June 03 Quarterly Report
August 01 2003 - 6:58AM
UK Regulatory
RNS Number:2375O
Murchison United NL
01 August 2003
Quarterly Report
June 2003
Summary
* Mining and treatment operations were suspended at the
Renison Bell tin mine on the 27 May 2003. The suspension of operations follows
from a geotechnical failure in the Huon open stoping area which resulted in the
tragic death of a Barminco employee.
* The Company announced on 24 June 2003 that it had appointed
Mark Reilly of Featherby Reilly as Voluntary Administrator to Renison Bell
Limited. The appointment provides the most appropriate framework to fully
investigate all available recapitalisation options for Renison Bell.
* The Renison Bell operations have been placed on a care and
maintenance basis pending a full review of the options for recapitalisation. A
small management team has been retained.
* The Company is in discussions with Allegiance Mining NL
over the treatment of nickel ore from the Avebury deposit located 26 kilometres
from the Renison Bell mill. It is proposed to treat both nickel and tin ore
through the Renison Bell mill to produce two high grade concentrates for sale to
toll smelters.
* The Company is currently in discussions with the
Administrator of Renison Bell Limited over a proposal to be considered by
creditors in a Deed of Company Arrangement.
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
MURCHISON UNITED NL
ABN Quarter ended ("current quarter")
59 009 087 852 30 JUNE 2003
Consolidated statement of cash flows
Current quarter Year to date
Cash flows related to operating activities A$'000 (3 months)
A$'000
1.1 Receipts from product sales and related 6,589 6,589
debtors
1.2 Payments for (a) exploration and - -
evaluation
- -
(b) development
(6,235) (6,235)
(c) production
(224) (224)
(d)
administration
1.3 Dividends received - -
1.4 Interest and other items of a similar nature
received
4 4
1.5 Interest and other costs of finance paid (44) (44)
1.6 Income taxes paid - -
1.7 Other (provide details if material) - -
90 90
Net Operating Cash Flows
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 90 90
(carried forward)
1.13 Total operating and investing cash flows (brought 90 90
forward)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. - -
1.15 Proceeds from sale of forfeited shares - -
1.16 Proceeds from borrowings - -
1.17 Repayment of borrowings (60) (60)
1.18 Dividends paid - -
1.19 Other (provide details if material) - -
Net financing cash flows (60) (60)
Net increase (decrease) in cash held 30 30
1.20 Cash at beginning of quarter/year to date 1,017 1,017
1.21 Exchange rate adjustments to item 1.20 (29) (29)
1.22 Cash at end of quarter 1,018 1,018
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 56
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
3.2 Credit standby arrangements
Estimated cash outflows for next quarter
$A'000
4.1 Exploration and evaluation
4.2 Development
Total
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 1,018 1,017
5.2 Deposits at call - -
5.3 Bank overdraft - -
5.4 Other (provide details) - -
Total: cash at end of quarter (item 1.22) 1,018 1,017
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
tenements relinquished,
reduced or lapsed
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 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 173,053,150 173,053,150
2,250,000 - 25 1
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 Exercise price Expiry date
conversion factor)
600,000 - 40 1/1/04
875,000 - 50 31/12/04
875,000 - 70 31/12/04
875,000 - 90 31/12/04
875,000 - 110 31/12/04
200,000 - 114 8/8/05
350,000 - 46 1/7/07
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 Act or other
standards acceptable to ASX (see note 4).
2 This statement does /* (delete one) give a true
and fair view of the matters disclosed.
Sign here:
.......................................... Date: 31 July 2003
(Director/Company secretary)
Print name: Stacey Apostolou
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.
6 For the purpose of completing this quarterly report, the cashflows
of Renison Bell Limted have been included up until the 24 June 2003, being the
date that a Voluntary Administrator was appointed. Only the figures for the
quarter ended 30 June 2003 are shown, as until the time that Renison Bell was
placed into Administration, the Company was not required to prepare an Appendix
5B.
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