Crew Development Corporation: African Subsidiary Reports Profits for the Quarter Ended March 31, 2002.Business Editors VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--May 9, 2002 Crew Development Corporation (Crew) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CRU.TO) (OSLO STOCK EXCHANGE Oslo Stock Exchange An exchange founded in 1819 and trading stocks, bonds, and stock options that is considered the options market of Norway. :CRU.O) (FRANKFURT:KNC KNC Knowledge Navigation Center KNC Kensey Nash Corporation KNC Kawan Ng Cordero (Philippines: Flock of Lamb) .FK) (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :CRWVF) is pleased to announce that its African subsidiary, Metorex Limited, has reported profitable results for the quarter ended March 31, 2002. A copy of Metorex's publication is attached. Corporate Overview Crew is a mid-tier diversified diversified (di·verˑ·s international mining company with operations in Africa, Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , Greenland Greenland, Green. Kalaallit Nunaat, Dan. Grønland, the largest island in the world (2005 est. pop. 56,000), 836,109 sq mi (2,166,086 sq km), self-governing overseas administrative division of Denmark, lying largely within the Arctic Circle. , Norway Norway, Nor. Norge, officially Kingdom of Norway, constitutional monarchy (2005 est. pop. 4,593,000), 125,181 sq mi (324,219 sq km), N Europe, occupying the western part of the Scandinavian peninsula. and the Philippines Philippines officially Republic of the Philippines Island country, western Pacific Ocean, on an archipelago off the southeast coast of Asia. Area: 122,121 sq mi (316,294 sq km). Population (2005 est.): 84,191,000. . Crew has a variety of projects that are at various stages of development and discovered by Crew. Crew's strength stems from this diversified, solid, broad base of projects. The company is well positioned to focus on specific projects, and to respond to changing market forces. Crew shares are listed as CRU on the TSE (Canada) and OSE OSE - Open Systems Environment (Norway), as KNC on the Frankfurt Exchange (Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). ), and as CRWVF on the OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB (USA). Jan A. Vestrum, President and C.E.O.
Quarterly Reports - 31 March 2002
Metorex Limited
(Registration number 1934/005478/06)
(Incorporated in the Republic of South Africa)
(Listed on the Johannesburg Securities Exchange, South Africa, and
London Stock Exchange)
-- Quarterly headline earnings increase by 218% to 17,66 cps
-- Placement of shares raises R57,9 million
-- O'okiep Slag Retreatment Plant construction complete
-- Middelburg Townlands EMPR progressing well
Report of the directors for the quarter ended 31 March 2002
Consolidated Income Statement Quarter ended Quarter ended
31 March 2002 31 December 2001
(Unaudited) (Unaudited)
R000 R000
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Revenue - Mineral sales
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- copper 91 758 89 316
- zinc 32 435 29 550
- coal 26 558 27 882
- fluorspar 49 308 30 448
- gold 25 967 22 620
- antimony 10 313 10 880
- cobalt 3 012 5 005
- other 2 120 2 239
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Gross revenue 241 471 217 940
Realisation costs 58 309 48 603
On-mine revenue 183 162 169 337
Cost of production 135 207 130 515
Depreciation 5 113 4 926
Amortisation of mining rights 2 835 2 836
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Mining profit 40 007 31 060
Other income (expense) 2 705 (6 936)
Amortisation of goodwill 576 575
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Income before finance costs 42 136 23 549
Net interest expense 3 033 2 055
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Income before exceptional items 39 103 21 494
Impairment - Chibuluma assets - (112 368)
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Income before taxation 39 103 (90 874)
Taxation
- normal 9 820 5 539
- deferred 4 809 5 079
- secondary - 2 187
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Income after taxation 24 474 (103 679)
Income attributable to outside shareholders 3 723 2 555
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Net income 20 751 (106 234)
Weighted average shares in issue (000's) 120 786 120 761
Basic earnings per share (cents) 17,18 (87,97)
Basic headline earnings per share (cents) 17,66 5,56
Cash earnings per share (cents) 24,24 11,98
Income attributable to ordinary shareholders 20 751 (106 234)
Impairment provision - 112 368
Goodwill amortisation 576 575
Headline earnings 21 327 6 709
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Commodity sales statistics
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Quarter ended Quarter ended
31 March 31 December
2002 2001
Commodity
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Copper (t) 5 245 5 956
Cobalt (t) 19 31
Coal (t) 281 191 288 054
Zinc (t) 3 247 3 578
Manganese (wmt) 6 205 5 746
Fluorspar (wmt) 47 795 35 714
Antimony (mtu) 121 075 122 579
Gold (kg) 236 232
Exchange rate (Average) (R/$) 11,58 10,26
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Share Information
Metorex Limited trades on both the Johannesburg and London Stock
Exchanges under the share code "MTX".
