SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT ON FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
Period: Aug 14, 2004 - Oct 28, 2004
WMC RESOURCES LTD
ACN 004 184 598
Level 16, IBM Centre
60 City Road
Southbank, Victoria 3006
Australia
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F q
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes q No x
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
This report on Form 6-K includes press releases made during the period Aug 14, 2004 - Oct 28, 2004.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.
| WMC RESOURCES LTD | ||
| By: | /s/ R.E. Mallett | |
| Name: | R.E. Mallett | |
| Title: | Assistant Company Secretary | |
| Date: | 28 October 2004 | |
| To: | The Manager | |
| Announcements | ||
| ASX Company Announcements Office |
Public Announcement 2004-24
Dividend Reinvestment Plan Allotment and Associated Share Purchase
We wish to advise that 7,190,676 WMC Resources Ltd (“WMC”) shares have been allotted to shareholders participating in the company’s Dividend Reinvestment Plan (“DRP”) today at a price of $4.89 per share. These 7.2 million shares represent around 0.6% of WMC’s shares on issue.
The DRP price is based on the average market price for shares traded on the ASX during the 7 trading days from 7 - 15 September 2004 inclusive. Approximately 17.9% of the company’s 2004 interim dividend has been reinvested under the DRP.
The company has decided to introduce the flexibility to purchase up to 7.2 million WMC shares to offset the dilution from the allotment of the DRP shares. Any purchase would be undertaken by way of an on-market share buy-back which would commence on 14 October, 2004 after the release of the company’s quarterly production review, and would be expected to be concluded by the end of this year.
In accordance with the ASX Listing Rule requirements we attach an Appendix 3C (Announcement of buy-back).
A copy of this announcement can be viewed at WMC’s Internet site at www.wmc.com following its release to the market.
Ross Mallett
Assistant Company Secretary
22 September 2004
| WMC Resources Ltd | ||
| ACN 004 184 598 | ||
| GPO Box 860K | ||
| Melbourne Vic. 3001 | ||
| Australia | ||
| Level 16 IBM Centre | ||
| 60 City Road | ||
| Southbank Vic. 3006 | ||
| Australia | ||
| Tel +61 (0)3 9685 6000 | ||
| Fax +61 (0)3 9685 6115 | ||
Appendix 3C
Announcement of buy-back
Rule 3.8A
Appendix 3C
Announcement of buy-back
(except minimum holding buy-back)
Information and documents given to ASX become ASX’s property and may be made public.
Introduced 1/9/99. Origin: Appendix 7B. Amended 13/3/2000, 30/9/2001.
| Name of entity | ABN | |
| WMC Resources Ltd | 76 004 184 598 |
We (the entity) give ASX the following information.
Information about buy-back
| 1 | Type of buy-back | On-Market | ||
| 2 | +Class of shares which is the subject of the buy-back (eg, ordinary/preference) | Ordinary shares | ||
| 3 | Voting rights (eg, one for one) | One for one | ||
| 4 | Fully paid/partly paid (and if partly paid, details of how much has been paid and how much is outstanding) | Fully paid | ||
| 5 | Number of shares in the +class on issue | 1,165,569,957 (includes 7,190,676 shares allotted under the Dividend Reinvestment Plan on 22/09/04) | ||
| 6 | Whether shareholder approval is required for buy-back | No | ||
| 7 | Reason for buy-back | To offset the dilution in WMC’s shares that will result from the allotment of dividend reinvestment plan shares. | ||
| + See chapter 19 for defined terms. | ||
|
30/9/2001 |
Appendix 3C Page 1 |
Appendix 3C
Announcement of buy-back
| 8 | Any other information material to a shareholder’s decision whether to accept the offer (eg, details of any proposed takeover bid) | N/a |
On-market buy-back
| 9 | Name of broker who will act on the company’s behalf | UBS AG | ||
| 10 | Deleted 30/9/2001. | N/a | ||
| 11 | If the company intends to buy back a maximum number of shares - that number
Note: This requires a figure to be included, not a percentage. |
7,200,000 | ||
| 12 | If the company intends to buy back shares within a period of time - that period of time; if the company intends that the buy-back be of unlimited duration - that intention | WMC intends to buy-back shares during the period commencing on 14 October, 2004 and concluding on 31 December, 2004. | ||
| 13 | If the company intends to buy back shares if conditions are met - those conditions | N/a | ||
Employee share scheme buy-back
| 14 | Number of shares proposed to be bought back | N/a | ||
| 15 | Price to be offered for shares | N/a | ||
| + See chapter 19 for defined terms. | ||
| 30/9/2001 |
Appendix 3C Page 2 | |
Appendix 3C
Announcement of buy-back
Selective buy-back
| 16 | Name of person or description of class of person whose shares are proposed to be bought back | N/a | ||
| 17 | Number of shares proposed to be bought back | N/a | ||
| 18 | Price to be offered for shares | N/a | ||
Equal access scheme
| 19 | Percentage of shares proposed to be bought back | N/a | ||
| 20 | Total number of shares proposed to be bought back if all offers are accepted | N/a | ||
| 21 | Price to be offered for shares | N/a | ||
| 22 | +Record date for participation in offer
Cross reference: Appendix 7A, clause 9. |
N/a | ||
Compliance statement
| 1. | The company is in compliance with all Corporations Act requirements relevant to this buy-back. |
| 2. | There is no information that the listing rules require to be disclosed that has not already been disclosed, or is not contained in, or attached to, this form. |
| Sign here: |
|
Date: 22 September 2004 | ||
| (Assistant Company Secretary) | ||||
| Print name: | ROSS E. MALLETT | |||
== == == == ==
| + See chapter 19 for defined terms. | ||
| 30/9/2001 |
Appendix 3C Page 3 | |
| To: | The Manager |
Announcements
ASX Company Announcements Office
Public Announcement 2004-25
Please find attached Change of Directors’ Interest Notices (Appendix 3Y) in respect of WMC Resources Ltd Directors Ms Adrienne Clarke and Messrs. Graeme McGregor and John Pizzey, who have acquired additional shares through participation in WMC’s dividend reinvestment plan.
A copy of this notice can be viewed at WMC’s internet site at www.wmc.com following its release to the market.
Ross E. Mallett
Assistant Company Secretary
27 September 2004
| WMC Resources Ltd ACN 004 184 598
GPO Box 860K Melbourne Vic. 3001 Australia
Level 16 IBM Centre 60 City Road Southbank Vic. 3006 Australia
Tel +61 (0)3 9685 6000 Fax +61 (0)3 9685 6115 |
Appendix 3Y
Change of Director’s Interest Notice
Rule 3.19A.2
Appendix 3Y
Change of Director’s Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.
