Half year results announced

RNS Number:5579I
Murchison United NL
11 March 2003



                                                      ASX, AIM and Media Release
                                                                   11 March 2003



MURCHISON ANNOUNCES HALF YEARLY RESULTS

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Murchison United NL (ASX:MUR, AIM:MUU) today announced a consolidated loss for
the half year ended 31 December 2002 of A$28.0 million.



The result for the half year was significantly impacted by a writedown of A$14.4
million in the carrying value of the Renison Bell operations due to continued
low tin prices and a A$6.7 million charge for currency hedging losses.



The Company has recently announced the close out of its currency hedging
positions, and will as a result, record a writeback of approximately A$11.1
million in the full year accounts. No further writedowns in the carrying value
of Renison Bell operations are anticipated.



Renison Bell operations are expected to record an improved operating result in
the current half year as a result of production increases. A significant adverse
impact on this result would be lower revenue due to the continued appreciation
of the A$ against the US$ which has risen 10% since 31 December.





Managing Director Paul Atherley commented: "The main contributors to the result
were the writedown, which will not be repeated, and the hedging loss which will
be written back in the full year result. The operating loss was not unexpected
in light of continued depressed tin prices and the operational difficulties
experienced."



For further information please contact:



Paul Atherley, Managing Director
Murchison United NL
Telephone:            [phone]
Facsimile:            [phone]
Email:                [e-mail]



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