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Virotec Intl Ld (VTI)

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Friday 13 September, 2002

Virotec Intl Ld

Preliminary Financial Results

Virotec International Ld
13 September 2002

                                                                  Rules 4.1, 4.3

                                  Appendix 4B


                            Preliminary final report

Introduced 30/6/2002.

Name of entity
                          VIROTEC INTERNATIONAL LTD


ABN or equivalent company       Half yearly        Preliminary       Financial year ended ('current period')
reference                       (tick)             final (tick)

81 004 801 398                                         X                      30 JUNE 2002
                                                     

For announcement to the market

Extracts from this report for announcement to the market (see note 1).
                                                                               $A'000

Revenues from ordinary activities (item 1.1)           up                    44 % to   1415

Profit (loss) from ordinary activities after tax       down                   6 % to   (5101)
attributable to members (item 1.22)

Profit (loss) from extraordinary items after tax       gain (loss) of                  nil
attributable to members (item 2.5(d))

Net profit (loss) for the period attributable to       down                   6 % to   (5101)
members (item 1.11)

Dividends (distributions)                                 Amount per security   Franked amount per
                                                                                     security
Final dividend (Preliminary final report only - item
15.4)                                                                    Nil c                 Nil c
                                                                         
Interim dividend (Half yearly report only - item 15.6)
Previous corresponding period (Preliminary final report -
item 15.5; half yearly report  - item 15.7)                              Nil c                 Nil c
                                                                         

+Record date for determining entitlements to the
dividend,                                                               N/A
(in the case of a trust, distribution) (see item
15.2)

Brief explanation of any of the figures reported above (see Note 1) and short details of any bonus
or cash issue or other item(s) of importance not previously released to the market:


If this is a half yearly report it is to be read in conjunction with the most
recent annual financial report.

Condensed consolidated statement of financial performance

                                                            Current period -      Previous corresponding
                                                            $A'000                period -  $A'000


            1.1  Revenues from ordinary activities (see             1415                    983
                 items 1.23 -1.25)


            1.2  Expenses from ordinary activities (see            (6516)                 (6422)
                 items 1.26 & 1.27)

            1.3   Borrowing costs                                     -                      -

            1.4  Share of net profits (losses) of                     -                      -
                 associates and joint venture entities (see
                 item 16.7)

            1.5  Profit (loss) from ordinary activities            (5101)                 (5439)
                 before tax


            1.6  Income tax on ordinary activities (see               -                      -
                 note 4)


            1.7  Profit (loss) from ordinary activities            (5101)                 (5439)
                 after tax


            1.8  Profit (loss) from extraordinary items               -                      -
                 after tax (see item 2.5)


            1.9  Net profit (loss)                                 (5101)                 (5439)


            1.10 Net profit (loss) attributable to outside                                   -
                 +equity interests


            1.11 Net profit (loss) for the period                  (5101)                 (5439)
                 attributable to members

Non-owner transaction changes in equity


            1.12  Increase (decrease) in revaluation                  -                      -
                  reserves

            1.13  Net exchange differences recognised in
                  equity

            1.14  Other revenue, expense and initial
                  adjustments recognised directly in equity
                  (attach details)

            1.15  Initial adjustments from UIG transitional
                  provisions

            1.16  Total transactions and adjustments                  -                      -
                  recognised directly in equity (items 1.12
                  to 1.15)

            1.17  Total changes in equity not resulting               -                      -
                  from transactions with owners as owners


                                                       Current period          Previous corresponding
Earnings per security (EPS)                                                    Period


1.18  Basic EPS                                              (3.0) cents              (5.3) cents

      Diluted EPS

1.19                                                             n/a                      n/a

Notes to the condensed consolidated statement of financial performance

Profit (loss) from ordinary activities attributable to members


                                                    Current period - $A'000   Previous corresponding
                                                                              period - $A'000

1.20  Profit (loss) from ordinary activities after           (5101)                     (5439)
      tax (item 1.7)

1.21  Less (plus) outside +equity interests                     -                         -

1.22  Profit (loss) from ordinary activities after           (5101)                     (5439)
      tax, attributable to members

Revenue and expenses from ordinary activities(see note 15)

                                                    Current period - $A'000   Previous corresponding
                                                                              period - $A'000
1.23  Revenue from sales or services



