Normandy Mining Limited -- Report on Activities for the Three Months Ended 31 December 1998.SOUTH AUSTRALIA South Australia, state (1991 pop. 1,236,623), 380,070 sq mi (984,381 sq km), S central Australia. It is bounded on the S by the Indian Ocean. Kangaroo Island and many smaller islands off the south coast are included in the state. , Australia--(BUSINESS WIRE)--Jan. 18, 1999-- Normandy Normandy (nôr`məndē), Fr. Normandie (nôrmäNdē`), region and former province, NW France, bordering on the English Channel. Mining Limited (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :NDY NDY Not Dead Yet NDY Not Done Yet .)(ME:NDY.) -0-
PRODUCTION 432,366 ounces, a record
6 months 821,661 ounces
TOTAL CASH COST $304 per ounce (US$186/oz)
6 months $306 per ounce (US$187/oz)
MARGIN $283 per ounce (US$173/oz)
6 months $299 per ounce (US$183/oz)
-0- AUSTRALIAN DOLLAR Noun 1. Australian dollar - the basic unit of money in Australia and Nauru dollar - the basic monetary unit in many countries; equal to 100 cents VALUES are used in this report other than where specified. For convenience, some key financial figures have been translated at US$1.00 = A$1.6321. Enquiries concerning this report may be directed to: C G Jackson Jackson. 1 City (1990 pop. 37,446), seat of Jackson co., S Mich., on the Grand River; inc. 1857. It is an industrial and commercial center in a farm region. , Executive General Manager -- Corporate 100 Hutt HUTT Hull-To-Torrent Transmitter Street, Adelaide Adelaide, empress consort of Holy Roman Emperor Otto I Adelaide (ăd`əlād) or Adelheid (ä`dĕlhīt), c. 5000 South Australia, Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. ; Telephone: +61 8 8303 1703 Facsimile: +61 8 8303 1994 This report and previous reports available at web site: http://www.normandy.com.au Overview FINANCE - Attributable gold sales, 429,982 ounces (383,092oz) at an average realised $587:US$360 per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. ($626:US$384/oz) - Financial results (audited) for the three months and six months to 31 December December: see month. 1998 will be released 16 February February: see month. 1999 GOLD - ATTRIBUTABLE PRODUCTION - 432,366 ounces (389,295oz) - Total cash cost (unaudited), $304:US$186 per ounce ($308:US$189/oz) - Margin, $283:US$173 per ounce ($318:US$195/oz) - DEVELOPMENT - Wandoo, feasibility based on new resource scheduled December 1999 - Pajingo, expansion to 200,000+ozpa recommended - Tanami, The Granites plant upgrading to 2.5Mtpa - Martha Martha, in the New Testament, friend of Jesus, sister of Mary and Lazarus of Bethany. In Christian literature, Martha has been a symbol of the active, as opposed to the contemplative, life. Feast: July 29. Martha personification of the busy housekeeper. , Environment Court approval received, expansion commences - Perama Perama (Greek: Πέραμα) is a port city and a suburb of Athens that lies on the southwest edge of the Aegaleo mountains. It creates the western terminus of the Port of Piraeus (Athens' port)and there is also a port that provides ferry services to Hill (Greece Greece, Gr. Hellas or Ellas, republic (2005 est. pop. 10,668,000), 50,944 sq mi (131,945 sq km), SE Europe. It occupies the southernmost part of the Balkan Peninsula and borders on the Ionian Sea in the west, on the Mediterranean Sea in the south, on ), permitting commences - Yamfo-Sefwi (Ghana Ghana, country, Africa Ghana, officially Republic of Ghana, republic (2005 est. pop. 21,030,000), 92,099 sq mi (238,536 sq km), W Africa, on the Gulf of Guinea, an arm of the Atlantic Ocean. The capital and largest city is Accra. ), development options under evaluation - EXPLORATION - Pajingo, Vera South, significant intersection intersection /in·ter·sec·tion/ (-sek´shun) a site at which one structure crosses another. intersection a site at which one structure crosses another. at depth - Wandoo (Boddington Places called Boddington include:
Wandoo North - Rosemont Rosemont can have many meanings, including: Places
- Yamfo-Sefwi and Perama Hill district, continued encouraging results NON-GOLD - METALS - Zinc concentrate Zinc concentrate is a highly hazardous product used in the production of zinc metal and zinc alloys, which is the result of a flotation process after the zinc ore has been mined and milled. production 63,348 tonnes (75,219t) - Average realised zinc price US43 cents per pound (US46c/lb) - Kasese Kasese is a town in western Uganda, lying north of Lake George. It originally grew around the copper mine at Kilembe, while attention later turned to cobalt mining. The town lies at the western end of the Uganda Railway to Kampala and Tororo, and is also home to an airport. cobalt Cobalt, town, Canada Cobalt (kō`bôlt), town (1991 pop. 1,470), E Ont., Canada, NE of Sudbury, near Lake Timiskaming. Once a center for cobalt and silver mining, the area is now economically depressed. production scheduled for May 1999 - INDUSTRIAL MINERALS - Seasonal factors add to general industry downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. - MAGNESIUM magnesium (măgnē`zēəm, –zhəm), metallic chemical element; symbol Mg; at. no. 12; at. wt. 24.305; m.p. about 648.8°C;; b.p. about 1,090°C;; sp. gr. 1.738 at 20°C;; valence +2. - Demonstration plant commissioning near completion - GOLDFIELDS n. 1. A small slender woolly annual (Lasthenia chrysostoma) with very narrow opposite leaves and branches bearing solitary golden-yellow flower heads; it grows from Southwestern Oregon to Baja California and Arizona; - it is often cultivated. POWER & PIPE - Pipeline sale discussions near finalisation n. 1. same as finalization. Noun 1. finalisation - the act of finalizing finalization mop up, windup, completion, culmination, closing - a concluding action CORPORATE - Hedge book value - $650 million realisable - Yandal Gold takeover offer for Great Central Mines Limited
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Previous quarter figures bracketed in italics
Information in this report relating to ore reserves, mineral
resources or mineralisation conforms to the reporting requirements of
the AusIMM/AMIC/AIG "Australasian Code for Reporting of Identified
Mineral Resources and Ore Reserves". It is based on information
compiled by Competent Persons as defined by the Code, under the
direction of Bruce D Kay, Group Executive - Exploration, a corporate
member of the AusIMM with 25 years experience as a geologist.
Chairman's message
The quarter saw progress on many fronts as Normandy actively
pursued the process of rationalisation, acquisition and focused
development.
Energies were particularly directed toward divesting non-core
assets and further strengthening Normandy's gold business, the
Company's primary business objective.
Attributable gold production was a record high 432,366 ounces,
with record production at Mt Leyshon and Kaltails, and improvements at
all other operations - and at our associate, Great Central Mines -
more than offsetting closure of Warrego Tailings following reserve
depletion.
Total cash cost continued to trend lower, to an average $304 per
ounce - down from $308 per ounce last quarter and $321 per ounce for
the 1997-98 year. Business Momentum
The process of building Normandy's portfolio of larger, longer
life, lower cost operations advanced markedly.
Expansion of Martha mine commenced, following receipt of
Environment Court approvals. Production will be expanded by 26
percent, mine life increased by six years, and operating costs lowered
an estimated NZ$25 per ounce.
The Tanami Operations expansion feasibility study was completed,
recommending construction of a 2.5Mtpa treatment plant at Dead Bullock
Soak. However, a capital commitment of $98 million to the project will
be deferred pending completion and evaluation of the upgrade of the
existing plant at The Granites, which is being achieved at a cost of
$3.2 million.
The Pajingo expansion feasibility study has been completed, and
an increase in gold production to more than 200,000ozpa is
recommended, subject to joint venture partner and Board approvals.
At Kalgoorlie, the Super Pit will proceed to owner-operated
mining in a transition scheduled to occur over 18 months, with
ultimate cost savings estimated at $17 per ounce. The revised Mt
Charlotte mine plan has achieved early encouraging results and,
together with a new reserve estimate, will result in an abnormal
charge lower than previously advised.
Substantial progress has been made toward restructuring the
LaSource partnership with BRGM and increasing the Company's direct
equity in the Yamfo-Sefwi gold project. Completion of these
transactions is anticipated shortly.
Negotiations for the sale of Normandy's interest in the
Goldfields Gas Pipeline are also at an advanced stage and expected to
be finalised shortly.
These transactions are important steps in Normandy's business
rationalisation and simplification process. Finance
Regulatory and banking approvals have been received, allowing
Normandy to proceed with the realisation of approximately $650 million
from the majority of the gold hedge book. This prudent measure
accelerates and captures substantial existing value and does not
reflect Normandy's view on the current or future gold market.
Hedging policy is unchanged and identical forward contracts will
be simultaneously re-established, with priority given to conversion to
uncommitted puts, increasing upside price participation whilst
protecting downside.
