonnes @ 3.3 g/t Au
• Mining is planned at Red October in a 3-stage pit - tenders have been requested for the mining contract and various stages of development
• Corporate
  • Negotiations with a financial institution are in progress with respect to funding the Company's share of Red October
  • The Company is pursuing expressions of interest with respect to the sale of the milling, gold recovery and flotation circuits of the Harbour Lights treatment plant

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New Hampton Goldfields (4 February 1999)

Following the encouraging results from the Enigma Prospect described in our December Quarterly Report, New Hampton Goldfields Limited is pleased to report a spectacular new intersection of 32m at 23.2 g/t gold from 175m down hole depth in recently completed Hole No. EN9906RC. The intersection includes several one metre intervals displaying coarse visible gold. For complete details, click here.

Pan Australian Resources (4 February 1999)

In its December 1998 Quarterly Report, Pan Australian Resources NL has announced that it has defined the strongest soil gold-in-soil anomaly yet detected within the Yilgarn Extension Project.

A two phase soil geochemical survey at target zone T25 (located near Beete, 65 kilometres south of Norseman) has defined a major soil anomaly that contains strong gold anomalism ranging between 10 to 120 parts per billion (ppb), including an isolated peak value of 760 ppb, against a very subtle 4 ppb background.

Using a 10ppb gold value contour, the anomaly has a minimum length of 3.5 kilometres and a width that ranges up to one kilometre. The anomaly is open to the north, south and west. For complete details , click here.

AGL / Normandy (3 February 1999)

An AGL - led consortium (Southern Cross Pipelines Australia) has purchased Normandy's 25.49% of the Goldfields Gas Transmission pipeline for $92.2 million. The consortium now has an 88.16% stake in the pipeline folowing the earlier purchase of WMC's 62.67% stake. Normandy expects to book a $30 million profit on the deal.

Auridiam Consolidated (3 February 1999)

HIGHLIGHTS - DECEMBER QUARTER:

The highlights were the successful conclusion of agreements with Kimberley Resources NL to accelerate diamond exploration in the Ellendale region in WA, the discovery of lamproites from the resulting exploration program and the subsequent recovery of diamonds from samples taken from the lamproites.

The recovery of diamonds from bulk testing of kimberlites at Orapa in Botswana was also welcomed. Of particular importance is the high number and size of the diamonds recovered from BK16.

Ballarat Goldfields (3 February 1999)

Shaw Stockbroking recommends Ballarat Goldfields NL as a Short Term Speculative Buy.

For complete details, click here.

Bendigo Mining (3 February 1999)

HIGHLIGHTS - DECEMBER QUARTER:

• Commencement of decline
• Decline advanced 180 metres, cost per metre below budget

Border Gold (3 February 1999)

• Karonie Underground Joint Venture with Barminco.
  • Mining was completed by Barminco on 24 December 1998. Total mine production was 38,900 tonnes at 5.53 g/t Au which is presently being treated at Barminco’s Greenfields plant, Coolgardie.
    
• Farmout to WMC Resources Ltd of regional exploration ground at Karonie.
• Pit optimisation studies at French Kiss and Harry’s Hill enhance economics of Karonie Project feasibility study.

Compass Resources (3 February 1999)

Following the successful completion of the Browns Project prefeasibility study, the Company has appointed Investor Resources Limited, a specialist resource financial advisory group based in Melbourne, to secure funding for a Bankable Feasibility Study and its associated pilot testwork program.

The Company has also called for expressions of interest and pre-tender qualifications from major engineering companies capable of undertaking the study and progressing the project through to production as well as providing appropriate process and operating guarantees. The feasibility study and associated testwork program, currently being scoped is expected to commence within 3 months and be completed early next year.

The Company's confidence in the Browns Project is based on exploiting a high quality, high value orebody through an innovative yet robust process flowsheet that delivers strong economic results. On a 100% equity basis the project shows a Net Present Value of $312 million (8% discount), an Internal Rate of Return of 30.7% and a payback period of less than 3 years.

Coolgardie Gold (3 February 1999)

HIGHLIGHTS - DECEMBER QUARTER:

• The Company has secured an option to purchase the Mount Canindah polymetallic deposit in Qld
• Initial soil geochemistry has identified 3 anomalies in the Company's Zimbabwe Project.
• Drilling of 4 targets at Mount mackenzie is planned for commencement in early February.

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Gilt-Edged Mining (3 February 1999)

HIGHLIGHTS - DECEMBER QUARTER:

KUNDANA:

• RC drilling identified 2 shallow, high-grade zones with commercial potential (Hornet & Rubicon) within the highly prospective 3km long ABC mineralised horizon.
• Subsequent to quarter's end a 6,000m program of follow-up RC drilling was initiated to determine the extent of mineralisation at Rubicon and Hornet and complete infill reconnaissance drilling over the northern half of the ABC horizon. The results of this drilling will be a first-pass resource estimation for completion in the March quarter 1999.
• RAB drilling on tenements north of the Kundana mine has highlighted the Ward prospect as a target for follow-up drilling.

SIBERIA (WA):

• The evaluation of cash flow options in respect of the re-establishment of commercial gold mining operations continued.

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Grenfell Resources (3 February 1999)

Gawler Craton Operations

• Encouraging gold intersections in initial bedrock drilling at the Sunshine prospect 30km northwest of Tarcoola .
• Strong and coherent gold-in-calcrete zones defined from infill calcrete sampling at the MB and Tolmer Hill prospects.

India– Rajasthan Operations

• Initial field operations have been productive and effective.
• Widespread, intense alteration zones identified in association with interpreted magnetic targets.
• Preliminary gold assay results show significant anomalies in soils.

Corporate

• The Company’s cash position at end December was $4.45m.

For complete details of the December Quarterly Report, click here.

Jubilee Gold Mines (3 February 1999)

Jubilee has settled with Aboriginal groups making land claims at its Cosmos nickel project in WA. Jubilee is now looking at financing options and development plans for thr high-grade nickel project.

Mineral Deposits Limited (ex Nimbus Resources) (3 February 1999)

New Hampton Goldfields (3 February 1999)

PRODUCTION

• Record production – 39,447 ounces . Ore sourced from Dawns Hope and the Golden Ridge pit.
  
• Cash Costs - $215 per ounce . This continues a trend of low cost production since July 1998, due to operating efficiencies and continuing higher grades.
  
• 1998 calendar year production - 109,008 ounces which is a record annual production for the Jubilee project.
  
• Outlook for the second half continues to be strong as higher grade ore continues to be sourced from the Dawns Hope pit.
  

CORPORATE

• Record half year profit - $12.5 million (unaudited).
  
• Dr. Wyn Davies (formerly of QNI Limited) has joined the Board and been elected Chairman.
  
• The Cash and Liquids position exceeds $11m exclusive of substantial investments in MDL and Croesus.
  
• Gold sold during the quarter into forward contracts and at spot. The average sale price was $471.46 per ounce.
  
• Mineral Deposits Limited (MDL)– 41% subsidiary, completed acquisition of the Hawks Nest mineral sands operation and is now in production of rutile and zircon.
  
• Croesus Mining NL - New Hampton Goldfields has purchased 19.4% and intends to explore operating synergies with their Board.

GOLD EVALUATION AND DEVELOPMENT

• Mining at Golden Ridge commenced in Quarter 1 and the Stage 1 pit is now substantially complete, with positive reconciliations. A commitment has been made to proceed with the Stage 2 pit at an early date.
  
• Mine planning for an underground development at Dawns Hope continues to engage our attention.
  
• White Hope approvals for a modest sized open pit are being advanced.

EXPLORATION

• An active programme of RAB and RC drilling was conducted during the quarter with many excellent results achieved on a number of prospects.

PROJECT ACQUISITION

• A General Manager has been appointed for Project Development. A number of opportunities are under investigation with a focus on the Kalgoorlie region.
  
• A joint venture agreement was signed with Fimiston Mining in November 1998 for New Hampton Goldfields to gain access to the Boorara gold prospect located to the immediate north of Golden Ridge. Drilling and evaluation work has commenced.

For complete details of the December Quarterly Report, click here.

Pan Australian Resources (3 February 1999)

CSR (2 February 1999)

Dalrymple Resources (2 February 1999)

Macmin (2 February 1999)

Hole 1 was terminated at 256.5m, which is the depth capability of the drill rig. Moderate to intense alteration was encountered throughout the extended hole summarised as follows:

• 159 to 225m – strongly fractured, intensely potassic altered trachytic porphyry with weak phyllic overprint. Disseminated fine grained sulphides (1-3%) with medium to course grained sulphides filling and coating the majority of fractures. Calcite and anhydrite veins between 180 – 200m.
• 225 to 234.8m - equigranular volcanics with strongly vughy, moderately fractured, strong potassic alteration with moderate phyllic overprint with 2 to 5% disseminated and fracture filled sulphides. Increase in silicification.
• 234 to 245.2 – hydrothermally brecciated and resealed volcanics and potassic altered porphyry, with calcite, anhydrite, silica, chalcopyrite, pyrite and arensopyrite.
• 245.2 to 254.5m – Intensely vughy, calcite anhydrite, pyrite, chalcopyrite veined potassic altered prophyry.
• 254.5 to EOH – weakly brecciated potassic altered porphyry with chalcopyrite, pyrite and carbonate veining.

For complete details, click here.

Normandy Mining (2 February 1999)

Novus Petroleum (2 February 1999)

Pasminco (2 February 1999)

Pasminco / Savage Resources (2 February 1999)

Preston Resources (2 February 1999)

Santos / Oil Search (2 February 1999)

Savage Resources (2 February 1999)

SMC Resources (2 February 1999)

• Year to date unaudited nett profit of $0.53 million.
• Increased gold production – December quarter production of 5,994 oz up from September quarter of 4,840 oz
• Falling cash operating costs per oz – June quarter $A547, September quarter $A373 and December quarter $A364

For complete details of the December Quarterly Report, click here.

