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Mine Waste Solutions doubles interim loss

Dec 29 2011 11:53
I-Net Bridge
Johannesburg - Mine Waste Solutions (MWS), which is owned by First Uranium Corporation [JSE:FUM], on Thursday reported that its interim loss had doubled.

The company posted a basic and diluted loss of R11.80 a share for the six months to end-September, compared to a basic and diluted loss of R5.64 in the same six months of last year.

MWS is a gold and uranium tailings recovery operation in the western portion of the Witwatersrand Basin.

While the company recorded improved revenue of R419.5m against last year's R270.2m, earnings were hit by a R738m derivative expense related to its Gold Steam Transaction.

An operating loss of R555.4m was reported, compared to R232.3m a year ago.

First Uranium recently announced that it was restructuring its business to focus on gold production.

It said a new operating plan could result in the cutting of almost half its workforce at its Ezulwini operations.

But the company said its MWS operation would not be impacted by the changes.

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