South Africa's Exxaro Resources annual profit surges on hot coal prices
reported on Thursday a 28% jump in its annual profit, supported by higher coal prices, and also declared a lower dividend payout as the miner still faces rail logistics problems.
The diversified mining and energy company's headline earnings per share - the main profit measure in South Africa - came in at 60.16 rand in the year ended Dec. 31, compared with 46.83 rand in 2021. Exxaro said it realised an average coal price of $251 per tonne last year, up from $96 in 2021, due to a price surge after the European Union banned coal imports from Russia following its invasion of Ukraine in February 2022.
Like its coal-exporting peers, Exxaro said it could not fully exploit export opportunities due to rail logistics problems in South Africa that were caused by state-owned Transnet's underperformance.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South Africa: UN Experts Call On South Africa to Create Torture Prevention BodySouth Africa must swiftly set up a watchdog mechanism to examine prisons, detention centres, and other facilities, UN independent experts on torture prevention said on Monday, citing "entrenched" ill treatment.
Read more »
South Africa: To Reduce Kidnappings, South Africa's Police Must Tackle Armed RobberyAnalysis - Intelligence-driven policing backed by dedicated investigation units and forensics can curb soaring levels of both crimes.
Read more »
South Africa’s petrol price nightmareLevies and taxes now make up a third of the cost for every litre of petrol South Africans buy.
Read more »
What happens to used motor oil in South Africa?Oil pollution is a serious environmental hazard, but few people stop to consider what happens to all the used motor lubricating oil.
Read more »
South Africa’s top-selling smartphones revealedOne brand completely obliterates the competition when it comes to smartphone sales in South Africa. These are its most popular models right now.
Read more »
Can we shield South Africa from climate change?South Africa could become an apocalyptic wasteland if it fails to take future-proofing seriously. Current crises such as water shortages and load-shedding exist because we ignored the initial warning signs — as we are doing with the environment.
Read more »