Document zQZ25L1My3GDXLgye66LJqq47

FILE NAME Cape Asbestos CAPE DATE 1972 Mar 31 DOC CAPE121 DOCUMENT DESCRIPTION Charter Consolidated Ltd - Annual Report & Accounts Legal - Tibbs Case Exhibit 19 companies investmor Income fromfrom Asociated Associated is note ) Groupretained profits lesslosses ; companies non 2 CharterCons;olidated _ Limited _ 7 Pre Annual report and aoe : accounts for theyear co ended 3311 march1972 . : : oe Ul , o : oe : Notice ofmeeting ; oo Oe Bs ae wo Features the year 2s: . Directorate and ad~-ministration Report of the directors Reviewofinterests' record Seven yearfinancial profit 7 Accounting policies * Consolidated and loss account : - Consolidated balance sheet Balance sheet _ Notes on theaccounts ' Reportof the auditors tothe members General information Analysis investment income investmn | _. >, Principal investments ~ ; a oe Os : of investments and : eee 2, : - * Interestosfthe company : Subsidiarycompanies ae Notice of meeting fe mo BR note a eeeot . oy -. a member entitled attend meeting annual and NOTICE IS HEREBY GIVEN that the seventh appoint general meeting of members of Charter Consolidated Limited will be held at Winchester House 100 Old proxy Broad Street London EC2N IBE on Tuesday 11 July A is entitled to to vote the one or more proxies to attend andon a poll to vote instead of him A proxyneed ' not be a member of the company A form of o ae 1972 at 12 noon for the purpose of considering and if thought fit passing the following ordinary . resolutions accompanies this notice Holders of share warrants to bearer who wish to attendin person or by proxy or to vote at any general | and loss account for - meeting of the company must comply with the rele- , 1. That the consolidated profit ' share warrants to bearer the year ended March 1972 and the balance vant conditions governing me see sheet of the company and the consolidatedconslidated page 51 balance sheet at that together with the by board annexed report of the directors be and are hereby approved and adopted That the final dividend of 5p share for the 2. order of the . ae BOOTH joint secretary ~~ 2. Holborn Viaduct ECIPIAJ year ended 31 March 1972 recommended by the London board of directors andis hereby approved for 40 ECIPIAJ : es payment to shareholders registered at the close of 15 June 1972 business on 9 June 1972 and to persons presenting coupon no 14 detached from share warrants to .. bearer reappointed 3. That the followingbe and araree hereby directors of the company_ _. Mr G. W. Relly _ Mr Stephenson 2. Fraser Mr H. F. Oppenheimer| Wilson W. Mr. : : dealt onlyshareholders are ._ Mr E. H. Collins These appointments will be with in onoene resolution unless any member present or repre- N1O. THoEldSers of loao n ste ock are reminded that reach entitled to attend andvote atthemeeting | 2. To be valid the form of proxy must ; thecompanyat meeting sented at the requiresotherwise a - Kent HouseStation Road Ashford Kentnotless than 48 hours That the of the joint auditors for the nn . meethte mieen tingg ; : inspection registered remuneration until the next annual be 3. Thefollowing are available for atthe oe meeting general period we office of the company during usual business hours until the -' PE fixed by the board of directors era in place date of the meeting and may be inspected at the of the 15 minutes prior and during the meeting members accordance transfer of the .- The books registers in : meeting for least - a The register ofdirectors interests kept in with - - United Kingdom the Republic of South Africa 7. 2 theCompanies Act 1967 k the both between director closed to 1972 . Rhodesia will be from 8 11 - b A copy a contractof service a of ; inclusive July and subsidiarycompany a 7 company A . Consolidated profit before tax 17,645,000last year 20,200,000 . ~ Earnings per share 13.30p last year15.84p15.84p oe maintained ; Dividend 8p per share oor a | Reduction in in incomemainly due to exceptional dividends last year from - Zambian AngloAmerican and to losses atSOMIMA Profitson realizationshighat 3,45,00 3,45,00 os oo Cape Asbestos profits increased from 2,528,000 3,098,000 US probable Good progress atClevelandPotashbutsomesome delay :oftreatmenptlantandshaftsinking . iinn completion : PersistenPetrsitentproblems iinnoperation ofplantunderdesertconditionsat| SOMIMA necessitatefurther modificationsanddelayattainment offullproduction production i . Chairman andmanagingdirector S S. SpiroMC Deputy chairman _ Sir Philip Oppenheimer Directors mS . : KBE .. Sir Keith Acutt > A. Chester Beatty Comte T. de Feuilhadede Chauvin : Collins E. H. MBE MBE : DSC : H. Dent oS H. Fraser O. Hambro MC N. Kinkead H. ww B. W.OPpapiennheimer . W. Relly J. G. Richardson > * EvelyndeRothschild _ The HonH.Smith oe Sackville an M. W.Stephenson G. Stopford : T.Stratten heWy . D.Wilson members ofexecutivecommittee e aa Alternate directors R. Armitage : P. D. Burnell a! N. Clarke W. B. Heald R. H. MacWilliam E. Oppenheimer A. Oppenheimer A. J. W. Owston R. V. Pritchard 2 = Managers R. J. Armitage - P. D. Burnell W. B. Heald A. W. Owston R. Pritchard Joint Joint secretaries D. Booth R. Byles DFC Chief accountant oe W. Parks ' Chiefeconomist ; L. C. Smets ot Ue . Personnel consultant | : H.Holmes Mbe a Public relations consultacnt onsultant - 2 Directorresponsiblefotrechnical services wey M.W.W. Stephenson * . W.Purkiss S.Sheer and electrical engineers : id Consulting Consultinggeologists F.W.D. Cornwall Offices oa Auditors 7 ae registered United Kingdom ; ; ; : Cooper Brothers & Co. me 40 Holborn Viaduct London EC1P 1AJ Sa - Deloitte & Co 7 RollsBuildings Fetter LaneLondon EC4A 1HX con ; Kent House Station Road Ashford Kent Solicitors Coward Chance ; * South Africa : Johannesburg 44 MainStreet Canada vat : ve - os PO Box 28 Toronto Dominion BankTower | Dominion Centre Toronto 111 Linklaters & Paines od , Bankers : Limited International ~.. Barclays Bank International Hambros Bank Limited - 30S. NationalNationalWestminster BankLimited Rhodesia . . Laie Salisbury Central 70JamesonJameson Avenue C4 n 7 Australia o 7 13thFloor60MarketStreetMelbourneVictorVictioria a 3000 : France -* ruede VienneParis 8e : Portugal - oe 244Avenida daLiberdadeLisbon one Registrars : ~ United Kingdom : . Charter ConsolidatedServiceLsimited OP Kent House Station RoadAshford Kent wore oh South Africa a : ConsolidatedShareRegistrars Limited 62Marshall StreetJohannesburg Anglo me AmericanCorporation ofSouth AfricaLimiteda 7 70JamesonJameson Avenue CentralSalisbury CC 4 Diamond drilling in progress at the Fungurume copper Fungurume prospect in the Republic ofZaire Report ofthe directors _ The directors have pleasure in submitting their seventh annual report together with the audited accounts for the year ended 31 March 1972 _ Financial results Consolidated profit and loss account 1972. 1971 Activities Charter is United Kingdom based mining finance company operating internationally and havinga . substantial proportion of its assets in investments in other mining finance companies covering an extensive range of metals minerals and other oe 000s 000s os Consolidated profit befoa re taxation = 17,645 20,200 . Deduct Taxation ee Interest of outside shareholders . - . 8 ae 3,607336 3,709 | 3,276 556 3,832 activities _ Lo Charter provides administrative technical and other services to a number of operations mainly in the field of mining and allied activities including in particular Cleveland Potash Limited in the United Kingdom the ' copper mine SOMIMA in Mauritania a group of tin mines in Malaysia and Beralt Tin and Wolfram Limited in Portugal is carrying out extensive Earnings attributable 13,936 16,368 7 Appropriations | Dividends Se Interiomf 2p share paid on 17 December 1971 2,620 ee - Recommended final of 5p per share payable or about 13 -- eg July 1972 in 5,763 2,619 |. | 5,762 reserves . prospecting over widespread areas and is making a broad study of all aspects of the feasibility ce 8,383 8,381 _ potentially important new copper mining project in oe ". Zaire me oe ; Profit of the year retained pot Ve Charter's principal industrial activity | Extraordinary items an 677 ~ . manufacture of products for the building industry - and friction materials through The Cape Asbestos . Transfer to : 4,876 7,987 . oS oo made Company Limited Lo Certain changes have been in accounting . . an To achieve economies in costs increasing 3 which are explained on pages 20 and 21 proportion of Charter's staff is being based at Ashford _~ policies on reserves are shown on page 30 in Kent where a major office block is to be _-. Movements ' - constructed at an estimated cost of4 milOleion on site -> niontvees1t2moennttshaenadccionuvnetstsmaenndtainncaolmeyasppiesars on See owned by company 5 * page 38. Other information is review _. A technical laboratory has also been establish| ed at . fi interests and elsewhere in this report Ashford where samples minerals 00 _ of members company's mining and prospecting ventures are Dividends board 8 to a the declaratioonf - analysed and process development work is carried - - at Ashford The recommends a fina dividend of 5p which services provided - out The technical and - ' for togetwihthethre interim divideofnd share 0 makes per 8p : include plant design other planning facilities 1971 24p 8p amountami ounntingg ae - 1971 Corporgroaup itn Ziamobina aa to 8,383,80 ,380 1,0000 heavy The new media separation plant at Beralt Tin and Wolfram's Panasqueira mine in Portugal Share andloancapital The authorized share capital remainremsains unchanged - The company increased its issued share capital during the year from 26,194,403 to 26,198,698.50 26,198,698.50 in 104,781,734 fully paid shares of 25p each and - office only until the forthcoming annual general meeting They offer themselves for reappointment Mr H. R. Fraser Mr H. F. Oppenheimer Mr W. D. -* Wilson and Mr J. E. H. Collinsretire by rotation in accordance with the provisions of article 99 of the ~ 326,500 partly paid shares of 25p each 1p paid up Of the new shares 15,158 fully paid shares were allotted against conversion of 60,630 60,630 five per cent partly unsecured loan stock 1984 and 50,600 _ paid shares were issued under the company's company's share incentive scheme at a subscription price of 221.50p" paid per share of which twoper cent was - up articles of association and offer themselves for. reappointment General information Other particulars which are required by tthhe e report Companies Act 1967 and constitute part ofthis Oe are givenpages 33-4and 50 ag application 3 , 7 - Auditors willing Dilriset ctors and Cooper A ofthe current directors ofthe be reappointed during company held office the year is on page 4.0 who | to be July board Mr G. W. H. Relly was appointed a director on 13 1971. Mr B. Mudd the director responsiblefor _ a >. Brothers & Co. Deloitte & Co. are asauditors to the company by order of the D. BOOTH : S. joint secretary *. technical services retired on 31 December 1971 and a Mr M. W. Stephenson was appointedin his placeoon n 40 Holborn Viaduct 11 January 1972. In accordance with theprovisionsof .. article 103 the company's articles of association London ECIPIAJ' Mr G. W.Relly andMr M. W.