Chairman's Statement

  For the year ended 31 December 2019, I am pleased to report that your company achieved earnings before interest, tax, depreciation and amortisation (EBITDA) of £5.9million (2018: £8.6 million) and operating profit before depreciation, fair value adjustments and exchange movements (Adjusted EBITDA) of £7.4million (2018: £9.1million). These results can be attributed mainly to the strong performance from our South African mining and processing operations. Consistent production from Black Wattle Colliery, our South African coal mining operation, and strong demand for our coal, particularly in the domestic market, impacted positively on the overall results for the Group during the year. Further details on the Group’s performance during the financial year can be found within the Mining Review and Financial & Performance Review sections of this report.