Exxaro cuts capex as low prices hurt | Fin24
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Exxaro cuts capex as low prices hurt

Jun 25 2015 10:46


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Last traded 122
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Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Diversified miner Exxaro [JSE:EXX] said on Thursday its capital expenditure for the first half of 2015 was now expected to be R3.1bn, down 11% from its previous guidance in the face of depressed prices.

Exxaro is especially exposed to swings in the price of coal, iron ore and mineral sands. It has already said it expects its first-half headline earnings to decline by at least 20%.

"We continue to critically assess growth projects, taking cognisance of the timing of cash flow in order to prioritise capital accordingly," Wim de Klerk, the group's finance director, said in a statement.  

"The continuing downward pressure on commodity prices across the industry during H1 2015, has put a considerable strain on the group," the statement said, referring to the first half of the financial year ending on June 30.

"We expect market oversupply conditions, coupled with low demand in our commodity portfolio, to persist in the near term which will demand more rigorous efforts at ensuring short-term survival and long-term profitability," the statement said.

Exxaro's share price was down 1.20% to R88.39 at 09:50, compared to a slight rise in Johannesburg's All-share index.   

exxaro resources  |  mining


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