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Johannesburg - Iron ore miner African Minerals reported a 97% fall in core earnings for the first half as operating costs soared.
Earnings before interest, taxes, depreciation and amortisation fell to $2.7m for the six months ended June 30, from $100m a year earlier, the operator of the Tonkolili mine in Sierra Leone said.
The company said operating costs rose 30% to $396.5m, while revenue fell more than 1% to $399.2m.
Production rose 58% to 9.8 million tonnes of direct shipping ore.
