Quarterly report
09 4월 2002 - 5:02PM
UK Regulatory
RNS Number:2235U
AuIron Energy Ld
9 April 2002
9 April 2002
Australian Stock Exchange
Company Announcements Office
Level 4
20 Bridge Street
Sydney NSW 2000
Dear Sirs,
QUARTERLY REPORT
Please find attached the Quarterly Report for the period ended 31 March 2002.
The Company is also today releasing a report on a Strategic Review of the
Company's activities.
A briefing delivered by Mr Neill Arthur, AuIron's Managing Director and CEO will
be available on our website www.auironenergy.com.au from Wednesday 10 April 2002
at Noon AEST (3am UKST).
Yours faithfully,
Joseph Fontana
Company Secretary
AUIRON ENERGY LIMITED ("AUIRON")
QUARTERLY REPORT FOR THE PERIOD ENDED 31 MARCH 2002
OPERATIONS - March 2002 Quarter - SOUTH AUSTRALIA
South Australian Steel and Energy ("SASE") Pig Iron Project (AuIron 90%)
Demonstration Plant Operations
The plant resumed test-work from 20 January after completion of further
upgrading designed to improve both the reliability and effectiveness of the
Ingomar fuel coal preparation equipment. A series of internal and external
issues hampered progress throughout the campaign and caused delays totaling 25
days during the quarter. The current campaign was concluded on 26 March, the
furnace was cooled down, and the roof removed in preparation for scheduled
refractory repairs after Easter.
Throughout the campaign various periods of continuous and stable operation were
achieved.
A notable achievement despite the interruptions mentioned was the longest
continuous operating run of 44 hours since the plant began smelting in November
2000. This record was achieved using AuIron's coal as fuel and third party coal
as reductant.
Dried Ingomar fuel coal moistures, generally in the range 6-9%, enabled feed
rates of up to 1800 kg per hour of iron ore to be achieved. Further work is
being undertaken that should enable Ingomar fuel coal to be consistently
supplied to specification i.e. less than 5% moisture.
Demonstration Plant Coal Facilities
As reported previously, to facilitate assessment of different coal feed
formulations, the Board approved provision of charring and briquetting
facilities to enable production of either dried Ingomar coal briquettes or
Ingomar char briquettes for use as reductant in the smelting process. Prior to
Easter the briquetting plant was in the advanced 'hot' commissioning phase with
the charring plant construction planned to complete in mid April, ready for
commissioning. These dates represent slippage of approximately five weeks from
the very challenging schedule originally proposed
Phillipson Basin Coal (AuIron 100%)
Ingomar
The analysis of the December 2001 drilling program has confirmed a resource
level of 100 million tonnes of mineable coal from the Rankin seam in the Ingomar
section of the Phillipson Basin. This resource level is sufficient to supply
the SASE project and other market opportunities.
The Ingomar coal has been subjected to a series of combustion tests in a
simulated coal fired boiler rig to determine the minimum level of coal washing
required to reduce the sodium chloride level contained within the coal.
Similarly, pilot scale washing programs continued to produce design data for a
commercial coal wash plant.
Corner Gate
After considerable discussion and negotiation the Corner Gate location in the
South East of the Phillipson Basin deposit was given heritage clearance by the
Antakirinja people in March 2002. This location is significant as it contains
multiple coal seams resulting in a reduced overburden ratio compared with
Ingomar as well as proximity to the Alice Springs-Adelaide rail line. Extensive
archival data from earlier BHP-Utah exploration work is being reprocessed to
modern mining practices by MineConsult. It is anticipated that mine plan and
costings will show substantial cost benefits over Ingomar.
Water Studies
Consultants have completed a survey of the Southern Western region of the
Eromanga Basin (which contains Lake Phillipson) and identified two locations
which may contain sufficient water suitable for commercial coal washing
operations.
Tenements
The following tenement licence periods have expired and applications for renewal
have been lodged.
