HOSKEN CONSOLIDATED INVESTMENTS
Coal mines sketch brightest picture for HCI
Hosken Consolidated Investments CEO Johnny Copelyn says coal mining profits continued to improve on higher coal prices
Hosken Consolidated Investments (HCI), the trade union-aligned conglomerate, posted a strong showing from its coal mines amid an operational environment deemed "anarchic". HCI’s mainstay investments are gaming group Tsogo Sun and broadcast media group e-Media. But the star performer in the interim results issued on Wednesday was the coal mining hub, which more than doubled profit before tax to R110m. It was not plain sailing, though. CEO of HCI Johnny Copelyn said coal mining profits continued to improve on higher coal prices. But he also noted ominously: "The business remains subject to anarchic pressures all around it with interruptions caused by various groups physically obstructing its deliveries and personnel." Loading activities had been halted at various times due to community unrest in the surrounding area, Copelyn said. He reported that steps had been taken to protect the coal operations from further upheavals and was satisfied that the mines could continue to operate profi...
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