Final Results

Bisichi Mining PLC
28 February 2000

                                                        28th February, 2000

                           Bisichi Mining PLC
 
         Preliminary Results for the year ending 31st December 1999

Turnover                                 £3,132,000       (1998: £3,053,000)
(Loss) profit before tax and after
       minority interests                 £(263,000)      (1998: £  215,000)
Net assets per ordinary share                  62.7p      (1998:      61.9p)
Dividend per share                              1.0p      (1998:       1.0p)

*Geological fault at Black Wattle significantly impacts on direct mining
income    in 1999.
*New reserves with good coal quality and reduced costs all signal major       
 turnaround in performance at Black Wattle in 2000.
*UK property portfolio fully let & now valued at £7.35 million (1998: £6.4    
 million).
*Dividend maintained.

Bisichi Mining's chairman, Michael Heller, comments:

'Black Wattle has, in previous years, made a good contribution to Bisichi
Mining's profitability and cash flow. With the actions that we have taken it
is anticipated to do so again. In the meantime, our property portfolio is
increasing in value and provides a strong underpinning of the whole company. I
am confident that Bisichi Mining will continue to provide shareholders with
yields that are well above the mining sector average.'

                                        

For further information:

Michael Heller, Robert Corry or Andrew Heller
Bisichi Mining PLC                                    020 7415 5000



                            BISICHI MINING PLC

                             Chairman's review
Financial results 

As shareholders were advised at the time of our Interim Statement, Bisichi
Mining's results for the year ending 31st December 1999 have been
significantly impacted by the geological problems that we encountered at our
South African coal mining subsidiary Black Wattle Colliery (Pty) Ltd, which
has made a loss of £445,000 before taxation but after minority interests. As a
result Bisichi Mining PLC is showing a group loss, before tax but after
minority interests in Black Wattle Colliery (Pty) Ltd, of £263,000. However,
this position is mitigated by the 1999 revaluation surpluses on the UK shop
portfolio of £495,000 and I am pleased to be able to report that, because of
this surplus, the net assets of Bisichi Mining have increased by £60,000.

During the year, the company's borrowings were restructured and shorter term
facilities of £1.15 million and a bridging loan of £575,000 were replaced with
a £2 million 10 year facility at a significantly better rate of interest.

Mining
Shareholders will recall that in previous years Black Wattle Colliery, which
we acquired very economically, has made a good contribution to Bisichi
Mining's profitability & cash flow. We believe that it will do so again.
Whilst the problems at Black Wattle are a setback for your company, there are
a number of factors which, when taken together, your Directors believe justify
our continued support of the mine. These factors are:

*the agreement that we have signed with Ingwe that gives the mine access to   
 substantial additional reserves on the adjacent property
*the quality of the coal that we have started to mine in the new reserves
*the mining yields currently being achieved
*the substantial reduction in underground mining costs arising from the fact  
 that we are now mining in solid coal
*the increased demand for the coal we are now mining
*the increased production levels now being achieved on the mine

In the Mining Report that follows this statement, shareholders will find more
details of these factors.

Mineral Products Limited
Our wholly owned share-dealing subsidiary, Mineral Products Limited has
continued to manage an equity portfolio with a weighting in mineral and
natural resource stocks. The market value at 31 December 1999 was £621,000
(1998: £560,000). This portfolio complements our position in the mining and
natural resources sector and provides us with an easily accessible cash
reserve for investments in direct mining.

Property
Our property portfolio is made up exclusively of shopping centres located in
town centres, all of which are currently fully let. The portfolio, which was
professionally valued at the end of the 1999 financial year at £7.35 million
(1998: £6.4 million), includes the purchase of a shop unit in Dudley for
£575,000. This shop is adjacent to our existing investment in Dudley and
presents us with significant 'marriage' value. The property portfolio
continues to be actively managed by London & Associated Properties PLC, which
has Group assets in excess of £100 million and continues to hold 42% of our
equity. In addition, jointly with London & Associated Properties, Bisichi owns
Dragon Retail Properties Ltd which holds a prime shopping mall in the centre
of Bromsgrove, Worcestershire. The current rental income from Bromsgrove is
over £300,000 pa and the investment, although fully let, is still highly
reversionary.