Introduced 30/9/2001.
| Name of entity | WMC RESOURCES LTD | |
| ABN | 76 004 184 598 | |
We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.
| Name of Director | Ms Adrienne Elizabeth Clarke | |
| Date of last notice | 11 December 2002 | |
Part 1 - Change of director’s relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.
| Direct or indirect interest | Direct | |
| Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest. |
N/a | |
| Date of change | 22 September 2004 | |
| No. of securities held prior to change | 5,063 | |
| Class | Ordinary shares | |
| Number acquired | 176 Fully paid shares | |
| Number disposed | N/a | |
| Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation |
$4.89 per share. | |
| No. of securities held after change | 5,239 Fully paid shares | |
| Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back |
Allotted under Dividend Reinvestment Plan. | |
+ See chapter 19 for defined terms.
| Appendix 3Y Page 1 | 11/3/2002 |
Appendix 3Y
Change of Director’s Interest Notice
Part 2 – Change of director’s interests in contracts
Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.
| Detail of contract | N/a | |
| Nature of interest | ||
| Name of registered holder (if issued securities) |
||
| Date of change | ||
| No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed |
||
| Interest acquired | ||
| Interest disposed | ||
| Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation |
||
| Interest after change | ||
+ See chapter 19 for defined terms.
| 11/3/2002 | Appendix 3Y Page 2 |
Appendix 3Y
Change of Director’s Interest Notice
Rule 3.19A.2
Appendix 3Y
Change of Director’s Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.
Introduced 30/9/2001.
| Name of entity | WMC RESOURCES LTD | |
| ABN | 76 004 184 598 | |
We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.
| Name of Director | Mr Graeme William McGregor | |
| Date of last notice | 23 April 2004 | |
Part 1 - Change of director’s relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.
| Direct or indirect interest | Direct | |
| Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest. |
N/a | |
| Date of change | 22 September 2004 | |
| No. of securities held prior to change | 5,059 | |
| Class | Ordinary shares | |
| Number acquired | 176 Fully paid shares | |
| Number disposed | N/a | |
| Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation |
$4.89 per share. | |
| No. of securities held after change | 5,235 Fully paid shares | |
| Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back |
Allotted under Dividend Reinvestment Plan. | |
+ See chapter 19 for defined terms.
| Appendix 3Y Page 1 | 11/3/2002 |
Appendix 3Y
Change of Director’s Interest Notice
Part 2 – Change of director’s interests in contracts
Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.
| Detail of contract | N/a | |
| Nature of interest | ||
| Name of registered holder (if issued securities) |
||
| Date of change | ||
| No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed |
||
| Interest acquired | ||
| Interest disposed | ||
| Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation |
||
| Interest after change | ||
+ See chapter 19 for defined terms.
| 11/3/2002 | Appendix 3Y Page 2 |
Appendix 3Y
Change of Director’s Interest Notice
Rule 3.19A.2
Appendix 3Y
Change of Director’s Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.
Introduced 30/9/2001.
| Name of entity | WMC RESOURCES LTD | |
| ABN | 76 004 184 598 | |
We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.
| Name of Director | Mr George John Pizzey | |
| Date of last notice | 8 December 2003 | |
Part 1 - Change of director’s relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.
| Direct or indirect interest | Direct | |
| Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest. |
N/a | |
| Date of change | 22 September 2004 | |
| No. of securities held prior to change | 7,000 | |
| Class | Ordinary shares | |
| Number acquired | 243 Fully paid shares | |
| Number disposed | N/a | |
| Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation |
$4.89 per share. | |
| No. of securities held after change | 7,243 Fully paid shares | |
| Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back |
Allotted under Dividend Reinvestment Plan. | |
+ See chapter 19 for defined terms.
| Appendix 3Y Page 1 | 11/3/2002 |
Appendix 3Y
Change of Director’s Interest Notice
Part 2 – Change of director’s interests in contracts
Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.
| Detail of contract | N/a | |
| Nature of interest | ||
| Name of registered holder (if issued securities) |
||
| Date of change | ||
| No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed |
||
| Interest acquired | ||
| Interest disposed | ||
| Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation |
||
| Interest after change | ||
+ See chapter 19 for defined terms.
| 11/3/2002 | Appendix 3Y Page 2 |
| To: | The Manager | |
| Announcements | ||
| ASX Company Announcements Office |
Public Announcement 2004-26
In accordance with Listing Rule 2.7 please find enclosed Appendix 3B, application for quotation of additional securities.
Ross Mallett
Assistant Company Secretary
6 October 2004
| WMC Resources Ltd ABN 76 004 184 598
GPO Box 860K Melbourne Vic. 3001 Australia
Level 16 IBM Centre 60 City Road Southbank Vic. 3006 Australia
Tel +61 (0)3 9685 6000 Fax +61 (0)3 9686 3569 |
Appendix 3B
New issue announcement
Rule 2.7, 3.10.3, 3.10.4, 3.10.5
Appendix 3B
New issue announcement,
application for quotation of additional securities
and agreement
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.
Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003.
Name of entity
WMC Resources Ltd
ABN
76 004 184 598
We (the entity) give ASX the following information.
Part 1 - All issues
You must complete the relevant sections (attach sheets if there is not enough space).
| 1 | +Class of +securities issued or to be issued | Fully paid ordinary shares. | ||
| 2 | Number of +securities issued or to be issued (if known) or maximum number which may be issued | 8,559,876 | ||
| 3 | Principal terms of the +securities (eg, if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion) | The securities in (2) above comprise of: a) 1,369,200 shares arising from options which were exercised during the period. b) 7,190,676 shares allotted under the Dividend Reinvestment Plan at a price of $4.89. Option exercise prices and expiry dates are detailed in Attachment “A”. | ||
| + See chapter 19 for defined terms. | ||
| Appendix 3B Page 1 | 1/1/2003 | |
Appendix 3B
New issue announcement
| 4 | Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities?
If the additional securities do not rank equally, please state:
• the date from which they do
• the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment |
Securities rank equally from date of allotment. | ||||
| 5 | Issue price or consideration | Refer to Attachment “A”. | ||||
| 6 | Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets) |
Refer to Item 3 above. | ||||
| 7 | Dates of entering +securities into uncertificated holdings or despatch of certificates | Following allotment of shares | ||||
| Number |
+Class | |||||
| 8 | Number and +class of all +securities quoted on ASX (including the securities in clause 2 if applicable) | 1,166,215,057 | Fully paid ordinary shares. | |||
| + See chapter 19 for defined terms. | ||
| 1/1/2003 | Appendix 3B Page 2 | |
Appendix 3B
New issue announcement
| Number |
Class | |||||
| 9 | Number and +class of all +securities not quoted on ASX (including the securities in clause 2 if applicable) | Refer to Attachment “A”. |
||||
| 10 | Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests) | N/A. | ||||
Part 2 - Bonus issue or pro rata issue
| 11 | Is security holder approval required? | |||
| 12 | Is the issue renounceable or non-renounceable? | |||
| 13 | Ratio in which the +securities will be offered | |||
| 14 | +Class of +securities to which the offer relates | |||
| 15 | +Record date to determine entitlements | |||
| 16 | Will holdings on different registers (or subregisters) be aggregated for calculating entitlements? | |||
| 17 | Policy for deciding entitlements in relation to fractions | |||
| 18 | Names of countries in which the entity has +security holders who will not be sent new issue documents
Note: Security holders must be told how their entitlements are to be dealt with.
Cross reference: rule 7.7. |
|||
| 19 | Closing date for receipt of acceptances or renunciations | |||
| + See chapter 19 for defined terms. | ||
| Appendix 3B Page 3 | 1/1/2003 | |
Appendix 3B
New issue announcement
| 20 | Names of any underwriters | |||
| 21 | Amount of any underwriting fee or commission | |||
| 22 | Names of any brokers to the issue | |||
| 23 | Fee or commission payable to the broker to the issue | |||
| 24 | Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of +security holders | |||
| 25 | If the issue is contingent on +security holders’ approval, the date of the meeting | |||
| 26 | Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled | |||
| 27 | If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders | |||
| 28 | Date rights trading will begin (if applicable) | |||
| 29 | Date rights trading will end (if applicable) | |||
| 30 | How do +security holders sell their entitlements in full through a broker? | |||
| 31 | How do +security holders sell part of their entitlements through a broker and accept for the balance? | |||
| + See chapter 19 for defined terms. | ||
| 1/1/2003 | Appendix 3B Page 4 | |
Appendix 3B
New issue announcement
| 32 | How do +security holders dispose of their entitlements (except by sale through a broker)? | |||
| 33 | +Despatch date | |||
Part 3 - Quotation of securities
You need only complete this section if you are applying for quotation of securities
| 34 | Type of securities (tick one) | |||
| (a) | x | Securities described in Part 1 | ||
| (b) | ¨ | All other securities
Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities | ||
Entities that have ticked box 34(a)
Additional securities forming a new class of securities
| Tick to indicate you are providing the information or documents |
| 35 | ¨ | If the +securities are +equity securities, the names of the 20 largest holders of the additional +securities, and the number and percentage of additional +securities held by those holders | ||
| 36 | ¨ | If the +securities are +equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories 1 - 1,000 1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 and over | ||
| 37 | ¨ | A copy of any trust deed for the additional +securities | ||
| + See chapter 19 for defined terms. | ||
| Appendix 3B Page 5 | 1/1/2003 | |
Appendix 3B
New issue announcement
Entities that have ticked box 34(b)
| 38 | Number of securities for which +quotation is sought | |||||
| 39 | Class of +securities for which quotation is sought | |||||
| 40 | Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities?
If the additional securities do not rank equally, please state:
• the date from which they do
• the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment |
|||||
| 41 | Reason for request for quotation now
Example: In the case of restricted securities, end of restriction period
(if issued upon conversion of another security, clearly identify that other security) |
|||||
| Number |
+Class | |||||
| 42 | Number and +class of all +securities quoted on ASX (including the securities in clause 38) | |||||
| + See chapter 19 for defined terms. | ||
| 1/1/2003 | Appendix 3B Page 6 | |
Appendix 3B
New issue announcement
Quotation agreement
| 1 | +Quotation of our additional +securities is in ASX’s absolute discretion. ASX may quote the +securities on any conditions it decides. |
| 2 | We warrant the following to ASX. |
| • | The issue of the +securities to be quoted complies with the law and is not for an illegal purpose. |
| • | There is no reason why those +securities should not be granted +quotation. |
| • | An offer of the +securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act. |
Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty
| • | Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any +securities to be quoted and that no-one has any right to return any +securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the +securities be quoted. |
| • | We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the +securities to be quoted, it has been provided at the time that we request that the +securities be quoted. |
| • | If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the +securities be quoted. |
| + See chapter 19 for defined terms. | ||
| Appendix 3B Page 7 | 1/1/2003 | |
Appendix 3B
New issue announcement
| 3 | We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement. |
| 4 | We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before +quotation of the +securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete. |
| Sign here: | Ross E. Mallett | Date: | 6 October 2004 | |||
| (Assistant Company Secretary) | ||||||
| Print name: | Ross E. Mallett | |||||
== == == == ==
| + See chapter 19 for defined terms. | ||
| 1/1/2003 | Appendix 3B Page 8 | |
| To: | The Manager |
Announcements
ASX Company Announcements Office
Public Announcement 2004-27
Release of Quarterly Review
Please find attached for immediate release, Public Announcement 2004-27 covering WMC Resources Ltd’s September 2004 Quarterly Review. The public announcement includes the September Quarterly Review and related statistical supplement together with the CEO’s address to be delivered to the financial markets at 4.00pm this afternoon.
A copy of this public announcement will be published on WMC’s web site at www.wmc.com later this morning.
WMC’s Chief Executive Officer, Mr Andrew Michelmore, will host an audio conference at 4:00pm AEST this afternoon which will be broadcast live from WMC’s web site. An archive of this conference will be available on WMC’s web site from 6pm AEST today.
Ross Mallett
Assistant Company Secretary
13 October 2004
| WMC Resources Ltd | ||
| ACN 004 184 598 | ||
| GPO Box 860K | ||
| Melbourne Vic. 3001 | ||
| Australia | ||
| Level 16 IBM Centre | ||
| 60 City Road | ||
| Southbank Vic. 3006 | ||
| Australia | ||
| Tel +61 (0)3 9685 6000 | ||
| Fax +61 (0)3 9685 6115 | ||
HEALTH, SAFETY & ENVIRONMENT
The lost time plus medically treated injury frequency rate ([LT+MT]IFR) for the year to 30 September 2004 continues to be above the 2003 average rate. The severity of incidents, however, (as measured by the number of working days lost per million hours worked) is down on 2003.
