anl turns corner - quarterly report

QUARTERLY REPORT FOR THE PERIOD ENDED 30 September 2003
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RESULTS SUMMARY
Health & Safety
•Safety performance trend improving
•Lost Time Injury Frequency Rate (LTIFR) decreased from 6.28 in June to 4.11 in September.
•No Lost Time Injuries (LTI) in the September quarter.
Production
•Nickel packaged of 7,740 tonnes from production - nickel reduced of 8,007 tonnes (balance in stock
at quarter end)
•Cobalt packaged of 615 tonnes from production - cobalt reduced of 621 tonnes
•Autoclave uptime set a new benchmark for the circuit.
•Successful commissioning of the screening plant and commissioning of the new ore preparation
paste thickener ahead of schedule
•Product quality improvement projects were progressed
•Major electrical integrity work completed during the May shutdown underpinned a significant
improvement in power supply and stability.
Financials
•Murrin Murrin net sales revenue: A$124.9 million, up 64% on previous quarter (ANL share 60%).
•Capital program to complete Murrin Murrin remains on budget and on schedule.
•Murrin Murrin operating cash flow surplus $21 million.
Corporate
•Phase 2 Fluor arbitration claim (approximately A$350 million) progressing with outcome expected in
April 2004.
•Share consolidation of 15 to 1 announced, subject to shareholder approval
•Change of Company name to Minara Resources Limited proposed
Market Conditions
•Nickel prices increased US83c/lb to close at US$4.64/lb and continue to strengthen.
•Cobalt prices have increased from US$8.10/lb to US$8.65/lb.
Further updates will be provided as appropriate and posted on Anaconda's website www.anaconda.com.au.
P.B. JOHNSTON