JSE-listed industrial minerals mines Petmin boosted profit 145% thanks to increasing coal demand.
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PETMIN expects to lift the reserves at its Somkhele, anthracite coal mine, giving a life of mine of 27 years and it is looking into expanding the plant at the project in South Africa's KwaZulu-Natal province.
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JSE- and Aim-listed diversified miner Petmin on Monday reported a 120% surge in headline earnings to 6,52c a share for the six months ended December 31, on the back of a 92% increase in revenue for the period.
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Petmin, previously Petra Mining, said its first half headline earnings per share increased 120 percent from 2.96 cents to 6.52 cents in the six months to end December 2007.
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THE recent slump in the share price of coal and silica miner Petmin represented an excellent buying opportunity up to 37p (about 500c) a share, Numis Securities said in a note to clients yesterday.
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© 2008 Petmin Limited
