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To: TobagoJack who wrote (59011)	1/17/2005 6:51:37 AM
From: Golconda	Read Replies (2) \| Respond to of 74559

COAL: Bisichi Mining - A miner that is actually profitable! - Owns UK property (a dubious honour) - Even pays a dividend! Based in London but 62.5% owner of Black Wattle coal mine, South Africa. It is one of leading independent collieries and rising coal price helps. Partner is Endulwini Resources, a leading black empowerment company. Introduction in October in new Austrian continuous mining plant. This process works alongside more traditional drill-and-blast, but operates far more quickly. Increase volumes, higher coal prices. Total coal reserves 15m tonnes, production up from 100,000 tonnes a month in Sept to approx 120,000 tonnes last month. More interesting is the construction of a modern railhead so export via the Richards Bay Coal Terminal. Also has 3 year agreement with a major international coal trader to sell its coal at a fixed price. 30% of its coal is exported. Exports and higher domestic prices mean it has been able to secure price increases of 21% in the first half of 2004. It is one of the largest suppliers in SA of low-phosphorous coal principally used in metallurgical industry, where demand for stainless steel production remains strong. And the Minerals Act should provide scope for acquiring new acreage in SA. There is also a retail property portfolio in the UK that was valued at the end of 2003 at £13.1m, or 125p a share. The mkt for town-centre sites has been strong, so the annual review carries out by Allsop’s could well provide a useful uplift in value. The properties are fully let, and provide rental income of more than £1m a year. Further asset-backing in the form of a share portfolio, with a mkt value of £546,000 at end-June 2004. These are weighted towards large mineral companies, so provides reasonable liquidity if realisation is required. Recently appointed Evolution Securities as broker. Pre-tax profits estimated at around £1.8m in 2004 – a 21% increase on 2003. And, given the recent sharp increase in coal output in SA, coupled with the forward-selling arrangement 2005 is looking good. Assuming a conservative £3m profit in 2005, earnings could be as high as 20p a share, giving a prospective earnings multiple of around 10. With strong asset-backing and growth prospects for 2005 and beyond is this an exciting opportunity? Assuming coal prices stay strong, the shares offer scope for decent capital appreciation, I think, possibly, maybe. bisichi.co.uk investing.reuters.co.uk

To: TobagoJack who wrote (59011)	1/17/2005 7:08:46 AM
From: elmatador	Read Replies (1) \| Respond to of 74559

Portugal eyes China: Portugal, Macao sign banking cooperation memorandum A memorandum of understanding was signed between Caixa Bank of Investment (Caixa), a subsidiary of Caixa Geral de Depositos from Portugal, and Seng Heng Bank based in Macao here on Monday to engage in cooperation. The inking ceremony was witnessed by visiting Portuguese President Jorge Sampaio and Chief Executive of the Macao Special Administrative Region (SAR) Edmund Ho Hau Wah. Stanley Ho, president of the Seng Heng Bank said after the ceremony that with the agreement, the two banks will cooperate and assist each other in identifying business opportunities in China, Spain, Brazil and other Portuguese-speaking countries. Ho said that the joint efforts are intended to result in an increase in banking cooperation of common interests in the fields of investment banking and gaining from accurate risk assessment due to the knowledge, experience and contacts. Carlos Costa, administrator of Caixa said that the company has made a concrete presence in Macao through Banco Nacional Ultramarino (BNU), which has settled in Macao for more than 100 years. He hoped that the banking cooperation memorandum will be an example of the Portuguese commitment to the cooperation with China as it has been underlined by President Sampaio. Portugal Telecom sees Macao as "China foothold" Portugal Telecom is eyeing a move into the fast-growing telecom market in China's mainland by using Macao as a foothold. Tuesday's Macao Post said that Portugal Telecom executive chairman Miguel Horta e Costa met with heads of China's two powerful mobile service providers, China Mobile and China Unicom during his recent tour to Beijing, Hong Kong and Macao. The post is Macao's first English-language newspaper that started publication in August. It said that Miguel Costa also got engaged with China Telecom and China Netcom, China's major fixed-line operators. In the Asian region, Portugal Telecom has the biggest presence in Macao by holding a 28 percent stake in CTM, Macao's public telecom operator, which offers fixed, mobile and Internet services.The company also maintains a 55 percent stake in Macao's cable television provider TV Cabo Macao as well as two local satellite television firms. As the biggest Portuguese company, Portugal Telecom has made substantial inroads into the Brazilian mobile market.