Texas Utilities (2 February 1999)

Anaconda Nickel / Abednego Nickel (1 February 1999)

Exco Resources (1 February 1999)

Golden Triangle Resources (1 February 1999)

International Mineral Deposits (1 February 1999)

Metex Resources (1 February 1999)

New Guinea Gold Corp (1 February 1999)

Diamond core drill hole number 1 was terminated at 256.5m, which was the depth capability of the drill rig at that site. Highly encouraging moderate to intense epithermal style alteration was encountered throughout the hole extension and is summarised as follows:

• 159 to 225m – strongly fractured trachytic porphyry with intensely potassic alteration and a weak phyllic overprint. Contains disseminated fine-grained sulphides (1-3%), with medium to course grained sulphides filling and coating the majority of fractures. Calcite and anhydrite veins occur between 180 – 200m downhole.
• 225 to 234.8m – equigranular volcanics that are strongly vuggy and moderately fractured, with strong potassic alteration and a moderate phyllic overprint, plus 2 to 5% disseminated and fracture filled sulphides. The interval shows an increase in the degree of silicification.
• 234 to 245.2 – hydrothermally brecciated and resealed volcanics and potassic altered porphyry, with calcite, anhydrite and silica, plus chalcopyrite, pyrite and arsenopyrite mineralisation.
• 245.2 to 254.5m – Intensely vuggy, calcite / anhydrite and pyrite / chalcopyrite veined and potassic altered porphyry.
• 254.5 to EOH – weakly brecciated, potassic altered porphyry with chalcopyrite, pyrite and carbonate veining.

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Perseverance Mining Corp (1 February 1999)

Queensland Opals (1 February 1999)

Red Back Mining (1 February 1999)

Sardinia Gold Mines (1 February 1999)

Ross Mining (31 January 1999)

• Group deliveries totalled 48,347 ounces of gold corresponding to 190,000 ounces on an annualised basis. Group quarterly production was delivered at an average cash cost of $A255 per ounce (US $163/oz).
• The Gold Ridge Mine delivered 33,289 ounces of gold at an average cash cost of A$241 per ounce (US$154/oz). Gold delivered and tonnes processed exceed feasibility expectations by 30% and 20% respectively.
• The Gold Ridge Mine passed its first wet weather test coping with more than 1,100mm of rain during the quarter.
• The Yandan Gold Mine delivered 15,058 ounces of gold at a cash cost of A$285 per ounce (US$182)/oz). The Yandan minelife has been extended to the end of the March 1999 quarter.
• The Group’s gold production was sold at A$529 per ounce or A$57 above the average spot price.
• The Valehaichichi resource has been increased to over one million ounces of contained gold.
• Further significant drilling results were obtained at Kupers and Dawson in the Gold Ridge Mining Lease area. Best intersections included:

• Significant increases in the resource and ore reserves can now safely be anticipated.
• New resource calculations have increased the oxide ore reserves at Wirralie to over 190,000 ounces contained gold. Two scout holes have discovered new blind gold mineralisation.
• The terms of reference for an independent environmental audit on the Gold Ridge Mine have been agreed to by the Government (Central/Provincial), community groups and the Company.
• The Company has entered into two exploration joint ventures in the Solomon Islands in geologically highly prospective areas.
• The Timbarra crushing plant has been commissioned and ore has been stockpiled on leach pads.

For complete details of the December Quarterly Report, click here.

AGL (30 January 1999)

Ballarat Goldfields (30 January 1999)

For complete details of the December Quarterly Report, click here.

BHP (30 January 1999)

Dominion Mining (30 January 1999)

Equinox Resources (30 January 1999)

ZAMBIA : Zambezi Joint Venture (Equinox - Anglo American) :

• Kasanka - Serenje : extensive geochemical Cu-Co anomalism, generally associated with strongly altered basalts and magnetic highs. Two areas drilled to date :
  • Area 58 : wide zones of low grade Cu mineralization (best intercept 26m of 0.3% Cu).
  • Area 19 : similar to Area 58 (best intercept 20m of 1.25% Cu).
• Lufwanyama : 8 coincident EM-geochemical targets tested with RC drilling - results expected next Quarter
• Kabompo : Helicopter sampling program and RAB drilling of Nyembwezu Prospect conducted during Quarter - results expected next Quarter.
• A substantial program testing the numerous delineated targets on the Zambezi Joint Venture’s extensive tenement holdings will be undertaken in 1999.
  

SWEDEN

• Initial ground reconnaissance of the Iron Oxide Cu-Au targets completed, confirming prospectivity of the majority of these targets.
• 7 of the 16 Equinox tenements have now been granted.
• The tenements cover high priority targets including :
  • 28 iron oxide deposits;
  • 17 copper-gold prospects; and
  • 51 intense magnetic anomalies.
• The target delineation program has been completed and discussions have commenced with parties interested in joint venture participation.
  

SOUTH AUSTRALIA - Gawler and Curnamona Cratons

• 1999 exploration programs planned in the Gawler Craton by JV partners North, Aurora and Resolute-Dominion and in the Curnamona Craton by BHP.
  

QUEENSLAND

• Fort Constantine South: copper anomalism (7m of 0.13% Cu and 1m of 0.5% Cu) intersected by operator Normandy - further drilling planned for 1999.

WESTERN AUSTRALIA

• Weebacarry : gold mineralization (best intercept 10m of 1.42 g/t Au) intersected by joint venture operator Homestake.

FINANCIAL STATUS

The Company remains in a sound financial position with cash on hand at 31 December, 1998 of $3.3m. The Company’s exploration expenditure for the September Quarter was $0.3m, and expenditure including joint ventures totals $1.8m.

Finders Gold (30 January 1999)

• MADHYA PRADESH, INDIA

An application for a licence to explore for diamonds in Block D-7 in the state of Madhya Pradesh, Central India was submitted in late October in Raipur. Processing of the licence documents by the Indian Central Government in Delhi is expected to be rapid now that the state elections have been held. Detailed planning and budget preparation for diamond exploration activities to be undertaken over Block D-7 after the issuance of the licence is continuing.

• LANUT, INDONESIA

Ongoing negotiations with the Regional Governor of Northern Sulawesi and local Department of Mines and Energy ("DME") officials have resulted in an area of 150ha that surrounds the Lanut gold project being granted to the joint venture partners. The new area has recently been surveyed and documentation has been subsequently compiled for the DME in Jakarta to process. The Company is currently preparing to re-commence drilling later this quarter at Talong Jaya and Apolo prospects where significant gold intercepts were previously encountered.

• MULGABBIE, WESTERN AUSTRALIA

Subsequent to the end of the quarter, a total of 1928m of rotary airblast ("RAB") drilling was conducted at the Mulgabbie project by joint venture partner Mintech-8 NL. The drilling focused on the Ironclad prospect area and the 204 area in the south-western portion of the tenement block. Assay results are awaited.

Highlands Pacific (30 January 1999)

The feasibility study for the world class Ramu Nickel Project is complete and has been presented to the National Government of Papua New Guinea, according to Highlands Pacific’s Quarterly Report for the period ending 31 December 1998.

The study established the following project parameters:

Highlands Pacific (30 January 1999)

HIGHLIGHTS - DECEMBER QUARTER:

Ramu Nickel Project: 

• The feasibility study has been completed and presented to the National Government of Papua New Guinea and Joint Venture parties.
• The feasibility study established the following parameters:

• The project cash operating cost/lb Ni after cobalt credit has been estimated at US$0.41 (cobalt @ US$10.00/lb);
• The project cash operating cost/lb Ni has been estimated at US$1.38;
• A mine life of 20 years, which is likely to be extended to in excess of 35 years;
• Capital cost of the project is US$838 million excluding financing charges.

• The process of selecting an engineering contractor for project implementation has commenced.
• Initiatives to secure project financing are ongoing.
• Marketing of product through an off take agreement is proposed, and negotiations are ongoing.
• That portion of the Ramu resource drilled has been confirmed to contain 143 million tonnes of laterite ore grading 1.01% Ni and 0.11% Co.
• Further enhancement to project costs and economics is anticipated following completion of hydraulic mining trials and further process testing.
• Negotiations with the State of Papua New Guinea and the area landowners are proceeding satisfactorily and permitting is expected in Quarter 2, 1999.

Frieda River Project:

• Assessment activities continued with 12,000m of diamond drilling completed and US$9.0 million of expenditure since Cyprus Amax entered into Joint Venture in February 1998.

Exploration:

• The Highlands Pacific Group and Cyprus Amax have signed a letter of intent to enter into a joint venture to jointly explore for copper gold deposits in Papua New Guinea. Under the agreement, which includes the Group’s current properties and any new targets generated, Cyprus Amax will commit minimum annual expenditures for the next three years. The Joint Venture will underwrite a large part of the Group’s ongoing exploration in Papua New Guinea.

Kimberley Resources (30 January 1999)

MIM (30 January 1999)

Pasminco (30 January 1999)

Petroz (30 January 1999)

Precious Metals Australia (30 January 1999)

Santos (30 January 1999)

Straits Resources (30 January 1999)

• Acquisition of Nifty Copper Operation settled on 18 November 1998.
• Copper cathode production up 6.6% to 7,022 tonnes, including a record 4,538 tonnes from Nifty.
• Coal sales for the quarter increased to 406,200 tonnes, up 38% on the previous quarter. Coal sales for the year ended December 1998 totalled 1,020,000 tonnes.
• Revenue up 15% to $29.5 million
• Tritton Copper Project feasibility study completed.
• Agreement in principle reached to sell Whim Creek Copper Project to Lynas Gold NL for $9.5 million.
• A new strong geophysical anomaly has been detected within the Girilambone Exploration Joint Venture tenements.
• $16 million raised from an underwritten Convertible Note issue.
• $62 million loan facility arranged with Bankers Trust.

For complete details of the December Quarterly Report, click here.

WMC (30 January 1999)

Ashton Mining (29 January 1999)

Beaconsfield Gold (29 January 1999)

• Mine development a record 925 metres with 314 metres advance in the decline.
• Decline currently at 495 metres depth or 40 metres below the lowest level of historical mining.
• 430W, 455W, 480W, 480C and 480E stopes to be accessed in the March quarter.
• Construction of the 200,000 tpa ore treatment plant underway. First gold production expected by mid 1999.
• Permanent workforce of 64 set to grow to 124 over the next 3 quarters.
• Total Joint Venture expenditure since 1993 now $62 million and expected to reach $100 million by August 1999.
• Beaconsfield Gold finalises $29 million project finance facility with BankWest.
• Beaconsfield Gold’s first 240,000 ounces of gold production sold forward for average net gold price of A$537 per ounce.
• Share placements to two investors raise $2.5 million.

