JOHANNESBURG (miningweekly.com) – JSE-listed Sentula Mining on Wednesday said it expected to report a loss of between 38.47c a share and 38.97c a share for the six months ended September 30.

This compared with the earnings a share of 9.89c in the same period last year.

Headline earnings would be between 9.53c a share and 11.65c a share, compared with 10.59c a share a year earlier.

The group said its earnings for the period were impacted on by a fair value adjustment on an interest rate hedge of R5-million; foreign exchange gains of R22-million; pretax expenses of R17-million resulting from its Shanduka transaction (R6.2-million), legal and forensic support for civil actions associated with misappropriated funds (R5.7-million) and retrenchments resulting from ongoing restructuring within its subsidiary Megacube Mining (R5.1-million).

The company also reported its Nkomati anthracite mine was placed on care and maintenance, while a pretax impairment charge of R282.3-million was recognised, primarily on Megacube’s portfolio of idle equipment and a pretax write-off of R14.2-million of obsolete inventory in Megacube.

Sentula was trading shares at R2.03 apiece on Wednesday afternoon.

Sentula’s interim financial results would be announced on November 18.
 

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