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| Name | Symbol | Market | Type |
|---|---|---|---|
| Ft Minr | LSE:MINR | London | Exchange Traded Fund |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1,633.60 | 1,627.60 | 1,639.60 | 0 | 01:00:00 |
Hot Features
Premium
RNS No 2570u
MINORCO S.A.
17th March 1999
PRELIMINARY ANNOUNCEMENT OF RESULTS FOR THE YEAR TO DECEMBER 31, 1998
Highlights 1998 1997
US$ millions
Sales 5,601 5,662
Operating earnings 386 661
Earnings before exceptional items,
taxation and minority interests 300 616
Net earnings 202 263
Net earnings before exceptional items 154 319
Net cash provided by operating activities 585 1,033
Capital expenditure 1,007 985
Acquisitions and investments 151 631
US$ per share:
Net earnings 0.90 1.17
Net earnings before exceptional items 0.68 1.42
Dividends declared 0.30 0.64
Of overriding significance during the year was the decision in October 1998
of Minorco and Anglo American Corporation of South Africa Limited to combine
their businesses to establish Anglo American plc, which will be one of the
world's largest mining and natural resource companies.
Julian Ogilvie Thompson
Chairman
Offer by Anglo American plc
Of overriding significance during the year was the decision in October 1998
of Minorco and Anglo American Corporation of South Africa Limited to combine
their businesses to establish Anglo American plc, which will be one of the
world's largest mining and natural resource companies. The formal offer to
Minorco shareholders (which will not be made in or into the United States,
Canada, Australia or Japan), under which they will be offered one new Anglo
American plc share for every two Minorco shares held, with a cash
alternative of US$16 per Minorco share, will be posted towards the end of
April.
In October, Minorco announced its intention, prior to this transaction, to
divest itself of its gold operations and its interest in Engelhard
Corporation and Terra Industries Inc. In early March, Minorco announced
that it had reached agreement for Engelhard to purchase approximately 18
million shares of its stock owned by Minorco, with the remainder of
Minorco's 32% interest to be sold through an underwritten public offering.
The sale of the gold interests to Anglogold Limited for a gross
consideration of US$550 million is expected to be completed by the end of
March. The disposal of Terra continues to be pursued.
Overview of Results
Net earnings in 1998 at US$202 million were US$60 million lower than in
1997. Earnings before exceptional items, which reflect the underlying
performance of the business at US$154 million were US$165 million lower than
last year.
Commodity prices generally continued to weaken throughout the year. Base
metals and agriculture-related products had softened considerably in the
fourth quarter of 1997 but significantly lower prices subsequently spread to
the paper industry, chemicals, steel, coal and oil. While the U.S. economy
shows continued strength and Europe has been reasonably resilient, those
economies, particularly in the Far East, which have been responsible for
much of the increased demand for commodities over the past decade, continued
to wrestle with their economic problems. There are some signs that global
industrial production may have stopped falling. However, it is clear that
the prospects for commodity prices for the coming year are not encouraging.
Although Minorco has continued to strive for lower costs and increased
efficiencies in its operations, it has not been possible to compensate for
the overwhelming weakness of commodity prices. Operating earnings from gold,
industrial minerals and our paper businesses were relatively flat while base
metals earnings and those from Minorco's agribusiness subsidiary, Terra,
were reduced by 65% and 76% respectively.
Operating earnings amounted to US$386 million, which were 42% lower than the
previous year. The impact of the lower prices reduced operating earnings by
US$375 million, which was partly offset by lower unit costs (US$80 million)
and higher volumes (US$20 million).
Net financial expense doubled to US$68 million as a result of increased
indebtedness arising principally from the continuing significant
expenditures on Minorco's gold and base metal projects. Earnings from equity
investments were lower by 7% at US$82 million. Significantly lower tax and
minority interests resulted from the lower level of operating earnings.
Gold
The gold price averaged US$294 per ounce in 1998; its lowest level in ten
years and a reduction of 11% from the 1997 price of US$331 per ounce.
