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Northam Platinum's full-year loss narrows 51%

Aug 26 2016 12:00
Kevin Crowley

(iStock)

Company Data

NORTHAM PLATINUM LIMITED [JSE:NHM]

Last traded 42
Change 1
% Change 1
Cumulative volume 512669
Market cap 0

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

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Johannesburg - Northam Platinum [JSE:NHM] said its full-year loss halved as production increased 16% and the South African miner paid less interest after cutting debt.

The net loss was R508m for the year to June 30, compared with a loss of R1.04bn the previous year, the Johannesburg-based company said in a statement on Friday.

Production of platinum group metals increased to 436 960 ounces. Finance charges fell 73% to R40m.

Northam, which operates the world’s deepest platinum mine in South Africa’s Limpopo province, has been struggling to keep a lid on costs and maintain production levels amid platinum group metal prices that fell 25% in the period to an average of $831 an ounce.

This was only partly offset by a weaker rand during the year, which lowers costs.

"The global economic outlook remains uncertain, resulting in volatile metal markets and exchange rates,"Northam said in the statement.

"The group’s financial performance will depend on achieving higher metal sales prices and a stable operating performance."

Northam’s Zondereinde mine was shut for eight days in June amid rising tensions between unions after two people were killed in a nearby town.

Even so, cash flow generated from operating activities more than doubled to R839.1m, mainly due to the higher production levels.

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northam platinum  |  mining  |  earnings reports
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