Half-yearly Report

26 August 2010

                              BISICHI MINING PLC

              Interim Results for the period ended 30 June 2010

              CHALLENGING ENVIRONMENT IN THE FIRST HALF OF 2010

- Bisichi Mining made a small loss before tax of £0.4 million (2009: £4.5
million profit).

- This loss arose for the following reasons:

- One-off costs of £0.6million relating to the closure of the remaining
underground mining sections at Black Wattle Colliery

- A late wet season that delayed expansion of Black Wattle's opencast
production

- The South African Rand continues to remain strong against the US Dollar

- Coal prices in all of the Black Wattle's markets remained low

- An increase in stockpile levels of export product as a result of poor
service delivery from the state rail provider

  - Bisichi's UK retail property portfolio continues to perform in
    line with the market with no material reduction in rental income

- As a measure of the Board's confidence in the current and future prospects
of the business an interim dividend of 1p per share will be paid on the 4
February 2011, to shareholders on the register at the close of business on 7
January 2011

Commenting on the results, Michael Heller, Chairman of Bisichi
Mining said:

"At the beginning of August 2010 Black Wattle achieved the first domestic
price increase since 2008 which, we hope, is the beginning of an upswing in
prices for our domestic product. The physical demand for Black Wattle product
from our end customers remains strong both domestically and internationally.
Your Board continues to regard the future with confidence"

                                     END

For further information, please call:

Andrew Heller, Bisichi Mining PLC 020 7415 5030

Bisichi Mining PLC

Half year review - 30 June 2010

The challenging environment experienced in the second half of 2009 by Black
Wattle Colliery, Bisichi Mining's direct coal mining operation in South
Africa, continued into the first half of 2010. As a result, in the six months
ended 30 June 2010, Bisichi Mining made a small loss before tax of £0.4
million (2009: £4.5 million profit).

This loss arose for the following reasons:

- One-off costs of £0.6million relating to the closure of the remaining
underground mining sections

- A late wet season that delayed expansion of our own opencast production

- The South African Rand continues to remain strong against the US Dollar

- Coal prices in all of the Black Wattle's markets remained low

- An increase in stockpile levels of export product as a result of poor
service delivery from the state rail provider

Although the first half of 2010 has been challenging, your Board remain
extremely positive about the future of the company's direct mining operations
in South Africa. With all of Black Wattle's remaining opencast permissions
being granted in February 2010, Black Wattle continues to expand its own
opencast production and take advantage of buy-in opportunities of nearby
reserves.

Because of the delayed expansion of additional opencast areas at Black Wattle,
overall monthly production through the washing plant, in the first 6 months of
2010 averaged 130,000 metric tonnes. I am pleased to report that these new
opencast areas are now fully operational allowing Black Wattle the opportunity
to increase production through the washing plant to an average monthly
production of 160,000 metric tonnes. However, Black Wattle is largely
dependent on the ability of Transnet; the sole rail freight provider for coal
in South Africa, to deliver our product to the ports and to our end customers.
Over the last three months, train cancellations for our product have increased
significantly resulting in an increase in our stockpile levels and this has
imposed a strain on our ability to maintain production through the washing
plant. Although we have been informed by Transnet that services will improve,
production and profitability will continue to be affected until such time as
our coal can be delivered and our stockpile levels can be reduced.

In the coal markets in which we trade, I can report that at the beginning of
August Black Wattle achieved the first domestic price increase since 2008
which, we hope, is the beginning of an upswing in prices for our domestic
product. The physical demand for Black Wattle product from our end customers
remains strong both domestically and internationally.

Black Wattle still awaits final regulatory approval for the company's new
Black Empowerment partner; shareholders will be informed as soon as approval
is received.

Bisichi's UK retail property portfolio, managed by London & Associated
Properties PLC, continues to perform in line with the market and, most
importantly, there has been no material reduction in rental income.

Finally, I am pleased to inform shareholders that Bisichi Mining will be
paying an interim dividend of 1p per share. This is an indication of the
Board's confidence in the current and future prospects of your business. The
dividend will be paid on the 4 February 2011, to shareholders on the register
at the close of business on 7 January 2011.

On behalf of all shareholders I would like to thank all of our staff for their
contribution to the long term success of the company. Your Board continues to
regard the future with confidence.

