Northam Platinum to report sharply higher earnings

NORTHAM Platinum expects interim earnings to surge following stronger production and sales performance during the six months to December, said Business Day in a report earlier this week.The newspaper said Northam would report an increase in headline earnings per share by between 1,518.5c and 1,529.5c from just 61.1c a year earlier, driven by a 53.1% rise in the rand 4E basket price and higher metal volumes.Sales revenue jumped 60% to R23.3bn whilst operating profit soared 439% to R5.8bn, said Business Day. Earnings before interest, taxation, depreciation and amortisation rose to R7.5bn from R1.8bn previously, it added.Metal sales increased 13.7% to 519,192 oz whilst refined platinum group metal production from own operations grew 3.7% to 467,818 oz. Chrome concentrate output climbed 14.8% to 822,759 tonnes.The group reversed a R2.5bn impairment charge at its Eland mine following improved long-term price forecasts. Concentrate production at Eland, acquired from Glencore in 2017 for R175m, rose 19.6% to 44,842 oz.Northam is advancing renewable energy projects, with an 80MW solar facility at Zondereinde nearing completion and a 20MW solar plant with battery storage planned for Eland. Capital expenditure for the remainder of the financial year is estimated at R3.8bn.Shares in Northam, which has a market capitalisation of R143bn, have surged 200% over the past year. First-half results will be released on 27 February.The post Northam Platinum to report sharply higher earnings appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com