Final Results

Bisichi Mining PLC
11 March 2002

11th March 2002



                               BISICHI MINING PLC

                    Preliminary results - 31st December 2001

                                           2001           2000

Turnover:                             £4,060,000     £3,695,000
          
Profit before tax and goodwill

amortisation and after minorities       £324,000       £218,000

Earnings per share:                         1.52 p         0.61 p

Net assets per share                        67.3 p         66.3 p
               

  • Significant improvement in the performance of Black Wattle Colliery

  • Bisichi Mining is now one of the major producers of low phosphorous coal
    in South Africa, a commodity much in demand

  • New coal reserves acquired

  • New prices for the coal, effective from January 2002, offset SA Rand
    devaluation


Commenting, Michael Heller, chairman of Bisichi Mining said:

'The combination of a strong performance from our South African coal mine, the
prospects for growth in that performance and the strength of the UK retail
property portfolio, despite uncertain economic and political times, allows me to
view the prospects for 2002 with considerable confidence.'

END


For further information, please call:

Andrew Heller, Bisichi Mining PLC           020 7415 5000


Chairman's Statement

I am pleased to report to shareholders that Bisichi Mining has made a profit
before tax and goodwill amortisation, but after minority interests, of £324,000
for the year to 31st December 2001 (2000: £218,000). Earnings per share have
increased from 0.61p to 1.52p an increase of 149%.  This is a very substantial
improvement on the results your company achieved in 2000 and arises from the
management-driven improvement in the performance of Black Wattle Colliery, the
company's direct mining operation in South Africa.

These direct mining activities continue to be underpinned by the strong
performance of our UK retail property portfolio. Shareholders' funds now stand
at £6.88 million (2000: £6.74 million) and this increase would have been greater
had the company's balance sheet not had to absorb £0.29 million arising from the
severe devaluation of the South African Rand in the second half of the year.

Direct mining and mining investments

The company's mining activities are detailed in the Mining Report. However, in
this statement, I would like to draw shareholders' attention to a number of
strategic achievements that have been made by your company in South Africa.

Firstly, since Bisichi Mining acquired control of Black Wattle Colliery, the
management has had to contend with a series of challenges.  It is considerably
to the credit of both our London and South African based teams that not only
have they dealt with these problems but that, despite them, they have achieved a
situation where, today, Black Wattle Colliery is one of the major producers in
South Africa of low phosphorous coal, a type of coal that is very much in
demand.

Secondly, when your company acquired Black Wattle Colliery it was a coal mine
with limited prospects. We believed that the decline could be reversed and
prospects improved. As a result of complex and often difficult negotiations,
Black Wattle Colliery has acquired new reserves.

Lastly, although the sharp decline in the value of the South African Rand has
impacted on the balance sheet value of our South African investment, coal is
ultimately a US Dollar valued commodity and the management team has managed to
negotiate very substantial price increases for our coal from January 2002.
These increases have offset the decline in the value of the local currency.

The operating profit from our mining division increased in the year under review
by £100,000 and we believe that this is only the beginning.

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 an easily accessible cash reserve.

Property

Bisichi Mining's property portfolio of fully let shopping centres is managed for
a fee by London & Associated Properties PLC. It was valued at 31st December
2001, by independent chartered surveyors, at £8.08 million (£7.78 million) an
increase of 4% over the previous year.

Bisichi Mining also owns, jointly with London & Associated Properties, Dragon
Retail Properties. Dragon Retail's property portfolio was independently valued
at 31st December 2001 at £6.18 million (£5.25 million). During the year under
review Dragon Retail made or contracted to make property sales of £2.18 million
and purchases of £1.36 million.

Dividend

Your directors are recommending the maintenance of the final dividend of 1p per
share which is one and a half times covered by profit.

Prospects

Although we live in uncertain economic and political times, I view the prospects
for Bisichi Mining in 2002 with considerable confidence.

Finally, and on behalf of all shareholders, I would like to thank all our
employees both in the UK and South Africa for their continuing commitment to
your company.


