19th Nov 2012 07:00
INTERIM MANAGEMENT STATEMENTFOR IMMEDIATE RELEASE19 NOVEMBER 2012 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 interim update on its operations:
In 2012 to date the South African coal market has benefited from the improved performance of the South African railway network, Transnet. This improved performance along with the weakening of the South African Rand against the US Dollar, has helped offset the impact of the weaker international coal prices.
Black Wattle, our South African coal mining subsidiary, has continued to build on its strong performance in the first half of the year and has been able to take advantage of the market conditions outlined above. In particular, in the second half of the year to date, the mine has achieved an average monthly production of 170,000 tonnes, compared to the 150,000 tonnes achieved in the first half of 2012 and the 135,000 tonnes achieved in the second half of 2011.
Finally, Bisichi's UK property portfolio continues to perform well despite the sluggish conditions in the UK economy and reported difficulties in the retail property sector.
For further information, please call:
Andrew Heller, Bisichi Mining PLC 020 7415 5030
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