25 May 2012

Petmin continues expansion

05/03/2007 Robert Tyerman

Johannesburg-based silica and anthracite miner Petmin has increased interim pre-tax profits six per cent to £2.9 million.

Turnover at Petmin, whose shares are quoted on AIM and the Jo’burg exchange, nearly trebled to £11.4 million in the six months to December. The growth rate was flattered by the inclusion of only one month’s operation at Springlake colliery in KwaZulu-Natal in the comparative six months to December 2005.

Chief executive officer Jan Du Preez says Springlake’s performance this time was ‘disappointing’, with a 40 per cent average monthly output increase on the seven months to last June only achieved by the mine’s open-cast sections. However, he says measures have been taken to improve underground working and the company expects Springlake to benefit from buoyant coal prices for the rest of calendar 2007.

Petmin’s SamQuarz mine, the largest silica producer in South Africa, increased output by 46 per cent year on year in line with growing demand. Du Preez says cost control improved profitability at SamQuarz, which also made a net £200,000 on stock disposals.

The company, which has agreed to sell its investment in Baobab Mining for £2.5 million, expects to bring its Somkhele anthracite project into production in the second quarter of this year, having drawn down £2.5 million of £2.85 million banking facilities from Standard Bank of South Africa. At 10p, down from 15.5p in January, the shares have speculative possibilities.

Sector: Industrial Engineering

Companies: Petmin

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