COAL and silica miner Petmin said yesterday it issued 750000 shares at R4,50 for the acquisition of the remaining 30% of Petmin Logistics.
The share deal, which was valued at R33,7m, would result in it holding 100% of the company. Revenue for the year to June increased 74% to R667m, the company reported.
Profit rose 411% to R380m as a result of an improved performance from Springlake Colliery in the second half coupled with the first full year of results from the Somkhele Colliery.
The group said there was also a consistently strong performance from the silica mine, SamQuarz, which increased its revenue 20% to R153m and its gross profit 30% to R60m.
But, the anthracite segment’s profit before tax for the year was reduced by an accrual of R3,4m from fair value adjustments on unrealised dollar currency derivatives.
The group said it was continually reviewing its hedging strategy and would restructure hedges where appropriate.
The anthracite division increased its production 69%, producing 1,2-million tons and selling 1,1-million tons, with 75% of tonnage exported.
Headline earnings per share surged 190% to 15,31c.
The acquisition of a 25% share of Veremo Holdings positioned Petmin in a large scale iron project.
Petmin spent R229m in capital expenditure this financial year, a significant increase from R129m last year. This included R133m spent on exploration drilling and mine development programmes , and R80m on plant and mining equipment.
© 2009 Petmin Limited