R/€ = 18.99 Change: 0.18
R/$ = 16.81 Change: 0.10
Au 1679.94 $/oz Change: -21.72
Pt 819.49 $/oz Change: -6.71
 
 
R/€ = 18.99 Change: 0.18
R/$ = 16.81 Change: 0.10
Au 1679.94 $/oz Change: -21.72
Pt 819.49 $/oz Change: -6.71
 
 
BACK

Bauba turns a profit in 2019

27th March 2020 BY: Marleny Arnoldi
Creamer Media Online Writer

Diversified mining and exploration company Bauba Resources managed to narrow its basic loss a share to 0.01c apiece in the year ended December 31, 2019, compared with a basic loss a share of 2.55c apiece in the year ended December 31, 2018.

The company’s total comprehensive profit for the year under review increased by 118% year-on-year to R1.8-billion.

Advertisement

However, the period was not without challenges. Bauba on March 27 said it experienced a challenging six months, owing to a weak chrome ore market.

The price for 44% chrome concentrate fell from $160/t at the start of 2019 to $143/t by year-end.

Advertisement

Meanwhile, the company continued to make progress on further development at its underground Moeijelijk chrome mine, in Limpopo, during the year under review.

Bauba spent R27-million in capital expenditure on development of trackless declines, which were on track to achieve steady state production of 30 000 t of stoped ore per month during the second quarter, naturally after the national lockdown period ended.

The company said that although short-term market outlooks were hard to predict, the medium-to-long-term fundamentals for chrome ore remained strong, with prices due to stabilise. 

EDITED BY: Chanel de Bruyn Creamer Media Senior Deputy Editor Online
EMAIL THIS ARTICLE SAVE THIS ARTICLE ARTICLE ENQUIRY
Advertisement
 
 
Prev Next