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PAM - Palabora Mining Company Limited - Trading Statement

Release Date: 21/07/2011 17:00
Code(s): PAM
Wrap Text

PAM - Palabora Mining Company Limited - Trading Statement PALABORA MINING COMPANY LIMITED (Incorporated in the Republic of South Africa) Registration number - 1956/002134/06 JSE Code: PAM ISIN: ZAE000005245 ("Palabora" or "the Company") TRADING STATEMENT In accordance with paragraph 3.4(b) of the JSE Limited Listings Requirements, shareholders are advised that Palabora`s earnings for the half-year ended 30 June 2011 are expected to be as follows: * Earnings before interest, tax, depreciation and amortisation (EBITDA) between R1 369 million (2 832 cents per share) and R1 489 million (3 102 cents per share); * Basic earnings between R726 million (1 513 cents per share) and R782 million (1 631 cents per share); * Headline earnings between R734 million (1 529 cents per share) and R790 million (1 646 cents per share); * Cash and cash equivalents between R1 650 million and R1 766 million; and * Net cash between R1 550 million and R1 660 million. Palabora holds the majority of its cash and cash equivalents in foreign currency, most notably the US Dollar. At 30 June 2011 Palabora estimated that 79% (2009:63%) was held in US Dollars, 19% (2009: 35%) in South African Rand and 2% (2009:2%) in other currencies, notably the Euro and the British Pound. The above guidance compares with EBITDA of R 668 million (1 392 cents per share), basic earnings of R 306 million (632 cents per share) and headline earnings of R304 million (630 cents per share) for the comparative previous year. The reported operating earnings for the half year to 30 June 2010 were R433 million. This has been adjusted to arrive at the EBITDA of R668 million by including the depreciation expense of R235 million. EBITDA is operating income excluding finance costs, foreign exchange gains and losses, income tax expenses and depreciation and amortisation. Cash and cash equivalents were R1 091 million and net cash R986 million at 30 June 2010. Shareholders are advised that the information contained in this Trading Statement has not been reviewed and/or reported on by the external auditors of the Company. It is anticipated that the results for the half-year ended 30 June 2011 will be published on or about 2 August 2011. Phalaborwa 21 July 2011 Sponsor: One Capital Date: 21/07/2011 17:00:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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