Appendix 4DHalf-Year Reportfor the period ended 31 December...

Appendix 4D
Half-Year Report
for the period ended 31 December 2006
060113MDL.doc 1
Appendix 4D
Half year report
ASX Listing Rule 4.3A.3
Name of entity
MINERAL DEPOSITS LIMITED
ABN or equivalent company reference Financial half year ended (‘current period’)
19 064 377 420 31 DECEMBER 2006
Results for announcement to the market
$000
Revenues from ordinary activities up 338.8% to 3,825
(Loss) from ordinary activities after tax attributable to members up 428.2% to (9,352)
(Loss) for the period attributable to members up 428.2% to (9,352)
Dividends (distributions)
Amount per
security
Franked amount
per security
Interim dividend – –
Previous corresponding period – –
Record date for determining entitlements to the dividend –
During the half-year, no dividends were paid. The directors have not recommended the payment of a
dividend.
Commentary on results
Refer to commentary on the results for the half-year on page 3 for details.
It is recommended that this half-year report be read in conjunction with the interim financial report of the
same date, the annual financial report and any public announcements made by Mineral Deposits Limited and
controlled entities during the half-year just ended.

Appendix 4D
Half-Year Report
for the period ended 31 December 2006
2
2006
$'000
2005
$'000
Net tangible assets per ordinary share
Net tangible asset backing per ordinary share (cents) 58.67 24.61
Details of controlled entities acquired or disposed of
No controlled entities were acquired or disposed of during the period.
Dividends
During the half-year, no dividends were paid. The directors have not recommended the payment of a dividend.
Dividends per share
Amount per
security
Franked amount
per security at
30% tax
Amount per
security of
foreign source
dividend
Final dividend: Current year – – –
Previous year – – –
Interim dividend: Current year – – –
Previous year – – –
Total dividend per share
Current Period Previous period
Final dividend: Paid/payable on – –
Interim dividend: Paid/payable on – –
Dividend reinvestment plans
The company does not have a dividend reinvestment plan.
Details of aggregate share of profits (losses) of associates and joint venture entities
There were no associates or joint venture entities associated with the consolidated group for the period.

Appendix 4D
Half-Year Report
for the period ended 31 December 2006
3
Commentary on the results for the half-year ended 31 December 2006
PRINCIPAL ACTIVITIES
The principal activities of the company continue to be focused on developing its two major projects in Senegal,
west Africa – the Grande Côte Zircon Project (“GCZP”) and the Sabodala Gold Project (“SGP”).
OPERATING RESULTS
The net amount of the operating loss for the consolidated entity after provision for income tax for the half-year
to 31 December 2006 was $9,352,236 (2005 – $1,770,566). The loss was principally attributable to non-cash
charges of:
• loss on foreign currency - $4,904,740
• net loss on disposal of plant and equipment - $3,367,374
REVIEW OF OPERATIONS
Mineral Sands – Grande Côte Zircon Project
The GCZP comprises a 446 square kilometre rectangular lease some 50 kilometres in length and encompasses
the main mineralised dunal system lying approximately 80 kilometres north of Senegal’s capital, Dakar.
Previous reverse circulation (“RC”) and hand auger drilling carried out by DuPont between 1989 and 1993
identified a JORC inferred resource of 801 million tonnes grading 2.6% heavy mineral (1.5% cut-off).
MDL, through its 100%-owned subsidiary Mineral Deposits Limited Senegal SARL (“MDLS”), was awarded a
“permis de recherché” (exploration permit) in September 2004 to prepare a feasibility study for the project.
The company completed the feasibility study and associated environmental requirements in February 2006 and
is presently negotiating with the Government for the issue of a mining concession to allow the project to
proceed to production over an estimated 25 year period.
The project plan envisages the initial production of approximately 85,000 tonnes per annum of high quality
zircon commencing in the second half of 2008. The planned operation will be close to local infrastructure and
one of Africa’s major seaports at Dakar on the most westerly point of the African coastline. The major
advantages of the project include favourable quality characteristics, close proximity to major end-users in
Europe and the United States thereby substantially reducing freight and holding costs, low country risk and,
most importantly, the demonstrated support of the Senegalese authorities at all levels.
Geology and Drilling
Drilling commenced at Diogo during the previous year to identify the most productive mine path. RC drilling
carried out by the company in the Diogo area during the period has confirmed the assay results of between 2%
and 2.5% heavy mineral grade containing 11% zircon and 70% ilmenite reported in previous drilling by
DuPont. The company intends to initially identify a dredge path of some 10 kilometres in length.
Comparison of heavy mineral grades for RC and auger drill holes demonstrated a good correlation although
auger holes generally reported higher grades, which is not unusual.
The installation of 48 piezometer holes was completed during the half-year together with nine geotechnical
holes as authorised by the Senegalese Direction of Mines and Geology. The piezometer holes will enable the
company to accurately identify the water table to assist in mine planning.

