Media Room

Stanmore urges offer acceptance

The directors of takeover target Stanmore Coal have urged shareholders to accept a takeover offer from shareholder Golden Investment.

Golden Investment is offering Stanmore shareholders A$1 a share in cash for all of their shares held, and since launching its offer in April, the company’s interest in Stanmore has increased from just over 31% to 52.41%.

AMCU heads to court to fight for minimum health, safety standards for mineworkers

The Association of Mineworkers and Construction Union (Amcu) says it is ready to appear in the Labour Court on April 29 to defend its urgent application requesting that the Department of Mineral Resources and Energy (DMRE) set minimum standards for health and safety of mineworkers during the scourge of the Covid-19 pandemic.

Stanmore earnings take a hit

Coal miner Stanmore Coal has warned shareholders that its underlying earnings before interest, tax, depreciation and amortization (Ebitda) for the full 2020 will be impacted by the Covid-19 pandemic.

The miner has revised its underlying Ebitda expectations for the full year from between A$92-million and A$100-million to between A$80-million and A$85-million.

Weekly Coal Index Report

Although the RB1 benchmark fell slightly on the week, the off-spec grades have seen some resilience. Yet again Rand weakness is helping miners to weather the storm, but this only really helps for higher grade material. There is almost nowhere other than Eskom for low-grade material to go, incurring almost the same production costs as the higher grades.