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  1. gosh

    3,962 Posts.


    HOMEX - Sydney

    ENDED 31 DECEMBER 2002



    The Company raised $1.1 million from a Share Purchase Plan together
    with $2.1 million from private placements. These funds were required
    for pre-shipment working capital for the commencement of production
    of our kaolin business.


    A further $700,000 was drawn against our structured $11.1 million
    fixed rate facility making total drawings to date $1.85 million. This
    facility allows for progress payments against production and
    operating hurdles.

    An additional export post shipment bank discounting facility was
    arranged this quarter to cover all planned sales for the next two

    Both the above bank facilities provide for very competitive funding
    costs to the Company.



    An annual single mining campaign was undertaken to excavate raw
    kaolin onto the wet plant stockpile during the dry season. 22,000
    tonnes of good quality ore were mined and stockpiled. This fresh
    mining campaign fully validated ore quality expectations resulting
    from the prior exploratory drilling and thus provides surety to the
    geological model.

    Skardon River Kaolin made its marketing debutat the International
    Coatings Exhibition in Guangdong, "Chinacoat 2002". Our booth
    attracted an overwhelming number of enquiries from Chinese and
    international paint companies which will be followed up next quarter.
    Also during the quarter an expanded number of potential distributors
    and agents have entered into discussions with the Company. The
    processing plant was prepared for commencement of production for
    January 2nd 2003 which is proceeding per plan.

    The main focus forexploration and development this quarter has been
    on development of paper grade kaolin products at Skardon River.
    Similar work was undertaken by the prior owners (AKL), however, for
    various technical reasons Skardon River Kaolin has decided to
    virtually start this work afresh in order to properly document and
    characterize performance parameters as part of our quality control


    Minatek continues to make steady progress with profits improvement. A
    fundamental business restructure is being planned for 2003 to further
    develop the better performing products and further discard low profit
    or low potential products. This is a continuing program of
    improvement. New product line tests conducted June - December 2002
    were very successful with good market response. Production of lower
    value feldspar to the glass fibre industry has now ceased and is
    being replaced with higher value products. A total of 668 tonnes was
    produced for newcustomers and this will substantially increase in
    the next quarter.

    C V Alexander
    ..................im in. topped up today ,yet i will rest when they hit .30

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