Maiden Dividend Declared of 0.5 cents per share on Half Year Profit Growth The Directors are pleased to announce the declaration of a maiden dividend of 0.5 cents per share for the first half of the financial year based on an improving financial performance that delivered a profit after tax of $5.0m compared with $1.1m for the pervious corresponding period. Improving output at CBH's Endeavor zinc-lead-silver mine at Cobar in NSW, and strengthened metal prices, are expected to generate increased Company earnings providing returns to shareholders and underpinning growth opportunities for the Company. Construction of the paste back fill plant at the Endeavor Mine is on schedule and within budget for commissioning in March 2005. This will provide improved mine performance and allow full-extraction of the ore reserves as mined voids are filled. The outlook for base metals is buoyant with zinc in particular expected to continue strengthening in price as stockpiles decline and the supply deficit grows. The Company has drilling programmes underway or about to commence on four fronts that will be seeking to establish new resources adjacent to its existing resources and established infrastructure. Drilling is in progress from within the Endeavor Mine as well as along strike from the mine to the north, is about to commence at Broken Hill and is planned for the Sulphur Springs copper-zinc deposit in Western Australia. The acquisition of the Sulphur Springs copper-zinc deposit will provide a new mine development opportunity for the Company adding a copper stream to the commodity mix. Drilling is planned to commence shortly to enhance the resources within a CBH open cut design for the deposit.
CBH Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
