OMH reports H1 loss on impairment charges
PERTH (miningweekly.com) – Manganese miner OM Holdings (OMH) has reported a loss after tax of A$22.3-million for the six months to June, following impairment charges of some A$23-million.
Excluding the impairment charges, OMH achieved earnings before interest, tax, depreciation and amortization of A$8.9-million, which was up 13% on the A$7.9-million reported in the previous corresponding period.
However, OMH reported that total sales for the first half also decreased by A$47.6-million, from the A$206.5-million reported in the first half of 2012, to A$158.9-million.
The company noted that during the first six months of 2012 shipments of some 300 000 t of iron-ore were made, which accounted for A$45.2-million in revenue, and there was a marginal increase in ore sales, arising from higher manganese ore sales from the Bootu Creek manganese mine and the Tshipi Borwa mine, offsetting the decline in other ore sales.
OMH said the increase in the gross profit margin was primarily owing to the lack of low-margin iron-ore shipments during the first half of 2013.
During the first half of 2013, production and shipments from Bootu Creek reached 403 790 t, compared with the 413 240 t delivered in the previous corresponding period.
Cash operating costs for the operation were also higher at A$4.57/t, owing to the development costs of the new Zulu pit, as well as variations in ore reconciliation caused by localised faulting.
Ferroalloy production reached a record 46 999 t during the first half of 2013, and record sales of 43 453 t was also achieved during this period.
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