Michael Heller Andrew Heller

Chairman Managing Director

26 August 2010

Bisichi Mining PLC
Consolidated income statement
for the six months ended 30 June 2010
                                                                               6 months    6 months  Year ended
                                                                               ended 30    ended 30      31
                                                                                   June        June   December
                                                                                   2010        2009       2009
                                                                 Notes             £000        £000       £000
 
Group revenue                                                         1          15,426      16,629     29,016
Operating costs                                                                 (15,772)   (12,281)   (24,616)
Operating (loss)/profit on trading activities                         1            (346)      4,348      4,400
Increase in value of investment properties                                            -           -         67
Gains on held for trading investments                                                 9         109        425
Operating (loss)/profit                                                            (337)      4,457      4,892
Share of profit in joint ventures                                                     -          10        101
(Loss)/Profit before interest and taxation                            1            (337)      4,467      4,993
Interest receivable                                                                  84         137        226
Interest payable                                                                   (139)       (103)      (216)
(Loss)/Profit before taxation                                                      (392)       4,501      5,003
Income tax expense                                                    2             230      (1,192)    (1,330)
(Loss)/Profit for the period                                                       (162)       3,309      3,673
 
Earnings per share - basic                                            3           (1.55) p     31.66 p    35.14 p
Earnings per share - diluted                                          3           (1.55) p     30.96 p    34.35 p
 


Bisichi Mining PLC
Consolidated statement of comprehensive income
for the six months ended 30 June 2010
                                                                                       6 months    6 months  Year ended
                                                                                       ended 30    ended 30      31
                                                                                         June        June     December
                                                                                         2010        2009       2009
                                                                                         £000        £000       £000
 
(Loss)/Profit for the period                                                             (162)      3,309      3,673
Other comprehensive income:
Exchange differences on translation of foreign operations                                 253        263        530
Other comprehensive income for the period net of tax                                      253        263        530
Total comprehensive income for the period                                                  91      3,572      4,203


 
Bisichi Mining PLC
Consolidated Balance Sheet
as at 30 June 2010
                                                                             30 June  30 June 31 December
                                                                                2010     2009        2009
                                                                                £000     £000        £000
 
Assets
Non-current-assets
                 Value of investment properties attributable to the group     11,868   11,795      11,865
                 Fair value of head leases                                       246      234         246
                 Property                                                     12,114   12,029      12,111
                 Reserves, plant and equipment                                 8,597    6,867       8,057
                 Investments in joint ventures                                 3,359    3,182       3,259
                 Other investments                                               149      358         496
                 Total non-current assets                                     24,219   22,436      23,923
Current assets
                 Inventories                                                   2,862    1,976       1,139
                 Trade and other receivables                                   6,119    3,325       2,060
                 Corporation tax recoverable                                      41       41          19
                 Held for trading investments                                    519      805         510
                 Cash and cash equivalents                                     5,565    6,129       6,609
                 Total current assets                                         15,106   12,276      10,337
Total assets                                                                  39,325   34,712      34,260
Liabilities
Current liabilities
                 Borrowings                                                  (2,886)  (6,011)     (4,593)
                 Trade and other payables                                    (7,768)  (4,594)     (5,571)
                 Current tax liabilities                                        (13)    (700)       (260)
                 Total current liabilities                                  (10,667) (11,305)    (10,424)
Non-current liabilities
                 Borrowings                                                  (5,753)    (725)       (533)
                 Provision for rehabilitation                                  (868)    (615)       (772)
                 Finance lease liabilities                                     (246)    (234)       (246)
                 Deferred tax liabilities                                    (2,818)  (2,497)     (2,985)
                 Total non-current liabilities                               (9,685)  (4,071)     (4,536)
Total liabilities                                                           (20,352) (15,376)    (14,960)
Net assets                                                                    18,973   19,336      19,300
 
Equity
                 Share capital                                                 1,045    1,045       1,045
                 Translation reserve                                           (432)    (952)       (685)
                 Other reserves                                                  480      781         480
                 Retained earnings                                            17,880   18,462      18,460
Total equity attributable to equity shareholders                              18,973   19,336      19,300
 


Bisichi Mining PLC
Consolidated Cash Flow Statement
for the six months ended 30 June 2010
                                                                                30 June     30 June  31 December
                                                                                   2010        2009       2009
                                                                                   £000        £000       £000
 
Cash flows from operating activities
Operating (loss)/profit                                                            (337)       4,457       4,892
              Depreciation                                                           986       1,916       2,541
              Unrealised gain on investments held for trading                        (9)       (109)       (425)
              Unrealised gain on investment properties                                 -           -        (67)
              Share based payment gain/(expense)                                       -         118       (183)
              (Increase)/ Decrease in net current assets                         (3,976)         683       3,565
              Net interest (received)/paid                                          (55)          34          10
              Income tax paid                                                      (192)     (2,270)     (2,359)
Cash flow from operating activities                                              (3,583)       4,829       7,974
Cash flows from investing activities                                               (798)     (1,059)     (2,223)
Cash flows from financing activities                                               2,203          80       (660)
Net (decrease)/increase in cash and cash equivalents                             (2,178)       3,850       5,091
 