----------------------------------------------------------------------
Share information Quarter ended Quarter ended
31 March 31 December
2002 2001
----------------------------------------------------------------------
Shares in issue 120 844 820 120 804 820
Shares traded (000's) 4 402 1 459
Share price (cents) - High 400 400
Share price (cents) - Low 270 220
Closing price (cents) 340 375
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Results of Operations SAFETY During the quarter, Consolidated Murchison Murchison is the name of:
n. 1. A death resulting from an accident or disaster. 2. One that is killed as a result of such an occurrence. Free Underground Shifts. FINANCIAL The performance for the quarter to March 2002 has improved on the previous two quarters of this financial year assisted by generally improved commodity prices and continued Rand/Dollar weakness. Gross revenue increased by 11% from the previous quarter. Higher prices were the main contributor with sales volumes. Production costs increased by 3,6% from the previous quarter. The effect of the Rand/Dollar exchange rate on the Dollar denominated costs was a contributor to this increase. Other income for the quarter improved as a result of increased profit on toll contracts at O'Okiep Copper Company. Income before exceptional items and tax increased by 82% on the previous quarter, and headline earnings Headline Earnings A basis for measuring earnings per share implemented by the Institute of Investment Management and Research. This method accounts for all the profits and losses from operational, trading, and interest activities, that have been discontinued or acquired at any increased to 17,66 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. (5,56 cents per share). ISSUE OF SHARES FOR CASH Subsequent to the end of the quarter, Metorex issued 18,1 million new ordinary shares at a price of 320 cents per share to selected institutions, raising R57,9 million to partially reduce the group debt levels, develop the Middelburg Middelburg (mĭd`əlbûrgh'), city (1994 pop. 40,118), capital of Zeeland prov., SW Netherlands, on the former island of Walcheren. It is a manufacturing and tourist center. Townlands coal reserve and upgrade underground equipment in the coal division. This issue will enhance both the freefloat and tradability in the Metorex share. CURRENT DEVELOPMENTS Middelburg Townlands The EMPR on the newly acquired Middelburg Townlands resource is progressing with further exploration drilling having produced positive results. Chibuluma South Negotiations with ZCCM ZCCM Zambia Consolidated Copper Mines and the Zambian Government for the "levelling of the playing fields" regarding certain concessions have produced some results. Further concessions are being pursued. Consolidated Murchison Production levels are being increased through the introduction of a 7 day working week to prepare for an expected antimony antimony (ăn`tĭmō'nē) [Lat. antimoneum], semimetallic chemical element; symbol Sb [Lat. stibium,=a mark]; at. no. 51; at. wt. 121.75; m.p. 630.74°C;; b.p. 1,750°C;; sp. gr. (metallic form) 6. price increase. O'Okiep Slag Dump Retreatment Re`treat´ment n. 1. The act of retreating; specifically, the Hegira. Plant The Slag Dump Retreatment Plant has been completed. Metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. commissioning is expected to be completed during May 2002. CAPITAL EXPENDITURE Capital expenditure of approximately R15,6 million was incurred during the quarter, related mainly to the construction of the O'okiep Slag Dump Retreatment Plant and the continued plant improvements at Vergenoeg. This News Release was prepared by the Board of Directors on behalf of Crew Development Corp. which is solely responsible for its contents. |
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