Palabora Mining Company Limited Preliminary Report for the Six Months Ended June 30, 1998 Unaudited Group Results.LONDON--(BUSINESS WIRE)--August 20, 1998-- -0-
Six Months To Year
Income Statement 6/30/98 6/30/97 1997
R 000 R 000 R 000
Revenue 852,260 931,427 1,866,133
Operating costs/depreciation 682,342 620,937 1,261,074
------- ------- ---------
Operating profit 169,918 310,490 605,059
Dividends received 0 99 99
Interest received 3,307 3,469 7,607
Foreign exchange gains/losses 5,357 (5,039) 3,834
Interest Payable (1,750) (2,933) (7,446)
------- ------- -------
Profit before taxation 176,832 306,086 609,153
Deduct: Taxation and
lease consideration 81,488 131,681 240,885
Profit after taxation 95,344 174,405 368,268
Balance Sheet
Employment of capital
Fixed assets 1,572,211 960,602 1,276,191
Deferred expenditure 72,815 91,901 81,605
Investment (Unlisted) 28,876 - 28,876
Current assets 690,951 729,517 695,355
Current liabilities (215,914) (252,639) (299,593)
--------- --------- ---------
2,148,939 1,529,381 1,782,434
--------- --------- ---------
Capital employed
Ordinary shareholders' funds 851,234 645,290 736,886
Provision for restoration 67,800 42,072 64,200
Borrowings 578,675 356,574 389,710
Provision for Post
Retirement Medical Benefits 96,254 96,700 96,700
Deferred taxation 554,976 388,745 494,938
------- ------- -------
2,148,939 1,529,381 1,782,434
--------- --------- ---------
Selected Statistics Six Months To Year
All tons are metric tons 6/30/98 6/30/97 1997
Production and sales
Material mined 15.2 14.8 30.8
(millions of tons)
Copper in concentrate 68.9 62.4 133.7
(thousands of tons)
Cathode produced 47.3 51.1 113.2
(thousands of tons)
Cathode sold 51.7 53.3 108.1
(thousands of tons)
Contained Copper sold 68.0 67.2 130.7
(thousands of tons)
Average rand/dollar exchange rate 5.06 4.49 4.61
Average copper price 9,090 11,409 10,967
realised per ton (SAR)
Cash Cost 5,428 4,406 4,694
- delivered (SAR)
Average copper price 81.5 115.2 108.0
realised per ton (USc/lb)
Capital Expenditure (R million) 247 237 546
Capital Commitments (R million)
Approved expenditure at
end of each period 2,185 138 2,227
Contracts placed at
end of each period 1,305 103 1,176
Share capital (R 000)
Ordinary shares of R1 each 28,316 28,316 28,316
(thousands)
Earnings per share, based on
the net profit after taxation R3.37 R6.16 R13.01
Headline earnings per share,
based on the net profit after tax
adjusted for non-operational
gains/losses R3.37 R6.19 R12.48
Net asset value per share R30.06 R22.79 R25.32
Dividends paid (R 000)
1997 final dividend
100 cents per share 28,316
(1996: 330 cents per share) 93,441
1997 total dividend
530 cents per share 150,073
1998 first interim dividend
50 cents per share 14,158
(1997: 160 cents per share) 45,305
Consolidated Group Profit for the first half of 1998 was R95 million, compared with R174 million achieved for the equivalent period last year. The decrease in profit is mainly attributable to a decrease in revenue as a result of the lower copper price. The Rand Rand See Witwatersrand. rand 1 n. See Table at currency. [Afrikaans, after(Witwaters)rand. copper price achieved for the first half of 1998 was R9,090/ton against R11,409/ton for the equivalent period in 1997. Revenue was R79 million less than the R931 million achieved for the corresponding period last year. Copper in concentrate produced was 68,902 tons, an increase of 10.4% compared with the same period in 1997. Production of copper cathodes decreased from 51,129 tons to 47,256 tons over the comparable period due to the lower anode anode (ăn`ōd), electrode through which current enters an electric device. In electrolysis, it is the positive electrode in the electrolytic cell. anode Terminal or electrode from which electrons leave a system. supply from the smelter. This was the result of the plant shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down in May during which the reverberatory furnace reverberatory furnace Furnace used for smelting, refining, or melting in which the fuel is not in direct contact with the contents but heats it by a flame blown over it from another chamber. was reconstructed re·con·struct tr.v. re·con·struct·ed, re·con·struct·ing, re·con·structs 1. To construct again; rebuild. 2. for the first time in ten years. At the same time the acid plant was extensively upgraded. No copper was smelted over the 23 day duration of this project. Overall work on the underground project is on schedule and within budget. Holing on the Production level between the Exploration and Service Shafts was achieved on July July: see month. 20, 1998. A project to address year 2000 compliance commenced in 1997 and is on schedule. The scope of the project includes compilation Compiling a program. See compiler. of a comprehensive inventory of computer systems and other equipment with embedded chips See embedded processor. , assessment of compliance, corrective action A corrective action is a change implemented to address a weakness identified in a management system. Normally corrective actions are instigated in response to a customer complaint, abnormal levels if internal nonconformity, nonconformities identified during an internal audit or , compliance testing, compliance of business partners and contingency contingency n. an event that might not occur. planning. Year 2000 expenditure to date amounts to R850,000 with additional amounts planned. No significant year 2000 related operational difficulties or liability risks are anticipated. The target date for compliance of computer systems is December December: see month. 31, 1998 and for equipment with embedded chips June June: see month. 30, 1999. Declaration of Dividend No. 125 Notice is hereby given that Dividend No. 125 of 60 cents per R1 share, being the second interim dividend for the year ending December 31, 1998, has been declared payable to shareholders registered in the books of the company on September September: see month. 4, 1998. Note to editors: Palabora Mining Company Limited is 46.4% owned by Rio Tinto Rio Tinto may refer to:
CONTACT: Rio Tinto Peter Darling Darling, river, 1,702 mi (2,739 km) long, rising in the Eastern Highlands, NE New South Wales and SE Queensland, Australia, and flowing SW across New South Wales into the Murray River at Wentworth. It is the longest river in Australia. , Media Relations 011-44-171-753-2355 or Gavin Gavin is a common given name in Ireland, England, Scotland, and Wales. It is the late medieval form of the name Gawain, which in turn is believed to have originated from the Welsh name Gwalchgwn, meaning "white hawk. Anderson Anderson, river, Canada Anderson, river, c.465 mi (750 km) long, rising in several lakes in N central Northwest Territories, Canada. It meanders north and west before receiving the Carnwath River and flowing north to Liverpool Bay, an arm of the Arctic & Company Jason Kendy 212/373-0200 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion