- Published on 06 February 2014
Shareholders are advised that Northam anticipates reporting a loss per share and headline loss per share of between 15 and 25 cents for the reporting period ended 31 December 2013. This compares with earnings and headline earnings per share of 35.6 and 36.3 cents respectively for the six months ended 31 December 2012.
The expected decline in earnings is largely attributable to the industrial action which started on 3 November 2013 and ended on 21 January 2014 at the group’s Zondereinde mine, which will cost the group approximately R750 million in lost revenue for F2014. The group’s new Booysendal mine, which commenced production in July 2013, is still ramping up to full production, and is not yet in a position to contribute positively to the group’s earnings.
The weighted average number of shares in issue for the period ended 31 December 2013 increased to 384 461 090 compared to 382 536 125 shares in issue for the period ended 31 December 2012, reflecting the effects of the claw-back rights offer concluded in December 2013.
This estimate has not been reviewed or reported on by the group’s auditors.
It is anticipated that the interim results for the six months ended 31 December 2013 will be released on or about 21 February 2014.
Russell & Associates
Tel +27 (0)11 880 3924