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African Minerals first-half core earnings fall

Reuters - UK Focus

Sept 30 (Reuters) - Iron ore miner African Minerals Ltd reported a 97 percent fall in core earnings for the first half as operating costs soared.

Earnings before interest, taxes, depreciation and amortisation fell to $2.7 million for the six months ended June 30, from $100 million a year earlier, the operator of the Tonkolili mine in Sierra Leone said.

The company said operating costs rose 30 percent to $396.5 million, while revenue fell more than 1 percent to $399.2 million.

Production rose 58 percent to 9.8 million tonnes of direct shipping ore. (Reporting by Karen Rebelo in Bangalore; Editing by Simon Jennings)