Buffalo Coal reports loss for nine months to September 30
South African coal miner Buffalo Coal reported a headline loss a share of 19c for the nine months ended September 30.
It also reported a loss in basic and diluted earnings a share of 19c for the nine months.
The company reports that, although, it was able to make use of its work force in South Africa from Jun 1, 2020, productivity levels continue to be impacted on by controls and mitigiation procedures implemented to halt the spread of Covid-19.
Further, the company’s production has also been hampered by national load-shedding implemented by power utility Eskom.
Revenue from coal production for the nine months, nevertheless, increased by 11% year-on-year, mainly as a result of a 10% increase in sales volumes and a 2% increase in selling prices.
Buffalo owns a 100% interest in Buffalo Coal (BC) Dundee, a South African company, with an interest in two operating coal mines and two coal mining projects in South Africa.
BC Dundee indirectly holds a 70% interest in the BC Dundee Properties through its 70% interest in Zinoju Coal, which holds all of the mineral rights with respect to the BC Dundee Properties.
The remaining 30% interest in Zinoju is held by South African black economic empowerment partners.
The BC Dundee Properties comprise the Aviemore anthracite mine, the Magdalena bituminous mine, the Balgray anthracite project and the Aviemore North Adit anthracite project.
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