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Earnings improve, but Renergen’s still running at a loss

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Helium producer is in development and exploration phase with Virginia Gas Project

Renergen CEO Stefano Marani at the Tetra4 gas plant in Virginia, the Free State. Picture: FREDDY MAVUNDA

Helium and natural gas producer Renergen expects its headline loss per share to narrow to 17.1c-22.6c for the year to end-February from a loss of 27.73c in 2022.Renergen subsidiary Tetra4 wholly owns the Virginia Gas Project in the Free State, which contains helium concentrations that are among the world’s highest.It sells helium to customers that include Ardagh Group and Italtile.

According to cash-flow statements that it must release as part of Australian listing requirements, Renergen sold R23.4m worth of helium and gas in the 12 months to end-February.It is expected to produce 2,700 gigajoules of liquefied natural gas a day and 350kg of helium when it completes phase one of its development. The group is gearing up for phase two of its development, a more substantial project that is expected to produce at least 24,000GJ at an estimated cost of $800m-$900m.

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