London, England — MININGREVIEW.COM — 07 November 2008
AIM-listed Central African Mining & Exploration Company Plc (CAMEC) – a fast growing, African focused, emerging producer with multiple business lines across central and southern Africa – reports that its first-half revenue has jumped 90% on higher sales of copper and cobalt.
Announcing its results for the first six months of the current financial year, CAMEC – which has interests in copper, cobalt, coal, platinum, fluorspar and bauxite – said first-half revenue had risen to US$184.5 million (almost R1.8 billion), helped by average monthly sales of 422 tonnes of cobalt and 867 tonnes of copper – both well above year-earlier levels.
The company went on to reveal that it had halted plans to divest its coal assets in Mozambique and South Africa into a separately listed company, as it believed the move was not appropriate in the current market. It was, however, reviewing all options.
CAMEC – which had a net cash position of more than US$48 million (R480 million) as of 30 September – said it was reviewing its exploration spending in view of the current capital market turmoil and the recent fall in commodity prices.
Regarding its share buyback plan, the company said it was currently in a close period, and was unable to purchase its own shares, but it would review the position after it had announced its interim results.
CAMEC went on to emphasise that its operations in the Katanga province of the Democratic Republic of Congo (DRC) had not been affected by unrest in the eastern part of the country.