1.24  Interest revenue                                See attached schedule

1.25  Other relevant revenue

1.26  Details of relevant expenses

1.27  Depreciation and amortisation excluding
      amortisation of intangibles (see item 2.3)

Capitalised outlays

1.28  Interest costs capitalised in asset values               nil                       Nil


1.29  Outlays capitalised in intangibles (unless               nil                       Nil
      arising from an +acquisition of a business)


Consolidated retained profits

                                                     Current period - $A'000        Previous
                                                                              corresponding period
                                                                                   -  $A'000

1.30  Retained profits (accumulated losses) at the           (47371)                (41932)
      beginning of the financial period
                                                             

1.31  Net profit (loss) attributable to members              (5101)                  (5439)
      (item 1.11)
                                                              

1.32  Net transfers from (to) reserves:                       2000                     -
      Option Reserve
                                                                

1.33  Net effect of changes in accounting policies              -                      -
                                                                

1.34  Dividends and other equity distributions paid             -                      -
      or payable
                                                             

1.35  Retained profits (accumulated losses) at end
      of financial period                                   (50472)                   (47371)

Intangible and extraordinary items


                                                     Consolidated - current period

                                  Before tax       Related tax      Related outside  Amount (after
                                                                    +equity          tax)
                                  $A'000           $A'000           interests        attributable to
                                                                                     members
                                                                    $A'000
                                                                                     $A'000
                                         (a)              (b)              (c)           (d)


2.1   Amortisation of goodwill          102               -                -               102


2.2   Amortisation of other              -                -                -                -
      intangibles
                                                          

2.3   Total amortisation of             102               -                -               102
      intangibles


2.4   Extraordinary items                -                -                -                -
      (details)

2.5   Total extraordinary items          -                -                -                -

                                                    Current year - $A'000     Previous year - $A'000

Comparison of half year profits
(Preliminary final report only)


3.1   Consolidated profit (loss) from ordinary               (1974)                     (3738)
      activities after tax attributable to members
      reported for the 1st half year (item 1.22 in
      the half yearly report)


3.2   Consolidated profit (loss) from ordinary
      activities after tax attributable to members
      for the 2nd half year                                  (3127)                     (1701)


                                               At end of current  As shown in last    As in last half
                                               period $A'000      annual report       yearly report
                                                                  $A'000              $A'000


Condensed consolidated statement of financial
position



         Current assets

4.1      Cash                                        11897                578                13391

4.2      Receivables                                  178                 188                 128

4.3      Investments                                   -                   -                   -

4.4      Inventories                                   17                 114                 10

4.5      Tax assets                                    -                   -                   -

4.6      Other (provide details if material)          107                 473                 124

                                                     12199               1353                13653

4.7      Total current assets
         Non-current assets

4.8      Receivables                                  556                 553                 556

4.9      Investments (equity accounted)                -                   -                   -

4.10     Other investments                             -                   -                   -

4.11     Inventories                                   -                   -                   -

4.12     Exploration and evaluation                    -                   -                   -
         expenditure capitalised

4.13     Development properties                        -                   -                   -

4.14     Other property, plant and equipment          1283               1077                1287
         (net)

4.15     Intangibles (net)                            849                 953                 901

4.16     Tax assets                                    -                   -                   -

4.17     Other (provide details if material)           -                   -                   -

4.18     Total non-current assets                     2688               2583                2744

4.19     Total assets                                14887               3936                16397
         Current liabilities

4.20     Payables                                     780                 480                 453

4.21     Interest bearing liabilities                  -                   -                   -

4.22     Tax liabilities                               -                   -                   -

4.23     Provisions exc. tax liabilities              110                 76                  91

4.24     Other (provide details if material)           -                   -                   -

4.25     Total current liabilities                    890                 556                 544

         Non-current liabilities

4.26     Payables                                      -                   -                   -

4.27     Interest bearing liabilities                  -                   -                   -

4.28     Tax liabilities                               -                   -                   -

4.29     Provisions exc. tax liabilities              790                 610                 610

4.30     Other (provide details if material)           -                   -                   -

4.31     Total non-current liabilities                790                 610                 610

Condensed consolidated statement of financial position continued

                                                          

4.32      Total liabilities                               1680               1166               1154

4.33      Net assets                                      13207              2770              15243

        Equity

4.34    Capital/contributed equity                       63678             48141              62587

4.35    Reserves                                           -                2000               2000

4.36    Retained profits (accumulated losses)           (50472)           (47371)            (49344)

4.37    Equity attributable to members of the            13207              2770              15243
        parent entity

4.38    Outside +equity interests in controlled            -                 -                  -
        entities

4.39    Total equity                                     13207              2770              15243

4.40    Preference capital included as part of             -                 -                  -
        4.37

Notes to the condensed consolidated statement of financial position

Exploration and evaluation expenditure capitalised
(To be completed only by entities with mining interests if amounts are material.
  Include all expenditure incurred.)


