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Q2 Activities Report Macquarie Securities

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Q2 Activities Report Macquarie Securities STRAITS ASIA RESOURCES LIMITED (Incorporated in the Republic of Singapore on June 10, 1995) (Company Registration Number: 199504024R) ANNOUNCEMENT BY STRAITS RESOURCES LIMITED ON THE AUSTRALIAN STOCK EXCHANGE Q2 Activities Report The attached announcement was released to the Australian Stock Exchange today by Straits Resources Limited (ASX: SRL). Straits Resources Limited has a 60.4% shareholding in Straits Asia Resources Limited. The release contains information relating to the activities of Straits Asia Resources Limited. James Carter Company Secretary 25 July 2007 Macquarie Securities (Singapore) Pte Limited is the Sole Global Coordinator, Bookrunner and Underwriter for, and Macquarie Securities (Asia) Pte Limited is the Issue Manager for, the Initial Public Offering of the Company. This announcement has been prepared and released by the Company. QUARTERLY REPORT FOR THE PERIOD ENDED 30 JUNE 2007 SUMMARY Tritton Stage 1 expansion to approximately 35,000 tonnes of copper in concentrate in 2008 is underway with work commenced to increase processing plant from 850 ktpa to 1.4 Mtpa; and development of new decline at Larsens commencing in September 2007 quarter. Very encouraging drill results at Murrawombie may lead to acceleration of development for Tritton Stage 2 expansion. Tritton production of 4,480 tonnes of copper in concentrate during the quarter, down 7% on the previous quarter. Resource definition drilling is well progressed in respect of the Whim Creek sulphide development, and remains on track for December quarter decision. Whim Creek Copper mine production 3,794 tonnes of copper cathode in the quarter and 7,829 tonnes for the half year ended June 2007, up 5% on the previous corresponding period. Hillgrove development on track with commissioning of the process plant to commence in the September 2007 quarter. Exploration results continue to provide confidence in system. Mt Muro quarterly production of 9,831oz gold and 13,838 oz silver. Total production for the 6 months to June 2007 of 27,914 gold equivalent ounces. Higher grades expected in September quarter as transition to Tasat pit is completed. Sebuku production impacted adversely by heavy rainfalls; continuing to pursue 2007 production of 4.0 Mt, however, this is dependent on the mines production recovery from the rainfall. Expansion works proceeding to raise capacity by 2 Mt, to 6Mtpa. Further information can be obtained from our website: www.straits.com.au 1 OPERATIONS Quarter Quarter SUMMARY Ended Ended Half Year Half Year 30 June-07 31 March-07 30-June-07 30 June-06 Whim Creek Copper Mine Copper produced (stripped) tonnes 3,794 4,035 7,829 7,467 Copper sales tonnes 3,923 4,219 8,142 7,627 US$/lb Cash costs produced 1.86 1.28 1.56 1.17 Tritton Copper Mine Copper produced in concentrate (100%) tonnes 4,480 4,805 9,285 12,122 Copper sales in concentrate (100%) tonnes 4,992 5,035 10,027 12,778 Cash costs(excludes US$/lb TC/RC) produced 1.21 0.99 1.10 0.81 Mt Muro Gold Mine Production Au oz 9,831 13,838 23,668 27,686 Ag oz 62,495 171,050 233,546 175,953 Sales Au oz 11,734 14,627 26,361 25,236 Ag oz 86,808 181,050 267,818 151,256 Cash costs US$/oz Au 657 409 512 NA Sebuku Coal Mine Coal mined t'000 694 1,005 1,699 1,856 Product coal t'000 623 834 1,457 1,641 Sales t'000 652 851 1,503 1,752 Revenue Sales revenue Group (excl Varomet) A$’000 94,950 87,844 182,794 270,023 Varomet A$’000 894,115 771,816 1,665,931 NA 2 BULK COMMODITIES the half year was 7,829 tonnes, a 5% increase on the corresponding period in 2006. Sebuku Coal Mine, Indonesia Straits Asia Resources – 100% Cash costs for the quarter were Coal Co-operation Contract US$1.86/lb and US$1.56/lb for the half year. Sebuku production for the quarter was below expectation due to a prolonged wet The strong appreciation of the Australian season in Kalimantan. In the 6 months to dollar, has increased costs expressed as June 2007 Sebuku recorded rainfall far in US$/lb. This appreciation has raised unit excess of the historical average for the cots by approximately 15% over the past period. Production of 623 Kt was achieved 12 months. for the quarter, and 1,457 Kt for the half year. Towards the end of the second quarter the site was subjected to cyclonic events, Sebuku historically achieves higher which impacted all producers in the Pilbra. production in the second half of the year This event impacted infrastructure and and continues to pursue production in ponds which has abnormally lifted the cost 2007 of 4.0 Mt, however, this is dependent of production. These abnormal costs on the mines production recovery from the constitute approximately US$0.29/lb. recent high rainfall. Measures have been implemented to The mine continues to increase its mitigate the impacts from the above footprint and accelerate waste removal in events which will ensure that second half line with Sebuku’s expansion plan to costs fall back inline with expectations. 