Interim Results

BISICHI MINING PLC
27 September 1999


                    BISICH MINING PLC
   Interim Results for the period ending 30 June 1999
                            
                       Highlights

Turnover                      £1,610,000      1998:  £1,590,000
                                                             
Pre-tax(loss)/profit          (£176,000)     1998:    £307,000
                                                             
Loss)/profit for the                                                          
 financial period             (£119,000)     1998:    £245,000

Mining losses arising from major geological fault at Black Wattle Colliery

New mineable reserves acquired by Black Wattle Colliery

Sale of 37.5% of Black Wattle Colliery to local industrialist

UK retail property investment portfolio performing strongly

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

'The action that we have taken to reverse the setback at
Black Wattle, and the continuing strength of our
underlying UK investments, gives me the confidence to
predict a return to profitability and growth in 2000.'

For further information, please call:

Michael Heller, Robert Corry or Andrew Heller
Bisichi Mining PLC                      0171 415 5000


CHAIRMAN'S REVIEW

Financial results

Turnover for the 6 months ending 30th June, at
£1,610,000 was ahead of the comparable period in 1998
although the mix was different. Income from our UK
investments rose from £315,000 to £497,000 but income
from our direct mining activities in South Africa fell
from £1,275,000 to £1,113,000. Operating profits
reflected this with an increase in UK profit to £180,000
(1998: £113,000) but a loss of £194,000 (1998: £104,000
profit) in South Africa. Taken together with a write down
of £80,000 on our direct mining investment and net
interest payable, Bisichi Mining has made a pre-tax loss
in the period of £176,000. The loss for the financial
period after taxation and minority interest was £119,000
(1998: £245,000 profit). The reasons for this temporary
reversal in our profit record, and the action we have
taken to correct the situation, are detailed below.

Direct Mining

As shareholders know, it is the Group's strategy to use
the surplus cash flow generated from our investments in
UK retail property to finance the development and
management of direct mining assets.

Our principal mining investment is in Black Wattle
Colliery (Pty) Limited, a coal mine located 120 miles
from Johannesburg in the Middleburg region. In our Annual
Report & Accounts for 1998, we drew shareholders
attention to the fact that we had encountered a major
geological problem at the mine in the shape of a 'mud
wash' that had not shown up in previous borehole results.
It has become apparent during the first half of this year
that this 'mud wash' is located diagonally across the
entire mine and it has completely blocked the line of
advance. We have made several attempts to tunnel through
the 'mud wash' but this has proved to be commercially
unviable.

As a direct result of these problems, each of the mining
sections encountered poor production and our overall
yield was 15% lower than we were achieving in the past.
Taken together with inflation driven costs and no
increase in world coal prices this has resulted in the
loss at Black Wattle Colliery.

Shareholders should be aware that, in the light of these
events, your Board gave serious consideration to every
available option. One of these options was to acquire
adjacent reserves. I am now pleased to be able to inform
shareholders that we have signed a mining agreement with
the owner of an adjacent property with such mineable
reserves. These reserves consist of up to 1.5 million
tons of good quality coal for which we will be paying as
the coal is mined. This agreement will enable Black
Wattle Colliery to return to profitability in the near
future. We are already locating one of our sections in
the new reserve and we anticipate that this will see a
return to full production before the end of this
financial year.

In a further development, I can also inform shareholders
that we have sold 37.5% of Black Wattle Colliery to Mr
Sipho Dube, a leading black South African industrialist.
Mr Dube will be joining the Board of Black Wattle
Colliery. Mr Dube's involvement in Black Wattle greatly
strengthens our position.

In addition to our direct mining activities, our wholly
owned  share dealing subsidiary, Mineral Products Ltd,
has continued to manage an equity portfolio with a
weighting in mineral and natural resources stocks. The
market value at 30 June 1999 was £672,000. This portfolio
complements our position in the mining and natural
resources sector, and provides us with an easily
accessible cash reserve. Bisichi Mining has additional
mining investments in Western Australia, the United
States and Europe.

