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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: Frank Pembleton who wrote (17981)	8/28/2002 8:17:49 AM
From: Frank Pembleton	Respond to of 36161

PR from WMC Olympic Dam Production The Board of WMC Limited announces that following a review of smelting operations at Olympic Dam, technical issues have been identified which will require substantially increased maintenance and consequent downtime that will impact ongoing production levels and costs. The review has found it would be prudent to advance plans to reline the Olympic Dam furnace from 2004 to 2003. Estimated copper production is now 170,000 tonnes for 2002 and 185,000 tonnes for 2003. This lower production will have an adverse impact on WMC's earnings and cashflows in the second half of 2002 and in 2003. After the major maintenance shutdown of the smelter in 2003, copper and uranium production should move to full capacity of 235,000 tonnes of copper in 2004. Further details are set out in the Quarterly Review released today. Peter Horton Company Secretary 16 July 2002 wmc.com.au