Health, safety and environment performance data is also available at:
www.wmc.com/sustainability
WMC RESOURCES SHARE PRICE
ASX Ticker Code: WMR
| 1/07/2004 |
30/09/2004 |
OVERVIEW
Dear Shareholder,
Strong production across our operations in the September quarter places us on track to achieve full year targets.
Reliability improvements, consistent performance and the draw down of surface stocks resulted in record copper production for the three months to September 2004 – with mine performance improving to plan.
Nickel-in-concentrate production increased 20% reflecting record throughput and recovery at Leinster. Production at the Kalgoorlie smelter increased 34% following completion of maintenance activities in June. Nickel metal production remains on track for 2004 targets.
The fertilizer operation returned to capacity production during the quarter with improved performance from the Mt Isa acid plant.
The drilling program to support the Olympic Dam Development Study continued with encouraging early results.
The outlook for 2005 is for increased nickel and fertilizer production, and copper production in line with the current year. Our focus remains on safe, consistent performance and improving returns in a continuing strong market for our commodities.
 |
| A G MICHELMORE |
| Chief Executive Officer |
| 13 October 2004 |
Note: Unless otherwise stated, comparisons contained in this production report are quarter on previous quarter. Statements, particularly those regarding the possible or assumed future performance, production levels, prices, reserves, divestments, growth or other trend projections are or may be forward looking statements. Actual results, actions and developments may differ materially from those expressed or implied by these forward looking statements depending on a variety of factors including known and unknown risks and uncertainties.
WMC RESOURCES LTD ABN 76 004 184 598
PRODUCTION OVERVIEW
Copper & Uranium
Improved reliability and consistent performance at Olympic Dam drove record copper cathode production for the quarter. Record smelter utilisation of 89% and the draw down of concentrate stocks contributed to record anode production for the quarter. Quarterly cathode production of 61,584 tonnes places WMC on track to deliver planned annual copper production of 220,000 to 230,000 tonnes.
Head grades were lower in the September quarter due to the scheduling of lower grade stopes. We are expecting slightly higher grades for the remainder of 2004 before trending toward the mine reserve average next year.
The uranium SX plant continues to operate well, with another quarter of strong recoveries. Recovery for the quarter was 73%, and a new monthly record of 81% was set in September as a result of process improvements and good head grades.
Gold production increased for the quarter and achieved record production levels for the month of September.
Ore hoisted increased from 8mtpa rates in the previous quarter to 9mtpa rates. Improvements were made in development, drilling, hoisting and backfill performance.
Together, the mine and mill will be ramped up over the next 12 months to achieve 10.5mtpa throughput rates by the end of 2005.
Nickel
Nickel production increased from the previous quarter and places us on track to meet 2004 targets.
Mining operations are now fully established on the upper benches of the new Stage F cutback at Mt Keith. As a result, nickel-in-concentrate production was up 7% on the June quarter.
Production was also higher at Leinster with mill throughput and metallurgical recovery at record levels. This performance was underpinned by record productivity from the Perseverance mine and mining of remnant ore from the Harmony open pit. Processing of Harmony ore is expected to continue through to year end.
The Perseverance 6-11 Level development project is continuing to plan with the new ventilation system commissioned during the quarter.
Overburden removal continued at the new 11 Mile Well open pit near Leinster, to provide ore to replace Harmony in 2005.
Concentrate production at Kambalda was similar to the previous quarter.
Production of matte at the Kalgoorlie smelter returned to normal levels following completion of planned maintenance activities in June.
Production at the Kwinana refinery was slightly lower in July due to the timing of matte deliveries following the smelter maintenance. Output has since returned to full rates and metal production is on track to meet the full year target.
Fertilizers
Consistent performance from the fertilizer operation resulted in a 22% increase in production from the prior quarter. This included a trial production run of 5,300 tonnes of sulphur-impregnated MAP (MAP-S). Following further production trials and initial market development, it is expected that MAP-S will enter regular production by mid-2005.
BUSINESS DEVELOPMENT
Olympic Dam Development Study
The study has progressed well during the quarter with the appointment of the main study contractors and the assembly of the combined WMC/contractor team. Hatch has been appointed as the Managing and Process Contractor, SRK as the Mining Contractor and an Arup led consortium as the Infrastructure Contractor.
The team is working closely with all stakeholders including the South Australian Government which has set up a number of joint working groups to assist, particularly on environmental and infrastructure issues.
Extensive surface drilling is underway for the purpose of resource definition, rock mass characterisation and exploration. Since the beginning of the year, over 46,000 metres has been completed, with results indicating both extensions and continuity of mineralisation in the southern region of the orebody, see below.
Olympic Dam Development Study – Indicative Results
| Hole |
Mineralised intersection (m) |
Depth below surface (m) |
Cu (%) |
U3O8 (kg/)t |
Au (g/t) |
Cu equiv*. (%) | ||||||
| RD1407 |
419 | 331 | 1.41 | 0.37 | 0.73 | 2.59 | ||||||
| RD1399 |
458 | 392 | 1.20 | 0.50 | 0.60 | 2.58 | ||||||
| RD1615 |
451 | 349 | 1.33 | 0.32 | 0.65 | 2.39 | ||||||
| RD1617 |
186 | 376 | 1.27 | 0.44 | 0.40 | 2.42 | ||||||
| RD1619 |
314 | 479 | 1.56 | 0.46 | 0.93 | 3.04 | ||||||
| RD1620 |
149 | 362 | 2.71 | 0.69 | 0.85 | 4.63 | ||||||
| RD1623 |
431 | 369 | 1.66 | 0.48 | 0.70 | 3.05 | ||||||
| RD1630 |
191 | 341 | 1.13 | 0.33 | 1.07 | 2.41 |
| * | Cu equivalent grade calculated using the following $US prices – Cu: 85c/lb, U3O8: $18/lb, Au: $300/oz, Ag: $5/oz (silver grade not shown) |
Nickel Studies
Pre-feasibility work has commenced on the Yakabindie deposit 26km south of Mt Keith. Over 20,000 metres has been drilled to date and metallurgical testwork is underway.
Feasibility work has also commenced on the higher grade Cliffs deposit that lies adjacent to Mt Keith. The feasibility study will include an exploration decline which will enable the rapid development of an underground mine at the completion of the study.
