Johannesburg - SA mining house Exxaro [JSE:EXX] said on Friday it would fall to a loss for the 2014 financial year mainly due to a R5.8bn impairment on its iron ore project in the Congo Republic.
Exxaro which has interests in iron ore and base metals had already given the market plenty of advance warning, flagging the write-down in July last year on Mayoko iron ore after failing to reach port and rail agreements.
On a brighter note, Exxaro said the coal business is expected to report a higher net operating profit for last year because of higher volumes but did not give a specific range.