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(BISI.L) Bisichi Mining PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 16-11-09 | PRN |
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This news article is displayed preformatted as it may contain results tables
BISICHI MINING PLC
Interim Management Statement
Published 16 November 2009 07:00:00
Interim Management Statement
Bisichi Mining PLC ('Bisichi'), the UK mining company with direct coal mining
operations in South Africa, is pleased to provide the following update about
its operations.
As stated in the Half Yearly Report, we remain positive about the profitability
in 2010 of the Black Wattle Colliery ('Black Wattle'), our direct coal mining
operation in South Africa. Nevertheless, as we reported to shareholders in the
Half Year Report, trading profits in the second half of 2009 are not going to
be as strong as in the first half. This is for several reasons:
* Black Wattle carried out the planned closure of most of its underground
mining sections in favour of increasing production from its opencast
operations. We are pleased to report that this planned closure is now
complete. The average monthly production in the first half of the year was
130,000 tonnes per month. The average monthly production to date in the
second half of the year is 90,000 tonnes per month. This is a direct result
of this planned closure. We will see the benefits of the increased
production from our opencast operations in 2010.
* Black Wattle carried out the planned closure of one opencast pit and has
opened up the next.
* A strong SA Rand has continued to put downward pressure on US Dollar
revenues.
Looking forward to 2010, management anticipate an increase in profitability and
are pleased to report the following:
* Black Wattle has completed the expansion of its washing plant from capacity
of 130,000 metric tonnes per month to 170,000 metric tonnes per month. This
will allow increased production.
* Black Wattle has finalised a three year fixed price coal supply contract
for 900,000 tonnes of its export steam coal product to be supplied evenly
over three years commencing January 2010. The fixed price was based on the
higher forward prices and was secured at a significant premium to the
current coal price.
* The planned expansion of the rail siding jointly owned by Black Wattle has
been completed. The siding upgrade includes an additional line and
stockpile area, which allows for increased throughput capacity.
Finally, income from Bisichi's UK properties remains steady, with no
significant change from the first half.
Mr Andrew Heller, Managing Director of Bisichi said: "With our robust cash
position and the general overall strength of our balance sheet, the flexibility
of our opencast operations and the increased capacity of both the washing plant
and rail siding, we are well-positioned to take advantage of opportunities
which we anticipate will arise next year."
END
For further information, please call:
Andrew Heller, Bisichi Mining PLC 020 7415 5030
END
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| 12-10-09 | PRN |
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NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS This form is intended for use by an issuer to make a RIS notification required by DR 3.3 (1) An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24. (2) An issuer making a notification in respect of a derivative relating the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24. (3) An issuer making a notification in respect of options granted to a director /person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24. (4) An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24. Please complete all relevant boxes should in block capital letters.
Christopher A Joll
non-beneficial interest
interest
(s) and, if more than one, the number of shares held by each of them
transaction
notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
capital If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
21. Exercise price (if fixed at time 22. Total number of shares or
of exercise
02074155000 Name and signature of duly authorised officer of issuer responsible for making notification M C Stevens, Company Secretary, Bisichi Mining PLC __________________________________________________________ Date of notification 12/10/2009
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| 12-10-09 | PRN |
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BISICHI MINING PLC (Bisichi)
BISICHI FINALISES COAL SUPPLY CONTRACT FOR 2010-2012 Bisichi, the mining company with direct coal mining operations in South Africa, is pleased to announce that its principal South African coal mining subsidiary, Black Wattle Colliery (`Black Wattle'), has finalised a three year coal supply contract with a large Swiss based commodity broker. The fixed price contract, the terms of which are confidential, is for 900,000 tonnes of its export steam coal product to be supplied evenly over three years commencing January 2010. Andrew Heller, Managing Director of Bisichi, said: 'By taking advantage of the higher forward prices for export steam coal, we have managed to secure a fixed price for our product at a significant premium to the current coal price and by securing a long term buyer for our export product, Bisichi will be in a strong position next year to take advantage of Black Wattle's expanded washing plant capacity.' For further information, please call: Andrew Heller, Bisichi Mining PLC 020 7415 5030
