Renergen, the LNG and helium gas mining company, said on that its loss per share would reduce by between 14 percent and 34 percent for the year to February 28 when compared with 36.29 cents loss per share for the previous year.
The loss would reduce due to the trend of growing energy prices globally, combined with fewer Covid-19 restrictions, the company said in a trading statement Tuesday. The results are expected to be released on or about May 19.
Renergen’s shares, one of the top performing on the JSE recently, climbed 2.63 percent to R39.67 on Tuesday morning. The price is well up from R24.23 a year before, and from only R8 a share three years ago.
Earlier this month Renergen announced the hot commissioning of Phase 1 of its Virginia Gas Project.
“The much-anticipated moment has finally arrived, and the turn-on has now commenced. Over the coming days we will continue to update shareholders as the final commissioning milestones are achieved,” CEO Stefano Marani said on April 10, adding that they intended to keep shareholders appraised for the progress to first production over the next few weeks.
Last month Canada’s Invanhoe Mines invested R200 million in Renergen for a 4.4 percent stake, and obtained an option to raise its stake to 55 percent with an equity injection of about R3.8 billion.
BUSINESS REPORT