For complete details of the December Quarterly Report, click here.

BHP (29 January 1999)

Capricorn Resources (29 January 1999)

Comalco (29 January 1999)

Comet Resources (29 January 1999)

Icon Oil (29 January 1999)

EXPLORATION ACTIVITIES - DECEMBER QUARTER

Australia

During the quarter Icon released Century Rig 3 on expiry of the lease with Century Drilling Ltd. Bad weather during the preceding three months was so wet that the drilling rig had been on standby and in addition the monsoon season was about to commence in Queensland. More wet weather was forecast and it was decided to release Rig 3.

A drilling programme is scheduled to commence in May/June 1999 when the weather improves and a drilling rig becomes available in the Surat Basin. The first well in this programme will be in ATP562 (Heidi).

Applications for new areas in the Surat Basin (Queensland) and the Bonaparte Basin (North West Shelf) were made during the quarter and were competitive under government bidding processes. The Bonaparte application was unsuccessful. The applications in the Surat Basin are delayed pending finalisation of native title legislation.

Overseas

Negotiations are continuing in the United States (Montana and Louisiana). These areas are being evaluated on their capacity to give Icon an early cash flow from production of oil and gas.

Union Mining (298 January 1999)

• Union Mining NL is evaluating a number of major resource investment opportunities in Iran, and negotiating a number of possible operating agreements through its 50% owned Company, Union Itok International AG ("Union Itok").
  
• The projects concerned are two major zinc projects, a major copper project and a major titanium project. Union is happy with the progress of the negotiations in each case.
  
• In the negotiations, Union Itok is helping to pioneer international investment in the mineral resources of Iran where the Company believes considerable potential exists.
  
• In addition Union Itok has lodged applications over five exploration areas prospective for porphyry copper and three areas prospective for epithermal gold. One gold exploration area is already in the advanced stages of being granted.

• During the Quarter, the Company signed a Joint Venture Agreement with Newcrest Operations Limited covering the Company's tenements at Croydon in North Queensland. Under the agreement, Newcrest will spend $3 million on exploration over four years to earn a 70% interest in the tenements concerned.

For complete details of the December Quarterly Report, click here.

BHP (28 January 1999)

Delta Gold (28 January 1999)

Golden Cross Resources (28 January 1999)

• Drilling five prospects during the March 1999 Quarter – Cargo, Narragudgil (West Wyalong), Ken Glasson prospect (West Wyalong), Kempfield and Copper Hill.
• At Cargo gold-copper porphyry Newcrest has drilled three diamond drill holes to date.
• At Narragudgil copper-gold prospect Newcrest completed 25 reverse circulation/aircore holes and commenced diamond drilling.
• At Kempfield GCR’ s third drilling programme is set to build on indicated and inferred resource of 5.3 Mt at 105 g/t silver and 23.6% barite (18 MOz silver and 1.25 Mt barite).
• Agreement to farm-out Laverton, WA, properties to Granny Smith joint venturers (Placer/Delta) who may earn 70% by completing bankable feasibility study within 3 years. $25,000 cash paid.
• Placement of 2 million shares at 10 cents raised $200,000.

Goldfields Ltd (28 January 1999)

Macmin NL (28 January 1999)

• Drilling is continuing at Kabang Prospect, Feni Project, Papua New Guinea where hole 1 intersected 52m at 1.65g/t Au. Hole 1 is 300/400m northwest from the previously defined gold mineralisation at Kabang. This fact together with Induced Polarisation (geophysical) data confirms that the gold mineralised system at Feni could be very large.
  
• A four hole (983m) drilling program at Nevera Prospect, Crater Mountain Project, Papua New Guinea, concluded on January 13 ^th . These holes intersected widespread and intense alteration and a further release with all assay results is likely in early/mid February. One hand dug trench across a soil geochemical zone returned a 45m interval which assayed 2.9g/t Au (inc. 5m at 10.8g/t Au). At Nevera South Prospect(an exciting new area 2-3km south of Nevera) visible gold is present in stream sediments where two pan concentrate geochemical samples assayed 256 and 86.3g/t Au respectively. Elsewhere at Nevera Southwest Prospect rock samples contain up to 33% zinc and 453 g/t silver.
• A revised purchase agreement for the Texas Silver Project was completed with Hunter Exploration NL. MACMIN now owns Texas 100% and will commence a scoping study in February on the possible establishment of a heap leach operation at Texas. This study will take 3 to 6 months.
  
• Cyprus Amax Australia commenced work on the Mt Nakru Project where they completed an airborne Dighem EM survey.
  
• The recent prospectus Issue raised $1,002,048. Although this is a reasonable amount in the present poor investment climate for junior explorers the under-subscription will necessitate some changes in the program for 1999. The company is investigating alternate strategies for continued funding of both Crater Mt and Texas Projects.

For complete details of the December Quarterly Report, click here.

Orogen Minerals (28 January 1999)

Pasminco (28 January 1999)

Queensland Metals Corp (28 January 1999)

Resolute Resources (28 January 1999)

Acacia Resources (27 January 1999)

Aurora Gold (26 January 1999)

Meekatharra Minerals (26 January 1999)

Diversified Mineral Resources / Hargraves Resources (26 January 1999)

Energy Equity (26 January 1999)

Oil Search (26 January 1999)

Precious Metals Australia (26 January 1999)

Ross Mining (26 January 1999)

Striker Resources / Diamond Rose (26 January 1999)

YKR International Resources (26 January 1999)

The Directors are pleased to advise that the company has entered into two property options in respect of the Aurex Property and the Revenue Creek Property in the Yukon Territory. The details of the options are as follows:

Aurex Property – Mayo Mining District

The property consists of 155 contiguous claims in the Mayo Mining District of the Yukon Territory located 30 km northeast of Mayo and 3 km west of Elsa, which are 100% owned by the company subject to a 3% NSR to Jim McFaull.

The company has entered into an option agreement with Expatriate Resources Ltd (VSE - EXR) entitling them to acquire a 100% interest in the property.

Revenue Creek Property – Whitehorse Mining District

The property consists of 69 contiguous mineral claims in the Dawson Range in the Whitehorse Mining District of the Yukon Territory which are 100% owned by the company.

The company has entered into an option agreement with ATAC Resources Ltd, an unlisted Canadian private company, entitling them to acquire a 100% interest in the property.

Central Victorian Gold / Voyager Gold (25 January 1999)

Perseverance Corp (25 January 1999)

Titan Resources (25 January 1999)

BHP (23 January 1999)

Envestra (23 January 1999)

Lihir Gold (23 January 1999)

Woodside Petroleum (23 January 1999)

AGL (22 January 1999)

Anaconda Nickel / GME Resources (22 January 1999)

Hill 50 Gold (22 January 1999)

Mobil Oil / Shell Australia (22 January 1999)

Newcrest Mining (22 January 1999)

Precious Metals Australia (22 January 1999)

Ozequities Newsletter - Vanadium Summary. For complete details, click here.

WMC (23 January 1999)

Croesus Mining (22 January 1999)

Energy Resources of Australia (22 January 1999)

Kimberley Resources (22 January 1999)

Michelago Resources (22 January 1999)

 HIGHLIGHTS

• As foreshadowed in an announcement to ASX on 29 October 1998, Michelago has signed an agreement with Hargraves Resources NL (Hargraves) for the acquisition of the Parkes Gold Mine. Michelago will issue (subject to shareholder approval) 10 million fully paid ordinary shares for the Mine.
• Encouraging gold intercepts have been obtained from Armstrongs prospect at Parkes. Gold mineralisation has been intersected over a strike length of 400m on a structure that continues to the north and south.
• On the Rye Park project two gold in soil anomalies have been outlined in the Red Hill area. An intense anomaly at least 300m long is located over the old Red Hill gold-copper prospect. A second anomaly approximately 800m long occurs north east of the prospect.

STRATEGY

The acquisition of the Parkes Gold Mine will further consolidate the Company’s strategic tenement position in the Forbes Gold Belt. Michelago’s Parkes Project surrounds the Parkes Gold Mine and this area will be the main focus for the Company’s exploration effort in the immediate future. Michelago believes it will be able to outline sufficient resources within five kilometres of the existing plant to warrant recommissioning.

The other project areas are being progressively rationalised with joint ventures being sought with other groups.

Minotaur Gold (22 January 1999)

Pacmin Mining (22 January 1999)

Stanwell Corp (22 January 1999)

Tectonic Resources / BHP (22 January 1999)

Alkane Exploration (21 January 1999)

BHP (21 January 1999)

East Coast Minerals / Legend Mining (21 January 1999)

Exco Resources (21 January 1999)

Exodus Minerals (21 January 1999)

Genesis Resources (21 January 1999)

MIM (21 January 1999)

Murray Basin Minertals (21 January 1999)

New Hampton Goldfields (21 January 1999)

As foreshadowed last year, we have been seeking to expand the Board of the Company with more independent directors. This has been in response to market pressures for greater independent director representation on Company Boards. This culminated late last year in the appointment of Dr. Wyn Davies as a new independent director of the company. Our Chairman, Mr. Rodger Head, who has been the Chairman throughout our formative years has decided to step down from the chair to allow Dr Davies to assume the role. Mr. Head remains as an independent director of the Company and we are pleased to have retained his good counsel.

During December, we made an important strategic investment in Croesus Mining NL, a Kalgoorlie based gold miner with operations close to ours. Croesus have recently announced an outstanding half year profit of $8.0 million with production of 38,971 ounces at a cash cost of $235 per ounce.

We have purchased some 19 million shares at a cost of approximately $5.7 million which represents approximately 18 % of the issued capital. This makes us the largest individual shareholder.

Mineral Deposits (formerly Nimbus)

We have continued to take a close interest in the activities of this company in which we had a 42.4% stake on 1 July last. MDL (formerly NIM) acquired the mineral sands operations of BHP Titanium Minerals Pty Limited located at Hawks Nest in New South Wales, and the right to the respected use of the MDL name and logo, in November 1998.

