Optimum lift
10th Feb 2012
JOHANNESBURG, Feb 10 – A 21% increase in the net received Rand export coal price helped South African company Optimum Coal Holdings lift its revenue by 13% to R3.04B for the December half year.
The improved financial result came despite a 15% drop in run-of-mine coal production to 7.4Mt compared to the six months to December 2010 and a 16% fall in group saleable production to 5.9Mt. Export coal production dropped 20% to 2.9Mt.
Earnings before interest, taxes, depreciation and amortisation were R641M (R578M) and attributable earnings R148M (R275M). The Koornfontein operation made a record R382M contribution to EBITDA.
The company says, despite industrial action and production challenges at Optimum Collieries, it remains committed to its vision of becoming the benchmark South African black-owned and controlled coal mining and exploration group.
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