Griqualand West - Interim Results

RNS No 1892m
GRIQUALAND WEST DIAMOND MINING COMPANY DUTOITSPAN MINE LIMITED
3rd August 198


GRIQUALAND WEST DIAMOND MINING COMPANY DUTOITSPAN MINE LIMITED
Incorporated in the Republic of South Africa
Company Registration No. 11/00013/06

INTERIM REPORT FOR THE HALF-YEAR ENDED 30 JUNE 1998


INCOME STATEMENT
for the half-year ended 30 June 1998
Abridged and unaudited
                                                     Half-year            Year
                                                        June               Dec
                                                  1998         1997       1997
                                                     R            R          R
Amount received from holding company in
terms of working agreement                      42 280       42 280     84 560
Dividend and interest income                     2 368        2 047      4 192
                                              --------     --------  ---------
                                                44 648       44 327     88 752
Deduct:
Expenses                                           600          600      3 050
                                              --------     --------  ---------
Net Income before taxation                      44 048       43 727     85 702

Deduct:
Taxation                                        18 020       17 907     35 272
                                              --------     --------  ---------
Attributable earnings                           26 028       25 820     50 430
                                              ========     ========  =========

Number of shares in issue                      105 700      105 700    105 700
Earnings per share                               24.6c        24.4c      47.7c

Dividends per share
  Interim                                        20.5c        20.5c      20.5c
  Final                                              -            -      21.0c
                                              --------     --------  ---------
                                                 20.5c        20.5c      41.5c
                                              ========     ========  =========

Dividends payable                              R21 669      R21 669    R43 865


BALANCE SHEET
30 June 1998
Abridged and unaudited
                                                      Half-year               
  Year
                                                        June               Dec
                                                  1998         1997       1997
                                                     R            R          R
Capital employed:
Share capital
  105 700 shares of R20 each                 2 114 000    2 114 000  2 114 000
Distributable reserves                          19 544       12 771     15 184
                                             ---------    ---------  ---------
                                             2 133 544    2 126 771  2 129 184
                                             =========    =========  =========
Represented by:
Fixed assets                                 2 111 722    2 111 722  2 111 722
Listed investment in holding company             2 448        2 448      2 448

Net current assets                              19 374       12 601     15 014
                                              --------------------------------
Current assets                                  70 642       61 272     64 403
                                              --------     --------   --------
Amount due by holding company                   58 921       51 903     54 552
Cash                                            11 721        9 369      9 851
                                              --------     --------   --------
Current liabilities                             51 268       48 671     49 389
                                              --------     --------    -------
Shareholders for unpaid and unclaimed dividends 38 707       36 334     37 354
Creditors                                        9 326        9 163      9 008
Tax                                              3 235        3 174      3 027
                                              --------     --------   --------
                                              --------------------------------
                                             ---------    ---------   --------
                                             2 133 544    2 126 771  2 129 184
                                             =========    =========  =========

Market value of listed investment                6 135        7 191      6 120
Net asset value per share                     2 022.0c     2 016.6c   2 017.8c

The Company holds the right to mine the Dutoitspan diamond mine which it
leases to De Beers Consolidated Mines Limited, in terms of an agreement dated
30 August 1889, for an annual consideration of R84 560 and it is anticipated
that the results for the second half of the year will be approximately the
same as for the first half.

For and on behalf of the board

N F OPPENHEIMER           Directors
G P L KELL

3 August 1998

Registered Office
36 Stockdale Street, Kimberley 8301, South Africa

Secretaries and South African Share Transfer Secretaries
De Beers Consolidated Mines Limited
36 Stockdale Street, Kimberley 8301, South Africa
(P O Box 616, Kimberley 8300)
Fax:  (0531) 839 4210/4230
Tel:   (0531) 839 4111

London Secretaries
Anglo American Corporation of South Africa Limited
19 Charterhouse Street, London  EC1N 6QP
Fax:  (0171) 430 3560     Tel:   (0171) 404 1944

United Kingdom Registrar
Computershare Services PLC
P O Box 82, Caxton House, Redcliffe Way, Bristol  BS99 7NH
Fax:  (0117) 930 6509     Tel:   (0117) 930 6957



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