The development of low cost gold mines will be priority
allocations for the proceeds. Corporate
Yandal Gold Pty Limited (Normandy 49.9 percent) announced a
takeover offer for Great Central Mines Limited. A successful bid will
see Normandy's interest in the Yandal Region assets - the Bronzewing,
Jundee-Nimary and Wiluna gold mines and extensive exploration tenement
holdings - increase to 57 percent, ranking the Yandal Region second to
Kalgoorlie in Normandy's gold portfolio. Attributable production will
increase to 420,000 ounces per annum, and share of reserves and
resources to 3.5 million ounces and 6.8 million ounces respectively.
Funding to Yandal Gold is by a special purpose loan. Following
the announcement, both Moody's and Standard and Poor's reaffirmed
Normandy's investment grade rating. Normandy Board
Mr Bernard Wheelahan was appointed a non-executive Director. His
resource industry and South American experience will greatly assist
the Company's international endeavours.
Mr Ian Stanwell, a non-executive Director, advised the Board that
he will retire April 1999.
Robert Champion de Crespigny
Executive Chairman
19 January 1999
Group Managing Director's discussion ... operations, development
& ... exploration
Gold
Attributable production for the quarter, including share of
associates (Ariab and Great Central Mines Limited), was a record
432,366 ounces.
Total cash cost was $304 per ounce (US$186/oz). This includes the
recently introduced Western Australian 1.25 percent royalty.
Australia
At Kalgoorlie Operations, total gold production was higher,
although Super Pit production continues below capacity due to SAG mill
girth gear restrictions. RC grade control drilling has improved lode
definition, with the drilled-out Western Lodes entering production
late in the quarter.
At Mt Charlotte, the revised life-of-mine plan has been
implemented (Cassidy Shaft ore haulage cessation, exclusion of
resources below 20L, and modified stope size and mining method).
Production is expected to continue at 1.4Mtpa until 2000, with reserve
depletion by mid-2001 (Reserve: 4.1Mt at 2.7g/t for 350,000 contained
ounces). Higher than predicted grades from remnants resulted in above
forecast gold production and lower cash costs for the quarter.
At Kaltails, production was a record but cash costs increased,
with waste rock removal from Morrison dump. Treatment of the lower
grade Trafalgar and higher grade Croesus dumps will commence next
quarter. However, costs will increase due to necessary mining changes
to efficiently extract dump material and associated longer pumping
distances.
At Boddington, a 7 percent increase in mill throughput
contributed to increased production. Results from treating low grade
stockpiles have been positive. A decrease in total cash cost was
partly offset by revised rehabilitation cost estimates.
At Big Bell Consolidated, development of lower levels of Big Bell
impacted costs. Production commenced from Murchison open pits,
including Shocker and the revised Great Fingall design.
At Tanami Operations, gold production was up 14 percent due to
higher throughput, average grade and recovery. However, total cash
cost was higher reflecting increased milling, maintenance and tie-in
and commissioning costs associated with The Granites treatment plant
upgrade. Corrective engineering, increased crushing capacity and other
plant modifications are now expected to result in a 2.5Mtpa throughput
rate by June 1999. Mining of the second primary stope at Callie is
well advanced.
At Tennant Creek, gold production was similar, with lower tonnes
from White Devil offset by increased head grade.
At Mt Leyshon, gold production was 15 percent higher, and a new
record. Mill throughput was lowered marginally to minimise gold losses
whilst processing higher grade ores. Total mine movement was
significantly lower, with waste mining reduced 66 percent due to
extended availability of the southern haul road and a favourable
variance in ore-waste ratio. Mined grade next quarter is expected to
be similar to the average for the last six months.
At Pajingo Operations, production was significantly higher due to
mining of high grade stopes. Mill throughput was increased by
improving process control parameters, with no apparent adverse effect
on recovery.
International
At Martha, gold production was higher, a consequence of higher
grade and increased throughput due to improved mill availability
following maintenance last quarter.
African mine production was 62,081 ounces (Normandy LaSource
share 26,131 ounces) at a cash operating cost of US$155 per ounce
before royalties.
At Ariab, gold production was marginally lower, but above budget.
A heavy wet season has improved water supply, allowing leach cycles to
be extended.
At Ity, production was 18 percent higher, despite the extended
wet season. New mining equipment will be fully operational next
quarter. Metals
At Golden Grove, production was affected by mill trunnion liner
problems and material handling and dewatering issues associated with
commissioning the treatment plant upgrade. These have now been
rectified.
At Woodcutters, concentrate production was affected by delayed
commissioning of the next series of production stopes. Head grade was
lower due to stope sequence rescheduling. Grades are expected to
return to normal next quarter. However, mine production will be lower,
reflecting reserve depletion.