To part fund this acquisition, now named Mineral Deposits (Operations) Pty Limited, MDL sought and obtained shareholder approval to issue Convertible Notes and additional shares in December 1998. While New Hampton Goldfields did not take up any notes or further shares, it has notified MDL of its intention to convert the 1.5 million 25c Options (6/99) it currently holds in MDL. The company has also continued to buy MDL shares in the market since 1 July – almost 3.0% at the date of this letter – thereby further demonstrating its confidence in MDL’s future as a mineral sands producer and, at the same time, partly redressing the dilution the result of new issues of MDL scrip in December 1998. At present, we hold slightly in excess of 41% of the paid up capital of MDL.

For additional information, click here.

Pasminco / Savage Resources (21 January 1999)

Petroz (21 January 1999)

Placer/Goldfields/Orogen Minerals (21 January 1999)

Sirocco Resources (21 January 1999)

Sons of Gwalia (21 January 1999)

Anaconda Nickel / Abednego Nickel (20 January 1999)

Australian Overseas Resources / Boulder Group (20 January 1999)

Black Range Minerals (20 January 1999)

Bougainville Copper (20 January 1999)

Coal (20 January 1999)

Centaur Mining (20 January 1999)

GMA Garnet (20 January 1999)

Gympie Gold (20 January 1999)

Homestake Gold (20 January 1999)

Macmin (20 January 1999)

Diamond core drilling re-commenced at Kabang (Northeast), on 16/1/99, with the re-entry and deepening of MACMIN/New Guinea Gold Corporation’s (NGG) first hole at the prospect. The drill hole extension is designed to partially (35% to 40%) test across the strike of a highly gold prospective, combined mercury/arsenic geochemical anomaly and induced polarisation/ geophysical anomaly; which are locally co-incident with the 5 kilometre long Kabang Structural Zone (KSZ).

Highly encouraging gold assay values were encountered in hole 1, which included 52 metres/ 1.65g/t Au, between 68 and 120 metres down-hole. The hole was terminated prematurely in highly prospective, gold-mineralised rocks last year, due to the incapability of the drill rig to reach the required end of hole depth. For details, click here.

Normandy Mining (20 January 1999)

Pasminco / Savage (20 January 1999)

Normandy Mining (20 January 1999)

Shell Coal (20 January 1999)

Ticor (20 January 1999)

Western Metals (20 January 1999)

Aurora Gold (19 January 1999)

BHP (19 January 1999)

Murchison United (19 January 1999)

MIM (19 January 1999)

New Guinea Gold Corp / Macmin (19 January 1999)

Diamond core drilling re-commenced at Kabang (Northeast), on 16/1/99, with the re-entry and deepening of NGG’s first hole at the prospect. The drill hole / extension is designed to partially (~ 35 to 40%) test across the strike of a highly gold prospective, combined mercury / arsenic geochemical anomaly and induced polarisation / geophysical anomaly, which are locally co-incident with the 5 kilometer long Kabang Structural Zone (KSZ).

Highly encouraging gold assay values were encountered in hole 1, which included 52 metres / 1.65g/t Au, between 68 and 120 metres down-hole. The hole was terminated prematurely in highly prospective, gold-mineralised rocks last year, due to the incapability of the drill rig to reach the required end of hole depth.The gold mineralised system on Feni is very large and the associated economic gold potential is considered to be excellent. NGG holds a 25% interest in the project and is sole funding ongoing exploration to earn up to a 70% equity.

Novus Petroleum (19 January 1999)

Rio Tinto (19 January 1999)

Merritt Mining (18 January 1999)

New Hampton Goldfields (18 January 1999)

• RECORD PRODUCTION

The September Quarter production was a new project record of 32,484 ounces at a cash cost of $236 per ounce.

We are now pleased to report that the December Quarter was another record of 39,447 ounces at a cash cost of $215 per ounce.

Production for the half year ended December 1998 was a further project record of 71,931 ounces at a cash cost of $225 per ounce.


These outstanding results have been achieved mainly from the Dawns Hope pit which continues to exceed our expectations.

We are also gratified to report that the Stage 1 pit at Golden Ridge has performed well with significant increases in both tonnes and grade from that of our initial orebody model.

We have now committed to the commencement of the Golden Ridge Stage 2 pit. This is expected to start late in the third Quarter of 1998/99.

In addition, recent drilling at Golden Ridge has extended the likely size of the orebody although further drilling and engineering work remains to be completed over the next few months to finesse these details.

WMC (18 January 1999)

Capricorn Resources (16 January 1999)

Great Central Mines (16 January 1999)

Rio Tinto (16 January 1999)

Savage Resources (16 January 1999)

Titan Resources (16 January 1999)

Macmin (15 January 1999)

Precious Metals Australia (15 January 1999)

Precious Metals Australia Limited (PMA) announces substantial progress at the $200 million Windimurra Vanadium Project near Mount Magnet in Western Australia with over 54 per cent of expenditure on the $115 million processing plant already committed.
Construction is progressing on budget and on time for the Project to be commissioned by the end of 1999.
All major earthworks are underway and the first concrete pour commenced last week. Stage One of the accommodation village has been completed to house the 120 people presently working on the project, the construction workforce will build up to 400 people within the next quarter. For complete details, click here.

Australian Gold Resources (14 January 1999)

Centaur Mining (14 January 1999)

WMC (14 January 1999)

Great Central Mines (13 January 1999)

Macmahon Holdings (13 January 1999)

Normandy NFM (13 January 1999)

Shell Australia / Chevron (13 January 1999)

Woodside Petroleum (13 January 1999)

Normandy Mining / Great Central Mines (12 January 1999)

Pasminco / Savage Resources (12 January 1999)

Rio Tinto (12 January 1999)

Diversified Minerals / Hargraves Resources (11 January 1999)

Lynas Gold (11 January 1999)

Croeus Mining (9 January 1999)

ERA (9 January 1999)

Pasminco / Savage Resources (9 January 1999)

Preston Resources (9 January 1999)

WMC (9 January 1999)

Ashton Mining (8 January 1999)

Comet Resources (8 January 1999)

Pasminco / Savage Resources (8 January 1999)

North (7 January 1999)

Saracen Mineral Holdings / Exodus Minerals (7 January 1999)

Spinifex Gold (7 January 1999)

Kilkenny Gold (6 January 1999)

MIM (6 January 1999)

Money Mining (6 January 1999)

Sons of Gwalia (6 January 1999)

Westgold Resources / St Barbara Mines (6 January 1999)

Burdekin Resources (5 January 1999)

Crest Magnesium (5 January 1999)

Michelago Resources (5 January 1999)

Michelago has signed an agreement with Hargraves Resources NL for the acquisition of the Parkes Gold Mine, as foreshadowed in an announcement to ASX on 29 October 1998.

Michelago will issue (subject to shareholder approval) 10 million fully paid, ordinary shares to Hargraves for the mining leases, various parcels of freehold land, CIP plant and associated infrastructure.

Mineral Exploration (5 January 1999)

Mt Grace Resources (5 January 1999)

Red Back Mining (5 January 1999)

Rio Tinto / Comalco (5 January 1999)

Woodside has deferred a decision on committing to a $650 million expansion of its liquefied LPG production at the North West Shelf project until mid-1999.

Woodside and Shell are considering joining forces, with all the major companies involved in developing Australia's offshore gas reserves, to promote Australia as the world's most secure LNG supplier.

Alinta Gas (24 December 1998)

Alinta Gas, the last remaining gas distributor in government ownership, is to be privatised. The WA government formally announced the sale yesterday - the preferred option is a public float.

Leo Shield Exploration (24 December 1998)

Normandy Mining / Homestake Mining (24 December 1998)

Normandy and Homestake have decided to dump long-standing mine contractor Roche Bros in favour of an owner-operated fleet for the Super Pit at Kalgoorlie. It is believed the change will cut costs by $10-20/ounce of gold produced.

Pacific Mining Corp (24 December 1998)

Pacmin has increased its ground position at the Tarmoola gold mine through a tenement swap with Sons of Galia. Pacmin sold its interest in the Marvel Loch area in exchange for 3 tenements at the "strong end of the (Tarmoola) orebody". These tenements were virtually undrilled and untested.

Pasminco / Savage Resources (24 December 1998)

Pasminco appears set for a flood of acceptances on its 85 cents/share offer for savage after the market was unimpressed by an independent valuation of between $1.02 and $1.19. The market marked the shares down to 82 cents.

Tiger International Resources (24 December 1998)

Tiger International resources Inc has commenced a drill program on the Springfield and Amity properties located in South Australia.Tiger has located numerous kimberlitic anomalies in recent months, following the drilling program conducted earlier in the year, and the follow up surface and undercover sampling conducted by staff geologists.

BHP / Duke Energy (23 December 1998)

BHP and Westcoast Energy have sold their Eastern Gas Pipeline development rights to Duke Energy of the US. Duke is expected to begin building the 800km pipeline in July and the first gas is expected to flow into NSW in September 2000.

Comalco (23 December 1998)

Comalco edged closer to building a $1 billion alumina refinery in Gladstone, following the announcement it had a short list of bidders for a co-generation power plant. The refinery will be a vital element in the proposed $3 billion gas pipeline Chevron is proposing to build from PNG to Gladstone.

Cultus Petroleum (22 December 1998)

Cultus has reported strong oil flows in the offshore Taranaki Basin, NZ. The oil flows were better than expected and came from all 3 hydrocarbon zones tested.

Frontier Petroleum / Australian Worldwide Exploration (22 December 1998)

Frontier and AWE have proposed a merger where Frontier shareholders receive 1 AWE share for every 5 Frontier shares.

Gold and Resource Development / Macraes Mining (22 December 1998)

GRD has been given the all clear for its merger with Macraes after the WA Supreme Court ruled a second shareholde vote, which excluded related parties, was not needed.The merged company will own a 34% stake in Minproc.

