NFC Africa Mining Plc (NFCA) recorded a turnover of K1,523.9 million (US$159.6 million) for the financial year ending 31st December 2017 [(2016: K1,171.87 million (US$114.2 million)] due to increased copper prices.
NFCA recorded a profit after tax of K153.73 million (US$16.1 million) [(2016: K203.18 million (US$ 19.8 million loss)].
NFCA continues to work on the development of the South East Ore Body project. The company reported project expenditure of K4,408.42 million (US$461.7 million) as at 31st December 2017. Total planned project investment is 8,280.27 million (US$832 million). Once completed the project is expected to extend the life of mine by 20 years. The design and annual capacity at full production is estimated at 3.3 million tonnes of ore containing 60,000 tonnes of copper.
There were no dividends paid during the year ended 31st December 2017 (2016: Nil).