Operating earnings from the gold segment decreased by US$6 million to US$37
million. This decrease resulted from the fall in the gold price which
reduced earnings by around US$32 million but was largely offset by higher
production at Jerritt Canyon and cost reductions across all operations.
Gold production at the Brazilian gold operations was in line with 1997
output at 356,000 ounces. At Morro Velho, significant cost reductions were
achieved primarily through the closure of the Raposos mine, which further
concentrated production at the lower cost Cuiaba mine and modern Queiroz
plant. At Serra Grande production increased by 13% to 144,000 ounces
contributing to a 17% reduction in unit cash costs.
Mining activities in the USA during 1998 at Jerritt Canyon were focussed on
the Murray and SSX underground mines and the Dash open pit mine. Gold
production at Jerritt Canyon was some 11% higher in 1998 at 243,000 ounces
due to higher grades and mining efficiencies. Production from the Cresson
heap leach operation was in line with last year at 230,000 ounces.
At Jerritt Canyon, production increases and cost savings, particularly in
the process facilities, resulted in a 12% reduction in unit cash costs.
Pikes Peak reduced its unit cash costs by 7% as a result of strong cost
control efforts.
Base metals
Base metals operating earnings decreased from US$112 million in 1997 to
US$39 million in 1998. The lower earnings were principally due to lower
copper prices. The impact of the lower metal prices was partly offset by the
strenuous efforts at operations to reduce costs.
Copper prices generally drifted lower through the year, closing at 67 US
cents per pound in December compared with 80 US cents per pound a year
previously. The annual average price was 75 US cents per pound compared with
103 US cents per pound in 1997.
Although the fundamentals of the zinc market remained sound in 1998, the
average price for the year was only 46 US cents per pound compared with 60
US cents per pound in 1997.
The nickel price continued its decline from US$3.69 per pound in March 1997
to US$1.76 per pound in December 1998, the lowest price since March 1987.
The average price in 1998 was US$2.10 per pound, compared with US$3.14 per
pound in the previous year.
Brazil
Production of nickel at Codemin and Morro do Nmquel was 8,100 tonnes, some
14% lower than last year due to the closure of the Morro do Niquel mine
during the year.
Canada
At Hudson Bay, all-time production records were achieved in the zinc plant
and the copper smelter. Domestic zinc production of 93,000 tonnes was 19%
higher than in 1997 and total cast zinc increased 4% to 99,000 tonnes.
Production of domestic copper was 47,000 tonnes, a 6% increase over 1997,
while total copper production increased 12% to 87,000 tonnes.
Chile
At Mantos Blancos, production rose to a record 138,000 tonnes of copper in
1998, with increases at both the Mantos Blancos and the Mantoverde mines. Of
this, 96,000 tonnes was in the form of SX/EW cathodes, while copper in
concentrate from the Mantos Blancos mine made up the remainder. The company
also reached a landmark of 2 million tonnes in accumulated copper production
since it came into operation in 1961.
The higher production and aggressive cost-cutting mitigated the impact of
lower copper prices. With cash costs down to 56 US cents per pound for the
year, productivity up 17%, and further efficiencies continually being
sought, the company is well positioned to ride out the current price cycle.
The Collahuasi copper project is located 160 km south-east of the port city
of Iquique at an elevation of 4,500 metres above sea level. Mining
operations completed pre-stripping of the targeted 167 million tonnes by
mid-year and accumulated three million tonnes of processable ore by year
end. The oxide plant commenced operation in June 1998 and reached design
capacity towards the end of 1998. More than 19,000 tonnes of copper cathode
were produced by the end of the year. The sulphide concentrator operations
are currently building up to design levels and 29,000 tonnes of copper in
concentrate were produced by year end. The port facilities for shipping
concentrates were completed and initial shipments to customers were made in
the fourth quarter. All other support areas are functional and the
commercial phase of the project began on January 1, 1999. Minorco's share of
Collahuasi copper production will more than double Minorco's production to
around 400,000 tonnes per year.
