FOR IMMEDIATE RELEASE
18 November 2013
BISICHI MINING PLC
INTERIM MANAGEMENT STATEMENT
Bisichi Mining Plc (“Bisichi”), the UK mining company with direct coal mining
operations in South Africa, provides the following interim update on its
The physical demand for the coal we are currently mining at Black Wattle, our
South African coal mining subsidiary, has remained strong during 2013 in both
the domestic and export markets. The South African coal market in particular
has continued to benefit from stable market conditions and the improved
performance of Transnet, the South African railway network.
In the year to September, the mine has achieved a strong average monthly
production of 145,000 tonnes. Looking forward to the remainder of 2013, there
will be a short term impact on production following an incident at one of Black
Wattle’s main production pits, where we have mined into old underground
workings which were never recorded on any historical mine plan. The machinery
working in that area is in the process of being relocated to another area but
it will take some to get back to full production in the new area and
consequently there will be an impact on our 2013 earnings. This is an isolated
issue and will not affect our production and profitability in 2014.
Finally, Bisichi’s UK property portfolio continues to perform well despite the
ongoing difficulties in the UK retail property sector.
For further information, please call:
Bisichi Mining PLC 020 7415 5030