EL 2586 Watson Area, EL 2587 Hawks Nest, EL 2717 Lake Phillipson and EL 2809
Arckaringa.
MC's 3297, 3298 and 3299 covering Sequoia East were pegged in February.
OPERATIONS - March 2002 Quarter -NORTHERN IRELAND
Ballymoney Mine and Power Project (AuIron 100%)
The Company's strategic review of the Ballymoney project has highlighted the
satisfactory progress made during 2002.
In the first quarter of 2002 the Company received reports from advisors and
consultants:
• Rank Geological reported on the infill drilling program that was carried
out in the 4th quarter of 2001. The infill drilling program provided the
data needed to confirm the approach taken in the mine planning work.
• MineConsult completed (a) its recommendation of an open cast approach to
mine the lignite, (b) plans for the proposed mine and (c) an assessment of
the mine's capital and operating costs.
• Burns Roe Worley provided (a) its recommendation on the type of boilers
and (b) an assessment of the capital and operating costs for the proposed
power plant.
The Company had previously received an assessment of the market opportunity for
the Ballymoney Project from Primark WEFA and Private Energy Partners. Those
assessments are being reviewed to take into account recent upward movements in
the costs of other fuels which, if sustained, have the potential to increase the
"value" of the project.
The initial Base Line Survey for the proposed Environmental Impact Assessment
(EIA) was commissioned in February 2002 and will be completed on schedule in
April 2002. The reports to date do not contain any significant issues that have
the potential to adversely impact on the project. The Base Line EIA sets the
framework for an EIA that has the level of detail required by the Planning
Authorities. The EIA is planned to be completed in August 2002.
In the light of the progress to date and the continued increases in costs of
other fuels the expenditures necessary, about Pds Stg 0.4 million (or about $A
1million) have been approved to complete the EIA, mine and power station plans
and market studies that are central to the application for project development
approval by the Northern Ireland authorities.
The Company anticipates that following the completion of the EIA and the
relating supporting materials, the application can be lodged in the September
2002 quarter. Negotiations on the terms of the proposed mining lease, generating
and other licences will commence in the June 2002 quarter.
Upon lodging a development application AuIron intends to apply to convert the
existing prospecting licence into a mining lease, which establishes security of
tenure and assists project financing for the life of the proposed commercial
coal mine.
FINANCE
The Company had $A 36.7 million in cash as at 31 March 2002 and there are
current expenditure commitments for the SASE and Ballymoney Power Projects of
approximately $A 5.5 million.
Webcast
A briefing delivered by Mr Neill Arthur, AuIron's Managing Director and CEO will
be available on our website www.auironenergy.com.au from Wednesday 10 April 2002
at Noon, AEST (3am UKST).
Neill F Arthur
Managing Director and CEO
On behalf of AuIron Energy Limited
Contacts:
Mr Neill F Arthur
Telephone: +61 (0)2 93572044; Fax: +61 (0)2 93681313
Email: CEO@auironenergy.com.au
Mr Peter Rigby, College Hill Associates
Telephone: +44 (0)20 7457 2020; Fax: +44 (0)20 7248 3295
Email: peter.rigby@collegehill.com
Mr James Henderson, College Hill Associates
Telephone: +44 (0)20 7457 2020; Fax: +44 (0)20 7248 3295
Email: james.henderson@collegehill.com
Competent Persons
The information in this report that relates to Coal Resources is based on
information compiled by Mr Norman Kennedy, who is a member of the Australasian
Institute of Mining and Metallurgy. Mr Kennedy is an employee of Rank Geological
Services Pty Limited. He has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person as defined in
the 1999 edition of the "Australasian Code for Reporting of Mineral Resources
and Ore Reserves" (The JORC Code). Mr Kennedy consents to the inclusion in the
report of the matters based on his information in the form and context in which
it appears.
