PETMIN, an anthracite mining company, posted a sharp drop in annual profit, which was dragged down by a hefty R115m writedown of an iron project in SA.Petmin on Monday reported profit of R11m for the year to end-June, down from R125m the year before. Profit from operating activities was R230m versus R217m before.Petmin unveiled the R115.4m writedown of its full investment in the Veremo Holdings pig iron project in SA at its interim results, saying there had been unacceptably slow progress in talks with major shareholders in the project about how to take it forward and the mining right awarded in January 2014 had yet to be executed.READ THIS: Only for the careful and the disciplinedPetmin, a 25% shareholder in Veremo, has launched arbitration and court processes against the major shareholders for payment of R195m it argues is due to it.Operationally, it was not an easy year, with saleable anthracite output at its Somkhele mine falling 7% during the year because of a geological fault...
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