Half-yearly Report

25 September 2007

BISICHI MINING PLC

Half Year Results to 30 June 2007

RECORD SIX MONTHS FOR BISICHI MINING

2007 2006

Profit before interest, taxation and £2,092,000 £752,000
depreciation

Profit before taxation £1,510,000 £233,000

Diluted earnings per share 10.25 p 2.56 p

* Company increases year-on-year profitability by 278%

* Record profitability at Black Wattle Colliery, South Africa

* Domestic & export coal prices remain strong

* New Minerals Act creating exciting opportunities for Bisichi in South
Africa

Commenting on the results, Michael Heller, Chairman of Bisichi Mining said:

‘Looking to the second half of the year, management will continue to focus on
maintaining the high levels of profitability at our operations at Black Wattle
while at the same time continuing to identify opportunities in South Africa.
With the mine making record profits and a significant increase in the number of
opportunities before us, I look forward to the future with confidence.’

END

For further information, please call:

Andrew Heller/Robert Corry/Tom Kearney, Bisichi Mining PLC 020 7415 5030

Christopher Joll, MJ2 Ltd 020 7491 7776

Chairman’s Statement

I am pleased to report that in the six months ended 30 June 2007, Bisichi
Mining made a profit on ordinary activities before interest, taxation,
depreciation and amortisation of £2,092,000 (2006: £752,000). This is a 278%
increase in profit compared to the same period in 2006 and in large part
reflects the strong performance of the Black Wattle Colliery, which contributed
the most profitable six months in the mine’s history to these excellent results
.

A number of important decisions taken by your management at the Black Wattle
Colliery are continuing to show positive results. Key among these actions was
the decision to take direct control of the washing plant from our contractor.
Capital investment coupled with intensive management of the facility has
resulted in an increase in both the yield and the quality of the washed product
coming out of the plant. The net result has been a sizeable increase in the
amount of coal available for sale, which, in a strong market, has been
particularly profitable.

At the operational level, production continues to keep pace with the strong
demand for our coal and we are consistently performing at the high end of our
monthly target tonnage of 120,000 run of mine tonnes. All sections – both
traditional drill-and-blast, and the mechanized section where our continuous
miner is operating – are producing well while maintaining an excellent safety
record. We are still awaiting final approval from the Department of Minerals
and Energy to commence open cast mining at Black Wattle.

During the period, the market for coal internationally and within South Africa
has been particularly strong. In July, we achieved a 12 percent increase in the
price for our premium low phosphorous product which is sold to the domestic
ferrochrome industry. The price for export coal has also reached a new three
year high and we are taking advantage of the buoyancy in the market by locking
in prices when it suits us to do so. We are now selling export coal `Free on
Rail’ (FOR) at our Uitkyk rail siding, whereas previously we were selling `Free
on Board’ (FOB) at Richards Bay. Because we no longer have to charge our
customers for rail transport and port handling costs, the change in sales terms
impacts our overall turnover figure. Accordingly, the turnover figure for the
period is lower than that for the same period in 2006 but does not reflect any
reduction in sales volumes. In fact, the actual profitability on each tonne
sold has increased due to improved yields and the prices we are receiving for
export coal on a FOR basis. Coal prices for domestic industrial customers also
remain very strong and the sale of our discard product to the local power
industry continues to add a substantial amount of revenue at no cost while
simultaneously reducing our overall rehabilitation liability.

As reported in our 2006 Annual Accounts, the sharp increase in the availability
of mineral rights for development has greatly expanded the pipeline of
potential projects for us to develop. The satellite office in Middelburg is now
fully staffed and is actively pursuing these opportunities as they arise.

Constructive discussions have been taking place between all parties concerning
the Pegasus Reserve and we believe that we are close to a resolution of this
issue. Regarding our shareholder dispute at Black Wattle Colliery, we have
nothing further to report to shareholders at this time except to reiterate that
this legal action does not affect the operation of Black Wattle Colliery nor
its new order mineral rights.

Our UK property portfolio, which is managed by London & Associated Properties
PLC, is virtually fully let. We have been advised that the final tranche
payment following the compulsory purchase of the Ritz site in Bradford will be
released to us shortly. This payment will provide the company with additional
cash reserves.

Looking to the second half of the year, management will continue to focus on
maintaining the high levels of profitability at our operations at Black Wattle
while at the same time continuing to identify opportunities in South Africa.
With the mine making record profits and a significant increase in the number of
opportunities before us, I look forward to the future with confidence.

Michael Heller
Chairman
25 September 2007

Bisichi Mining Plc
Consolidated income statement
for the six months ended 30 June 2007

Notes 6 months 6 months Year
ended Ended Ended
30 June 30 June 31 Dec
2007 2006 2006

£’000 £’000 £`000

Group Revenue * 1 5,009 6,101 13,239

Operating costs (3,506) (5,870) (12,346)
______________ ______________ ______________

Operating profit before 1 1,503 231 893
adjustments

Increase in value of investment – – 1,643
properties

Gains on held for trading 36 32 81
investments

Exceptional items – 7 12

Share of profit in joint venture (6) 77 175
______________ ______________ ______________

Operating profit 1 1,533 347 2,804

Interest receivable 169 87 232

Interest payable (192) (201) (422)
______________ ______________ ______________

Profit before taxation 1,510 233 2,614

Income tax expense 2 (394) 10 (489)
______________ ______________ ______________

Profit for the period 1,116 243 2,125
______________ ______________ ______________

Profit attributable to equity 1,116 276 2,125
shareholders

(Loss) profit attributable to – (33) –
minority interest
______________ ______________ ______________

1,116 243 2,125
______________ ______________ ______________

Earnings per share 3 10.68p 2.64p 20.33p
______________ ______________ ______________

Diluted earnings per share 3 10.25p 2.56p 19.68p
______________ ______________ ______________

* Mining revenue for 2007 reflects the export coal sold on a `Free on Rail’
(FOR) basis, whereas in 2006 it was on a `Free on Board’ (FOB) basis at
Richards Bay Coal Terminal, which included additional rail transport and
port handing costs.

Bisichi Mining Plc
Consolidated balance sheet
As at 30 June 2007

Notes 30 June 30 June 31 Dec
2007 2006 2006

£’000 £’000 £’000

Assets

Non-current assets

Value of properties 4 17,278 15,607 17,270
attributable to group

Fair value of head leases 153 153 146

Property 17,431 15,760 17,416

Reserves, plant and equipment 5,185 4,430 5,415

Investments in joint venture 2,786 2,028 2,637

Other investments 302 986 391

Deferred tax asset – 313 234
_______________ _______________ _______________

Total non-current assets 25,704 23,517 26,093
_______________ _______________ _______________

Current assets

Inventories 78 163 56

Trade and other receivables 2,875 1,965 2,056

Held for trading investments 736 662 700

Interest derivative 39 37 53

Cash and cash equivalents 3,804 3,162 3,275
_______________ _______________ _______________

Total current assets 7,532 5,989 6,140
_______________ _______________ _______________

Total assets 33,236 29,506 32,233
_______________ _______________ _______________

Liabilities

Current liabilities

Borrowings (3,333) (2,944) (3,302)

Trade and other payables (5,605) (3,699) (5,887)

Current tax liabilities (248) (60) (33)
_______________ _______________ _______________

Total current liabilities (9,186) (6,703) (9,222)
_______________ _______________ _______________

Non-current liabilities

Borrowings (3,480) (4,319) (3,402)

Finance lease liabilities (153) (153) (146)

Deferred tax liabilities (2,915) (2,523) (2,974)

_______________ _______________ _______________

Total non-current liabilities (6,548) (6,995) (6,522)
_______________ _______________ _______________

Total liabilities (15,734) (13,698) (15,744)
_______________ _______________ _______________

Net assets 17,502 15,808 16,489
_______________ _______________ _______________

Equity

Share capital 1,045 1,045 1,045

Translation reserve (1,344) (699) (1,241)

Other reserves 189 125 189

Retained earnings 17,612 14,882 16,496
_______________ _______________ _______________

Total shareholders’ equity 17,502 15,353 16,489

Minority interest in equity – 455 –
_______________ _______________ _______________

Total equity 17,502 15,808 16,489
_______________ _______________ _______________

Bisichi Mining Plc
Consolidated CASH FLOW STATEMENT
For the six months ended 30 June 2007

30 June 30 June 31 December
2007 2006 2006

£’000 £’000 £’000

Cash flows from operating
activities

Operating profit 1,533 347 2,804

Depreciation 559 405 933

Unrealised gain on investments (36) (32) (81)
held for trading

Unrealised gain on investment – – (1,643)
properties

Share of profit from joint (6) (77) (175)
venture

Hedging – (1) –

Share based payment expense – 11 75

(Increase) decrease in net (960) 2,454 1,503
current assets

Net interest paid (23) (114) (190)

Income tax paid (6) (191) 28
_____________ _____________ _____________

Cash flows from operating 1,061 2,802 3,254
activities

Cash flows from investing (540) (636) (1,884)
activities

Cash flow from financing (594) (281) 647
activities
_____________ _____________ _____________

Net (decrease) increase in cash (73) 1,885 2,017
and cash equivalents

Cash and cash equivalents at 1 978 (969) (969)
January

Exchange adjustment – 126 (70)
_____________ _____________ _____________

Cash and cash equivalents at 905 1,042 978
period end
_____________ _____________ _____________

Cash and cash equivalents

For the purposes of the cash flow statement, cash and cash equivalents comprise
the following balance sheet amounts:

Cash and cash equivalents 3,804 3,162 3,275

Bank overdraft (2,899) (2,120) (2,297)
_____________ _____________ _____________

Cash and cash equivalents at 905 1,042 978
end of period
_____________ _____________ _____________

Bisichi Mining Plc
Consolidated STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
For the six months ended 30 June 2007

