https://www.miningweekly.com

Wescoal year-end earnings expected to rise

22nd March 2016

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

Font size: - +

JOHANNESBURG (miningweekly.com) – South African coal-mining and coal-trading company Wescoal expects double-digit earnings increases for the year ended March 31.

The company announced on Tuesday that its expected headline earnings a share for the period under review would be around 50% more than 15.4c apiece achieved the year before.

Earnings a share would also likely rise some 50% more than the 15.7c a share recorded in 2015.

Wescoal said that it was fully funded operationally and was able to initiate crucial derisking and optimisation projects across the company following the November 2015 equity injections of R52-million.

“Wescoal has steadily maintained its progress in extremely difficult local and international market conditions, making headway across all facets of the operations,” it said in a market update.

The coal miner’s flagship Elandspruit colliery had achieved steady-state output, continually meeting its targeted 165 000 t/m run-of-mine.

“Elandspruit has met expectations and is delivering on its promise,” Wescoal assured.

Meanwhile, cost-saving and debottlenecking initiatives at the Wescoal processing plant were on track, while the Intibane colliery reached an “advanced stage of preparation” for coal production suitable for State-owned Eskom and other domestic users.

The Khanyisa colliery resource extension and water-use licence, however, remained subject to approval from regulatory authorities.

Wescoal expected to publish its year-end results early in June.

MANAGEMENT
A year after being positioned as acting CEO, Waheed Sulaiman would now officially assume the role effective April 1.

Wescoal was also finalising the appointment of a candidate to take up the role of CFO.

Further, the company had appointed United Manganese of Kalahari MD Thivha Tshithavhane as business development director from April 1, while the contract of Wescoal Mining head Dutch Botes had been extended for another three years.

Edited by Creamer Media Reporter

Comments

Showroom

Alco-Safe
Alco-Safe

An unmanned breathalyser that is made to be tough and simple to use. Can be used in any environment for operator-free breathalyser testing.

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.139 0.176s - 106pq - 2rq
Subscribe Now