Coal miner Keaton Energy reported a swing to profit for the interim period despite a dip in sales as the company cleaned up its portfolio and repaid debt. Keaton recorded net profit of R21m for the six months to end-September compared to a R97m loss in the same period a year earlier. Profit was dragged down by a R17m loss from discontinued operations. Keaton has bundled a number of its anthracite mines in KwaZulu-Natal, including Vaalkraantz Colliery, for sale and is awaiting approval from the Department of Mineral Resources to transfer mining rights to the new buyer. The company, which has the Vanggatfontein colliery in Mpumlanga as its flagship mine and cash generator for the company, noted its current liabilities exceeded its current assets by R67m at the end of September. However, after the end of the interim period, it held talks with Gunvor, a creditor, and agreed a delay in a loan repayment, which lifted a portion of debt out of the current liabilities. Keaton also reached ag...
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