27th Jul 2021 14:54
Sylvania Platinum Ltd - South Africa-focused platinum group metals producer - Says output fell 6.5% to 16,289 4E PGM ounces in the fourth quarter ended June 30, down from 17,420 ounces in the third quarter. 4E PGM refers to platinum, palladium, rhodium and gold. Net profits fell 64% to USD14.7 million from USD41.3 million in the previous quarter. Notes USD48.4 million in quarterly revenue, down more than a third from USD74.2 million in third quarter. Says "record" third quarter profits benefited from a spike in the price of Rhodium, which has since pulled back in the fourth quarter.
Says it saw lower feed grades of platinum group metals and higher operational and logistic costs in the final quarter. Notes that none of its operations were impacted by civil unrest in South Africa.
Expects Lesedi secondary milling and flotation project to begin contributing towards production from early in the second half of financial 2022. Anticipates commissioning Tweefontein chrome recovery plant in the first half of financial 2023. Strategies to reduce power interruptions due for roll-out in the coming financial year.
Current stock price: 105.82 pence, down 8.8% in London on Tuesday afternoon
Year-to-date change: up 22%
By Scarlett Butler; [email protected]
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