OMH reports increase in revenues
PERTH (miningweekly.com) - Despite difficult trading conditions and challenging operating conditions at its Bootu Creek mine, manganese miner OM Holdings (OMH) has reported a 5% increase in revenue for the full year ended December, taking it to A$408-million.
Excluding impairment charges, underlying earnings before interest, tax, depreciation and amortisation reached A$21.9-million during the full year, compared with the A$13.2-million reported in the previous financial year.
However, OMH reported a noncash impairment charge of A$53-million related it its investments in Northern Iron and Shaw River Manganese, and as such reported a loss after tax of A$60.9-million for the financial year ended December.
This was comparable to the net loss after tax of A$11.7-million in 2011.
Meanwhile, OMH also this week reported that its Bootu Creek operation delivered some 737 766 t of ore, grading 36.55% manganese during the full year under review, a decline from the 902 082 t produced in the previous financial year, as the operation was impacted by the transition to an owner-miner operation model during the second half of the year, as well as rail service disruptions caused by a freight rail derailment in the first half of the year.
At its Qinzhou manganese sinter plant, OMH achieved record attributable sales of 76 427 t and 168 337 t of manganese ferroalloy and manganese sinter ores respectively, during 2012, driving a 7% increase in revenue at the operation.
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