Interim Results

Bisichi Mining PLC
26 September 2000


                           BISICHI MINING PLC

Interim Results for the 6 months ending 30th June 2000

                               Highlights


Turnover                                         £1,793,000  1999: £1,610,000

Profit before tax and after minority interests       £9,000  1999:  (£100,000)
  
*  Geological problems at Black Wattle successfully overcome and direct mining
   has now returned to profit
*  Appointment of new mine manager resulting in increased production and      
    profitability
*  New reserves producing high grade coal
*  Coal price is rising
*  UK property portfolio fully let



Michael Heller, chairman of Bisichi Mining comments:

'The management has, as predicted, dealt successfully with the direct mining
problems encountered in 1999 and the company can look forward to the future
with much optimism.'


For further information, call:

Andrew Heller or Robert Corry
Bisichi Mining PLC                            [phone]

                            BISICHI MINING PLC

                            Chairman's review

Financial Results

At the Preliminary Results announcement for the year ending 31st December
1999, I advised shareholders that the losses incurred at our direct mining
subsidiary would be reversed through management action. I am pleased to
report, therefore, that for the 6 months ended 30 June your company has
produced a profit of £9,000, after minority interest and before taxation. This
compares with a loss of £100,000 for the same period last year and a loss for
the year to 31 December 1999 of £263,000. 

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 direct
mining investment is in Black Wattle Colliery (Pty) Limited, a coal mine
located 120 miles from Johannesburg in the Middelburg region. 

The geological problems that we encountered at the mine last year, which led
directly to the losses, are now behind us.  We have been able to switch
production swiftly away from the mudwash to the new reserves. The coal seam,
which we are now working in these reserves, is producing high quality coal at
record and sustainable production levels. However, shareholders should note
that this action was not achieved without initial additional short-term losses
in production at the beginning of this year.  The record levels of production
that are now being achieved owe much to the leadership of our new mine
manager, Robert Grobler, and the dedication of the mine's work force.  In
addition, I am pleased to be able to report that there is a currently ready
market for this coal in South Africa and, with the market starting to rise for
the first time in some three years, we have been able to negotiate higher
prices per ton for our production. Taken together, this means that we can look
forward to Black Wattle making a significant contribution to the fortunes of
this company. 

Mining Investments

In addition to our direct mining activities, our wholly owned share dealing
subsidiary, Mineral Products Limited, has continued to manage an equity
portfolio with a weighting in mineral and natural resources stocks. This
portfolio complements our position in the mining and natural resources sector,
and provides us with an easily accessible cash reserve.

UK investments

Our retail property investment portfolio is fully let with an increasing rent
roll. Our property portfolio is made up of 5 shopping centre/precincts which
are shown in our accounts at £7.4m.  They were independently valued as at 31
December 1999.

As shareholders will recall, we own 50% of Dragon Retail Properties Limited
jointly with London & Associated Properties PLC. Dragon owns a shopping
precinct in the centre of Bromsgrove and following the finalisation of the
rent review at the Iceland unit, this unit has been disposed of for £875,000
in September 2000 and plans are already in hand to reinvest the proceeds.

The future

The management has, as predicted, dealt successfully with the direct mining
problems encountered in 1999 and the company can now look forward to the
future with much optimism.

MICHAEL HELLER
Chairman



BISICHI MINING PLC                                                 
Consolidated profit and loss account                                          
six months ended 30th June 2000                                               
                                      6 months       6 months             Year
                                       ended          ended            ended 
                                   30th June      30th June    31st December 
                                        2000           1999             1999 
                            Note        £000           £000             £000 
                                                 
Turnover                       1       1,793          1,610            3,132 
Operating costs                       (1,730)        (1,624)          (3,416)

Operating profit/(Loss)        1          63            (14)            (284)
Exceptional items              2           -            (80)             (65)
Income from interests
in joint venture                          20              5               19 
Interest receivable                       32             10                7 
Interest payable                        (157)           (97)            (207)
Loss on ordinary
activities before taxation               (42)          (176)            (530)

Taxation                      3          (14)           (19)             (63)

Loss after taxation                      (56)          (195)            (593)

Minority interest                         51             76               267 

Loss for the financial period             (5)          (119)             (326)
                                                 
                                                 
Loss per share                4        (0.05)p        (1.14)p          (3.12)p
                                                 
Dividends per share                         -             -             1.00 p
                                                 
Cost of net dividend                        -             -              105 
                                                 
                                                 
                                                 
                                                 
The turnover and operating profit/(loss) for the period derive from continuing
operations, which are made up as follows:                                     
           
Turnover                                                 
 Mining                                 1,413         1,113             2,190 
 Rent receivable                          346           314               665 
 Share dealing                             30           179               268 
 Other investments                          4             4                 9 

                                        1,793         1,610             3,132 
Operating Profit                                                 
 Mining                                   (56)         (194)             (667)
 Property                                 115           104               267 
 Share Dealing                              -            72               110 
 Other investments                          4             4                 6 

                                           63           (14)             (284)

BISICHI MINING PLC                                                 
Consolidated balance sheet                                                 
                                                 
                                                 
                                    30th June      30th June    31st December 
                                         2000           1999             1999 
                             Note        £000           £000             £000 
Fixed assets                                                 
 Intangible assets                        343            428              386 
 Properties and other
      tangible assets            5      8,307          7,874            8,409 
 Investments                               769            558              763