Appendix 4D
Half-Year Report
for the period ended 31 December 2006
4
Engineering
A large engineering effort was maintained during the year, with designs for the mine and processing plant now
well advanced. A review of the analysis drill results has resulted in an increase in the size of the dredge
pumping capacity from 42 to 50 million tonnes per annum to further simplify the planned dredge path. The
company is considering the use of low-speed generators to power the operations, which would raise the capital
requirement by about US$10 million but would decrease fuel and operating costs by some US$5 million per
year. The generators operate on less expensive heavy bunker fuel which is unsuitable for cars, trucks and
high-speed diesel engines. The low speed units also have a longer life then the faster units.
Some 287 hectares have been acquired near the Diogo site for the development of the main separation plant,
including an area set aside as an accommodation site for permanent and construction workers. Components of
the Hawks Nest dry mill, already dismantled, will be shifted to Senegal and re-erected at the Diogo site.
A small dredge, purchased by MDLS, suitable for preparing construction of the main pond of about 150 square
metres for positioning the main dredge and floating concentrator, arrived in Dakar during the current half-year.
Environmental
An intensive effort has been made to establish base line environmental values to support the management and
monitoring of environmental compliance programmes during the construction and operational phases of the
operation. The company is committed to meeting or exceeding the exacting World Bank Performance
Standards.
Marketing
Global market conditions for zircon continue to be buoyant, with good price increases experienced over the last
few years on the back of rising demand and falling supply. The zircon in the GCZP deposits is of very high
quality and is attracting strong and wide market interest.
Bulk test samples from the previous and current drilling programmes have been submitted to MDL’s European
clients who have again confirmed that the zircon product meets their needs. A series of trials to test glazing
qualities has established Grande Côte zircon as the preferred product for the company’s customers. Off-take
agreements and associated legal work for the majority of the project’s output was substantially completed and
agreed in principle during the period.
Corporate
A wide range of geological, engineering and financial work was concluded during the year under review. In
February 2006, the company submitted the “feasibility study report” required in terms of the Senegalese Mining
Code and the GCZP Mining Convention to the Senegalese Ministry of Mines. This was part of the
comprehensive documentation required to be provided in support of award of the mining concession to enable
the company to commence mining operations.
Work on the GCZP bankable feasibility study progressed significantly through the year, with all effort directed
at constructing the necessary infrastructure and procuring the equipment and personnel to successfully conclude
a bankable feasibility study by late 2006. The project’s lead banker, RMB Resources, has been closely involved
during each stage of the development of the project and reports significant interest from financiers wishing to
participate in the financing.
Significant effort was made during the year and since 30 June 2006 to progress the company’s application to
secure a mining concession.

