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Forbes & Manhattan Coal Unprotected strikes dent revenue

January 16 2013 at 08:00am

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Forbes & Manhattan Coal, a junior mining company, posted losses for the third quarter of last year following a four-week unprotected strike that rocked its mine in November. “Labour disruptions at the Forbes Coal Dundee properties lasted four-and-a-half weeks of the 13-week quarter, which had a significant negative effect on the operations and financial results of the company,” Stephan Theron, the chief executive and president, said yesterday. The Toronto-based Forbes posted C$10.83 million (R95.8m) in revenue for the third quarter of financial 2013 (September to November), a drop from $23.39m in the second quarter of 2013 (June to August). The company recorded a loss of $2.29m, compared with a $2.35m profit in the previous period. “The company has resumed operating at full production and taking into consideration the seasonal December closure, we are pleased to see the quick ramp-up and momentum we have achieved in the weeks since. At a high level, our year-to-date run of mine tons has surpassed the same period in financial year 2012.” Shares were unchanged at R6. – Dineo Faku


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