Staff
I would like to thank all the employees, particularly in South Africa, for
their hard work during what has been an extremely difficult year. We rely on
their dedication and support.

Prospects and Dividend
Your company is in a strong position as it enters the new Millennium. Our
property portfolio is increasing in value and provides us with a solid cash
flow and a strong underpinning of the whole company. Our indirect equity and
mining investments are also in good shape. Your directors have given very
considerable thought to the question of the dividend. Our decision to maintain
it at last year's level is a reflection of the strong performance of the UK
business and is the clearest possible demonstration of our confidence that
Black Wattle will shortly return to profitability and positive cash flow.
Accordingly, your directors are recommending a final dividend of 1p (1998: 1p
per share).

I am confident that Bisichi Mining will continue to provide shareholders with
yields that are well above the mining sector average.

MICHAEL HELLER
Chairman


                             MINING REVIEW
                      Year ended 31 December 1999

BLACK WATTLE COLLIERY
The Chairman has already made reference in his statement to the geological
problems encountered at the mine and to the factors that give us the
confidence to continue to support the mining operation. The purpose of the
first part of this report is to provide shareholders with a full explanation
of the geological problems and to expand on the positive factors.

The 'mudwash' and its consequences
Shareholders were alerted to the difficulties that the mine encountered when
progress of the two mining sections were halted by an unexpected 'mudwash'
that had not been evident in the boreholes. A number of attempts were made to
mine through this comparatively thin zone of disturbance to reach the good
quality coal situated on the other side. These attempts had to be abandoned
for reasons of cost and safety and we have been obliged to defer mining of
these reserves until later in the life of the mine.

As the accessible part of our upper coal seams were now largely mined out,
this meant having to drop down and commence mining the lower of the two seams
with both sections. This complex operation was accomplished with commendable
speed but inevitably resulted in a serious drop in production.

Mining of the lower seams below the mined out upper seam necessitated the
removal of the sandstone layer separating the two seams, before the lower seam
could be mined. The need to mine this stone not only reduced the effort
available to mine coal, but also considerably increased the wear and tear on
the mining machinery resulting in breakdowns and further losses of production.
As a result, production fell to a low of 32,600 tons in April against a target
figure of 50,000 tons. To make matters worse, the yield in the areas adjacent
to the mudwash fell to an unacceptably low figure resulting in large amounts
of coal being discarded in the washing process. Every effort was made to
increase production by the introduction of a third mining section operated by
a contractor and by the purchase of additional mining equipment, but with only
limited success and the mine continued to make losses.

Positive factors
The 'mudwash' and its consequences presented the mine with a possibly terminal
situation. However, as a result of the prompt and decisive action of
management, we are now faced with a new picture arising from a number of
positive factors that radically alter the mine's prospects:

 Reserves
 After protracted negotiations, Black Wattle has acquired reserves situated   
 immediately to the West of its existing concession. This has allowed the two 
 company operated sections to be re-located to mine in the direction of the   
 new reserves. An important element in our acquisition of additional reserves 
 was our association with Mr Sipho Dube, a leading African industrialist, who 
 acquired the 37.5% of Black Wattle previously owned by SouthWits.
 
 Coal quality
 The coal in the new seams being mined contains exceptionally low percentage  
 of phosphorous and commands a premium price from certain specialist users.
 
 Mining yields
 The yield of the coal being mined near the 'mudwash' fell to unacceptably low
 levels.  However, with the relocation to the new reserves and the qualities  
 of the new coal, yields are at or above those reached by the mine when it was
 previously profitable.
 
 Mine operating costs
 Due to the relocation of the two company sections to the new reserves, the   
 mine is now operating in solid coal for the first time in 18 months without
 having to lift stone to reach the coal.  The result of this is that we have  
 been able to substantially increase our production levels and reduce the     
 mining costs, both having a positive effect on the profitability.  Further   
 reductions in the direct mining costs are also being pursued.
 
