Bisichi Mining achieves solid coal production, higher earnings in H1
UK-based coal miner Bisichi Mining, which has coal interests in South Africa, reported total production of 670 000 t for the six months ended June 30, compared with 582 000 t in the first half of 2017.
The company generated earnings before interest, taxes, depreciation and amortisation of £5.2-million, compared with £1.4-million in the prior comparable period, amounting to basic earnings a share of 22.25p, compared with 2.37p in the prior comparable period.
The results reflect the stable production and infrastructure improvements implemented at the coal washing plant at the Black Wattle colliery, in Mpumalanga.
The company said demand for Black Wattle coal remains strong, impacting positively on prices achievable for its coal in the international and domestic markets.
Looking ahead to the rest of this year, management will continue to focus on increasing the life-of-mine at Black Wattle, through the acquisition of additional coal reserves, as well as maintaining levels of production to benefit from the higher prices the company believes are achievable for its coal.
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