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Buffalo appoints interim CFO

29th August 2019

By: Creamer Media Reporter

     

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South African coal producer Buffalo Coal has appointed Graham du Preez as interim CFO.

He succeeds Emma Oosthuizen, who will continue to act as Buffalo's interim CEO.

"The board is confident that Buffalo Coal, under the leadership of Emma, Graham and the existing management team, will continue to focus on executing the company's strategy," the TSX-V- and JSE-listed company said.

Meanwhile, it also reported on Thursday that it had swung to a consolidated profit of R25.3-million for the six months ended June, compared with a loss of R24.4-million in the six months ended June 30, 2018.

Revenue for the six-month period under review, however, decreased to R198.8-million, compared with revenue of R394.7-million in the prior comparable period, mainly as a result of the closure of the Magdalena underground mine in the fourth quarter of 2018, which resulted in a 55% year-on-year decrease in tonnes sold.

Buffalo's run-of-mine production fell by 59% year-on-year to 229 907 t and was 9% lower than planned as a result of mining at the Aviemore mine having been restricted by dykes encountered in both mining sections, along with poor roof conditions in one of the two mining sections.

Production is expected to improve in the third quarter as new mining areas with less geological restrictions will be mined.

 

 

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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