Share Translation Other Retained Total Minority Total
reserve earnings
capital reserves interest equity

£’000 £’000 £’000 £’000 £’000 £’000 £’000

Balance at 1 January 1,045 56 114 14,606 15,821 592 16,413
2006

Movement on fair – – – 37 37 – 37
value of derivatives

Other income – – – 239 239 (33) 206
statement movements

Profit for the period – – – 276 276 (33) 243

Exchange adjustments – (755) – – (755) (104) (859)

Total recognised – (755) – 276 (479) (137) (616)
income and expense
for the period

Equity share options – – 11 – 11 – 11

Balance at 30 June 1,045 (699) 125 14,882 15,353 455 15,808
2006

Balance at 1 January 1,045 56 114 14,606 15,821 592 16,413
2006

Revaluation of – – – 1,643 1,643 – 1,643
investment property

Movement on fair – – – 17 17 – 17
value of derivatives

Other income – – – 465 465 – 465
statement movements

Profit for the year – – – 2,125 2,125 – 2,125

Exchange adjustments – (1,297) – – (1,297) – (1,297)

Total recognised – (1,297) – 2,125 828 – 828
income and expense
for the year

Dividend – – – (235) (235) – (235)

Cancellation of – – – – – (592) (592)
minority interest

Equity share options – – 75 – 75 – 75

Balance at 31 1,045 (1,241) 189 16,496 16,489 – 16,489
December 2006

Movement on fair – – – (14) (14) – (14)
value of derivatives

Other income – – – 1,130 1,130 – 1,130
statement movements

Profit for the period – – – 1,116 1,116 – 1,116

Exchange adjustments – (103) – – (103) – (103)

Total recognised – (103) – 1,116 1,013 – 1,013
income and expense
for the period

Balance at 30 June 1,045 (1,344) 189 17,612 17,502 – 17,502
2007

Bisichi Mining Plc

ACOUNTING POLICIES aND NOTES TO ACCOUNTS

The results for the six months ended 30 June 2007 have been prepared in
accordance with International Financial Reporting Standards (IFRS). The
principal accounting policies applied are the same as those set out in the
Financial Statements for the year ended 31 December 2006.

1 SEGMENTAL ANALYSIS 30 June 30 June 31 December
2007 2006 2006

£’000 £’000 £’000

Revenue *

Mining 4,479 5,556 12,138

Property 505 524 1,064

Other 25 21 37
_____________ _____________ _____________

5,009 6,101 13,239
_____________ _____________ _____________

Operating profit before
adjustments

Mining 1,215 23 534

Property 268 198 350

Other 20 10 9
_____________ _____________ _____________

1,503 231 893
_____________ _____________ _____________

Operating profit

Mining 1,215 42 516

Property 268 262 2,198

Other 50 43 90
_____________ _____________ _____________

1,533 347 2,804
_____________ _____________ _____________

* Mining revenue for 2007 reflects the export coal sold on a `Free on Rail’
(FOR) basis, whereas in 2006 it was on a `Free on Board’ (FOB) basis at
Richards Bay Coal Terminal, which included additional rail transport and
port handing costs.

2 TAXATION 30 June 30 June 31 December
2007 2006 2006

£’000 £’000 £’000

Based on the results for the year:

Corporation tax at 30% (2006: 30%) 437 45 (46)

Adjustment in respect of prior – – 143
years -UK

_______ _______ _______

Current tax 437 45 97

Deferred tax (43) (55) 392

_______ _______ _______

Total tax in income statement 394 (10) 489

_______ _______ _______

3 EARNING PER SHARE

Both the basic and diluted earnings per share calculations are based on a
profit of £1,116,000 (2006: £276,000). The basic earnings per share have been
calculated on 10,451,506 (2006: 10,451,506) ordinary shares being in issue
during the period. The diluted earnings per share have been calculated on the
number of shares in issue of 10,451,506 (2006: 10,451,506) plus the dilutive
potential ordinary shares arising from share options of 432,175 (2006: 340,055)
totalling 10,883,681 (2005: 10,791,561).

4 PROPERTIES

Properties are included at valuation as at 31 December 2006 plus additions in
the period ended 30 June 2007.

5 FINANCIAL INFORMATION

The above financial information does not constitute statutory accounts within
the meaning of section 240 of the Companies Act 1985. Statutory accounts for
the year ended 31 December 2006 which were prepared under International
Financial Reporting Standards, have been delivered to the Registrar of
Companies; the report of the auditors on those accounts was unqualified and did
not contain a statement under Section 237(2) or (3) of the Companies Act 1985.

6 BOARD APPROVAL

These half year results were approved by the Board of Bisichi Mining PLC on 25
September 2007.

7 POSTING TO SHAREHOLDERS

The half year report will be sent to shareholders by mail. Copies are available
at the company’s registered office: 30-35 Pall Mall, London 5LH and may also be
downloaded from the company’s website: www.bisichi.co.uk .

END