https://www.miningweekly.com
Business|Financial|Platinum|PROJECT|Resources|Operations
Business|Financial|Platinum|PROJECT|Resources|Operations
business|financial|platinum|project|resources|operations

Wesizwe reports lower profit

30th March 2021

By: Donna Slater

Features Deputy Editor and Chief Photographer

     

Font size: - +

Platinum group metals miner Wesizwe Platinum has recorded a profit of R51.78-million for the year ended December 31.

That compares with a profit of R96.8-million in 2019.

The group’s cash resources by year-end  R899.4-million, down from the R212-billion of 2019. That is insufficient, based on current budgets, to conduct operations and complete the development of the Bakubung project, states Wesizwe.

The miner reports that the majority shareholder has provided a letter of comfort supporting any shortfall and guaranteed repayment of a $650-million China Development Bank loan.

The company also reports that its directors have concluded that it is appropriate to prepare the financial statements on a going concern basis.

“These conditions indicate that a material uncertainty exists which may cast significant doubt as to the ability of the company and its subsidiaries to continue as a going concern in that they may be unable to realise their assets and discharge their liabilities in the normal course of business,” the company states.

The miner’s headline earnings a share decreased by 47% in the period, to 3.17c.

Wesizwe’s earnings a share also decreased by 47%, to 3.18c, from 5.95c in 2019.

 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

John Deere (Pty) Ltd
John Deere (Pty) Ltd

In 1958 John Deere Construction made its first introduction to the industry with their model 64 bulldozer.

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

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:0.064 0.097s - 90pq - 2rq
Subscribe Now