Wescoal flags profit surge and Moabsvelden bump

Junior coal miner Wescoal has flagged a more than quintupling of profits in its half year to end-September, boosted by the contribution of its Moabsvelden greenfield project in Mpumalanga.

The group, valued at R827m on the JSE, had brought in only R10.7m in headline earnings in its previous half year, the main profit measure in SA, which excludes one-off items.demand from Eskom has still not recovered to pre-pandemic levels, but this was offset by its improved operational performance, while it is also looking at export opportunities to take advantage of elevated global energy prices.

Production has been steadily increasing at Moabsvelden since first coal was blasted at the greenfield project in January 2021, and it contributed almost 24% of the group’s total run of mine production for its first half.

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