SNU - Sentula Mining Limited - Trading statement

SNU - Sentula Mining Limited - Trading statement                                
Sentula Mining Limited                                                          
Incorporated in the Republic of South Africa                                    
(Registration number 1992/001973/06)                                            
Share code: SNU     ISIN: ZAE000107223                                          
("Sentula" or "the Group")                                                      
TRADING STATEMENT                                                               
In terms of the Listings Requirements of JSE Limited, companies are             
required to publish a trading statement as soon as they become reasonably       
certain that the financial results for the period to be reported on will        
differ by more than 20% from that of the previous corresponding period.         
Accordingly, a review of the financial results for the six month period         
ended 30 September 2011 ("the interim period") by management has                
indicated that the loss per share is expected to be between 38.47 cents         
and 38.97 cents and the headline earnings per share is expected to be           
between 9.53 cents and 11.65 cents, compared to the earnings per share of       
9.89 cents and the headline earnings per share of 10.59 cents for the six       
month period ended 30 September 2010.                                           
The Group`s earnings for the interim period were impacted by the                
following:                                                                      
-    a fair value adjustment on an interest rate hedge of R5 million;           
-    foreign exchange gains of R22 million being recognised;                    
-    pre-tax expenses of R17 million, resulting from the Shanduka               
transaction (R6.2 million), legal and forensic support for civil            
    actions associated with the misappropriated funds (R5.7 million) and        
    retrenchments resulting from on-going restructuring within Megacube         
    (R5.1 million);                                                             
-    the Nkomati Anthracite Mine being placed on "care and maintenance";        
-    a pre-tax impairment charge of R282.3 million being recognised,            
    primarily on Megacube`s portfolio of idle equipment; and                    
-    a pre-tax write-off of R14.2 million of obsolete inventory in              
Megacube.                                                                   
The financial information on which this trading statement is based has          
not been reviewed or reported on by Sentula`s auditors.                         
Sentula`s interim financial results are expected to be released on or           
about 18 November 2011.                                                         
Johannesburg                                                                    
16 November 2011                                                                
Sponsor                                                                         
Merchantec Capital                                                              
Date: 16/11/2011 14:50:35 Supplied by www.sharenet.co.za                     
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