WMC RESOURCES LTD ABN 76 004 184 598
Exploration
WA near mine program
Exploration for nickel in the near mine environment in Western Australia has progressively increased this year. The current focus of work is in the Leinster area, where innovative geophysical techniques are being employed to explore at significant depth, undertake stratigraphic and mineralisation drilling, and apply 3-D data modeling and integration to the identification of target areas. Identification of new mineralisation in the North Cliffs area was a result of this program and has given us confidence that deep penetrating geophysical techniques can be applied successfully in the near mine environment.
North Cliffs
Adjacent to the Cliffs deposit, exploration continued at the North Cliffs project during the quarter. An 8-hole diamond drilling program was completed and intersected up to 4m at 2% nickel (downhole length) at a depth of approximately 600m below surface. Data is currently being compiled for review and planning of further work.
Exploration continued during the quarter in areas adjacent to nickel mining operations in WA, regionally in WA, and at select overseas locations.
WA regional program
Collurabbie
Encouraging results were obtained from the Olympia prospect (Joint Venture with Falcon Minerals - WMC earning 70%) where a reverse-circulation drill intercept of 8m at 1.23% Ni, 1.62% Cu, and 3.84g/t PGE (downhole length) from a depth of 57m below surface was encountered. Follow-up to this result is being planned and will commence in Q4, 2004.
Regional exploration is also underway at Collurabbie and has included reverse-circulation and diamond drilling over several other prospective ultramafic units. This work is in progress and will continue to the end of 2004.
Global exploration
Overseas exploration programs are focussed on nickel sulphide and copper-gold prospects. WMC is either actively exploring, or assessing opportunities, in North America, South America, Africa, and China.
Jinchuan Exploration Co-operation
During the quarter, WMC signed an Exploration Co-operation Agreement with the Jinchuan Group Limited to undertake exploration for nickel sulphides in Gansu province and other areas in China. WMC and Jinchuan will contribute equally to exploration programs. Delineation and assessment of target areas has commenced.
Production Outlook
Production plans for 2005 are expected to deliver increased nickel and fertilizer production, and copper production in line with the current year. First half production at the Kwinana Nickel Refinery will be less than capacity due to higher matte sales commitments.
2005 Indicative production
| Commodity |
Range | |
| Nickel-in-matte |
100,000 – 105,000t | |
| Nickel metal |
64,000 – 66,000t | |
| Copper cathode |
220,000 – 230,000t | |
| Fertilizer |
950,000 – 970,000t |
CALENDAR
WMC will release its December Quarterly Review on 18 January 2005. Full year financial results will be released on 9 February 2005.
WMC RESOURCES LTD ABN 76 004 184 598
PRODUCTION SUMMARY
| Quarter ended 30 September 2004 |
Quarter ended 30 June 2004 |
Quarter ended 30 September 2003 | ||||
| Olympic Dam Operations | ||||||
| Copper (tonnes of refined copper) |
61,584 | 54,785 | 35,337 | |||
| Uranium Oxide concentrate (tonnes) |
979 | 1,020 | 906 | |||
| Gold (ounces) |
24,597 | 22,266 | 16,910 | |||
| Silver (ounces) |
228,294 | 232,194 | 113,632 | |||
| Nickel (tonnes contained nickel) | ||||||
| Kambalda Nickel Operations |
7,296 | 7,058 | 5,828 | |||
| Leinster Nickel Operations |
12,688 | 8,639 | 10,667 | |||
| Mount Keith Operations |
10,353 | 9,577 | 13,661 | |||
| Total nickel-in-concentrate |
30,337 | 25,274 | 30,156 | |||
| Total nickel-in-matte |
25,120 | 18,774 | 27,799 | |||
| Total nickel metal |
16,114 | 16,893 | 13,969 | |||
| Phosphate Hill | ||||||
| Di-ammonium phosphate (tonnes) |
197,514 | 107,677 | 173,441 | |||
| Mono-ammonium phosphate (tonnes) |
25,944 | 79,751 | 27,484 | |||
| Mono-ammonium phosphate - sulphur (tonnes) |
5,347 | 0 | 0 | |||
| Total Fertilizer (tonnes) | 228,805 | 187,428 | 200,925 | |||
A statistical supplement providing a detailed breakdown of WMC production results is on the WMC home page at http://www.wmc.com
WMC RESOURCES LTD ABN 76 004 184 598
Commodity and Currency Hedging
The table below shows both the rates at which the open hedge transactions are contracted with third parties to determine the cash flow impact for each hedge and the fair valued rates for determining the profit and loss impact.
Hedging as at 30 September 2004
| Period |
Forward Sale of US$ |
Non-limiting Cover |
Profit & Loss A$/US$ | |||||||
| Amount US$m |
Cash Flow Rate A$/US$ |
Amount US$m |
Cash Flow Rate A $/US$ |
|||||||
| 2004 |
57 | 0.6684 | 18 | 0.6402 | 0.5281 | |||||
| * | The legacy hedges were fair valued at the date of demerger. Consequently, the profit and loss for each hedge will be determined by the difference between a particular hedge’s fair valued rate and the spot price at the date of the hedge’s maturity. |
Deferred profits
Profits arising on the close out of the legacy hedge book during 2003 have been deferred and will be recognised during 2004 to 2010 as shown in the tables below.