6 Mtpa. The expansion works to 6 Mtpa are well under way with the plant and infrastructure expected to be completed by Tritton Copper Mine mid 2008. Production in 2008 is targeted Straits – 100% at 5 Mt and 6 Mt in 2009. QUARTERLY PRODUCTION STATISTICS BASE METALS TRITTON Whim Creek Copper Mine Units June Qtr Mar Qtr 2007 2007 Straits – 100% Mined Cu Ore t 200,561 171,495 QUARTERLY PRODUCTION STATISTICS Grade Cu % 3.15% 2.96% WHIM CREEK Milled Cu Ore t 194,758 194,068 Grade Cu % 2.46% 2.63% Units June Qtr Mar Qtr Recovery Cu % 93.33% 94.1% 2007 2007 Cu Concentrate t 17,982 18,925 Ore Mined t 582,218 440,647 Cu Grade % 24.9% 25.4% Grade % 0.85% 1.06% Ore Stacked t 501,328 445,647 Grade % 0.78% 1.08% Production from the Tritton Copper Mine Production (stripped) t 3,794 4,035 totalled 4,480 tonnes of copper in Cathode Sold t 3,923 4,219 concentrate, a decrease on the previous quarter of 7%. Ore mined was 200,561 Production from the Whim Creek Copper tonnes at a grade (prior to dilution effects) Mine totalled 3,794 tonnes of copper of 3.15% Cu and ore milled 194,758 cathode produced from 582,218 tonnes of tonnes at a grade of 2.46% Cu. ore mined at a grade of 0.85% copper. Production was negatively impacted Copper produced decreased by 6% on the during the quarter due to increased stope previous quarter, however production for ore dilution as a result of continued mining 3 through the very narrow “Gap Zone” area. Development ore tonnages were also GOLD lower due to a major focus being placed on the development, in waste rock areas, Mt Muro Gold Mine, Indonesia of major capital ventilation infrastructure, Straits - Contract of Work 100% and of the 4814 Level Diamond Drill Drive. The latter drive will be used as a base for detailed resource definition drilling set to QUARTERLY PRODUCTION STATISTICS MT MURO commence in August 2007. Units June Qtr Mar-Qtr The “Lower Ore Zone” has now been 2007 2007 accessed, providing higher tonnes per Ore Milled t 95,345 84,960 vertical meter, with ore development Gold grade g/t 3.49 5.15 proceeding north and south on 4785 Silver grade g/t 33 73 Level. Gold recovery % 91.8% 93.4% Silver recovery % 58.9% 79.0% As a result of the lower production, cash Production Gold* oz 9,831 13,838 costs (excluding TC/RC’s) for the quarter Silver oz 62,495 171,050 were higher at US$1.21 per pound (US$ Gold Sold oz 11,734 14,627 0.99 per pound in the March quarter). * Production reported is gold poured During the quarter the Stage 1 Tritton Mt Muro produced 9,831 ounces of gold expansion was commenced with the and 62,495 ounces of silver during the processing plant increased to 1.4 Mt June quarter. While tonnes milled throughput per annum (from 850ktpa). increased to 95,345 from 84,960, the head Work on a decline to the Larsens/North- grade fell to 3.5 g/t from 5.2g/t. east ore bodies is expected to commence in September 2007 with first production As a result of the lower production, cash from Larsens in early 2008. Following the costs increased to US$657 per ounce plant expansion production in 2008 is from US$409 per ounce. forecast at approximately 35,000 tonnes of copper in concentrate. The capital Lower grades resulted in lower metal required for the expansion is production increasing the cash costs per approximately $20 million. ounce. With ore now being sourced from Tasat the grade issue will result in The hedge commitment for Tritton fell off improved production rates and cash costs. sharply in the second quarter and from June 2007 the monthly hedged tonnage is Open cut mining has started at the new approximately 1,300 tonnes per month Tasat pit during the quarter and ore until the end of 2007 (from approx 1,800 production from Tasat has now tpm in the first half of 2007). In 2008 commenced. Tasat will augment the approximately 12,225 tonnes of production supply of ore to the mill currently is hedged and consequently at a processing high grade ore from the Botol production rate of 35,000 tonnes, 65% of pit and small, near mine elluvials and by production will be exposed to the spot the end of the year will be the main source market.
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