JOHANNESBURG (Reuters) - South African coal company Exxaro Resources reported a 40% jump in core earnings due to higher coal exports and a favourable exchange rate offsetting one-off items.
JOHANNESBURG (Reuters) - Exxaro Resources Ltd expects a fall of between 18% and 34% in first-half headline earnings per share (HEPS), the South African coal miner said on Tuesday.
Two of the biggest names in energy in Africa are in a stand-off over a coal contract in these difficult days of COVID-19. Eskom has issued a force majeure notice against Exxaro and the more than 25 tons it was to supply the national power generator from its Grootgeluck mine in Limpopo. Exxaro says it will dispute the notice, but was unavailable for comment when contacted by CNBC Africa. But its seems its not only Exxaro that has the notice – it seems like the entire coal industry has been served by Eskom. Eskom Spokesperson, Sikonathi Mantshansha shares more details.
On the side-lines of the Mining Indaba in Cape Town, CNBC Africa’s Chris Bishop spoke to Mzila Mthenjane, Executive Head: Stakeholder Affairs at Exxaro on how the company’s plans to transition from coal to renewables and the impact of this journey on local communities.
At the South African investment conference in 2018, local and international business made pledges to investment into the country which totalled R290 billion.
South Africa's largest coal miner reported solid results for the six months ended June 2019. Exxaro survived a period of stage six load shedding and commodity price declines. Interim revenue is up 10 per cent to R12 billion. Core HEPS for the period is also up 4 per cent to R12.01. Joining CNBC Africa for more is Riaan Koppeschaar, Finance Director, Exxaro.
The CEOs of South Africa's biggest mining companies say they are willing to collaborate with government to restore the sectors shine. But they ask President Ramaphosa to also play ball in growing the mining industry to create jobs. CNBC Africa’s Fifi Peters caught up with some of them for more.
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