| Currency (A$m) |
Gold (A$m) | |||||||
| 1H |
2H |
1H |
2H | |||||
| 2004 |
1.0 | |||||||
| 2005 |
54.5 | 60.2 | 1.2 | 1.6 | ||||
| 2006 |
37.3 | 41.8 | 1.1 | 1.4 | ||||
| 2007 |
40.5 | 42.1 | 1.2 | 1.6 | ||||
| 2008 |
45.9 | 44.6 | 1.1 | 1.5 | ||||
| 2009 |
1.3 | 1.7 | ||||||
| 2010 |
1.4 | 1.8 | ||||||
WMC RESOURCES LTD ABN 76 004 184 598
| WMC Resources Ltd Quarterly Statistical Supplement - Total Production | Quarter Ended 30 SEPTEMBER 2004 |
| Quarter ending 30/09/2004 |
Quarter ending 30/06/2004 |
Quarter ending 31/03/2004 |
Quarter ending 31/12/2003 |
Quarter ending 30/09/2003 | ||||||||||||||||
| COPPER & URANIUM - OLYMPIC DAM OPERATIONS |
||||||||||||||||||||
| COPPER |
tonnes | tonnes | tonnes | tonnes | tonnes | |||||||||||||||
| Ore hoisted |
2,269,300 | 1,932,556 | 2,260,224 | 2,575,092 | 2,281,673 | |||||||||||||||
| tonnes | grade % | tonnes | grade % | tonnes | grade % | tonnes | grade % | tonnes | grade % | |||||||||||
| Ore treated and head grade |
2,096,482 | 2.02 | 2,100,103 | 2.36 | 2,364,103 | 2.40 | 1,959,037 | 2.50 | 2,151,125 | 2.45 | ||||||||||
| Concentrate smelted |
121,899 | 49.3 | 127,979 | 45.5 | 110,919 | 49.6 | 67,723 | 50.3 | 64,322 | 51.3 | ||||||||||
| tonnes | tonnes | tonnes | tonnes | tonnes | ||||||||||||||||
| Copper cathode produced |
61,584 | 54,785 | 47,974 | 33,420 | 35,337 | |||||||||||||||
| tonnes | kg/tonne | tonnes | kg/tonne | tonnes | kg/tonne | tonnes | kg/tonne | tonnes | kg/tonne | |||||||||||
| Uranium oxide concentrate produced & head grade |
979 | 0.63 | 1,020 | 0.65 | 1,205 | 0.63 | 898 | 0.62 | 906 | 0.65 | ||||||||||
| ounces | g/tonne | ounces | g/tonne | ounces | g/tonne | ounces | g/tonne | ounces | g/tonne | |||||||||||
| Refined gold produced & head grade |
24,597 | 0.44 | 22,266 | 0.46 | 12,110 | 0.46 | 18,904 | 0.45 | 16,910 | 0.46 | ||||||||||
| ounces | g/tonne | ounces | g/tonne | ounces | g/tonne | ounces | g/tonne | ounces | g/tonne | |||||||||||
| Refined silver produced & head grade |
228,294 | 3.88 | 232,194 | 5.15 | 127,190 | 4.87 | 164,757 | 5.11 | 113,632 | 4.90 | ||||||||||
| NICKEL |
||||||||||||||||||||
| Ore treated and head grade |
tonnes | grade % | tonnes | grade % | tonnes | grade % | tonnes | grade % | tonnes | grade % | ||||||||||
| Kambalda Nickel Operations* |
276,929 | 2.90 | 251,592 | 3.08 | 170,282 | 3.83 | 204,016 | 3.56 | 178,990 | 3.62 | ||||||||||
| Leinster Nickel Operations |
755,762 | 1.91 | 595,408 | 1.69 | 676,596 | 1.95 | 621,748 | 2.13 | 664,652 | 1.92 | ||||||||||
| Mount Keith Nickel Operations |
2,767,455 | 0.55 | 2,850,550 | 0.52 | 2,673,931 | 0.61 | 2,974,189 | 0.66 | 2,838,202 | 0.66 | ||||||||||
| Concentrate produced & concentrate grade |
tonnes | grade % | tonnes | grade % | tonnes | grade % | tonnes | grade % | tonnes | grade % | ||||||||||
| Kambalda Nickel Operations |
54,606 | 13.4 | 53,364 | 13.2 | 42,595 | 13.9 | 45,930 | 14.3 | 41,821 | 13.9 | ||||||||||
| Leinster Nickel Operations |
107,723 | 11.8 | 79,741 | 10.8 | 95,425 | 11.9 | 93,661 | 12.1 | 89,509 | 11.9 | ||||||||||
| Mount Keith Nickel Operations |
42,001 | 24.6 | 41,922 | 22.8 | 57,212 | 20.1 | 70,681 | 20.6 | 66,366 | 20.6 | ||||||||||
| Nickel contained in concentrate |
tonnes | tonnes | tonnes | tonnes | tonnes | |||||||||||||||
| Kambalda Nickel Operations |
7,296 | 7,058 | 5,938 | 6,576 | 5,828 | |||||||||||||||
| Leinster Nickel Operations |
12,688 | 8,639 | 11,308 | 11,340 | 10,667 | |||||||||||||||
| Mount Keith Nickel Operations |
10,353 | 9,577 | 11,526 | 14,586 | 13,661 | |||||||||||||||
| Total |
30,337 | 25,274 | 28,772 | 32,502 | 30,156 | |||||||||||||||
| Smelter feed & matte produced (tonnes) |
Feed | Matte | Feed | Matte | Feed | Matte | Feed | Matte | Feed | Matte | ||||||||||
| Kalgoorlie Nickel Smelter |
187,745 | 35,960 | 149,911 | 27,046 | 192,053 | 39,628 | 188,631 | 39,654 | 194,407 | 43,688 | ||||||||||
| Nickel contained in matte |
tonnes | tonnes | tonnes | tonnes | tonnes | |||||||||||||||
| Kalgoorlie Nickel Smelter |
25,120 | 18,774 | 27,074 | 27,346 | 27,799 | |||||||||||||||
| Matte treated |
tonnes
|
tonnes | tonnes | tonnes | tonnes | |||||||||||||||
| Kwinana Nickel Refinery |
24,309 | 24,866 | 17,989 | 26,354 | 20,867 | |||||||||||||||
| Nickel packaged |
tonnes | tonnes | tonnes | tonnes | tonnes | |||||||||||||||
| Kwinana Nickel Refinery |
16,114 | 16,893 | 11,655 | 17,780 | 13,969 | |||||||||||||||
| FERTILIZER - PHOSPHATE HILL |
||||||||||||||||||||
| tonnes | tonnes | tonnes | tonnes | tonnes | ||||||||||||||||
| DAP |
197,514 | 107,677 | 166,929 | 215,412 | 173,441 | |||||||||||||||
| MAP |
25,944 | 79,751 | 59,790 | 32,839 | 27,484 | |||||||||||||||
| MAP-S |
5,347 | 0 | 0 | 0 | 0 | |||||||||||||||
| Total Fertilizer |
228,805 | 187,428 | 226,719 | 248,251 | 200,925 | |||||||||||||||
| * | 100% purchased feeds |
| To: | The Manager |
Announcements
ASX Company Announcements Office
Public Announcement 2004-28
Please find attached Change of Directors’ Interest Notice (Appendix 3Y) in respect of WMC Resources Ltd Director Mr John Pizzey, who has acquired an indirect interest in WMC shares as a result of a consolidation of his family’s superannuation fund assets.
