It’s times like this that make mining such a fascinating business to be in. Moneyweb commodities
It’s times like this that make mining such a fascinating business to be in. You spend years getting costs under control and then wait for the inevitable commodity cycle to rain down the riches. The last two weeks have been spectacular for those reporting results. Records were broken all round. This week coal, energy and ferrous miner Exxaro’s shares hit an all-time high after more than doubling profit to R4.8 billion for the year to December 2021.
With geopolitical tensions rising in Eastern Europe, there is good cause to believe that gold’s time to shine has finally arrived after two years of indifference. Gold Fields’s total production for the year was up 5% to about 2.3 million ounces, about half of that from Australia. Exxaro’s coal revenue was down 13%, but Ebitda from this part of the business was up 38% to R10.7 billion helped by higher realised prices and a favourable exchange rate.
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