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PAM
PAM
PAM - Palabora Mining Company Limited - Trading Statement
PALABORA MINING COMPANY LIMITED
(Incorporated in the Republic of South Africa)
Registration number - 1956/002134/06
JSE Code: PAM ISIN: ZAE000005245
("Palabora" or "the Company")
TRADING STATEMENT
In accordance with paragraph 3.4(b) of the JSE Limited Listings Requirements,
shareholders are advised that Palabora`s earnings for the half-year ended 30
June 2011 are expected to be as follows:
* Earnings before interest, tax, depreciation and amortisation (EBITDA)
between R1 369 million (2 832 cents per share) and R1 489 million (3 102
cents per share);
* Basic earnings between R726 million (1 513 cents per share) and R782
million (1 631 cents per share);
* Headline earnings between R734 million (1 529 cents per share) and R790
million (1 646 cents per share);
* Cash and cash equivalents between R1 650 million and R1 766 million; and
* Net cash between R1 550 million and R1 660 million.
Palabora holds the majority of its cash and cash equivalents in foreign
currency, most notably the US Dollar. At 30 June 2011 Palabora estimated that
79% (2009:63%) was held in US Dollars, 19% (2009: 35%) in South African Rand and
2% (2009:2%) in other currencies, notably the Euro and the British Pound.
The above guidance compares with EBITDA of R 668 million (1 392 cents per
share), basic earnings of R 306 million (632 cents per share) and headline
earnings of R304 million (630 cents per share) for the comparative previous
year. The reported operating earnings for the half year to 30 June 2010 were
R433 million. This has been adjusted to arrive at the EBITDA of R668 million by
including the depreciation expense of R235 million.
EBITDA is operating income excluding finance costs, foreign exchange gains and
losses, income tax expenses and depreciation and amortisation.
Cash and cash equivalents were R1 091 million and net cash R986 million at 30
June 2010.
Shareholders are advised that the information contained in this Trading
Statement has not been reviewed and/or reported on by the external auditors of
the Company. It is anticipated that the results for the half-year ended 30 June
2011 will be published on or about 2 August 2011.
Phalaborwa
21 July 2011
Sponsor: One Capital
Date: 21/07/2011 17:00:01 Produced by the JSE SENS Department.
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