Randgold and Exploration 2013 FY headline earnings up
JOHANNESBURG (miningweekly.com) – Exploration and mining investment company Randgold & Exploration (R&E) on Monday announced headline earnings of R5.8-million for the year ended December 2013, up from R4.1-million in 2012.
As a result, headline earnings a share increased by 2c, from 6c in 2012 to 8c for the period under review.
The JSE-listed company said the majority of its R6.96-million profit was the result of settlements and recoveries of R22-million, the R1-million profit owing to the sale of prospecting rights and interest of R11.4-million earned on cash investments.
The R11.4-million received in interest offset cash used in operations of R26-million, resulting in operating activities for the year demanding cash of only R15-million.
Investing activities yielded cash inflows of R2.3-million, received primarily from the prospecting rights disposal and the net disposal of investments in equity securities.
R&E remained in a healthy cash position with R201-million in cash and cash equivalents at December 31.
Meanwhile, R&E said the outlook for 2014 was similar to that of the prior year.
“Expenditure on litigation is expected to be at a similar level, which is likely to prevail until the claims in which the company is engaged have been finalised,” R&E said, adding that management would continue to focus on reducing the costs of the company’s operations where possible.
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