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Matrix Metals Limited

Preliminary Final Report to 30 June 2001


The Company today announced its Preliminary Final Report for the financial year ending 30 June 2001, which reported a loss of $6.1m.

$5.6m of the reported loss is due to a reassessment of the carrying value of the inventories of copper in the heap leach pads at the Mt Cuthbert Operation.

The reassessment of the carrying value of the copper inventories is a direct result of the significant decline in the Australian dollar copper price, which in turn has required the accounting adjustment to be made.


Andrew Chapman
Chief Executive Officer

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MATRIX METALS LIMITED

Liquidators
Ernst and Young
11 Mounts Bay Road
PERTH WA 6000

Phone: +61 8 9429 2222
Fax: +61 8 9429 2436

Receivers and Managers
Deloitte Touche Tohmatsu
240 St Georges Terrace
PERTH WA 6000

Phone: +61 8 9365 7000
Fax: +61 8 9365 7001
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