Ireland
Construction of the Lisheen zinc/lead mine, which commenced in late 1997,
continued during 1998, incurring expenditure to the end of the year of
US$140 million. Highlights in 1998 were the successful conclusion of the
project financing in January and completion of the initial civil engineering
works and tailings management facilities ahead of programme. Difficult
ground conditions, particularly relating to the control of water inflows
into the underground decline, will delay the development somewhat and
production is now expected to commence in late 1999.
Venezuela
Construction of the Loma de Niquel nickel laterite deposit commenced in
October 1997 and will take approximately 30 months to complete. By the end
of 1998, over 60% of the total expected cost had been committed.
Infrastructure work is nearing completion and plant erection is in progress.
Mining operations are expected to commence in May 1999 and nickel
production, which will eventually reach an annual rate of 17,000 tonnes, is
scheduled to begin in early 2000.
Industrial minerals
European Industrial Minerals Division
Operating earnings in 1998 were US$103 million, some 6% higher than last
year. Some 85% of earnings are UK based with the balance from Germany and
Spain.
In the UK, the significant overall advance by the English companies was
offset by difficult trading conditions in Scotland. Local government road
and infrastructure spending has been severely constrained, generating fierce
competition for the available work. The strategy of growing the business by
add-on acquisitions continued in 1998. Acquisitions included the Bodfari
quarries, concrete and asphalt operations based in North Wales and three
other businesses in England and Scotland. This now brings to 21 the
acquisitions made since the main Tilcon purchase at the end of 1995.
In Germany, the overall result was slightly below the previous year, due
mainly to a shortage of work for the division's Leipzig based operation.
Operating costs continued to be cut to counteract the slowdown in
construction activity. Elbekies, a major gravel and sand producer, benefited
particularly from supply contracts to major Berlin development projects.
The Spanish operations based in Madrid had a better year, with volumes and
prices improving on the back of strengthening Spanish economic growth.
Cleveland Potash
Cleveland Potash benefited from higher export prices and lower costs. Potash
sales were marginally higher in 1998 as lower export sales were compensated
for by higher sales to the domestic market. Salt sales were however
significantly lower than last year owing to the mild UK winter. Since the
end of the year the mine has experienced an increase in the inflow of water
to its operations, which has temporarily affected mining in the southern
sector of the mine. Additional pumping capacity is being installed to cope
with the increased volume of water but it is too early to gauge the impact,
if any, that this will have on production.
Copebras
In October 1998, Copebras completed the sale of its carbon black operations
for US$220 million resulting in an exceptional gain, before tax and minority
interests, of US$124 million. In its phosphates segment, sales volumes of
sodium tripolyphosphate rose by 6% reflecting benefits of expanded
production capacity for the latter part of the year. Lower margins resulted
from import driven price competition and higher acquisition costs for
commodity inputs. Fertiliser results improved over 1997, as higher average
prices, reflecting increased intermediate product sales to the central west
region of Brazil and lower production costs, were only partially offset by
lower demand.
Paper and packaging
Prices for all pulp grades remained low in 1998, as world-wide demand slowed
and excess global capacity continued. In the latter part of the year, pulp
prices fell below cash production costs for many producers leading to
increased downtime in all producing regions.
The paper and packaging segment contributed US$110 million compared with
US$103 million in 1997. In the Austrian group, Neusiedler showed a
significant increase in operating earnings driven by higher sales and higher
prices. This was partly offset by lower earnings from the other Austrian
operations and Frantschach Swiecie, the Polish operation acquired in the
previous year. Aylesford Newsprint in the UK benefited from firm newsprint
prices and lower input costs. Aracruz Celulose, the major Brazilian hardwood
pulp producer, which is accounted for as an equity investment, was severely
affected by low prices, although it made good progress during the year in
reducing its unit costs.
Agreement was reached at the beginning of 1999 to purchase the assets of the
European corrugating operations of Amcor Limited for a debt free value of
US$236 million plus a variable payment of up to US$11 million dependent on
the results of the business to June 1999. The business comprises 15 plants
in the UK and six plants in France producing corrugated board and corrugated
boxes.
