South African black-owned mining group Mvelaphanda Resources expects to post a first-half basic and headline loss of 590-610 cents due to a fair value adjustment on its stake in Gold Fields.
The company said the loss in the six months to end December compared to a basic profit of 562 cents per share and a headline profit of 622 cents per share in the year-ago period.
The loss was due to an 18 percent slide in Gold Field shares between June 30 and December 30. It said the fair value adjustment had no impact on Mvela's cash flow.
Read more at Reuters South Africa
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