MICHAEL HELLER

Chairman




                                 MINING REVIEW

BLACK WATTLE COLLIERY

Bisichi Mining's direct mining in 2001 was concentrated on Black Wattle
Colliery, the Company's coal mine in South Africa. It was a year of expansion
for the mine in terms of both production and reserves as detailed below.

Production

This was the first full year of mining in which we have operated three
underground sections on a 2-shift basis. As a result of this, the monthly coal
production in 2001 increased to 65,000 tons per month from the 44,000 tons per
month average achieved in 2000. In 2002, our policy is to maintain and even
increase those levels of production and so reduce the mining cost per ton. To
help in achieving this objective, all future rebuilds of our mining equipment
will be undertaken by a contractor working offsite, allowing our engineering
department to concentrate on maintenance and minor repairs underground. At the
same time, we are in the process of acquiring additional underground machinery
to support further the operating machines in the 3 existing sections.



Marketing & Pricing

The demand for Black Wattle's coal has remained strong throughout the year and,
as we continue to expand, we already have purchase commitments in place for our
future coal production at good prices.



The decline in the value of the South African Rand has various effects on our
business, in particular with regard to pricing. Because coal is ultimately an
international commodity priced in US Dollars, as the Rand has declined so the
price of our coal has increased. This benefits not only our mining operation but
the South African coal industry as a whole.



Ore reserves

During the year, we completed the acquisition of a reserve to the South,
following the acquisition we made last year to the West.



Prospects

The expansion of the mine detailed above is due in no small measure to the
efforts of Mr Sipho Dube, our South African director and partner, and to Mr
Robert Grobler, our General Mine Manager with his staff and employees. Against
this background we look forward to 2002 with confidence.



BOB MACKILLIGIN

ANDREW HELLER




Bisichi Mining PLC
Preliminary Consolidated Profits Statement
Year Ended 31st December 2001

                                                                                 2001       2000
                                                                                 £000       £000

                                                                       Note     
                        Turnover                                                4,060      3,695
                        Operating costs                                        (3,711)    (3,406)   

                        Operating profit                                          349        289   
                        Income from interests in joint venture                     70         37 
                        Exceptional items in respect of fixed assets     1          4        (14)
                        Interest receivable                                         5          4
                        Interest payable                                         (208)      (234) 

                        Profit on ordinary activities before taxation             220         82
                        Taxation on profit on ordinary activities        2        (80)       (69)

                        Profit after taxation                                     140         13 
                        Minority interest                                          19         51 

                        Profit for the financial year                             159         64
                        Dividends                                                (105)      (105)  

                        Retained profit (loss) for the financial year              54       (41)             
                                                                               
                        Earnings per share                               3     1.52 p      0.61p
                        Dividend per share                               4     1.00 p      1.00p                 


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

                                                        Turnover                 Operating profit          
                                                    2001      2000               2001      2000
                                                    £000      £000               £000      £000

                          Mining                   3,298     2,900                129        28
                          Goodwill amortised            -        -                (85)      (85)  
                                                   3,298     2,900                 44       (57)
                          Property                   733       716                296       331
                          Share dealing               22        72                  5        12
                          Other investments            7         7                  4         3 
                          Group                    4,060     3,695                349       289 



Bisichi Mining PLC
Consolidated Balance Sheet
at 31st December 2001

                                                                                      2001      2000 
                                                                                      £000      £000 
                  Fixed assets                                                                       
                  Intangible assets                                                    216       301 
                  Tangible assets                                                    8,632     8,714 
                  Investments                                                        1,109       924 
                                                                                     9,957     9,939 
                  Current assets                                                                     
                  Stocks                                                                13        31 
                  Debtors                                                              575       492 
                  Investments at cost - (market value £624,000(2000: £606,000))        474       424 
                  Bank balances                                                         64        88 
                                                                                     1,126     1,035 

                  Creditors - amounts falling due within one year                   (2,405)   (2,249) 

                  Net current liabilities                                           (1,279)   (1,214) 

                  Total assets less current liabilities                              8,678     8,725 

                  Creditors - amounts falling due after one year                    (1,904)   (2,131) 
                  Deferred taxation                                                    (16)      (12) 
                  Minority interest                                                    121       162 
                                                                                     6,879     6,744 

