Turnaround under way for Miranda Mineral Holdings
JSE-listed Miranda Mineral Holdings narrowed its headline loss a share for the year ended August 31, 2017, by 76% to 1.26c, compared with 5.34c in August 2013.
In an update to the market on Tuesday, the company said its earnings a share had increased by 190% to 4c for the financial year ended August 31, 2017, compared with a loss of 4.5c in August 2013.
For the past four financial years under review, the Miranda group’s net asset value a share decreased by 41% from 5.5c in August 2013 to 3.2c in the year under review. Its net tangible asset value decreased by 88% from 1.7c in August 2013 to 0.21c.
During the 2017 financial year, the company had appointed Theo Botoulas CEO and executive director. He was given a mandate to restructure and refocus the company, while creating a sustainable future for Miranda.
In line with this mandate, Botoulas developed a strategy aimed at transforming Miranda into a midtier Africa-focused explorer, developer and producer of polymetallic concentrates.
The company started targeting base and specialist technology metals projects with revenue generation of no less than $50-million.
The company also continued to dispose of noncore assets and raised capital to advance brownfield exploration of the Rozynenbosch base metals asset, which has been proved fruitful, mainly because of the reversal of the impairment on the Rozynenbosch prospecting right.
“While we expect market and operating conditions in the coming year to remain challenging as sentiment and policies change, we believe that we will be able to deliver on our new strategy,” the company said on Tuesday.
Miranda has, in the last few years, faced many challenges. It became financially distressed and, during the 2015 financial year, asked the JSE to suspend trading in its shares.
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