Quarterly Report
31 7월 2002 - 8:22PM
UK Regulatory
RNS Number:3532Z
AuIron Energy Ld
31 July 2002
31 July 2002
Australian Stock Exchange
Company Announcements
Level 4
20 Bridge Street
Sydney NSW 2000
Dear Sirs,
JUNE 2002 QUARTERLY REPORT
Please find attached the Quarterly Report for the period ended 30 June 2002.
Highlights are:
* Strategic review undertaken resulting in new Company direction.
* Decision to cease sole funding of SASE Project with intention to realise
value from SASE and other South Australian assets.
* Decision to progress Ballymoney Project - the project is proceeding to
schedule.
* The retirement of Mr Arthur, the appointment of Mr Parker as Managing
Director, and an intention to reconstitute the Board.
* SASE Demonstration Plant rectification work following damage to the plant
during operations proceeding to schedule.
Yours faithfully,
Joe Fontana
CFO & Company Secretary
AUIRON ENERGY LIMITED ("AUIRON")
QUARTERLY REPORT FOR THE PERIOD ENDED 30 JUNE 2002
During the quarter under review the Group undertook a review of its projects and
operations which resulted in new Company direction.
South Australian Steel and Energy ("SASE") Pig Iron Project (AuIron 90%)
SASE business case study leads to the decision as announced to the ASX on 28
June 2002 to cease sole funding of the SASE Project.
The Board, after considering the business study findings, determined that
prospects for the SASE/Whyalla project did not justify further investment by
AuIron on a sole developer basis. It directed options be pursued to realise
value from the SASE assets. These options include sale of all or part of
AuIron's interest in SASE and the introduction of a strategic partner.
Prior to the above decisions, plant operations continued. Key events were:
* closure for major plant maintenance during April 2002.
* commissioning of the briquetting plant and making briquettes using
AuIron's coal.
* an operations incident (7 May) where molten slag and iron were forcibly
ejected from the smelter. The molten slag and iron damaged the plant though
no one was injured. Restoration work underway is expected to be completed by
September 2002.
South Australian Coal
In April 2002, AuIron announced that there was insufficient market justification
to develop a stand-alone coal mine in South Australia at this time and was
scaling back expenditure related to this. AuIron believes the coal resource is
suited for future supply to the South Australian thermal power generation
industry.
Test work carried out during the quarter confirmed that the coal was suitable
for use in thermal power generation and that coal washing can reduce chloride
content to acceptable levels.
South Australian Tenements
Details concerning the tenements are set out in Appendix 5B Schedule 1 of this
report.
Northern Ireland Ballymoney Mine and Power Project (AuIron 100%)
The Board, after considering the findings of the business case study, determined
that prospects justified continued support for the Ballymoney project. This
support will be reviewed on a quarterly basis according to strict project
governance principles.
The base line Environmental Impact Assessment was completed during the quarter.
Work proceeded according to schedule on preparing an application for development
approval.
Northern Ireland Tenements
Details concerning the tenements are set out in Appendix 5B Schedule 1 of this
report.
CORPORATE
Mr Jon Parker was appointed Managing Director effective 1 July 2002 following Mr
Arthur 's retirement. On 28 June 2002 it was also announced that the Board would
be reconstituted.
FINANCE
As at 30 June 2002, the Company held cash of AUD31 million, sufficient to meet
the Group's currently anticipated project funding requirements.
A program to reduce overhead costs is underway with an initial targeted
reduction of AUD2 million per annum.
The low levels at which AuIron's shares have recently traded attribute little or
no value to its non-cash assets, notably its projects.
CONTACT DETAILS
Mr Jon Parker Joe Fontana
Managing Director CFO & Company Secretary
AuIron Energy Limited
Phone: 61 (0) 2 9357 2044
Facsimile: 61 (0) 2 9368 1313
Website: www.auironenergy.com.au
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.
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 30 JUNE 2002
Consolidated statement of cash flows
Cash flows related to operating activities
Current Year to date
quarter (9months)
$A'000 $A'000
1.1 Receipts from product sales and related debtors
1.2 Payments for (a) exploration and evaluation
(338) (4,356)
(b) development
(3,673) (17,785)
(c) production
- -
(d) administration
(1,977) (6,616)
1.3 Dividends received
- -
1.4 Interest and other items of a similar nature received
355 1,761
1.5 Interest and other costs of finance paid
(2) (14)
1.6 Income taxes paid
- -
1.7 Other (provide details if material)
Net Operating Cash Flows
(5,635) (27,010)
Cash flows related to investing activities
1.8 Payment for purchases of:
(a) prospects
(b) equity investments
(31) (108)
(c) other fixed assets
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
(31) (108)
1.13 Total operating and investing cash flows
(5,666) (27,118)
(carried forward)
Total operating and investing cash flows
(5,666) (27,118)
1.13 (brought forward)
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
(2) (32)
1.18 Dividends paid
1.19 Other (provide details if material)
Net financing cash flows
(2) 51,981
Net increase (decrease) in cash held
(5,668) 24,863
1.20 Cash at beginning of quarter/year to date
36,710 6,180
1.21 Exchange rate adjustments to item 1.20
- (1)
1.22 Cash at end of quarter
31,042 31,042
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
288
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
1,800
4.2 Development
2,800
Total
4,600
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 484
354
5.2 Deposits at call 30,558
36,356
5.3 Bank overdraft
5.4 Other (provide details)
Total: cash at end of quarter (item 1.22) 31,042
36,710
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 Attached Schedule 1
tenements relinquished,
reduced or lapsed
6.2 Interests in mining As per Attached Schedule 1
tenements acquired or
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 note security (see 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 securities 326,589,232 326,589,232
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 (description and As per Attached
Exercise price Expiry date
conversion factor) Schedule 2
7.8 Issued during quarter As per Attached
Schedule 2
7.9 Exercised during quarter As per Attached
Schedule 2
7.10 Expired during quarter As per Attached
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 /does not* (delete one) give a true and fair view of
the matters disclosed.
Sign here: ............................................................
Date: ......................................
(Director/Company secretary)
Print name: JOSEPH A 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
30 JUNE 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 2269
308 100
Ingomar RL 100
2.40 100
Iron Ore
Peculiar Knob RL 103
2.50 90
Sequoia MC 3271
2.00 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
JUNE 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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