Agribusiness
Minorco's agribusiness subsidiary, Terra, contributed US$66 million in
operating earnings in 1998 compared with US$271 million in 1997. Earnings in
all divisions, namely Distribution, Nitrogen Products and Methanol, were
significantly lower than last year.
In the Distribution business, poor weather conditions and low agricultural
commodity prices adversely affected grower economics, which had a negative
impact on Terra's sales. Rain in the northern USA during the planting season
limited fertiliser applications and, in the south-west, fertiliser and
pesticide sales were reduced as a result of drought conditions. Sales were
further reduced by lower prices for crop protection products as competitors
intensified efforts to capture market share. Crop protection sales also
suffered from increased use of genetically modified seeds. In response, the
Distribution business was reorganised and the number of divisions, regions
and areas was significantly reduced.
Nitrogen and methanol prices have been squeezed by a slackening in demand
from Far Eastern countries, with China's imports of urea remaining at much
reduced levels. New plant start-ups in 1998 put additional pressure on
prices. The average prices of nitrogen products and methanol were down 24%
and 41% respectively compared with 1997, which had the effect of reducing
operating income by US$204 million.
The two nitrogen plants acquired in the UK at the close of 1997, sell their
output to the agricultural and industrial markets. The average price for
ammonium nitrate, the primary type of ammonia fertiliser used in the UK was
down 12% while volumes were up 17% compared to last year.
Methanol sales volumes were down 8% from 1997 levels as production was cut
back. The average methanol sales price was 34 US cents per gallon compared
with 58 US cents per gallon in 1997. Since the year end, Terra has announced
the temporary closure of its methanol plant in Beaumont, Texas, as the
current spot price was barely sufficient to cover raw material costs.
Other components of earnings
Earnings from investments
Earnings from investments fell by US$6 million to US$82 million. Improved
earnings from Engelhard were offset by lower results from Aracruz and the
currently loss-making Colombian coal interests.
Engelhard's net earnings for the year increased by 13% to US$187 million
before the impact of exceptional charges recorded in the fourth quarter of
1997. Catalysts and Chemicals segment performed well, led by environmental
technologies and petroleum catalysts. The segment's results also benefited
from the contribution of the businesses acquired in the second quarter from
Mallinckrodt. Operating earnings of the Pigments and Additives segment
declined 15% while sales were unchanged. The earnings decline was due to
planned inventory reductions under a programme to improve working capital
management and the impact of the weaker Asian markets. Operating earnings
from the Engineered Materials and Industrial Commodities Management segment
jumped 170% aided by increased volumes and volatility in the platinum group
metals in the first half of the year and improved results from the
engineered materials.
Exceptional items
Exceptional items amounted to a net profit of US$49 million. The principal
component was the profit arising from the sale of Copebras' carbon black
business in Brazil, offset by impairment provisions arising in Industrial
Minerals' continental European businesses. The liberalisation of Brazil's
economy has meant that Copebras carbon black business would have required
significant investment in new technology to compete with foreign competitors
and as a consequence, Minorco decided to divest this business.
Liquidity and financial position
Net cash provided by operating activities fell by US$448 million to US$585
million. This was principally the result of lower earnings. Capital
expenditure increased to US$1,007 million from US$985 million reflecting
primarily the last major phase of the Collahuasi project and the start of
construction at Loma de Nmquel and Lisheen. At December 31, 1998, net debt,
after deducting liquid assets, amounted to US$1,874 million, of which US$638
million was non-recourse to Minorco and related principally to Terra and the
paper and packaging companies. The ratio of net debt to total capital was 28%
compared to 22% at the end of 1997.
Dividends
Minorco paid a second interim dividend of eight US cents per share in February
1999. This, together with the first interim dividend, made a total of 30 US
cents per share for the year to December 1998. The directors are not
recommending a final dividend.
