Northam expects to widen H1 losses
JOHANNESBURG (miningweekly.com) – Northam Platinum expects to have widened its interim loss a share and headline loss a share by 20% to 40%.
The platinum miner on Friday said it was likely to post a loss a share of 77.7c to 90.7c for the six months ended December 31, compared with the loss a share of 64.8c reported for the six months to December 31, 2016.
Its headline loss a share for the six months under review is expected to widen to between 77.6c and 90.5c, compared with the headline loss a share of 64.7c reported for the prior comparable period.
Northam attributed the increased losses to the Zambezi Platinum preference share dividends that 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. Shareholders are reminded that 159.91-million Northam shares are held for settlement of the Zambezi preference share liability in terms of the Northam guarantee and the accrued dividends are consolidated into the Northam results as a noncash item for Northam,” the company stated.
It added that both its operating mines – Zondereinde and Booysendal – were expected to record an operating profit for the six months under review, despite the difficult market conditions facing the platinum industry.
Northam will publish its interim results on February 23.
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