24th Aug 2018 09:36
LONDON (Alliance News) - Bisichi Mining PLC on Friday said its profit grew in the first-half of 2018 boosted by higher coal production levels and increased sales prices.
The stock was trading 13% higher on Friday morning at 115.00 pence per share.
The mining company said pretax profit totalled GBP4.0 million for the six months to the end of June, multiplied compared to GBP243,000 reported for the same period a year earlier, as revenue jumped to GBP23.4 million from GBP16.7 million.
The company said it had stable production during the period and made infrastructure improvements to the coal washing plant at Black Wattle, in Mpumalanga's Middelburg.
The mine produced 670,000 metric tonnes of coal in the first-half of 2018 versus 582,000 metric tonnes during the same period in 2017.
At the end of June the average weekly price coal stood at USD105 per metric tonne, compared
to USD95 at the end of 2017 and USD85 at the beginning of 2017.
Looking forward to the reminder of the year, Bisichi said it will continue to focus on increasing its life of mine at Black Wattle, through the acquisition of an additional coal reserves, as well as maintaining levels of production in order to benefit from the higher prices achievable for coal.
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