Publications
Partners
Johannesburg – In a turnaround‚ Wesizwe Platinum [JSE:WEZ] has posted a headline profit of R11.4m for the year ended 31 December 2012 after a R349m loss the previous year.
Headline earnings per share for the 12 months amounted to 0.70c versus a loss previously of 25.9c.
Listing its highlights for the year‚ Wesizwe noted that a total of 219 828 fatality free shifts had been worked at the Bakubung Platinum Mine Project since the start of the project.
The shaft sinking contract at the Bakubung Platinum Mine had been awarded during the year under review and the first blasts on the ventilation and main shafts had taken place within schedule.
Another milestone was the water supply feasibility study‚ conducted jointly with Maseve Investments 11‚ being concluded and a detailed engineering and costing presented as part of the water supply feasibility study.
“The water supply project remains on time and within budget‚” Wesizwe said.
During the year Wesizwe also introduced a new‚ four-year‚ apprenticeship programme focused on developing essential engineering skills.
Also seen as a highlight‚ the Bakubung Platinum Mine Project achieved a local employment percentage of 30.25% with 71% of that percentage coming from the Ledig area.
The ventilation and main shafts (both in pre-sink phase) were sunk to depths‚ below surface‚ of 117.5m and 63.6m respectively and both shafts were on time and within budget.
Total project cost spent to year end was R779.1m with R1.4bn committed as at the end of the financial year.
“China Development Bank (CDB) has approved the $650m project funding. The finalization of project funding documentation is currently in progress and the CDB‚ as part of the $650m project funding‚ has approved two bridging loans of $100m each‚ of which one $100m drawdown has taken place‚” Wesizwe said.
The group’s cash balance at the end of the financial year was R1.4bn.
Eskom has delivered the Phase 1 permanent power supply of 8MVA to the project site.
Headline earnings per share for the 12 months amounted to 0.70c versus a loss previously of 25.9c.
Listing its highlights for the year‚ Wesizwe noted that a total of 219 828 fatality free shifts had been worked at the Bakubung Platinum Mine Project since the start of the project.
The shaft sinking contract at the Bakubung Platinum Mine had been awarded during the year under review and the first blasts on the ventilation and main shafts had taken place within schedule.
Another milestone was the water supply feasibility study‚ conducted jointly with Maseve Investments 11‚ being concluded and a detailed engineering and costing presented as part of the water supply feasibility study.
“The water supply project remains on time and within budget‚” Wesizwe said.
During the year Wesizwe also introduced a new‚ four-year‚ apprenticeship programme focused on developing essential engineering skills.
Also seen as a highlight‚ the Bakubung Platinum Mine Project achieved a local employment percentage of 30.25% with 71% of that percentage coming from the Ledig area.
The ventilation and main shafts (both in pre-sink phase) were sunk to depths‚ below surface‚ of 117.5m and 63.6m respectively and both shafts were on time and within budget.
Total project cost spent to year end was R779.1m with R1.4bn committed as at the end of the financial year.
“China Development Bank (CDB) has approved the $650m project funding. The finalization of project funding documentation is currently in progress and the CDB‚ as part of the $650m project funding‚ has approved two bridging loans of $100m each‚ of which one $100m drawdown has taken place‚” Wesizwe said.
The group’s cash balance at the end of the financial year was R1.4bn.
Eskom has delivered the Phase 1 permanent power supply of 8MVA to the project site.