- Stephenson hold .. 30 May 1972 SOMIMA copper concentrate readyfor shipment from Akjoujt Review of interests Charter Accounts finance and : has drawing up the accounts this year _ - adopted the recent recommendations of the Institutes of Chartered Accountants regarding the inclusion of profits and losses of associated companies and the treatment of extraordinary items The method of dealing with prospecting expenditure has also been is changed and general prospecting expenditure now charged against profits Charter's earnings after taxation and excludin.g extraordinary items amounted to 13,936,000 representing13.30p per share compared with 16,368,000 last year representing 15.84p per share a - The board has recommended final dividend of 5p per share which together with the interim dividend of 8,383,000 p makes a total of 8p amounting to 8,383,0008,383,000 the same as last year os Investment income fell from 14,372,000 10,441,000 10,441,000 Of the reduction of 3,931,000 : 3,147,000 was on account of decreased inciome ncome from ~. Zambian Anglo American dueinthe greater part the receipt of exceptional terminal dividends last year .. consequent upon the restructuring of the copper mining companiesto provide a 51 per cent participation for the Zambian government Selection Trust in which Charter has an interest of 32.8per :. cent increased its dividend from 16...pto 18p Charter's share of the undistributed profits less +. losses of associated companies amounting to 3 . _ 774,000 is incorporated for the first time this year in the profit and loss account The comparative last year was 2,803,0002,803,000 The fallis largely accounted for by the inclusion this year of an amount of 1,010,000in respect of losses of the SOMIMA copper mine Charter's attributable share of the retained ~ earnings of associated companies included last year a ae substantiasl ubstantial amount inrespect of AngloAnglo Chemical & which Ore has been sold and higher amounts for Zambian Anglo American and BeraltTin and Wolfram . Associated companies are defined broadly asthose companies in which Charter owns 20 per cent or more andin the management of whichit plays a significant part They are listed on page 36 Investments are now classified into portfolio and _ long term holdings Profits and losses on sales of | investments in the latter category are included under extraordinary items Results of portfolio transactions account profits appear in the profit and loss realizations .:.- on as Stronger stock exchange markets enabled a more realizations active policy to be pursued and profits on amounted to 3,445,000 compared with 1,104,000 1,104,000 A net deficit after taking account of the profit on the sale of Barlow Rand shares arose on extraordinary - items mainly owing tothe fallin book valuesof assets of overseas subsidiaries caused by currencynormaly normally - devaluation Previously these items would | have been dealt with throughreserves Trading profits showeda marked improvement at compared 4,442,000 withwith 3,704,000 Cape Asbestos did wellin difficult trading conditions and Charter's wholly owned industrialsubsidiaries also achieved an aggregate increase in profits Expenditure incurred on general prospecting amounting to 778,000 has been charged against profits this year Last year such expenditure amounting to 769,000769,000 was written off against- investmentand exploration reserve reserve a The value ofnet assets taking quoted investmentsat market value and unquoted investments at directors valuation amounted to 294,587,000 294,587,000294,587,000 equivalentto 281p per Charter share 1971277p Le Major Major investment changes Mining The merger between Rand Mines Limited and Thos | SOMIMA Barlow & Sons Limited was completedin June 1971 as result of which Charter acquired a 3.86 per cent interestin the merged company Barlow Rand Limited in exchange for its 15.9 per cent interest in Rand Mines The holding in Barlow Rand which was too small to qualify for double tax relief has since been disposed of At the Akjoujt copper mine of Soci^'t^M'ini^rede Mauritanie SOMIMA the extensive modifications programme started early in 1971 was well advanced - by the year end The ability of the TORCO process to treat Akjoujt ore successfully has been satisfactorily demonstrated but many important items of 7 equipment have had to be strengthened modified Coincident with the reorganization of the Botswana RST group of companies and the completion of financing and other arrangements for the development of the Pikwe copper project Charter took a 25 per cent participation in Anglo American Corporation Botswana Limited through which Charter now holds an interest in Botswana RST amounting to 4.5 per cent and will participate in other Anglo American Corporation group business in Botswana Anglo American Botswana has mineral rights over extensive coal deposits in that country Charter has concentrated its principal Australian or replaced due to the difficult nature of the ore and the stresses of climate and conditions in the Sahara desert Pending completion of the necessary modifications programme production during the past year has inevitably been very limited Output to 31 December 1971 totalled 7,645 metric tons of concentrates with an average grade of 61.7 per cent Delaysin achievingfull production together with| the increased capital costs of the modifications .- programme and continuing low sales proceeds have _ necessitated raising a further 24 million which has been providedin the form of short to medium term credits under the guarantee of Charter and other _ activities with those of Anglo American Corporation in a new Australian company Australian Anglo American Limited Charter contributed assets to value of 4,500,000 to shareholders from Cr^'ditLyonnais Barclays Bank l'Afrique Internationale International and Banque l'Afrique Occidentale pour acquire a 25 per cent equity interest The new company is now fully established and with the take technical backing of the group is well placed to advantage of business opportunities The Anglo Chemical & Ore Co. Limited a metal trading company owned entirely by Charter and associates was sold on satisfactory terms to : subsidiary of Engelhard Minerals & Chemicals CorporationThis transaction gaverise to cash Charter pre proceedsof 2,600,000 for profiptrofit of 850,000 . and v Purle Brothers Holdings Limited was subject to - over by Redland Limited which led to Charter Cleveland Potash : oo, The establishment of a major potash mine in _ - Yorkshire by Cleveland Potash Limited company " jointly owned by Charter and associates and by continued Imperial Chemical Industries Limited De . satisfactorily during the first half of the year Recently there have been delaysin the construction of the ~ treatment plant andinshaft sinkingin lower ~~ ~~ sections of the bunter sandstone in progress at adepth of nearly 3,000feet These will defer - initial | - commissioning ofthe mine butit is still anticipated that production will commence in 1973 - and every effort will be madeto minimizethe effect acquiring Redland shares with a market value substantially in excess of the original cost of its ten per the production build Reinstatement ofrailway access to the site is well advanced and construction - facilities storage cent holding in Purle WerffBros Limited a of loading and on the river Tees . comparatively small group of fashion wear retail nearing completion representations the stores in which Charter held 40 per cent and In spiteof strong made provided loan finance was sold to Raybeck Limited government andinparliament investment grants ; provision replacement finance the extent expenditure Negotiations are well advanced for the government of were cut off from the projectin respectof ae detailed Zambia to acquire 51 per cent interestin National + for which contracts could not be entered into >. Milling Company Limited from thejoint _ before October 1970. This decision has necessitated of shareholders Charter and Spilers Spillers ' Limited the of to Enos ~ .12 1 6million Recently regionaldevelopment ggranrtsants : ' have been introduced and these may benefit the _. project by an amount of about million As contemplatedin the financing plan agreement has disappointing and it was accordingly decided to - cease operations since it was not envisaged that these could be conducted profitably at present or _ _. foreseeablewolframprice levels on the scale which which : Anglade Corporation together necessary Tronoh -- been reached withthe Department ofTrade and "> Industry for a loan of million under the Local ' -. Employment Act subject to the guarantee of the shareholders ; n os would be Anglade & Charterand Anglo American have 40per cent interest in Soci^'t^M'ini^re d'Anglade whichoperates a scheelite mine in the - group Charter's main interests in tin mining in Malaysia are tungsten through Tronoh Mines Limited and its associated companies Ayer Hitam T1 in Dredging Limited and Sungei Mines - The Besi Limited subsidiaries especially Production ofTronohand its for the year French Pyrenees Shortage of ore reserves combined with the current lowprices for make the _ . future prospects for this operationvery doubtful although most of the technical problems inivolvednvolved have beensuccessfullyovercoomevercome in the treatment section to 31 December 1971 was 3,512 metric tons tin | concentrates compared with 2,7342,734 metric tons for year Prospecting for compared Ayer 1970 and net group profit was 742,000742,000 with 651,000 651,000. . Hitam'sHitam's profits for the to 30 June 1971 Hitam's . showed a substantial decline from the record figure " achievedin the previous year but therehas been marked improvement this year to date the Sungei Besi's production continued to improve in ; year 31 March1972 anddividends were resumed- RepublicofZaire Charterprovides managementand otherservices Es thetwoconsortium companies which are exploring4 , for copper and other mineralsin the Shaba province the Republic ofZaire formerlyKatanga province : CongoKinshasa named Soci^'t^I'nternationale desTenke- . ~_. Mines du Zaire SIMZ and Soci^'t^M'iniin^rede Tenke-the | with the declarationofan interim inMarch aanFungurume SMTFSMTF engaged in studyofthe ao In generalproduction and profits ofTronoh grgoup roup ' feasibility of mining operations in the TenkeFungurume area and bythe end of 1971had companies in recent years have shown an upward | - completed 157boreholesindicating rr eserves of . trend but doubtful whether this canbe mixed copperand cobalt oxide and sulphide oore re : maintained unless an thereis increase in the tin price - within two hundred metres the surface The 9.0 ; ~ in real terms Costs are rising rapidly particularly of'. a sulphidecontent increaseswith depthTheweighted - newequipment andmajorsparesand mining areas averageforintersections in73 boreholesforwhich acquired iinn order toreplace oroe rereserves are oflower ve assayresultswere available attheyearend was6.2 ' existing os grade than areas - oe per centtotalcopper for 8.16 metres averagecore Wolfram ms Beralt Tin and 7 = ; length iin ntheupperorebody and i 7.4 per cent totali: copper foran averagecore lengthof11.32metres Owing mainly to seriousand sustained fallinthe' ooh: ~ the lowerorebody Thegeology andthemetallurgy Tin wo=lfram price the preprofits earned byBeralt b. are complex and an investigation intothemethod of . and WolframLimited were substantially lower . ore beneficiation to be adoptedis being undertaken Ashford wee 592,000592,000 asagainst the previous year's figureofpaid 1,787,0001,787,000 No interim or final dividend was paid onsiteand atC1 harter's Charter'slaboratories atAshford iin n has Kentwhereasmall pilot metallurgicalplant and The expansion programme has beencompleted and es - beenestablished Allaspectsassociated with 2, : twolhfraem exploregeologicalsquare or theshortfall oflabour largely overcome Themine determiningthe overallfeasibility oftheTenke- * now ingood position to increase production but wolfrawm in az Fungurume projectare now beingexaminedanditis future profitability mustnormal depend upuon ponthe wolfram* - expected thatthe investigation will substantially :price returning to more normal levels Duringthe oe : complete within a year year the better labour situationenableda more preciseassessmentto be made of theoregrades aatt on. SIMZS'sIMZ'sSIMZ's programme was designed R: ibeira depositThe resultshowever were 35,000 kilometresof concessions concessionsand An undersea tunnel for water and effluent disposal pipelines for Cleveland Potash Accuracy during construction is maintained by using a laser the beam of which is clearly seen in the photograph interesting preliminary indications of mineralization have been found in several areas meriting further examination Charter and its associates have an interest of approximately 28 per cent in both companies The other participants are the government of Zaire Amoco Minerals Company an affiliate of Standard Oil of Indiana Mitsui of Japan Bureau de R^'cherchesG^'ologiqueset Mini^resand Omnium des Mines of France and Leon Tempelsman & Son Inc. of the United States Thailand Charter and Tronoh together with two major United States international companies have been prospecting for nearly three years for tin offshore in Thailand Geological results have been encouraging but the areas of interest revealed by drilling programmes undertaken last year are along exposed coastline and investigations at present are being directed to engineering design and testwork to permit dredging operations during the monsoon period Whether the potential reserves can be exploited economically at present tin price levels will depend largely on the success of these engineering investigations Iran Since 1969 when a joint company was formed with the Iranian government's Industrial Development and Renovation Organisation Charter has conducted an intensive exploration programme mainly for copper in the joint company's exploration areas near Kerman Total expenditure on the programme was in excess of 700,000 of which Charter's proportion amounted to about 290,000 Although interesting copper prospects were discovered none of these would support a viable mining operation under present conditions and it was consequently decided to relinquish the areas Nevertheless Charter remains encouraged by the mineral potential of Iran and it is hoped that further exploration targets will be found enabling Charter to take full advantage of the very useful experience which it has gained in local operating conditions and of the very satisfactory relationship with our government partners North Sea oil During the year Charter entered intoajoint venture with Home Oil of Canada Limited Oil & Gas Enterprises N.S. Limited and Canadian Industrial Gas U.K. Limited to participate in oil exploration in the United Kingdom sector of the North Sea Our consortium has been awarded two exploration blocks but trading activities showed a marked improvement vo and in accordance with undertakings given to the Department of Trade and Industry further detailed and interest charges were reduced AMCAN'S 1971 dividend was lowered to 30 cents pershare 1970 40 difficultiesexperienced in seismic workis being carried out prior to drilling' cents per share in view of the operations which will commence when suitable by Hudson Bay 8 sharply Hudson equipment becomes available Charter has a 30 per . Bay'searningsfor 1971 declined from f'ee interest in the consortium but will apply for _ ~. 19,500,000 to 3,000,000mainly as the resultof ' | authority to transfer one sixth of its interest its - protracted strikes at its minesthe Flin Flon Western profit Decalta associate Petroleum Limited Snow Lakeareas and lower copper pricesThe = = ee Other areas Charter started a examination ofareas of potential base metals interestin the United Kingdom andin the for the first quarterof 1972recovered to over 4,000,000 reflecting the gradual rrise iseinthe prices . higher copper . for copper and zinc anda a rate of rate Republic of Ireland Prospecting activities in Spain_ and Portugal have been intensified and targets include various areaosf potential copper production Western Decalta Petroleum earned 1,539,000 1,539,0001,539,000in 1971 compared with1,218,000in 1970. The and development properties 1972/73 exploration mineralization An exploratory was sent ..- company has raised 6.8 million byissue ofone - Indonesia and a preliminary mineral survey was ~ million shareslisted on the American stock - completedin Brazil Further investigations into exchange the proceeds oof fwhich will be utilized ii n n specific opportunities in in Indonesia will be undertaken . the company's programme for the acquisition in and of oil and gas North American interests . family *, Following an agreement withthe EngelhardEngelhard ' Industrial and other interests Charter's Charter's Charter's principal industrial subsidiary TheCape Anglo American Corporationand associated ~~ AsbestosCompany LimiLted imited increased its from ": _ companies including Charter exchanged theirjoint - 45,700,000 to 50,200,000 50,200,000 and its profitsbefore tax oo ; :majority interestin Engelhard Hanovia Inc. for a 2,528,000 to 3,098,0003,098,000This weed ~ improvement considerable proportionate Chemicals amount of Engelhard Minerals & - and preferred stock _ ; improvement arises from the manufacturing . turnover Corporation common stock S in the Unitedmeasures Kingdom where operations heldbyEngelhard Hanovia Inc. As result ofthis- was increased andmeasurestaken to reduce costs and ; : transaction Anglo American Corporationandhold including Charterjointly hold improve productivityshowedtheir effect effect Salesand i associated companies approximately 30.6 per cent ofthe outstanding EngelhardMinerals& . earnings the mines remained at the Chemicals common stock and 19.7 per centofthe > samelevelsasin1970 wholly aggregate preferred stock Mainly because ofless favouble > The profitpsrofits ofCharter'sCharter's owned results from precious metals operations due to industrialsubsidiariesimprovedby 21 percent ; sluggishness iin n the American economy net earnings oof f compared withlast yearHeatrae Limitedachieved a wah Engelhard MinerMals inerals&Chemicals declined from modest level of profitabilityafter the losses incurred very 36,327,00i0n 19t7o 30 1,208,000 before > in 1970andthe Elastic RailSpikegroup obtained very extraordinarycharges of3,139,000Duringthefirst * favourable results TheRathdowncompanies . quarter of 1972 earnings were 7,200,000 e experienced difficulttradingconditionsin the compared ; 5,600,000 lastyear- ' sx telecommunications components marmket arket and with5,600,000 Theconsolidatednetincome ofAnglo American : 7 suffereda decline iin n profits - CorporationofCanada LimitedAMCAN inwhich - - AnmersalesAGwith itsassociated Unipritncipal ed Charter has a 24.724.7 per cent equity interest was : oS Kingdomand Italiancompanies wwhose hose principal a 1,173,000 1,173,000in 1971compared with 907,000 907,000in - activityisthe marketing ofcopper achieved 1970.Substantially |lower dividendswere received . satisfactoryresultsdespitethe downin oe fromHudsonRay Miningand Smelting Co.Limited . industrial demand throughout throughoutthe free world CHARTER CCONSLIDATE ONSOLIDATEDLIMITEDAND ITITSS SUBSIDIARY COMPANIES year to3131 March ) aoe 1972 , 000s ~ 000s Income frominvestments Surplusornealizations 4 a Interestreceivedlesps aid : : Trading profit Orbe : Deduct administrationand technical : ss expenditure Oe . prospecting expenditure : 1,679 1,768 / 1,237 1,349 1,283 1,135 1,216 retained taxation profits of Addgroup share Deere Dee less losses of associated companies Se .774 2,803 : ProfitProfit before 7 . a Syst : 17,645 - 20,200 Deduct taxation a ee bs 3,036 : '3,276 - 4,772 Deduct amountattributable to outside - shareholders and acquisition WES Dividpeer nshdarse 1971 1970 000s 000s Investments at market value or - ee Ce a 272,637 Pe 325,959 | .266,785 325,959 pe a ees Cae 268,929 383,226 _ 163,286 directors valuation : 150,413 143,559 | 138,388 141,547 123,723123,723 1o 0y 6,. 111 Investments book value | | 3,015 SS ae a ' 21,556 19,578 3,315 Fixed assets and 22,000 Exploration : | | 3,986 expenditure development 7 ao a recs Be 759 Pes poe a ee 3 34.425 Pcs 17,969 5,424 Pre eae | eae os F terial ' 7,177 bees 5,163 |: Net current _ | . -: 207,597 [5 . : Pont, 175,935 | 150,286 oa Pa _ 130,724 Po sis 115,952 grants investment Deduct minority interest long term and indebtedness 1,080 deferred- | | - wae ce nF : 35,234 - OM a op 7 ep ae pa 279: [ 33,969 14,991 oe 1,125 be ay. os = Total | 114,872 172,363 167,700 141,966 135,295 |. 