Final Results

Bisichi Mining PLC
12 March 2001

                                                           12th March 2001

                            Bisichi Mining PLC

         Preliminary Results for the year ended 31st December 2000

                                     
                                                      2000           1999
     Turnover:                                  £3,695,000     £3,132,000

     Profit (loss) before tax and goodwill
          amortisation and after minorities:      £218,000      £(179,000)

     Net assets per share:                            66.3 p         62.7 p

     Dividend per share:                               1.0 p          1.0 p


     -   South African coal mining division returned to profit
         
     -   Strengthened mine management, higher coal prices & new reserves
         significantly improve mining prospects
    
     -   Retail property investment portfolio performed strongly


Commenting, Michael Heller, chairman of Bisichi Mining PLC said:
'The  acquisition of high quality reserves on acceptable commercial terms,
the  appointment  of  a  new  mine manager, a  greatly  strengthened  mine
management team and significantly increased mining efficiency lies at  the
core  of  the  restoration of the mine's profitability. The prospects  for
Bisichi Mining are positive, real & deliverable.'


For further information:

Robert Corry or Andrew Heller
Bisichi Mining PLC                           020 7415 5000



BISICHI MINING PLC

Chairman's Review


Financial review & dividend

Shareholders will be pleased to learn that Bisichi Mining's profit  before
tax  and goodwill amortisation, but after minority interests for the  year
to  31 December 2000 was £218,000, compared to a loss in the previous year
of £(179,000).

The  mining division returned to profit during the year, before the  write
off  of goodwill. This turnaround is due to the strong action taken by the
management and this, coupled with the worldwide rising coal prices  (which
will benefit us in 2001), bodes well for the future.

Our  direct  mining activities continue to be underpinned  by  the  strong
performance of our UK retail property investment portfolio and our  equity
investment  portfolio.  Shareholders funds  now  stand  at  £6.74  million
compared to £6.36 million in the previous year.  As shareholders know,  it
is  the  Group's  strategy  to use surplus cash flow  generated  from  our
investments  in  UK  retail  property  to  finance  the  development   and
management of direct mining assets.

As  a  consequence  of these results, your directors are recommending  the
maintenance of the final dividend of 1p per share.


Direct Mining & mining investment

Shareholders  will  recall that, when I reported the  Interim  results  in
September  2000,  I  advised  that the losses  incurred  at  Black  Wattle
Colliery  (Pty)  Ltd,  which  had arisen from  a  major  geological  fault
impeding  the  mining of coal, had been reversed as the result  of  prompt
action  by  the  company's management. The effect of this  action  is  now
becoming apparent.

The  acquisition of high quality reserves on acceptable commercial  terms,
which has enabled us to mine away from the geological fault, combined with
the  appointment  of  a  new  mine manager, a  greatly  strengthened  mine
management team and significantly increased mining efficiency lies at  the
core of the restoration of the mine's profitability.

The new reserves that we have already acquired, combined with the prospect
of  being  able  to acquire significantly more in the immediate  locality,
mean  that the outlook for Black Wattle has never been more positive.  Our
optimism  must,  of  course, be tempered by the  recognition  that  mining
businesses  are  by their very nature always vulnerable  to  circumstances
entirely beyond management's immediate control.

A  fuller  review of our direct mining activities follows  in  the  Mining
Report.

Mineral  Products  Limited, a wholly owned subsidiary of  Bisichi  Mining,
continues  to manage an equity portfolio with a weighting in  mineral  and
natural  resources stocks. This portfolio also provides us with as  easily
accessible cash reserve.


Property

Bisichi  Mining's  property  portfolio, which  consists  of  5  fully  let
shopping  centres managed by London & Associated Properties PLC, has  been
independently valued at the year end at £7.78 million, an increase of 5.8%
over  the 1999. Bisichi Mining also owns, jointly with London & Associated
Properties,  Dragon  Retail Properties Limited.  In  October  2000  Dragon
Retail  acquired four shops in Western Road, Brighton, the  main  shopping
location  in  the  town. This portfolio is strongly  reversionary.  Dragon
Retail's  property portfolio was independently valued at 31 December  2000
at £5.25 million, compared with £3.8 million in the previous year.


Retirement

John Brown, one of your non-executive directors, will be retiring from the
board at the Annual General Meeting in June 2001. John has brought to  the
affairs  of Bisichi Mining a store of wisdom and common sense and I  would
like to take this opportunity to thank him on behalf of his colleagues and
shareholders for the part he has played over the last 12 years in  helping
to bring about the transition of Bisichi to the company that it is today.


Prospects

Shareholders  will by now have gathered that I believe that the  prospects
for  Bisichi Mining are positive, real and deliverable. This situation has
been  brought about by the dedication of all of our employees both in  the
UK  and South Africa; the future relies to a considerable extent on  their
continued  dedication.  On behalf of all shareholders I would,  therefore,
like to thank them for their hard work.