Accounting change
In 1998, Minorco adopted the revised standard of accounting for deferred
taxation issued by the International Accounting Standards Committee. The
provision for deferred tax is now calculated on a full liability basis,
irrespective of when the taxes become payable, rather than, as in the past,
the partial liability basis, which accrued taxes payable within the
foreseeable future. The comparative figures for 1997 have been restated on
the same basis.
Contacts:
Nick von Schirnding
VP Investor and Corporate Affairs
+44 171 430 8500
CONSOLIDATED STATEMENT OF EARNINGS
Year ended December 31
1998 1997
US$ millions
------- -------
Sales 5,600.9 5,662.0
------- -------
Operating earnings 385.8 660.7
Net corporate and financial costs (168.8) (133.4)
Share of earnings of investments
accounted for by the equity method 82.5 88.6
----- -------
Earnings before exceptional items,
taxation and minority interests 299.5 615.9
----- -------
Exceptional items 77.1 48.0
---- --------
Earnings before taxation 376.6 663.9
---- --------
Taxation (63.0) (218.8)
---- --------
Earnings after taxation 313.6 445.1
----- --------
Earnings attributable to minority
interests in subsidiary companies (111.2) (182.5)
----- --------
Net earnings 202.4 262.6
----- --------
Net earnings before exceptional items 153.6 318.9
Earnings per share (US$):
Net earnings 0.90 1.17
Net earnings before exceptional items 0.68 1.42
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at December 31
1998 1997
US$ millions
Fixed assets:
Intangible assets 367.1 321.8
Deferred tax assets 43.9 40.5
Tangible assets 5,612.2 5,084.5
Financial assets 889.8 845.9
------- --------
6,913.0 6,292.7
------- --------
Current assets:
Stocks 841.5 815.3
Debtors 794.8 733.6
Short term investments 1,181.8 1,012.5
Cash and cash equivalents 652.2 874.9
------- -------
3,470.3 3,436.3
Short term debt (641.3) (372.9)
Current liabilities (1,094.5) (995.9)
------- -------
Net current assets 1,734.5 2,067.5
------- -------
Capital employed 8,647.5 8,360.2
------- -------
Long term liabilities (3,067.2) (2,806.7)
Deferred tax liabilities (410.7) (415.2)
Provisions for liabilities and charges (453.2) (466.3)
Minority interests in subsidiary companies (1,159.1) (1,173.4)
-------- --------
Shareholders' investment 3,557.3 3,498.6
-------- --------
Capital and reserves:
Subscribed capital 316.0 315.9
Reserves 1,519.0 1,524.5
Cumulative translation adjustment (117.4) (122.8)
Retained earnings 1,839.7 1,781.0
------- -------
Shareholders' equity 3,557.3 3,498.6
------- -------
CONSOLIDATED STATEMENT OF CASH FLOW
Year ended December 31
US$ millions 1998 1997
Cash generated from operations 725.0 1,128.4
Interest paid (215.4) (191.5)
Dividends received 26.5 23.6
Other financial income 116.3 161.5
Taxes paid (42.3) (62.2)
Restructuring and reclamation payments (25.1) (26.5)
------ -------
Net cash provided by operating activities 585.0 1,033.3
------ --------
Cash flow from investing activities
Acquisition of subsidiaries and
joint ventures (115.4) (536.3)
Acquisition of financial assets (35.1) (94.7)
Capital expenditure on tangible assets (1,007.0) (985.5)
Proceeds from disposal of a subsidiary 219.7 -
Proceeds from disposal of tangible assets 29.3 25.3
Proceeds from disposal of financial assets 40.9 15.1
------ -------
Net cash used in investing activities (867.6) (1,576.1)
------ -------
Cash flow from financing activities
Dividends paid to Minorco shareholders (143.7) (143.7)
Dividends paid to minority shareholders (103.5) (42.6)
Long term loans received net 263.1 462.6
Short term loans received/(repaid) net 228.9 (138.6)
(Increase)/decrease in short term
investments (169.3) 355.6
Share capital issued to minority
Shareholders 2.3 255.1
Share buy-back by subsidiaries (17.9) (22.4)
Insurance proceeds received by Terra
Industries Inc. - 95.1
------ ------
Net cash from financing activities 59.9 821.1