                                                    Current period $A'000     Previous corresponding
                                                                              period - $A'000

5.1   Opening balance                                           -                         -

5.2   Expenditure incurred during current period               490                       339

5.3   Expenditure written off during current period           (490)                     (339)

5.4   Acquisitions, disposals, revaluation                      -                         -
      increments, etc.

5.5   Expenditure transferred to Development                    -                         -
      Properties

5.6   Closing balance as shown in the consolidated              -                         -
      balance sheet (item 4.12)


Development properties
(To be completed only by entities with mining interests if amounts are material)


                                                     Current period $A'000      Previous corresponding
                                                                                period - $A'000

6.1   Opening balance                                            -                         -

6.2   Expenditure incurred during current period                 -                         -

6.3   Expenditure transferred from exploration and               -                         -
      evaluation

6.4   Expenditure written off during current period              -                         -

6.5   Acquisitions, disposals, revaluation                       -                         -
      increments, etc.

6.6   Expenditure transferred to mine properties                 -                         -

6.7   Closing balance as shown in the consolidated               -                         -
      balance sheet (item 4.13)

Condensed consolidated statement of cash flows


                                                         Current period $A'000   Previous corresponding
                                                                                 period - $A'000

         Cash flows related to operating activities

7.1      Receipts from customers                                   907                     626

7.2      Payments to suppliers and employees                     (3530)                  (2462)

7.3      Dividends received from associates                         -                       -

7.4      Other dividends received                                   -                       -

7.5      Interest and other items of similar nature                438                     173
         received

7.6      Interest and other costs of finance paid                   -                       -

7.7      Income taxes paid                                          -                       -

7.8      Other :
                                                                 (2185)                  (1663)

7.9      Net operating cash flows
         Cash flows related to investing activities

7.10     Payment for purchases of property, plant and             (456)                   (57)
         equipment

7.11     Proceeds from sale of property, plant and                 29                       -
         equipment

7.12     Payment for purchases of equity investments                -                       -

7.13     Proceeds from sale of equity investments                   -                       -

7.14     Loans to other entities                                    -                       -

7.15     Loans repaid by other entities                             -                       -

7.16     Other (provide details if material)

         Payment for acquisition of business                        -                     (250)

         Payment for security deposits                             (3)                    (484)

         Payments for R&D                                        (1747)                   (921)

         Payments related to mining interest                      (310)                   (339)

                                                                 (2487)                  (2051)

7.17     Net investing cash flows
         Cash flows related to financing activities

7.18     Proceeds from issues of +securities (shares,            17,138                   1209
         options, etc.)

7.19     Proceeds from borrowings                                                           -

7.20     Repayment of borrowings                                                            -

7.21     Dividends paid                                                                     -

7.22     Other (share issue costs)                               (1147)                   (454)

                                                                  15991                    835

7.23     Net financing cash flows

7.24     Net increase (decrease) in cash held                     11319                  (2880)

7.25     Cash at beginning of period                               578                    3458
         (see Reconciliation of cash)

7.26     Exchange rate adjustments to item 7.25.                    -                       -

7.27     Cash at end of period
         (see Reconciliation of cash)                             11897                    578


Non-cash financing and investing activities

Details of financing and investing transactions which have had a material effect
on consolidated assets and liabilities but did not involve cash flows are as
follows. ( If an amount is quantified, show comparative amount.)
none

Reconciliation of cash

Reconciliation of cash at the end of the period (as    Current period $A'000     Previous corresponding
shown in the consolidated statement of cash flows)                               period - $A'000
to the related items in the accounts is as follows.                           