At Tennant Creek, mine production fell as the Gecko reserve
approached depletion (now extended to the end of the March quarter).
Milling of 5,700 tonnes of Gecko gold ore yielded 1,684 ounces.
Campaign milling of Orlando stockpiles continued, resulting in higher
payable gold production and lower contained copper.
Industrial Minerals
Earnings before interest and tax were 47 percent below the
previous quarter and also the corresponding quarter last year, with
all divisions affected by manufacturing downturns.
Commercial Minerals Group result was 17 percent lower, with
seasonal and market downturns in Australia and New Zealand. The
Malaysian business continued to perform strongly.
Larvik Pigment results were adversely affected by the declining
zinc price, shortage of supply of secondary feed stocks, and lower
sales in all regions.
Lower coking coal exports affected Magnetite Division sales and
earnings, with many washeries on limited production or maintenance
shutdowns.
Omya earnings were steady, with lower overall tonnages for
exports and agricultural products offset by sales of high margin, fine
quality products to the paper market. Goldfields Power & Pipe
Record gas transmission volumes were achieved as commissioning of
lateritic nickel projects near Kalgoorlie commenced. Discussions
progressed with prospective purchasers of Normandy's interest in the
pipeline.
Operational constraints at some power customer sites continue to
depress electricity sales. However, demand increased at the end of the
quarter, with a new two-year contract to supply Perth Airport - the
first third party sale of electricity from Parkeston Power Station.
Development
Gold
At Boddington, the updated resource estimate for Wandoo South is
nearing completion, incorporating results from an additional 110,000m
of drilling (including 80,000m conducted since May 1996) when the
previous estimate (311Mt at 0.9g/t and 0.1 percent copper, containing
8.8Moz) was calculated.
In the new Wandoo North resource area (incorporating the Hedges
mine area), evaluation drilling will continue until April 1999. A
resource estimate is not expected until August 1999.
Detailed work commenced in December 1998 to identify engineering
and cost data, culminating in completion in the second half of 1999 of
a revised feasibility study based on the upgraded Wandoo South and
emerging Wandoo North resource estimates. Completion of the study is
expected by December 1999, at a cost of $4.6 million.
At Callie, the feasibility study was completed, recommending a
new 2.5Mtpa treatment plant (designed to allow later expansion) at
Dead Bullock Soak at a capital cost, including process related
infrastructure, estimated at $98 million. While development of Callie
underground to full capability will continue, the decision to
implement the new plant option will be deferred until the performance
of the current plant upgrade at The Granites is fully assessed.
At Martha, Environment Court approvals were received and an
expansion to 1.25Mtpa commenced. Mine life is extended by six years to
2007 and production increases to average 115,000ozpa, with total cash
cost an estimated NZ$25 per ounce lower. An additional 750,000 ounces
of gold is expected to be recovered from the expansion which comprises
a small pit perimeter extension, and upgrade of crushing, conveying
and CIP plant facilities at an estimated life-of-mine cost, including
contingency, of NZ$63 million.
At Pajingo Operations, the expansion feasibility study was
completed, recommending an increase in gold production to more than
200,000ozpa. The recommendation is subject to joint venture partner
and Board approvals.
At Perama Hill (Greece, Normandy LaSource effective 44.4
percent), infill reserve drilling has been completed. The first phase
of permitting (mining title) has been submitted to Greek Authorities,
and second phase permitting (environmental and planning) commences
next quarter. Metallurgical testwork and environmental baseline
studies are progressing well and all sterilisation, geotechnical and
metallurgical drilling has been completed.
At Angovia (Cote d'Ivoire, Normandy LaSource 90 percent),
construction of the heap leach project is on schedule and within
budget. Pre-stripping has started and mining commences next quarter.
At Yamfo-Sefwi (Ghana, Normandy LaSource 41-45 percent), infill
drilling at Subenso was completed and is nearing completion at
Kenyase, including a depth extension. Prefeasibility resource and
reserve modelling, metallurgical and environmental testwork, and
assessment of plant location and haulage options commenced. A
community liaison programme was established.
Metals
At Golden Grove, commissioning of the Gossan Hill development was
completed.
At Kasese (Uganda, Banff Resources 55 percent), siteworks for the
2Mlbpa cobalt plant remain on schedule for commencement of commercial
operations in May 1999.
Magnesium
At Gladstone (Queensland, Normandy effective 68 percent
interest), demonstration plant commissioning continues. Feasibility
study preparation and the environmental and development approval
process for the Stanwell commercial site is progressing.
