| Wed 10 Sep 2008, 11:00 | | PET - Petmin Limited - Trading Update And Renewal Of Cautionary Announcement |
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PET
PET
PET - Petmin Limited - Trading Update And Renewal Of Cautionary Announcement
PETMIN LIMITED
(Formerly Petra Mining Limited)
Incorporated in the Republic of South Africa
Registration Number 1972/001062/06
Share Code JSE: PET ISIN: ZAE000076014
Share Code AIM: PTMN
("Petmin", "the company" or "the group")
TRADING UPDATE AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
Petmin Limited announces a trading update for the year ended 30 June 2008, in
accordance with the JSE`s listing requirements, which stipulate that a company
has to publish a trading statement if an increase or decrease of more than 20%
(compared with the previous reporting period) in its basic earnings per share
and headline earnings per share is expected.
Shareholders of Petmin are hereby advised that headline earnings per share for
the year ended 30 June 2008 are expected to be approximately 15 cents per share,
up from 5.28 cents per share for the year ended 30 June 2007, an increase of
184%. This growth in headline earnings per share was achieved as a result of:
- the anthracite division delivering increased production from the Somkhele
Colliery which was successfully brought into production in June 2007;
- an improved performance from the Springlake Colliery; and
- a consistently good performance from the SamQuarz silica mine.
Basic earnings per share for the year ending 30 June 2008 are expected to be
greater than 70 cents per share, up 334% from 16.14 cents per share for the year
ended 30 June 2007. The difference between the headline and basic earnings per
share is due to the IFRS fair value valuation on acquisition of 25% of Veremo
Holdings Limited ("Veremo"), resulting in a share of profit of equity accounted
investee of R303 million being recognised.
As previously announced, Veremo is a large scale iron ore mining and pig iron
beneficiation project situated in the province of Mpumalanga.
This trading statement and SENS announcement has not been reviewed or audited by
the Company`s auditors.
Further to the cautionary announcement dated 15 August 2008, shareholders are
advised that negotiations are still in progress which, if successfully
concluded, may have a material effect on the price of Petmin`s securities.
Accordingly, shareholders are advised to continue exercising caution when
dealing in the company`s securities until a further announcement is made.
It is anticipated that a further announcement and Petmin`s results to 30 June
2008 will be published before 30 September 2008.
Sponsor
River Group
For further information, please contact:
Petmin Limited
+27 82 459 7818
Bradley Doig, Chief Operating Officer
Nominated Adviser
Numis Securities Limited
+44 20 7260 1000
John Harrison/Stuart Skinner
UK Broker
Numis Securities Limited
+44 20 7260 1000
James Black
RSA Public Relations Advisers
Russell & Associates
+27 11 880 3924
Shelagh Blackman
UK Public Relations Advisers
Parkgreen Communications
+44 20 7933 8780
Sue Scott/Leah Kramer
Date: 10/09/2008 11:00:02 Produced by the JSE SENS Department.
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