UK investments

Our retail property investment portfolio, which is fully
let with an increasing rent roll, will be professionally
valued at 31 December 1999 and, in line with the UK
property market, we expect this valuation to show further
growth.

The future

The action that we have taken to reverse the setback at
Black Wattle, and the continuing strength of our
underlying UK investments, gives me the confidence to
predict a return to profitability and growth in 2000.

MICHAEL HELLER
Chairman



BISICHI MINING PLC                                                
Consolidated profit and loss account
six months ended 30th June 1999                                   
                                                             
                                    6 months    6 months      Year
                                       ended       ended     ended
                                   30th June   30th June      31st
                                                          December
                                        1999        1998      1998
                            Note       £'000       £'000     £'000
                                                                        
Turnover                      1        1,610       1,590     3,053
Operating costs               1       (1,624)     (1,373)   (2,839)           

Operating (loss)/profit       1          (14)        217       214

Exceptional items             2          (80)        164       166
Income from interests in                                          
joint venture                              5           9        15
Interest receivable                       10          13        24
Interest payable                         (97)        (96)     (210)

(Loss)/Profit on ordinary activities                                     
before taxation                         (176)         307      209
Taxation                      3          (19)         (30)     (44)

(Loss)/Profit after taxation            (195)         277      165
Minority interest                         76          (32)       6

(Loss)/Profit for the financial                                          
period                                   (119)        245      171
                                   
Earnings per share            4         (1.14)p      2.35p    1.64p

Dividends per share                        -           -      1.00p

Cost of net dividend                       -           -       105            
                                                   
The turnover and operating profit for the period derive from
continuing operations and are made up as follows:
Turnover                                                          
   Mining                             1,113        1,275     2,403
   Rent receivable                      314          286       571
   Share dealing                        179           24        74
   Other                                  4            5         5

                                      1,610        1,590     3,053

Operating (Loss)/Profit                                                  
   Mining                              (194)          104      (69)
   Property                             104           92       233
   Share Dealing                         72           16        49
   Other                                  4            5         1

                                        (14)         217       214

Consolidated balance sheet                                 
                                       30th         30th      31st
                                       June         June  December
                                       1999         1998      1998
                            Note      £'000        £'000     £'000
Fixed assets                                                
   Intangible assets                    428          548       412
   Properties and other                                          
   tangible assets            5       7,874        7,196     7,267
   Investments                          558          606       608

                                      8,860        8,350     8,287
Current assets                                                    
   Stocks                                82           78        86
   Debtors                              374          410       238
   Investments (Market                                            
   value £672,000)            6         461          356       389
   Bank balances                         74          148        85

                                        991          992       798
Creditors - falling due                                           
within one year                      (2,332)      (1,418)   (1,503)

Net current liabilities              (1,341)        (426)     (705)

Total assets less current                                         
liabilities                           7,519        7,924     7,582
Creditors - falling due                                           
after one year                       (1,248)      (1,346)   (1,267)
Provisions for liabilities                                        
and charges                             (19)         (15)      (19)
Minority interests                      (65)        (200)        -
                                                        
Net assets                            6,187        6,363     6,296
                                                                  
Financed by:                                 
Equity shareholders' funds            6,187        6,363     6,296
                                                                  
                                                                  
Statement of total recognised gains and losses            
six months ended 30th June 1999                            
                                   6 months     6 months      Year
                                      ended        ended     ended
                                       30th         30th      31st
                                       June         June  December
                                       1999         1998      1998
                                      £'000        £'000     £'000
                                                                  
The company                             (76)         154       167
Subsidiaries and joint venture          (43)          91         4 
(Loss)/profit for the                                             
period                                 (119)         245       171
Revaluation of investment                                         
properties -company                       -            -       106
Exchange adjustments                     10         (105)      (99)
Total gains and losses recognised                                 
in the period                          (109)         140       178
                                                                  