Hargraves Resources / Diversified mineral Resources (22 December 1998)

Hargraves is offering 10 cents cash plus 1 of its shares for every 4 DMR shares, valuing DMR at $25 million (12.5 cents/share). DMR last traded at 10 cents. Hargraves is targeting DMR's 88.4% stake in the Agbaou gold project in the Ivory Coast where there is a resource estimate of 764,000 ounces based on a 1 g/t cut-off grade.

BHP (21 December 1998)

BHP has sold its Australian integrated manganese business (Groote Eylandt mining operation and Bell Bay) to Billiton for around $650 million.
BHP has also sold a raft of power generation assets to Duke Energy for $509 million.
BHP is moving from its current 8 divisions to its original 3 division structure - BHP Steel, BHP Petroleum and BHP Minerals.

Conquest Mining (21 December 1998)

Conquest's share price has jumped from 5.5 cents to as high as 25 cents - possibly due to the company signing an option to buy a 100% interest i several mining tenements in the Bow River and Ellendale diamond fields in WA. To exercise its option Conquest must pay $3.2 million and issue 7.5 million shares to the owners of Tudo Rose Holdings Pty Ltd, John and Doris Terpu.

Gallery Gold (21 December 1998)

GG has just received the backing of investment fund Lion Selection Group to help continue exploration on its promising Botswana gold project. LSG has agreed to take a $1 illion placement of 8.3 million shares at 12 cents each and underwrite a further $1 million placement to Gallery's major shareholders. The move will give LSG a stake of between 24% and 48% of Gallery.
Gallery has 3 mining leases with a combined resource of 364,000 oz of gold and an option over a mining lease with another 201,000 oz resource.

Normandy Mining / Otter Gold (21 December 1998)

Normandy and Otter have extended the life of the Martha mine in NZ by clearing up environmental concerns over the expansion of the operation. Production will be boosted from 85,000 to 110,000 oz at a cash cost of NZ$280/oz. The mine life would also be increased by at least 7 years to 2007.

Ashton Mining (18 December 1998)

In Angola, Ashton and its 2 JV partners have agreed to sell all production from the new Cuango mine to the London-based De Bees CSO.

Ashton is close to finalising a deal with Argyle to sell its Merlin production through the Antwerp office.

BHP Copper (18 December 1998)

BHP Copper has won a bidding battle to develop the US$475 million Tenke Fungurume copper/cobalt deposit (estimated 500MT @ 3.5%Cu and 0.27%Co )in the Democratic Republic of Congo. A feasibility study indicates the mine would produce 100,000 tpy of copper from 2002 at an operating cost of 6 cents/lb, including cobalt credits. Output would increase to 200,000tpy.

Jubilee Gold Mines (18 December 1998)

Jubilee has reported some encouraging gold intersections on its Kathleen Valley tenements, 10km from the Cosmos nickel project in WA. Better intersections included 4.62m @14.4 g/t Au and 16.85m @6.90 g/t Au.

Abednego Nickel / Anaconda Nickel (17 December 1998)

Abednego directors recommended shareholders accept a $1 a share offer from Anaconda and Glencore. The recommendation came after the initial cash component of the offer was increased from 15 cents to 40 cents.

BHP (17 December 1998)

BHP's troubled Beenup titanium minerals mine in WA is now running at about 60% of capacity, up from the previous 40%. Problems are still being encountered with the tailings.

Boral Energy (17 December 1998)

Recent promising gas discoveries in SA's Otway Basin have prompted Boral to begin a $20 million exploration program - initially two $3 million greenfields exploration wells will be drilled in the north of the basin and a $1 milion seismic survey immediately south of the Boral/Omega/Cultus JV at Ladbroke Grove.
The JV also looks set to approve a further 6 appraisal wells (Cost $16.5 million) at the Ladbroke and Redman fields.

CSR (17 December 1998)

CSR has said it would consider selling its aluminium operations at the right price.

Lynas Gold (17 December 1998)

Lynas revealed its partial funding plans for the $9.5 million purchase of the Whim Creek copper project from Straits Resources. The first 2 instalments ($2 million on signing the sales agreement and $3 million in April) will be through a $5 million convertible note issue to be offered to Lynas shareholders on a 3-for-5 non-renounceable basis. The balance would be financed depending on the market conditions at the time.

MIM (17 December 1998)

MIM has accepted a US$9 per tonne cut in coking coal prices for 1999, to US$42/tonne.

Normandy Mining / Johnson's Well Mining (17 December 1998)

Normandy says it has reached agreement with JWM on ground covering the majority of the Duketon Greenstone Belt in WA. Normandy will earn a 50% interest in the Rosemount gold deposit through an initial payment of $8 milion and a further contribution of $10 million to feasibility studies on the project. Delineation drilling is scheduled to commence in the first quarter of 1999.

Resolute / Titan Resources / Marymia Exploration / Homestake Mining (17 December 1998)

Resolute has sold its interests in the Marymia region of WA to Homestake. Homestake's wholly-owned Plutonic Operations has acquired 100% of Resolute's interests along those of its JV partner Titan Resources NL and Marymia Exploration for $14 million cash. Of that, Resolute will receive $9.7 million.

Woodside Petroleum (17 December 1998)

Woodside has appointed ANZ Banking Group bank chairman Charles Goode as its new chairman.

An Feng Kingstream (16 December 1998)

Shares fell 31% to 10 cents as the market expressed concern over the future of the group (see yesterday's announcement).

Coal Prices (16 December 1998)

Japanese steel mills have forced coking coal prices down by 18% - a result which could cut more than $230 million off the botom line of BHP Coal which ships 16 million tonnes of coking coal to Japan.

Lynas Gold / Sipa Resources (16 December 1998)

Lynas has increased its scrip bid for Sipa from 2-for-7 to 1 Lynas share for every 2 Sipa shares. Lynas says the new offer is in line with the independent valuation of the 2 companies.

Pasminco / Savage Resources (16 December 1998)

Pasminco purchased another 3% of Savage on-market (at the offer price of 85 cents), increasing its stake to 19.95%.

Perseverance Corporation / Cobra Resources (16 December 1998)

Perseverance has purchased exploration tenements at Walhalla (Woods Point-Walhalla Goldfield), 130km east of Melbourne from Cobra Resources. Perseverance will pay Cobra $528,000 by issuing 1.6 million shares at a deemed price of 33 cents.

Preston Resources (16 December 1998)

Preston has tied up long-term financing for its Bulong nickel mine, raising US$185 million through a 10-year secured note facility on the US bond markets. The raising was led by British bank Barclays.

Shell (16 December 1998)

A US$4.5 billion writedown and sale of assets by the Royal Dutch/Shell Group, due mainly to the collapse in oil prices, is not expected to have a big impact on local operations.

WMC (16 December 1998)

The Directors of WMC Limited ("WMC") announce that the Company is proposing to buy-back up to 900,000 WMC shares on market. The buy-back will offset the dilution in shareholders' interests that will result from the required sale into the market of WMC shares, allocated to employees under the 1993 Employee Share Plan but not taken up by them prior to the expiry date earlier this month. The on market share buy-back is expected to be concluded by 4 February 1999.

MACMIN (15 December 1998)

The recent Prospectus Issue has raised approximately $1M. The Issue was well supported by existing shareholders including the founders of MACMIN and their families who contributed approximately $200,000.

MACMIN has total cash of approximately $1,956,000 including the new issue proceeds and $250,000 joint venture funds in advance from New Guinea Gold Corporation. MACMIN also has assets, (other than Mining Tenements) which, if liquidated, may yield a further $1.0 to $2.5M. MACMIN is in a good financial position for the near term .

The first two drill holes at the Crater Mountain Project (100% MACMIN) have been completed (total of 450m) and half core samples from the first hole have been despatched to the laboratory for analysis. Results should be available in late December or early January. Hole 3 is in progress. For details, click here.

Anaconda Nickel (15 December 1998)

Anaconda and State West Power have reached an agreement to aggregate their gas volumes to provide a foundation base load for the construction of a mid-west pipeline in WA - from the Dampier-Bunbury Natural Gas Pipeline through to the existing lateral that supplies Anaconda's Murrin Murrin nickel mine.

An Feng Kingstream Steel (15 December 1998)

AFKS revealed that it had been cut free from its Taiwanese entity under a deal it termed as a major group restructure. AFKS is to lose its chief shareholders and its 92.3% stake in Taiwanese-based An Feng Steel. Under the deal AFKS will acquire and cancel the 435.7 million shares from its major stakeholders. In turn, AFKS will transfer back to Madam Chu-Wu its 92.3% stake in An Feng Steel Co.
The deal puts a cloud over the future of the proposed $1.5 billion Midwest Iron and Steel Project in WA.

Energy Equity Corp (15 December 1998)

EEC has doubled its stake in an Indian power plant to 26% and is now considering selling its holding..

Energy Resources of Australia (15 December 1998)

ERA says firm sales for the current financial year are expected to fall from last year's levels due to weaker demand.

Petroz (15 December 1998)

Petroz advises that it is a member (15%) of a consortium which has been offered a new EL over 2 Blocks, 28/15 and 29/11, in the UK sector of the North Sea - approx 190km southeast of Aberdeen.

Australian Oil & Gas / Roma Petroleum (14 December 1998)

AOG is preparing to drill an onshore target, on behalf of Roma, surrounding Esso - BHP's Longford oil and gas facility in the Gippsland Basin. Roma has identified 3 targets - McCreesh, O'Hara and Hurson. Drilling commenced at McCreesh last Thursday.

BHP Coal (14 December 1998)

Coal miners from BHP Coal have decided to go on a 48-hour 'strike' over unconfirmed reports of a US$9/tonne price cut for coking coal with Japanese customers.

Cue Equity (14 December 1998)

Cue has countersued a Norwegian gas company that was seking US$32 million damages for an alleged breach of contract re gas fields in Indonesia. Cue is seeking US$4.6 million from Saga. Cue pulled out and Saga consequently sold the fields for US$17.7 million.

Heathgate Resources (14 December 1998)

Federal Government approval for Australia's first in-situ leach uranium mine (the Beverley mine in South Australia) has been delayed again. The 21,000 resource is planned to produce up to 1,000 tonnes of uranium per year for up to 20 years.

