KEATON ENERGY HOLDINGS LIMITED KEATON ENERGY HOLDINGS LIMITED
(Incorporated in the Republic of South Africa) (Registration number 2006/011090/06)
JSE share code: KEH ISIN: ZAE000117420
('Keaton Energy' or 'the Company')
Keaton Energy has released the following first half production update for the half year ended 30 September 2015.
Vanggatfontein reported a LTIFR of 0.38 (1H FY2015: 0.04) and Vaalkrantz a LTIFR of 0.17 (1H FY2015: 0.12). Safety remains a management focus area and Keaton Energy continues to strive for a zero harm environment at all of its operations.
Vanggatfontein performed according to plan in a consistent, strong manner during the half year. It delivered 1.192Mt of washed 2- and 4-Seam thermal coal to Eskom in 1H FY2016 (1H FY2015: 1.196Mt), only some 4 367t short of last year's production record. 5-Seam metallurgical coal sales decreased 14% over the comparable period to 56 156t from 65 006t in line with the geological model. Due to current domestic market conditions B grade sales were negligible at 25 951t, all in the first quarter.
Production of domestic and export anthracite at Vaalkrantz decreased due to the factors disclosed previously to 176 089t versus 191 898t for the comparable period.
Mandi Glad, Keaton Energy CEO said 'We have maintained our long-life cash generating Vanggatfontein asset at optimal production and efficiency levels during the period. The operational issues at Vaalkrantz are being addressed and we continue to move forward confidently.'
Keaton Energy announced on 29 September 2015 that it had received an offer for the LME assets, excluding the Braakfontein project, and will make a further announcement in connection with the offer in due course.
The above information has not been reported on or reviewed by the company's auditors.
Bryanston
15 October 2015
Sponsor
Investec Bank Limited
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