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17 Nov 2011 07:00
INTERIM MANAGEMENT STATEMENTFOR IMMEDIATE RELEASE17 NOVEMBER 2011 Bisichi Mining Plc Interim Management Statement
Bisichi Mining Plc (Bisichi), the UK mining company with direct coal mining operations in South Africa, is pleased to provide the following update about its operations:
The performance and profitability at Black Wattle Colliery ("Black Wattle"), our direct mining operation in South Africa, has significantly improved in the second half of 2011.
We are pleased to report the mine's monthly production in the second half of 2011 to date has increased to an average of 135,000 metric tonnes. This compares favourably with the average monthly production of 110,000 metric tonnes achieved in the first half of the year. A further increase in the mine's monthly production is scheduled to impact early in 2012.
The demand for Black Wattle's output remains strong in both the domestic and export market and we have successfully established a market for a lower quality product from our reserves which are not capable of producing higher quality coal. The improved performance by the state rail provider in delivering coal to our export customers has ensured our stockpiles have remained at acceptable levels throughout most of 2011.
Finally, income from Bisichi's UK property portfolio remains steady, with no significant change from the first half of 2011.
For further information, please call:
Andrew Heller, Bisichi Mining PLC 020 7415 5030
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