Randgold & Exploration posts FY earnings of R1.8m
JOHANNESBURG (miningweekly.com) – Explorer and mining investment company Randgold & Exploration (R&E) on Monday announced headline earnings of R1.8-million for the year ended December 31, 2012, a turnaround from the R14.8-million headline loss in the 2011 financial year.
As a result, headline earnings a share of 2c were up significantly on the headline loss a share of 21c for the prior year.
The company said the majority of its total profit for the year of R6.85-million was the result of settlements and recoveries of R16-million, the disposal of prospecting rights to the value of R5-million and interest of R11.1-million earned on cash investments.
The R11.1-million received in interest offset operating expenses of R11.9-million, resulting in operating activities for the year demanding cash of only R800 000.
Investing activities yielded cash inflows of R3.2-million, received primarily from the prospecting rights disposal, and offset the net acquisition of investments in equity securities of R1.8-million.
R&E remained in a healthy cash position with R214-million in cash and cash equivalents at December 31.
Meanwhile, R&E said it anticipated continued expenditure on litigation following the issuance of a silicosis application by current and former mineworkers against R&E and 29 other respondents in December.
A notice of intention to oppose the application was filed by R&E in February.
At this stage, the applicants had not quantified damages and, while the company was, thus, unable to determine its potential liability, if any, arising from the application, it expected litigation-related costs to continue until the claims were finalised.
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