Petsec Energy (14 December 1998)

Petsec has purchased the outstanding 56.67% interest in the West Cameron 542 oil and gas lease in the Gulf of Mexico - from Phillips Petroleum for US$125,000. The lease contains 2 production wells which are awaiting remedial work early next year. Petsec estimates the 2 wells will recover about 4 billion cubic feet of gas - in addition to further exploration potential.

Ashton Mining (12 December 1998)

Ashton's Canadian subsidiary said it had found 2 more kimberlites at its Buffalo Hills area in Canada.

Coal Prices (12 December 1998)

Shares in BHP and Rio Tinto fell yesterday on rumours that 3 Australian coking coal producers (MIM, Shell Coal and North Goonyella) had accepted a cut of US$9/tonne (18%) in contract price negotiations with Japanese steel mills. Rumours also suggested that volumes were also likely to be cut by up to 30%.

An Feng Kingstream (11 December 1998)

Shares in An Feng rose almost 50% (from 10 cents to 14.5 cents) on speculation that a restructure of the group - where the Australian steel project would be separated from the debt-burdened Taiwanese operations - was close.

BHP Petroleum (11 December 1998)

Depressed oil prices have forced BHPP to cut a further $78 million off its cost base - and make up to 220 employees redundant.

Pasminco / Savage Resources (11 December 1998)

Pasminco plans to sell Savage Resources' 49% stake in the Ernest Henry copper-gold mine if its takeover bid is successful. Pasminco also plans to sell all of Savage's coal and copper-gold interests but will retain all US zinc assets.

Macmin (10 December 1998)

SUMMARY

Encouraging gold values were encountered in Hole 1 at the Kabang Northeast Prospect, Feni Project. The Feni Project is within the Lihir Gold Corridor, and has similar geological characteristics to the Lihir Mine.

• The best interval was 52 metres at 1.65g/t Au between 68metres and 120 metres downhole (includes 6 metres at 4.10g/t Au).
  
• The hole was terminated prematurely in gold mineralisation due to problems associated with the drill rig and will be deepened to 250m or more in mid/late December.
  
• The hole is 300metres northeast of the gold mineralisation in the previous closest drill hole at Kabang Prospect (see results in earlier releases), and is thus indicative of a very large gold mineralised system.
  
• The hole was designed to test across the strike of a combined mercury geochemical anomaly and induced polarisation, geophysical anomaly, which are co-incident with the Kabang Structural Zone (KSZ). However 75% of the width of the KSZ at this location, remains to be drill tested.
  
• The Kabang gold system, as defined by drill holes and induced polarization (IP) surveys, is now confirmed to be more than 800m long (still open ended in both NE and SW directions), between 200 and 400 metres in width and thus could be very large.
  
• The KSZ is thought to extend over a strike length of 5 kilometres.

New Guinea Gold Corporation (10 December 1998)

Capricorn Resources (10 December 1998)

Capricorn says it has varied an agreement with Resolute to extend gold production from the Mitchell Palaeochannel in WA. Resolute will pay Capricorn $100,000 to continue producing gold from the end of December to 30 June, 1999.

Commodity Prices (10 December 1998)

The Bridge CRB index fell to 192.4 - its lowest level in 22 years.

Energy Equity Corp (10 December 1998)

EEC says the PPN Power Generation Company, in which it has a 13% stake, has bought a 346 Mw natural gas-naptha power station in India.

MIM (10 December 1998)

MIM is confident that its Alumbrera copper-gold mine in Argentina will reach its 310,000 tpd production target by the end of the first quarter in 1999; production is currently above 250,000 tpd.

Minerals Council of Australia (10 December 1998)

The MCA annual industry survey has shown that profitability in the mining sector has plunged to its lowest level in 10 years. Net profit on average shareholder's funds dropped to 1.8% in 1997-98 compared to 2.9% in the previous year.

Normandy Mining (10 December 1998)

Normandy has finally secured exploration licences over about 1000 sq km of land in the highly prospective Tennant Creek gold region - after 6 years of consultation with local Aboriginal groups.

Oil and Gas Resources (10 December 1998)

The latest Oil and Gas Resources of Australia survey (by AGSO) says crude oil production is set to peak in 1999 before plunging after the turn of the century.

Savage Resources / Pasminco (10 December 1998)

Savage has written to shareholders urging them to ignore Pasminco's takeover offer, hinting there may be further offers to come.

United Energy (10 December 1998)

UE is likely to take an equity stake in any Victorian gas asset acquired by its US parent Utilicorp.

Ballarat Goldfields (9 December 1998)

The Board of Ballarat Goldfields N.L. advises that it has resolved to issue and allot 45 million (forty five million) Ordinary shares in the capital of the Company to Doravale Enterprises Pty Ltd (ACN 084 202 362) in its capacity as Trustee pursuant to the provisions of the Scheme of Arrangement between the Company and its Members in Matter No 7176 of 1998 as approved by the Supreme Court of Victoria. For details, click here.

Energy Equity Corporation (9 December 1998)

EEC has acquired Beach Petroleum's 19.6% interest in the Thylungra gasfield (5-6 billion cubic feet of proven plus probable reserves). EEC will also acquire Beach's 2% interest in the post Permian section of the Naccowlah block, for a combined cost of $2.2 million.

Gippsland Resources Australia (9 December 1998)

Gippsland said its Kumroch project in Russia would now become its main focus - it is to relinquish its other main exploration area - the Porozhistoe gold deposit.

Lynas Gold / Straits Resources (9 December 1998)

Lynas has acquired the Whim Creek Copper project from Straits Resources for $9.5 million. For more details, click here.

Mt Lyell Mining (9 December 1998)

Trading in Mt Lyell Mining shares was suspended following an announcement that the company had been placed in administration.

Savage Resources (9 December 1998)

Savage shares rose to 89 cents, above Pasminco's 85 cents/share offer, amid speculation the bid would be increased.

YKR Resources / Duketon Goldfields (8 December 1998)

Ashanti Goldfields (8 December 1998)

Ashanti says it has arranged the necessary debt finance to develop its Geita gold project in Tanzania. It has aranged a US$270 million revolving credit facility and will use US$118 million of this to develop Geita with the balance used to refinance a previous corporate debt facility.

Workers sacked earlier this year after the closure of Ashanti's Cobar copper mine in NSW can expect a cash payment before christmas. The liquidator has advised that employees will receive 85 cents for each dollar claimed.
The mine has recently been picked up by Mt Lyell Mining which intends to bring it back into production.

Minotaur Gold (8 December 1998)

Normandy / Great Central Mines (8 December 1998)

Speculation is mounting that Homestake Mining may launch a two-pronged play to acquire Normandy and GCM. Talk that Normandy is to advance on its 28% stake in GCM has also intensified.

Petsec Energy (8 December 1998)

Rating agency Moody's Investors Services has downgraded a large portion of Petsec's debt (from Caa1 to Caa2 with a negative outlook). Moody's concern was the ability of Petsec to replenish its small, short-life oil and gas fields in the Gulf of Mexico and tha rate at which it was spending money on exploration.

Meekatharra Minerals (7 December 1998)

Meekatharra has announced that former Placer Pacific MD Alf Paton has joined the company as the new executive chairman. Also joining as non-executive director is the former chief executive of Freeport McMoRan Pacific, Lou Clinton.

Anaconda Nickel (5 December 1998)

Anaconda is to become the sole operator of the Murrin Murrin nickel mine in WA; Mining contractor Henry Walker Group's contract for mining and the construction of a waste disposal facility was terminated after it could not reach a 'mutually' acceptable schedule of rates.

BHP (5 December 1998)

Shares in BHP rose following the long-awaited news that oil was again flowing from its 50% owned Bass Strait assets.

Central Norseman Gold (5 December 1998)

CNG shareholders have approved a $15.6 million capital return - they supported plans to reduce its share capital by paying 7.5 cents a fully-paid ordinary share.

Duke Energy (5 December 1998)

Duke expects Bass Strait gas to be piped to Sydney ahead of the Sydney Olympic Games should his company successfully conclude acquisition talks with Eastern Gas Pipeline developers, BHP and Westcoast Energy.

Esso Australia (5 December 1998)

Esso and its JV partners have agreed to the Federal and Victorian governments' renewal offer for a retention lease covering part of the Kipper gas field. The JV will commence a program to define the size and quality of the resource.

Murchison United (5 December 1998)

MU has withdrawn from the Ambor Coal Project in Indonesia following notice from Griffin Coal Mining Company that it intended to pull out of the operation.

Western Metals (5 December 1998)

Following its takeover of Aberfoyle, WM is to rename the Gunpowder copper mine in Qld to the Mt Gordon mine. The mine is in the final commissioning phase of a $144 million expansion.

Copper Price (4 December 1998)

The copper price has fallen to an 11.5 year low of US68.5 cents/lb after failing to respond to Asarco's decision earlier this week to close its El Paso copper smelter in Texas. The copper price has fallen 17% in the last 12 months.

Rio Tinto (4 December 1998)

Rio expects a January decision on the sale of a 23% stake in the rich Kaltim Prima Coal JV in Indonesia to State-owned tin producer PT Tambang Timah.

Rio's Hammersley iron ore operation in WA has also received State government approval to mine the Nammuldi iron ore deposit close to the Brockman mine.

Union Mining (4 December 1998)

Davnet / Golden Hills Mining (3 December 1998)

Telecommunications group Davnet, previuosly known as Golden Hills Mining, is making a 2-for-5 renounceable rights issue seeking to raise $2.4 million.

Grenfell Resources (3 December 1998)

• Discovery of the "Pug Clay Zone" at Perseverance and the formulation of a preliminary gold development plan at Tarcoola.
• The intersection of two new zones of shallow, high-grade gold mineralisation within the Tarcoola Basin, these being at the Warburton and School prospects.
• Further significant gold intercepts within the broad area of the Boomerang Prospect. Although we are yet to identify a deposit at Boomerang, each new drill hole brings us closer to finding the source of the extensive gold anomalism that characterises our most striking gold-in-calcrete zone.
• Excellent progress has been made in delineating new regional targets and these include in particular Copper-Gold zones such as Shudda, Wilgena and MB. Our geochemical and geophysical programmes during the 1998 field season have generated numerous targets for drilling in the new financial year.