Cash and cash equivalents brought forward                                          5,077       (116)       (116)
Exchange adjustment                                                                 (25)          30         102
Cash and cash equivalents at end of period                                         2,874       3,764       5,077
 
Cash and cash equivalents
For the purposes of the cash flow statement, 
cash and cash equivalents comprise the following balance sheet
amounts:

Cash and cash equivalents                                                          5,565       6,129      6,609
Bank overdraft                                                                   (2,691)     (2,365)    (1,532)
Cash and cash equivalents at end of period                                         2,874       3,764      5,077



Bisichi Mining PLC
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
for the six months ended 30 June 2010
 
                                      Share  Translation  Other   Retained
                                     capital   reserve   reserves earnings  Total
                                      £000      £000       £000     £000    £000
 
Balance as at 1 January 2009           1,045     (1,215)      663   15,153  15,646
Profit for the period                      -           -        -    3,309   3,309
Other comprehensive income and             -         263        -        -     263
expense
Total recognised income and expense        -         263        -    3,309   3,572
for the year
Equity share options                       -           -      118        -     118
Balance at 30 June 2009                1,045       (952)      781   18,462  19,336
 
Balance as at 1 January 2009           1,045     (1,215)      663   15,153  15,646
Revaluation of investment                  -           -        -       67      67
properties
Other income statement movements           -           -        -    3,606   3,606
Profit for the year                        -           -        -    3,673   3,673
Other comprehensive income and             -         530        -        -     530
expense
Total recognised income and expense        -         530        -    3,673   4,203
for the year
Dividend                                   -           -        -    (366)   (366)
Equity share options                       -           -    (183)        -   (183)
Balance at 31 December 2009            1,045       (685)      480   18,460  19,300
Loss for the period                        -           -        -    (162)   (162)
Other comprehensive income and             -         253        -        -     253
expense
Total recognised income and expense        -         253        -    (162)      91
for the period
Dividend                                   -           -        -    (418)   (418)
Balance at 30 June 2010                1,045       (432)      480   17,880  18,973


 
ACCOUNTING POLICIES AND NOTES TO THE ACCOUNTS:
 
The results for the six months ended 30 June 2010 have been prepared in accordance with
International
Financial Reporting Standards (IFRS). The principal accounting policies applied are the same
as those set
out in the Financial Statements for the year ended 31 December 2009.
1.  Segmental analysis
    For management purposes, the Group is organised into two operating Divisions, Mining and Property. These
    Divisions are the primary basis on which the Group reports its segment information. This is consistent with
    the way the Group is managed and with the format of the Group's internal financial reporting.
 
                                                        30 June      30 June  31 December
                                                          2010          2009         2009
 
    Revenue
    Mining                                               14,924       16,113       27,806
    Property                                                492          501        1,005
    Other                                                    10           15          205
    Group Revenue                                        15,426       16,629       29,016
 
    Operating (loss)/profit
    Mining                                                (618)        4,080        3,873
    Property                                                268          262          688
    Other                                                    13          115          331
                                                          (337)        4,457        4,892
 
    Share of profit in joint ventures                         -           10          101
    Interest receivable                                      84          137          226
    Interest payable                                      (139)        (103)        (216)
    (Loss)/Profit before taxation                         (392)        4,501        5,003

 
Total assets in the period have increased by £4.8m due to high levels of
current assets.


2.  Taxation
                                       30 June 30 June  31 December
                                          2010    2009       2009
 
    Based on the results for the year:
    Corporation tax at 28% (2009: 28%)      21   1,430      1,203
    Deferred taxation                    (251)   (238)        127
                                         (230)   1,192      1,330

 
3. Earnings per share

Both the basic and diluted earnings per share calculations are based on a loss
of £162,000 (2009: £3,309,000 profit). The basic earnings per share has been
calculated on 10,451,506 (2009: 10,451,506) ordinary shares being in issue
during the year. The diluted earnings per share has been calculated on the
number of shares in issue of 10,451,506 (2009: 10,451,506) plus the dilutive
potential ordinary shares arising from share options of 270,611 (2009:
236,986) totaling 10,722,117 (2009: 10,688,492).

4. Properties

Properties are included at valuation as at 31 December 2009 plus additions in
the period ended 30 June 2010.

5. Related parties

The related parties and the nature of costs recharged are as disclosed in the
group's annual financial statements for the year ended 31 December 2009. The
group paid management fees of £150,000 (30 June 2009: £148,000, 31 December
2009: £300,000) to London & Associated Properties PLC, an associated company.

6. Financial information

The above financial information does not constitute statutory accounts within
the meaning of section 434 of the Companies Act 2006. The figures for the year
ended 31 December 2009 are based upon the latest statutory accounts, which
have been delivered to the Registrar of Companies; the report of the auditors
on those accounts was unqualified and did not contain a statement under
Section 498(2) or (3) of the Companies Act 2006.

