For the conservative GRD look pretty guaranteed for 20 to 30 %...

For the conservative GRD look pretty guaranteed for 20 to 30 % maybe more.

Trend change appears apparent.

Some News

GRD NL 2002-04-11 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
2. GLOBAL RENEWABLES LIMITED

2.1 HIGHLIGHTS

* The Waste Service NSW Request for Proposals for Alternative Waste
Management Technology (RfP) closed on 15 February 2002. Waste Service
NSW are well advanced in their review of the submissions to their
RfP. Waste Service NSW are expected to conclude their review in April
and advise a shortlist of technologies to be implemented.

* The GRD ASX announcement of the Eastern Creek UR-3R Development
Consent, by planning NSW, was issued on 8 March 2002. The
announcement included a quote from the Chief Executive of Waste
Service NSW, Mr Ken Kanofski, in which he said that Waste Service NSW
expects to be committed to a number of technology partners by April
2002.

Planning NSW posted the Eastern Greek UR-3R Assessment Report and
Conditions of Consent on its website and advertised it in the media.

* GRD Minproc and GRL have completed a revised project description
for the upgraded 175,000 t/a nameplate capacity UR-3R at Eastern
Creek (with a maximum input capacity of 220,000 t/a) in accordance
with the Bankable Feasibility Study results.

* The Independent Engineer's Report commissioned by the Commonwealth
Bank has been issued confirming that the proposed Eastern Creek UR-3R
Facility's cost and revenue structure, and its design, ensure the
project is a sound economic undertaking.

* An ASX announcement was made on 26 March 2002 regarding signing of
an MOU between the Western Region Waste Management Authority (in SA)
and GRL to jointly investigate the feasibility of establishing a
UR-3R Facility in Adelaide.

* SHOROC (in NSW) received 14 responses to their Alternative Waste
Disposal Technology Eol. The review panel has prepared a shortlist of
4 companies with 5 technologies. The next stage is 4 months of public
consultation by the short listed technologies.

* GRL entered into an MOU with DASMA CDM on 5 February 2002 to join
in a joint venture with the Taizhou Municipal Administration of
Environmental Sanitation (TMAES) to privatise the waste collection
and processing system of Taizhou, in the Jiangsu Province (located
220kms north of Shanghai), China. The project will be a joint venture
between the GRL (60%), DASMA CDM (20%) and TMAES (20%) to process the
municipal waste for around 1.5 million people.

GRD Minproc have commenced a preliminary Feasibility Study to confirm
the project. GRD Minproc visited Taizhou to supervise waste
characterisation sampling and analysis test work during March. A
conceptual site plan and equipment list have been prepared with
capital cost estimation under way.

* GRL and GRD Minproc have prepared a Bankable Report to summarise the
history of development work to enable the production of compost from
the organic fraction of MSW (OGM) to meet appropriate standards. GRD
Minproc have also prepared a report on residual waste reduction
strategies.

* GRD Minproc continues to review thermal processing technologies in
order to identify an economic add-on unit process for dealing with
residuals. A proven process which could handle around 60,000 t/pa
with an indicative capital cost of AUD 45 million, with a gate fee of
around AUD 138 p/t, has been investigated.

* Methane Credit has entered into agreements with a number of
counterparties for extraction and utilisation of methane in order to
pursue Greenhouse Gas reduction opportunities.

3. GRD SERVICES

GRID Services had a solid quarter, with all business lines successful
in securing new business.

3.1 GRD MINPROC

There were a number of very promising developments in the market
place during the March quarter, which add further evidence to a
recovery in the resources sector; and position GRD Minproc for strong
business growth in the second half of the year and into 2003.

* THUNDERBOX (WILDARA) GOLD PROJECT FOR LIONORE/DALRYMPLE JOINT
VENTURE - Following award of the process plant contract in December
of last year, GRD Minproc commenced detailed design in early
February. Construction activities have now commenced on site.

* TELFER EXTENSION PROJECT FEASIBILITY PHASES FOR NEWCREST MINING -
During the quarter GRD Minproc continued work on the feasibility work
addressing process plant requirements. This work is expected to
continue through the June and September quarters towards project
implementation. Significantly, Newcrest announced during the quarter
that the company expected to have full project funding in place by
the time the bankable Feasibility Study is completed in September.

* MT KEITH DEBOTTLENECKING PROJECT FOR WMC RESOURCES - The conceptual
phase of feasibility was completed by GRD Minproc with Haliburton KBR
during the quarter. The Company is optimistic that this team will be
retained by WMC Resources for the definitive phase of the project
expected to commence in May.

* RAVENSTHORPE NICKEL PROJECT FEASIBILITY PHASES FOR BHP BILLITON - In
early February, GRD Minproc in joint venture with Hatch, commenced
the first phase of the definitive feasibility study for this major
second generation lateritic nickel project. This study will take
fifteen months with a project decision by BHP Billiton scheduled for
the second quarter of 2003.

* MT GARNET ZINC PROJECT FOR KAGARA ZINC - During the quarter, Kagara
Zinc announced significant developments in respect of both off-take
and funding arrangements. Following GRD Minproc's appointment to the
project implementation contract in September last, it remains
well-positioned to commence project works in the June quarter.

