Palabora Mining Expects Jump In 2010 Earnings
January 25 2011 - 5:13AM
Dow Jones News
South Africa's Palabora Mining Co. (PAM.JO) said Tuesday its
annual earnings are likely to have as much as doubled despite a
fall in refined copper production.
The company, a unit of Rio Tinto PLC (RTP), said basic earnings
for 2010 are expected to have risen to between 555 million and 610
million rand ($79.2 million-$87.1 million) from ZAR284 million in
2009.
Earnings before interest, tax, depreciation and amortization are
expected to be between ZAR1.47 billion and ZAR1.59 billion compared
with ZAR1.13 billion the year before, it said.
Palabora, which is almost 58% owned by Rio Tinto and 17% by
Anglo American PLC (AAL.LN), last week said refined copper output
fell 16% to 58,000 metric tons in 2010 due to smelter problems.
At 0916 GMT, Palabora's shares were trading unchanged at ZAR123
against a slight advance in the wider market.
-By Robb M. Stewart, Dow Jones Newswires; +27 11 783 7848;
robb.stewart@dowjones.com
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