• Growing people

    What is the most powerful way to develop the capabilities of people at work? Ian Mann answers.

  • Wealth and poverty

    True riches would be to create a safe and satisfied community for all South Africans.

  • SABC shenanigans

    SA has already embarked on a slippery slope to autocracy, warns Terry Bell in Inside Labour.

All data is delayed
Loading...
See More

Palabora Mining swings to full-year loss

Feb 13 2013 08:07
Reuters

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.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

palabora mining company

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE SAVINGS ISSUE

Saving can make a lot of things possible, but we all know how hard it is to save. This special Savings Issue will help you get focused.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Have you experienced FNB’s outage problem?

Previous results · Suggest a vote

Loading...