A copy of this notice can be viewed at WMC’s internet site at www.wmc.com following its release to the market.
Ross E. Mallett
Assistant Company Secretary
14 October 2004
| WMC Resources Ltd | ||||
| ACN 004 184 598 | ||||
| GPO Box 860K | ||||
| Melbourne Vic. 3001 | ||||
| Australia | ||||
| Level 16 IBM Centre | ||||
| 60 City Road | ||||
| Southbank Vic. 3006 | ||||
| Australia | ||||
| Tel +61 (0)3 9685 6000 | ||||
| Fax +61 (0)3 9685 6115 | ||||
Appendix 3Y
Change of Director’s Interest Notice
Rule 3.19A.2
Appendix 3Y
Change of Director’s Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.
Introduced 30/9/2001.
| Name of entity |
WMC RESOURCES LTD | |
| ABN |
76 004 184 598 |
We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.
| Name of Director | Mr George John Pizzey | |
| Date of last notice | 27 September 2004 |
Part 1 - Change of director’s relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.
| Direct or indirect interest | Indirect | |
| Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest. |
Mr Pizzey has advised that 7,243 WMC Resources shares have been transferred from an account in the name of Mr Pizzey’s wife into another account in respect of Mr and Mrs Pizzey’s family superannuation fund. As Mr Pizzey is a director of the fund trustee he has acquired an indirect interest in the shares. | |
| Date of change | 7 July 2004 | |
| No. of securities held prior to change | 7,243 Fully paid shares | |
| Class | Ordinary shares | |
| Number acquired | 4,047 Fully paid shares | |
| Number disposed | N/a | |
| Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation |
$4.83 per share. | |
| No. of securities held after change | 11,290 Fully paid shares | |
| Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back |
Off-market trade | |
+ See chapter 19 for defined terms.
| Appendix 3Y Page 1 | 11/3/2002 |
Appendix 3Y
Change of Director’s Interest Notice
Part 2 – Change of director’s interests in contracts
Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.
| Detail of contract |
N/a | |
| Nature of interest |
||
| Name of registered holder (if issued securities) |
||
| Date of change |
||
| No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed |
||
| Interest acquired |
||
| Interest disposed |
||
| Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation |
||
| Interest after change |
||
+ See chapter 19 for defined terms.
| 11/3/2002 | Appendix 3Y Page 2 |
| To: | The Manager | |
| Announcements | ||
| ASX Company Announcements Office |
Public Announcement 2004-29
Investor Site Visit to WMC Operations
From Monday 25 to Thursday 28 October WMC Resources will host a site tour of its copper-uranium and nickel operations for market analysts, fund managers and investors.
The visit co-ordinated by WMC offers participants a chance to tour sites and hear directly from, and ask questions of, senior management on WMC’s operations and business plans. The tour begins at Olympic Dam today with an address from WMC CEO, Andrew Michelmore followed by an overview of Olympic Dam Operations and the Development Study. The group will tour the surface plant and underground mine before leaving Olympic Dam for nickel operations at Mt Keith on Tuesday afternoon and Leinster on Wednesday. The tour concludes with a tour of the Kalgoorlie Nickel Smelter on Thursday.
Copies of all presentations made during the tour will be posted to the WMC website at http://www.wmc.com/investor/sitevisit.htm each day.
Presentation Timetable
Monday 25 October 2004 - Olympic Dam
WMC Overview
Working our assets harder
Copper-Uranium - 2004 Performance
Smelter reliability
Increasing milling and mining rates
Increasing returns - recovery improvement
Increasing returns - mining optimisation
Olympic Dam Development Study - growing the business
WMC Summary
| WMC Resources Ltd ACN 004 184 598
GPO Box 860K Melbourne Vic. 3001 Australia
Level 16 IBM Centre 60 City Road Southbank Vic. 3006 Australia
Tel +61 (0)3 9685 6000 Fax +61 (0)3 9685 6115 |
Analyst Site Visit to WMC Operations - Presentation Timetable
Tuesday 26 October 2004 Olympic Dam - Mt Keith
Site tour at Olympic Dam
Wednesday 27 October 2004 Mt Keith – Leinster
Nickel Operations
Mt Keith Operations
Leinster Operations
Thursday 28 October 2004 Kalgoorlie
Kalgoorlie Nickel Smelter
Kwinana Nickel Refinery
Nickel business development potential
Ross E. Mallett
Assistant Company Secretary
25 October 2004
| To: | The Manager |
Announcements
ASX Company Announcements Office
Public Announcement 2004-30
Please find attached media release regarding WMC’s Olympic Dam Development Study.
A copy of this can be viewed at WMC’s internet site at www.wmc.com following its release to the market.
Ross Mallett
Assistant Company Secretary
25 October 2004
| WMC Resources Ltd | ||
| ACN 004 184 598 | ||
| GPO Box 860K | ||
| Melbourne Vic. 3001 | ||
| Australia | ||
| Level 16 IBM Centre | ||
| 60 City Road | ||
| Southbank Vic. 3006 | ||
| Australia | ||
| Tel +61 (0)3 9685 6000 | ||
| Fax +61 (0)3 9685 6115 | ||
MEDIA RELEASE
OCTOBER 25, 2004
ENCOURAGING RESULTS MARK NEXT STAGE OF OLYMPIC DAM DEVELOPMENT STUDY
Encouraging drill results, expanding technical options and an improving long term uranium price mark the completion of a successful next stage in WMC Resources Ltd (WMC’s) Olympic Dam Development Study.
On 2003 numbers, Olympic Dam hosts the world’s eighth largest copper and a third of the world’s known uranium resources. The results of drilling to date suggest an expanded resource and more attractive mineralisation in the southern part of the orebody.
Speaking to investors and market analysts at Olympic Dam today, WMC Chief Executive Officer, Andrew Michelmore said, “the results to date of both our technical work and drilling program suggest that either massive underground mining techniques, or an internationally competitive cost base for open pit operations, are very viable options.
“The increasingly strong long term outlook for uranium prices, coupled with the indications from early drilling, are having a positive impact on the study. An expanded Olympic Dam would become the world’s largest uranium producer”, Mr Michelmore said.
The first phase drill results suggest additional mineralisation at a shallower depth. The results indicate the potential for higher grade and higher copper-to-sulphur ratio mineralisation, possibly extending the utilisation of current surface plant operations and allowing an earlier commencement of mining in the southern ore body.