------ ------
(Decrease)/increase in cash and
cash equivalents (222.7) 278.3
Cash and cash equivalents at
beginning of year 874.9 596.6
------ -----
Cash and cash equivalents at end of year 652.2 874.9
------ -----
Short term investments 1,181.8 1,012.5
Cash and cash equivalents 652.2 874.9
------- -------
Liquid assets 1,834.0 1,887.4
------- -------
NOTES
1. Sales, operating earnings and capital employed
US$ millions
By business segment Sales Operating earnings Capital employed
1998 1997 1998 1997 1998 1997
Gold 253.1 279.8 36.7 42.8 541.7 416.1
Base metals 643.5 759.2 38.9 111.9 1,913.9 1,570.5
Industrial
Minerals 1,072.6 1,040.3 133.9 131.9 1,280.4 1,356.7
Paper and
Packaging 1,079.7 1,041.6 110.1 103.2 949.6 850.1
Agribusiness 2,552.0 2,541.1 66.2 270.9 1,317.8 1,369.2
Financial
Assets - - - - 2,644.1 2,797.6
---------------------------------------------------------
5,600.9 5,662.0 385.8 660.7 8,647.5 8,360.2
---------------------------------------------------------
By geographical segment
---------------------------------------------------------------------------
Europe 1,940.1 1,848.8 219.9 205.2 2,257.2 2,118.2
North
America 3,020.4 3,045.3 99.6 317.9 1,658.6 1,709.6
South
America 640.4 767.9 66.3 137.6 2,087.6 1,734.8
Financial
Assets - - - - 2,644.1 2,797.6
---------------------------------------------------------------------------
5,600.9 5,662.0 385.8 660.7 8,647.5 8,360.2
2. Operating earnings
US$ millions 1998 1997
Sales 5,600.9 5,662.0
Cost of sales (4,548.8) (4,371.9)
------- --------
Gross operating earnings 1,052.1 1,290.1
Selling, administration and other expenses (666.3) (629.4)
------- --------
385.8 660.7
3. Net corporate costs
US$ millions
1998 1997
Interest and other financial income 137.2 154.1
Foreign currency (losses)/gains (0.5) 0.8
Dividend income from cost accounted investments 5.0 2.2
Interest expense (209.4) (190.8)
------- ------
Net financial expense (67.7) (33.7)
Corporate costs (51.3) (49.2)
Exploration (49.8) (50.5)
------- -------
(168.8) (133.4)
------- -------
4. Net earnings before exceptional items
US$ millions
1998 1997
Net earnings 202.4 262.6
Adjustment for exceptional items:
Subsidiaries (77.1) (94.4)
Equity investments - 46.4
------ ------
(77.1) (48.0)
Taxation (10.4) 71.5
Minority interests 38.7 32.8
------ ------
Net earnings before exceptional items 153.6 318.9
------ ------
5. Consolidated statement of cash flow analysis
US$ millions
1998 1997
Cash flow from operating activities
Earnings before exceptional items,
taxation and minority interests 299.5 615.9
Adjustments for non-cash movements 307.1 239.5
Adjustments for financial income and expense 87.1 39.6
----- -----
Operating cash flow before changes to
working capital 693.7 895.0
Changes to working capital:
Stocks (38.7) 114.7
Debtors (38.1) 71.3
Creditors 108.1 47.4
----- ------
Cash generated from operations 725.0 1,128.4
----- -------
6. Reconciliation of Terra's operating earnings
US$ millions
1998 1997
Terra's operating earnings as reported under US GAAP 42.2 253.3
Elimination of goodwill amortised through the
earnings statement 24.4 24.6
Reversal of methanol hedge costs accrued by Terra - (1.2)
Other (0.4) (5.8)
------ ------
Terra's operating earnings as reported by Minorco 66.2 270.9
------ -----
PRODUCTION
For the year ended December 31
Product Operation Operating cash costs Production
statistics(1)
1998 1997
Precious metals US$/oz
Gold (troy ounces) Jerritt Canyon 174 242,900 2188,400
Pikes Peak 179 230,400 228,200
Morro Velho 182 211,500 232,100
Serra Grande 156 144,200 128,100
Cerro Vanguardia(2) - 30,200 -
Hudson Bay (3) - 97,400 84,500
----------------------------------------------------------------------------
956,600 891,300
----------------------------------------------------------------------------
Silver (troy ounces) Hudson Bay (3) - 1,007,300 1,090,700
Mantos Blancos (3) - 1,460,700 1,282,000
