JSE-listed Sephaku Holdings posted a loss of R90-million for the 16 months ended June 30, 2010, primarily as a result of an R86-million loss incurred by the Sephaku Cement group.
The loss by Sephaku Cement included an R66-million employee cost that was needed for the ramp-up of staff required for the company's ash processing plant, and its cement manufacturing project, Aganang.
The Aganang project includes a limestone mine and a cement manufacturing plant in North West province and is scheduled to produce about 900 000 t/y of cement by 2012.
The group reported that some of the more significant material additions for the period included R93-million for the company's Agnang project, R53-million for the ash processing plant at State-owned utility Eskom's Kendal project and R18-million spent on the purchase of the remaining portion of the Witklip farm.
In total, the group spent R417-million on property, plant and equipment, compared with R141-million for the comparable previous period.
During the reporting period, Sephako Holdings acquired interests in a number of businesses including Ergomark, Incubex Minerals and Sephaku Cement.
The group also sold its gold and nickel assets at the beginning of the year, as a first step in creating a more focused industrial minerals company.
Sephaku said in a statement that it would realign the group and consolidate its position in the country's minerals market during its next financial year.
"The forthcoming year will see the company consolidate its position as one of South Africa's leading emerging industrial minerals exploration and development companies, with plant construction under way and production drawing closer. The continued strategic realignment of the group will provide clarity to shareholders and the market at large," the group concluded.
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