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Fourth Quarter Activities Report

Document date:  Tue 21 Jul 1998
Published:  Tue 21 Jul 1998 00:00:00
Document No:  119072
Document part:  A
Market Flag:  Y
Classification:  

NORMANDY MINING LIMITED                       1998-07-21  ASX-SIGNAL-G

HOMEX - Adelaide                                                      

+++++++++++++++++++++++++
REPORT ON ACTIVITIES FOR THE THREE MONTHS ENDED 30 JUNE 1998

PRODUCTION:     440,467 ounces, a record 
                12 months 1,737,231 ounces

TOTAL CASH COST:$311 per ounce (US$189/oz)
                12 months $321 per ounce (US$196/oz]

CASH MARGIN:    $306 per ounce (US$186/oz)
                12 months $291 per ounce (US$177/oz)

AUSTRALIAN DOLLAR VALUES are used in this report other than where
specified. For convenience, some key financial figures have been
translated at US$1.00=A$1.6412.

Enquiries concerning this report may be directed to:
C G Jackson, Executive General Manager - Corporate
100 Hutt Street, Adelaide 5000
South Australia, Australia
Telephone: +61 8 8303 1703
Facsimile: +61 8 8303 1994

This report and previous reports available at web site:
http://www.normandy.com.au

OVERVIEW

GOLD 

* PRODUCTION
- Record group production, 440,467 ounces (432,231oz)
- Record attributable production, 371,650 ounces (350,917oz)
- Total cash cost (unaudited), $311 per ounce (US$189/oz)
($315:US$192/oz)

* DEVELOPMENT
- Callie (Tanami Operations), underground production commenced 
- Pajingo Operations, expansion study progressing
- Big Bell, adjacent Cuddingwarra deposit acquired 
- Perama Hill (Greece), development studies commenced
- Angovia (Cote d'Ivoire), construction underway
- Yamfo-Sefwi Belt (Ghana), scoping study extended

* EXPLORATION
- Pajingo Operations, further high grades intersected at Vera South
- Wandoo (Boddington), additional higher grade intersections
- Central Australia, tenement management rationalised 
- Perama Hill (Greece), further high grades from surface

NON-GOLD

* METALS
- Zinc concentrate production 72,429 tonnes (55,315t)
- Average realised zinc price US47 cents per pound (US48c/1b)
- Gossan Hill (Golden Grove), production commenced
- Kasese (Uganda), initial production expected March 1999.

* MAGNESIUM
- Demonstration plant commissioning underway

* INDUSTRIAL MINERALS
- Larvik sales increase

* GOLDFIELDS POWER & PIPE 
- Third party gas supply facilities commissioned

FINANCE

* Attributable gold sales, 389,111 ounces at an average realised $617 
per ounce (US$376/oz) ($599:US$365/oz)
* US$250 million Guaranteed Unsecured Note Issue completed on 
favourable terms
* Financial results (audited) for the three months and twelve months 
to 30/06/1998 will be released 19/08/1998

CORPORATE

* Yanacocha (Peru), unfavourable Supreme Court ruling
* Lero mine (Guinea) sold and agreement to sell Bow River 
* Queensland Metals Corporation, interest increased to 36 percent

Note:

Previous quarter figures in brackets.

Information in this report relating to ore reserves, mineral resources
or mineralisation conforms to the reporting requirements of the 
AusIMM/AMIC/AIG "Australasian Code for Reporting of Identified Mineral
Resources and Ore Reserves". It is based on information compiled by 
Competent Persons as defined by the Code, under the direction of Bruce
D Kay, Group Executive - Exploration, a corporate member of the AusIMM
with 25 years experience as a geologist.

MORE TO FOLLOW

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