METALS AUSTRALIA LTD — Major Shareholding Notification 2004

Mar 1, 2004

Form 603

Corporations Act 2001

Section 671B

Notice of initial substantial holder

To Company Name/Scheme ACN/ARSN Details of substantial holder (1) 1.		AUSTRALIAN UNITED GOLD LIMITED 008 982 474
.

Name	PAN PACIFIC MINING PTY LTD and CACONDA PTY LTD and James John del Piano
ACN/ARSN (if applicable)

The holder became a substantial holder on 26/02/2004

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Namber of securities	Persons' votes (5)	Voting power (6)
Ordinary Shares	42.753.492	42.753.492	19.92%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
Pan Pacific Mining Ptv Ltd. Caconda Pty Ltd (as trustee for the Caconda Trust); and James John del Piano (collectively, the "Groun")	Relevant interest by virtue of section 608(1). of the Corporations Act 2001	42.753.492

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant	Registered holder of	Person entitled to be registered	Class and number of
interest	securities	as holder (8)	securities
Caconda Pty Ltd (as trustee	Caconda Pty Ltd	Caconda Pty Ltd (as trustee for	7,753,492 ordinary shares
for the Caconda Trust)	(The Caconda A/C)	the Caconda Trust)
Pan Pacific Mining Pty Ltd	Pan Pacific Mining Pty Ltd	Pan Pacific Mining Pty Ltd	35,000,000 ordinary shares

$5.$ Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number of securities
		Cash	Non-eash
Pan Pacific Mining Piv Ltd	26 February 2004		\$350,000	35,000,000 ordinary shares

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN (if applicable)	Nature of association
Caconda Pty Ltd (as trustee for the Caconda Trust)	By reason of James John del Piano being a sole director of both Pan Pacific Mining Pty Ltd and Caconda Pty Ltd. James John del Piano controls the exercise of a power to dispose of securities held by Caconda Pty Ltd and Pan Pacific Mining Pty Ltd.
Pan Pacific Mining Pty Ltd ACN 009 235 625	By reason of James John del Piano being a sole director of both Pan Pacific Mining Pty Ltd and Caconda Pty Ltd. James John del Piano controls the exercise of a power to dispose of securities held by Caconda Pty Ltd and Pan Pacific Mining Pty Ltd.

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Pan Pacific Mining Pty Ltd ACN 009 245 603	13 Floor, 8 Parliament Place, West Perth, Western Australia 6005
Caconda Ptv Ltd (as trustee for the Caconda Trust) ACN 009 057 194	1 st Floor, 8 Parliament Place, West Perth, Western Australia 6005
James John del Piano.	18 Floor, 8 Parliament Place, West Perth, Western Australia 6005

Signature

capacity: DIRECTOR OF PAN PACIFIC MINING PTY JAMES JOHN DEL PIANO print name LTD AND CACONDA PTY LTD (AS TRUSTEE FOR THE CACONDA TRUST) AND IN PERSONAL CAPACITY SIGN HERE date 27/02/2004

DIRECTIONS

• (1.) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they maybe referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.
• (2.) See the definition of "associate" in section 9 of the Corporations Law.
• $(3.)$ See the definition of "relevant interest' in sections 608 and 671B(7) of the Corporations Law.
• (4.) The voting shares of a company constitute one class unless divided into separate classes,
• $(5.)$ The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.
• (6.) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

(7.) Include details of:

• any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a $(a)$ copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers of $(b)$ disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations law.

• $(8.)$ If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown"
• (9.) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.