[miningmx.com] – SHARES in Keaton Energy gained nearly 9% on the Johannesburg Stock Exchange today after the coal junior company said full-year earnings could be as much as 150% higher.
In a trading update to the exchange, the company said the improvement was down to an “improved operational performance”. Keaton Energy’s financial year ends March 31.
The company is due to present its figures on June 25.
Keaton said in April that it had increased production from its mainstay thermal coal mine, Vanggatfontein, 45% to 2.19 million tonnes in its 2013/14 financial year, and said it had reached “operational steady state”.
“This long life colliery now forms the backbone of the soon to be enlarged Vanggatfontein-Moabsvelden operation which will form the core of the growing Keaton group of companies,’ said Mandi Glad, CEO of Keaton Energy.
Sales of metallurgical coal production totalled 97,635 tonnes, an increase of 49% in line with the mine plan, the company said.
