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.

Nice one apple havent had time to flag it up myself as Im on holiday here in Spain.

It just keeps going on and upwards.

And dont forget the PROPERTY it owns. Market cap of about 11 million with a P/E of cica 13.5 and forward broker P/E of less than 7.

Exports call to China and India, and coking coal prices up over 100% in the last 6 months and look set to continue rising.

cheers GF.

This is the link with its properties, London and Associated Properties PLC, a listed company on the LSE, from last results...........................

CHAIRMAN'S STATEMENT

I am delighted to report a very successful year for London & Associated
Properties with a strong performance from both our wholly owned and jointly
owned investment portfolio of centrally located shopping centres. This year's
results reflect our longstanding strategy of actively managing our centres to
grow income and enhance values.

Fully diluted net asset value per share has increased by a substantial 32% to
88.58p as at 31 December 2003, from 66.98p a year ago. The principal reason
for this strong result is that our shopping centres and those in Analytical
Properties, our joint venture with Bank of Scotland, have risen in value by 12%
and 7.5% respectively, reflecting both our management input and a strong
shopping centre investment market. Additionally, to a lesser extent, we have
received a further boost from the exemption of some of our properties from the
stamp duty land tax which has added 1.7 million to our net assets. These net
assets are now 72.8 million including our listed portfolio at market value.
This compares with 54.2 million last year.

We also took advantage of the strong market for retail property, by continuing
our strategy of disposing of investments where we regarded immediate growth
prospects as limited. I am pleased to report that we achieved sales of some 16
million during 2003. This is in excess of book value and takes disposals over
the past two years to over 22 million, almost a quarter of our wholly owned
portfolio. The cash proceeds from these sales offer us tremendous scope to
invest in our remaining large town centre investments, to acquire new property
as opportunities present, and to grow Analytical Properties.

Our profits before tax rose in 2003 by 15% to 2.81 million from 2.45 million
on gross rental income, including our share of joint ventures, of 11.4 million
against 8.3million in the previous year. Direct rental income from our own
portfolio totalled 7.9 million over the period compared to 8.0 million in
2002. This is despite the loss of rental income following our property sales
referred to above. We contracted a net incremental 416,000 of rent on our
currently owned portfolio which will flow through to profits. We expect
further increases in rental income from our own portfolio during 2004 as
additional rent reviews and lease renewals are settled. Our current annualised
rent roll, following disposals, is 7.3 million and the estimated rental value
currently stands at 8.1 million.

The Board is recommending a final dividend of 1.525p per ordinary share, an
increase of 7%, which, if agreed by shareholders, will be paid on 9 July 2004
to those shareholders on the register as at 31 March 2004. Over the past five
years, the dividend will have grown by a compound 8.5% per annum.

The major event of the year was undoubtedly last August's 50 million
off-market purchase, through Analytical Properties, of the Church Square
Shopping Centre in St Helens. LAP invested 3.9 million of cash. Church Square
forms the dominant part of St Helens' prime retail core and generated, at the
time of acquisition, net annual rents of 3.6 million from 87 shop and two
office tenants including BhS, Boots, Next and River Island. I am pleased to
report that already we have agreed new lettings and rent reviews which have
added 210,000 per annum to the annual rent roll there.

Analytical's two shopping centre investments have been independently valued at
107.8 million compared to a combined purchase price of 95.3 million net of
costs. Analytical's other shopping centre investment is King Edward Court,
Windsor which we acquired in December 2002.

Today, LAP directly owns or manages retail property on behalf of Bisichi,
Dragon and Analytical with a gross value of approximately 220 million which
produces a gross annual rent of 18.7 million. This compares to 160 million
and 12.8 million last year.

Our strategy remains to invest exclusively in shopping centres that form a
significant part of the prime retail pitch in their respective town or city.
Our intensive approach to managing them includes refurbishment and part
redevelopment, to create better sized units and improve the tenant mix. Some of
these programmes, such as our proposal for Windsor, require significant capital
investment. During 2003, we invested 3.4 million improving and upgrading our
directly owned portfolio; a report of the progress in each of our major
centres' management programmes is covered in the Chief Executive's review.

Our associate company, Bisichi Mining plc, has had an extremely satisfactory
year with pre-tax profits more than doubling from 628,000 in 2002 to 1.475
million. Through its South African subsidiary Bisichi now mines more than 1
million tonnes of coal a year and has recently acquired important additional
reserves adjacent to its existing operation. Dragon Retail Properties, our
joint venture with Bisichi, also performed strongly and net assets grew by 27%
from 2.2 million in 2002 to 2.8 million following a series of strong lettings
and property disposals.

Finally I would like to thank my Board colleagues and all the LAP staff for
their hard work over the last 12 months in achieving these very good results. I
anticipate that 2004 should be another satisfactory year for your company.

Michael Heller

Chairman

22 March 2004 ENDS.

YUP theres hidden value in this one at a market cap of just over 11 million.

cheers GF.