Exploration
Expenditure on direct interests, including mine site exploration,
was $12.4 million.
Gold - Australia
At Pajingo Operations, stepout drilling intersected further high
grades outside the Vera South resource, including 2.7m at 38.6g/t and
7.2m at 27.5g/t.
Importantly, an intersection of 16.9m at 32.0g/t was recorded at
450m below surface. This is the deepest to date at Vera South, and a
very encouraging development with positive implications for the
potential of the field. Follow-up holes are planned after the wet
season.
Immediately northeast, on the Veracity trend, several promising
intersections were recorded from initial drilling, including 1.6m at
25.3g/t, 16m at 4.0g/t, and 12m at 4.8g/t.
At Kalgoorlie Operations, Super Pit drilling returned encouraging
intersections from the Western Lodes (38m at 3.8g/t, 22m at 5.6g/t,
10m at 9.9g/t) and from a previously unknown lode in the
Horseshoe-Lake View area (16m at 4.3g/t). Fimiston Underground
drilling intersected further mineralisation below the current pit
design.
At Boddington, the programme of evaluation drilling at Wandoo
North recorded several intersections, including 86m at 1.1g/t, 8m at
9.0g/t and 110m at 0.9g/t plus 0.2 percent copper. Promising early
results were recorded from drilling of oxide mineralisation peripheral
to Wandoo North.
In the Minjar district, deep drilling at Silverstone returned 5m
at 10.3g/t, and follow-up drilling is planned.
In the Telfer region, preliminary interpretation defined 25 gold
anomalous zones in five areas.
At Big Bell, drilling on the Golden Gate prospect defined shallow
mineralisation over a strike length of 600m (22m at 1.8g/t, 4m at
11.8g/t).
At Rosemont, 280km NNE of Kalgoorlie, Normandy has entered into a
joint venture to earn up to 50 percent in tenements covering the
majority of the Duketon Greenstone Belt, continuing the Company's
strategy of establishing dominant regional positions in districts with
potential to support large, long life gold operations.
At Callie, definition drilling extended the resource potential,
with incremental tonnage in Challenger Syncline, and intersections
south of Kerril Fault. At Ground Rush, two diamond drill holes
confirmed continuity of the mineralised zone to 70m depth.
Gold - International
Exploration expenditure for the quarter by Normandy LaSource,
excluding mine site expenditure, was FRF17.9 million.
In the Perama Hill district (Greece, Normandy LaSource effective
44.4 percent), preliminary results from shallow drilling in new areas
included 12m at 1.1g/t at Dasaki, 16m at 2.0g/t and 8m at 3.8g/t at
Perama South, and 24m at 1.1g/t at Petrota.
On the Yamfo-Sefwi Belt (Ghana, Normandy LaSource 41-45 percent),
drilling defined a new zone of mineralisation on the Ntotoroso
licence, northeast of Kenyase. Best intersections were 42m at 1.5g/t,
50m at 1.9g/t, 18m at 2.5g/t, and 39m at 2.9 g/t.
At Tasiast (Mauritania, Normandy LaSource 100 percent), a further
zone of mineralisation is indicated by gold anomalism extending south
under cover beyond the limits of previous drilling.
At Kentau (Kazakstan, Normandy LaSource earning 61 percent)
trenching on the 5km long Kencay-Altyntau trend returned sporadic
values, including 15m at 5.2g/t and 30m at 3.0g/t.
At Rio Negro (Argentina, Normandy Latin America/LaSource 100
percent), on the Vein 49 zone, surface sampling identified a new
epithermal gold environment, with good values in a 2km long zone.
On the Sibolga COW (Sumatra, NAAL 90 percent), drilling in the
Aek Pahu area continued on the Black Monkey, Bedrock, and Harimau
prospects. A definitive conclusion on this large area is not expected
for at least six months.
Metals
At Golden Grove, Scuddles Deeps delineation drilling intersected
24m at 24.6 percent zinc and 22m at 10.2 percent zinc.
Drilling on 200m centres below the A Panel Zinc lode at Gossan
Hill intersected 6.8m at 13.8 percent zinc (including 2m at 41.0
percent zinc) at a vertical depth of 800m, 250m below the deepest
previous intersection. Drilling of down-plunge extensions of C and Q
Copper lenses returned several strong intersections including 27m at
5.5 percent copper, 16m at 4.8 percent copper and 16m at 4.7 percent
copper (true widths).
