Quarterly Report for 31/03/01
24 4월 2001 - 3:25AM
UK Regulatory
RNS Number:4438C
AuIron Energy Ld
23 April 2001
QUARTERLY REPORT FOR THE PERIOD ENDED 31 MARCH 2001
SOUTH AUSTRALIAN STEEL AND ENERGY (SASE) PIG IRON PROJECT (AUY 90% interest)
Demonstration Plant Operations Continued
Following successful completion in January of the ancillary plant modifications
foreshadowed in the December 2000 quarter, the second phase of operations
commenced in early February. Operating performance continued to better design
specifications in parameters that are important for the commercial plant
feasibility studies. These included coal and oxygen consumption rates, furnace
operating temperature, post combustion ratio and beat transfer efficiencies.
The first sale of a parcel of pig iron was made to a South Australian foundry.
The parcel met customer specifications and performed satisfactorily in foundry
use.
Subsequent to the end of the quarter the plant was shut down for planned
maintenance, equipment modifications and a personnel break. Operations are
expected to recommence in early May.
Ingomar Coal Trial Pit
Calling of tenders for the trial pit foreshadowed in the December quarter was
completed with a contract being awarded to Cooks Construction. Excavation work
commenced in March and coal is due to be delivered and prepared for use in the
Whyalla Demonstration Plant beginning June 2001.
Environmental studies
Initial flora and fauna surveys at the Ingomar and other sites were completed
during the Quarter. The Ingomar data are being complied into a referral
submission to the Federal Government's Environment Australia for
consideration under the Environment Protection and Biodiversity Conservation Act
preparatory to initiating the Environmental Assessment process.
BALLYMONEY NORTHERN IRELAND MINE AND POWER PROJECT
(AUY 100%)
Electricity Market Study
Phase One of the Energy Market study contract awarded to Primark WEFA was
completed during the quarter. The study reviewed the electricity market
potential for the Ballymoney project both in Northern Ireland and the Republic
of Ireland in the context of on "All-island" integrated electricity market.
The study estimated the market potential to be targeted for the Ballymoney
project and also concluded that the estimated sent out electricity cost from
a Ballymoney project would be competitive with existing or new generation
options in Northern Ireland.
Independent Mining Study
As foreshadowed in the December quarter, the mining study by an independent
consultant was completed during the quarter. The results confirmed that
estimated mining costs have reduced since the Company's previous work during
the 1990's due to advances in mining equipment productivity and real reductions
in equipment costs.
Power Station Partner
A pre-feasibility study for a Ballymoney Power Station is being prepared by
independent consultants. Upon conclusion of this study, our intention is
to prepare an information memorandum with a view to inviting proposals from
potential new power station partners.
Financial
A placement of seven million shares at A$0.90 per share was made to a major
international institution during April raising A$6.3 million. This amount is not
included in the cash balance of $9.4 million as at 31 March 2001.
The proposed AuIron Rights Offer documentation is expected to be dispatched
to Shareholders during May. A detailed timetable will be announced
shortly.
Competent Person
All 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 & CEO 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.
Appendix 5B
MINING EXPLORATION ENTITY QUARTERLY REPORT
Name of entity
AuIron Energy Limited
ACN or ARBN Quarter ended ("current quarter")
000 754 174 31 March 2001
CONSOLIDATED STATEMENT OF CASH FLOWS
Cash flows related to Current Year to date
operating activities Quarter (9 months)
$A'000 $A'000
1.1 Receipts from product sales
and related debtors - -
1.2 Payments for
(a) exploration and evaluation (1,202) (1,638)
(b) development (4,809) (15,790)
(c) production - -
(d) administration (1,268) (4,057)
1.3 Dividends received - -
1.4 Interest and other items of
a similar nature received 382 819
1.5 Interest and other costs of
finance paid - -
1.6 Income taxes paid - -
1.7 Other (provide details if material) - -
Net Operating Cash Flows (6,897) (20,666)
Cash flows related to investing activities
1.8 Payment for purchases of:
(a) prospects - -
(b) equity investments - -
(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 - -
1.13 Total operating and
investing cash flows (6,897) (20,666)
Cash flows related to financing activities
1.14 Proceeds from issues of
shares, options, etc. - 16,915
1.15 Proceeds from sale of
forfeited shares - -
1.16 Proceeds from borrowings - 374*
1.17 Repayment of borrowings - -
1.18 Dividends paid - -
1.19 Other (provide details if material) - -
Net financing cash flows - 17,289
Net increase (decrease) in cash held (6,897) (3,377)
1.20 Cash at beginning of quarter/
year to date 16,267 12,747
1.21 Exchange rate adjustments to item 1.20 - -
1.22 Cash at end of quarter 9,370 9,370
* Reclassification of Federal Government grant previously shown at item 1.7
PAYMENTS TO DIRECTORS OF THE ENTITY AND ASSOCIATES OF THE DIRECTORS
PAYMENTS TO RELATED ENTITIES AND ASSOCIATES OF THE RELATED ENTITIES
Current Quarter
$A'000
1.23 Aggregate amount of payments to
the parties included in item 1.2 250
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 Amount
available used
$A'000 $A'000
3.1 Loan facilities - -
3.2 Credit standby arrangements - -
ESTIMATED CASH OUTFLOWS FOR NEXT QUARTER $A'000
4.1 Exploration and evaluation 4,000
4.2 Development 6,000
Total 10,000
RECONCILIATION OF CASH
Reconciliation of cash at the end Current Previous
of the quarter (as shown in the quarter quarter
consolidated statement of cash flows) $A'000 $A'000
to the related items in the accounts is as follows.
