23 December 2005
	Other mineral extractors: granite KELGRAN By Michael Coulson

Speculative Ord price: 14c 12-month high, 22c; low, 5c Market cap R13,2m Sector PE: 15,4 Year to Jun 30 Turnover Rm Operating profit Rm Pretax profit Rm Headline earnings per share (c) Dividend per share (c) 2001 372 19,5 15,2 24,9 6 2002 445 23,2 14,3 14,9 3 2003 344 (64,1) (68,8) (94,4) - 2004 183 (50,2) (61,0) (87,3) - 2005 - 1,4 1,4 0,3 - Trading vol 12-month average ('000): 245/month © Financial Mail Since the sale of control of the granite mining assets, the sole asset is 49% of operating company Kelgran Investments (Pty), whose revenue fell from R183m to R127m. Volumes were up 3%, but prices were pushed lower by the strong rand. The board is evaluating options on future strategy - including the continued listing - and Kelgran Investments' need for recapitalisation. Kelgran has been trading under a cautionary since May. One can only hope the relevant negotiations are close to some conclusion; meanwhile, the share is totally speculative. 23December2005