BUSINESS OF MINING

WESCOAL IS ON THE MOVE

JUNIOR coal producer Wescoal shares jumped 1.04 percent on the JSE yesterday to trade at R1.94 a share on reports that it was expecting higher earnings in the half-year to September 2018, following acquisitions that had enhanced its portfolio. It expects an improvement of between 3.5 and 23.3 percent in headline earnings to between 20.9 and 24.9 cents in the six months to September 2018 from 20.2c a year earlier. Earnings a share are expected to increase by between 2.2 and 17.8 percent to between 23 and 26.5c a share in September 2018 from 22.5 percent last year. “The increase in group profitability was driven by good performance from the trading division and synergies realised from the acquisition of Keaton Energy Holdings,” the group said. The group also said that it was confident it was now better positioned to meet increased demand, both from Eskom and other customers following several acquisitions from Keaton Energy. “The increase in group profitability was driven by good performance from the trading division and synergies realised from the acquisition of Keaton Energy Holdings,” the group said.