Northam CEO Paul Dunne
Photo by: Duane Daws
JOHANNESBURG (miningweekly.com) – JSE-listed Northam Platinum expects its loss a share to widen to between 167.8c and 196c for the financial year ended June 30, compared with a loss a share of 145.3c in the prior financial year.
It further expects its headline loss a share to have widened from 140.9c in the 2016 financial year, to between 167.3c and 196.3c in the 2017 financial year.
Northam, which is headed up by CEO Paul Dunne, attributed the anticipated loss to the higher Zambezi Platinum preference share dividends, which are consolidated in the group’s results. The Zambezi preference shares accrue dividends at a cumulative variable dividend of 3.5% over the prime overdraft interest rate in South Africa.
The platinum group metals miner further noted that, despite difficult economic conditions in the year under review, its Zondereinde and Booysendal mines are both expected to record an operating profit.
The group’s total operating profit is estimated to be higher than the previous year, owing to an improved operational performance and well contained unit costs.
Northam’s results will be published on or about August 25.