8.1   Cash on hand and at bank                                 11                        177


8.2   Deposits at call                                        11886                      401
                                                                

8.3   Bank overdraft                                            -                         -
                                                                
                                                                -                         -
8.4   Other (provide details)

                                                              

8.5   Total cash at end of period (item 7.27)                 11897                      578


Other notes to the condensed financial statements

Ratios                                               Current period            Previous corresponding
                                                                               period
       Profit before tax / revenue                            (361%)                    (553%)

9.1    Consolidated profit (loss) from ordinary
       activities before tax (item 1.5) as a
       percentage of revenue (item 1.1)
       Profit after tax / +equity interests

9.2    Consolidated net profit (loss) from ordinary            (39%)                    (190%)
       activities after tax attributable to members
       (item 1.11) as a percentage of equity
       (similarly attributable) at the end of the
       period (item 4.37)


Earnings per security (EPS)


10.   Details of basic and diluted EPS reported separately in accordance with
      paragraph 9 and 18 of AASB 1027: Earnings Per Share are as follows.

N/a

NTA backing                                       Current period             Previous corresponding
(see note 7)                                                                 period


11.1  Net tangible asset backing per +ordinary            7.3 cents                  1.7 cents
      security


Discontinuing Operations

(Entities must report a description of any significant activities or events
relating to discontinuing operations in accordance with paragraph 7.5 (g) of
AASB 1029: Interim Financial Reporting, or, the details of discontinuing
operations they have disclosed in their accounts in accordance with AASB 1042:
Discontinuing Operations (see note 17).)


12.1      Discontinuing Operations


n/a


Control gained over entities having material effect

 13.1  Name of entity (or group of       nil
       entities)



 13.2  Consolidated profit (loss) from ordinary activities and
       extraordinary items after tax of the controlled entity
       (or group of entities) since the date in the current     $ -
       period on which control was +acquired
                                                                

 13.3  Date from which such profit has been calculated            -


 13.4  Profit (loss) from ordinary activities and extraordinary
       items after tax of the controlled entity (or group of
       entities) for the whole of the previous corresponding    $-
       period


Loss of control of entities having material effect


14.1   Name of entity (or group of         Nil
       entities)



14.2   Consolidated profit (loss) from ordinary activities and
       extraordinary items after tax of the controlled entity
       (or group of entities) for the current period to the date $-
       of loss of control

14.3   Date to which the profit (loss) in item 14.2 has been     -
       calculated

14.4   Consolidated profit (loss) from ordinary activities and   -
       extraordinary items after tax of the controlled entity
       (or group of entities) while controlled during the whole  $-
       of the previous corresponding period


14.5   Contribution to consolidated profit (loss) from ordinary  -
       activities and extraordinary items from sale of interest
       leading to loss of control                                $-


Dividends (in the case of a trust, distributions)


15.1  Date the dividend (distribution) is payable                    n/a

15.2  +Record date to determine entitlements to the dividend         n/a
      (distribution) (ie, on the basis of proper instruments of
      transfer received by 5.00 pm if +securities are not +CHESS
      approved, or security holding balances established by 5.00 pm
      or such later time permitted by SCH Business Rules if
      +securities are +CHESS approved)

15.3  If it is a final dividend, has it been declared?               n/a
      (Preliminary final report only)



Amount per security


                                                          Amount per     Franked amount      Amount per
                                                           security     per security at     security of
                                                                         % tax (see note   foreign source
                                                                               4)             dividend
          (Preliminary final report only)

15.4      Final dividend:           Current year                 Nil  c             Nil c            Nil c

15.5      Previous year                                          Nil  c            Nil  c           Nil  c

          (Half yearly and preliminary final reports)
15.6      Interim dividend:       Current year                   Nil c             Nil c            Nil c


15.7                             Previous year                   Nil c             Nil c            Nil c
          
Total dividend (distribution) per security (interim plus final)

(Preliminary final report only)
                                                   Current year              Previous year

15.8  +Ordinary securities                                              -  c                       -  c

15.9  Preference +securities                                            -  c                       -  c


Half yearly report - interim dividend (distribution) on all securities  or
Preliminary final report - final dividend (distribution) on all securities

                                                      Current period $A'000     Previous corresponding
                                                                                period - $A'000
                                                                  

15.10   +Ordinary securities (each class separately)              -                         -
                                                                  

15.11   Preference +securities (each class                        -                         -
        separately)
                                                                  

15.12   Other equity instruments (each class                      -                         -
        separately)
                                                                  

15.13   Total                                                     -                         -


The +dividend or distribution plans shown below are in operation.


n/a



The last date(s) for receipt of election notices for the
+dividend or distribution plans
                                                          n/a

Any other disclosures in relation to dividends (distributions). (For half yearly reports, provide
details in accordance with paragraph 7.5(d) of AASB 1029 Interim Financial Reporting)


nil

Details of aggregate share of profits (losses) of associates and joint venture
entities