 As required by the Disclosure and Transparency Rules of the
UK's Financial Services Authority, the interim financial statements have been
prepared in accordance with the International Financial Reporting Standards
(IFRS) and in accordance with both IAS 34 'Interim Financial Reporting' as
adopted by the European Union and the disclosure requirements of the Listing
Rules.

The half year results have not been audited or subject to review by the
company's auditors.

The annual financial statements of Bisichi Mining PLC are prepared in
accordance with IFRS as adopted by European Union. The same accounting
policies are used for the six months ended 30 June 2010 as were used for the
year ended 31 December 2009.

The assessment of new standards, amendments and interpretations issued but not
effective, are not anticipated to have a material impact on the financial
statements.

The largest area of estimation and uncertainty in the interim financial
statements is in respect of the valuation of investment properties (which are
not revalued at the half year end). Other areas of estimation and uncertainly
are referred to in the group's annual financial statements.

There is no material seasonal impact on the group's financial performance.

Taxes on income in the interim periods are accrued using tax rates expected to
be applicable to total annual earnings.

The interim financial statements have been prepared on the going concern basis
as the Directors are satisfied the group has adequate resources to continue in
operational existence for the foreseeable future.

7. Dividend

The interim dividend in respect of 2009, totaling £105,000 was paid on 5
February 2010.

The final dividend in respect of 2009, totaling £313,000 was
approved by the shareholders at the Annual General Meeting held on 8 June 2010
and was paid on 9 august 2010. The final dividend in respect of 2009 is
included as a liability in these interim financial statements.

A proposed interim dividend for the year ended 31 December 2010 totaling
£105,000 was approved by the Board of Directors on 26 August 2010 and has not
been included as a liability in these Interim Financial Statements.

8. Principle risks and uncertainties

The Group has an established risk management process which works within the
corporate governance framework as set out in the 2009 Annual Report and
Accounts. Risks and uncertainties identified by the Group are set out on page
14 of the 2009 Annual Report & Accounts and are reviewed on an ongoing basis.
There have been no significant changes in the first half of 2010 to the
principle risks and uncertainties as set out in the 2009 Annual Report &
Accounts.

The principal risks as stated in the accounts reflect the challenging
environment in which the business operates and are considered under the
following broad headings:

Mining:

- Coal price

- Coal washing process

- Health & safety

- Coal qualities

- Currency movements

- Regulatory requirements & permissions

- Transport

- Power supply

- Flooding

- Environment

- Labour

Property:

- Property valuation

- Occupancy

9. Board approval

These interim results were approved by the Board of Bisichi Mining on 26
August 2010.



DIRECTORS RESPONSIBILITY STATEMENT AND REPORT ON PRINCIPLE RISKS AND
UNCERTAINTIES

Responsibility statement

We confirm to the best of our knowledge

(a) the condensed set of financial statements have been prepared in accordance
with IAS 34 Interim Financial Reporting as adopted by the EU;

(b) the interim management report includes a fair review of the information
required by:

(1) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication
of important events that have occurred during the first six months of the
financial year and their impact on the condensed set of financial statements;
and a description of the principal risks and uncertainties for the remaining
six months of the year; and

(2) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the entity during the period; and any changes in the related
party transactions described in the last described in the last annual report
that could do so.

Michael Heller Andrew Heller

Chairman Managing Director

26 August 2010

DIRECTORS AND ADVISERS

 Directors Michael A Heller MA, FCA (Chairman)

 Andrew R Heller MA, ACA (Managing Director)

 Robert Grobler (Mining Director)

 Garrett Casey CA (SA) (Finance Director)

 C A Joll MA (Non-executive)

 John A Sibbald BL (Non-executive)

 Secretary Michael C Stevens FCA

 Registered office 30-35 Pall Mall

 London SW1Y 5LP

 Black Wattle Colliery -

 Directors Robert Corry (Chairman)

 Andrew Heller (Managing Director)

 Garrett Casey (Finance Director)

 Robert Grobler (Mining Director)

 David Nkosi

 Ethan Dube

 General mine manager Luis Pinel

 Registrars and transfer office Capita Registrars

 Northern House

 Woodsome Park, Fenay Bridge

 Huddersfield, West Yorkshire

 HD8 0LA

 Telephone [phone]

 (Calls cost 10p per minute + network extras)

 or [phone] for overseas callers

 Website: www.capitaregistrars.com

 E-mail: [e-mail]

 Company registration number 112155 (Incorporated
in England and Wales)

 Web site www.bisichi.co.uk

 E-mail [e-mail]