Appendix 4D
Half-Year Report
for the period ended 31 December 2006
5
Gold – Sabodala Gold Project
On 25 October 2004, following an international open tender, the Government of Senegal selected the company
to develop the SGP. The company’s bid reflected it as a joint venture between MDL (70%) and private
Senegalese interests (30%). The company subsequently finalised negotiations with the Government of Senegal
to conclude a Mining Convention over the 20.3 square kilometre exploitation permit area as outlined in the
tender terms.
In March 2006, MDL acquired the remaining 30% of the SGP it did not own through the issue of nine million
MDL shares and the payment of US$5 million to the minority private Senegalese interests.
The Sabodala deposit is located within the west African Birimian gold province in the east of the country near
the Mali border and some 650 kilometres from the capital city, Dakar. The deposit lies within a typical
greenstone belt, similar to those of the Eastern Goldfields of Western Australia. The region hosts a number of
very significant gold discoveries including Sadiola (13.5 million ounces), some 80 kilometres from Sabodala but
in the adjacent country of Mali.
The company presently holds a “permis d’exploitation” (limited mining permit) over the area and carried out an
extensive drilling programme during the period, which is still in train.
Geology and Drilling
Since receiving the official notification to commence work in June 2005, the company completed 64,648 metres
of drilling to the end of August 2006 and declared a resource of over 2.2 million ounces, up 144% since the
start of the previous financial year. The 2.2 million ounce resource, which was announced in July 2006, is
based on results from a total of 268 drill holes for 35,401 metres to 15 May 2006. The extension to the
resource is likely to continue into the future as five drill rigs remain on site carrying out infill, step-out and
sterilisation drilling activities.
Drilling works during the current half-year at the Niakafiri deposit, located approximately 2.5 kilometres south
of the planned Sabodala open pit, have returned encouraging results with the Niakafiri ore zone now extended
both north and south from the existing resource. An intensive drilling programme to further delineate Niakafiri
is planned for 2007.
Engineering
Extensive preparatory works have been carried out at the main Sabodala site in anticipation of the award of the
mining concession and resultant move to the construction of the mine and two million tonne per annum
processing plant. The main Sabodala exploration camp is fully functional and currently accommodates a large
number of contractors and staff. Site earthworks, including the building of the first of three dams, has
commenced and major road networks are in progress.
Planning for the construction of the mine and processing plant is already well advanced. Pit design and mine
scheduling is nearing completion and engineering design and costings by Ausenco are nearing the final stages.
As with Grande Côte, the company has decided to also use low-speed generators to power the operations,
which will raise the capital requirement by about US$10 million but will decrease fuel and operating expenses
by some US$5 million per year, a not insignificant sum in the scale of costs over the life of mine.
Environmental
The Sabodala EIS was submitted to the Senegalese authorities in June 2006 and, following a series of local and
regional meetings, the company received signed approval from the Director of Environment on 1 September
2006.