Ian G Gould
Group Managing Director
19 January 1999
Gold production & costs
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MINE PRODUCTION & COSTS Equity Ore Head Gold Total Total Interest Treated Grade Produced(1) Cash Prod. Cost (2) Cost (2) (percent) (t) (g/t) (oz) ($/oz) ($/oz) ---------------------------------------------------------------- three months to 31 December 1998 Western Australia Western Australia, state (1991 pop. 1,409,965), 975,920 sq mi (2,527,633 sq km), Australia, comprising the entire western part of the continent. It is bounded on the N, W, and S by the Indian Ocean. Perth is the capital. Kalgoorlie Kalgoorlie (kălg  r`lē), town (1991 pop. 25,016), Western Australia, SW Australia. It is the chief mining town of the state and the center of the East Coolgardie Goldfield. Operations (50) Super Pit 2,401,547 2.32 158,132 296 355 Mt Charlotte 415,640 3.06 38,045 358 437 Kaltails (90) 1,842,730 0.67 20,011 365 658 Boddington (44.44) 2,253,809 1.00 64,542 335 506 Big Bell Consolidated (100) Big Bell 478,805 3.11 43,189 402 482 Murchison Murchison is the name of:
Open Pits 184,855 1.91 9,494 432 546 Northern Territory Tanami Operations (78.84) 389,398 4.40 53,042 378 440 Tennant Tennant may refer to:
Creek Operations (100) White Devil White devil can refer to:
& District 54,340 8.67 14,618 285 384 Gecko gecko (gĕk`ō), small or medium-sized lizard of the family Gekkonidae. The more than 300 species are distributed throughout the warm regions of the world, mostly in the Old World. Despite folklore to the contrary, their bite is not poisonous. (3) 9,877 Queensland Queensland, state (1991 pop. 2,477,152), 667,000 sq mi (1,727,200 sq km), NE Australia. Brisbane is the capital; other important cities are Gold Coast, Toowoomba, Townsville, Rockhampton, Cairns, and Ipswich. Mt Leyshon (76.36) 1,372,278 2.20 88,966 240 287 Pajingo Operations (50) 56,571 13.92 24,435 190 252 International Martha (New Zealand Zealand: see Sjælland, Denmark. ) (67.06) 226,319 3.64 24,547 228 296 Ity (Cote d'Ivoire) (4, 5) (33.15) 82,338 6.25 13,500 243 274 CONSOLIDATED 406,148 303 382 ---------------------------------------------------------------- Associate Interests Great Central Mines Limited (27.81) 1,296,781 5.04 202,083 299 409 Ariab (Sudan Sudan (s  dăn`), officially Republic of Sudan, republic (2005 est. pop. 40,187,000), 967,494 sq mi (2,505,813 sq km), NE Africa. )(4, 5) (26) 163,433 11.50 48,581 277 376 ---------------------------------------------------------------- ATTRIBUTABLE 432,366 304 390 ---------------------------------------------------------------- six months to 31 December 1998 ATTRIBUTABLE 821,661 306 395 ---------------------------------------------------------------- (1) 100 percent for each operation. (2) Costs in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Gold Institute standard, unaudited. (3) Bullion BULLION. In its usual acceptation, is uncoined gold or silver, in bars, plates, or other masses. 1 East, P. C. 188. 2. In the acts of Congress, the term is also applied to copper properly manufactured for the purpose of being coined into money. plus payable ounces in copper concentrate (Gecko and Orlando Orlando, city, United States Orlando (ôrlăn`dō), city (1990 pop. 164,693), seat of Orange co., central Fla., in a lake region; inc. 1875. In a citrus fruit and farm area, it is one of the world's most visited vacation spots. ). (4) Tonnes stacked Stacked is an American television sitcom that premiered on Fox on April 13, 2005. On May 18, 2006, Stacked was cancelled, leaving five episodes unaired in the United States. The last episode aired on January 11, 2006. onto heaps, not tonnes under irrigation irrigation, in agriculture, artificial watering of the land. Although used chiefly in regions with annual rainfall of less than 20 in. (51 cm), it is also used in wetter areas to grow certain crops, e.g., rice. . (5) US$ costs converted at spot exchange rate on 31 December 1998 of $1.6321 (September September: see month. quarter at 30 September $1.6750). PRODUCTION COST STATEMENT Gold Institute Standard periods ending 31 December 1998 3 mths 6 mths ($/oz) ($/oz) ---------------------------------------------------------------- Direct mining expenses 299 300 Stripping & mine development adjustments 7 6 By-product by·prod·uct or by-prod·uct n. 1. Something produced in the making of something else. 2. A secondary result; a side effect. by-product Noun 1. credits (5) (5) Sundry sun·dry adj. Various; miscellaneous: a purse containing keys, wallet, and sundry items. [Middle English sundri, from Old English syndrig, separate. expenditure (income) (6) (5) Cash operating cost 295 296 Royalties 9 10 Total cash cost 304 306 Depreciation 45 46 Amortisation Noun 1. amortisation - the reduction of the value of an asset by prorating its cost over a period of years amortization reduction, step-down, diminution, decrease - the act of decreasing or reducing something 2. 