                                                     Current period $A'000   Previous corresponding
                                                                             period - $A'000

Group's share of associates' and joint venture
entities':

16.1  Profit (loss) from ordinary activities before             -                       -
      tax

16.2  Income tax on ordinary activities                         -                       -

16.3  Profit (loss) from ordinary activities after              -                       -
      tax

16.4  Extraordinary items net of tax                            -                       -

16.5  Net profit (loss)                                         -                       -

16.6  Adjustments                                               -                       -

16.7  Share of net profit (loss) of associates and              -                       -
      joint venture entities

Material interests in entities which are not controlled entities

The economic entity has an interest (that is material to it) in the following
entities.  (If the interest was acquired or disposed of during either the
current or previous corresponding period, indicate date of acquisition ('from dd
/mm/yy') or disposal ('to dd/mm/yy').)


Name of entity               Percentage of ownership interest Contribution to net profit (loss)
                             held at end of period or date of (item 1.9)
                             disposal

17.1    Equity accounted     Current         Previous         Current period       Previous
associates and joint venture                 corresponding                         corresponding
entities                     period          period           $A'000               period - $A'000

                                    -               -                  -                  -

17.2    Total                       -               -                  -                  -
                                   
17.3    Other material              -               -                  -                  -
        interests

17.4    Total                       -               -                  -                  -
Issued and quoted securities at end of current period

(Description must include rate of interest and any redemption or conversion
rights together with prices and dates)

                                                                                Issue price  Amount paid
                                                                                per security up per

Category of +securities               Total number         Number quoted        (see note    security
                                                                                14)          (see note
                                                                                             14)
                                                                                (cents)      (cents)
                                                                                             

18.1   Preference +securities                  -                    -                -            -


18.2   Changes during current period           -                    -                -            -


18.3   +Ordinary securities               168,193,841          168,193,841        various    Fully paid


18.4   Changes during current period

       (a)  Increases through issues       27,514,440           27,514,440         38.8c     Fully paid

       (b)  Decreases through returns      26,509,919           26,509,919          20c
       of capital, buybacks
                                           4,218,773            4,218,773           30c


18.5   +Convertible debt securities            -                    -                -            -


18.6   Changes during current period           -                    -                -            -


18.7   Options  (description and                                                  Exercise     Expiry
       conversion factor)                                                          price        date
                                                                                              (if any)

                                           2,700,000                               $1.00       31/8/03

                                           1,000,000                                75c       30/11/02

                                            900,000                                 $1.00     30/11/03

                                           10,000,000                               20c        28/2/03

                                            850,000                                 56c       30/11/03

                                            200,000                                 47c       28/02/04

                                           1,100,000                               $1.00      30/07/05

                                            150,000                                 47c       30/07/05

                                            400,000                                 61c       31/10/05

18.8   Issued during current period         200,000                                 47c       28/02/04

                                           1,100,000                               $1.00      30/07/05

                                            150,000                                 47c       30/07/05

                                            400,000                                 61c       31/10/05

18.9   Exercised during current            21,055,089               -               20c       31/12/01
       period
                                           4,218,773                                30c       31/12/01

                                           5,454,830                                20c       31/03/02

18.10  Expired during current period        153,683                                 30c       31/12/01

                                           9,545,170                                20c       31/03/02

                                            500,000                                $1.00      31/12/01

                                            250,000                                $1.00      30/06/02

                                            500,000                                $2.00      30/06/02

18.11  Debentures  (description)               -                    -

18.12  Changes during current period


18.13  Unsecured notes                         -                    -

       Changes during current period

18.14                                          -                    -

Segment reporting

(Information on the business and geographical segments of the entity must be
reported for the current period in accordance with AASB 1005: Segment Reporting
and for half year reports, AASB 1029: Interim Financial Reporting.  Because
entities employ different structures a pro forma cannot be provided.  Segment
information in the layout employed in the entity's +accounts should be reported
separately and attached to this report.)



Comments by directors

(Comments on the following matters are required by ASX or, in relation to the
half yearly report, by AASB 1029: Interim Financial Reporting.  The comments do
not take the place of the directors' report and statement (as required by the
Corporations Act) and may be incorporated into the directors' report and
statement.  For both half yearly and preliminary final reports, if there are no
comments in a section, state NIL.  If there is insufficient space to comment,
attach notes to this report.)