Appendix 4D
Half-Year Report
for the period ended 31 December 2006
6
Corporate
On 14 December 2005, the company announced that it had engaged Macquarie Bank Limited (“MBL”) to
arrange and underwrite debt and associated gold hedging facilities for the development of the SGP. MBL has a
long history of debt funding in the resources industry and has been instrumental in financing a number of major
gold projects in Africa. Moreover, the company has maintained a banking relationship with MBL for a number
of years.
The company submitted a preliminary feasibility study to the Government in June 2006 as part of the process to
advance the existing limited mining permit to a full mining concession. In response, in August 2006 the
Government invited MDL to commence formal mine lease negotiations with this objective. A high degree of
cooperation has since been manifest by the relevant authorities and directors are looking to complete the
arrangements within the first quarter of 2007. Amongst the benefits available to projects of this nature under
the Senegalese Mining Code is a minimum of seven years’ tax exemption and various other financial advantages.
Subsequent to the current period, MDL announced the signing of the Sabodala Mining Convention (Operating
Conditions for the Mine Lease) on 24 January 2007. It reflects the tax exemptions and other benefits approved
by the Senegalese authorities.
Gold – Sabodala Regional Exploration Prospects
MDL has three further gold exploration prospects in eastern Senegal covering approximately 930 square
kilometres, all of which are within 40 kilometres of the main Sabodala site. These leases are all readily
accessible by vehicle from Sabodala:
• Bransan (100%), located five kilometres north of Sabodala, covers 357 square kilometres;
• Massa Kounda (80%), located 30 kilometres north of Sabodala, covers 248 square kilometres; and
• Dembala Berola (80%), located 40 kilometres northeast of Sabodala, covers 325 square kilometres.
An aeromagnetic survey of 3,325 square kilometres was carried out over these and other areas in October 2005.
The survey identified structures that may contain mineralisation typical of those found in the Western
Australian goldfields. These structures will be priority targets for first pass drilling when the rigs on site at
Sabodala have completed the Sabodala drill plan and are available to be redeployed.
Sustainable Development
The long-term support of the host communities for both the Grande Côte and Sabodala projects is essential for
MDL to grow and prosper. It is incumbent upon MDL to comprehensively inform its host communities of its
proposed activities at every stage, involve them in the decision making and ensure, through employment
creation and the provision of training opportunities, that the company brings long-term, tangible benefits to
those communities.
During the period, an experienced Dakar-based Environmental Manager was appointed to oversee all aspects of
environmental compliance and planning at both projects.
The company has been extremely active in the following areas:
• community relations;
• water supply and management;
• education;
• occupational health and safety;
• medical services (including provision of a dedicated ambulance at each site);
• training; and
• transport, communications and infrastructure.

Appendix 4D
Half-Year Report
for the period ended 31 December 2006
6
Corporate
On 14 December 2005, the company announced that it had engaged Macquarie Bank Limited (“MBL”) to
arrange and underwrite debt and associated gold hedging facilities for the development of the SGP. MBL has a
long history of debt funding in the resources industry and has been instrumental in financing a number of major
gold projects in Africa. Moreover, the company has maintained a banking relationship with MBL for a number
of years.
The company submitted a preliminary feasibility study to the Government in June 2006 as part of the process to
advance the existing limited mining permit to a full mining concession. In response, in August 2006 the
Government invited MDL to commence formal mine lease negotiations with this objective. A high degree of
cooperation has since been manifest by the relevant authorities and directors are looking to complete the
arrangements within the first quarter of 2007. Amongst the benefits available to projects of this nature under
the Senegalese Mining Code is a minimum of seven years’ tax exemption and various other financial advantages.
Subsequent to the current period, MDL announced the signing of the Sabodala Mining Convention (Operating
Conditions for the Mine Lease) on 24 January 2007. It reflects the tax exemptions and other benefits approved
by the Senegalese authorities.
Gold – Sabodala Regional Exploration Prospects
MDL has three further gold exploration prospects in eastern Senegal covering approximately 930 square
kilometres, all of which are within 40 kilometres of the main Sabodala site. These leases are all readily
accessible by vehicle from Sabodala:
• Bransan (100%), located five kilometres north of Sabodala, covers 357 square kilometres;
• Massa Kounda (80%), located 30 kilometres north of Sabodala, covers 248 square kilometres; and
• Dembala Berola (80%), located 40 kilometres northeast of Sabodala, covers 325 square kilometres.
An aeromagnetic survey of 3,325 square kilometres was carried out over these and other areas in October 2005.
The survey identified structures that may contain mineralisation typical of those found in the Western
Australian goldfields. These structures will be priority targets for first pass drilling when the rigs on site at
Sabodala have completed the Sabodala drill plan and are available to be redeployed.
Sustainable Development
The long-term support of the host communities for both the Grande Côte and Sabodala projects is essential for
MDL to grow and prosper. It is incumbent upon MDL to comprehensively inform its host communities of its
proposed activities at every stage, involve them in the decision making and ensure, through employment
creation and the provision of training opportunities, that the company brings long-term, tangible benefits to
those communities.
During the period, an experienced Dakar-based Environmental Manager was appointed to oversee all aspects of
environmental compliance and planning at both projects.
The company has been extremely active in the following areas:
• community relations;
• water supply and management;
• education;
• occupational health and safety;
• medical services (including provision of a dedicated ambulance at each site);
• training; and
• transport, communications and infrastructure.