129,599 114,872 capital reservesinvestments Add surplus of market value or ; : directors valuation of a - over book value 122,224 Total assets -- = 294,587 Be fee eee Wens 123,226 | | 187,571 241,679 290,926|.329,537 | 376,974 Peers 57,175 145,206 | -274,805 Vet assets per share 281p ae 277p 277p | 333p 385p LEFT The control panel of Bidor Malaya no I tin dredge BELOW Bidor Malaya no 3 dredge with drag excavator constructing a slimes retention dam pe er r eery ET costae 3 ae LF companie caluinteaieAAllaatteessttAlates Make eae more Loans more deposidoverdreaft posi withwith machinery iv Rants paiidn respect of hire of plant equipment charged in those accounts 12,500 17,500 capicatpiatall expenediturexpend3 iture 573,000 573,000 1971 nil 1971- included Corporation included other American book directors valuation 31 2,989.00 1971 Issue paid directors see a Sr 9.489 during working aggregateamount wholly ormainilntyhe Political Political Political and and purposes totalled 35,974 st Principalinterests and investments _ Principal investments _oe a Analysisofinvestmentsand investmentincome Lo Intereststhecompan=y. ee Subsidiary ccompaniesompanies Principal investments Associated companies as defined iin n accounting policies pagepage 21paragraph 11 - Accounting Group date interest _ equity capital American Australia . Australian Anglo Mining finance Limited Corporation International Pacific * Limited ' . Merchant banking South cent ' : es Africa Dec Pty Limited 25 Euranglo : ; Investment - Switzerland Anmersales AG MarketingMarketing ofmetals 5 See ey : Accounting Group . date interest . vy in equity aa c~apital = 2 cent ' Pees as ss NN ar 25 Soa Bermuda Zambian Anglo American Limited Mining finance Canada _ Anglo American Corporation of of Canada Limited . United Kingdom Anglo AmericanInternational U.K. Limited -. Technical consultancy International Anglo Charter : Services Limited \ Recruiting and employment sserviceservices _ Petroleum Miningfinance Western Decalta Limited and exploration and production France d'Anglade Soci^'t^M'ini^red'Anglade Scheelite mining Malaysia Malaya Associated Mines Sendirian Berhad : -. Mine management Limited Dredging . AyerHitam Tin SIncorporated in England Tronoh Limited held per ~p addition 17.517.5 cent by Tin mining Mines . \Bidor MalayaTinSendirianBerhad / Tin mining Limited - TheSungei Best Mines byTronoh Limited held Incorporatedin England ' -s addition 25.7pe: rcent Tin mining a Mines Mines Tronoh Limited wes Incorporated iEnnglandEngland Tin mining : " Anmercosa Sales Limited a Marketing of metals ~ < : Cleveland Potash Limited Potash miningIndustries CovenantIndustries Industries Limited Marketing and manufacture of chemicals s.Elevatorsand Engineering LimitedLimited Lift manufacture bene Mauritania ee Soci^'t^M'ini^rdeeMauritanie Other principal investments _ Group * o interestos eee oa Rhodesia ant Anglo AmericanCorporationRhodesiaLimited Industriaflinancefinanceo South Africa : i Corporation Anglo American Limited .. - ofSouthAfrica : Sy . Miningfinance MiningCompany io Blyvooruitzicht Limited Pty Blyvooruitzicht GGold Gold mining |. Brakspruit Platinum > Platinum mining Limited Company a Harmony GolGd old Mining ~Y Gold mining Limited Limited Northern Company |. The Lime L - Lime quarrying aor ; Platinum Prospecting CompanyPtyLimited 2 Platinum mining : Pretoria Portland Cement : Company Cement manufacture manufacture Witbank Estates Coal South African - Coal mining Limited | Limited Transvaal ConsolidatedLandand i os Exploration Company Limited Miningfinance Union Corporation Limited . : = Mining finafnceinance Witbank CollieryLimited : Coal mining : UnitedKingdom BergSteorck Berger and Gosschalk jobbers Limited ; FerrantiLimitedelctrial electrical and electronicequipment a Manufacture of : Selection Trust Limited Miningfinance : finance : Soci^'tM^i'ni^redeFungurume :Copperexploration : France Le Nickel 02: : and Miningfinfanicenance metallurgy ' Italy ImpreseIndustriali SocietS^ociet^Nazionale Sviluppo Finance and investment South Africa Be AngloAmericanInvestment TrustLimited : - Diamond investments Publishing The Argus Printing and .Limited and Company Limited Mines oS Printing andpublishing De Beers Consolidated Diamond mining Vanadium Limited 7 Highveld Steel and : : .Steel manufacture Corporation : : Corporation Rand Selection Miningfinance Limited : : -VGiorlgdimniinainMgerriespruiItnvestmentsPtyLimited: : ; / : United KingdomKingdom . TheRio Tinto Corporation Limited Limted Miningfinafnceinance : Engelhard Minerals &Chemicals Corporation :Corporation oe Processing and marketingofminerals Zambiangovernment lolans oans housing Kariba electric scheme s + bookvalue included under associatedcompanies seenote-on page29in accordancewith stockexchange requirements Pa Category of investments ; - a 1972 1971 Geographical analysis . investments ~~ 1972 ee 1971 Mining Finance 000s 000s . 000s | 000s . : a : . - United Kingdom . 39,332 33,410 ~~ : 151,044 154,471 Continental Europe 7,190 9,116 = Diamonds 17,937 9,983 North America oy.) 52,168 57,609 ~~ i: Gold 6,612 --7,498 - South Africa . - 98,581 Tin and wolfram _ 6,773 - 6,053 Zambia ., ne 178,493 16,861 ~ Coppeanrd other minerals - 19,379 Industrial commercial oil : etc. 68,497 21,439 .64,689 Africa -. .-. Malaysia ~' : bee * 10,563 0.. ; 2,808 . Long term loans 2,395 2,652 .. Australia - coy 37,837 NOTES 272,637 266,785 1 The analysis is based on the stock exchange value of quoted investments and the directors valuation of unquoted investments at 31 March : te . . . 1972 Category of investments 272,637 266,785 geographical 2. The analysis takes into consideration direct interests and where possible major indirect . interestsin the areas concerned approximate andis therefore only 4 analysis 1972 Geographical ~ % investments Geographical Porcentage investment value of 272,637,000 =z Percentage | Percentage of - es 10,441,000 Interests the company _ The following are brief descriptions of some of the companies 7 has in which Charter has interest : through which the group : holds its major property interests : ' finance and Corporation of South African South Africa. ", Anglo American Properties Limited and Townships - Mining Finance Limited increased their profits in 1971 in spite of in downturn the economy increased as _ Anglo American Corporation Zambian mining i ra oo The corporation's investment | in the | we copper - international Limited group head of an * industry is held through the Bermudian company Zambian Anglo AmericanCorporation the is per Anglo industrial investment companies mining the American Limited which owns 49.98 cent of Zambia Copper vs In Nchanga of mining and its close associate De Investments Limited Production of finished copper to the Anglo American Corporation group Mines Limited have important interests in Consolidated Copper Mines Limited in 1971 rose by 5,960 tons Beers Consolidated value of uranium copper nickel coal ti . 401,471 tons The of sales declined by K47.9 milliotno .. and production gold Zambia asbestos diamonds iron ore platinum lead zinc and K325.4 million mainly because of lower copper prices ' potash - wolfram In industry the group's interests range from zinc steel Broken Hill a division of Nchanga produced a record 85,326 tons ' and to construction transport and of lead and zinc an increase of 4,304 tons over the 1970 figure heavy engineering making Soe corporation Rothschild textiles chemicals 1972 ~ motor vehicles paper and drilling tools re- In February the raised through N. M. fractories and foodstuffs The group is also activien propertyproperty & Sons Limited and consortium of European banks a US ; southern Africa development in and in insurance merchant - million loan at 7 per cent repayable by 1987. The proceeds were - banking local discount market and computer services _- used to repay existing loans and to finance future investment In 1971 the group was responsible for 39 per cent of South Africa's gold output equivalent to 31 per cent of world production exclud- ~. ing communist countries 29 per cent of South Africa's coal and - about one third of its uranium Mines managed by the group pro- ~. duced 63 per cent of Zambia's copper equivalentto more than six ~ An analysis by primary source of the corporation's investments at December 1971 is shown below wis : - Value cent - Income . ~ cent - per cent of world production Gold Production group's by kilo- by the gold mines in 1971 fell 10,719 Diamonds . grams to 384,900 kilograms Working profit however rose by R6.4 Copper million to R161.3 million This was attributable to additional Coal ... revenue from free market sales cs ; ? Platinum 2 Other compared mining tons group produced 1,132 tons of uranium with 178 Industrial : tons in 1970. Working profit from uranium and acid fell byS R2o .8s - Finance we uranium to 2, milliRo3.n2 million Property _ Central Selling an Sales of gem and industrial diamonds through the _ Organisation totalled R446.4 increiancrseae se of 18 per cent <> ~ over sales in 1970. favourable trend is continuing in 1972 reseulntsrdeseuldts 1972 ~ The sales by group collieries in South Africa increased by 620,000 The tons 16.6 million tons and in Febriu nca rear sey s Year " - for the last twoyearswere 31 December Boy eet : 1971 Group profit announced in the controlled selling price of coal and coke These ~ before taxation R46,563,000 increases introduce into the pricing system of South Africa for the Taxation - wie le sn R1,796,000 9 2 ES - 1970 R44,684,0020) + R3,903,000 first time of Group profit the principledifferential prices for various qualities taxation R38,978,000 The value of the corporation's investments at 31 December 1971 and minoritiesordinary R41,256,000 = share ee cents share: 31.5 29.8 per * > was R216 million higher than at theprevious year end largely as a Earnings ordinary >. cents ~~ R22,355,000 - amount result of the consolidation for the first time of H.D. Development i Dividends _ : cents oo. per ordinary share Limited ' Market value of quoted , The interests of the corporation in Canada are held through Anglo Investments 0 R840,942,000 Bip itsinterests American Corporation of Canada Limited in Australia American Book value of unquoted R83,096,000 ~ have been consolidated in Australian Anglo American Limited ..:: investments 002 re WS R749,900,000 . R657,400,000 . On the industrial side the consolidated net profit attributable to "-: assets value 57 - 1) ordinary R5.74 R5.03 share -, Anglo American Industrial Corporation Limited for the year as to 31 December 1971 milliao gain nst R15.4 million for - Anglo Corporation - the 18 months ended 31 December 1970. fall in profit was American of Canada Limited : mainly due to losses civil engineering contractsDividends ~ The company AMCAN which is a member of the Anglo American ~ share ~ totulled 35 cents per for the year compared with the annual Corporation group was established in 196t6o consolidate the bulk :rate of 33.3 centisn 1970 ' *. 2 of the Canadian assets of the Charter Anglo American and De Beers| property companies The estimated value of the adminsterd administered by. groups These include both direct and indirect investments in and uranium mining cadmium gold silver potash the corporatiwoans approximatRe1l4y0 million Those companies copper zinc Corporation chemicals crude oil and naturalgasproduction road rail and sea Rand Selection Limited aoe : ~- transportation land development and prospecting operations The company member of the Anglo American Corporation group In Canada AMCAN continued to participate with Hudson Bay * is a financial investment company with shareholdings in Exploration and Development Company Limited in exploration financial gold diamland co oppn er adnd shareoldings other base metalcosal companies prograim n thme Yeuksonterritory British Columbia and Ontario platinum industriaanld land and estate companies yet! cent surface diamond drilling none proved be of economic also repayable million . completed In Mexico AMCAN with local partners . testing anomalous vertibleproceds Eurodollar in Sonora with importance copper drill areas the state of Early tures 1983/97 1971 company issued R30 a 30 million con- repayable 1983/97 and raised con- Eurodollar loan at 6 cent repayablerepayable 1986.The : results Samples are existing short these long loans enabled the company company continuing negative being collected for testing from existing long term ee and meet continuing continuing with in ~! tungsten occurrences and gold deposit both located central investment : commitments arising out of agreement | with Ss . to in ventures Mexico and OP Leh eb. <2. .1 Anglo American Corporapatrtiiciopante new ~ and advantage that EEE company's oe investments principal 7 to advantadavangtaege of any new opportunities may arise _ At December 1971 the company's principal investments were a Boa ees ; decline prices Johannesburg Exchange share Stock follows The as : oS ohn rs The of on von No. shares finance and Loe re of Percentage . oo particularly affected the mining - ; / mining sectors The _ market the quoted securities was company's therefore Hudson Bay Mining and Smelting |. 27.99 value of lower in 2,330,671 Co. Limited an ere Se ae : . . : os. significantly 1971 AS Te So Francana An of Development Corporation of and its oo . 400,000 40.00 : Oe: analysis the investments the company subsidiaries ~ Limited 1971 is shown " ore Limited 150,001 : a. 10.00 at 30 September below Bee Dis Mines Agnew Lake | eo Ta a Sse TT on oe White The Pass and Yukon Pe we oe we 2 Corporation Tos Limited a hoy 494,985 26.22 ae es a Value - Value eos Northern Great Capital) =. fs ee EL Be ae R000s ~~ cent 0 ", Limited 606,750 24.56 oo 136,295 oe SP : Diamonds Corporation - mere Finance years The for two were a ~ 2, Diamonds DATA 0 2 53,587 results the last mining _. Year 31 December ended Income beforetaxation Taxation cpg oe copper other income Extraordinary =. =. 7 1971 2 ( | 1,223,000 = 50,000 1,173,000 1,173,000 1970 Investment 000 Gold mines principally interested rae Companies principally interested in _ and metals a ee oes Platinum -> : 55,495 60,482 | tt . Extraordinary gains ie i> nvesotf minveesntmtensts =< -).- .1,141,000 -/ Earnings share 1.2. 13.9 cents 0! ay -.- Coo e a Col al Industrial Land estate and sundry ; ' Dividends amount cy iats le share (oo 2,529,000 20! ".- C$3 2 YO 6 ote 30 cents 40cents eb Bs ere 2S - Market value of quoted investments 00000085 Book cost of unquoted . investments 00 Net assets value 27> '.75,279,000 74,446,000 ye TTS eh CLEP ot) - 14,499,000 24,228,000 ~ 8.3,300,000 84,600,000 recovery. Seer 2s wy a taxation Taxation 09). we: Group profit after nd. ~ Australian Anglo American Limited |, - ~-, minorities share 5 The company which is a member of the Anglo American Corpora- Earnings per share American tion group was formed in 1971 with fundosf approximately _ Dividends jo 20 million Anglo American Corporation and its associates 0 00share value of . - subscribed for 45 per cent of the issued capital Charter 25 per cent Market quoted investments os and ZambianAnglo American Limited the balance of30 cent investmentst _ The Anglo and Charter groups have since 1965 con- investmentst E ducted widespread prospecting operations throughout AustraliaoS ; and neighbouring territories Apart from seeking investment * opportunities particularly in mining Australian Anglo American <=. mineral deposits will continue to direct this search for Geological gh exploration programmes SE OA includes Limited company's : Rhochar n and the Geological exploration programmes are being conducted in mary parts of Western Australia in north region of Tasmania . company in Queensland in the Northern Territory in Fiji ~ includes R20,177,000 2) rce R21,040,000 6 R68,009,000 R65,219,000 R364,400,000 R439,900,000 : : R12.96 ae Charter in Charter interest Holdings Consolidated Consolidated unquoted The Rio Tinto Corporation Limited The Rio Tinto Corporation Limited RTZ and its subsidiary . Year ended 31 December a - Market value of quoted investments unquoted 4 1970 '.75,700,000 104,900,000 > of 54,400,000 "> companies a British international group mining and Book value of unquoted | industrial companies with interests in almost every major metal . investments activities original its funds 297,900,000 and fuel In addition to developing original activities in alu- minium copper lead uranium and zinc the group has diversified Total shareholders -. -_. a .. 44,300,000 - Selection Trust Limited considerably and now has major interests in aluminium products woe electric *". borax power development iron ore special steels : oo ws os Selection rie is a mining ; finance house Trust British mining finance seeks additional and tin smelting wide range of metals and minerals It also a in interests with interests a The interests in Australia and New Zealand are for the ' throughout the world by conducting its own mineral exploration mining company's and in main part held through Conzinc Riotinto of Australia Limited- " programmes by participating the development of properties Conzinc which is 80.6 per cent held by RTZ Production of iron and allied businesses controlled by others ore and pellets by Hamersley Iron Proprietary Limited 54 per cent Active exploration is being carried out in Australia North America Kingdom Consoli- owned by Conzinc showeda further increase compared with the and Africa and on a small scale in the United ae previous year RTZ's principal aluminium interests in Australia .: dated African Selection Trust Limited CAST has the right to particpation and New Zealand are controlled by Comalco Limited which is ., participation in all exploration wip on Ee of 45 . public company per cent owned by Conzine Shipments Trust bauxite from Weipa Queensland totalled 7.5 million tons 1971 In June 1971 Selection anounced of a exploration in Western Australia significant occurrence compared with 5.8 million tons in 1970. Bougainville Copper Proprietary Limited of which RTZ group holds 43 per cent con- of | | and construction of mining | nickeliferous sulphides had been discovered in the Agnaerewaof some 250 miles north of Kalgoorlie An intensive intensive programme _ tinued to develop the copper orebody at New Guinea within diamond drilling has so far indicated two nickel bearing shoots - " nine metric and infrastructure facilities Bougainville The no 1 shoot contmailli ionns tons of sulphide material cent nickel the budget of 400 million ~ above a cut grade of one per with an in The group interests Canada and the United States represented ~ average grade just over two per cent nickel Below the no material lies zone of the total interests other than shoot and separated from it by rich of low grade Pillar Limited's assets These size .. 18.5 per cent group publicly quoted Canadian subsidiary Indal appears to be at least the in of the no 1 ~ RTZ by of the .*, are held and managethrdee companies Rio . Work continuing area and a study feasibility the progress ae a AlCgoamnMaind esaLimited 51 per cent owned which is interested in of establishing mining operation in . uranium copper and the production of stainless and specialty miling operations at rate of 500 tonosf : at South is steels Brinco Limited which developing the electric oe . '. started early May 1971 the Bay Limited suffered power scheme on the upper Churchill river and conducting th- western Ontario mining exploration and United StatesBorax & Chemical Cor- which over 100 million wortohf borax and produced a detailed feasibility report for - poration sold -/\. the proposed development of the Cheshmeh copper deposit potasihn 1971 ~ + After protracted negotiations with the Iranian government no rights In southern Africa Palabora Mining Company agreement could be the company " heavily from the decline in world copper prices "~ Vin to participaitne In United Kingdom : RTZ Selection Trust's me the Pillar ^fincreasedits profits during 1971 in spite of the generally difficult conditions in the aluminium: industry The zinc and lead smelting operations at Avonmouth are being transferred to new Australian subsidiary company Avonmouth Trust's principal Tsumeb RThZas 25 per cent interesitn certain prospects held by the Hamilton group which has been successful in obtaining a licences to eee drill for oil in the Northbeen 2 ~ - The results for the last two years were - Year ended 31 December Group profit before taxation ~. Taxation attributable ee . 1971 68,000,000. 28,300,000 Group net profit attributable to shareholders 0205 - Earnpi er n ordginasry Dividends ordinary *: 2.1 per ordinary share -" 19,000,000 Secs: He 8.45p interests Industrial interests: made at Elastee! Limited, 1. A Pandrol' fastening being 2. IWnodruksstroipalPandro~ fastening fastenibening being made Elasteel Elasteel Worksop galvanizing gantry gantry Worksop Worksop 3. 2. Galvanizing galvanizing steel Galvanizing at Small Parkes 4, Manchester friction material manufacture awaiting Copper 5, Norwich cylinders inspection inspection Heatrae Heatrae factory of Manufacture Manufacture " addition to participating with Selection Trust in exploration the ' Dividend main interest ofCAST 37.8 per cent owned by the companyis in Value income . diamond mining in Sierra Leone and Ghana With effect from 1 July 1970 its diamond mining businessin Sierra Leone was acquired by gold Mining - - R000s per cent and uranium ... 2,584 24.7 R000s cent the National Diamond Mining Company Sierra Leone Limited in which the Sierra Leone government owns a 51 per cent interest and -coal = platinum 133 559 13 5 5.3 the CAST group a 49 per cent interest Dividends received from . Industrial aan 5,343 5,343 51.1 Financial investment compared 10p CAST during the year amounted to 7p with in the and w 1,844 17.6 previous year The primary business of Western Mining Corporation in which 10,463 100.0 Selection Trust has a 9.4 per cent interest is the operation of a nickel mine at Kambalda in Western Australia and a nickel refinery w The results forthelastwo financial periods were . at Kwinana it also carries out extensive exploration programmes | ended Year ' | : 18 months ended ore The Mount Newman iron project is a joint venture in which direct - Selection Trust has a interest five per cent and an indirect interest through the 25 per cent participation in the project held by AMAX The participants in this venture are working a large iron ore deposit in the Pilbara region of Western Australia During the Group profit before tax Taxation profit Group net after taxation and minorities 30 June 1971 ' R3,301,000 - R578,000 R2,653,000 ~ June 1970 pe R4,903,000 - R1,044,000 - : R3,827,000 _ year to 31 March 1971 the second year of trading operations Earnings per share ., 25 cents 59 cents Mount Newman shipped 13 million tons of iron ore compared with Dividends R1,391,000 R1,908,000 6.45 million tons in the previous period Production is currently running at a rate of some 20 million tons year per share Market value of quoted investments 21 cents : R6,606,000 29 cents . R6,055,000R6,055,000R6,05 ,0 0 hase : The results for the last two years were Year ended 31 March Consolidated profit before taxation Taxation Consolidated profit after taxation and deduction of minority interests 1971 7,792,000 2,088,000 ; 5,680,000 1970 7,279,000 - 2,483,000 4,753,000 unquoted Book value of investments Loans to associated companies Net assets value . 