Petmin expects first-half headline earnings to drop 42% due to low international coal prices. The mining company said in a trading update on Monday that the average rand prices achieved on the export market dropped 27% in the six months to end-December compared with the year-earlier period. Production costs per tonne were up 16% compared with 2015 as a result of illegal activities that prevented access to the KwaQubuka mining area. The delay necessitated the mining of additional tonnages from deeper, more expensive mining pits. The company said a roadmap agreement for the sustainable development of Somkhele was concluded with various community interest groups.
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