Photo by: Duane Daws
PERTH (miningweekly.com) – ASX-listed miner Universal Coal expects its output to increase from 3-million tonnes in 2017 to to 4.5-million tonnes in 2018, as its Kangala and New Clydesdale mines, in South Africa, reach steady-state production.
Earnings before interest, taxes, depreciation and amortisation are also expected to increase by about 80% in 2018, to A$45-million, based on current international coal prices and foreign exchange forecasts.
“Universal has delivered on our promises to the market. FY2017 has seen the development of the company into a multi-mine producer with a sound base for expansion,” said CEO Tony Weber.
“Having achieved steady-state production and being operationally cashflow positive, the board has elected to reward our patient shareholders by means of a maiden dividend. Having multi-mine sustainable productivity and operational profitability, Universal is well placed to grow our business and to continue dividends going forward.
“It is with confidence we look forward to the 2018 financial year.”