Universal Coal, a mining company active in the exploitation of coal in South Africa, has maintained its financial targets for fiscal year 2020 (which ends in June). It plans to record an EBITDA of 73 million Australian dollars, and to sell 7.9 million tonnes of coal.
For the six months ended December 2019, the company recorded an EBITDA of 24 million Australian dollars and wants to increase this figure by 204% during the rest of the year. As for sales, they were 4.8 million tonnes at the end of February, which suggests the achievement of the objective set.
As a reminder, Universal Coal, which is currently facing a hostile takeover bid by one of its shareholders (TerraCom), holds six major thermal coal projects in South Africa as well as another project for the exploitation of coking coal . His Ubuntu project is the last to go into production, the first loads having been delivered to Eskom last February.
Source: Agence Ecofin