Strong Black Wattle performance boosts Bisichi’s full-year results
London-listed Bisichi Mining achieved good results for the year ended December 31, 2018, attributable mainly to the strong performance at its Black Wattle coal mine, in South Africa, which continued to benefit from infrastructure improvements at its coal washing plant, chairperson Sir Michael Heller said on Monday.
In a release, he noted that these improvements had enabled the group to wash at consistent levels of production and achieve an increased overall yield compared with prior years.
Moreover, the mine benefitted from considerably improved coal prices.
Bisichi recorded company earnings before interest, taxes, depreciation and amortisation (Ebitda) of £8.6-million, compared with £3.7-million in 2017, and an operating profit before depreciation, fair value adjustments and exchange movements of £9.1-million, compared with £5.8-million in 2017.
During the year, an agreement was signed to acquire an additional 1.9-million metric tonnes of run-of-mine coal contiguous to Black Wattle’s operations.
Looking ahead, although the company has seen global economic factors impact on coal demand in some international markets, the demand for South African coal has remained strong and Heller expected levels of production from Black Wattle to remain consistent with that of 2018 during this year.
Therefore, the company remained confident in the ability of its South African coal mining operations to contribute strongly to its group earnings and cash generation for the foreseeable future, Heller noted.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation