https://www.engineeringnews.co.za

Katanga Q1 losses widen

13th May 2016

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

Font size: - +

JOHANNESBURG (miningweekly.com) – TSX-listed Katanga Mining has widened its net loss attributable to shareholders for the first quarter of the year.

The group, which operated a copper-cobalt project in the Democratic Republic of Congo, posted a net loss of $118.9-million during the three months to March 31, a significant increase on the loss of $28.4-million in the first quarter of 2015.

The company’s loss before interest, taxes, depreciation and amortisation doubled from $41.8-million in the first quarter of 2015 to $86.5-million in the quarter under review.

Katanga said profitability for the period was impacted by quality discounts of $25.4-million on the finalisation of outstanding 2015 sales resulting in negative sales amounts; $3.1-million in restructuring costs; and the cessation of borrowing cost capitalisation in the prior corresponding period as the Phase 5 expansion project was completed, resulting in an amended loan facility interest expense of $74.2-million for the quarter under review.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

SafeQuip
SafeQuip

SafeQuip is a leading distributor and manufacturer of fire safety solutions, offering a comprehensive range of products designed to meet all...

VISIT SHOWROOM 
The Beneficiation Academy
The Beneficiation Academy

The Beneficiation Academy is a certified training institution that follows all compliance legislation and is accredited with various Sector...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.054 1.036s - 140pq - 2rq
Subscribe Now