                  Capital and reserves                                                               
                  Share capital                                                      1,045     1,045 
                  Revaluation reserve                                                5,403     5,100 
                  Other reserves                                                        86        86 
                  Retained earnings                                                    345       513 

                  Shareholders' funds                                                6,879     6,744 

                  Statement of total recognised gains and losses:                                    
                  The company                                                          132        80 
                  Subsidiaries and associated undertaking                               27       (16) 
                  Profit for the year                                                  159        64 
                  Revaluation of investment properties - company                       268       418 
                                                       - joint venture                 101        95 
                  Exchange adjustments                                                (288)      (84) 
                  Total gains recognised in period                                     240       493 


Bisichi Mining PLC
Consolidated Cash Flow Statement
Year ended 31st December 2001

                                                                                                2001      2000 
                                                                                                £000      £000 

         Net cash inflow from operating activities                                               736       631 
         Dividend from joint venture                                                              40         - 
         Returns on investments and servicing of finance                                                       
         Interest received                                                                         5         4 
         Interest paid                                                                          (201)     (234) 
                                                                                                (196)     (230) 
         Taxation                                                                                              
         Corporation tax paid                                                                    (76)      (59) 

         Capital expenditure and financial investment                                                          
         Payments to acquire fixed assets                                                       (274)     (329) 
         Payments to acquire current asset investments                                           (52)      (48) 
         Receipts from sale of fixed assets                                                       11        17 
         Receipts from sale of current asset investments                                           7        56 
                                                                                                (308)     (304) 

         Equity dividends paid                                                                  (105)     (105) 
         Cash inflow (outflow) before financing                                                   91       (67) 

         Financing                                                                                             
         Loans (repaid) drawn                                                                   (134)       10 

         (Decrease) in cash for the year                                                         (43)      (57) 

         Reconciliation of net cash flow to movement in net debt:                                              
         (Decrease) in cash in the year                                                          (43)      (57) 
         Net cash flow from changes in debt                                                      134       (10) 
                                                                                                  91       (67) 

         Net debt at 1st January 2001                                                         (2,954)   (2,887) 

         Net debt at 31st December 2001                                                       (2,863)   (2,954) 


         Reconciliation of operating profit to net cash inflow from operating activities:                      

         Operating profit                                                                        349       289 
         Depreciation charges                                                                    214       246 
         Goodwill amortised                                                                       85        85 
         Provision against current asset investment                                                -         4 
         Profit on sale of current asset investments                                              (5)      (16) 
         Decrease in stock                                                                         9        71 
         Increase in debtors                                                                    (209)     (183) 
         Increase in creditors                                                                   293       135 
                                                                                                 736       631 

Analysis of net debt:


                                                      At 1st                                At 31st  
                                                     January                   Exchange    December
                                                        2001    Cash flow    adjustment        2001
                                                        £000         £000          £000        £000

                      Bank balances                       88         (10)          (14)          64
                      Overdrafts                        (838)        (33)           17         (854)
                                                        (750)        (43)            3         (790)
                      Debt due within one year           (73)       (108)           12         (169)
                      Debt due in after one year      (2,131)        242           (15)      (1,904)
                                                      (2,954)         91             -       (2,863) 



NOTES
                                                      2001           2000
                                                      £000           £000

1.       Exceptional items

         Arising in respect of fixed assets
            - profit (loss) from disposals               4            (14)

2.       Taxation
         Based on results for the year:
         Corporation tax at 30% (2000: 30%)             53             72
         Prior year adjustment          - UK            (3)           (12)
                                        - Overseas      10              -

         Deferred taxation                               4              -

                                                        64             60

         Joint venture                                  16              9

                                                        80             69

3.       Earnings per share

These have been calculated on 10,451,506 (2000: 10,451,506) Ordinary shares
being the number of shares in issue during the year and the Profit for the
financial year attributable to holders of ordinary shares of £159,000 (2000:
£64,000).

4.       Dividend

The proposed final dividend of 1.00p will be paid on 19 August 2002 to
shareholders registered at the close of business on 26 July 2002.

5.       The figures for the year ended 31st December 2000 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 2001, which have been prepared using
the same accounting policies as in 2000, 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 8
March 2002.


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