Other technical information in respect of the coal, pig iron and electricity
related projects was prepared by Eur Ing Mr N F Arthur, B E (Chem) Hons, C Eng,
FIChem, FAusIMM, FAICD, Managing Director & Chief Executive Officer and
accurately reflects the information compiled by him. Mr Arthur has consented
and not withdrawn his consent to include herein the information in the form and
context in which it appears.
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.
Name of entity
AUIRON ENERGY LIMITED
ABN Quarter ended ("current quarter")
75 000 754 174 31 MARCH 2002
Consolidated statement of cash flows
Current quarter Year to date
Cash flows related to operating activities $A'000 (9months)
$A'000
1.1 Receipts from product sales and related debtors
1.2 Payments for (a) exploration and evaluation (1,129) (4,018)
(b) development (4,328) (14,112)
(c) production - -
(d) administration (2,034) (4,639)
1.3 Dividends received - -
1.4 Interest and other items of a similar nature received 503 1,406
1.5 Interest and other costs of finance paid (4) (12)
1.6 Income taxes paid - -
1.7 Other (provide details if material)
Net Operating Cash Flows (6,992) (21,375)
Cash flows related to investing activities
1.8 Payment for purchases of: (a) prospects
(b) equity investments
(c) other fixed assets (27) (77)
1.9 Proceeds from sale of: (a) prospects
(b) equity investments
(c) other fixed assets
1.10 Loans to other entities
1.11 Loans repaid by other entities
1.12 Other (provide details if material)
Net investing cash flows (27) (77)
1.13 Total operating and investing cash flows
(carried forward) (7,019) (21,452)
1.13 Total operating and investing cash flows
(brought forward) (7,019) (21,452)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. 52,013
1.15 Proceeds from sale of forfeited shares
1.16 Proceeds from borrowings
1.17 Repayment of borrowings (30)
1.18 Dividends paid
1.19 Other (provide details if material)
Net financing cash flows (7,019) (51,893)
Net increase (decrease) in cash held (7,019) (30,531)
1.20 Cash at beginning of quarter/year to date 43,732 6,180
1.21 Exchange rate adjustments to item 1.20 (3) (1)
1.22 Cash at end of quarter 36,710 36,710
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related
entities
Current quarter
$A'000
1.23 Aggregate amount of payments to the parties included in item 1.2 506
1.24 Aggregate amount of loans to the parties included in item 1.10 -
1.25 Explanation necessary for an understanding of the transactions
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material effect on consolidated
assets and liabilities but did not involve cash flows
2.2 Details of outlays made by other entities to establish or increase their share in projects in
which the reporting entity has an interest
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount available Amount used
$A'000 $A'000
3.1 Loan facilities NIL
3.2 Credit standby arrangements NIL
Estimated cash outflows for next quarter
$A'000
4.1 Exploration and evaluation 1,000
4.2 Development 4,500
Total 5,500
Reconciliation of cash
Reconciliation of cash at the end of the quarter (as Current quarter Previous quarter
shown in the consolidated statement of cash flows)
to the related items in the accounts is as follows. $A'000 $A'000
5.1 Cash on hand and at bank 354 410
5.2 Deposits at call 36,356 43,322
5.3 Bank overdraft
5.4 Other (provide details)
Total: cash at end of quarter (item 1.22) 36,710 43,732
Changes in interests in mining tenements
Tenement Nature of interest Interest at Interest at
reference beginning of end of
(note (2)) quarter quarter
6.1 Interests in mining As per
tenements relinquished, Attached Schedule 1
reduced or lapsed
6.2 Interests in mining As per
tenements acquired or Attached Schedule 1
increased
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights
together with prices and dates.
