MIM Exploration (MIMEX) is actively involved in mineral exploration and project evaluation, concentrating on copper, lead-zinc, coal and gold.

Exploration increased considerably in 2002 as the company sought successfully to increase reserves and resources around existing mining operations and at the same time conduct regional generative and reconnaissance programmes.

MIM continued an active exploration programme for copper, copper-gold, gold and coal both near the Group's existing mines and in other regions of Australia and internationally.

In Australia, a total of 6,555 metres of drilling were completed on metalliferrous exploration projects. 55 kms of ground geophysical surveys were completed.

• Mount Isa Mining Lease, Queensland: Drill testing of deep copper targets within the Lease area commenced.
• Ernest Henry Mining Lease, Queensland: A programme of drilling is planned to convert previously announced down-dip extensions of copper-gold mineralisation into Mineral Resources.
• Kalkaroo, South Australia: Drilling has been completed. Assaying is in progress but no significant copper values are anticipated.
• Copper Hill, New South Wales: A 3D Induced Polarisation survey has delineated a new target below a pre-existing drill hole intersection of 157m at 0.78g/t gold and 0.4% copper from 147m to end of hole at 304m. Follow up drilling is planned for the September quarter.

• Bowen Basin, Queensland: A programme of 3D seismic exploration continued, 2.7 km2 was completed at the Newlands northern underground and 4.8 km2 at Oaky Creek. A total of 10 050 line-kms of low level aeromagnetic surveys has been completed over the Rolleston project.

• La Pampa drilling of 3 separate targets confirms the model that the region is prospective for iron oxide copper gold targets.

• Cobre Grande: Assays have been received from a programme of 6 diamond drill holes. 4 holes intersected broad intervals of copper mineralisation. Follow up work is planned.
• The best results were obtained from drill hole CG01 which intersected a number of copper and gold mineralised zones over a 134 metre down-hole interval to 148 metres.

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Ore Reserves and Mineral Resources upgrades

Mount Isa copper: Increased Reserves and Resources of copper are announced today and provide more than 10 years of production at current levels. The additional Reserves are an early result of the ongoing copper study being undertaken at Mount Isa aimed at maintaining a rolling 10 years of Reserve ahead of production and identifying longer-term production opportunities.

Summary of estimated Reserves and Resources for Mount Isa copper:

Total Proved and Probable Ore Reserves of approximately 73 million tonnes at 3.3% copper (previously 47 million tonnes at 3.6% copper).

Total underground Measured, Indicated and Inferred Resources, inclusive of Reserves, of approximately 116 million tonnes at 3.3% copper (previously 88 million tonnes at 3.7% copper).

Total open cut Indicated and Inferred Resources of 255 million tonnes at 1.2% copper (previously an Inferred Resource of 112 million tonnes at 1.6% copper).

Coal: Increased Reserves have been defined at NCA and Oaky Creek during ongoing 3D seismic exploration which has allowed transfer of Resources to Reserves and upgrading of existing Reserves. The increases will support extended mine lives and increased production levels planned at both NCA and Oaky Creek.

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Process Technologies

MIM has a long record of developing processing technologies for in-house use and for sale to external clients. The company develops and markets key strategic technologies both as a means of maintaining technical leadership and as a technology marketing business.