Bisichi Mining

What do you think?


Profile click here



Bischi = black, Anglo and Pacific = Red, ATH Resources (new float)= Blue.


Thanks to Goldfinger for flagging it up.

Looks to be moving in the right direction GF,an unusual mixture this company, but looks very promising.
Keep up the good work GF.
Cheers.

Hi Porky,

thanks for that but we all work hard on here, results in the morning, fingers crossed.

cheers GF.

Had an excellent run on these, decided to take some profits.

Results not as good as expected but there seems to have been an over reaction from MMs marking these down and a few sellers taking profits.

From the Chairmans report and the accounts we can see that it is the the moving of two sections out of the three sections at the mine at Black Wattle that as led to an increase in operating costs of 4.2 million from 3.1 million at this time last year.

A short term kick in the teeth but no reason to panic and I have added this morning on the fall.

Look at the plus points

Coal Prices up 21% and likely to go up even further

Nav per share up from 84.5p to 111.6p

All coal exports are guaranteed to be taken up

Increased production in the second half.

As I speak buyers coming back into the market.


Heres the part of the chairmans report that is relevant.............

Chairman's Review

I am pleased to report that in the 6 months ended 30 June 2004, Bisichi Mining
PLC made a profit on ordinary activities before taxation, depreciation, and
amortisation of 1,043,000 (2003: 1,166,000); this performance was broadly
similar to the equivalent period in 2003 and resulted from the need to move all
three mining sections at the Black Wattle Colliery during the period, two of
which as at the date of this report have been moved. Diluted net assets per
share, including listed shares at market value, increased to 111.6 pence at 30
June 2004, up 32 % from 84.5 pence in the comparable period in 2003.

cheers GF.

The full chairmans report now.............

Chairman's Review

I am pleased to report that in the 6 months ended 30 June 2004, Bisichi Mining
PLC made a profit on ordinary activities before taxation, depreciation, and
amortisation of 1,043,000 (2003: 1,166,000); this performance was broadly
similar to the equivalent period in 2003 and resulted from the need to move all
three mining sections at the Black Wattle Colliery during the period, two of
which as at the date of this report have been moved. Diluted net assets per
share, including listed shares at market value, increased to 111.6 pence at 30
June 2004, up 32 % from 84.5 pence in the comparable period in 2003.

During the first six months of 2004 there were a number of significant and
positive developments at the Black Wattle Colliery, our direct coal mining
investment in South Africa which have, I believe, laid a firm foundation for
strong future earnings.

The first of these developments took place on 1 April 2004, when the Black
Wattle Colliery, in conjunction with our partner Endulwini Resources, began to
export coal via the Richard's Bay Coal Terminal as part of a multi-year program
for black economic empowerment mines. The timing of this export program could
not have been better, as international coal prices reached historically high
levels during the second quarter of 2004 and presently remain very strong. In
order to take advantage of these high prices and, more importantly, lock in
significant margins over the next few years, I can now inform shareholders that
we have entered into a long-term FOB export contract with a leading
international trading company for our entire export volume.

Our coal export activities have not, however, distracted us from the South
African domestic market, where we have also had considerable successes,
achieving the highest long term pricing levels to date for our low phosphorus
product. The combined effect of the export and domestic price increases has
meant that our average selling prices in the first half of 2004 were 21 %
higher than in the second half of 2003.

With the strong demand for our coal, with long term supply offtake contracts in
place and with coal prices at unprecedented levels, the second significant
development during the first half of 2004 was that we committed to various
measures to increase production at the Black Wattle Colliery . In particular,
we concluded a SA Rand 25 Million financing facility with ABSA Bank to support
a broad programme of capital investment at the mine, including the purchase of
a Voest Alpine Continuous Miner. This machine was commissioned at the beginning
of September and I anticipate that it will materially increase production
during the last quarter of 2004.

Our UK retail property portfolio, which is managed by London & Associated
Properties plc, has continued to provide us with a reliable income stream. The
equities portfolio in Mineral Products Limited has performed broadly in line
with UK equity markets and continue to provide us with a ready source of cash
should it be needed.