Appendix 4D
Half-Year Report
for the period ended 31 December 2006
6
Corporate
On 14 December 2005, the company announced that it had engaged Macquarie Bank Limited (“MBL”) to
arrange and underwrite debt and associated gold hedging facilities for the development of the SGP. MBL has a
long history of debt funding in the resources industry and has been instrumental in financing a number of major
gold projects in Africa. Moreover, the company has maintained a banking relationship with MBL for a number
of years.
The company submitted a preliminary feasibility study to the Government in June 2006 as part of the process to
advance the existing limited mining permit to a full mining concession. In response, in August 2006 the
Government invited MDL to commence formal mine lease negotiations with this objective. A high degree of
cooperation has since been manifest by the relevant authorities and directors are looking to complete the
arrangements within the first quarter of 2007. Amongst the benefits available to projects of this nature under
the Senegalese Mining Code is a minimum of seven years’ tax exemption and various other financial advantages.
Subsequent to the current period, MDL announced the signing of the Sabodala Mining Convention (Operating
Conditions for the Mine Lease) on 24 January 2007. It reflects the tax exemptions and other benefits approved
by the Senegalese authorities.
Gold – Sabodala Regional Exploration Prospects
MDL has three further gold exploration prospects in eastern Senegal covering approximately 930 square
kilometres, all of which are within 40 kilometres of the main Sabodala site. These leases are all readily
accessible by vehicle from Sabodala:
• Bransan (100%), located five kilometres north of Sabodala, covers 357 square kilometres;
• Massa Kounda (80%), located 30 kilometres north of Sabodala, covers 248 square kilometres; and
• Dembala Berola (80%), located 40 kilometres northeast of Sabodala, covers 325 square kilometres.
An aeromagnetic survey of 3,325 square kilometres was carried out over these and other areas in October 2005.
The survey identified structures that may contain mineralisation typical of those found in the Western
Australian goldfields. These structures will be priority targets for first pass drilling when the rigs on site at
Sabodala have completed the Sabodala drill plan and are available to be redeployed.
Sustainable Development
The long-term support of the host communities for both the Grande Côte and Sabodala projects is essential for
MDL to grow and prosper. It is incumbent upon MDL to comprehensively inform its host communities of its
proposed activities at every stage, involve them in the decision making and ensure, through employment
creation and the provision of training opportunities, that the company brings long-term, tangible benefits to
those communities.
During the period, an experienced Dakar-based Environmental Manager was appointed to oversee all aspects of
environmental compliance and planning at both projects.
The company has been extremely active in the following areas:
• community relations;
• water supply and management;
• education;
• occupational health and safety;
• medical services (including provision of a dedicated ambulance at each site);
• training; and
• transport, communications and infrastructure.

Appendix 4D
Half-Year Report
for the period ended 31 December 2006
9
COMPLIANCE STATEMENT
1 This report, and the accounts upon which this report is based, have been prepared in accordance with
AASB Standards, other AASB authoritative pronouncements and Urgent Issues Group Consensus Views.
2 This report, and the accounts upon which the report is based, use the same accounting policies.
3 This report gives a true and fair view of the matters disclosed.
4 This report is based on accounts to which one of the following applies.
The accounts have been audited. �� The accounts have been subject to
review.
The accounts are in the process of being
audited or subject to review.
The accounts have not yet been audited
or reviewed.
5 If the audit report or review by the auditor is not attached, details of any qualifications will follow
immediately they are available.
6 The entity does not have a formally constituted audit committee.
Sign here: ............................................................ Date: 26 February 2007
Company Secretary
Print name: M J S Drummond