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MVL
MVL
MVL - Mvelaphanda Resources Limited - Trading Statement
MVELAPHANDA RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1980/001395/06)
Share code: MVL
ISIN: ZAE000050266
TRADING STATEMENT
In terms of the JSE Limited Listings Requirements, companies are required to
publish a trading statement as soon as they are reasonably certain that the
financial results for the current reporting period will differ by more than 20%
from those of the previous corresponding reporting period. In light of the
aforementioned requirements, shareholders are advised that Mvelaphanda Resources
Limited ("Mvela Resources" or "the group") expects basic earnings of between 85
cents per share and 95 cents per share and headline earnings of between 90 cents
per share and 100 cents per share for the year ended 30 June 2008. This compares
with a basic loss of 1,193 cents per share and a headline loss of 1,203 cents
per share (both revised from a loss of 1,189 cents), reported for the year ended
30 June 2007.
Revaluation of the group`s investment in Gold Fields Limited ("Gold Fields") is
again the most significant driver of earnings. Gold Field`s share price fell 9%
during the period under review, but given the 32% decline in the previous
reporting period the resulting unrealised fair value adjustment will be
substantially less. This fair value adjustment has no impact on the group`s cash
flows.
Other items which positively impact on earnings are, inter alia: improved
results reported by Northam Platinum Limited; higher interest earned on the
proceeds of new equity issued to Afripalm Resources Limited in H2 FY2007 and
lower exploration and project development costs following the lapsing of the
African exploration joint venture with GFL Mining Services Limited.
Shareholders are advised that this trading statement is based on preliminary
information that is currently being reviewed by the group`s external auditors.
In compliance with the Listings Requirements of the JSE Limited, the interim
financial results will be reported in accordance with International Financial
Reporting Standards ("IFRS"). The group`s interim results are expected to be
released on or about 29 August 2008.
ENDS
Johannesburg
26 August 2008
Sponsor
JP Morgan Equities
Date: 26/08/2008 15:28:00 Produced by the JSE SENS Department.
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