                                        9,419          8,860            9,558 
Current assets                                                 
 Stocks                                    68             82              111 
 Debtors                                   622            374              328
  Investments(Market value £572,000)
                                 6        408            461              420 
 Bank balances                              47             74               48

                                        1,145            991              907
Creditors 
 - falling due within one year         (2,244)        (2,332)          (2,071)

Net current liabilities                (1,099)        (1,341)          (1,164)
Total assets less 
        current liabilities              8320           7519            8,394 
Creditors 
- falling due after one year           (2,154)        (1,248)          (2,155)
Provisions for 
  liabilities and charges                 (12)           (19)             (12)
Minority interests                        176            (65)             129 

Net assets                              6,330          6,187            6,356 
                                                 
Financed by:                                                 
                                                 
Equity shareholders funds               6,330          6,187            6,356 
                                                 
                                                 
Statement of total recognised gains and losses                                
six months ended 30th June 2000                                               
 
                                                 
                                     6 months       6 months             Year 
                                        ended          ended            ended 
                                    30th June      30th June    31st December 
                                         2000           1999             1999 
                                         £000           £000             £000 
                                                 
The company                                39            (76)               6 
Subsidiary and joint venture              (44)           (43)            (332)

(Loss) for the period                      (5)          (119)            (326)
Revaluation of investment properties                                          
- company                                  -              -               295
- joint venture                            -              -               200
Exchange adjustments                      (21)            10               (4)

Total gains and losses 
     recognised in the period             (26)          (109)             165 
                                                 
                                                 
BISICHI MINING PLC                                                 
Group cash flow statement                                                 
six months ended 30th June 2000                                               
 
                                                 
                                           6 months   6 months           Year 
                                              ended      ended          ended 
                                          30th June  30th June  31st December 
                                               2000       1999           1999 
                                               £000       £000           £000 
Net cash inflow from operating activities                                    
 Operating profit/(loss)                         63        (14)          (284)
 Depreciation charges and 
       Goodwill amortised                       170        127            272 
 Profit on sale of current
       asset investments                          -        (74)          (109)
(Increase) decrease in current assets          (260)        86            391 

                                                (27)       125            270 
Returns on investments and 
         servicing of finance                  (125)       (87)          (200)
Taxation                                          -         22             (6)
Capital expenditure and 
             financial investment               (37)      (611)          (893)
Equity dividends paid                             -          -           (105)

Cash outflow before financing                  (189)      (551)          (934)

Financing                                       (46)       409            788 

                                               (235)      (142)          (146)
                                                 
Reconciliation of net cash flow to movement in net debt                      
  (Decrease) in cash in the period              (235)     (142)          (146)
   Net cash flow from changes in debt             46      (409)          (788)

Movements in net debt in the period             (189)     (551)          (934)
Net debt at 1 January 1999                    (2,887)   (1,953)        (1,953)

Net debt at 30 June 2000                      (3,076)   (2,504)        (2,887)
                                                 
Analysis of changes in net debt                                               
   Bank balances in hand                            47        74            48
 Bank overdraft                                 (969)     (755)          (735)
 Debt due within one year                          -      (575)           (45)
 Debt due after one year                      (2,154)   (1,248)        (2,155)

                                              (3,076)   (2,504)        (2,887)
                                                 
BISICHI MINING PLC                                                 
Notes to the interim results                                                 
six months ended 30th June 2000                                               
 
                                                 
                                            6 months  6 months           Year 
                                               ended     ended          ended 
                                           30th June 30th June  31st December 
                                                2000      1999           1999 
                                                £000      £000           £000 
1.Geographical analysis                                                       
   Gross income     
  United Kingdom                                 380       497            942 
  Southern Africa                              1,413     1,113          2,190
 
                                               1,793     1,610          3,132 
  Operating profit                                          
  United Kingdom                                 119       180            384 
  Southern Africa                                (56)     (194)          (668)

                                                  63       (14)          (284)
                                                 
2.Exceptional items                                          
  Arising in respect of fixed asset investments                               
      - gains from disposals                         -         -            15
    - write down                                   -       (80)           (80)

                                                   -       (80)           (65)
                                                 
3.Taxation                                          
  Company and subsidiaries                         9        18             59 
  Associated undertakings                          5         1              4 

                                                  14        19             63 
                                                 
4.Earnings per share                                          
  Earnings per share have been calculated on the issue share capital of       
   10,451,506 shares throughout the period under review.                      
                                                 
5.Properties are included at valuation at 31st December 1999                  
 

6.Investments held as current assets 
                                         
  Listed Investments Portfolio at lower of cost or                            
    net realisable value                            408      461           420
  Listed Investment Portfolio 
  at market value                                 572      672           621 
  Unrealised surplus of market 
  value over cost                                 164      211           201 
                                                 
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 31st December 1999 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 months figures
use the same accounting policies as for the year ended 31 December 1999, and
have not been audited or subject to review by the auditors.                   
                      
                                                 
8.Posting to shareholders.                                          
The interim statement will be posted to shareholders shortly.  Copies are     
available at the Company's Registered Office: 8-10 New Fetter Lane, London    
EC4A 1AF. 

9. Board Approval
These interim results were approved by the Board of Bisichi Mining PLC on 25
September 2000.