Basis of financial report preparation

19.1       If this report is a half yearly report, it is a general purpose
financial report prepared in accordance with the listing rules and AASB 1029:
Interim Financial Reporting.  It should be read in conjunction with the last
+annual report and any announcements to the market made by the entity during the
period.  The financial statements in this report are 'condensed financial
statements' as defined in AASB 1029: Interim Financial Reporting. This report
does not include all the notes of the type normally included in an annual
financial report. (Delete if preliminary final report.)



19.2      Material factors affecting the revenues and expenses of the economic
entity for the current period.  In a half yearly report, provide  explanatory
comments about any seasonal or irregular factors affecting operations.



Virotec's focus is the commercialisation of environmental technologies and in particular the BauxsolTM
technology.  During the year Virotec has continued to conduct research, development and commercialisation
activities ($1.8 million) and maintained its mining assets ($0.5 million).

19.3      A description of each event since the end of the current period which
has had a material effect and which is not already reported elsewhere in this
Appendix or in attachments, with financial effect quantified (if possible).



On 25 July 2002 Virotec announced that entered into its first mine site remediation contract in Europe at the
Agua Forte site in Portugal.


On 30 August 2002 Virotec announced that it would be marketing a new technology to be known as BaseconTM
technology to the alumina industry for the treatment of bauxite refinery residue.


19.4      Franking credits available and prospects for paying fully or partly
franked dividends for at least the next year.


N/a


19.5      Unless disclosed below, the accounting policies, estimation methods
and measurement bases used in this report are the same as those used in the last
annual report. Any changes in accounting policies, estimation methods and
measurement bases since the last annual report are disclosed as follows.
(Disclose changes and differences in the half yearly report in accordance with
AASB 1029: Interim Financial Reporting.  Disclose changes in accounting policies
in the  preliminary final report in accordance with AASB 1001: Accounting
Policies-Disclosure).


nil


19.6      Revisions in estimates of amounts reported in previous interim
periods.  For half yearly reports the nature and amount of revisions in
estimates of amounts reported in previous +annual reports if those revisions
have a material effect in this half year.

none


19.7      Changes in contingent liabilities or assets.  For half yearly reports,
changes in contingent liabilities and contingent assets since the last + annual
report.


No material change

Additional disclosure for trusts


20.1    Number of units held by the management company n/a
        or responsible entity or their related
        parties.


20.2    A statement of the fees and commissions        n/a
        payable to the management company or
        responsible entity.


        Identify:

        •  initial service charges

        •  management fees

        •  other fees


Annual meeting
(Preliminary final report only)


The annual meeting will be held as follows:

Place                                               Lismore

Date                                                28 November 2002

Time                                                11.00 am

Approximate date the +annual report will be         25 October 2002
available


Compliance statement


1          This report has been prepared in accordance with AASB Standards,
other AASB authoritative pronouncements and Urgent Issues Group Consensus Views
or other standards acceptable to ASX (see note 12).


Identify other standards used

2          This report, and the +accounts upon which the report is based (if
separate), use the same accounting policies.


3          This report does give a true and fair view of the matters disclosed
(see note 2).


4          This report is based on +accounts to which one of the following
applies.

 (Tick one)

              The +accounts have been audited.                 The +accounts have been subject to
                                                               review.

X             The +accounts are in the process of              The +accounts have not yet been
              being audited or subject to review.              audited or reviewed.



5          If the audit report or review by the auditor is not attached, details
of any qualifications will follow immediately they are available.



6          The entity has a formally constituted audit committee.


Sign here:  ............................................................

            Date: .......13 September 2002 ......

Company Secretary
Print name:       ANGUS CRAIG

Notes


1.         For announcement to the market  The percentage changes referred to in
this section are the percentage changes calculated by comparing the current
period's figures with those for the previous corresponding period. Do not show
percentage changes if the change is from profit to loss or loss to profit, but
still show whether the change was up or down.  If changes in accounting policies
or procedures have had a material effect on reported figures, do not show either
directional or percentage changes in profits.  Explain the reason for the
omissions in the note at the end of the announcement section.  Entities are
encouraged to attach notes or fuller explanations of any significant changes to
any of the items in page 1.  The area at the end of the announcement section can
be used to provide a cross reference to any such attachment.


2.         True and fair view  If this report does not give a true and fair view
of a matter (for example, because compliance with an Accounting Standard is
required) the entity must attach a note providing additional information and
explanations to give a true and fair view.