With the major investment we have made at the Black Wattle Colliery to increase
production and with strong prices secured for both our domestic and our export
coal I am confident that the results for the full year will be good.

Michael Heller
Chairman
10 September 2004



cheers GF.

Taken from a poster from another site...............

Good luck, C. Today's results look a bit disappointing at first sight, but as topvest points out the second half should be very strong, so I'm hanging on.

PS Note that the properties which form a large part of the assets have not been revalued since the year end last December.

cheers Gf.

Hi GF.
Like you I still think the outlook is very positive shall be holding on.
Cheers.

Hi porky,

yes it has been a short term kick in the teeth and a little dissapointing something I never try to cover up like a lot when results go pear shaped. But I feel the extra costs as outlined above which affected the bottom line will in fact be the growth driver of this over the medium term. It was the moving of two of the 3 mining sections at the Black Wattle mine that led to the increased cost, but we are assured of greater productivity in the 2nd half which bodes well for the future. We also have a revaluing of the property portfolio to look forward to so the increased NAV figure given today is a lot lower in fact than what it will be when next results are announced.


cheers GF.

Im hoping we get a very quick recovery with this one.

cheers GF.

I'm hoping for a further dip first before I get in.

I genuingly wish you guys luck with this one and I possibly might regret selling. I made good money on this one and at the end of the day, thats what we're here to do.
Good Luck All.

Well its started off well and an immediate recovery looks possible.

cheers Gf.

Recovery on track, director buys 10,000 shares at 153p showing his confidence in the company...................

SCHEDULE 11

NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

All relevant boxes should be completed in block capital letters.

1. Name of company 2. Name of director

Bisichi Mining PLC Thomas Myer Kearney



3. Please state whether notification 4. Name of the registered holder(s)
indicates that it is in respect of and, if more than one holder, the
holding of the shareholder named in number of shares held by each of
2 above or in respect of a them (if notified)
non-beneficial interest or in the
case of an individual holder if it
is a holding of that person's
spouse or children under the age of
18 or in respect of a
non-beneficial interest

As 2 above As 2 above



5. Please state whether notification 6. Please state the nature of the
relates to a person(s) connected transaction. For PEP transactions
with the director named in 2 above please indicate whether general/
and identify the connected person single co PEP and if discretionary/
(s) non discretionary

As 2 above Purchase of shares



7. Number of 8. Percentage of 9. Number of 10. Percentage of
shares/amount issued class shares/amount issued class
of stock of stock
acquired disposed

10,000 0.096%



11. Class of 12. Price per 13. Date of 14. Date company
security share transaction informed

Ord 1.53 14/9/04 14/9/04



15. Total holding following this 16. Total percentage holding of issued
notification class following this notification

35,000 0.33%



If a director has been granted options by the company please complete the
following boxes.

17. Date of grant 18. Period during which or date on
which options exercisable




19. Total amount paid (if any) for 20. Description of shares or
grant of the option debentures involved: class, number




21. Exercise price (if fixed at time 22. Total number of shares or
of grant) or indication that price debentures over which options held
is to be fixed at time of exercise following this notification




23. Any additional information 24. Name of contact and telephone
number for queries




25. Name and signature of authorised company official responsible for making
this notification

M.C.Stevens- Company Secretary

Date of notification ____14/9/04_________________



cheers Gf

Hoping for another up day wednesday.

cheers Gf

I see this ones up already, showing results were a minor glitch in the long term scheme of things.

cheers Gf.

Bought a few yesterday after the drop at 147p.

Good for you Yorkie, by the way as Tenby(cat) now started trading on Share Bears new site?.

cheers GF.

Yes Tenby posts sometimes (didn't realise he or she was cat). Katie Price has registered but haven't seen any posts - I always liked reading her posts. I'm shorecrab if and when I post there. The sites pretty quiet lately. Anyway, if I go off-topic I'll have CW after me - or rather you will!
Glad to see these creeping back up past my buy price already.

I yorkie, thanks for that.

cheers Gf.

Back to top were it should be an outstanding performer of late and still way undervalued.

cheers GF.