 The coal market
 As we have previously reported, the mine has not seen any increases in its   
 coal prices for the last three years. However, we are now able to sell some  
 14.75% of  our coal as Low Phosphorous at a substantial premium to the       
 current prices. This means that an increase in the average selling price for 
 our coal, even before any world market price increase.

As a result of these factors there is an increase in the production levels,
and due to the increased yields, we are able to sell considerably more coal at
a higher average selling price than during last year.  These positive aspects,
combined with the opportunities to reduce the direct costs of mining, mean
that the mine will return to profitability and supports your Directors
decision to maintain its investment in the mine.

Losses at Black Wattle were offset to a limited extent by profits from Bisichi
Coal Mining Limited, our other company in South Africa.

OTHER MINING INTERESTS
In addition to Black Wattle, Bisichi continues to invest in a number of mining
companies in various parts of the world. It is worth mentioning that, in 1999,
Pima Mining NL in Australia completed the feasibility study of its South
Australian Magnesium Project to produce 52,500 tons of magnesium metal using
the Dow Chemicals process.

During the year Bisichi sold it's remaining holding in Ocean Diamond Mining at
a good profit. Bisichi had been a shareholder in Ocean Diamonds from its
inception.

PROSPECTS
The ability of the management at Black Wattle to deal effectively with the
various setbacks encountered during 1999 and their ability to achieve the
production targets, together with the additional reserves of coal gives me
cause for optimism for 2000.

                            Bisichi Mining PLC
                 Preliminary Consolidated Profits Statement 
                       Year Ended 31st December 1999
                                                         1999      1998
                                              Note       £000      £000
Turnover                                                3,132     3,053
Operating costs                                        (3,416)   (2,839)
                                                        -----      -----
Operating (loss) profit                                  (284)      214

Income from interests in joint venture                     19        15
Exceptional items in respect of fixed assets       1      (65)      166
Investment income and interest receivable                   7        24
Interest payable                                         (207)     (210)
                                                          ----     ----
(Loss) Profit on ordinary activities before taxation     (530)      209
Taxation on (loss) profit on ordinary activities   2      (63)      (44)
                                                          ----     ----
(Loss) Profit after taxation                             (593)      165 
Minority interest                                         267         6
                                                          ----     ----
(Loss) Profit for the financial year                     (326)      171
Dividends                                                (105)     (105)
                                                          ----     ----
Retained (loss) profits for the year                     (431)       66
                                                          ----     ----
Earnings per share                                  3   (3.12)p    1.64p

Dividend per share                                  4    1.00p     1.00p 

Turnover and operating (loss) profit for the year derive from continuing
operations, which are made up as follows:
                                            Turnover    Operating(loss)profit
                                         1999      1998     1999        1998
                                         £000      £000     £000        £000
Mining                                  2,190     2,403     (667)        (69)
Property                                  665       571      267         233
Share dealing                             268        74      110          49
Other investments                           9         5        6           1

                                        3,132     3,053     (284)        214


                                     Bisichi Mining PLC
                                 Consolidated Balance Sheet
                                   At 31st December 1999
                                                            1999        1998
                                                            £000        £000
Fixed assets
Intangible assets                                            386         412
Tangible assets                                            8,409       7,267
Investments                                                  763         608

                                                           9,558       8,287
Current assets
Stocks                                                       111          86
Debtors                                                      328         238
Investments at cost - market value £621,000
       (1998: £560,000)                                      420         389
Bank balances                                                 48          85

                                                             907         798
Creditors - amounts falling due within one year           (2,071)     (1,503)
Net current liabilities                                   (1,164)       (705)

Total assets less current liabilities                      8,394       7,582
Creditors - amounts falling due after one year            (2,155)     (1,267)
Deferred taxation                                            (12)        (19)
Minority interest                                            129          -
                                                           6,356       6,296
Capital and reserves          
Share capital                                              1,045       1,045
Revaluation reserve                                        4,601       4,106
Other reserves                                        .      101         101
Retained earnings                                            609       1,044
Shareholders' funds                                        6,356       6,296

