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UPDATE 1-S.Africa's Palabora Mining swings to FY loss
February 13, 2013 / 5:51 AM / 5 years ago

UPDATE 1-S.Africa's Palabora Mining swings to FY loss

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JOHANNESBURG, Feb 13 (Reuters) - South Africa’s largest copper producer Palabora Mining Company reported a swing to a full year loss on Wednesday as copper production fell by a third.

A headline loss of 171 cents per share was posted for the year to end December compared to a profit of 3,036 cents the year before.

The company said while full year magnetite production increased 54 percent, full year refined copper production was 31 percent lower.

Its earnings were also hurt by softening copper and magnetite prices.

Palabora’s shareholding changed in December when a consortium of South African and Chinese companies bought a 74.5 percent stake from global mining groups Rio Tinto and Anglo American.

South Africa’s Industrial Development Corporation, a state-run development group, and three Chinese firms have agreed to pay 110 rand ($12.32) per share for the stake, valuing the copper miner at 5.3 billion rand. ($1 = 8.9276 South African rand) (Reporting by Sherilee Lakmidas; Editing by Ed Stoddard)

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