Ticked up north again this morning.

cheers GF.

Now up 7p for the day, not bad. Coal and property assets in abundance well undervalued.

cheers Gf.

The comparitive charts of the coal miners on the market.



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

cheers GF.

Best to highlight these points seperatley as they can get lost in that detailed statement............................

Today, LAP directly owns or manages retail property on behalf of Bisichi,
Dragon and Analytical with a gross value of approximately 220 million which
produces a gross annual rent of 18.7 million. This compares to 160 million
and 12.8 million last year.

Our associate company, Bisichi Mining plc, has had an extremely satisfactory
year with pre-tax profits more than doubling from 628,000 in 2002 to 1.475
million. Through its South African subsidiary Bisichi now mines more than 1
million tonnes of coal a year and has recently acquired important additional
reserves adjacent to its existing operation. Dragon Retail Properties, our
joint venture with Bisichi, also performed strongly and net assets grew by 27%
from 2.2 million in 2002 to 2.8 million following a series of strong lettings
and property disposals.

cheers Gf

No move up in price yet but the volume is positive.

cheers Gf.

Thanks GF

First day it hasnt risen for quite a while, whats going on????????????.LOL.

cheers GF.

This is good news for Bisishi, as 80% of Gordon Resources' production is coking coal:

BHP Billiton to raise coke coal output
By Jennifer Inez Ward, CBS MarketWatch.com
Last Update: 12:27 AM ET Sept. 1, 2004


SAN FRANCISCO (CBS.MW) - BHP Billiton said Tuesday that it is doubling annual metallurgical coal production because of rising steel demand.


BHP said it will increase its production of metallurgical coal, which is converted into coke used in the steelmaking process, to around 100 million metric tons by 2010.

BHP Billiton (BHP: news, chart, profile) said the increase will be achieved through a $175 million expansion of the BHP Billiton Mitsubishi Alliance and BHP Mitsui Coal operations in Queensland, Australia.

The Melbourne-based company said it may expand its Illawarra coal unit in New South Wales and create new developments such as the Maruwai prospect in Kalimantan.

The mining company said the change in the rate of growth in the global steel industry in recent years has created a significant increase in demand for steelmaking raw materials, including metallurgical coal.

Production at the metallurgical coal mines owned by or allied with BHP was 58 million metric tons. BHP's share of the production was 34 million metric tons. The expansion will increase capacity to more than 60 million metric tons.

cheers GF.

I've been thinking about this one & if I was already in it then I would hold for a while but I wouldn't buy now.

I'm already in APF & I like that one better, much better.

Just look at the APF results.

No volume at all today, that must be a first for a long time.

cheers GF.

Nicely ticking up.

Wow up 4p on the day.

Apple are you taking into account the rising NAV on this ones property assets, because I still beleive its way undervalued and is a buy.

cheers GF.

Thanks GF, have you got any info/links on the property assets?

Yup apple its above this post on this thread probably next page.

cheers GF.

Watch out for these moving up again they always do.

cheers Gf.

GF, yep I read that but I meant more info/links.

I must have got hold of the wrong end of the stick because I thought BISI only had a small proportion the property assets managed by LAP. ie. 2.8 million.

How much of this property does belong to BISI?

Up she goes again, 2p on the day.

Apple I will check your query out, but dont forget 2.8 million of a market cap of circa 13 million with an increasing NAV is no small cheese especially when coal mining is its main business. In fact if you take out the property/estate assets you are probably talking of buying into a business on a P/E of circa of only 10, but I will confirm the nature of your query.

cheers GF.

Here you are Apple results 31/12/2003...............


Direct coal mining is now company's most important activity

Important new coal reserves acquired in 2003

Coal exports started through Richard's Bay Coal Terminal

New coal mining plant and equipment have significantly improved
production volumes

14% increase in value of UK investment property portfolio to 13
million,

Shareholders funds increased by 36% to 11.2 million


and in more detail.....................

Part of the strength of Bisichi Mining is that its mining activities are
underpinned by a strong UK retail property investment portfolio, managed by
London & Associated Properties plc. This portfolio, which is fully let and
produces a rental income in excess of 1 million per year, was valued at 31
December 2003 by independent chartered surveyors at 13 million, an increase of
14% on a like for like basis. The effective management of our property
investment portfolio by London & Associated Properties is well illustrated by
the performance of our investment in the centre of Northampton, which was
acquired in 2002 for 2.65 million and has been valued at 3.25 million as at
31 December 2003. Bisichi Mining also owns, jointly with London & Associated
Properties, Dragon Retail Properties, which has increased its net assets by 27%
to 2.8 m.ENDS.

So in other words we have a business in bisi on the stock exchange at a market cap of circa 13 million but in fact its property assets are worth 13 million plus, if NAV was to be updated how much now?, in other words broadly speaking the COAL MINING BUSINESS IS IN FOR FREE and thats what s pushed the shares up so highly over the last few weeks YIPEE.

cheers GF.