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Universal over delivers on earnings guidance

17th January 2018

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

     

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JOHANNESBURG (miningweekly.com) – ASX-listed Universal Coal has achieved record earnings and production for the six months ended December 2017.

The company, which operates coal mines in South Africa’s Mpumalanga province, surpassed its group earnings before interest, taxes, depreciation and amortisation (Ebitda) by 33%, reaching A$30-million during the six-month period under review, from the previous guidance of A$22.5-million.

Group attributable Ebitda for the interim period is A$20.4-million –  46% above the A$14-million guidance.

The 2018 financial year guidance for Ebitda has now been upgraded to A$55-million, and A$37.9-million attributable.

The improvements have been attributed to strong production performance by the Kangala operation, near Delmas, which exceeded projected sales tonnes by some 200 000 t for the half-year period, and the New Clydesdale Colliery, near Kriel, achieving 98% of the projected sales tonnes for the period.

Universal achieved an overall total sales tonnage of 2.34-million tonnes, of which 1.45-million tonnes are attributable, for the six months to December.

It is expected that a total of 4.6-million tonnes of saleable product will be delivered to market in 2018.

Edited by Creamer Media Reporter

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