Trading statement

Shareholders are advised that the group’s consolidated loss per share and headline loss per share for the six months ended 31 December 2015 are estimated to range between 63.2 cents a share and 81.0 cents per share, compared with the earnings per share of 89.2 cents and headline earning per share of 89.4 cents reported for the six months ended 31 December 2014. The aforementioned range expressed in percentage terms, is a decrease of between 171% and 191%.

The anticipated decline in earnings is attributable to:

  •  the consolidation of the Zambezi Platinum (RF) Limited (Zambezi Platinum) preference share dividends into the Northam group results;
  •  lower metal prices; and
  • the impairment of non-core assets.

Zambezi Platinum’s preference share dividends were not a feature of the comparable H1 2014 results, as the Black Economic Empowerment transaction had not yet been concluded.   

Despite the difficult economic circumstances prevailing during the reporting period, both of Northam’s mining operations posted an operating profit. The total operating profit is expected to be between 60% and 70% lower than the comparable period in F2014.

The weighted average number of shares in issue for the six months ended 31 December 2015 was 349 875 750 shares (H1 2014: 397 586 096 shares).

This trading statement has not been reviewed or reported on by the group’s auditors. The interim results for the six months ended 31 December 2015 are anticipated to be published on or about 26 February 2016.

Issued by
Russell & Associates
Johannesburg
Tel +27 (0)11 880 3924