40 centcesnts before R1,704,000 R2,153,000 R16,405,000R16,405,000R16,405,000 7 R2,502,000 R2,502,000 R2,502,000 R2,037,000 >" R16,124,000 ' - special depreciation of iinvenstmentvs estments - . Dividends amount 3,664,000 3,299,000 per share Charged against reserve for exploration expenditure and - depreciation investments Net assets at book value at market value . directors valuation Net asset value per share 18p 16 . 2,072,000 ~. 1,455,000 * 32,707,000 30,662,000 148,993,000 5.93 7.32 Corporation Union Limited The company is a mining finance company principally interested ; in the South African gold mining industry It has substantial in- vestmentsin mining and refining of otherprecious and base metals including platinum nickel copper chrome in South Africa The interests of the companyalso include industrial manufacturing structural mechanical and civilengineering shipping >. and related services roa transport property and banking It Africa .. administers two investment companies in South and one ConsolidatedLand Exploration Transvaal and United |. Company Limited associated companies increased The company and its subsidiary and are members of the Barlow Rand group It is an investment company Australiansubsidiary which owns extensive minerals and land interestsin the Transvaal acquired where it is actively engagedin mineral exploration and also con- - investment trust inthe KingdomKingdom Total gold production by gold mines within thegroup in1971 decreased to 115,401 kilograms compared with 121,169 kilograms in 1970. The revenueearned bythese mines from R101,432,000R101,432,000R101,432,00 to R107,458,000R107,458,000R107,458,000 In August 1971 the company through its en acquired 49.9 percent of Cudgen R.Z. also eight per cent of Consolidated whichis 50.005cent owned by - . tiols land interests in Mozambique 0 Cudgen R.Z. These two companies are engaged in majorbeachsand Chrome district controls Witbank It two collieries in the ' ores _ operations on the east coast of Australia and on North Stradbroke Queensland and concentrates are produced by subsidiary companies in the Island off the coast of Together the two companies . Rustenburg and Lydenburg districts It also receives royalties biggestdirectly through 30 other minerals from the tribute of asbestos chrome tin and minedin its properties a a interests based market The spread of principal at 30 June on are the third producers ofrutile and zircon in Australia - both The company and indirectly its per cent : ~ interest in Bay Hall Trust hasa large holding in Capital& Counties ~. Property Company This is one of the leading property companies : values of quoted and bock values of unquoted investments and - the income attributable to each category as were follows - portfolio Kingdom in the United whose v 121 million at 25 March 1971totalled xo Group industrial companies in southern Africa include South African Pulp and Paper Industries the leading paper producer a the Darling and Hodgson group civil engineering and road con- ~ struction group Eclipse Engineering and Project Engineering which have iron and steel interests and Kohler Brothers a holding _ company with investments in the packaging and printing industries Union Corporation also has a stake in Unicorn Shipping - Lines which is currently operating thirty ships oo The results for the last two years were Year ended 31 December Group profit before taxation Taxation : Group profit after taxation _ Earnings per share Dividends . 1971 , 1970 R14,734,000 R116,000 R13,160,000 R571,000 R14,618,000 29 cents R12,589,000 25 cents R6,500,000 R6,000,000 Diamonds Anglo American Investment Trust Limited . The company which is a member of the Anglo American Corpora- . tion group is an investment company with shareholdings in De . - diamond trading Beers Consolidated Mines Limited and certain : uo companies * vee a Ya De Beers Consolidated Mines in which Anglo American Invest- interest ment Trust has 25.93 per cent equity operates at Kimberley the De Beers and Wesselton mines which it owns and the Dutoitspan and Bultfontein mines which are leased from subsidiary companies North of Kimberley at Lime Acres the * company operates the Finsch mine In the Orange Free State the began Koffyfontein mine has been reopened and production in phase with the closure of the Jagersfontein mine where production ; per share - Market value of quoted investments _ Book value of unquoted ; _ investments Net assets value . per share 13 cents 12 cents ceased at the end of May 1971. A new mine at Orapa in Botswana cer started production during July 1971 OE es R156,435,000 R148,496,000 ae _- R25,497,000 R22,771,000 the _ The has a direct interest of 98.3 per cent De Beers company ordinary shares of The Consolidated Diamond Mines of South West R193,133,000 386 cents R205,962,000 ~ cents Africa Limited which operates the opencast workings along the southern portion of the coast of South West Africa De Beers also owns 98.39 per cent of the deferred shares and 93.54 per cent of the American Limited preference shares of Premier Transvaal Diamond Mining Com- |. Zambian Anglo mine sae of the pany Limited which operates the Premier near Pretoria the -_ We which member Anglo Zambian Anglo American is a : Transvaal American Corporation group is finance and investment company incorporated in Bermuda with direct and indirect investments in large number of mining industrial and other companies Its In addition the De Beers group has large interests in the mining of gold copper platinum coal and other minerals and in a number of . : . principal investment is in the Zambian copper mining industry Bermudian company through Zambia Copper Investments Limited which is also a in which it owns 49.98 per cent of the issued capital It has recently acquired through a wholly owned Australian subsidiary 30 per cent of the share capital of Australian Anglo American Limited and also has anindirect interest in re industrial and finance companies a > De Beers subsidiaries include The Diamond Corporation Pro- prietary Limited which contracts with various producers who ' are not members of the Diamond Producers Association for the _ ~ purchasoef their : production The Diamond and Purchasing Diamond and Trading Company Proprietary Limited and The Diamond> | Engelhard Minerals & Chemicals Corporation . , Company Limited are concerned with the marketing of Trading Ultra High The unusually high dividend for the period ended 30 June 1971 - gem and near diamonds De Beers also has a 50 per cent Limited reflected exceptional dividends received from the copper mining interest in both Ultra High Pressure Units and : companies consequent upon their restructuring to providea 51 : Pressure Units Ireland Limited These two companies manu-: respec- An facture synthetic diamonds ~ per cent interest to the Zambian government interim dividend i South Africa and Ireland of 10p was declared by the company in February 1972 for the year tively Through De Beers Holdings Limited and De Beers Industrial end30i Junn e 1g 972 0. ae RT -' Corporation Limited the De Beers group holds investmentisn The results for the last two financial periods were mining industriaandl financial companies : my . : July 26 1970 1 ' 1969 to -, June 1971 Uncoslidate 1970 The results for the last two years were - Jak a . a .. Consolidated Unconsolidated ' Year ended 31 December ee 1971 eos1970 * Investment income _ 9,794,000|16,361,000 Profit before taxation R16,997,000 : R15,173,000 Other income ' 4,424.000 . 625,000 ' <Taxation co R146,000 | R110,000 5 : ordinary Profit before taxation 14,068,000 | 16,968,000 Profit after taxation : R16,851,000 _ R15,063,000 Provifosr i foroeingn taxation ~ 134,000 . 63,000 ; Earnings per ordinary share - cents ... ':cents taxa aftt er tiaxoatn ion 13,934,000 - 16,905,000 Dividends 2 R16,300,000 R14,800,000 Dividends 12,667,000 _ 9,527,000 0 vl"! ordinary share ~ |. 160 cents 145 cents share 40p 31 quo valut e ofe quod ted = 008 sr CIEE nee Net assets =" 71,500,000 : 71,500,000 investments <9 6 R432,119,000 R364,046,000 : share 2) Oy 2.26 ot. 2.36 "Net Book cost of unquoted investmentsR430,80,0 R2,742,000 -: R362,30,0 R1,803,000 in addition a special dividend of3,920,000 12 per share was - asspee r ts 67.s5h .)arR4e30,R80402,0.005R8362|,30R03,50.0703 : paid on 30 November 1970 a necessitatedthe bank company's the company's cashresources and raising of . Gold continued . overdraft facilities totalling 1,885,0001,885,000 to finance the : Blyvooruitzicht Gold Company Limited : Mining - the mine |. 4 . despite increased production operation During The is member of the Barlow Rand group and operates a . 1971 for the last four . company Witwatersrand gold nine on the Far West which : months only 1,449 metric tons of wolfram and tin concentrates - produces metric product uranium oxide asa by oS were produced compared with 1,634 in 1970 Ribeira Considerable - New record tonnages for 1971 of six per cent over 1970 mined and . development work was carried outon the *: tin milled were established for the mine despite shortages of artisans and wolfram depositin the north of Portugal The disappointing _ Although yield dropped the increased throughput raised gold grade of ore coupled with extensive faulting led to conclusion kilograms working mining produced by 1,263.5 Thenew uranium plant is that any operations would be unprofitable at current or satisfactorily - : ~ foreseeable price levels and all work on mine : accordingly this will The results for the last two years were years wwer ere Year ended 30 June- ., 1971 1970 be discontinued by Beralt The results for the last two : : Soe Yield per metric ton 19.53 grams 20.13 grams * Year ended 31 December . 1970 Profit before taxation ' Taxation and lease payments R15,036,000 R6,823,000 R14,310,000 Profit before taxation R5,958,000 Taxation 1,787,0 0 - 1,787,000 : 695,000 Profit after taxation and lease : _ payments Dividends amount tc -. . Extraordinary deductions R8,213,000 " * R8,352,000 *) ~ Profit after and taxation ; R5,760,000 R5,760,000 extraordinary deductions esl 89.000 3 Lt fete 1,092,000 , per share : 24 cents : ' cents Dividendsshare , share - a a, .