Total number Number quoted Issue price per Amount paid up per
security (see security (see note
note 3) (cents) 3) (cents)
7.1 Preference
+securities
(description)
7.2 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through returns of
capital,
buy-backs,
redemptions
7.3 +Ordinary 326,589,232 326,589,232
securities
7.4 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through returns of
capital, buy-backs
7.5 +Convertible debt
securities
(description)
7.6 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through securities
matured, converted
7.7 Options As per Attached Exercise price Expiry date
(description and Schedule 2
conversion factor)
7.8 Issued during As per Attached
quarter Schedule 2
7.9 Exercised during As per Attached
quarter Schedule 2
7.10 Expired during As per Attached
quarter Schedule 2
7.11 Debentures
(totals only)
7.12 Unsecured notes
(totals only)
Compliance statement
1 This statement has been prepared under accounting policies which
comply
with accounting standards as defined in the Corporations Act or other standards
acceptable to ASX (see note 4).
2 This statement does /* (delete one) give a true and fair view of the
matters disclosed.
Sign here: ............................................................
Date:
(/Company secretary)
Print name: JOE FONTANA
Notes
1 The quarterly report provides a basis for informing the market how
the entity's activities have been financed for the past quarter and the effect
on its cash position. An entity wanting to disclose additional information is
encouraged to do so, in a note or notes attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in
respect of interests in mining tenements acquired, exercised or lapsed during
the reporting period. If the entity is involved in a joint venture agreement
and there are conditions precedent which will change its percentage interest in
a mining tenement, it should disclose the change of percentage interest and
conditions precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities The issue price and amount paid up is
not required in items 7.1 and 7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 1022: Accounting for
Extractive Industries and AASB 1026: Statement of Cash Flows apply to this
report.
5 Accounting Standards ASX will accept, for example, the use of
International Accounting Standards for foreign entities. If the standards used
do not address a topic, the Australian standard on that topic (if any) must be
complied with.
== == == == ==
APPENDIX 5B MINING EXPLORATION ENTITY QUARTERLY
REPORT
SCHEDULE 1 AUIRON ENERGY LIMITED ACN
000 754 174
MARCH 2002
TENEMENT REFERENCE NATURE OF INTEREST TOTAL SQUARE INTEREST
KILOMETRES HELD
%
South Australia
Coal
Arckaringa Basin EL's 2797, 2809 2,759 91.66
Phillipson EL 2717 1,367 100
Robins Rise EL 2249 308 100
Ingomar RL 100 2.40 100
Iron Ore
Peculiar Knob MC 3258 2.50 90
Sequoia MC 3271 2.50 90
Ibis 1 MC 3276 2.49 90
Ibis 2 MC 3277 1.99 90
Ibis 3 MC 3278 1.98 90
Ibis 4 MC 3279 2.43 90
Sequoia East MC 3297 2.50 90
Sequoia East MC 3298 2.50 90
Sequoia East MC 3299 2.50 90
Iron Ore & other minerals
Hawks Nest EL 2587 2,278 90
Limestone
Watson EL 2586 104 90
Northern Ireland
Lignite
Ballymoney PL MM 9/98 91 100
Indonesia
Zeolite
South Sumatra (Kukusan) COW 66 70
Company Secretary
APPENDIX 5B MINING EXPLORATION ENTITY QUARTERLY REPORT
SCHEDULE 2 AUIRON ENERGY LIMITED ACN 000 754 174
MARCH 2002
7.7 OPTIONS
Number And Class Of All Securities Not Quoted On Exchange
REF NUMBER CLASS EXERCISE PRICE EXERCISE DATE ASX CODE
1 7,500,000 Unlisted options Various 31/12/2004 AUYAQ
2 500,000 Unlisted options $0.30 30/11/2003 AUYAS
3 1,060,000 Unlisted options $0.30 18/10/2005 AUYAU
5 5,500,000 Unlisted options $0.77 08/09/2005 AUYAI
6 150,000 Unlisted options $1.10 08/09/2005 AUYAK
7 2,810,000 Unlisted options $0.52 07/12/2008 AUYAM
7.8 ISSUED DURING THE QUARTER
NIL
7.9 EXERCISED DURING THE QUARTER
NIL
7.10 EXPIRED DURING THE QUARTER
NIL
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