[miningmx.com] — FLUORSPAR miner SALLIES LIMITED on Thursday reported a diluted headline loss per share of 8.7 cents for the year ended June 2010 after a headline profit per share of 2.3 cents a year ago.
Revenue from mining was down 76% to R60.8m, while net loss before and after tax was R62.6m from a loss of R53.2m.
The net loss attributable to shareholders for HEPS was R55.5m compared with a profit of R14.6m a year ago.
At end June 2010, net near cash was R25m. Operating loss from mining for F2010 was less than R1m after a profit of R98m in 2009.
The loss before providing for the award to Honeywell International, interest thereon, IFRS adjustments and the impairment of Buffalo assets was R52m after a profit of R44m a year ago.
The Swiss Arbitral Tribunal dealing with the Honeywell arbitration awarded Honeywell $1.24m – 18% of their original claim – plus interest, comprising a total of $1.922m.
In May 2009 Sallies lodged an application for a review of this award which was unsuccessful.
The Honeywell award and interest thereon is fully provided for in the financial statements. Subsequent to year end Sallies and Honeywell have agreed to settle this award and interest through the issue of Sallies shares at 13.5 cents per share.
Consultation on retrenchments at Witkop began in June 2009 and were completed in the first quarter of quarter of F2010 and Witkop remains on care and maintenance.
The Buffalo operations have been mothballed since October 2008.