- 556,000 (cans 21p Limited Harmony Gold Mining Company . operates The company is a member of the Barlow Randgroup It a goldmine in the Orange Free State and produces products : Tronoh Mines group : oxide pyrite and sulphuric acid Itis well placed to Limited Sendirian uranium take Malaya part : in any future commercial demand for { : Tronoh Mines its subsidiaries Bidor Tin ~ Loot throughput Merriespruitmills The combined of the Harmony and Berhad and Southern Tronoh Tin Dredging Limited operate tin _ reached during 1971 a new record at 3,305,000 metric tons | _ mines in Malaysia Group productionfor theyear 31 December concentrate tons of with Overall gold production improved by three cent to 33,781 1971 3,512 metric tin We compared : . kilograms The increasedrevenuefrom gold production more than 2,7342,734 for 1970 a dredges in expenditure operate Southern compensated for four cent increase working 2). Tronoh and Bidor a totalofseven and production market 2 Uranium was down 24 per cent and as the was Tronoh commenced gravel pump mining on tribute - basis uncertain in the short term thecompany did not we October 1971 the dredgeremaining unuder nder care andmaintenance nn proceed with :- some ofits planned developmentin this field on, All| operationsareinthe state ofPerak : ey States were Tronoh has : The results for the lasttwo years With Charter and two majorUnited companies been prospecting for nearly three yearsfor offshore Thai- Year ended30 June 1971 mo wl 1970 _ land and geological results havebeenencouraging Drilling has Yield permetric ton 10.22 grams 10.33 grams revealed extensive areas of interest along exposed coastline and Profit before taxation | 8 R5,241,000 - R4,716,000 investigations are now being undertaken regarding the design of 2 . payments Taxation and lease 2). R1,235,000 R1,279,000 -- dredging ; 0 that the monsoon equipment operate will through Profit after taxation . =>. lease payments R4,006,000 R3,437,000 - period AA So me, , " Ayer Dredginglimited companies R2,880,000 . R3,060,000 Associated areare Hitam Tin and Dividends -per share g , a 16 cents ae 17 cents The Sungei Besi Mines Limited which operatetintin mines in Wet -: Malaysia Aokam Tin Berhad which operates two dredges |off- a shore Thailandand Associated Mines Malaya Sendirian a 7 Tin andwolfram c Berhad the group'sgroup's management Beralt andWolframLimited company in Malaysia Tin . : The results for thelast two years were were mining in Portugaland The principal activity ofthecompany is the in 7 ended31December 1971 ; - profit subsequenttreatment of ore to produce wolfram concentratesand Group before taxation t - 1,560,000 small quantities of tin and copper concentrates The company's profits for 1971 and sales during the first quarter - Dividends of 1972 wereseriously affected by the weak marketforwolfram -* amount share essentialcapital expenditure exhausted This coupled |with hhasas oo company's Senior technical staff during a visit to the company's company's company's geochemicalgeochemicalgeochemical laboratory at AshfordAshford Kent Limited Witbank Colliery __ and other minerals mines Copper The company which is a member of the Barlow Rand group American Corporation Anglo Botswana Limited coal from its Wolvekrans section at Witbank in the Transvaal This company AMBOT holds the interests of Anglo American of coal from 1,527,314 tons to 1,564,968 tons in the year and certain associated companies including Charter Sales rose in of the restriction sales due to Corporation oo oo ended 31 August spite in Botswana shortage of available railway trucks However as result of higher - profit has interest of approximately 18 per cent in costs there was a small reduction in the after tax eye AMBOT an indirect which in turn holds 85 per cent of the lower The interim Botswana RST Limited a Sales for 1971/72 are expected to be slightly equity of Bamangwato Concessions Limited which developing dividend declared in February 1972 was reduced to 10 cents per . mine at Pikwe in Botswana Production is copper with 13 cents in February 1971 emphasizing the to start at Pikwe early in 1974 at a rate for the initial expected of refined nickel and 15,500 snheaerde a comnparinecdrease in the coal price to enable the 1971 dividend : of about 17,000 metric tons aa maintained ymeeatrrsic tons of refined copper and 127,000 metric tons of sulphur to be ; per annum Production at Selebi is expected to begin in 1979 The results for the last two years were AMBOT's other holdings include 80 per cent of Morupule Colliery a coal ended 31 August Profit before taxation 1971 R580,000 - 1970 R625,000 Pty Limited which is planning to establish and operate - R161,000 R198,000 in Botswana The mine which has a designed Taxation : mine near Palapye metric of coal per annum and is Profit after taxation R419,000 | - R427,000 _ initial capacity of 219,000 tons with R400,000 R477,000 expected to begin production in 1973 has an agreement Dividends amount 26 cents 31 cents Botswana Power Corporation to supply it with coal for the power per share station being built adjacent to the Pikwe mine Coal will also be supplied direct to the Pikwe mine Proprietary Brakspruit Platinum Limited is a member of the Barlow Rand group and holds a The company certain farms in the mining lease in extent 1,T5r75anhsevcataalreIsts omvaeirn source of revenue is Rustenburg district of the basis until 1985 on the tribute income receivable on a royalty mining lease from Rustenburg Platinum Mines Limited The dividends for the year to 31 August 1971 were R9.95 per share costing R2,487,500 compared with R12.20 per share costing R3,050,000 for the year 1970 South African Coal Estates Witbank Limited American is a member of the Anglo Corporation the The coamnpdanopyerates two collieries in the Witbank district of steam coal gTrraonuspvaal The Landau no colliery produces mainly . and the Navigation and Landau no 3 c: ollieries produce , blend coking coal costs and increased selling expenses made steam Rising working sales from coal operations less profitable in 1971 although rose The blend coking 1,344,000 metric tons to 1,382,000 metric tons coal operations maintained their profit margin coal has entered into contract to supply to Japan low- The company initial annual rate of ash from the Landau no 3 colliery at an 100,000 metric tons from 1972 to 1976 rising thereafter : to 500,000 : metric tons per annum until 1986 Industrial _ The Cape Asbestos Company Limited bas Cape Asbestos - two main divisions manufacturing and mining The manufacturing division comprises fourteen factories situated mainly in the United Kingdom There are also establishments in America and South Africa as well agencies and Eliucreonpceee companies throughout the world The products consist of asbestos based insulating and cladding boards and many other materials principally used in the building industry brake and clutch linings and similar components for the automotive industry insulation products and thermal made in Scotland mainly based temperatures There - on mineral wool and covering a wide range of is in addition a large thermal insulation contracting organization contracting - and a factory making garage equipment of division consists of two groups mines producing The mining ; amosite and crocidolite asbestos in South Africa : group's During 1971 there was a substantial improvement in the which came from increased sales of manufactured . net profits combined with improved efficiency in nearly all plants products and earnings remained at approximately At the mines production to reasonable the same level as in the previous year Subject it trading conditions is expected that sales and earnings will continue to increase in 1972 The results for the last two years were The results for the last two years were Year ended 30 June Profit before taxation : Taxation ; .- Profit after taxation Dividends ~ amount - per share 1971 *. R569,000 R146,000 R423,000 R400,000 Year ended 31 December 1970 Profit before taxation - R613,000 Taxation . ' R169,000 Profit after taxation R444,000 Earnings per ordinary share - R420,000 - cents Dividends ordinary amount per share 1971 3,098,000 : 1,269,000 1,829,000 10.8p 1,298,000 7.5p . Covenant Industries Limited Year ended 31 December Earnings before extraordinary : - associates The company whicihs owned jointly by Charter and and and Imperial Chemical Industries Limited has manufacturing trading interests - chemicals agricultural chemicals explosives dyes paints plastics organic fibres and pharmaceuticals - mainly - ~ in Kenya Nigeria Tanzania Uganda and Zambia - . charges . Extraordinary charges net of taxes income : ~ Net earnings amount , . - per share Dividends 1971 1970 31,208,000 - . 36,327,000 3,139,000 28,069,000 | 97 cents 13,282,000 - 36,327,000 : 1.30 13,378,000 . , wee The results the last two years were ; Year ended 30 September Profit before taxation : 899,000 1971 899,000 .. 427,000 1970 814,000 AD 509,000 -per share on - common stock 40 cents "' 40 cents Taxation Profit after taxation 472,000 305,000 - Elevators and Engineering Limited The company's main business is the manufacture installation servicing and repair of litsthrough its wholly owned subsidiary : Hammond & Champness Limited year compared " The profit for the ended 31 December 1971 with the loss in the previous year was largely due to better control and a measure of improved pricing plus the elimination of bank : : : a borrowing The results for the last two years were Year ended 31 December Profit before taxation : Taxation 1971 ' 1970 175,000 49,000 lloossss Nil 8,000 Nil - Ferranti Limited -: manufacture its The company and subsidiaries develop and - general electric and electronic engineering products field ordering Low levels of and prices in the transformer again - affected the group's results A provision of million was made in of overseas transformer contracts in the year ended 31 the rMeasrpcecht 1971. However Avionics and Automation divisions . representing two thirds of the group's business yielded a a satis- vl, factory return . on their capital The results for the last two years were Year ended 31 March _ Loss before taxation Taxation recoverable - . Loss after taxation ; Dividends ordinary 1971 , 827,000 344,000 483,000 - 240,000 1970 1,592,000 profit ~ 657,000 935,000 -: 240,000 - Profit after taxation Extraordinary credits | Dividends 167,000 45,000 loss 7 55,000 109,000 79,000 ' 79,000 share 6p Lo. 6p ordinary 2P p Highveld Steel and Vanadium Corporation - Limited ree Chemicals Corporation Engelhard Minerals & Engelhard Anglo Corporation The operations of Minerals & Chemicals - Corporation member divided into three principal lines of business reflecting the are major classes of products sold the marketing of ores minerals and metals conducted by Philipp Brothers division the mining and on of metallic minerals carried by the Minerals & processing Chemicals division and the refining processing and fabricating of precious metals conducted by the Engelhard Industries division - conditions The company has developed a platinum catalytic converter for the control of exhaust emissions from internal combustion engines with It is negotiating Ford Motor Company a contract for the supply of these converters on a national scale starting with the model year 1975 ce . _ high In 1971 corporate earnings from non operations reached an - unprecedented accounting almost 90 per cent of total net earnings before extraordinary charges 1970 66 per cent a lower tax rate than Us generally bear Since foreign earnings : - Year ended 30 June Highveld Steel and Vanadium a of the oo =." _ American Corporation group owns and operates an iron steel ~ vanadium complex at Witbank the Transvaal For the year last ended 30 1971 the company traded at a profit the first - time since the building the Highveld plant In the six os. months of 1971 difficulties with theoperation the iron plant affected output and markeTthe result was that thseacloempsatneeyl saunsd- vanadium became worse for this six month tained a net loss of R1,859,000 unaudited the period as opposed to the net profit of R2,123,000 made during yeatro 30 June 1971 ae Problems with the iron plant have been solved to very large extent and production is now higher The Northern Lime Company Limited : operates earnings the 1971 provision for taxes relatively low The company is member of the Barlow Rand group and : years The results for the last two were three lime works at Lime Acres and Taung in the northern Cape Year ended 31 December 1971 1970 ~: and Marble Hall in the northern Transvaal major industries Earnings before taxes and - - Sales continued to increase as most of the used extraordinary charges \. _ 34,237,000 49,320,000 12,993,000 -> more lime but costs continued to rise and there were labour ; . Taxation ~~. 