                                                                        
Group cash flow statement                                         
six months ended 30th June 1999                                   
                                                                  
                                   6 months     6 months      Year
                                      ended        ended     ended
                                       30th         30th      31st
                                       June         June  December
                                       1999         1998      1998
                                      £'000        £'000     £'000
 
Net cash inflow from operating activities                       
   Operating (loss)/profit              (14)         217       214
   Depreciation charges and                                       
   goodwill amortised                   127          112       237
   Profit on sale of current                                      
   asset investments                    (74)         (14)      (47)
   Decrease in current assets            86          150       145
 
                                        125          465       549
Returns on investments and                                        
servicing of finance                    (87)         (82)     (186)
Taxation                                 22           (3)      (24)
Capital expenditure and financial                                 
investment                             (611)        (193)     (316)
Equity dividends paid                     -            -       (94)

Cash (outflow)/inflow before financing (551)         187       (71)
Financing                               409          (16)      (12)

                                       (142)         171       (83)
                                                                  
Reconciliation of net cash flow to movement in net debt               
 (Decrease)/increase in cash in the 
                             period    (142)         171        (83)
  Net cash flow changes in debt        (409)          16        (12)

Movements in net debt the period       (551)         187        (71)          
Net debt at 1 January 1999           (1,953)      (1,882)    (1,882)

Net debt at 30 June 1999             (2,504)      (1,695)    (1,953)
                                                                  
Analysis of net debt                                        
   Bank balances                         74          148         85           
   Bank overdrafts                     (755)        (440)      (625)    
   Debt due within one year            (575)         (57)      (146)   
   Debt due after one year           (1,248)      (1,346)    (1,267)

                                     (2,504)      (1,695)   (1,953)

Notes to the interim results                                              
six months ended 30th June 1999                                       

                                   6 months     6 months      Year
                                      ended        ended     ended
                                       30th         30th      31st
                                       June         June  December
                                       1999         1998      1998
                                      £'000        £'000     £'000
1. Geographical analysis                                          
   Gross income                                                          
     United Kingdom                     497          315       650
     Southern Africa                  1,113        1,275     2,403

                                      1,610        1,590     3,053
   Operating profit                                                        
     United Kingdom                     180          113       283
     Southern Africa                   (194)         104       (69)

                                        (14)         217       214
                                                                  
2. Exceptional items                                              
   Arising in respect of                                        
   fixed asset investments
        -write down                     (80)          -         - 
        -gains from disposals             -          164       166
 
                                        (80)         164       166
                                                                  
3. Taxation                                                       
   Company and subsidiaries             (18)         (28)      (41)
   Joint venture                         (1)          (2)       (3)

                                        (19)         (30)      (44)
                                                                  
4. Earnings per share                                             
   Earnings per share have been calculated on the issued share
   capital of 10,451,506 shares throughout the period under review.
                                                              
5. Properties are included at valuation at 31st December 1998.
                                                             
6. Investments held as current assets                       
   Listed Investments Portfolio                                   
   at lower of cost or net             
   realisable value                    461         356         389
   Listed Investment Portfolio at                                 
   market value                        672         627         560
   Unrealised surplus of market                                   
   value over cost                     211         271         171
                                                                  
7. The above financial information does not constitute statutory accounts     
within the meaning of section 240 of the Companies Act 1985. The
figures for the year ended 31 December 1998 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 237 (2) or
(3) of the Companies Act 1985. The six month figures are unaudited.
                                                                         
8.Posting to shareholders
The interim statement will be posted to shareholders
shortly. Copies are available from the Company Secretary
at the Registered Office,telephone number 0171 415 5000 and will also
be available on the company's Web Site at www.bisichi.co.uk.

Registered office:8-10 New Fetter Lane, London, EC4A 1AF
Company registration number:12155(England)