I look forward to 2001 with confidence.


MICHAEL HELLER                                              
Chairman
9 March 2001



MINING REVIEW

Year ended 31st December 2000

BLACK WATTLE COLLIERY

Mining  is a business that constantly challenges the ability of management
to deal with the unforeseen or the unexpected. Black Wattle Colliery is no
exception  to this rule and has had more than its fair share of management
challenges  over the past 18 months. The fact that it has  returned  to  a
profitable operation during the year is solely due to the very prompt  and
positive actions taken by management, as will be immediately apparent from
this report.


Production

As  soon  as it became clear that the geological problem encountered  last
year  could  not  be easily overcome economically, mining operations  were
switched  to  the newly acquired area adjacent, and to the  west,  of  our
original  concession area. Two mining sections were deployed in  this  new
area, working double shifts mining the lower seam.  This new seam consists
of  excellent  quality coal with good mining conditions  and  a  very  low
phosphorous  content.  Low phosphorous coal commands premium  prices  from
the metallurgical industry.

As  reported at the half-year, mining in the west was not achieved without
initial  additional  short-term  losses at  the  beginning  of  the  year.
However  these  problems  were overcome and production  was  increased  to
return the mine to profitability

At  the current levels of production, the mine is profitable. However,  we
recognise that, with improving coal prices for the first time in the  last
three  years,  there  is an opportunity for a substantial  improvement  in
profitability.  To maximise the opportunity presented by the  market,  our
principal initiative is to open a third underground section, for which the
machinery has already been acquired.  To support this initiative,  we  are
increasing the capacity of the washing plant and we will, of course,  keep
a tight control over costs.


Management

During  the  year,  Black Wattle's board was greatly strengthened  by  the
appointment  of Mr Sipho Dube, who is a 37.5% shareholder in the  company.
Mr  Dube has considerable commercial skills and his input is proving to be
of significant benefit to the mine.

The   management  of  the  company  was  further  strengthened  with   the
recruitment of Mr Robert Grobler as the General Mine Manager.  Mr  Grobler
is  a  highly respected mine manager and has brought both skill and energy
to  his  job. In addition, more highly qualified individuals have replaced
the  Underground  Manager  and  the Chief  Engineer.  Financial  incentive
schemes  for key senior staff and the labour force on the mine  have  been
introduced. The benefits of these arrangements will become apparent during
the current year.

Ore reserves

In  order to safeguard the longer-term future of the mine, we continue  to
seek additional coal reserves in our general area.

As outlined in my previous report, we were able to obtain a new concession
to  the west of our original mining area during 2000 and we are now mining
in  it.  The current audited reserves of the mine are a minimum of 5 years
at current budgeted production levels.

We  are  continuing to negotiate the acquisition of known reserves in  the
locality, which will further extend the life of the mine.  We will  inform
shareholders as and when these new reserves are acquired.


Environmental management

I am pleased to report that the Department of Minerals and Energy in South
Africa  have  recently  approved Black Wattle's  Environmental  Management
Programme.


Prospects

The  strength  of our new board and operational management structure,  the
buoyant  coal  price, the measures taken to increase  production  and  our
prospect of obtaining additional reserves, when taken together, mean  that
there  is  real  potential for a substantial increase  in  Black  Wattle's
contribution to the Group's profits.


BOB MACKILLIGIN               ANDREW HELLER
Mining Director               Director
9 March 2001


Bisichi Mining PLC
Preliminary Consolidated Profits Statement
Year Ended 31st December 2000

                                                          2000        1999
                                                   Note   £000        £000

Turnover                                                 3,695       3,132
Operating costs                                         (3,406)     (3,416)

Operating profit (loss)                                    289        (284)

Income from interests in joint venture                      37          19
Exceptional items in respect of fixed assets  1            (14)        (65)
Interest receivable                                           4          7
Interest payable                                           (234)      (207)

Profit (loss) on ordinary activities before 
 taxation                                                    82       (530)

Taxation on profit (loss) on ordinary 
  activities                                  2             (69)       (63)

Profit (loss) after taxation                                 13       (593)

Minority interest                                            51        267

Profit (loss) for the financial year                         64       (326)

Dividends                                                  (105)      (105)

Retained (loss) for the year                                (41)      (431)



Earnings per share                            3            0.61p     (3.12)p

Dividend per share                            4            1.00p      1.00p



Turnover and operating profit (loss) for the year derive from continuing
operations, which are made up as follows:

                               Turnover            Operating profit (loss)
                            2000      1999             2000      1999
                            £000      £000             £000      £000

Mining                     2,900     2,190               28      (583)
   Goodwill amortised          -         -              (85)      (84)

                           2,900     2,190              (57)     (667)
Property                     716       665              331       267
Share dealing                 72       268               12       110
Other      investments         7         9                3         6

Group                      3,695     3,132              289     (284)



Bisichi Mining PLC
Consolidated Balance Sheet
at 31st December 2000
                                                          2000      1999
                                                          £000      £000
Fixed assets
Intangible assets                                          301       386
Tangible assets                                          8,714     8,409
Investments                                                924       763

                                                         9,939     9,558
Current assets
Stocks                                                      31       111
Debtors                                                    492       328
Investments at cost - market value £606,000
     (1999: £621,000)                                      424       420
Bank balances                                               88        48

                                                         1,035       907

Creditors - amounts falling due within one year         (2,249)   (2,071)

Net current liabilities                                 (1,214)   (1,164)

Total assets less current liabilities                    8,725     8,394

Creditors - amounts falling due after one year          (2,131)   (2,155)
Deferred taxation                                          (12)      (12)
Minority interest                                          162       129

                                                         6,744     6,356

Capital and reserves

Share capital                                            1,045     1,045
Revaluation reserve                                      5,100     4,601
Other reserves                                              86       101
Retained earnings                                          513       609

Shareholders' funds                                      6,744     6,356


Statement of total recognised gains and losses

The company                                                141         6
Subsidiaries and associated undertaking                    (77)     (332)

Profit (loss) for the year                                  64      (326)
Revaluation of investment properties - company             418       295
                         - joint venture                    95       200
Exchange adjustments                                       (84)       (4)

Total gains recognised in period                           493       165



Bisichi Mining PLC
Consolidated Cash Flow Statement
Year ended 31st December 2000
                                                          2000      1999
                                                          £000      £000

Net cash inflow from operating activities                  631      270

Returns on investments and servicing of finance
    Interest received                                        4         7
    Interest paid                                         (234)     (207)
                                                          (230)     (200)

Taxation
Corporation tax paid                                       (59)      (6)

Capital expenditure and financial investment
    Payments to acquire fixed asset                       (329)   (1,077)
    Payments to acquire current asset investments          (48)     (173)
    Receipts from sale of fixed assets                      17       106
    Receipts from sale of current asset investments         56       251
                                                          (304)     (893)

Equity dividends paid                                     (105)     (105)

Cash outflow before financing                              (67)     (934)

Financing
    Loans drawn                                             10       788

(Decrease) in cash for the year                            (57)     (146)

Reconciliation of net cash flow to movement in net debt

(Decrease) in cash in the period                           (57)     (146)
Net cash flows from changes in debt                        (10)    (788)

                                                           (67)     (934)
Net debt at 1st January 2000                            (2,887)   (1,953)

Net debt at 31st December 2000                          (2,954)   (2,887)


Reconciliation of operating profit to net cash inflow from operating
activities
                                                2000      1999
                                                £000      £000
Operating profit (loss)                          289     (284)
Depreciation charges                             246       188
Goodwill amortised                                85        84
Provision against current asset investment         4         -
Profit on sale of current investments            (16)     (109)
Decrease (increase) in stock                      71       (26)
(Increase) in debtors                           (183)     (112)
Increase in creditors                            135       529
Net cash inflow from operating activities        631       270



Analysis of net debt

                                     At 1st                          At 31st
                                    January               Exchange  December
                                       2000  Cash flow  adjustment      2000
                                       £000       £000        £000      £000
Bank balances                            48         45          (5)       88
Overdrafts                             (735)      (102)         (1)     (838)
                                       (687)       (57)         (6)     (750)
Due within one year                     (45)       (34)          6       (73)
Debt due in after one year           (2,155)        24           -    (2,131)
                                     (2,887)       (67)          -    (2,954)


NOTES                                           2000      1999
                                                £000      £000
1.   Exceptional items

  Arising in respect of fixed asset disposals
         - investments                          (14)        15
         - provisions                             -        (80)
                                                (14)       (65)

2.   Taxation
  
  Based on results for the year:
  Corporation tax at 30% (1999: 30.25%)          72         67
  Prior year adjustment                         (12)        (3)
  Deferred taxation                               -         (7)
  Attributable to franked investment income       -          2
  
                                                 60         59
  Joint venture                                   9          4
  
                                                 69         63

3.   Earnings per share
  
  Earnings  per share have been calculated on the group profit  (loss)  on
  ordinary  activities after taxation of £64,000 (1999:  Loss  (£326,000))
  and  the  weighted  number  of  shares  in  issue  during  the  year  of
  10,451,506 (1999: 10,451,506).
  

4.   Dividend

  The  proposed final dividend of 1.00p will be paid on 23rd  August  2001
  to shareholders registered at the close of business on 3rd August 2001.

5. The  figures for the year ended 31st December 1999 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 2000, which have been
  prepared  using  the  same accounting policies as  in  1999,  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.   This
  preliminary statement was approved by the board on 12th March 2001.