3,029,000 48 oo shortages The results for the six months to 31 December 1971 showed a reduced profit after tax of R505,000 compared with R521,000 for the corresponding periodin 1970. The reason was . increased depreciation and interest charges relating to capital expenditure on the expansion programme The interim dividend ~ was unchanged . The uranium and alloy industries demand for lime fell _ during the last six months of 1971 but the company is . products taking steps to promote new markets for lime The results for the last two years were the year These total interests in 24,707,000 gross acres and are Islands principally in the North West Territories the Arctic Hudson Bay area and eastern Canada the |. The results for the last two years were Year ended 31 December | Gross income 1971 6,921,000 1970 >. 5,800,000 Cash flow - 4,080,000 3,384,000 Netincome Net income per common share _ Dividends : 1,539,000 cents a Nil 1,218,000 |: 17 cents| . Nil Year ended 30 June Profit before taxation Taxation Profit after taxation 1971 R1,674,000 - * R670,000 R1,004,000 1970 R1,375,000 R550,000 R825,000 Dividends amount R484,000 R423,000 - per share 26 cents cents Pretoria Portland Cement Company Limited The company is a member of the Barlow Rand group and manufactures cement at four Transvaal factories Its wholly owned subsidiary Eastern Province Cement Company Limited owns a * cement factory at Port Elizabeth The company's sales increased marginally during the year . ended 30 June 1971. This reflected both the drop in the growth of demand for cementitious materialsin South Africa and production a problems mainly high incidence of kiln refractory failures and shortage of steel grinding media for cement mill operations The interim results for the six months to 31 December 1971 show a lower trading profit and it is likely that the next six months reflecting economic conditions will show a downward trend in sales . : _ The results for the last two years were Year ended 30 June * Profit before taxation - Taxation Profit after taxation Dividends -- amount - per share 1971 . R6,827,000 1970 R6,904,000 R2,824,000 - R4,003,000 - R3,153,000 - - ~ R3,751,000 - R1,740,000 R1,651,000 14.75 cents 14.00 cents _ Western Decalta Petroleum Limited The company is engaged in in the exploration for and the develop- _ ment and production of crude oil and natural gas Until recently it concentrated Canada and the United States but plans to take interest conjunction with others Including Charter in explorationin the North Sea andis also applying for exploration permits in the Mediterranean In the year 1971 netoil and gas sales increased by20.4 per ccent ent to 6,747,000 Development and exploration expenditure amounted capital : to 4,919,000 and included 1,749,000 ascribed to the assets of Western & Texas Oil Co. Limited on purchase of its shares - during the year Western Decalta now holds 88.3percent of this holdings large drilling company The company continued on its land during . : tee - companies Subsidiary , are major subsidiaries company the including of The following the activities materially affected the profit or assetosf the those whose stated each of where otherwise ~ Charter group during the year Except owned and all the shares or stock held are : these companies is wholly either unclassified or classified as ordinary Country of of C7 Country : ~ incorporation Finance and investment ~ ~ incorporation England - Elastic Rail Spike Company Limited Barnato Holdings U.K. Limited _ Railway track fastenings England Heating Telecommunications England The British South Africa Company / England - Heatrae Limited Heating The British South Africa Company Investments Limited equipment , Limited ye ee, . . Lee Green Precision Industries Limited . Central Mining Finance ' & Investment Corporation Limited ' England components Mining The Central . South Africa Industries Limited Limited Rathdown Centramic South Africa \ Television and telecommunications components : - Charter Consolidated Finance Limited England _ + England| Lat ae England | oe England ~~ oe mes : England Limited . Charter Consolidated Investments Charter Consolidated Malaysia Sendirian Berhad ; England a Malaysia - Mining oe The Cape Asbestos group Charter Consolidated Overseas N.V. ; : Cura^ao Netherlands Antilles Amosa Pty Limited 60.5 per cent Amosite asbestos eae ; Charter European Holdings Luxembourg Cape Blue Mines Pty Limited 60.5 per cent toss ~ Charter Luxembourg Limited Luxembourg The Consolidated Mines Selection Company Limited England ._ Blue asbestos ~ Egnep Pty Limited 60.5 per cent . Amosite asbestos Africa : South - , South Africa : : South Africa % f The Consolidated Mines Selection Johannesburg Limited Equinox Investments Limited ~ Greenpoint Company Limited Interlink Investments Limited Katrine Company Limited South Africa South Africa . Bermuda Canada Bermuda Swaziland Collieries Limited 63.4 per cent ; woe, Coal Property ~ Centramic Properties Limited 51 cent |: a Swaziland Se ; TAAL England : England Industrial Services ne England group 60.5 . The Cape Asbestos per cent Company Limited The Cape Asbestos shares shares - 100 cent . 5 per cent cumulative preference ; : : Industrial mining " The Cape Asbestos graup vs Cape Asbestos South Africa Pty Limited 60.5 per cent cent Cape Asbestos Fibres Limited 60.5 per ; England Marketing of asbestosfibre . Insulation Limited 60.5 per cent ~~ Scotland . CInaspuelation products and thermal insulation contracting . Consolidated Charter Services Limited Charter France 50.3 per cent : Cape Universal Building Products Limited a . 60.5 cent Asbestos cement . products and other building materials Kismet Limited 60.5 per cent _ England South * Africa * foes ns England France Transport service equipment | Small and Parkes Limited 60.5 per cent Automotive and industrial friction materials Trist Draper Limited 60.5 per cent . Automotiavned industrialfriction materials _ England ~ England Charter shares Shares in these companies are held directly by the the remaining companies are held through subsidiaries 0 in 20> Proc^'durepermettant aux d^'tenteursde certificats Procedure for holders share warrants to bearer : d'actions au porteur d'assister ^ une assembl^'eg^'n^'rale to attend a general meeting a des et porItKteeaunlrtineonmsbre d'2acetions nmoatywaorfrants Lyceorntpniefwariaicsrwasoritnasenhdtienpgositing ' d^'pods'aandct^td'i'ocunlnsarantavoir . htaikming against return or boulevardadmission - - Holders of share to bearer to attend as members : Les d^'tenteursde certificats au d^'sirantassister assembl^'eg^'n^'ralseont tenus - at general meeting must deposit their share warrants at least three - en leur qualit^'de membre ^ une . ouvrables francs * clear normal business days before the meeting at 020: d^'poserleurs certificats d'actions trois jours au -<" " transfer office of the company Kent House Station Road moins avant date de l'assembl^'e j a 1 au bureau transferts de la soci^'t^' House Station cord Kent or , ii at the offices Cr^'dit 19 des Italiens Road Ashford Kent ou 19boulevard des Paris ou Paris 2e or Banque Rothschild 21 rue Laffitte Paris 9e 2 au Cr^'ditLyonnais chez Banque Rothschild 21 rue Laffitte Paris 9e 4 The directoacrcepst in lieu of the deposit of share warrant . Les administrateurs acceptent qu'^ la place du certificat d'actions certificate from an authorized depositary or other approved with soit d^'pos^'uene attestation d^'livr^'pear un d^'positaireautoris^' person to the effect that the share has been deposited an _ ou par toute autre personne re^ule d^'p^tdu The authorized depositary approved person must give - <" - undertaking to surrender the share warrant to the depositor certificat d'actions Le d^'positaire autoris^' ou la personne of the of deposit and the under- ' habilit^'e s'engager ^ ne remettre le certificat d'actions au except contre remise l'attestation de d^'p^ett d'engage- '. an deposit ae ' d^'posantque ment wos * The company will deliver to the a share warrant remettra | certificat d'actions ou d'une or certificate of deposit and an undertaking an card La soci^'t^' au attestation de d^'p^dt'engagement une carte d'admission stating his name address and the number of shares represented by de m^"me le the relative warrant to enable him to attend and vote in person or portant ses nom et adresse que repr^'sent^'par le certificat correspondant Cette carte lui per- . by proxy at meeting offices mettra de ce fait d'assister et de voter en personne ou par *Forms are availablefrom any of the mentioned , mandataire ^ une assembl^'eg^'n^'rale _ des bureaux indiqu^'s : Copies of the conditions governing share warrants to bearer procurer LaffitdteesPIatarliiesns the Banque des Des formulaires peuvent ^"treobtenus aupr^s dessus . MM les actionnaires peuvent se des exemplaires des conditions regissant les certificats d'actions au porteur en s'adressant soit au bureau transferts de la soci^'t^s'oit are available from the registered and transfer offices of the . company and offic offeics es of Cr^'ditLyonnais 19 boule- ~ vard Paris 2e and Rothschild rue 0c 9 eee au Cr^'ditLyonnais 19 boulevard des Italiens Paris 2e soit : chez Banque Rothschild 21 rue Laffitte Paris 9e iA MM les actionnaires sont inform^'squ'ils peuvent se procurer un exemplaire en fran^ais de ce rapport en s'adressasnoitt au ' - Secr^'taire . - ' ~ CHARTER CONSOLIDATED LIMITED 40 Holborn Viaduct London EC1P 1AJ CHARTER FRANCE - rue de Vienne Pari8sc CREDIT LYONNAIS 19 boulevard des Italiens Paris 2e BANQUE ROTHSCHILD 21 rue Laffitte Paris 9e |