Cerro Vanguardia (2) - 105,400 -
---------------------------------------------------------------------------
2,573,400 2,372,700
----------------------------------------------------------------------------
Base metals US$/lb
Copper (tonnes) Hudson Bay(3)(4) - 47,100 44,600
Mantos Blancos 0.56 138,100 132,900
Collahuasi (2) - 21,100 -
----------------------------------------------------------------------------
206,300 177,500
----------------------------------------------------------------------------
Zinc (tonnes) Hudson Bay(4) 0.33 93,400 78,400
----------------------------------------------------------------------------
Nickel (tonnes) Codemin 2.13 6,900 6,800
----------------------------------------------------------------------------
Morro do Nmquel(5) 2.96 1,200 2,600
----------------------------------------------------------------------------
8,100 9,400
----------------------------------------------------------------------------
Niobium (tonnes) Catalao 2,400 2,400
----------------------------------------------------------------------------
(1) Includes entire output of controlled entities and group's proportion of
joint ventures where applicable.
(2) Pre-commercial production
(3) By-product - revenues credited to unit cost of principal product.
(4) At Hudson Bay, 39,600 tonnes of copper (1997: 33,000) and 5,900 tonnes
of zinc (1997: 16,900) were processed in addition to that sourced from its
own production.
(5) Production ceased at Morro do Nmquel in June 1998.
Product Operation Production statistics (1)
1998 1997
Industrial minerals
Crushed rock ('000 tonnes) Europe 14,784 15,426
--------------------------------------------------------------------------
Lime products ('000 tonnes) UK 965 916
--------------------------------------------------------------------------
Sand and gravel('000 tonnes)(2) Europe 12,953 10,362
--------------------------------------------------------------------------
Coated stone ('000 tonnes) UK 1,934 1,523
--------------------------------------------------------------------------
Ready-mixed concrete ('000 m3) Europe 2,466 2,360
--------------------------------------------------------------------------
Potash ('000 tonnes) Cleveland Potash 1,014 941
--------------------------------------------------------------------------
Salt ('000 tonnes) Cleveland Potash 384 592
--------------------------------------------------------------------------
Carbon black ('000 tonnes)(3) Copebras 129 154
--------------------------------------------------------------------------
Sodium tripolyphosphate
('000 tonnes) Copebras 68 62
--------------------------------------------------------------------------
Phosphate fertilisers
('000 tonnes) Copebras 580 608
--------------------------------------------------------------------------
Paper and packaging
Paper ('000 tonnes) Frantschach 695 631
Neusiedler
--------------------------------------------------------------------------
Sacks (millions) Frantschach 511 515
---------------------------------------------------------------------------
Newsprint ('000 tonnes) Aylesford 186 176
---------------------------------------------------------------------------
Pulp ('000 tonnes) Pols 140 121
--------------------------------------------------------------------------
Agribusiness
Ammonia ('000 tons) Terra 3,632 2,857
--------------------------------------------------------------------------
Liquid solutions ('000 tons) Terra 3,796 3,455
--------------------------------------------------------------------------
Methanol (million gallons) Terra 296 310
(1) Includes entire output of controlled entities and group's proportion of
joint ventures where applicable.
(2) Excludes production used in manufacture of ready-mixed concrete.
(3) The carbon black business was sold by Copebras in October 1998.
END
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