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| 28-08-09 | PRN |
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28 August 2009
BISICHI MINING PLC
ANOTHER RECORD MINING RESULT * Profit before tax in excess of £4.3 million (Realised) (2008: £0.9 million) reflects impact of open cast mining at Black Wattle Colliery * Profit before tax in excess of £9.4million (Realised) generated over last twelve months * Performance has been protected to date from the current lower coal price by fixed price coal export contract * Black Wattle has started sampling high quality buy-in coal from nearby reserves, which will extend the life of the mine * UK retail property portfolio has maintained rental income levels * Bisichi warns that the second half of 2009 financial year is unlikely to be as profitable as the last twelve months as Black Wattle closes underground mining operations, opens a new open cast pit, fixed price export contract ends and a strengthened SA Rand:US Dollar rate impacts on export revenues * Bisichi expects return to higher profitability in 2010 * First ever Interim Dividend of 1p per share Commenting on the results, Michael Heller, Chairman of Bisichi Mining said: "This profit both puts Bisichi in a very secure financial position and will allow the Group to take advantage of opportunities that arise as a result of these extremely turbulent times. Looking forward to 2010, we expect to see a recovery in profitability."
END For further information, please call: Andrew Heller, Bisichi Mining PLC 020 7415 5030 Half year review We are very pleased to report to shareholders that in the six months ended 30 June 2009, Bisichi Mining made a profit before tax of £4.3 million (Realised) (2008: £0.9 million). Bisichi has therefore generated profits of £9.4 million (Realised) over the last twelve months. This profit both puts Bisichi in a very secure financial position and will allow the Group to take advantage of opportunities that arise as a result of these extremely turbulent times. As previously reported, this profit can, to a significant extent, be attributed to the commencement of opencast mining in May 2008. Combined with the existing fixed price export contract, which is providing the Group with prices above market rates, Bisichi has to some considerable degree been protected to date from the current lower coal price. We remain extremely positive about the future of the Black Wattle Colliery, our direct coal mining operation in South Africa, but we must advise shareholders that the next six months is unlikely to be as profitable as the last twelve months. This is for several reasons: * Black Wattle is in the process of carrying out the planned closure of most of its underground mining sections which will take several months to finalise; * Black Wattle is in the process of closing one opencast pit and opening up the next; * the fixed price coal contract will expire during the second half and the coal prices in all of the Group's markets have reduced; and * the South African Rand has appreciated by over 14% against the US Dollar during the year, which impacts on the Group's export revenues which are paid in US Dollars and converted to SA Rands. Looking forward to 2010, we expect to see a recovery in profitability as Black Wattle will have completed the switch from underground to lower cost opencast mining. The forward curve of the coal price from 2010 onwards projects an upswing as, we hope, the world emerges from recession and the forward rate for the SA Rand shows the SA Rand depreciating against the US Dollar. Black Wattle has also started sampling high quality buy-in coal from nearby reserves. These buy-in coal opportunities are increasing in number and represent a new development for Black Wattle as, with the timely expansion of the washing plant, capacity will be increased and the life of mine will be extended. Black Wattle still awaits final approval from the Department of Minerals and Energy for the Company's new Black Empowerment partner and the necessary permits for some of the opencast mining activities at Black Wattle. There is still nothing to report at this stage on Pegasus; shareholders will be informed as soon as further news emerges. Bisichi's UK retail property portfolio, managed by London & Associated Properties PLC, continues to perform well and, most importantly, there has been no reduction in rental income. As previously announced, Tom Kearney has resigned as a director of Bisichi and we wish him well in his future career. Finally we are pleased to inform shareholders that the Board will for the first time be paying an interim dividend of 1p. This will be paid on 5 February 2010, to shareholders on the register at the close of business on 15 January 2010. We would like to thank everyone who contributed to these results and we continue to look to the future with confidence for your Group. Michael Heller Andrew Heller Chairman Managing Director 27 August 2009