The depth and thickness of mineralisation, along with recent mining technical advancements, opens the way to investigate the lower cost underground option of block caving, with higher production from underground mining than previously thought possible.
“While the results are good, it’s the location of this new mineralisation that is important,” said Mr Michelmore. “It opens the door for an alternate starter pit located at the southern end of the orebody. A pit in this region would potentially be shallower, with earlier production, reduced pre-strip costs and would allow us to keep our existing infrastructure, including the Whenan ore haulage shaft, in operation longer than first anticipated.”
Building on the results so far, WMC is intensifying the drill program and technical work, while the study team has initiated detailed discussion with the South Australian Government on key infrastructure, environmental and logistics requirements.
| WMC Resources Ltd ABN 76 004 184 598 | ||
| GPO Box 860K Melbourne Vic. 3001 Australia | ||
| Level 16 IBM Centre 60 City Road Southbank Vic. 3006 Australia | ||
| Tel +61 (0)3 9685 6000 Fax +61 (0)3 9686 3569 | ||
A decision on the preferred mining option is expected early in 2005, with WMC due to deliver the Development Study findings in early 2006.
A copy of all presentations from the October 25-28 Investor site tour will be available from WMC’s internet site at: www.wmc.com/investor/sitevisit.htm.
For further information:
Media contact:
Troy Hey
Group Manager – Public Affairs
Telephone: (61 3) 9685 6233
Mobile: 0419 502 852
| To: | The Manager |
Announcements
ASX Company Announcements Office
Public Announcement 2004-31
Conditional Proposal from Xstrata to Acquire WMC
WMC advises that it recently received a conditional proposal from Xstrata to acquire WMC for $6.35 per share in cash by way of a scheme of arrangement.
The Board of WMC carefully considered the proposal and determined that it fails to recognize the current and prospective value of WMC’s assets and the strategic benefits to Xstrata or other potential acquirers. Accordingly the Board declined the proposal to put forward a scheme of arrangement to WMC shareholders.
WMC informed Xstrata that it was willing to have further discussions and that any material improvement in Xstrata’s proposal would be given due consideration in the context of alternatives available to WMC to maximize shareholder value.
Xstrata’s proposal was initially expressed to be indicative, non-binding and conditional. This morning Xstrata advised WMC that its proposal was no longer indicative and non-binding. However, it is still subject to conditions including funding. Shareholders are advised that it is uncertain as to whether the approach will lead to any proposal being put to WMC’s shareholders.
WMC will continue to keep its shareholders fully informed and a further announcement will be made in the event of any material developments.
Contact details:
At WMC:
Troy Hey, Group Manager Public Affairs + 61 3 9685 6233 mobile: 0419 502 852
At UBS:
Peter Scott +61 3 9242 6273
Campbell Stewart +61 3 9242 6318
Peter Horton
Company Secretary
28 October 2004
| WMC Resources Ltd | ||
| ABN 76 004 184 598 | ||
| GPO Box 860K | ||
| Melbourne Vic. 3001 | ||
| Australia | ||
| Level 16 IBM Centre | ||
| 60 City Road | ||
| Southbank Vic. 3006 | ||
| Australia | ||
| Tel +61 (0)3 9685 6000 | ||
| Fax +61 (0)3 9685 6115 | ||
| To: | The Manager |
Announcements
ASX Company Announcements Office
Public Announcement 2004-32
Please find attached media release regarding the outline of WMC’s Nickel Growth Strategy.
A copy of this can be viewed at WMC’s internet site at www.wmc.com following its release to the market.
Ross Mallett
Assistant Company Secretary
28 October 2004
| WMC Resources Ltd | ||
| ACN 004 184 598 | ||
| GPO Box 860K | ||
| Melbourne Vic. 3001 | ||
| Australia | ||
| Level 16 IBM Centre | ||
| 60 City Road | ||
| Southbank Vic. 3006 | ||
| Australia | ||
| Tel +61 (0)3 9685 6000 | ||
| Fax +61 (0)3 9685 6115 | ||
MEDIA RELEASE
OCTOBER 28, 2004
WMC OUTLINES NICKEL GROWTH STRATEGY
The introduction of alternate processing technology and a regional program of project development and exploration are at the centre of WMC’s nickel growth strategy outlined today.
In an address to the Australian-British Chamber of Commerce in Melbourne today, WMC CEO Andrew Michelmore outlined opportunities to increase nickel production by 25,000 tonnes per annum from 2008/09.
“The extra production will come from the development of a new processing route to treat current and future stockpiles of talc and low grade ores at Mt Keith”, Mr Michelmore said. “A new milling circuit will be combined with the application of Low Pressure Leach technology to treat over 110,000t of nickel already in stockpiles.”
Pilot plant trials for the new nickel leach circuit at Mt Keith are underway in the United States. Product from the leach circuit will be fed directly to expanded capacity at WMC’s Kwinana nickel refinery or sold as a high value intermediate product.
The capital cost of the plant is forecast to be a low US$7-8 per annual pound of nickel production. The testwork and associated engineering studies for the concentrator and leach circuit project will be completed in time for construction in 2006.
“The planned development of the Yakabindie deposit with integrated processing at nearby Mt Keith is set to replace current production from the Kambalda region by the end of this decade,” Mr Michelmore said. “With the addition of the LPL circuit, we expect to cement our position as a major global producer for the long term.”
In addition to the processing and project development plan, WMC continues to actively explore for new nickel deposits to leverage its substantial Western Australian infrastructure.
“The Leinster to Mt Keith belt is one of the richest nickel sulphide belts in the world.” Mr Michelmore said. “While we are working toward discovering the next great nickel province, we will also be using new technology to potentially uncover deeper deposits in this region. Development of new in-house electro-magnetic survey technology is allowing us to see deeper and clearer than previously thought possible.”
An analyst and investor site tour of WMC’s nickel and copper operations finishes in Kalgoorlie today with a detailed overview of WMC’s nickel strategy provided by Executive General Manager Nickel - Alan Dundas.
| WMC Resources Ltd ABN 76 004 184 598
GPO Box 860K Melbourne Vic. 3001 Australia
Level 16 IBM Centre 60 City Road Southbank Vic. 3006 Australia
Tel +61 (0)3 9685 6000 Fax +61 (0)3 9686 3569 |
A copy of the full presentation is available from WMC’s website at: www.wmc.com/investor/sitevisit.htm.
For further information contact:
Troy Hey
Group Manager – Public Affairs
Telephone: (61 3) 9685 6233
Mobile: 0419 502 852