3.         Condensed consolidated statement of financial performance


Item 1.1            The definition of 'revenue' and an explanation of 'ordinary
activities' are set out in AASB 1004: Revenue, and AASB 1018: Statement of
Financial Performance.

Item 1.6            This item refers to the total tax attributable to the amount
shown in item 1.5.  Tax includes income tax and capital gains tax (if any) but
excludes taxes treated as expenses from ordinary activities (eg, fringe benefits
tax).


4.         Income tax   If the amount provided for income tax in this report
differs (or would differ but for compensatory items) by more than 15% from the
amount of income tax prima facie payable on the profit before tax, the entity
must explain in a note the major items responsible for the difference and their
amounts.  The rate of tax applicable to the franking amount per dividend should
be inserted in the heading for the column 'Franked amount per security at   %
tax' for items 15.4 to 15.7.


5.         Condensed consolidated statement of financial position


            Format  The format of the consolidated statement of financial
position should be followed as closely as possible.  However, additional items
may be added if greater clarity of exposition will be achieved, provided the
disclosure still meets the requirements of AASB 1029: Interim Financial
Reporting, and AASB 1040: Statement of Financial Position.  Also, banking
institutions, trusts and financial institutions may substitute a clear liquidity
ranking for the Current/Non-Current classification.


            Basis of revaluation  If there has been a material revaluation of
non-current assets (including investments) since the last +annual report, the
entity must describe the basis of revaluation adopted.  The description must
meet the requirements of AASB 1010:  Accounting for the Revaluation of
Non-Current Assets.  If the entity has adopted a procedure of regular
revaluation, the basis for which has been disclosed and has not changed, no
additional disclosure is required.


6.         Condensed consolidated statement of cash flows  For definitions of  '
cash' and other terms used in this report see AASB 1026:  Statement of Cash
Flows.  Entities should follow the form as closely as possible, but variations
are permitted if the directors (in the case of a trust, the management company)
believe that this presentation is inappropriate.  However, the presentation
adopted must meet the requirements of AASB 1026.  +Mining exploration entities
may use the form of cash flow statement in Appendix 5B.


7.         Net tangible asset backing  Net tangible assets are determined by
deducting from total tangible assets all claims on those assets ranking ahead of
the +ordinary securities (ie, all liabilities, preference shares, outside
+equity interests etc).  +Mining entities are not required to state a net
tangible asset backing per +ordinary security.


8.         Gain and loss of control over entities  The gain or loss must be
disclosed if it has a material effect on the +accounts.  Details must include
the contribution for each gain or loss that increased or decreased the entity's
consolidated profit (loss) from ordinary activities and extraordinary items
after tax by more than 5% compared to the previous corresponding period.


9.         Rounding of figures  This report anticipates that the information
required is given to the nearest $1,000.  If an entity reports exact figures,
the $A'000 headings must be amended.  If an entity qualifies under ASIC Class
Order 98/0100 dated 10 July 1998, it may report to the nearest million dollars,
or to the nearest $100,000,  and the $A'000 headings  must be amended.


10.       Comparative figures  Comparative figures are to be presented in
accordance with AASB 1018 or AASB 1029 Interim Financial Reporting as
appropriate and are the unadjusted figures from the latest annual or half year
report as appropriate.  However, if an adjustment has been made in accordance
with an accounting standard or other reason or if there is a lack of
comparability, a note explaining the position should be attached.  For the
statement of financial performance, AASB 1029 Interim Financial Reporting
requires information on a year to date basis in addition to the current interim
period.  Normally an Appendix 4B to which AASB 1029 Interim Financial Reporting
applies would be for the half year and consequently the information in the
current period is also the year to date.  If an Appendix 4B Half yearly version
is produced for an additional interim period (eg because of a change of
reporting period), the entity must provide the year to date information and
comparatives required by AASB 1029 Interim Financial Reporting.  This should be
in the form of a multi-column version of the consolidated statement of financial
performance as an attachment to the additional Appendix 4B.


11.               Additional information  An entity may disclose additional
information about any matter, and must do so if the information is material to
an understanding of the reports. The information may be an expansion of the
material contained in this report, or contained in a note attached to the
report.  The requirement under the listing rules for an entity to complete this
report does not prevent the entity issuing reports more frequently.  Additional
material lodged with the +ASIC under the Corporations Act must also be given to
ASX.  For example, a director's report and declaration, if lodged with the
+ASIC, must be given to ASX.


