PERTH (miningweekly.com) – Increased production and higher prices have resulted in manganese producer OM Holdings reporting a record financial performance in the 12 months to December.
OM Holdings on Monday reported that earnings before interest, tax, depreciation and amortisation for 2018 increased from A$186.1-million to A$339.7-million, while profit after tax doubled to A$184.7-million, from A$91.4-million.
Revenue for the full year was up 53% on the previous financial year, to A$1.51-billion, as the company’s Australian manganese operation returned to a full year of mining and production, while its 75%-held smelter in Sarawak, Malaysia, ran 16 furnaces at full production capacity since June of last year.
Ferrosilicone production volumes from Sarawak increased by 23% to 228 525 t.
Total manganese ore volumes traded during the year also increased by 180 733 t, to more than 1.95-million tonnes.
“We achieved significant improvements in earnings from increased mining and smelting volumes, supported by our cost efficient position which we continue to strengthen,” said OM Holdings executive chairperson Low Ngee Tong.
“We’ve also managed to improve our financial position by reducing debt and achieving a solid level of consolidated cash. We will continue to focus on building organically and aim for sustainable growth for the group.”