Pasminco / Savage Resources (3 December 1998)

Savage Resources shareholders are to receive the Part A takeover from Pasminco next week following the dismissal of claims by Savage in the Federal Court. Savage has maintained its opposition to the 85 cents a share offer.

Commodity Prices (2 December 1998)

Some commodity prices fell to long-term lows -with the January crude oil futures contract down to a 12-year low of US$11.22/bbl. Gold was down US$3.40 and base metals weakened.

Dominion Mining (2 December 1998)

Dominion has encountered promising gold intersections on the company's Homasi concession in Ghana. Better intersections included 26m @ 2.87 g/t Au, 24m @ 2.91 g/t and 42m @ 1.32 g/t. The drillhole spacing was 400m.

Exxon / Mobil (2 December 1998)

Exxon and Mobil are on the verge of announcing a mammoth merger creating the world's largest oil company.

Total / Petrofina (2 December 1998)

French oil group Total has agreed to buy 41% of Belgian oil group Petrofina and will make an offer for the rest of the company. Total is offering a stock deal on a 9-for-2 basis.

Western Metals (2 December 1998)

WM expects to finalise the sale of its Khartoum gold project in WA within weeks. Bids have closed and WM is negotiating with 2 WA-based companies.

An Feng Kingstream (1 December 1998)

An Feng Kingstream has discovered its Taiwanese subsidiary, An Feng Steel Group, is owed $52 million by interests associated with the company's chairman, Madam Te-Mei Wu.

Beach Petroleum (1 December 1998)

Beach has gained an exploration partner (not yet named) for its move back to South Australia's Cooper-Eromanga Basin next year when Santos' exclusive exploration rights expire.

Herald Resources (1 December 1998)

Normandy Mining (1 December 1998)

Normandy awarded a contract to Macmahon Holdings to mine its Big Bell gold project in WA. Macmahon will develop 1.6km of decline and undertake development for Stage 2 of the Big Bell mine.

Oil Search (1 December 1998)

Oil Search has indicated that the sponsors of the $3.5 billion PNG to North Qld gas pipeline are seeking to extend the project as far as Brisbane.

YKR International Resources (1 December 1998)

CORPORATE ACTIVITIES

Australasian Gold Mines (30 November 1998)

AGM said it was acquiring a significant ground position around Meekatharra in WA. AGM has successfully tendered for WMC's Meekatharra Project. AGM is paying $650,000 plus commiting itself to a further $2 million of production-linked payments.

Carpenter Pacific (30 November 1998)

Resource estimates at the Mt Kare gold project in PNG have been increased to 4 milion mineable ounces of gold. Exploration is to be intensified with the aim of further expanding the resource.

Fimiston Mining (30 November 1998)

Fimiston has reported the discovery of a major vanadium oxide deposit at its St Elmo project, near Julia Creek in Qld. Initial drilling had shown the vanadium was within 15m of the surface; geological consultants have calculated an indicated resource of 60 million tonnes @ 0.42% vanadium oxide (252,000 tonnes).

Intermin Resources (30 November 1998)

Intermin has acquired the Gabanthina-Yarrabubbba vanadium project near Meekatharra in WA. The deposit has the potential to host a world-class vanadium resource - drilling encountered mineralised widths of up to 15m containing up to 1.3% vanadium pentoxide.

Pima Mining (30 November 1998)

Pima has been granted an EL covering a large deposit of magnesite, north-west of leigh Creek in South Australia -at the West Mount Hutt, Witcheline and Mt Hutton deposits with a total inferred resource of 47 million tonnes). These magnesite resources will provide the feedstock for the proposed magnesium plant at Port Augusta.

Red Back Mining (30 November 1998)

Early drilling results from the Chirano gold project in Ghana were encouraging - including near-surface intersections of 51m @ 3.27 g/t Au, 49m @ 4.36 g/t and 58m @ 4.81 g/t.

Resolute (30 November 1998)

The Golden Pride gold mine in Tanzania has been commissioned 2 weeks ahead of schedule and $3.1 million below budget. Golden Pride will produce about 180,000 ounces/year.

Sirocco Resources (30 November 1998)

Sirocco has been granted a gold exploration licence in the Gog Range, near Devonport, Tasmania. Previous driling encountered up to 3m @ 21.4 g/t Au and 2m @ 7.7 g/t.

North Limited (28 November 1998)

North has appointed 2 new members (Dr. Max Richards and Dick Carter) to the board following the resignation of Peter Willcox.

Petroz (28 November 1998)

Petroz has decided not to exercise its option to acquire a 15% interest in the onshore Roccasicurra and Durania Blocks in Italy, following Setteporte-1 exploration well being plugged and abandoned after encountering only minor oil shows.

QNI / Billiton (28 November 1998)

Billiton has met all the conditions of its $1.05-a-share takeover bid for QNI - it has acquired more than 96% of QNI shares from more than 75% of shareholders. Billiton will proceed to compulsory acquisition of the outstanding shares and then apply for delisting of QNI.

WMC (28 November 1998)

WMC Limited ("WMC") has agreed to sell its Western Australian power assets including gas turbines and power distribution and transmission assets which deliver power and energy to its Nickel and Gold Operations.

The purchaser is the Southern Cross Energy ("SCE") partnership between TransAlta Energy (Australia) Pty Ltd (85%) and AGL Power Generation Pty Limited (15%).
The sale price of $230.2 million is subject to working capital adjustments to be determined prior to completion of the sale. The assets sold had a book value of approximately $165 million as at June 1998.

Woodside Petroleum (28 November 1998)

Due to low oil prices, Woodside is looking to cut spending by about $400 million across its operations within the next 2 years.

British Petroleum / Amoco (27 November 1998)

BP shareholders have voted in favour pf a merger with Amoco.

Eastern Aluminium (27 November 1998)

EA is to abolish the position of managing-director as part of moves to put the company on a care-and-maintenance footing while awaiting sale.

Grenfell Resources (27 November 1998)

New Hampton Goldfields (27 November 1998)

Nimbus Resources (27 November 1998)

Normandy Mining (27 November 1998)

There were rumours that Normandy was preparing to move on Great Central Mines after freeing up $650 million by effectively closing out 85% of its gold hedge book. Normandy is in the process of replacing its forward sales with put options.
Another potential target is Newcrest Mining.

Ashton Mining (26 November 1998)

One of the key kimberlite pipes at the Buffalo Hills diamond project in Canada has proven uneconomic. Sampling from a bulk testing program of the K-14 pipe had resulted in 56.45 carats being recovered from a 479 tonne sample. The effective grade of 11.78 carats/tonne is disappointing and considered uneconomic. The quality of the stones was mixed.

BHP (26 November 1998)

BHP has revealed that continued weak commodity prices, combined with lost production from the Longford explosion in Vic, will significantly impact on first-half profits.

Dynergy Power Corp (26 November 1998)

US-based Dynergy has withdrawn from a $500 million gas-fired baseload power station project (766-Megawatt) near Townsville. The Qld Government-owned Stanwell Corp Ltd, the JV partner, says it will press ahead with the project after acquiring Dynergy's 50% stake. The station plans to use gas from the proposed PNG-Queensland gas pipeline.

Hargraves Resources (26 November 1998)

Hargraves is intent upon expansion, but is yet to decide whether this will be through JV's, acquisitions or exploration success. Hargraves has $30 million reserved to effect its goal of a 250,000 to 300,000 ounce/year gold producer.

Iron Ore (26 November 1998)

Australian iron ore producers could face price cuts of up to 10% when negotiations with Japanese steel mills commence shortly.

Mt Kersey Mining (26 November 1998)

Mt Kersey has applied for 39,000 sq. km of tenements in central Australia (Tanami desert region) to explore for South African Witwatersrand-style gold mineralisation.

New Guinea Gold Corp (26 November 1998)

Rio Tinto (26 November 1998)

Rio is extending its share buyback scheme beyond November; the current scheme ends on 27 November but Rio would begin another one on 30 November.

Western Reefs (26 November 1998)

Western Reefs expects its net real assets to increase from $11 million to $20 million within the next 12 months. This would be achieved on the back of the development of the Gilbey's and Western Queen mines in WA. Westren Reefs recorded a net profit of $2.6 million in 1997-98.

Diamond Rose / Striker Resources (25 November 1998)

Diamond Rose has struck an agreement to move to 57% of Striker in return for financing further exploration on the Ashburton tenements.

Gilt Edged Mining (25 November 1998)

GEM has identified 2 possible commercial pits at its East Kundana gold project in WA. A wide-spaced shallow drilling program has located 2 zones of mineralisation within a 1.6km corridor. The zones are about 300m long and 400m apart and remain open at depth and possibly along strike. The latest results at Hornet include 17m @ 5.38 g/t Au and 8m @ 6.26 g/t; at Rubicon results include 8m @ 57.19 g/t Au and 4m @ 17.78 g/t.

Gawler Gold & Mineral Exploration (24 November 1998)

For complete details of the September Quarterly Report, click here.

AEP Resources (24 November 1998)

US-based AEP plans further expansion in the Australian energy market following the purchase of Victorian electricity distributor CitiPower for $1.7 billion.

Boral Energy / Cultus / Omega Oil (24 November 1998)

Boral has revealed its newest gas field in the SA section of the Otway Basin is up to 4 times larger than previously predicted. Recent tests showed the Ladbroke Grove gas field (Katnook JV) held likely reserves of up to 35 petajoules.

Giants Reef (24 November 1998)

Giants has announced exciting drill results from its Billy Boy prospect near Tennant Creek in the NT. A 12m section gave promising results - split into 1m intervals the results included 8.6% Cu and 0.82 g/t Au, 23% Cu and 8.9 g/t Au, 17% Cu and 1.55 g/t Au and 16.4% Cu and 2.93 g/t Au. Other results included 24m @ 30 g/t Au and 3% Cu - a 5m enriched zone returned 137 g/t Au.

Golden Cross Resources (24 November 1998)

Pasminco (24 November 1998)

Production above ground at the Broken Hill lead, zinc and silver mine will be disrupted for up to 1 week after a fire in the primary screen house of the concentrator.

