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Palabora Mining swings to full-year loss

Feb 13 2013 08:07 Reuters

Copper (File, Supplied)

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Johannesburg - South Africa's largest copper producer Palabora Mining Company [JSE:PAM] reported a swing to a full year loss on Wednesday as copper production fell by a third.

A headline loss of 171 cents per share was posted for the year to end December compared to a profit of 3,036 cents the year before.

The company said while full year magnetite production increased 54%, full year refined copper production was 31% lower.

Its earnings were also hurt by softening copper and magnetite prices.

Palabora's shareholding changed in December when a consortium of South African and Chinese companies bought a 74.5% stake from global mining groups Rio Tinto and Anglo American [JSE:AGL].

The Industrial Development Corporation, a state-run development group, and three Chinese firms have agreed to pay R110 per share for the stake, valuing the copper miner at R5.3bn.

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