JOHANNESBURG (miningweekly.com) – JSE-listed Wescoal expects to report a 29% year-on-year drop in headline earnings a share to around 20.5c apiece, when it reports its results for the six months ended September 30.
Alongside this, the miner’s earnings a share were expected to fall by between 16.7% and 20.3% year-on-year to 23c apiece.
On a normalised basis, earnings from the company are expected to be between 27.2c and 29.2c apiece, based on an increase in the number of issued shares and specific nonrecurring costs relating to the acquisition of Keaton Energy.
The number of issued Wescoal shares increased to 449-million from 237-million in two specific transactions – raising capital through a black economic empowerment transaction and issuing shares to part fund the acquisition of Keaton.
Meanwhile, Wescoal has appointed Eric Mzimela and Cecil Maswanganyi as nonexecutive directors, effective November 17.
A former banker, Mzimela has an indirect shareholding in Wescoal, and is an entrepreneur, with business experience dating back to 1981. He has qualifications in analytical chemistry and industrial relations.
Maswanganyi has an accounting background with audit and tax skills, with diverse business, board and provincial government experience, dating back to 1989. He is currently Simeka Capital Holdings’ CEO and has qualifications in commerce, tax and business administration.