Statement of total recognised gains and losses  
The company                                                    6         167
 Subsidiaries and associated undertaking                    (332)          4
(Loss) profit for the year                                  (326)        171
 Unrealised exchange losses                                   (4)        (99)
Revaluation of investment properties
                 - company                                   295         106
                 - Joint venture                             200           -

Total gains and losses recognised in year                    165         178


                            Bisichi Mining PLC
        Consolidated Cash Flow Statement Year ended 31st December 1999 
                                                       1999              1998
                                                       £000              £000
Net cash inflow from operating activities               270               549
Returns on investments and servicing of finance
       Interest received                                  7                24
        Interest paid                                  (207)             (210)
                                                       (200)             (186)

Taxation
Corporation tax paid                                     (6)              (24)
Capital expenditure and financial investment
       Payments to acquire fixed asset               (1,077)             (585)
       Payments to acquire current asset investments   (173)              (46)
       Receipts from sale of fixed assets               106               241
       Receipts from sale of current asset investments  251                74 
                                                       (893)             (316)

Equity dividends paid                                  (105)              (94)
                                                        
Cash outflow before financing                          (934)              (71)
Financing
       New loans drawn (Repaid)                         788               (12)
                                                       ----               ----

(Decrease) in cash for the year                        (146)              (83)
                                                        ----              ----

Reconciliation of net cash flow to movement in net debt

(Decrease) in cash in the year                         (146)              (83)
Net cash flows from changes in debt                    (788)               12

                                                       (934)              (71)
Net debt at 1st January 1999                         (1,953)           (1,882)

Net debt at 31st December 1999                       (2,887)           (1,953)

Reconciliation of operating (loss) profit to net cash inflow from operating
activities
                                                       1999              1998
                                                       £000              £000
Operating (loss) profit                                (284)              214
Depreciation charges                                    188               152
Goodwill amortised                                       84                85
Profit on sale of current investments                  (109)              (47)
(Increase) decrease in stock                            (26)               48
(Increase) decrease in debtors                         (112)               91
Increase in creditors                                   529                 6

                                                        270               549
Analysis of net debt 
                                At 1st                                At 31st
                               January               Exchange        December
                                  1999  Cash flow  adjustment            1999
                                  £000       £000        £000            £000
Bank balances                       85        (36)         (1)             48
Overdrafts                        (625)      (110)          -            (735)

                                  (540)      (146)         (1)           (687)
Due within one year               (146)       101           -             (45)
Debt due in after one year      (1,267)      (889)          1          (2,155)

                                (1,953)      (934)          -          (2,887)


NOTES                                                          1999       1998
                                                               £000       £000
1.Exceptional items
Arising in respect of fixed asset investments
       - gains from disposals                                    15        166
       - write down                                             (80)         -

                                                                (65)       166
Taxation
Based on results for the year:
Corporation tax at 30.25 per cent (1998: 31 per cent)            67         33
Prior year adjustment                                            (3)         -
Deferred taxation                                                (7)         4
Tax attributable to franked investment income                     2          4

                                                                 59         41
Joint venture                                                     4          3

                                                                 63         44

3.Earnings per share
Earnings per share have been calculated on the group (loss) on ordinary
activities after taxation of £(326,000) (1998: profit £171,000) and the
weighted number of shares in issue during the year of 10,451,506 (1998:
10,451,506).

4.Dividend
The proposed final dividend of 1.00p will be paid on 24th August 2000 to
shareholders registered at the close of business on 4th August 2000.

5.The figures for the year ended 31st December 1998 are based on the audited
accounts for that year, which have been delivered to the Registrar of
Companies and on which the Auditors gave an unqualified report.  The statutory
accounts for the year ended 31st December 1999, which have been prepared using
the same accounting policies as in 1998, have been completed and an
unqualified audit opinion will be issued.  The figures in the preliminary
announcement are an extract and do not constitute statutory accounts within
the meaning of the Companies Act 1985. The board approved this preliminary
statement on 28th February, 2000.