Afrimat hit by losses in cement, weak anthracite prices

AFRIMAT, the Johannesburg-listed mid-tier miner and materials company, warned on Monday full year earnings to end-December would decline year-on-year owing to losses from its cement operations and weaker-than-expected perofrmance from anthriacite.Changes in the iron ore market, the rand value received on iron ore exports, and the volume reduction from ArcelorMittal SA (Amsa) in the first half severely also affected the company, said BusinessLive citing a company statement.“The cement operations were successfully revitalised and are now functioning at acceptable levels. Afrimat is regaining market share, and the trend remains positive,” Afrimat said. The cement kilns have received extensive maintenance and are operating both efficiently and dependably, ensuring that Afrimat can operate with backup capacity, said BusinessLive in its coverage of the company.The industrial minerals business has made a significant recovery and was back to its previous performance levels. The suspension of load-shedding and optimistic signs of economic growth, boded well for that business, it added.In the bulk commodities division, Afrimat has made extensive progress at Nkomati and part of the Environmental Impact Assessment (EIA) for the full Life of Mine Plan has been received.In its construction materials unit, Lafarge SA — the group’s most recent acquisition — has successfully been integrated into the company. A strong performance by the traditional aggregate quarries and ash business will ensure that the aggregates segment achieves a better result than last year, said BusinessLive.The post Afrimat hit by losses in cement, weak anthracite prices appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com