Maiden Profit & dividend/ASIC Annual Audited A/cs
27/9/02 6:13:00 PM
HADDINGTON INTERNATIONAL RESOURCES LIMIT 2002-09-27 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++
Haddington International Resources Limited (ASX: HDN) is pleased to
announce a maiden annual net profit after tax of $730,049 for the
twelve months to 30 June 2002, struck on sales revenue of almost $7.5
million from the sale of tantalite concentrates produced at Bald
Hill.
The full-year result equated to earnings per share of 2.0 cents. The
earnings before interest, taxation, depreciation and amortisation
(EBITDA) amounted to approximately $1.6 million or 4.4 cents per
share.
Haddington's directors are pleased with these strong earnings
results, which confirm the underlying profitability of the Bald Bill
project. The result is also pleasing when it is considered that
Company only listed in January 2001, production commenced at Bald
Hill in July 2001, with the first shipment of concentrate occurring
in August 2001.
The Company has also confirmed that it will declare a 1.0 cent per
share unfranked dividend payable to all shareholders on the register
at 29th November 2002, to be paid in December 2002.
SUMMARY OF RESULTS
Tonnes of Ore Treated 183,000 t
Pounds of Tantalite Sold 114,977 lbs
Sales Revenue $7,473,505
EBITDA $1,627,283
EBITDA per share 4.45 cents
Net Profit after Tax $730,049
Earnings per share 2.0 cents
Final Dividend 1.0 cent per share
Haddington has a Licence Agreement with Sons of Gwalia Limited for
the operation of the Bald Hill Tantalum deposit, located near
Widgiemooltha approximately 120 km south east of Kalgoorlie.
Haddington mines the deposit and produces tantalite concentrates,
which it sells to Sons of Gwalia.
The Bald Hill Treatment Plant, which was originally designed to
produce approximately 145,000 pounds of Tantalite in concentrates per
annum at a throughput of 30 tonnes per hour of ore, was recently
upgraded to a throughput of approximately 45 tonnes per hour of ore.
The Company anticipates further growth in revenue and earnings when
the full effect of the plant upgrade and capacity enhancements take
effect in the coming financial year.
The Company is continuing an ongoing program of exploration in the
vicinity of the Bald Hill Mine. An exploration team has been
assembled to carry out detailed exploration of the Bald Hill, Bald
Hill Extended and Madoonia areas, and the tantalite areas held by its
subsidiary Australian Tantalum Limited. The Company believes there is
significant potential for new discoveries within this portfolio,
which can underpin its future tantalite production activities.
The Company recently announced encouraging results from a drilling
program at Bald Hill, which includes the discovery of the Hillview
pegmatite. The Company is currently applying this new information in
a re-assessment of the resources and reserves at Bald Hill. Results
of this review are expected to be announced in the next few weeks.
The strong earnings result, potential for further growth in revenue
and earnings, the continuing development of the Company's resource
base, and exploration success with new discoveries, auger well for
the continued prosperity of the Company.
C McCavana
MANAGING DIRECTOR
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