JSE-listed industrial minerals mines Petmin boosted profit 145% thanks to increasing coal demand.
The company’s revenue jumped 92% to R306-million for the six months to the end of December 2007.
Jan du Preez, Petmin chief executive, said: “This was the result of improved performance from the anthracite division following the ramp-up in production and sales at the Somkhele Colliery (which was commissioned in June 2007) and Springlake Colliery.”
Because of the construction of the Somkhele Colliery, Petmin has boosted anthracite production by 120000 tons per month.
“We anticipated strong market demand, but it has just run away and prices have rocketed, ” Du Preez said.
Capital expenditure of R55-million was incurred in the six months to 31 December.
Of this, R34 million was spent at Somkhele to accelerate exploration and expansion programmes.
© 2008 Petmin Limited