Titan Resources (24 November 1998)

Titan has announced plans to generate up to $3 million in extra revenue from its Radio Hill nickel-copper-cobalt mine - the extra revenue will come from the sale of stockpiled copper concentrates and the finalisation of details for payment of contained palladium in the concentrate delivered to WMC.

Anaconda Nickel (23 November 1998)

The Murrin Murrin nickel project was now more than 98% complete; the refinery is scheduled to start up in January.

Australian Worldwide Exploration (23 November 1998)

Three gas fields in which AWE holds significant interests have been upgraded in resource terms. A review of the Manta, Gummy and Kipper fields in the Gippsland Basin in off the Vic coast has resulted in total proved and probable resources of 796 petajoules of sales gas and 182 million barrels of oil equivalent in associated liquids.

Ballarat Goldfields / Highlake Resources (23 November 1998)

Coal (23 November 1998)

Australian coal producers face price cuts of up to 15% as the spectre of softer demand and surplus supply overshadows the current round of negotiations with Japanese buyers.

Cultus Petroleum (23 November 1998)

Cultus has confirmed oil has been found in the Maari-1 well, south of the commercial Maui field off Taranaki. Earlier this week Shell Todd Oil Services, which is drilling the well for Cultus, played down rumours of a significant oil find.

Giants Reef Mining / Mt Grace Resources (23 November 1998)

Giants has intersected high-grade copper and gold in its first hole drilled at the Billy Boy prospect, east of Tennant Creek. The hole intersected 12m @ 12.17% Cu and 3.15 g/t Au in a 9,000m drilling program - part of the sale of its remaining 40% stake in the Batchelor interests to Mt Grace Resources NL.

Gold Imports (23 November 1998)

Australia imported a record $875 million of gold in the September quarter (from virtually nil 18 months ago), mainly from the financially troubled South Korea..

Goldsearch (23 November 1998)

Drilling has commenced at the Mt Kellly high-grade copper-gold deposit, 90 km north of Mt Isa. The holes will be drilled to confirm a previous high-grade intersection and to assess the potential for an economic resource with an average grade of about 3% Cu and 15 g/t Au.

Paget Mining (23 November 1998)

Illegal mining at the disputed Sabodala gold deposit in Senegal had been stopped by army and police intervention. Paget is claiming it has a valid agreement with BRGM to buy a 51% share of the 1 million ounce deposit.

Woodside Petroleum (23 November 1998)

Woodside is seeking a "micromarket" for LNG in a JV with Energy Equity Corp to provide fuel to small towns and mines close to its North West Shelf venture. The JV plans to build a $60 million mini LNG plant from a design developed for remote users of natural gas.

Glengarry Resources (21 November 1998)

HIGHLIGHTS - SEPTEMBER QUARTER

Tanami Granites :

The final phase of the 1998 drill program at Larranganni confirmed bedrock anomlaism/mineralisation at another 4 anomalies and significantly extended the zone of mineralisation at the Osprey prospect. Significant intersections include:

• Osprey - 10m @ 3.43 g/t Au, 2m @ 5.29 g/t and 2m @ 3.50 g/t
• Finch - 7m @ 1.85 g/t Au and 3m @ 2.09 g/t
• Tern - 2m @ 4.67 g/t Au
• Sandpiper - 24m @ 1.32 g/t Au.

Queensland :

The resource at Great Britain has been increased to in excess of 161,000 ounces . The existence of high-grade cross-cutting shoots has been further demonstrated with an intersection of 2m @ 17 g/t Au.

Perseverance Mining Corp (21 November 1998)

HIGHLIGHTS - SEPTEMBER QUARTER

Total gold production was 11,040 ounces. Gold production at Fosterville was
the third best quarter on record at 10,457 ounces, bettering the mine forecast
by 320 ounces. Bailieston produced a further 583 ounces.

Cash costs at Fosterville were A$331 per ounce, a reduction of A$33 per
ounce on forecast figures and 8% better than the corresponding quarter in the
previous year. Cash costs for Bailieston were A$465 per ounce.

Further encouraging drilling results were received from the Hunt’s infill drilling
programme. Best oxide intersections were 22 metres at 3.57 Au g/t, 12 metres
at 5.82 Au g/t, 12 metres at 4.48 Au g/t and 12 metres at 3.99 Au g/t. Best
sulphide drilling results were 26 metres at 3.73 Au g/t and 28 metres at 2.44 Au
g/t.

The cost estimate of the Fosterville Sulphides Project treatment plant capital
equipment has been reduced from A$20.1M to A$16.6M.

The Company has signed a BIOX® licensing agreement with Minsaco BIOX®
Pty Ltd. Minsaco is a wholly owned subsidiary of the giant South African group
Gold Fields Limited.

Geophysics at Fosterville has identified a number of pronounced targets under
alluvial cover on both the Fosterville and O’Dwyer’s Faults after being trialed
over the buried Hunt’s deposit.

Infill drilling at Goornong South increased the oxide resource to 783,000
tonnes at 1.4 Au g/t. Significantly, a diamond hole drilled for metallurgical
testwork intersected 21 metres at 2.74 Au g/t of sulphide mineralisation, with
the bottom sample in the hole returning 5.11 Au g/t.

Metallurgical testwork has been carried out in heap leach columns for both
Hunt’s and Goornong South. Indicated recoveries for Hunt’s were 89% to 95%
and for Goornong South were 89%. Preliminary testwork on the Goornong
South sulphide mineralisation indicated that it is very similar to the Fosterville
Sulphides Project mineralisation that occurs 8 kilometres to the south.

Both the Mill’s and Goornong South prospects have reached the stage where
there are sufficient oxide resources to allow an Environment Effects
Statement to be prepared for both. This will provide the necessary permitting
to allow these areas to be quoted with ore reserves. The mineralisation at both
deposits is metallurgically very similar to those at Fosterville

Sampling at Myrtle Creek has indicated gold and arsenic anomalism in
favourable sandstone units over an area of 450 by 300 metres.

Capricorn Resources (21 November 1998)

Capricorn has announced the resignation of Tony Gates, founder of the company, as director and Executive Chairman. Mr Chris Barker has been appointed as non-executive chairman.
Due to the timing of Mr Gates' resignation, resolution 1 of the AGM was withdrawn prior to the comencement of the meeting. Resolutions 2,3,4,5 and 6 were all duly passed at the meeting.

Gympie Gold (21 November 1998)

Gympie has posted an unaudited profit of $2 million for the first 4 months of 1998/99 - made up of good contributions from gold and coal.

Pan Australian Resources (21 November 1998)

Company Highlights - 1997/98 Annual Report

Precious Metals Australia (21 November 1998)

Earthworks commence at the Windimurra Vanadium project in WA. To view a photo taken yesterday, click here.

Ross Mining (21 November 1998)

BHP Iron (20 November 1998)

The demarcation dispute at BHP's Pilbara iron ore operations is no closer to settlement following recent on-site union meetings.

Ergon Energy (20 November 1998)

Ergon has secured Goodman Fielder as a major customer - GF will buy 25.8 gigawatt hours of power.

MIM (20 November 1998)

MIM has promoted Vince Gauci to the new position of group executive, Australian operations.

Pasminco (20 November 1998)

Pasminco has denied it has flagged legal action over delays in construction of power lines to its $1 billion Century Zinc project in Qld. Work has stalled due to a native title issue.

Ballarat Goldfields (19 November 1998)

Climax Mining (19 November 1998)

Climax says its Dinkidi copper-gold deposit in The Philippines, is expected to have an operating cost below 90% of the world's gold mines. A feasibility study had been completed and Climax was now processing various financing alternatives on the 1.7 million ounce project.

North (19 November 1998)

North is reviewing its operations in an attempt to cut costs and improve returns to shareholders. North said it was a weakness of the mining industry in that it believed it had to own and operate its assets. North has placed all of its infrastructure up for sale, a move expected to be followed by other mining houses.

Straits Resources (19 November 1998)

Brandrill (18 November 1998)

Brandrill has secured 2 new contracts, including an $18 million contract with Great Central Mines' Bronzewing gold mine in WA and a $3 million contract to develop an underground decline and loophole stoping at Triako Resources' Mineral Hill gold mine at Condoblin in NSW.

Monto Minerals (18 November 1998)

Santos (18 November 1998)

Tanganyika Gold (18 November 1998)

Woodside Petroleum / Energy Equity Corp (18 November 1998)

An Feng Kingstream Steel (17 November 1998)

Border Gold (17 November 1998)

Emperor Gold Mines (17 November 1998)

Novus Petroleum (17 November 1998)

Auridiam Consolidated (16 November 1998)

Border Gold / WMC (16 November 1998)

Boss Resources (16 November 1998)

Crest Resources (16 November 1998)

Mosaic Oil (16 November 1998)

Pacific Mining (16 November 1998)

Ballarat Goldfields (14 November 1998)

Macmin (14 November 1998)

Precious Metals Australia (14 November 1998)

BHP (13 November 1998)

BHP / Esso (13 November 1998)

Golden Hills Mining (13 November 1998)

• Manage all resource assets through wholly-owned subsidiary Gilmore Gold Pty Ltd.
• Enhance the prime exploration targets via joint participation.
• Be prepared for a resource resurgence - protect assets to capitalise on opportunities.
• Operate on a very low budget, financing activity totally within Gilmore Gold Pty Ltd.

Highlands Pacific / Nord Pacific (13 November 1998)

Kingstream Resources (13 November 1998)

MIM (13 November 1998)

QNI (13 November 1998)

Stuart Oil Shale Project (13 November 1998)

QNI / Billiton (12 November 1998)

Ross Mining (12 November 1998)

Geographe Resources (11 November 1998)

Grange Resources (11 November 1998)

Macmin (11 November 1998)

Oil Company of Australia (11 November 1998)

Pasminco (11 November 1998)

Preston Resources (11 November 1998)

QMC (11 November 1998)

Santos (11 November 1998)

Werrie Gold (11 November 1998)

Kimberley Resources (10 November 1998)

Merritt Mining (10 November 1998)

Minotaur Gold / Gawler Gold & Mineral Exploration (10 November 1998)

Gold Exploration (9 November 1998)

Hampton Hill Mining (9 November 1998)

Herald Resources (9 November 1998)

Overview - 1997/1998 Annual Report