Bisichi Mining PLC
Consolidated income statement
for the six months ended 30 June 2009
2009 2008 2008
activities
investments
taxation
Attributable to:
Bisichi Mining PLC
Consolidated statement of comprehensive income
for the six months ended 30 June 2009
2009 2008 2008
Other comprehensive income:
translation of foreign operations
net of tax
Attributable to:
Bisichi Mining PLC
Consolidated Balance Sheet
as at 30 June 2009
2009 2008 2008
Non-current-assets
Current assets
Liabilities
Current liabilities
Non-current liabilities
Equity
Bisichi Mining PLC
Consolidated Cash Flow Statement
for the six months ended 30 June 2009
2009 2008 2008
Cash flows from operating activities
equivalents
Cash and cash equivalents
For the purposes of the cash flow statement, cash and cash equivalents comprise
the following balance sheet amounts:
Bisichi Mining PLC CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
for the six months ended 30 June 2009
2008
of derivatives
movements
income and expense
and expense for the year
shares in subsidiary
2008
investment properties
of derivatives
movements
income and expense
and expense for the year
shares in subsidiary
2008
income and expense
and expense for the year
ACCOUNTING POLICIES AND NOTES TO THE ACCOUNTS: The results for the six months ended 30 June 2009 have been prepared in accordance with International Financial Reporting Standards (IFRS). The principal accounting policies applied are the same as those set out in the Financial Statements for the year ended 31 December 2008. 1. Segmental analysis For management purposes, the Group is organised into two operating Divisions, Mining and Property. These Divisions are the primary basis on which the Group reports its segment information. This is consistent with the way the Group is managed and with the format
of the Group's internal financial reporting.
2009 2008 2008
Revenue
Operating profit on trading activities
Operating profit
ventures
2009 2008 2008
3. Earnings per share Both the basic and diluted earnings per share calculations are based on a profit of £3,309,000 (2008: £599,000). The basic earnings per share has been calculated on 10,451,506 (2008: 10,451,506) ordinary shares being in issue during the year. The diluted earnings per share has been calculated on the number of shares in issue of 10,451,506 (2008: 10,451,506) plus the dilutive potential ordinary shares arising from share options of 236,986 (2008: 660,798) totaling 10,688,492 (2008: 11,112,304). 4. Properties Properties are included at valuation as at 31 December 2008 plus additions in the period ended 30 June 2009. 5. Related parties The related parties and the nature of costs recharged are as disclosed in the group's annual financial statements for the year ended 31 December 2008. The group paid management fees of £148,000 (30 June 2008: £148,000, 31 December 2008: £355,000) to London & Associated Properties PLC, an associated company. During the period the group repaid £225,000 of Dragon Retail Properties Limited's (a joint venture) loan, leaving a balance of £1,205,000 at 30 June 2009. 6. Financial information The above financial information does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The figures for the year ended 31st December 2008 are based upon the latest statutory accounts, which have been delivered to the Registrar of Companies; the report of the auditors on those accounts was unqualified and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006. As required by the Disclosure and Transparency Rules of the UK's Financial Services Authority, the interim financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and in accordance with both IAS 34 'Interim Financial Reporting' as adopted by the European Union and the disclosure requirements of the Listing Rules. The half year results have not been audited or subject to review by the company's auditors. The annual financial statements of Bisichi Mining PLC are prepared in accordance with IFRS as adopted by European Union. The same accounting policies are used for the six months ended 30 June 2009 as were used for the year ended 31 December 2008, except as stated below. During 2009 the following accounting standards and guidance were adopted by the group: IAS 1 (revised) 'Presentation of Financial Statements'; IAS 7 (amendment) 'Statement of Cash Flows'; IAS 16 (amendment) 'Property, Plant and Equipment'; IAS 23 (amendment) 'Borrowing Costs'; IAS 27 (amendment) 'Consolidated and Separate Financial Statements'; IAS 32 (amendment) 'Financial Instruments Presentation'; IAS 39 (amendment) 'Financial