5.1 Cash on hand and at bank 670 107
5.2 Deposits at call 8,700 16,160
5.3 Bank overdraft - -
5.4 Other (provide details) - -
Total: cash at end of quarter (item 1.22) 9,370 16,267
CHANGES IN INTERESTS IN MINING TENEMENTS
Tenement Nature of Interest at Interest
reference interest beginning at end of
(note(2)) of quarter quarter
6.1 Interests in
mining tenements
relinquished,
reduced or lapsed As per - -
schedule
6.2 Interests in
mining 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 Issue Amount Paid-up
number quoted Price per security
per (see note 3)
security
(see
note 3)
(cents) (cents)
7.1 Preference
securities
(description) - - - -
7.2 Changes during
quarter
(a) increases through
issues - - - -
(b) decreases through
returns of capital
buybacks, redemptions - - - -
7.3 Ordinary
securities 253,431,386 253,431,386 - -
7.4 Changes during
quarter
(a) increases through
issues - - - -
(b) decreases through
returns of capital
buybacks - - - -
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 See below Exercise Expiry
and conversion factor) price date
(cents)
7.8 Issued during
quarter - - - -
7.9 Exercised during
quarter - - - -
7.10 Expired during
quarter - - - -
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 Law
or other standards acceptable to ASX.
2 This statement does give a true and fair view of the matters disclosed.
Joe Fontana Date: 23/04/2001
DIRECTOR/COMPANY SECRETARY
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" (item 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 issued 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 MARCH 2001 QUARTER AUIRON ENERGY LIMITED
OPTIONS
AUIRON ENERGY LTD 000 754 174
NUMBER AND CLASS OF ALL SECURITIES NOT QUOTED ON EXCHANGE
REF NUMBER CLASS EXERCISE EXERCISE ASX CODE
PRICE DATE
1 7,500,000 Unlisted options Various 31/12/2004 AUYAQ
2 500,000 Unlisted options 30 cents 31/11/2003 AUYAS
3 1,060,000 Unlisted options 30 cents 18/10/2005 AUYAU
4 950,000 Unlisted options 24 cents 30/06/2001 AUYAW
5 5,500,000 Unlisted options 77 cents 08/09/2005 AUYAI
6 150,000 Unlisted options $1.10 08/09/2005 AUYAK
ISSUED DURING THE QUARTER
REF NUMBER CLASS EXERCISE EXERCISE ASX CODE
PRICE DATE
5 200,000 Unlisted options 77 cents 08/09/2005 AUYAI
6 150,000 Unlisted options $1.10 08/09/2005 AUYAK
EXERCISED DURING THE QUARTER
REF NUMBER CLASS EXERCISE EXERCISE ASX CODE
PRICE DATE
Nil
A full copy of the schedule of mining tenements as at 31/03/2001 is
available for purchase from ASX Customer Service on 1 300 300 279.Charges apply.
AUIRON ENERGY LIMITED
SCHEDULE OF MINING TENEMENTS
AS AT 31 MARCH 2001
TENEMENT REFERENCE NATURE OF INTEREST AUIRON ENERGY
INTEREST HELD
South Australia
Arckaringa Basin EL's 2797,2147 91.66%
Sub-Bituminous coal 2,759 sqkm
Phillipson EL 2717 100%
Sub-Bituminous coal 1,367 sqkm
Robins Rise EL 2249 100%
Sub-Bituminous coal 758 sqkm
Hawks Nest EL 2587 90%
Iron Ore & other minerals 2278 sqkm
Watson EL 2586 90%
Limestone 104 sqkm
Northern Ireland
Ballymoney PL MM 9/98 100%
Lignite 91 sqkm
Indonesia
South Sumatra (Kukusan) COW 70%
Zeolite 66 sqkm
Company Secretary
23 April 2001
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