12.              Accounting Standards ASX will accept, for example, the use of
International Accounting Standards for foreign entities.  If the standards used
do not address a topic, the Australian standard on that topic (if one exists)
must be complied with.


13.               Corporations Act financial statements  This report may be able
to be used by an entity required to comply with the Corporations Act as part of
its half-year financial statements if prepared in accordance with Australian
Accounting Standards.


14.               Issued and quoted securities  The issue price and amount paid
up is not required in items 18.1 and 18.3 for fully paid securities.


15        Details of expenses   AASB 1018 requires disclosure of expenses from
ordinary activities according to either their nature or function.  For foreign
entities, there are similar requirements in other accounting standards accepted
by ASX.  AASB ED 105 clarifies that the disclosures required by AASB 1018 must
be either all according to nature or all according to function.  Entities must
disclose details of expenses using the layout (by nature or function) employed
in their +accounts.


The information in lines 1.23 to 1.27 may be provided in an attachment to
Appendix 4B.


Relevant Items  AASB 1018 requires the separate disclosure of specific revenues
and expenses which are not extraordinary but which are of a size, nature or
incidence that disclosure is relevant in explaining the financial performance of
the reporting entity.  The term 'relevance' is defined in AASB 1018. There is an
equivalent requirement in AASB 1029: Interim Financial Reporting. For foreign
entities, there are similar requirements in other accounting standards accepted
by ASX.


16                 Dollars  If reporting is not in A$, all references to $A must
be changed to the reporting currency.  If reporting is not in thousands of
dollars, all references to '000' must be changed to the reporting value.


17.       Discontinuing operations


Half yearly report


All entities must provide the information required in paragraph 12 for half
years beginning on or after 1 July 2001.


Preliminary final report


Entities must either provide a description of any significant activities or
events relating to discontinuing operations equivalent to that required by
paragraph 7.5 (g) of AASB 1029: Interim Financial Reporting, or, the details of
discontinuing operations they are required to disclose in their +accounts in
accordance with AASB 1042 Discontinuing Operations.


In any case the information may be provided as an attachment to this Appendix
4B.


18.               Format


This form is a Word document but an entity can re-format the document into Excel
or similar applications for submission to the Companies Announcements Office in
ASX.


ADDITIONAL DISCLOSURE

Refer to paragraphs 1.23 to 1.27


Revenue and expenses from ordinary activities
                                                    Current period            Previous corresponding
                                                                              period
                                                      $A'000                  $A'000
                                                                              
      Details of revenue and expenses

      Revenues:

      Sales of goods from ordinary activities                  98                        254

      Rendering of services from ordinary                      800                       459
      activities
                                                               
      Interest received                                        438                       173
                                                               
      Other revenue                                            79                         97
                                                                
      Revenue from outside ordinary activities                  -                         -

                                                              1415                       983


      Expenses:
                                                               
      Cost of goods sold                                       129                       275
                                                               
      Cost attributable to services provided                   551                       431
                                                                
      Interest paid or payable                                  -                         -
                                                               
      Depreciation                                             170                       128
                                                               
      Amortisation                                             102                        77
                                                              
      Research and development written off                    1802                       921
                                                               
      Mining interest expenses written off                     490                       339
                                                               
      Legal fees                                               586                       428
                                                               
      Directors remuneration*                                  167                       2125
                                                              
      Other Costs                                             2519                       1698

                                                              6516                       6422


      *$2million in 2001 year relates to the
      options issued to directors issued in
      December 2000 being costed at the economic
      cost to the company at the time in accordance
      with Australian accounting standards.  No
      cash payment was made.

Segment Reporting


                                Environmental       Research &      Mining      Unallocated       TOTAL
                                 consulting        Development

2002

REVENUE                              800                -             98            517           1415

SEGEMENT OPERATING LOSS             (30)              (1802)         (521)         (2748)        (5101)

SEGMENT ASSETS                      1969                -             136          12782          14887

SEGMENT LIABILTIES                   165                -             840           675           1680


2001

REVENUE                              511                -             254           217            983

SEGEMENT OPERATING LOSS              (8)              (931)          (360)         (4149)        (5438)

SEGMENT ASSETS                      2268                -             225           1443          3936

SEGMENT LIABILTIES                   99                 -             660           407           1166


                      This information is provided by RNS
            The company news service from the London Stock Exchange