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AnnouncementsCompany announcements - Text version

Third Quarter Activities Report

Document date:  Wed 23 Apr 2003
Published:  Wed 23 Apr 2003 00:00:00
Document No:  236297
Document part:  A
Market Flag:  Y
Classification:  

ANACONDA NICKEL LIMITED                       2003-04-23  ASX-SIGNAL-G

HOMEX - Perth                                                         

+++++++++++++++++++++++++
RESULTS SUMMARY

HEALTH & SAFETY

* Lost Time Injury Frequency Rate (LTIFR) increased from 5.88 in
  December to 6.02 in March.
* No Lost Time Injuries (LTI) in March.
* "Back to Basics" safety program developed to improve site safety
  practices.

CORPORATE

* Court approved Creditors Schemes of Arrangement successfully
  completed.
* Secured Creditors paid out in full and recapitalisation process
  completed.
* MP Global becomes 35.02% equity shareholder following takeover bid
  for shares and rights
* Anglo American directors resign following Anglo's sell down of
  equity holding to MP Global.
* 6,461,031,402 new Anaconda ordinary shares issued from Rights Issue.
* A$300 million Phase 2 arbitration claim against Fluor progressing

PRODUCTION

* Production for the March quarter was 7,006 tonnes of nickel and 521
  tonnes of cobalt.
* Rectification works on power generation circuit commence during
  4-day planned shutdown.
* Plant recovery continues to improve as plant reliability and 
  process optimisation continues.
* Major statutory 21-day shutdown scheduled for May 2003.

FINANCIAL

* Successful completion of A$323 million Rights Issue.
* US$465.5 million (A$775.1 million) debt due to Senior Secured
  Creditors, including foreign currency positions, extinguished after
  completion of Rights Issue.
* A$88.7 million cash on hand at 31 March 2003.
* Net sales revenue of A$107.7 million at Murrin Murrin (ANL 60%), up
  12% on previous quarter.
* 12 month A$100 million capital program to be fully funded by
  proceeds from Rights Issue.
* A$5.3 million post-capital expenditure operating cash flow
  deficiency at Murrin Murrin in March quarter due to below budget
  production.

MANAGEMENT

* Stephen Dennis has been appointed CFO following the resignation of
  Paul Chapman.
* Neil Meadows has been appointed General Manager Operations at
  Murrin Murrin following the resignation of Joc O'Rourke.

MARKET CONDITIONS

* Nickel prices increased by almost US40c/lb in the March quarter to
  close at US$3.60/lb.
* Cobalt prices have strengthened throughout the quarter.
* The Australian dollar has firmed against the US dollar.

Further updates will be provided as appropriate and posted on
Anaconda's website www.anaconda.com.au.

P B Johnston
CHIEF EXECUTIVE OFFICER & MANAGING DIRECTOR

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