3.2 GIRD NORMET

Since it's acquisition in July 2001 the business has experienced
consistent revenue levels and is forecasting significant growth in
2002 as the benefits and synergies associated with overall GRD Group
are realised.

Main projects completed and future projects secured in the March
quarter include:

* The company has secured a contract to perform Risk Management
review for Auriongold, following the merger of Delta Gold and
Goldfields; and

* Newcrest have appointed the company as the principal consultant for
their risk management program.

3.3 GRID KIRFIELD

GRD Kirfield had a solid quarter featuring successful project
completion and new work added in the Engineering Construction
business line, coupled with strong growth in its Darwin base building
business line.

3.3.1 ENGINEERING CONSTRUCTION

The GRD Kirfield Engineering Construction business unit has
completed a number of significant projects both nationally and
internationally during 2001 and the first quarter of 2002.

All projects were delivered on time and within budget.

Projects completed and in progress in the first quarter 2002 include:

* AFRIKA MASHARIKI / NORTH MARA GOLD PROJECT, TANZANIA - The
manufacture and supply of HRT Thickeners tanks, top of tank
steelworks and miscellaneous plate work; was completed in this
period.

* THUNDERBOX (WILDARA) GOLD PROJECT FOR LIONORE / DARYMPLE JOINT
VENTURE - Award of the plant relocation from Mt Todd (near Katherine,
Northern Territory) to Thunderbox (near Leonora WA) and the
manufacture and installation of the structural steel and equipment
being designed by GRD Minproc for the "front end" of Thunderbox
plant for Lionore / Dalrymple Joint Venture. Mobilisation of
dismantling team (Electrical / Mechanical) to the Mt Todd site.
Manufacture of some of the Platework has commenced in the workshop.

* PLACER DOME ASIA PACIFIC / WALLABY PACKAGE #42 - Contract
completed, commissioning in progress. Completion date 25 March 2002,
plus a commissioning period of 2 - 3 weeks.

* KCCL / NORMANDY MINING (UGANDA) - Repair of the Agitator Stub Shaft
was completed in February. Airfreight of machinery and equipment has
been returned to Perth from site.

* LABOUR HIRE TO FUTURE ENGINEERING - for the Installation and
pre-commissioning of the Satellite dish at New Norcia - Complete.

3.3.2 BUILDING

* ST GEORGE AND VICTORIA APARTMENTS, PERTH - Practical completion is
scheduled by end of April 2002. Priority has also been paced to
complete certain minimum requirements for the City of Perth approval
necessary for the client to proceed with strata titles procedure with
DOLA.

* CHINATOWN, DARWIN - Leeon advise that they are finalising
commercial details with Accor for the two hotels and are close to
formalising, Leeon intend to commence construction of the retail and
Council carpark in June 2002.

* CATALINA DEVELOPMENT ALBANY - Development approval for the
Lifestyle Precinct has now been received and the various conditions
are being addressed.

* FAIRWAY WATERS DARWIN - Project completed in January 2002.

* MARINA BOULEVARD APARTMENTS DARWIN - Project completed in January
2002.

* NIGHTCLIFF HIGH SCHOOL DARWIN - Project completed in January 2002.

* COCONUT GROVE APARTMENTS, NT - Work commenced on Stage 1 in
mid-March 2002 and site establishment, earthworks and inground
hydraulics and electrical works is completed. Stage 2 will commence
in April 2002.

* MGM CASINO, DARWIN - Design work is in progress and preliminary
site work has commenced.

* DON HOTEL NT - Won refurbishment contract. This is due to commence
in April 2002 as a construction management contract.

4. CORPORATE AND FINANCE

4.1 AUDITED RESULTS

GRD generated audited EBT of $19.5 million for 2001.

The Company's audited financial statements were lodged on 27 March
2002.

4.2 CAPITAL RAISING

GRD NL successfully completed a Private Placement of 20 million fully
paid Ordinary Shares at $1.17 per Share to raise approximately $23.4
million to clients of Euroz Securities Limited on 28 March 2002.

GRD NL also lodged a prospectus in relation to the 1 for 10
Renounceable Entitlements Issue to Shareholders of up to $17.5
million on 8 April 2002. The Entitlements Issue will be fully
underwritten by Euroz Securities. The total capital raised by the
Placement and Entitlements Issue will be $40.9 million.

The new funds raised from the Placement and Entitlements Issue will
be applied to develop the Reefton Gold Project and for the GRD
Group's general working capital needs, including the equity
requirements for Global Renewables Limited's first UR-3R Facility.

Key dates and other information in relation to the Entitlements Issue
have been previously announced.

4.3 ORDINARY DIVIDEND

The Company will be paying a final 2001 dividend of 2 cents per
ordinary share (unfranked) on 30 April 2002 (record date was 22 March
2002).

4.4 ANNUAL GENERAL MEETING

The Company's Annual General Meeting will be held in late May.


B Fogarty
CHAIRMAN

Information in this report which relates to Mineral Resources and Ore
Reserves is based on information compiled by Paul Angus (a full- time
employee of the company) who is a member of the Australasian
Institute of Mining and Metallurgy. Mr Angus has sufficient
experience which is relevant to the style of mineralisation and type
of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 1999
Edition of the Australasian Code of Reporting of Identified Mineral
Resources and Ore Reserves. Mr Angus consents to the inclusion in
the report of the matters based on their information in the form and
context in which it appears.