Instruments Recognition and Measurement'; IAS 40 (amendment) 'Investment Property'; IFRS 2 (amendment) 'Share-based payment'; and IFRS 8 'Operating Segments'; All of the above were effective for accounting periods beginning on or after 1 January 2009. The new adopted standards either have no impact on the interim financial statements or resulted in changes to presentation and disclosure only. The assessment of new standards, amendments and interpretations issued but not effective, not included above, are not anticipated to have a material impact on the financial statements. The largest area of estimation and uncertainty in the interim financial statements is in respect of the valuation of investment properties (which are not revalued at the half year end). Other areas of estimation and uncertainly are referred to in the group's annual financial statements. There is no material seasonal impact on the group's financial performance. Taxes on income in the interim periods are accrued using tax rates expected to be applicable to total annual earnings. Realised income as reflected in the Half year review on page 2 reflects all the mining and property operations. Unrealised income reflects the fixed asset revaluations, joint ventures and gains and losses on held for trading investments, where the income has not actually been received. The interim financial statements have been prepared on the going concern basis as the Directors are satisfied the group has adequate resources to continue in operational existence for the foreseeable future. 7. Dividend The final dividend in respect of 2008, totaling £366,000 was paid on the 10th August 2009. An interim dividend for the year ended 31 December 2009 totaling £ 104,516 was approved by the Board of Directors on 27 August 2009 and has not been included as a liability in these Interim Financial Statements. 8. Board approval These interim results were approved by the Board of Bisichi Mining on 27 August 2009.
DIRECTORS RESPONSIBILITY STATEMENT AND REPORT ON PRINCIPLE RISKS AND
UNCERTAINTIES Responsibility statement We confirm to the best of our knowledge a. the condensed set of financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU; b. the interim management report includes a fair review of the information required by: 1. DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and 2. DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during the period; and any changes in the related party transactions described in the last described in the last annual report that could do so. Principle risks and uncertainties The Group has an established risk management process which works within the corporate governance framework as set out in the 2008 Annual Report and Accounts. Risks and uncertainties identified by the Group are set out on page 15 of the 2008 Annual Report & Accounts and are reviewed on an ongoing basis. There have been no significant changes in the first half of 2009 to the principle risks and uncertainties as set out in the 2008 Annual Report & Accounts. Michael Heller Andrew Heller Chairman Managing Director 27 August 2009
DIRECTORS AND ADVISERS Directors Michael A Heller MA, FCA (Chairman) Andrew R Heller MA, ACA (Managing Director) Robert Grobler (Mining Director C A Joll MA (Non-executive) John A Sibbald BL(Non-executive) Secretary Michael C Stevens FCA Registered office 30-35 Pall Mall London SW1Y 5LP Black Wattle Colliery - Directors Robert Corry (Chairman) Andrew Heller (Managing Director) Robert Grobler David Nkosi General mine manager Luis Pinel Registrars and transfer office Capita Registrars Northern House Woodsome Park Fenay Bridge Huddersfield HD8 0GA Telephone 0871 664 0300 (Calls cost 10p per minute + network extras) or +44 208 639 3399 for overseas callers Website: www.capitaregistrars.com E-mail: ssd@capitaregistrars.com Company registration number112155 (Incorporated in England and Wales) Web sitewww.bisichi.co.uk E-mailcompanysecretary@bisichi.co.uk
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| Date/Time | Subject | Author | ||
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| 13-10-09 | ||||
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yes family connections
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| 05-10-09 |
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Hi,
After doing some research into various commercial property stocks i notice that London & Associated Property (LAS) have a 42% stake in Bisichi. Does anyone know waht the connection is / history to this? More | View thread (2) | Respond | Login to Vote up | Login to Vote down |
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| 28-08-09 | ||||
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Hi why the large price drop when company had excellent results?
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| 13-05-09 | ||||
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anyone have any kind of target price for bisichi mining
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