30 30 Mine closure 11 13 Total production cost 390 395 ---------------------------------------------------------------- (1) Unaudited GOLD HEDGING POSITIONS at 31 December 1998 Normandy(1) Subsidiaries ('000oz)($/oz) ('000oz)($/oz) ---------------------------------------------------------------- Forward Contracts 1998-99 696.3 637 198.5 613 1999-00 908.4 664 429.5 613 2000-01 690.8 741 396.7 576 2001-08 1,965.8 813 947.4 606 Total 4,261.3 741 1,972.1 602 Put Options 169.8 485 Managed(2) 6,403.2 691 ---------------------------------------------------------------- (1) Normandy wholly-owned, excluding share of subsidiaries (2) Normandy wholly-owned and 100 percent of subsidiaries, including uncommitted put options. The unaudited hedge book value at 31 December 1998 (Normandy and share of subsidiaries), marked to market, is $710.1 million (US$441.6M) or $120 per ounce. This is higher than the previous quarter end reflecting a lower Australian dollar spot price of $468 per ounce and lower interest rates at period end, partially offset by delivery into contracts. Metals production & sales SUMMARY OF PRODUCTION periods ending 31 Dec. '98 Golden Grove
3 mths 6 mths 3 mths 6 mths 3 mths 6 mths ---------------------------------------------------------------- Mine Production Ore mined (t) 245,614 506,568 104,634 240,221 100,039 235,658 Ore milled (t) 241,021 471,081 92,272 223,145 129,633 264,825 Head grade Zinc percent 13.0 12.6 10.7 11.7 - - Copper percent 0.4 0.4 - - 2.7 3.6 Lead percent 1.0 1.0 4.9 5.3 - - Concentrate Production Zinc (t) 48,870 98,723 14,478 39,844 - - Grade percent 50.1 50.6 55.7 54.7 - - Contained metal (t) 24,473 49,993 8,067 21,808 - - Cash cost (1,2,3) (c/lb) 62 61 75 63 - - Copper (t) 4,521 9,657 - - 9,280 29,853 Grade percent 13.2 10.3 - - 28.5 28.3 Contained metal (t) 598 991 - - 2,648 8,443 Silver grade (g/t) 1,045 1,330 - - - - Gold grade (g/t) 11.1 15.3 - - 23.3 9.3 Cash cost (1,4,5) (c/lb) - - - - 89 97 Lead (t) 1,684 1,684 7,169 20,579 - - Grade percent 24.7 24.7 39.3 39.9 - - Contained metal (t) 416 416 2,820 8,205 - - ---------------------------------------------------------------- SUMMARY OF PRODUCTION (1) Includes smelting smelting, in metallurgy, any process of melting or fusion, especially to extract a metal from its ore. Smelting processes vary in detail depending on the nature of the ore and the metal involved, but they are typified in the use of the blast furnace. , refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar , freight charges and insurance, net of by-product revenue. (2) Golden Grove - copper by-product credit where associated with zinc. (3) Woodcutters - lead and 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. by-product credits. (4) Tennant Creek - gold by-product credit. (5) Golden Grove - gold and silver by-product credits. SUMMARY OF SALES (1) Revenues on provisionally pro·vi·sion·al adj. Provided or serving only for the time being. See Synonyms at temporary. n. 1. A person hired temporarily for a job, typically before having taken an examination qualifying the person for permanent priced "open" pounds adjusted monthly, based on then-current prices, with final settlement generally based on average London Metal Exchange London Metal Exchange (LME) A market for trading base metals, where traded options contracts are available against the underlying futures contract. price for a specified future month. (2) Zinc sales not hedged. December quarter, 51.1Mlb of payable zinc provisionally priced at 71c/lb. (3) Estimated zinc price US43c/lb based on open provisional Temporary; not permanent. Tentative, contingent, preliminary. A provisional civil service appointment is a temporary position that fills a vacancy until a test can be properly administered and statutory requirements can be fulfilled to make a permanent appointment. pricing and provisional billings at shipment time. (4) Estimated copper price includes hedging benefits. ZINC PRODUCTION COST periods ending 31 Dec. '98 3 mths 6 mths (unaudited) (c/lb) (c/lb) ----------------------------------------------------------- Direct mining expenses 37 33 Transport & smelter charges 38 39 Stripping & mine development adjustments (5) (4) By-product credits (6) (7) Sundry expenditure (income) - (1) Cash operating cost 64 60 Royalties 1 1 Total cash cost 65 61 Depreciation 4 4 Amortisation 6 5 Mine closure 1 1 Total production cost 76 71 ------------------------------------------------------------ SUMMARY OF SALES periods ending 31 Dec. '98 3 mths 6 mths ------------------------------------------------------------ Zinc (1) Payable metal (t) 27,355 66,452 Estimated price (2, 3) (c/lb) 63 69 Copper (1) Payable metal (t) 2,310 9,090 Estimated price (4) (c/lb) 132 121 ------------------------------------------------------------ Investor information Directors RJ Champion de Crespigny Executive Chairman MS Hamson Deputy Chairman Dr IG Gould Group Managing Director Rt. Hon Hon abbr (= honourable, honorary) → en títulos . JD Anthony CH Non-Executive Director A non-executive director (NED, also NXD) or outside director is a member of the board of directors of a company who does not form part of the executive management team. He or she is not an employee of the company or affiliated with it in any other way. BG McKay Mc·Kay , Claude 1890-1948. Jamaican-born American writer who figured prominently in the Harlem Renaissance of the 1920s. His works include collections of poetry, such as Constab Ballads (1912), and novels, including Home to Harlem (1928). Non-Executive Director IF Stanwell Non-Executive Director B Wheelahan Non-Executive Director PF Carr CARR Carrier CARR Customer Acceptance Readiness Review CARR Carrollton Railroad CARR Corrective Action Request and Report CARR City Area Rural Rides (Texas) CARR Configuration Audit Readiness Review CARR Customer Acceptance Requirements Review Company Secretary Registered & Principal Office 100 Hutt Street, Adelaide 5000 South Australia, Australia Telephone +61 8 8303 1700 Facsimile +61 8 8303 1900 Stock Exchange Listings Australian Stock Exchange Australian Stock Exchange (ASX) Australia's major securities market, formed when the six state stock exchanges (Adelaide, Brisbane, Hobart, Melbourne, Perth, and Sydney stock exchanges) were merged in 1987. (Ticker Symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors NDY) Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (Ticker Symbol NDY) Montreal Exchange Montreal Exchange A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg (Ticker Symbol NDY) Issued Capital At 31 December 1998, issued capital was 1,699,861,060 shares of 20 cents par value. There are 248,539,025 listed options Listed option An option that has been accepted for trading on an exchange. exercisable at $2.50 per option until 30 April 2001. Major Shareholders Westpac Custodian bailee (custodian) n. a person with whom some article is left, usually pursuant to a contract (called a "contract of bailment"), who is responsible for the safe return of the article to the owner when the contract is fulfilled. Nominees 23.06 percent National Nominees 9.40 percent ANZ ANZ Australia and New Zealand ANZ Australia and New Zealand Banking Group Limited ANZ Air New Zealand (NZ national airline) Nominees 9.17 percent Chase Manhattan Nominees 8.18 percent Substantial Shareholders Tiger Management Tiger Management Corp. is a hedge fund founded by Julian Robertson. With $10.5 billion under management in 1997, it was the second largest hedge fund in the world at the time [1]. Corporation 11.68 percent Maple Brown Abbott 7.52 percent ADS Depositary DEPOSITARY, contracts. He with whom a deposit is confided or made. 2. It is, the essence of the contract of deposits that it should be gratuitous on the part 'of the depositary. 9 M. R. 470. The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. 101 Barclay Street, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10286 Telephone +1 212 815 2204 Facsimile +1 212 571 3050 Shareholder Enquiries Matters relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc shares held, change of address, tax file number and dividends should be directed to the Share Registry The configuration database in all 32-bit versions of Windows that contains settings for the hardware and software in the PC it is installed in. The Registry is made up of the SYSTEM.DAT and USER.DAT files. Many settings previously stored in the WIN.INI and SYSTEM. : National Shareholder Services Pty Limited 100 Hutt Street, Adelaide 5000 South Australia, Australia Telephone +61 8 8232 0003 Facsimile +61 8 8232 0072 Share Price Movement Quarter High Low March 1998 $1.78 $1.33 June 1998 $1.82 $1.32 September 1998 $1.45 $1.00 December 1998 $1.55 $1.32 Web Site: http://www.normandy.com.au |
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