Le­gal mat­ters guide bal­ance of 2017

The Star Early Edition - - COMPANIES -

RANDGOLD and Ex­plo­ration, the JSE listed min­ing and in­vest­ment com­pany, told share­hold­ers yes­ter­day that its out­look for the bal­ance of the year would be based on the progress and out­come of cur­rent le­gal mat­ters. “Ex­pen­di­ture on lit­i­ga­tion for the bal­ance of the year is ex­pected to be at a sim­i­lar level as in the first half. Un­til the le­gal claims ini­ti­ated by the com­pany have been fi­nalised, this pat­tern of ex­pen­di­ture is likely to pre­vail,” chief ex­ec­u­tive Marais Steyn said in a state­ment. The warn­ing comes af­ter it recorded a net loss of R10.8 mil­lion for the half year to June this year, com­pared with a net loss of R6.2m for the cor­re­spond­ing pe­riod last year, mainly as a re­sult of an in­crease in le­gal fees. In 2016 the group recorded a loss for the year of R7.9m from a R5.4m profit in 2015. How­ever, the com­pany said that it re­mained in a healthy cash po­si­tion with R158.6m in cash and cash equiv­a­lents at the end of June 2017. – Di­neo Faku

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